Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 22, 2018 | Jun. 30, 2017 | |
Entity Information [Line Items] | |||
Entity Registrant Name | CBL & ASSOCIATES PROPERTIES INC | ||
Entity Central Index Key | 910,612 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 172,643,728 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,410,048,595 | ||
CBL & Associates Limited Partnership | |||
Entity Information [Line Items] | |||
Entity Registrant Name | CBL & Associates Limited Partnership | ||
Entity Central Index Key | 915,140 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Receivables: | |||
Mortgage and other notes receivable | $ 8,945 | $ 16,803 | |
Total assets | 5,704,808 | 6,104,640 | |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | |||
Mortgage and other indebtedness, net | 4,230,845 | 4,465,294 | |
Common units: | |||
Variable interest entities, assets | 651,272 | 659,494 | |
Variable interest entities, liabilities | 590,864 | 616,386 | |
CBL & Associates Properties, Inc. | |||
Real estate assets: | |||
Land | [1] | 813,390 | 820,979 |
Buildings and improvements | [1] | 6,723,194 | 6,942,452 |
Real estate investment property, at cost | [1] | 7,536,584 | 7,763,431 |
Accumulated depreciation | [1] | (2,465,095) | (2,427,108) |
Real estate investment property, net, before developments in progress | [1] | 5,071,489 | 5,336,323 |
Held for sale | [1] | 0 | 5,861 |
Developments in progress | [1] | 85,346 | 178,355 |
Net investment in real estate assets | [1] | 5,156,835 | 5,520,539 |
Cash and cash equivalents | [1] | 32,627 | 18,951 |
Receivables: | |||
Tenant, net of allowance for doubtful accounts of $2,011 and $1,910 in 2017 and 2016, respectively | [1] | 83,552 | 94,676 |
Other, net of allowance for doubtful accounts of $838 in 2017 and 2016 | [1] | 7,570 | 6,227 |
Mortgage and other notes receivable | [1] | 8,945 | 16,803 |
Investments in unconsolidated affiliates | [1] | 249,192 | 266,872 |
Intangible lease assets and other assets | [1] | 166,087 | 180,572 |
Total assets | [1] | 5,704,808 | 6,104,640 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | |||
Mortgage and other indebtedness, net | 4,230,845 | 4,465,294 | |
Accounts payable and accrued liabilities | 228,650 | 280,498 | |
Total liabilities | [1] | 4,459,495 | 4,745,792 |
Commitments and contingencies (Note 6 and Note 14) | |||
Redeemable interests: | |||
Redeemable noncontrolling interests | 8,835 | 17,996 | |
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | |||
Common stock, $.01 par value, 350,000,000 shares authorized, 171,088,778 and 170,792,645 issued and outstanding in 2017 and 2016, respectively | 1,711 | 1,708 | |
Additional paid-in capital | 1,974,537 | 1,969,059 | |
Dividends in excess of cumulative earnings | (836,269) | (742,078) | |
Total shareholders' equity | 1,140,004 | 1,228,714 | |
Noncontrolling interests | 96,474 | 112,138 | |
Total equity | 1,236,478 | 1,340,852 | |
Common units: | |||
Total liabilities, redeemable noncontrolling interests and equity/capital | 5,704,808 | 6,104,640 | |
Variable interest entities, assets | 651,272 | ||
Variable interest entities, liabilities | 356,442 | ||
CBL & Associates Properties, Inc. | Series D preferred stock | |||
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | |||
Preferred stock, value | 18 | 18 | |
CBL & Associates Properties, Inc. | Series E preferred stock | |||
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | |||
Preferred stock, value | 7 | 7 | |
CBL & Associates Limited Partnership | |||
Real estate assets: | |||
Land | [1] | 813,390 | 820,979 |
Buildings and improvements | [1] | 6,723,194 | 6,942,452 |
Real estate investment property, at cost | [1] | 7,536,584 | 7,763,431 |
Accumulated depreciation | [1] | (2,465,095) | (2,427,108) |
Real estate investment property, net, before developments in progress | [1] | 5,071,489 | 5,336,323 |
Held for sale | [1] | 0 | 5,861 |
Developments in progress | [1] | 85,346 | 178,355 |
Net investment in real estate assets | [1] | 5,156,835 | 5,520,539 |
Cash and cash equivalents | [1] | 32,627 | 18,943 |
Receivables: | |||
Tenant, net of allowance for doubtful accounts of $2,011 and $1,910 in 2017 and 2016, respectively | [1] | 83,552 | 94,676 |
Other, net of allowance for doubtful accounts of $838 in 2017 and 2016 | [1] | 7,520 | 6,179 |
Mortgage and other notes receivable | [1] | 8,945 | 16,803 |
Investments in unconsolidated affiliates | [1] | 249,722 | 267,405 |
Intangible lease assets and other assets | [1] | 165,967 | 180,452 |
Total assets | [1] | 5,705,168 | 6,104,997 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | |||
Mortgage and other indebtedness, net | 4,230,845 | 4,465,294 | |
Accounts payable and accrued liabilities | 228,720 | 280,528 | |
Total liabilities | [1] | 4,459,565 | 4,745,822 |
Commitments and contingencies (Note 6 and Note 14) | |||
Redeemable interests: | |||
Redeemable common units | 8,835 | 17,996 | |
Partners' capital: | |||
Preferred units | 565,212 | 565,212 | |
Common units: | |||
General partner | 6,735 | 7,781 | |
Limited partners | 655,120 | 756,083 | |
Total partners' capital | 1,227,067 | 1,329,076 | |
Noncontrolling interests | 9,701 | 12,103 | |
Total capital | 1,236,768 | 1,341,179 | |
Total liabilities, redeemable noncontrolling interests and equity/capital | 5,705,168 | $ 6,104,997 | |
Variable interest entities, assets | 651,272 | ||
Variable interest entities, liabilities | $ 356,442 | ||
[1] | As of December 31, 2017, includes $651,272 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $356,442 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 8. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical - OP) - CBL & Associates Limited Partnership - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Tenant receivables allowance for doubtful accounts | $ 2,011 | $ 1,910 |
Other receivables allowance for doubtful accounts | $ 838 | $ 838 |
Consolidated Balance Sheets (P4
Consolidated Balance Sheets (Parenthetical - REIT) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 15,000,000 | |
Series E preferred stock | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, dividend rate | 6.625% | 6.625% |
CBL & Associates Properties, Inc. | ||
Receivables: | ||
Tenant receivables allowance for doubtful accounts | $ 2,011 | $ 1,910 |
Other receivables allowance for doubtful accounts | $ 838 | $ 838 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, shares issued (in shares) | 171,088,778 | 170,792,645 |
Common stock, shares outstanding (in shares) | 171,088,778 | 170,792,645 |
CBL & Associates Properties, Inc. | Series D preferred stock | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | ||
Preferred stock, dividend rate | 7.375% | 7.375% |
Preferred stock, shares outstanding (in shares) | 1,815,000 | 1,815,000 |
CBL & Associates Properties, Inc. | Series E preferred stock | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | ||
Preferred stock, dividend rate | 6.625% | 6.625% |
Preferred stock, shares outstanding (in shares) | 690,000 | 690,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
REVENUES: | |||
Total revenues | $ 927,252 | $ 1,028,257 | $ 1,055,018 |
OPERATING EXPENSES: | |||
Depreciation and amortization | 299,090 | 292,693 | 299,069 |
General and administrative | 58,466 | 63,332 | 62,118 |
Loss on impairment | 71,401 | 116,822 | 105,945 |
Other | 5,180 | 20,326 | 26,957 |
Income from operations | 232,562 | 253,628 | |
Interest and other income | 1,706 | 1,524 | 6,467 |
Interest expense | (218,680) | (216,318) | (229,343) |
Gain on extinguishment of debt | 30,927 | 256 | |
Gain (loss) on investments | (6,197) | 7,534 | 16,560 |
Income tax benefit (provision) | 1,933 | 2,063 | (2,941) |
Equity in earnings of unconsolidated affiliates | 22,939 | 117,533 | 18,200 |
Gain on sales of real estate assets | 93,792 | 29,567 | 32,232 |
Net income | 158,982 | 195,531 | |
Net income attributable to noncontrolling interests in: | |||
Net income attributable to the Company | 120,940 | 172,882 | |
Net income attributable to common shareholders/unitholders | $ 76,048 | $ 127,990 | |
Basic per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends (in dollars per share) | $ 0.44 | $ 0.75 | |
Diluted per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends/distributions (in dollars per share) | $ 0.44 | $ 0.75 | |
CBL & Associates Properties, Inc. | |||
REVENUES: | |||
Minimum rents | $ 624,161 | $ 670,565 | 684,309 |
Percentage rents | 11,874 | 17,803 | 18,063 |
Other rents | 19,008 | 23,110 | 21,934 |
Tenant reimbursements | 254,552 | 280,438 | 288,279 |
Management, development and leasing fees | 11,982 | 14,925 | 10,953 |
Other | 5,675 | 21,416 | 31,480 |
Total revenues | 927,252 | 1,028,257 | 1,055,018 |
OPERATING EXPENSES: | |||
Property operating | 128,030 | 137,760 | 141,030 |
Depreciation and amortization | 299,090 | 292,693 | 299,069 |
Real estate taxes | 83,917 | 90,110 | 90,799 |
Maintenance and repairs | 48,606 | 53,586 | 51,516 |
General and administrative | 58,466 | 63,332 | 62,118 |
Loss on impairment | 71,401 | 116,822 | 105,945 |
Other | 5,180 | 20,326 | 26,957 |
Total operating expenses | 694,690 | 774,629 | 777,434 |
Income from operations | 232,562 | 253,628 | 277,584 |
Interest and other income | 1,706 | 1,524 | 6,467 |
Interest expense | (218,680) | (216,318) | (229,343) |
Gain on extinguishment of debt | 30,927 | 0 | 256 |
Gain (loss) on investments | (6,197) | 7,534 | 16,560 |
Income tax benefit (provision) | 1,933 | 2,063 | (2,941) |
Equity in earnings of unconsolidated affiliates | 22,939 | 117,533 | 18,200 |
Income from continuing operations before gain on sales of real estate assets | 65,190 | 165,964 | 86,783 |
Gain on sales of real estate assets | 93,792 | 29,567 | 32,232 |
Net income | 158,982 | 195,531 | 119,015 |
Net income attributable to noncontrolling interests in: | |||
Operating Partnership | (12,652) | (21,537) | (10,171) |
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | (25,390) | (1,112) | (5,473) |
Net income attributable to the Company | 120,940 | 172,882 | 103,371 |
Preferred dividends/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) |
Net income attributable to common shareholders/unitholders | $ 76,048 | $ 127,990 | $ 58,479 |
Basic per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends (in dollars per share) | $ 0.44 | $ 0.75 | $ 0.34 |
Weighted-average common shares/units outstanding (in shares) | 171,070 | 170,762 | 170,476 |
Diluted per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends/distributions (in dollars per share) | $ 0.44 | $ 0.75 | $ 0.34 |
Weighted-average common and potential dilutive common shares/units outstanding (in shares) | 171,070 | 170,836 | 170,499 |
CBL & Associates Limited Partnership | |||
REVENUES: | |||
Minimum rents | $ 624,161 | $ 670,565 | $ 684,309 |
Percentage rents | 11,874 | 17,803 | 18,063 |
Other rents | 19,008 | 23,110 | 21,934 |
Tenant reimbursements | 254,552 | 280,438 | 288,279 |
Management, development and leasing fees | 11,982 | 14,925 | 10,953 |
Other | 5,675 | 21,416 | 31,480 |
Total revenues | 927,252 | 1,028,257 | 1,055,018 |
OPERATING EXPENSES: | |||
Property operating | 128,030 | 137,760 | 141,030 |
Depreciation and amortization | 299,090 | 292,693 | 299,069 |
Real estate taxes | 83,917 | 90,110 | 90,799 |
Maintenance and repairs | 48,606 | 53,586 | 51,516 |
General and administrative | 58,466 | 63,332 | 62,118 |
Loss on impairment | 71,401 | 116,822 | 105,945 |
Other | 5,180 | 20,326 | 26,957 |
Total operating expenses | 694,690 | 774,629 | 777,434 |
Income from operations | 232,562 | 253,628 | 277,584 |
Interest and other income | 1,706 | 1,524 | 6,467 |
Interest expense | (218,680) | (216,318) | (229,343) |
Gain on extinguishment of debt | 30,927 | 0 | 256 |
Gain (loss) on investments | (6,197) | 7,534 | 16,560 |
Income tax benefit (provision) | 1,933 | 2,063 | (2,941) |
Equity in earnings of unconsolidated affiliates | 22,939 | 117,533 | 18,200 |
Income from continuing operations before gain on sales of real estate assets | 65,190 | 165,964 | 86,783 |
Gain on sales of real estate assets | 93,792 | 29,567 | 32,232 |
Net income | 158,982 | 195,531 | 119,015 |
Net income attributable to noncontrolling interests in: | |||
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | (25,390) | (1,112) | (5,473) |
Net income attributable to the Company | 133,592 | 194,419 | 113,542 |
Preferred dividends/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) |
Net income attributable to common shareholders/unitholders | $ 88,700 | $ 149,527 | $ 68,650 |
Basic per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends (in dollars per share) | $ 0.45 | $ 0.75 | $ 0.34 |
Weighted-average common shares/units outstanding (in shares) | 199,322 | 199,764 | 199,734 |
Diluted per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends/distributions (in dollars per share) | $ 0.45 | $ 0.75 | $ 0.34 |
Weighted-average common and potential dilutive common shares/units outstanding (in shares) | 199,322 | 199,838 | 199,757 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 158,982 | $ 195,531 | |
Other comprehensive income (loss): | |||
Total other comprehensive income (loss) | 434 | $ (14,403) | |
CBL & Associates Properties, Inc. | |||
Net income | 158,982 | 195,531 | 119,015 |
Other comprehensive income (loss): | |||
Unrealized holding gain on available-for-sale securities | 0 | 0 | 242 |
Reclassification to net income of realized gain on available-for-sale securities | 0 | 0 | (16,560) |
Unrealized gain on hedging instruments | 0 | 877 | 4,111 |
Reclassification of hedging effect on earnings | 0 | (443) | (2,196) |
Total other comprehensive income (loss) | 0 | 434 | (14,403) |
Comprehensive income | 158,982 | 195,965 | 104,612 |
Comprehensive income attributable to noncontrolling interests in: | |||
Operating Partnership | (12,652) | (21,600) | (7,244) |
Other consolidated subsidiaries | (25,390) | (1,112) | (5,473) |
Comprehensive income attributable to the Company | 120,940 | 173,253 | 91,895 |
CBL & Associates Limited Partnership | |||
Net income | 158,982 | 195,531 | 119,015 |
Other comprehensive income (loss): | |||
Unrealized holding gain on available-for-sale securities | 0 | 0 | 242 |
Reclassification to net income of realized gain on available-for-sale securities | 0 | 0 | (16,560) |
Unrealized gain on hedging instruments | 0 | 877 | 4,111 |
Reclassification of hedging effect on earnings | 0 | (443) | (2,196) |
Total other comprehensive income (loss) | 0 | 434 | (14,403) |
Comprehensive income | 158,982 | 195,965 | 104,612 |
Comprehensive income attributable to noncontrolling interests in: | |||
Other consolidated subsidiaries | (25,390) | (1,112) | (5,473) |
Comprehensive income attributable to the Company | $ 133,592 | $ 194,853 | $ 99,139 |
Consolidated Statements of Equi
Consolidated Statements of Equity/Capital - USD ($) shares in Thousands, $ in Thousands | Total | CBL & Associates Properties, Inc. | CBL & Associates Properties, Inc.Preferred Stock | CBL & Associates Properties, Inc.Common Stock | CBL & Associates Properties, Inc.Additional Paid-in Capital | CBL & Associates Properties, Inc.Accumulated Other Comprehensive Income | CBL & Associates Properties, Inc.Dividends in Excess of Cumulative Earnings | CBL & Associates Properties, Inc.Total Shareholders' Equity | CBL & Associates Properties, Inc.Noncontrolling Interests | CBL & Associates Properties, Inc.Redeemable Noncontrolling Interests | CBL & Associates Limited Partnership | CBL & Associates Limited PartnershipRedeemable Partnership Interests | CBL & Associates Limited PartnershipRedeemable Common Units | CBL & Associates Limited PartnershipTotal Redeemable Interests | CBL & Associates Limited PartnershipPreferred Units | CBL & Associates Limited PartnershipCommon Units | CBL & Associates Limited PartnershipGeneral Partner | CBL & Associates Limited PartnershipLimited Partners | CBL & Associates Limited PartnershipAccumulated Other Comprehensive Income | CBL & Associates Limited PartnershipTotal Partner's Capital | CBL & Associates Limited PartnershipNoncontrolling Interests |
Redeemable common units, beginning balance at Dec. 31, 2014 | $ 37,559 | ||||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income (loss) | 3,902 | ||||||||||||||||||||
Other comprehensive income (loss) | $ (14,051) | $ (11,476) | $ (11,476) | $ (2,575) | (352) | $ (14,051) | $ (352) | $ (352) | $ (14,051) | $ (14,051) | $ 0 | ||||||||||
Adjustment for noncontrolling interests | (2,980) | $ (2,773) | (2,773) | (207) | 2,981 | ||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 11,617 | 10,225 | 10,225 | 1,392 | (11,617) | 11,617 | $ (1,658) | (9,959) | (11,617) | $ 119 | $ 11,498 | 11,617 | 0 | ||||||||
Distributions to noncontrolling interests | (40,534) | 0 | (40,534) | (7,143) | (7,866) | (2,571) | (2,571) | 0 | (7,866) | ||||||||||||
Redeemable common units, ending balance at Dec. 31, 2015 | 25,330 | ||||||||||||||||||||
Beginning balance, shareholders' equity at Dec. 31, 2014 | 1,549,928 | $ 25 | $ 1,703 | 1,958,198 | 13,411 | $ (566,785) | 1,406,552 | 143,376 | |||||||||||||
Beginning balance, partners' capital at Dec. 31, 2014 | 1,550,441 | 6,455 | 31,104 | 37,559 | $ 565,212 | 9,789 | 953,349 | 13,183 | 1,541,533 | 8,908 | |||||||||||
Beginning balance, partners' capital units (in shares) at Dec. 31, 2014 | 25,050 | 199,532 | |||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income (loss) | 115,113 | 103,371 | 103,371 | 11,742 | 115,113 | 3,360 | 542 | 3,902 | $ 44,892 | 699 | 67,409 | 113,000 | 2,113 | ||||||||
Other comprehensive income (loss) | (14,051) | (11,476) | (11,476) | (2,575) | (352) | (14,051) | (352) | (352) | (14,051) | (14,051) | 0 | ||||||||||
Redemption of common units (in shares) | (15) | ||||||||||||||||||||
Redemptions of common units | (286) | (286) | (286) | 0 | |||||||||||||||||
Issuance of common units (in shares) | 278 | ||||||||||||||||||||
Issuance of common units | 679 | 679 | 679 | 0 | |||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership/Acquire controlling interest in shopping center property | (286) | 0 | (286) | ||||||||||||||||||
Dividends/distributions declared - common stock/units | (180,722) | (180,722) | (180,722) | 0 | (213,391) | (4,572) | (4,572) | (2,133) | (211,258) | (213,391) | 0 | ||||||||||
Dividends declared/distributions - preferred stock/units | (44,892) | (44,892) | (44,892) | 0 | (44,892) | (44,892) | (44,892) | 0 | |||||||||||||
Issuance of shares of common stock and restricted common stock | 679 | 3 | 676 | 679 | 0 | ||||||||||||||||
Cancellation of restricted common stock (in shares) | (47) | ||||||||||||||||||||
Cancellation of restricted common stock, value | (770) | (1) | (769) | (770) | 0 | (770) | (770) | (770) | 0 | ||||||||||||
Performance stock units | 624 | 624 | 624 | 0 | 624 | 6 | 618 | 624 | 0 | ||||||||||||
Amortization of deferred compensation | 4,152 | 4,152 | 4,152 | 0 | 4,152 | 43 | 4,109 | 4,152 | 0 | ||||||||||||
Allocation of partners' capital | (3,053) | 2,981 | 2,981 | (88) | (2,965) | (3,053) | 0 | ||||||||||||||
Adjustment for noncontrolling interests | (2,980) | (2,773) | (2,773) | (207) | 2,981 | ||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 11,617 | 10,225 | 10,225 | 1,392 | (11,617) | 11,617 | (1,658) | (9,959) | (11,617) | 119 | 11,498 | 11,617 | 0 | ||||||||
Distributions to noncontrolling interests | (40,534) | 0 | (40,534) | (7,143) | (7,866) | (2,571) | (2,571) | 0 | (7,866) | ||||||||||||
Contributions from noncontrolling interests | 1,721 | 0 | 1,721 | 1,721 | 0 | 1,721 | |||||||||||||||
Ending balance, shareholders' equity at Dec. 31, 2015 | 1,399,599 | 25 | 1,705 | 1,970,333 | 1,935 | (689,028) | 1,284,970 | 114,629 | |||||||||||||
Ending balance, partners' capital at Dec. 31, 2015 | 1,400,038 | 5,586 | 19,744 | 25,330 | $ 565,212 | 8,435 | 822,383 | (868) | 1,395,162 | 4,876 | |||||||||||
Ending balance, partners' capital units (in shares) at Dec. 31, 2015 | 25,050 | 199,748 | |||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income (loss) | (1,603) | ||||||||||||||||||||
Other comprehensive income (loss) | 431 | 371 | 371 | 60 | 3 | 431 | 3 | 3 | 431 | 431 | 0 | ||||||||||
Redemption of redeemable noncontrolling interest | 9,636 | 9,636 | 9,636 | 0 | (3,206) | 9,636 | (3,206) | (3,206) | 99 | 9,537 | 9,636 | 0 | |||||||||
Adjustment for noncontrolling interests | (2,454) | (13,773) | (2,306) | (16,079) | 13,625 | 2,454 | |||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (1,937) | (2,061) | (2,061) | 124 | 1,937 | (1,937) | 2,729 | (792) | 1,937 | (20) | (1,917) | (1,937) | 0 | ||||||||
Distributions to noncontrolling interests | (40,039) | 0 | (40,039) | (6,919) | (7,888) | (2,347) | (2,347) | 0 | (7,888) | ||||||||||||
Redeemable common units, ending balance at Dec. 31, 2016 | 17,996 | 17,996 | |||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income (loss) | 197,134 | 172,882 | 172,882 | 24,252 | 197,134 | (2,762) | 1,159 | (1,603) | $ 44,892 | 1,523 | 146,845 | 193,260 | 3,874 | ||||||||
Other comprehensive income (loss) | 431 | 371 | 371 | 60 | 3 | 431 | 3 | 3 | 431 | 431 | 0 | ||||||||||
Redemption of common units (in shares) | (965) | ||||||||||||||||||||
Redemptions of common units | $ (11,754) | (11,754) | (11,754) | (11,754) | 0 | ||||||||||||||||
Issuance of common units (in shares) | 336 | ||||||||||||||||||||
Issuance of common units | 481 | 481 | 481 | 0 | |||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership/Acquire controlling interest in shopping center property | (11,754) | 0 | (11,754) | ||||||||||||||||||
Redemption of redeemable noncontrolling interest | 9,636 | 9,636 | 9,636 | 0 | (3,206) | 9,636 | (3,206) | (3,206) | 99 | 9,537 | 9,636 | 0 | |||||||||
Dividends/distributions declared - common stock/units | (181,040) | (181,040) | (181,040) | 0 | (213,191) | (4,572) | (4,572) | (2,133) | (211,058) | (213,191) | 0 | ||||||||||
Dividends declared/distributions - preferred stock/units | (44,892) | (44,892) | (44,892) | 0 | (44,892) | (44,892) | (44,892) | 0 | |||||||||||||
Issuance of shares of common stock and restricted common stock | 481 | 3 | 478 | 481 | 0 | ||||||||||||||||
Cancellation of restricted common stock (in shares) | (34) | ||||||||||||||||||||
Cancellation of restricted common stock, value | (267) | (267) | (267) | 0 | (267) | (267) | (267) | 0 | |||||||||||||
Performance stock units | 1,033 | 1,033 | 1,033 | 0 | 1,033 | 11 | 1,022 | 1,033 | 0 | ||||||||||||
Amortization of deferred compensation | 3,680 | 3,680 | 3,680 | 0 | 3,680 | 38 | 3,642 | 3,680 | 0 | ||||||||||||
Allocation of partners' capital | (2,566) | 2,454 | 2,454 | (172) | (2,831) | 437 | (2,566) | 0 | |||||||||||||
Adjustment for noncontrolling interests | (2,454) | (13,773) | (2,306) | (16,079) | 13,625 | 2,454 | |||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (1,937) | (2,061) | (2,061) | 124 | 1,937 | (1,937) | 2,729 | (792) | 1,937 | (20) | (1,917) | (1,937) | 0 | ||||||||
Distributions to noncontrolling interests | (40,039) | 0 | (40,039) | (6,919) | (7,888) | (2,347) | (2,347) | 0 | (7,888) | ||||||||||||
Contributions from noncontrolling interests | 11,241 | 0 | 11,241 | 11,241 | 0 | 11,241 | |||||||||||||||
Ending balance, shareholders' equity at Dec. 31, 2016 | 1,340,852 | 25 | 1,708 | 1,969,059 | $ 0 | (742,078) | 1,228,714 | 112,138 | |||||||||||||
Ending balance, partners' capital at Dec. 31, 2016 | 1,341,179 | $ 0 | 17,996 | $ 17,996 | $ 565,212 | 7,781 | 756,083 | $ 0 | 1,329,076 | 12,103 | |||||||||||
Ending balance, partners' capital units (in shares) at Dec. 31, 2016 | 25,050 | 199,085 | |||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income (loss) | 699 | ||||||||||||||||||||
Adjustment for noncontrolling interests | (3,049) | (7,339) | (7,339) | 4,290 | 3,049 | ||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 8,337 | 7,213 | 7,213 | 1,124 | (8,337) | 8,337 | (8,337) | 86 | 8,251 | 8,337 | 0 | ||||||||||
Distributions to noncontrolling interests | (55,796) | 0 | (55,796) | (4,572) | (25,823) | 0 | (25,823) | ||||||||||||||
Redeemable common units, ending balance at Dec. 31, 2017 | 8,835 | 8,835 | |||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income (loss) | 158,283 | 120,940 | 120,940 | 37,343 | 158,283 | 699 | $ 44,892 | 905 | 87,096 | 132,893 | 25,390 | ||||||||||
Redemption of common units (in shares) | (84) | ||||||||||||||||||||
Redemptions of common units | $ (656) | (656) | (656) | (656) | 0 | ||||||||||||||||
Issuance of common units (in shares) | 349 | ||||||||||||||||||||
Issuance of common units | 529 | 529 | 529 | 0 | |||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership/Acquire controlling interest in shopping center property | (656) | 0 | (656) | ||||||||||||||||||
Dividends/distributions declared - common stock/units | (170,239) | (170,239) | (170,239) | 0 | (200,211) | (4,572) | (2,002) | (198,209) | (200,211) | 0 | |||||||||||
Dividends declared/distributions - preferred stock/units | (44,892) | (44,892) | (44,892) | 0 | (44,892) | (44,892) | (44,892) | 0 | |||||||||||||
Issuance of shares of common stock and restricted common stock | $ 529 | 3 | $ 526 | $ 529 | $ 0 | ||||||||||||||||
Cancellation of restricted common stock (in shares) | (405) | (405) | (405) | 0 | (53) | ||||||||||||||||
Cancellation of restricted common stock, value | (405) | (405) | (405) | 0 | |||||||||||||||||
Performance stock units | $ 1,501 | $ 1,501 | $ 1,501 | $ 0 | 1,501 | 15 | 1,486 | 1,501 | 0 | ||||||||||||
Amortization of deferred compensation | 3,982 | 3,982 | 3,982 | 0 | 3,982 | 41 | 3,941 | 3,982 | 0 | ||||||||||||
Allocation of partners' capital | (3,087) | 3,049 | (91) | (2,996) | (3,087) | 0 | |||||||||||||||
Adjustment for noncontrolling interests | (3,049) | (7,339) | (7,339) | 4,290 | 3,049 | ||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 8,337 | 7,213 | 7,213 | 1,124 | (8,337) | 8,337 | (8,337) | 86 | 8,251 | 8,337 | 0 | ||||||||||
Deconsolidation of investment | (2,232) | 0 | (2,232) | (2,232) | 0 | (2,232) | |||||||||||||||
Distributions to noncontrolling interests | (55,796) | 0 | (55,796) | $ (4,572) | (25,823) | 0 | (25,823) | ||||||||||||||
Contributions from noncontrolling interests | 263 | 0 | 263 | 263 | 0 | 263 | |||||||||||||||
Ending balance, shareholders' equity at Dec. 31, 2017 | $ 1,236,478 | $ 25 | $ 1,711 | $ 1,974,537 | $ (836,269) | $ 1,140,004 | $ 96,474 | ||||||||||||||
Ending balance, partners' capital at Dec. 31, 2017 | $ 1,236,768 | $ 8,835 | $ 565,212 | $ 6,735 | $ 655,120 | $ 1,227,067 | $ 9,701 | ||||||||||||||
Ending balance, partners' capital units (in shares) at Dec. 31, 2017 | 25,050 | 199,297 |
Consolidated Statements of Equ8
Consolidated Statements of Equity (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance of shares of stock (in shares) | 348,809 | 335,417 | 278,093 |
Shares of restricted common stock canceled (in shares) | 52,676 | 33,720 | 47,418 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 158,982 | $ 195,531 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Gain) loss on investments | 6,197 | (7,534) | $ (16,560) |
Loss on impairment | 71,401 | 116,822 | 105,945 |
Equity in earnings of unconsolidated affiliates | (22,939) | (117,533) | (18,200) |
Change in deferred tax accounts | 4,526 | (907) | (152) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sale of available-for-sale securities | 20,755 | 20,755 | |
CBL & Associates Properties, Inc. | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 158,982 | 195,531 | 119,015 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 299,090 | 292,693 | 299,069 |
Net amortization of deferred financing costs, debt premiums and discounts | 4,953 | 2,952 | 4,948 |
Net amortization of intangible lease assets and liabilities | (1,788) | 113 | (1,487) |
Gain on sales of real estate assets | (93,792) | (29,567) | (32,232) |
Write-off of development projects | 5,180 | 56 | 2,373 |
Share-based compensation expense | 5,792 | 5,027 | 5,218 |
(Gain) loss on investments | 6,197 | (7,534) | (16,560) |
Loss on impairment | 71,401 | 116,822 | 105,945 |
Gain on extinguishment of debt | (30,927) | 0 | (256) |
Equity in earnings of unconsolidated affiliates | (22,939) | (117,533) | (18,200) |
Distributions of earnings from unconsolidated affiliates | 22,373 | 16,603 | 21,095 |
Provision for doubtful accounts | 3,782 | 4,058 | 2,254 |
Change in deferred tax accounts | 4,526 | (907) | (153) |
Changes in: | |||
Tenant and other receivables | (3,941) | (7,979) | (5,455) |
Other assets | (6,660) | (4,386) | 1,803 |
Accounts payable and accrued liabilities | 8,168 | 2,630 | 7,638 |
Net cash provided by operating activities | 430,397 | 468,579 | 495,015 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to real estate assets | (203,127) | (248,004) | (218,891) |
Acquisitions of real estate assets | (79,799) | 0 | (191,988) |
Proceeds from sales of real estate assets | 210,346 | 189,489 | 132,231 |
Net proceeds from disposal of investments | 9,000 | 10,299 | 0 |
Additions to mortgage and other notes receivable | (4,118) | (3,259) | (3,096) |
Payments received on mortgage and other notes receivable | 9,659 | 1,069 | 1,610 |
Proceeds from sale of available-for-sale securities | 0 | 0 | 20,755 |
Additional investments in and advances to unconsolidated affiliates | (19,347) | (28,510) | (15,200) |
Distributions in excess of equity in earnings of unconsolidated affiliates | 18,192 | 95,958 | 20,807 |
Changes in other assets | (16,618) | (7,054) | (11,534) |
Net cash provided by (used in) investing activities | (75,812) | 9,988 | (265,306) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from mortgage and other indebtedness | 1,216,132 | 1,174,409 | 1,358,296 |
Principal payments on mortgage and other indebtedness | (1,264,076) | (1,377,739) | (1,315,094) |
Additions to deferred financing costs | (5,905) | (8,345) | (6,796) |
Prepayment fees on extinguishment of debt | (8,871) | 0 | 0 |
Proceeds from issuances of common stock/units | 204 | 179 | 188 |
Purchases of noncontrolling interests in the Operating Partnership | (656) | (11,754) | (286) |
Contributions from noncontrolling interests | 263 | 11,241 | 682 |
Payment of tax withholdings for restricted stock awards | (390) | 0 | 0 |
Distributions to noncontrolling interests | (62,010) | (47,213) | (47,682) |
Dividends paid to holders of preferred stock/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) |
Dividends paid to common shareholders/unitholders | (181,281) | (180,960) | (180,662) |
Net cash used in financing activities | (351,482) | (485,074) | (236,246) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 3,103 | (6,507) | (6,537) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 65,069 | 71,576 | 78,113 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 68,172 | 65,069 | 71,576 |
Restricted cash: | |||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 65,069 | 71,576 | 78,113 |
CBL & Associates Limited Partnership | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 158,982 | 195,531 | 119,015 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 299,090 | 292,693 | 299,069 |
Net amortization of deferred financing costs, debt premiums and discounts | 4,953 | 2,952 | 4,948 |
Net amortization of intangible lease assets and liabilities | (1,788) | 113 | (1,487) |
Gain on sales of real estate assets | (93,792) | (29,567) | (32,232) |
Write-off of development projects | 5,180 | 56 | 2,373 |
Share-based compensation expense | 5,792 | 5,027 | 5,218 |
(Gain) loss on investments | 6,197 | (7,534) | (16,560) |
Loss on impairment | 71,401 | 116,822 | 105,945 |
Gain on extinguishment of debt | (30,927) | 0 | (256) |
Equity in earnings of unconsolidated affiliates | (22,939) | (117,533) | (18,200) |
Distributions of earnings from unconsolidated affiliates | 22,376 | 16,633 | 21,092 |
Provision for doubtful accounts | 3,782 | 4,058 | 2,254 |
Change in deferred tax accounts | 4,526 | (907) | (153) |
Changes in: | |||
Tenant and other receivables | (3,941) | (7,931) | (5,455) |
Other assets | (6,660) | (4,386) | 1,803 |
Accounts payable and accrued liabilities | 8,173 | 2,550 | 7,648 |
Net cash provided by operating activities | 430,405 | 468,577 | 495,022 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to real estate assets | (203,127) | (248,004) | (218,891) |
Acquisitions of real estate assets | (79,799) | 0 | (191,988) |
Proceeds from sales of real estate assets | 210,346 | 189,489 | 132,231 |
Net proceeds from disposal of investments | 9,000 | 10,299 | 0 |
Additions to mortgage and other notes receivable | (4,118) | (3,259) | (3,096) |
Payments received on mortgage and other notes receivable | 9,659 | 1,069 | 1,610 |
Proceeds from sale of available-for-sale securities | 0 | 0 | 20,755 |
Additional investments in and advances to unconsolidated affiliates | (19,347) | (28,510) | (15,200) |
Distributions in excess of equity in earnings of unconsolidated affiliates | 18,192 | 95,958 | 20,807 |
Changes in other assets | (16,618) | (7,054) | (11,534) |
Net cash provided by (used in) investing activities | (75,812) | 9,988 | (265,306) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from mortgage and other indebtedness | 1,216,132 | 1,174,409 | 1,358,296 |
Principal payments on mortgage and other indebtedness | (1,264,076) | (1,377,739) | (1,315,094) |
Additions to deferred financing costs | (5,905) | (8,345) | (6,796) |
Prepayment fees on extinguishment of debt | (8,871) | 0 | 0 |
Proceeds from issuances of common stock/units | 204 | 179 | 188 |
Redemption of common units | (656) | (11,754) | (286) |
Contributions from noncontrolling interests | 263 | 11,240 | 682 |
Payment of tax withholdings for restricted stock awards | (390) | 0 | 0 |
Distributions to noncontrolling interests | (32,038) | (14,807) | (17,084) |
Dividends paid to holders of preferred stock/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) |
Dividends paid to common shareholders/unitholders | (211,253) | (213,366) | (211,260) |
Net cash used in financing activities | (351,482) | (485,075) | (236,246) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 3,111 | (6,510) | (6,530) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 65,061 | 71,571 | 78,101 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 68,172 | 65,061 | 71,571 |
Restricted cash: | |||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ 65,061 | $ 71,571 | $ 78,101 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION CBL & Associates Properties, Inc. ("CBL"), a Delaware corporation, is a self-managed, self-administered, fully-integrated real estate investment trust ("REIT") that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, open-air and mixed-use centers, outlet centers, associated centers, community centers and office properties. Its Properties are located in 26 states, but are primarily in the southeastern and midwestern United States. CBL conducts substantially all of its business through CBL & Associates Limited Partnership (the "Operating Partnership"), which is a variable interest entity ("VIE"). In accordance with the guidance in Accounting Standards Codification ("ASC") 810, Consolidations , the Company is exempt from providing further disclosures related to the Operating Partnership's VIE classification. The Operating Partnership consolidates the financial statements of all entities in which it has a controlling financial interest or where it is the primary beneficiary of a VIE. As of December 31, 2017, the Operating Partnership owned interests in the following Properties: Other Properties Malls (1) Associated Centers Community Centers Office Buildings Total Consolidated Properties 60 20 5 5 (2) 90 Unconsolidated Properties (3) 8 3 4 — 15 Total 68 23 9 5 105 (1) Category consists of regional malls, open-air centers and outlet centers (including one mixed-use center) (the "Malls"). (2) Includes CBL's two corporate office buildings. (3) The Operating Partnership accounts for these investments using the equity method because one or more of the other partners have substantive participating rights. At December 31, 2017 , the Operating Partnership had interests in the following Properties under development ("Construction Properties"): Consolidated Unconsolidated Malls Malls Other Properties Development — — 1 (1) Expansion 1 — — Redevelopments 3 1 — (1) Reflects a community center in development. The Malls, Other Properties ("Associated Centers, Community Centers and Office Buildings") and Construction Properties are collectively referred to as the “Properties” and individually as a “Property.” CBL is the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. At December 31, 2017 , CBL Holdings I, Inc., the sole general partner of the Operating Partnership, owned a 1.0% general partner interest in the Operating Partnership and CBL Holdings II, Inc. owned an 84.8% limited partner interest for a combined interest held by CBL of 85.8% . As used herein, the term "Company" includes CBL & Associates Properties, Inc. and its subsidiaries, including CBL & Associates Limited Partnership and its subsidiaries, unless the context indicates otherwise. The term "Operating Partnership" refers to CBL & Associates Limited Partnership and its subsidiaries. On November 3, 1993, CBL completed an initial public offering (the “Offering”). Simultaneously with the completion of the Offering, CBL & Associates, Inc., its shareholders and affiliates and certain senior officers of the Company (collectively, “CBL’s Predecessor”) transferred substantially all of their interests in certain real estate properties to CBL & Associates Limited Partnership (the “Operating Partnership”) in exchange for common units of limited partner interest in the Operating Partnership. At December 31, 2017 , CBL’s Predecessor owned a 9.1% limited partner interest and third parties owned a 5.1% limited partner interest in the Operating Partnership. CBL’s Predecessor also owned 3.8 million shares of the Company's common stock at December 31, 2017 , for a total combined effective interest of 11.0% in the Operating Partnership. The Operating Partnership conducts the Company's property management and development activities through its wholly-owned subsidiary, CBL & Associates Management, Inc. ("the Management Company"), to comply with certain requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation This Form 10-K provides separate consolidated financial statements for the Company and the Operating Partnership. Due to the Company's ability as general partner to control the Operating Partnership, the Company consolidates the Operating Partnership within its consolidated financial statements for financial reporting purposes. The notes to consolidated financial statements apply to both the Company and the Operating Partnership, unless specifically noted otherwise. The accompanying consolidated financial statements include the consolidated accounts of the Company, the Operating Partnership and their wholly owned subsidiaries, as well as entities in which the Company has a controlling financial interest or entities where the Company is deemed to be the primary beneficiary of a VIE. For entities in which the Company has less than a controlling financial interest or entities where the Company is not deemed to be the primary beneficiary of a VIE, the entities are accounted for using the equity method of accounting. Accordingly, the Company's share of the net earnings or losses of these entities is included in consolidated net income. The accompanying consolidated financial statements have been prepared in accordance with GAAP. All intercompany transactions have been eliminated. Reclassifications Certain reclassifications have been made to amounts in the Company's prior-year financial statements to conform to the current period presentation. The Company reclassified certain amounts related to restricted cash in its consolidated statements of cash flows for the years ended December 31, 2016 and 2015 upon the adoption of the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2016-18, Restricted Cash ("ASU 2016-18"), which requires the change in restricted cash to be reported with cash and cash equivalents when reconciling beginning and ending amounts on the consolidated statements of cash flows. The guidance was applied retrospectively to all periods presented. See below in Accounting Guidance Adopted for additional information on the adoption of ASU 2016-18. Accounting Guidance Adopted In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 identifies areas for simplification of accounting for share-based payment transactions. ASU 2016-09 allows an entity to make an accounting policy election to either (1) recognize forfeitures as they occur or (2) continue to estimate the number of awards expected to be forfeited. The Company elected to account for forfeitures of share-based payments as they occur. As the amount of the retrospective adjustment was nominal, the Company elected not to record the change. See Note 16 for further information on the adoption of this guidance. The guidance also requires that when an employer withholds shares upon the vesting of restricted shares for the purpose of meeting tax withholding requirements, that the cash paid for withholding taxes is classified as a financing activity on the statement of cash flows. The Company previously included these amounts within operating activities. ASU 2016-09 is to be applied on a modified retrospective basis as a cumulative-effect adjustment to retained earnings as of the date of adoption. The Company adopted ASU 2016-09 as of January 1, 2017 and it did not have a material impact on its consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU 2016-17, Interests Held Through Related Parties That Are under Common Control, ("ASU 2016-17") which amended the consolidation guidance in ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"), to change how a reporting entity that is a single decision maker of a VIE should consider indirect interests in a VIE held through related parties that are under common control with the entity when determining whether it is the primary beneficiary of the VIE. ASU 2016-17 simplifies the analysis to require consideration of only an entity's proportionate indirect interest in a VIE held through a party under common control. The guidance was applicable on a retrospective basis to all periods in fiscal year 2016, which is the period in which ASU 2015-02 was adopted by the Company. The Company adopted ASU 2016-17 as of January 1, 2017 and it did not have a material impact on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business , ("ASU 2017-01"), which provides a more narrow definition of a business to be used in determining the accounting treatment of an acquisition. Under ASC 805, Business Combinations , the Company generally accounted for acquisitions of shopping center properties as acquisitions of a business. Under ASU 2017-01, more acquisitions are expected to be accounted for as acquisitions of assets. Transaction costs for asset acquisitions are capitalized while those related to business acquisitions are expensed. ASU 2017-01 is to be applied prospectively to any transactions occurring within the period of adoption. The Company adopted ASU 2017-01 as of January 1, 2017. The Company expects most of its future acquisitions of shopping center properties will be accounted for as acquisitions of assets in accordance with the guidance in ASU 2017-01. In January 2017, the FASB issued ASU 2017-03, Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings , ("ASU 2017-03"), which provides guidance related to the disclosure of the potential impact that the adoption of ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"); ASU 2016-02, Leases ("ASU 2016-02") and ASU 2016-13, Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") could have on the Company's consolidated financial statements. ASU 2017-03 was effective upon issuance and the Company has incorporated this guidance within its current disclosures. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). The objective of ASU 2016-15 is to reduce diversity in practice in the classification of certain items in the statement of cash flows, including the classification of distributions received from equity method investees. The guidance is to be applied on a retrospective basis. The Company adopted ASU 2016-15 in the fourth quarter of 2017 and it did not have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18 to address diversity in practice related to the classification and presentation of changes in restricted cash. The update requires a reporting entity to explain the change in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents in reconciling the beginning-of-period and end-of-period total amounts on the statement of cash flows. The Company adopted ASU 2016-18 in the fourth quarter of 2017 and it had no impact on the Company's total consolidated cash flows as the adoption of the guidance only changed the location of where restricted cash is reported within the consolidated statements of cash flows. As a result, restricted cash additions of $11,434 and restricted cash reductions of $5,491 for the years ended December 31, 2016 and 2015, respectively, were reclassified from cash flows from investing activities and are included in the beginning-of-period and end-of-period total amounts on the consolidated statements of cash flows for the respective periods. As prescribed by the guidance, a reconciliation was added to the consolidated Statements of Cash Flows to reconcile ending cash, cash equivalents and restricted cash to the respective line items in the consolidated balance sheets. Accounting Guidance Not Yet Effective Revenue Recognition guidance and implementation update In May 2014, the FASB and the International Accounting Standards Board jointly issued ASU 2014-09. The objective of this converged standard is to enable financial statement users to better understand and analyze revenue by replacing current transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that the entity expects to be entitled to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other guidance such as lease and insurance contracts. The Company adopted the guidance as of January 1, 2018 using a modified retrospective approach and it did not have a material impact on its consolidated financial statements as the majority of the Company's revenue is derived from real estate lease contracts. The Company elected to apply the guidance to contracts with open performance obligations as of January 1, 2018. The cumulative effect of adopting ASC 606 includes an opening adjustment of approximately $362 to retained earnings as of January 1, 2018, to record contract assets and contract liabilities. Historical amounts for prior periods will not be adjusted and will continue to be reported using the guidance in Topic 605, Revenue Recognition. The following updates, which were effective as of the same date as ASU 2014-09 as deferred by ASU 2015-14, Deferral of the Effective Date , were issued by the FASB to clarify the implementation of the revenue guidance: Issuance Date Accounting Standards Update March 2016 ASU 2016-08 Principal versus Agent Considerations (Reporting Revenue Gross versus Net) April 2016 ASU 2016-10 Identifying Performance Obligations and Licensing May 2016 ASU 2016-11 Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting May 2016 ASU 2016-12 Narrow Scope Improvements and Practical Expedients December 2016 ASU 2016-20 Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers September 2017 ASU 2017-13 Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments November 2017 ASU 2017-14 Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 116 and SEC Release No. 33-10403 The Company's revenues largely consist of income earned from leasing. Other revenue streams which are in the scope of ASC 606 primarily include earnings from property management, leasing and development agreements with unconsolidated affiliates and third parties in addition to marketing and other revenues. As part of the implementation process, the Company completed a review to ascertain which contracts were in the scope of the revenue guidance noted above. For those contracts in scope, these were evaluated using the prescribed five-step method. Based on its evaluation of these contracts, the Company does not expect any material changes in the amount or timing of its revenues upon adoption of the guidance. The Company's revenue streams for the year ended December 31, 2017 , approximate the following: Revenue stream % of Total Revenues Leasing revenues 97% Revenues within the scope of ASC 606 2% Other revenues 1% 100% Leasing guidance and implementation update In February 2016, the FASB issued ASU 2016-02. The objective of ASU 2016-02 is to increase transparency and comparability by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, lessees will be required to recognize a right-of-use asset and corresponding lease liability on the balance sheet for all leases with terms greater than 12 months. The guidance applied by a lessor under ASU 2016-02 is substantially similar to existing GAAP. For public companies, ASU 2016-02 is effective for annual periods beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted. Lessees and lessors are required to use a modified retrospective transition method for all leases existing at, or entered into after, the date of initial application. Accordingly, they would apply the new accounting model for the earliest year presented in the financial statements. A number of practical expedients may also be elected. The Company completed a preliminary assessment and continues to evaluate the potential impact the guidance may have on its consolidated financial statements and related disclosures and will adopt ASU 2016-02 as of January 1, 2019. As a lessor, the Company expects substantially all leases will continue to be classified as operating leases under the new leasing guidance. Additionally, the Company expects to expense certain deferred lease costs due to the narrowed definition of indirect costs that may be capitalized. As a lessee, the Company has 13 ground lease arrangements in which the Company is the lessee for land. As of December 31, 2017 , these ground leases have future contractual payments of approximately $15,113 with maturity dates ranging from January 2019 through July 2089. Other Guidance In June 2016, the FASB issued ASU 2016-13. The objective of ASU 2016-13 is to provide financial statement users with information about expected credit losses on financial assets and other commitments to extend credit by a reporting entity. The guidance replaces the current incurred loss impairment model, which reflects credit events, with a current expected credit loss model, which recognizes an allowance for credit losses based on an entity's estimate of contractual cash flows not expected to be collected. For public companies that are Securities and Exchange Commission ("SEC") filers, ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years. Early adoption is permitted. The guidance is to be applied on a modified retrospective basis. The Company plans to adopt ASU 2016-13 as of January 1, 2020 and is evaluating the impact that this update may have on its consolidated financial statements and related disclosures. In February 2017, the FASB issued ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ("ASU 2017-05"), which applies to the partial sale or transfer of nonfinancial assets, including real estate assets, to unconsolidated joint ventures. ASU 2017-05 requires 100% of the gain or loss to be recognized for nonfinancial assets transferred to an unconsolidated joint venture and any noncontrolling interest received in such nonfinancial assets to be measured at fair value. The Company adopted the guidance on January 1, 2018 using a modified retrospective transition method, which required a cumulative effect adjustment as of the date of adoption. This adjustment (1 ) marked investments in unconsolidated joint ventures to fair value as of the date of contribution to the unconsolidated joint ventures, and (2) recognized the remainder of the gain associated with transferring the assets to the unconsolidated joint venture. In its adoption of ASU 2017-15, the Company identified one unconsolidated affiliate, CBL/T-C, LLC, in which the Company recorded a partial sale of real estate assets in 2011, and will record a gain of $57,850 as a cumulative effect adjustment as of January 1, 2018. Additionally, in conjunction with the transfer of land in the formation of a new joint venture in 2017, the Company will record a gain of $902 related to this transaction as a cumulative effect adjustment as of January 1, 2018. In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting ("ASU 2017-09") which provides guidance on the types of changes to the terms or conditions of a share-based payment award to which an entity would be required to apply modification accounting under ASC 718, Compensation - Stock Compensation . The Company adopted ASU 2017-09 on a prospective basis as of January 1, 2018 and it did not have a material impact on its consolidated financial statements. Real Estate Assets The Company capitalizes predevelopment project costs paid to third parties. All previously capitalized predevelopment costs are expensed when it is no longer probable that the project will be completed. Once development of a project commences, all direct costs incurred to construct the project, including interest and real estate taxes, are capitalized. Additionally, certain general and administrative expenses are allocated to the projects and capitalized based on the amount of time applicable personnel work on the development project. Ordinary repairs and maintenance are expensed as incurred. Major replacements and improvements are capitalized and depreciated over their estimated useful lives. All acquired real estate assets have been accounted for using the acquisition method of accounting and accordingly, the results of operations are included in the consolidated statements of operations from the respective dates of acquisition. The Company allocates the purchase price to (i) tangible assets, consisting of land, buildings and improvements, as if vacant, and tenant improvements, and (ii) identifiable intangible assets and liabilities, generally consisting of above-market leases, in-place leases and tenant relationships, which are included in other assets, and below-market leases, which are included in accounts payable and accrued liabilities. The Company uses estimates of fair value based on estimated cash flows, using appropriate discount rates, and other valuation techniques to allocate the purchase price to the acquired tangible and intangible assets. Liabilities assumed generally consist of mortgage debt on the real estate assets acquired. Assumed debt is recorded at its fair value based on estimated market interest rates at the date of acquisition. Upon the adoption of ASU 2017-01 on a prospective basis in January 2017, as noted above, the Company expects its future acquisitions will be accounted for as acquisitions of assets in which related transaction costs will be capitalized. Depreciation is computed on a straight-line basis over estimated lives of 40 years for buildings, 10 to 20 years for certain improvements and 7 to 10 years for equipment and fixtures. Tenant improvements are capitalized and depreciated on a straight-line basis over the term of the related lease. Lease-related intangibles from acquisitions of real estate assets are generally amortized over the remaining terms of the related leases. The amortization of above- and below-market leases is recorded as an adjustment to minimum rental revenue, while the amortization of all other lease-related intangibles is recorded as amortization expense. Any difference between the face value of the debt assumed and its fair value is amortized to interest expense over the remaining term of the debt using the effective interest method. The Company’s intangibles and their balance sheet classifications as of December 31, 2017 and 2016 , are summarized as follows: December 31, 2017 December 31, 2016 Cost Accumulated Amortization Cost Accumulated Amortization Intangible lease assets and other assets: Above-market leases $ 38,798 $ (31,245 ) $ 49,310 $ (38,197 ) In-place leases 103,230 (78,854 ) 110,968 (80,256 ) Tenant relationships 44,580 (9,719 ) 29,494 (6,610 ) Accounts payable and accrued liabilities: Below-market leases 69,990 (49,756 ) 87,266 (60,286 ) These intangibles are related to specific tenant leases. Should a termination occur earlier than the date indicated in the lease, the related unamortized intangible assets or liabilities, if any, related to the lease are recorded as expense or income, as applicable. The total net amortization expense of the above intangibles was $13,256 , $8,687 and $12,939 in 2017 , 2016 and 2015 , respectively. The estimated total net amortization expense for the next five succeeding years is $9,093 in 2018 , $4,154 in 2019 , $1,926 in 2020 , $1,712 in 2021 and $1,572 in 2022 . Total interest expense capitalized was $2,314 , $2,182 and $3,697 in 2017 , 2016 and 2015 , respectively. Carrying Value of Long-Lived Assets The Company monitors events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of a long-lived asset may not be recoverable, the Company assesses the recoverability of the asset by determining whether the asset’s carrying value will be recovered through the estimated undiscounted future cash flows expected from the Company’s probability weighted use of the asset and its eventual disposition. In the event that such undiscounted future cash flows do not exceed the carrying value, the Company adjusts the carrying value of the long-lived asset to its estimated fair value and recognizes an impairment loss. The estimated fair value is calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value. Certain of the Company’s long-lived assets may be carried at more than an amount that could be realized in a current disposition transaction. Projections of expected future operating cash flows require that the Company estimates future market rental income amounts subsequent to expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the Property, and the number of years the Property is held for investment, among other factors. As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management’s estimates of future possible outcomes. Therefore, the future cash flows estimated in the Company’s impairment analyses may not be achieved. See Note 4 and Note 15 for information related to the impairment of long-lived assets for 2017 , 2016 and 2015 . Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less as cash equivalents. Restricted Cash Restricted cash of $35,546 and $46,119 was included in intangible lease assets and other assets at December 31, 2017 and 2016 , respectively. Restricted cash consists primarily of cash held in escrow accounts for debt service, insurance, real estate taxes, capital improvements and deferred maintenance as required by the terms of certain mortgage notes payable. Allowance for Doubtful Accounts The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are realizable based on factors affecting the collectability of those balances. The Company’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income. The Company recorded a provision for doubtful accounts of $3,782 , $4,058 and $2,254 for 2017 , 2016 and 2015 , respectively. Investments in Unconsolidated Affiliates The Company evaluates its joint venture arrangements to determine whether they should be recorded on a consolidated basis. The percentage of ownership interest in the joint venture, an evaluation of control and whether a VIE exists are all considered in the Company’s consolidation assessment. Initial investments in joint ventures that are in economic substance a capital contribution to the joint venture are recorded in an amount equal to the Company’s historical carryover basis in the real estate contributed. Initial investments in joint ventures that are in economic substance the sale of a portion of the Company’s interest in the real estate are accounted for as a contribution of real estate recorded in an amount equal to the Company’s historical carryover basis in the ownership percentage retained and as a sale of real estate with profit recognized to the extent of the other joint venturers’ interests in the joint venture. Profit recognition assumes the Company has no commitment to reinvest with respect to the percentage of the real estate sold and the accounting requirements of the full accrual method are met. The Company accounts for its investment in joint ventures where it owns a noncontrolling interest or where it is not the primary beneficiary of a VIE using the equity method of accounting. Under the equity method, the Company’s cost of investment is adjusted for additional contributions to and distributions from the unconsolidated affiliate, as well as its share of equity in the earnings of the unconsolidated affiliate. Generally, distributions of cash flows from operations and capital events are first made to partners to pay cumulative unpaid preferences on unreturned capital balances and then to the partners in accordance with the terms of the joint venture agreements. Any differences between the cost of the Company’s investment in an unconsolidated affiliate and its underlying equity as reflected in the unconsolidated affiliate’s financial statements generally result from costs of the Company’s investment that are not reflected on the unconsolidated affiliate’s financial statements, capitalized interest on its investment and the Company’s share of development and leasing fees that are paid by the unconsolidated affiliate to the Company for development and leasing services provided to the unconsolidated affiliate during any development periods. At December 31, 2017 and 2016 , the net difference between the Company’s investment in unconsolidated affiliates and the underlying equity of unconsolidated affiliates, which are amortized over a period equal to the useful life of the unconsolidated affiliates' asset/liability that is related to the basis difference, was $(6,038) and $(6,966) , respectively. On a periodic basis, the Company assesses whether there are any indicators that the fair value of the Company's investments in unconsolidated affiliates may be impaired. An investment is impaired only if the Company’s estimate of the fair value of the investment is less than the carrying value of the investment and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Company's estimates of fair value for each investment are based on a number of assumptions that are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter the Company’s assumptions, the fair values estimated in the impairment analyses may not be realized. No impairments of investments in unconsolidated affiliates were recorded in 2017 , 2016 and 2015 . Deferred Financing Costs Net deferred financing costs related to the Company's lines of credit of $3,301 and $4,890 were included in intangible lease assets and other assets at December 31, 2017 and 2016 , respectively. Net deferred financing costs related to the Company's other indebtedness of $18,938 and $17,855 were included in net mortgage and other indebtedness at December 31, 2017 and 2016 , respectively. Deferred financing costs include fees and costs incurred to obtain financing and are amortized on a straight-line basis to interest expense over the terms of the related indebtedness. Amortization expense related to deferred financing costs was $5,918 , $5,010 and $7,116 in 2017 , 2016 and 2015 , respectively. Accumulated amortization of deferred financing costs was $16,269 and $13,370 as of December 31, 2017 and 2016 , respectively. Marketable Securities The Company recognized a realized gain of $16,560 , for the difference between the net proceeds of $20,755 less the adjusted cost of $4,195 related to the sale of all its marketable securities in 2015. Unrealized gains and losses on available-for-sale securities that are deemed to be temporary in nature are recorded as a component of accumulated other comprehensive income (loss) ("AOCI/L") in redeemable noncontrolling interests, shareholders’ equity and partners' capital, and noncontrolling interests. Realized gains are recorded in gain on investments. Gains or losses on securities sold were based on the specific identification method. There were no other-than-temporary impairments of marketable securities incurred during 2015 . Interest Rate Hedging Instruments To qualify as a hedging instrument, a derivative must pass prescribed effectiveness tests, performed quarterly using both qualitative and quantitative methods. The Company had entered into derivative agreements, which matured on April 1, 2016, that qualified as hedging instruments and were designated, based upon the exposure being hedged, as cash flow hedges. To the extent they were effective, changes in the fair values of cash flow hedges were reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged item affected earnings. The gain or loss on the termination of an effective cash flow hedge was reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged item affected earnings. The Company also assessed the credit risk that the counterparty would not perform according to the terms of the contract. See Note 6 for additional information regarding the Company’s former interest rate hedging instruments. Revenue Recognition Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms of the related leases. Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements. Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable. The Company receives reimbursements from tenants for real estate taxes, insurance, common area maintenance ("CAM") and other recoverable operating expenses as provided in the lease agreements. Tenant reimbursements are recognized when earned in accordance with the tenant lease agreements. Tenant reimbursements related to certain capital expenditures are billed to tenants over periods of 5 to 15 years and are recognized as revenue in accordance with the underlying lease terms. The Company receives management, leasing and development fees from third parties and unconsolidated affiliates. Management fees are charged as a percentage of revenues (as defined in the management agreement) and are recognized as revenue when earned. Development fees are recognized as revenue on a pro rata basis over the development period. Leasing fees are charged for newly executed leases and lease renewals and are recognized as revenue when earned. Development and leasing fees received from an unconsolidated affiliate during the development period are recognized as revenue only to the extent of the third-party partner’s ownership interest. Development and leasing fees during the development period, to the extent of the Company’s ownership interest, are recorded as a reduction to the Company’s investment in the unconsolidated affiliate. Gain on Sales of Real Estate Assets Gain on sales of real estate assets is recognized when it is determined that the sale has been consummated, the buyer’s initial and continuing investment is adequate, the Company’s receivable, if any, is not subject to future subordination, and the buyer has assumed the usual risks and rewards of ownership of the asset. When the Company has an ownership interest in the buyer, gain is recognized to the extent of the third party partner’s ownership interest. Income Taxes The Company is qualified as a REIT under the provisions of the Internal Revenue Code. To maintain qualification as a REIT, the Company is required to distribute at least 90% of i |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS Since the adoption of ASU 2017-01 (see Note 2 ) as of January 1, 2017, the Company's acquisitions of shopping center and other properties have been accounted for as acquisitions of assets. The Company includes the results of operations of real estate assets acquired in the consolidated statements of operations from the date of the related acquisition. The pro forma effect of these acquisitions was not material. 2017 Acquisitions JG Gulf Coast LLC In December 2017, the Company was assigned its partner's 50% interest in Gulf Coast Town Center - Phase III for no consideration. The unconsolidated affiliate was previously accounted for using the equity method of accounting (see Note 5 ). As of the December 31, 2017 assignment date, the wholly-owned joint venture is accounted for on a consolidated basis in the Company's operations. The Company recorded $2,818 of net assets at their carry-over basis, which included $4,118 related to a mortgage note payable to the Company. Sears and Macy's stores In January 2017, the Company acquired several Sears and Macy's stores, which include land, buildings and improvements, for future redevelopment at the related malls. The Company purchased five Sears department stores and two Sears Auto Centers for $72,765 in cash, which included $265 of capitalized transaction costs. Sears continues to operate the department stores under new ten -year leases for which the Company receives aggregate annual base rent of $5,075 . Annual base rent will be reduced by 0.25% for the third through tenth years of the leases. Sears is responsible for paying CAM charges, taxes, insurance and utilities under the terms of the leases. The Company has the right to terminate each Sears lease at any time (except November 15 through January 15, in any given year), with six month's advance notice. With six month's advance notice, Sears has the right to terminate one lease after a four -year period and may terminate the four other leases after a two -year period. The leases on the Sears Auto Centers were subsequently terminated, in accordance with the terms of the Company's agreement with Sears. The Company also acquired four Macy's stores for $7,034 in cash, which included $34 of capitalized transaction costs. Three of these locations closed in March 2017. The Company entered into a lease with Macy's at the fourth store under which Macy's will continue to operate the store through March 2019 for annual base rent and fixed CAM charges of $19 per year, subject to certain operating covenants. If Macy's ceases to operate at this location, the Company will be reimbursed for the pro rata portion of the amount paid for the operating covenant based on the remaining lease term. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the respective acquisition dates: Sears Stores Macy's Stores Total Land $ 45,028 $ 4,635 $ 49,663 Building and improvements 14,814 1,965 16,779 Tenant improvements 4,234 377 4,611 Above-market leases 681 — 681 In-place leases 8,364 579 8,943 Total assets 73,121 7,556 80,677 Below-market leases (356 ) (522 ) (878 ) Net assets acquired $ 72,765 $ 7,034 $ 79,799 The intangible assets and liabilities acquired with the acquisition of the Sears and Macy's stores have weighted-average amortization periods as of the respective acquisition dates as follows (in years): Sears Stores Macy's Stores Above-market leases 2.0 N/A In-place leases 2.2 2.2 Below-market leases 5.4 2.2 2016 Acquisitions The Company did not acquire any consolidated shopping center properties during the year ended December 31, 2016 . 2015 Acquisitions The following is a summary of the Company's acquisitions during 2015: Purchase Date Property Property Type Location Ownership Percentage Acquired Cash Purchase Price June 2015 Mayfaire Town Center and Community Center (1) Mall Wilmington, NC 100% $ 191,988 $ 191,988 (1) The Company acquired Mayfaire Town Center and Community Center on June 18, 2015 for $191,988 utilizing availability on its lines of credit. Since the acquisition date, $8,982 of revenue and $410 in income related to Mayfaire Town Center and Community Center were included in the consolidated financial statements for the year ended December 31, 2015. The Company subsequently sold Mayfaire Community Center in December 2015. See Note 4 for more information. The following table summarizes the final allocation of the estimated fair values of the assets acquired and liabilities assumed as of the June 2015 acquisition date for Mayfaire Town Center and Community Center: 2015 Land $ 39,598 Buildings and improvements 139,818 Tenant improvements 3,331 Above-market leases 393 In-place leases 22,673 Total assets 205,813 Below-market leases (13,825 ) Net assets acquired $ 191,988 |
DISPOSITIONS
DISPOSITIONS | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITIONS | DISPOSITIONS The Company evaluates its disposals utilizing the guidance in ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity . Based on its analysis, the Company determined that the dispositions described below do not meet the criteria for classification as discontinued operations and are not considered to be significant disposals based on its quantitative and qualitative evaluation. Thus, the results of operations of the shopping center Properties described below, as well as any related gain or impairment loss, are included in net income for all periods presented, as applicable. 2017 Dispositions Net proceeds realized from the 2017 dispositions were used to reduce the outstanding balances on the Company's credit facilities, unless otherwise noted. The following is a summary of the Company's 2017 dispositions by sale: Sales Price Gain Sales Date Property Property Type Location Gross Net January One Oyster Point & Two Oyster Point (1) All Other Newport News, VA $ 6,250 $ 6,142 $ — April The Outlet Shoppes at Oklahoma City (2) Mall Oklahoma City, OK 130,000 55,368 75,434 May College Square & Foothills Mall (3) Mall Morristown, TN / Maryville, TN 53,500 50,566 546 $ 189,750 $ 112,076 $ 75,980 (1) These Properties were classified as held for sale as of December 31, 2016. See Note 15 for information on the impairment loss related to these Properties which was recognized in 2016. (2) In conjunction with the sale of this 75 / 25 consolidated joint venture, three loans secured by the mall were retired. See Note 6 for more information. The Company's share of the gain from the sale was approximately $48,800 . In accordance with the joint venture agreement, the joint venture partner received a priority return of $7,477 from the proceeds of the sale. (3) The Company recognized a gain of $1,994 in the second quarter of 2017 upon the sale of the malls. This gain was partially reduced in the third quarter of 2017 due to construction costs of $1,448 not previously considered. The Company also realized a gain of $17,812 primarily related to the sale of 12 outparcels during the year ended December 31, 2017 . The Company recognized a gain on extinguishment of debt for the Properties listed below, which represented the amount by which the outstanding debt balance exceeded the net book value of the Property as of the transfer date. The respective mortgage lender completed the foreclosure process and received title to the mall listed below in satisfaction of the non-recourse debt secured by the Property . See Note 6 for additional information. See Note 15 for information on previous impairment losses related to these Properties. The following is a summary of these 2017 dispositions: Transfer Date Property Property Type Location January Midland Mall Mall Midland, MI June Chesterfield Mall Mall Chesterfield, MO August Wausau Center Mall Wausau, WI 2016 Dispositions Net proceeds realized from the 2016 dispositions were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2016 dispositions: Sales Price Gain Sales Date Property Property Type Location Gross Net March River Ridge Mall (1) Mall Lynchburg, VA $ 33,500 $ 32,905 $ — April The Crossings at Marshalls Creek All Other Middle Smithfield, PA 23,650 21,791 3,239 May Bonita Lakes Mall & Crossing (2) Mall & All Other Meridian, MS 27,910 27,614 208 July The Lakes Mall / Fashion Square (3) Mall Muskegon, MI 66,500 65,514 273 September Oak Branch Business Center (4) All Other Greensboro, NC 2,400 2,148 — December Cobblestone Village at Palm Coast (5) All Other Palm Coast, FL 8,500 8,106 — December Randolph Mall, Regency Mall & Walnut Square (6) Mall Asheboro, NC 32,250 31,453 — $ 194,710 $ 189,531 $ 3,720 (1) The Company sold a 75% interest in River Ridge Mall and recorded a loss on impairment of $9,510 to adjust the book value of the mall to its estimated net sales price based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. An additional loss on impairment of $84 was recognized in December 2016 to reflect actual closing costs. The Company retained a 25% ownership interest in the mall, which was included in investments in unconsolidated affiliates as of December 31, 2016 on the Company's consolidated balance sheet. The Company sold its remaining interest in 2017. See Note 5 for more information. (2) The Company recognized a loss on impairment of $5,323 in 2016 when it adjusted the book value of the Properties to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect disposition costs. (3) The Company recognized a loss on impairment of $32,096 in 2016 when it adjusted the book value of the malls to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. A non-recourse loan secured by Fashion Square with a principal balance of $38,150 was assumed by the buyer in conjunction with the sale. See Note 6 . (4) The Company recognized a loss on impairment of $122 in the third quarter of 2016 to adjust the book value of the Property to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The loss on impairment was reduced by $22 in the fourth quarter of 2016 to reflect actual closing costs. (5) The Company recorded a loss on impairment of $6,298 to write down the Property to its estimated fair value in the third quarter of 2016 based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. An additional loss on impairment of $150 was recognized in December 2016 for an adjustment to the sales price when the sale closed in December 2016. (6) The Company recorded a loss on impairment in the third quarter of 2016 of $43,294 when it wrote down the book values of the three malls to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The Company reduced the loss on impairment in the fourth quarter of 2016 by $150 to reflect actual closing costs. The Company also realized a gain of $21,385 primarily related to the sale of 18 outparcels, $2,184 related to a parking deck project, $1,621 from a parcel project at The Outlet Shoppes at Atlanta and $657 in contingent consideration earned in 2016 related to the sale of EastGate Crossing noted below. 2015 Dispositions Net proceeds from the 2015 dispositions were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2015 dispositions: Sales Price Gain Sales Date Property Property Type Location Gross Net April Madison Square (1) Mall Huntsville, AL $ 5,000 $ 4,955 $ — June EastGate Crossing (2) All Other Cincinnati, OH 21,060 20,688 13,491 July Madison Plaza All Other Huntsville, AL 5,700 5,472 2,769 November Waynesville Commons All Other Waynesville, NC 14,500 14,289 5,071 December Mayfaire Community Center (3) All Other (4) Wilmington, NC 56,300 55,955 — December Chapel Hill Crossing (5) All Other Akron, OH 2,300 2,178 — $ 104,860 $ 103,537 $ 21,331 (1) The Company recognized a loss on impairment of real estate of $2,620 in 2015 when it adjusted the book value of the mall to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. (2) In the fourth quarter of 2015, the Company earned $625 of contingent consideration related to the sale of EastGate Crossing and received $574 of net proceeds for the lease of a tenant space. The Company earned additional consideration in 2016 for the lease of one additional specified tenant space as noted above. Additionally, the buyer assumed the mortgage loan on the Property, which had a balance of $14,570 at the time of the sale. (3) The Company recognized a loss on impairment of real estate of $397 in 2015 when it adjusted the book value of Mayfaire Community Center to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. (4) This Property was combined with Mayfaire Town Center in the Malls category for segment reporting purposes. (5) The Company recognized a loss on impairment of real estate of $1,914 in 2015 when it adjusted the book value of Chapel Hill Crossing to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. See Note 15 for additional information related to the impairment losses described above. |
UNCONSOLIDATED AFFILIATES AND C
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT | UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT Unconsolidated Affiliates At December 31, 2017 , the Company had investments in the following 17 entities, which are accounted for using the equity method of accounting: Unconsolidated Affiliates Property Name Company's Interest Ambassador Infrastructure, LLC Ambassador Town Center - Infrastructure Improvements 65.0% Ambassador Town Center JV, LLC Ambassador Town Center 65.0% CBL/T-C, LLC CoolSprings Galleria, Oak Park Mall and West County Center 50.0% CBL-TRS Joint Venture, LLC Friendly Center and The Shops at Friendly Center 50.0% EastGate Storage, LLC EastGate Mall self-storage development 50.0% El Paso Outlet Outparcels, LLC The Outlet Shoppes at El Paso (vacant land) 50.0% Fremaux Town Center JV, LLC Fremaux Town Center - Phases I and II 65.0% G&I VIII CBL Triangle LLC Triangle Town Center and Triangle Town Commons 10.0% Governor’s Square IB Governor’s Square Plaza 50.0% Governor’s Square Company Governor’s Square 47.5% Kentucky Oaks Mall Company Kentucky Oaks Mall 50.0% Mall of South Carolina L.P. Coastal Grand 50.0% Mall of South Carolina Outparcel L.P. Coastal Grand Crossing and vacant land 50.0% Port Orange I, LLC The Pavilion at Port Orange - Phase I 50.0% Shoppes at Eagle Point, LLC The Shoppes at Eagle Point 50.0% West Melbourne I, LLC Hammock Landing - Phases I and II 50.0% York Town Center, LP York Town Center 50.0% Although the Company had majority ownership of certain joint ventures during 2017 , 2016 and 2015 , 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. 2017 Activity - Unconsolidated Affiliates River Ridge Mall JV, LLC T he Company sold its 25% interest in River Ridge Mall JV, LLC ("River Ridge") to its joint venture partner for $9,000 in cash and the Company recorded a $5,843 loss on investment related to the sale of its interest and recorded an additional $354 loss on investment upon the sale closing in August 2017. The loss on investment is included in gain on investments in the consolidated statements of operations. The Company's property management agreement with River Ridge Mall JV, LLC ended September 30, 2017. Shoppes at Eagle Point, LLC The Company formed a 50 / 50 unconsolidated joint venture, Shoppes at Eagle Point, LLC, to develop, own and operate a community center development located in Cookeville, TN. In the third quarter of 2017, the land was acquired and construction began, with completion of the first phase expected in October 2018. The partners contributed aggregate initial equity of $1,031 . See 2017 Financings below for information on a construction loan. EastGate Storage, LLC In November 2017, the Company entered into a 50 / 50 joint venture, EastGate Storage, LLC with an unaffiliated partner to develop a self-storage facility adjacent to EastGate Mall. The Company contributed land with a fair value of $1,134 and the partner is equalizing through cash contributions. In conjunction with the formation of the joint venture, the unconsolidated affiliate closed on a construction loan. See details below in 2017 Financings . JG Gulf Coast Town Center LLC - Phase III In December 2017, the Company entered into an assignment and assumption agreement with the Company's partner in the JG Gulf Coast Town Center LLC 50 / 50 joint venture. Under the terms of the agreement, the Company was assigned the rights and assumed the obligations of its joint venture partner with respect to its 50% interest in Gulf Coast Town Center - Phase III, a community center located in Ft. Meyers, FL. See Note 3 for more information. 2016 Activity - Unconsolidated Affiliates CBL-TRS Joint Venture, LLC In December 2016, CBL-TRS Joint Venture, LLC, sold four office buildings, located in Greensboro, NC, for a gross sales price of $26,000 and net proceeds of approximately $25,406 , of which $12,703 represented each partner's share. The unconsolidated affiliate recognized a gain on sale of real estate assets of $51 , of which each partner's share was approximately $25 . The Company's share of the gain is included in equity in earnings of unconsolidated affiliates in the consolidated statements of operations. G&I VIII CBL Triangle LLC In December 2016, G&I VIII CBL Triangle LLC, sold Triangle Town Place, an associated center located in Raleigh, NC, for a gross sales price of $30,250 and net proceeds of approximately $29,802 . Net proceeds from the sale were used to retire the outstanding principal balance of the $29,342 loan secured by the Property. See 2016 Loan Repayments below for additional information on this loan. The unconsolidated affiliate recognized a gain on sale of real estate assets of $2,820 , of which the Company's share was approximately $282 and the joint venture partner's share was $2,538 . The Company's share of the gain is included in equity in earnings of unconsolidated affiliates in the consolidated statements of operations. G&I VIII CBL Triangle LLC is a 10 / 90 joint venture, formed in the first quarter of 2016, between the Company and DRA Advisors, which acquired Triangle Town Center, Triangle Town Commons and Triangle Town Place from an existing 50 / 50 joint venture, Triangle Town Member LLC, between the Company and The R.E. Jacobs Group for $174,000 , including the assumption of the $171,092 loan, of which each selling partner's share was $85,546 as of the closing date. Triangle Town Member LLC recognized a gain on sale of real estate assets of $80,979 in connection with the sale of its interests to G&I VIII CBL Triangle LLC. Concurrent with the formation of the new joint venture, the new entity closed on a modification and restructuring of the $171,092 loan, of which the Company's share was $17,109 . See information on the new loan under 2016 Financings below. The Company also made an equity contribution of $3,060 to the joint venture at closing. The Company continues to lease and manage the remaining Properties. High Pointe Commons In the third quarter of 2016, High Pointe Commons, LP and High Pointe Commons II-HAP, LP, two 50 / 50 subsidiaries of the Company, and their joint venture partner closed on the sale of High Pointe Commons, a community center located in Harrisburg, PA, for a gross sales price of $33,800 and net proceeds of $14,962 , of which $7,481 represented each partner's share. The existing mortgages secured by the property, which had an aggregate balance of $17,388 at the time of closing, were paid off in conjunction with the sale. See 2016 Loan Repayments below for additional information on these loans. The unconsolidated affiliate recognized a gain on sale of real estate assets of $16,649 , of which each partner's share was approximately $8,324 . Additionally, the unconsolidated affiliates recorded a loss on extinguishment of debt of $393 , of which each partner's share was approximately $197 . The Company's share of the gain and share of the loss on extinguishment of debt is included in equity in earnings of unconsolidated affiliates in the consolidated statements of operations. CBL-TRS Joint Venture II, LLC In the second quarter of 2016, CBL-TRS Joint Venture II, LLC, sold Renaissance Center, a community center located in Durham, NC, for a gross sales price of $129,200 and net proceeds of $80,324 , of which $40,162 represented each partner's share. In conjunction with the sale, the buyer assumed the $16,000 loan secured by the Property's second phase. The loan secured by the first phase, which had a principal balance of $31,484 as of closing, was retired. See 2016 Loan Repayments below for additional information on this loan. The unconsolidated affiliate recognized a gain on sale of real estate assets of $59,977 , of which each partner's share was approximately $29,989 . The Company's share of the gain is included in equity in earnings of unconsolidated affiliates in the consolidated statements of operations. JG Gulf Coast Town Center LLC - Phases I and II In the second quarter of 2016, the foreclosure process was completed and the mortgage lender received title to the mall in satisfaction of the non-recourse mortgage loan secured by Phases I and II of Gulf Coast Town Center in Ft. Myers, FL. Gulf Coast Town Center generated insufficient cash flow to cover the debt service on the mortgage, which had a balance of $190,800 (of which the Company's 50% share was $95,400 ) and a contractual maturity date of July 2017. In the third quarter of 2015, the lender on the loan began receiving the net operating cash flows of the property each month in lieu of scheduled monthly mortgage payments. The joint venture recognized a gain on extinguishment of debt of $63,294 upon the disposition of Gulf Coast. The Company recognized a gain on the net investment in Gulf Coast of $29,267 upon the disposition of the Property, which is included in equity in earnings of unconsolidated affiliates in the consolidated statements of operations. River Ridge Mall JV, LLC In the first quarter of 2016, the Company entered into a 25 / 75 joint venture, River Ridge with an unaffiliated partner. The Company contributed River Ridge Mall, located in Lynchburg, VA, to River Ridge and the partner contributed $33,500 of cash and an anchor parcel at River Ridge Mall that it already owned having a value of $7,000 . The $33,500 of cash was distributed to the Company and, after closing costs, $32,819 was used to reduce outstanding balances on its lines of credit. Following the initial formation, all required future contributions were funded on a pro rata basis. The Company had accounted for the formation of River Ridge as the sale of a partial interest and recorded a loss on impairment of $9,594 in 2016, which included a reserve of $2,100 for future capital expenditures. See Note 4 and Note 15 for more information. The Company continued to manage and lease the ma ll until the sale of its 25% interest in the third quarter of 2017 as described above. T he Company had the right to require its 75% partner to purchase its 25% interest in River Ridge if the Company ceased to manage the Property at the partner's election. Condensed Combined Financial Statements - Unconsolidated Affiliates Condensed combined financial statement information of the unconsolidated affiliates is as follows: December 31, 2017 2016 ASSETS: Investment in real estate assets $ 2,089,262 $ 2,137,666 Accumulated depreciation (618,922 ) (564,612 ) 1,470,340 1,573,054 Developments in progress 36,765 9,210 Net investment in real estate assets 1,507,105 1,582,264 Other assets 201,114 223,347 Total assets $ 1,708,219 $ 1,805,611 LIABILITIES: Mortgage and other indebtedness, net $ 1,248,817 $ 1,266,046 Other liabilities 41,291 46,160 Total liabilities 1,290,108 1,312,206 OWNERS' EQUITY: The Company 216,292 228,313 Other investors 201,819 265,092 Total owners' equity 418,111 493,405 Total liabilities and owners’ equity $ 1,708,219 $ 1,805,611 Year Ended December 31, 2017 2016 2015 Total revenues $ 236,607 $ 250,361 $ 253,399 Depreciation and amortization (80,102 ) (83,640 ) (79,870 ) Other operating expenses (71,293 ) (76,328 ) (75,875 ) Income from operations 85,212 90,393 97,654 Interest and other income 1,671 1,352 1,337 Interest expense (51,843 ) (55,227 ) (75,485 ) Gain on extinguishment of debt — 62,901 — Gain on sales of real estate assets 555 160,977 2,551 Net income (1) $ 35,595 $ 260,396 $ 26,057 (1) The Company's pro rata share of net income is $22,939 , $117,533 and $18,200 for the years ended December 31, 2017, 2016 and 2015 , respectively, and is included in equity in earnings of unconsolidated affiliates in the consolidated statements of operations. Financings - Unconsolidated Affiliates See Note 14 for a description of guarantees the Operating Partnership has issued related to the unconsolidated affiliates listed below. 2017 Financings The Company's unconsolidated affiliates had the following loan activity in 2017: Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended August Ambassador Town Center - Infrastructure Improvements (2) LIBOR + 2.0% August 2020 $ 11,035 October The Shoppes at Eagle Point (3) LIBOR + 2.75% October 2020 36,400 December Self-storage development - EastGate Mall (4) LIBOR + 2.75% December 2022 6,500 (1) Excludes any extension options. (2) The loan was amended and modified to extend the maturity date. The Operating Partnership has guaranteed 100% of the loan. The unconsolidated affiliate has an interest rate swap on the notional amount of the loan, amortizing to $9,360 over the term of the swap, to effectively fix the interest rate to 3.74% . (3) Shoppes at Eagle Point, LLC closed on a construction loan for the development of The Shoppes at Eagle Point, a community center located in Cookeville, TN. The Operating Partnership has guaranteed 100% of the loan. The loan has one two -year extension option available at the unconsolidated affiliate's election, subject to compliance with the terms of the loan. The interest rate will be reduced to a variable-rate of LIBOR plus 2.35% once construction is complete and certain debt and operational metrics are met. (4) EastGate Storage, LLC closed on a construction loan for the development of a climate controlled self-storage facility adjacent to EastGate Mall in Cincinnati, OH. The loan is interest only through November 2020. Thereafter, monthly principal payments of $10 , in addition to interest, will be due. The Operating Partnership has guaranteed 100% of the loan. Subsequent to December 31, 2017 , several operating Property loans were extended. See Note 19 for more information. 2016 Financings The Company's unconsolidated affiliates had the following loan activity in 2016: Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended February The Pavilion at Port Orange (2) LIBOR + 2.0% February 2018 (3) $ 58,628 February Hammock Landing - Phase I (2) LIBOR + 2.0% February 2018 (3) 43,347 (4) February Hammock Landing - Phase II (2) LIBOR + 2.0% February 2018 (3) 16,757 February Triangle Town Center, Triangle Town Place, Triangle Town Commons (5) 4.00% (6) December 2018 (7) 171,092 June Fremaux Town Center (8) 3.70% (9) June 2026 73,000 June Ambassador Town Center (10) 3.22% (11) June 2023 47,660 December The Shops at Friendly Center (12) 3.34% April 2023 60,000 (1) Excludes any extension options. (2) The guaranty was reduced from 25% to 20% in conjunction with the refinancing. (3) The loan was modified and extended to February 2018 with a one -year extension option, at the joint venture's election, to February 2019. (4) The capacity was increased from $39,475 to fund an expansion. (5) The loan was amended and modified in conjunction with the sale of the Properties to a newly formed joint venture as described above. (6) The interest rate was reduced from 5.74% to 4.00% interest-only payments through the initial maturity date. (7) The loan was extended to December 2018 with two one -year extension options to December 2020. Under the terms of the loan agreement, the joint venture must pay the lender $5,000 to reduce the principal balance of the loan and an extension fee of 0.50% of the remaining outstanding loan balance if it exercises the first extension. If the joint venture elects to exercise the second extension, it must pay the lender $8,000 to reduce the principal balance of the loan and an extension fee of 0.75% of the remaining outstanding principal loan balance. Additionally, the interest rate would increase to 5.74% during the extension period. (8) Net proceeds from the non-recourse loan were used to retire the existing construction loans, secured by Phase I and Phase II of Fremaux Town Center, with an aggregate balance of $71,125 . (9) The joint venture had an interest rate swap on a notional amount of $73,000 , amortizing to $52,130 over the term of the swap, related to Fremaux Town Center to effectively fix the interest rate on the variable-rate loan. In October 2016, the joint venture made an election under the loan agreement to convert the loan from a variable-rate to a fixed-rate loan which bears interest at 3.70% . (10) The non-recourse loan was used to retire an existing construction loan with a principal balance of $41,885 and excess proceeds were utilized to fund remaining construction costs. (11) The joint venture has an interest rate swap on a notional amount of $47,660 , amortizing to $38,866 over the term of the swap, related to Ambassador Town Center to effectively fix the interest rate on the variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. (12) CBL-TRS Joint Venture, LLC closed on a non-recourse loan secured by The Shops at Friendly Center in Greensboro, NC. The new loan has a maturity date with a term of six years to coincide with the maturity date of the existing loan secured by Friendly Center. A portion of the net proceeds were used to retire a $37,640 fixed-rate loan that bore interest at 5.90% and was due to mature in January 2017. 2017 Loan Repayment The loan, secured by the related unconsolidated Property, was retired in 2017: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid July Gulf Coast Town Center - Phase III (1) 3.13% July 2017 $ 4,118 (1) The Company loaned the unconsolidated affiliate, JG Gulf Coast Town Center, LLC, the amount necessary to retire the loan and received a mortgage note receivable in return. In December 2017, the Company's partner assigned its 50% interest in the Property to the Company. See Note 3 and above for more information. This intercompany loan is eliminated in consolidation as of December 31, 2017 since the Property became wholly-owned by the Company. 2016 Loan Repayments The Company's unconsolidated affiliates retired the following loans, secured by the related unconsolidated Properties, in 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid April Renaissance Center - Phase I 5.61% July 2016 $ 31,484 July Kentucky Oaks Mall (1) 5.27% January 2017 19,912 September Governor's Square Mall (2) 8.23% September 2016 14,089 September High Pointe Commons - Phase I (3) 5.74% May 2017 12,401 September High Pointe Commons - PetCo (3) 3.20% July 2017 19 September High Pointe Commons - Phase II (3) 6.10% July 2017 4,968 December The Shops at Friendly Center (4) 5.90% January 2017 37,640 December Triangle Town Place (5) 4.00% December 2018 29,342 (1) The Company's share of the loan was $9,956 . (2) The Company's share of the loan was $6,692 . (3) The loan secured by the Property was paid off using proceeds from the sale of the Property in September 2016. See above for more information. The Company's share of the loan was 50% . (4) The loan secured by the Property was retired using a portion of the net proceeds from a $60,000 fixed-rate loan. See 2016 Financings above for more information. (5) A portion of the net proceeds was used to pay down the balance of a loan for the portion secured by Triangle Town Place upon its sale in December 2016. After the debt reduction associated with the sale of Triangle Town Place, the principal balance of the loan secured by Triangle Town Center and Triangle Town Commons as of December 31, 2016 was $141,126 , of which the Company's share was $14,113 . The Company's unconsolidated affiliates retired the following construction loans, secured by the related unconsolidated Properties, in 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid June Fremaux Town Center - Phase I (1) 2.44% August 2016 $ 40,530 June Fremaux Town Center - Phase II (1) 2.44% August 2016 30,595 June Ambassador Town Center (2) 2.24% December 2017 41,885 (1) The construction loan was retired using a portion of the net proceeds from a $73,000 fixed-rate non-recourse mortgage loan. See 2016 Financings above for more information. (2) The construction loan was retired using a portion of the net proceeds from a $47,660 fixed-rate non-recourse mortgage loan. Excess proceeds were utilized to fund remaining construction costs. See 2016 Financings above for more information. Cost Method Investment The Company owned a 6.2% noncontrolling interest in Jinsheng, an established mall operating and real estate development company located in Nanjing, China, which owned controlling interests in home furnishing shopping malls. In the fourth quarter of 2016, the Company received $15,538 from Jinsheng for the redemption of its interest that had a carrying value of $5,325 and recorded a gain on investment of $10,136 . The Company had previously recorded an other-than-temporary impairment of $5,306 related to this investment in 2009 upon the decline of China's real estate market. The Company accounted for its noncontrolling interest in Jinsheng using the cost method because the Company did not exercise significant influence over Jinsheng and there was no readily determinable market value of Jinsheng’s shares since they are not publicly traded. |
MORTGAGE AND OTHER INDEBTEDNESS
MORTGAGE AND OTHER INDEBTEDNESS, NET | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
MORTGAGE AND OTHER INDEBTEDNESS, NET | 1.75x 3.3x EBITDA to fixed charges (debt service) > 1.5x 2.4x (1) The debt covenant was modified in the third quarter of 2017 to reduce the ratio from 62.5% to 60.0% . The definition of unencumbered asset value was also modified with respect to the assets that are included in the unencumbered asset pool. (2) The debt covenant limits the total amount of unsecured indebtedness the Company may have outstanding, which varies over time based on the ratio. Based on the Company’s outstanding unsecured indebtedness as of December 31, 2017 , the total amount available to the Company to borrow on its lines of credit was $429,678 less than the total capacity of the lines of credit resulting in total availability of $576,535 as of December 31, 2017 . The agreements for the unsecured credit facilities and unsecured term loans described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 or any single non-recourse indebtedness greater than $150,000 (for the Company's ownership share) of CBL, the Operating Partnership or any Subsidiary, as defined, will constitute an event of default under the agreements to the credit facilities. The credit facilities also restrict the Company's ability to enter into any transaction that could result in certain changes in its ownership or structure as described under the heading “Change of Control/Change in Management” in the agreements for the credit facilities. Senior Unsecured Notes The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of December 31, 2017: Ratio Required Actual Total debt to total assets < 60% 52% Secured debt to total assets <45% (1) 23% Total unencumbered assets to unsecured debt >150% 208% Consolidated income available for debt service to annual debt service charge > 1.5x 3.1x (1) On January 1, 2020 and thereafter, secured debt to total assets must be less than 40% for the 2023 Notes and the 2024 Notes. The required ratio of secured debt to total assets for the 2026 Notes is 40% or less. The agreements for the Notes described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 of the Operating Partnership will constitute an event of default under the Notes. Other Several of the Company’s Properties are owned by special purpose entities, created as a requirement under certain loan agreements that are included in the Company’s consolidated financial statements. The sole business purpose of the special purpose entities is to own and operate these Properties. The real estate and other assets owned by these special purpose entities are restricted under the loan agreements in that they are not available to settle other debts of the Company. However, so long as the loans are not under an event of default, as defined in the loan agreements, the cash flows from these Properties, after payments of debt service, operating expenses and reserves, are available for distribution to the Company. Scheduled Principal Payments As of December 31, 2017 , 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, including construction loans and lines of credit, are as follows: 2018 $ 667,720 2019 361,411 2020 544,957 2021 498,168 2022 431,331 Thereafter 1,635,792 4,139,379 Net unamortized discounts and premium (12,031 ) Unamortized deferred financing costs (18,938 ) Principal balance of loan secured by Lender Mall in foreclosure (1) 122,435 Total mortgage and other indebtedness, net $ 4,230,845 (1) Represents the principal balance of the non-recourse loan, secured by Acadiana Mall, which is in default. The loan had an April 2017 maturity date. Of the $667,720 of scheduled principal payments in 2018, $82,190 relates to the maturing principal balances of four operating Property loans, $540,000 represents the aggregate principal balance due of two unsecured term loans (the $350,000 unsecured term loan and $190,000 , which matures in July 2018, of the $490,000 unsecured term loan) and $45,530 relates to scheduled principal amortization. Of the 2018 maturities, an operating Property loan with a principal balance of $27,446 has a one -year extension option and the $350,000 unsecured term loan has a one -year extension option, which are at the Company's option and subject to compliance with the terms of the respective lender agreements, leaving approximately $244,744 of loan maturities in 2018 that must be retired or refinanced. Subsequent to December 31, 2017 , the Company retired an operating Property loan. See Note 19 for details. Interest Rate Hedging Instruments The Company recorded its derivative instruments in its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depended on the intended use of the derivative, whether the derivative was designated as a hedge and, if so, whether the hedge met the criteria necessary to apply hedge accounting. The Company’s objectives in using interest rate derivatives was to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily used interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involved 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 was recorded in AOCI/L and was subsequently reclassified into earnings in the period that the hedged forecasted transaction affected earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The Company's outstanding interest rate derivatives, that were designated as cash flow hedges of interest rate risk, matured on April 1, 2016. The following table provides further information of the gains and losses related to the Company’s interest rate derivatives that were designated as cash flow hedges of interest rate risk in 2016 and 2015: Hedging Instrument Gain Recognized in OCI/L (Effective Portion) Location of Losses Reclassified from AOCI/L into Earnings (Effective Portion) Loss Recognized in Earnings (Effective Portion) Location of Gains Recognized in Earnings (Ineffective Portion) Gain Recognized in Earnings (Ineffective Portion) 2016 2015 2016 2015 2016 2015 Interest rate contracts $ 434 $ 1,915 Interest Expense $ (443 ) $ (2,196 ) Interest Expense $ — $ — See Note 2 and Note 15 for additional information regarding the Company’s former interest rate hedging instruments." id="sjs-B4">MORTGAGE AND OTHER INDEBTEDNESS, NET Debt of the Company CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries, that it has a direct or indirect ownership interest in, is the borrower on all of the Company's debt. CBL is a limited guarantor of the Senior Unsecured Notes, as described below, for losses suffered solely by reason of fraud or willful misrepresentation by the Operating Partnership or its affiliates. The Company also provides a similar limited guarantee of the Operating Partnership's obligations with respect to its unsecured credit facilities and three unsecured term loans as of December 31, 2017 . Debt of the Operating Partnership Mortgage and other indebtedness consisted of the following: December 31, 2017 December 31, 2016 Amount Weighted-Average Interest Rate (1) Amount Weighted-Average Interest Rate (1) Fixed-rate debt: Non-recourse loans on operating Properties $ 1,796,203 5.33% $ 2,453,628 5.55% Senior unsecured notes due 2023 (2) 446,976 5.25% 446,552 5.25% Senior unsecured notes due 2024 (3) 299,946 4.60% 299,939 4.60% Senior unsecured notes due 2026 (4) 615,848 5.95% 394,260 5.95% Total fixed-rate debt 3,158,973 5.37% 3,594,379 5.48% Variable-rate debt: Non-recourse loans on operating Properties 10,836 3.37% 19,055 3.13% Recourse loans on operating Properties (5) 101,187 4.00% 24,428 3.29% Construction loan (5) — —% 39,263 3.12% December 31, 2017 December 31, 2016 Amount Weighted-Average Interest Rate (1) Amount Weighted-Average Interest Rate (1) Unsecured lines of credit 93,787 2.56% 6,024 1.82% Unsecured term loans (6) 885,000 2.81% 800,000 2.04% Total variable-rate debt 1,090,810 2.90% 888,770 2.15% Total fixed-rate and variable-rate debt 4,249,783 4.74% 4,483,149 4.82% Unamortized deferred financing costs (18,938 ) (17,855 ) Total mortgage and other indebtedness, net $ 4,230,845 $ 4,465,294 (1) Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs. (2) The balance is net of an unamortized discount of $3,024 and $3,448 , as of December 31, 2017 and 2016 , respectively. (3) The balance is net of an unamortized discount of $54 and $61 , as of December 31, 2017 and 2016 , respectively. (4) In September 2017, the Operating Partnership issued and sold an additional $225,000 of the series of 2026 Notes. The balance is net of an unamortized discount of $9,152 and $5,740 as of December 31, 2017 and 2016 , respectively. (5) The Outlet Shoppes at Laredo opened in 2017 and the construction loan balance from December 31, 2016 is included in recourse loans on operating Properties as of December 31, 2017 . (6) The Company extended and modified its three unsecured term loans in July 2017. See below for additional information. Non-recourse and recourse term loans include loans that are secured by Properties owned by the Company that have a net carrying value of $2,073,448 at December 31, 2017 . Senior Unsecured Notes Description Issued (1) Amount Interest Rate (2) Maturity Date (3) 2023 Notes November 2013 $ 450,000 5.25% December 2023 2024 Notes October 2014 300,000 4.60% October 2024 2026 Notes December 2016 / September 2017 (4) 625,000 5.95% December 2026 (1) Issued by the Operating Partnership. CBL is a limited guarantor of the Operating Partnership's obligations under the Notes as described above. (2) Interest is payable semiannually in arrears. The interest rate for the 2024 Notes and the 2023 Notes is subject to an increase ranging from 0.25% to 1.00% from time to time if, on or after January 1, 2016 and prior to January 1, 2020, the ratio of secured debt to total assets of the Company, as defined, is greater than 40% but less than 45% . The required ratio of secured debt to total assets for the 2026 Notes is 40% or less. As of December 31, 2017 , this ratio was 23% as shown below. (3) The Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days and not more than 60 days' notice to the holders of the Notes to be redeemed. The 2026 Notes, the 2024 Notes and the 2023 Notes may be redeemed prior to September 15, 2026; July 15, 2024 ; and September 1, 2023 , respectively, for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date and a make-whole premium calculated in accordance with the indenture. On or after the redemption date, the Notes are redeemable for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed plus accrued and unpaid interest. If redeemed prior to the respective dates noted above, each issuance of Notes is redeemable at the treasury rate plus 0.50% , 0.35% and 0.40% for the 2026 Notes, the 2024 Notes and the 2023 Notes, respectively. (4) On September 1, 2017, the Operating Partnership issued and sold an additional $225,000 of the 2026 Notes. Interest was payable with respect to the additional issuance on December 15, 2017. After deducting underwriting discounts and other offering expenses of $1,879 and a discount of $3,938 , the net proceeds from the sale were approximately $219,183 . The Operating Partnership used the net proceeds to reduce amounts outstanding under its unsecured credit facilities and for general business purposes. Unsecured Lines of Credit The Company has three unsecured credit facilities that are used for retirement of secured loans, repayment of term loans, working capital, construction and acquisition purposes, and issuances of letters of credit. Each facility bears interest at LIBOR plus a spread of 87.5 to 155 basis points based on credit ratings for the Operating Partnership's senior unsecured long-term indebtedness. As of December 31, 2017 , the Operating Partnership's interest rate based on the credit ratings of its unsecured long-term indebtedness of Baa3 from Moody's Investors Service ("Moody's"), BBB- from Standard & Poor's Rating Services ("S&P") and BB+ from Fitch Ratings ("Fitch"), is LIBOR plus 120 basis points. Subsequent to December 31, 2017 , the Moody's rating was downgraded. See Note 19 for more information. Additionally, the Company pays an annual facility fee that ranges from 0.125% to 0.300% , based on the credit ratings described above. As of December 31, 2017 , the annual facility fee was 0.25% . The three unsecured lines of credit had a weighted-average interest rate of 2.56% at December 31, 2017 . The following summarizes certain information about the Company's unsecured lines of credit as of December 31, 2017: Total Capacity Total Outstanding Maturity Date Extended Maturity Date Wells Fargo - Facility A $ 500,000 $ — (1) October 2019 October 2020 (2) First Tennessee 100,000 55,899 (3) October 2019 October 2020 (4) Wells Fargo - Facility B 500,000 37,888 (1) October 2020 $ 1,100,000 $ 93,787 (5) (1) Up to $30,000 of the capacity on this facility can be used for letters of credit. (2) The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.15% of the commitment amount of the credit facility. (3) Up to $20,000 of the capacity on this facility can be used for letters of credit. (4) The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.20% of the commitment amount of the credit facility. (5) See debt covenant section below for limitation on excess capacity. Unsecured Term Loans The Company has a $350,000 unsecured term loan, which bears interest at a variable rate of LIBOR plus a spread of 0.90% to 1.75% based on the credit ratings for the Operating Partnership's senior unsecured long-term indebtedness. Based on the current credit ratings for the Operating Partnership's senior unsecured long-term indebtedness, the term loan bears interest at LIBOR plus 1.35% . In July 2017, the Company exercised its option to extend the maturity date to October 2018. The term loan has a one -year extension option to extend the maturity date to October 2019. At December 31, 2017 , the outstanding borrowings of $350,000 had an interest rate of 2.71% . In July 2017, the Company closed on the modification and extension of its $400,000 unsecured term loan, with an increase in the principal balance to $490,000 . The variable interest rate remains at LIBOR plus 1.50% , based on the credit ratings for the Operating Partnership's senior unsecured long-term indebtedness. In July 2018, the principal balance will be reduced to $300,000 . The loan matures in July 2020 and has two one -year extension options, the second of which is at the lenders' discretion, for a July 2022 extended maturity date. At December 31, 2017 , the outstanding borrowings of $490,000 had an interest rate of 2.86% . In July 2017, the Company modified its $50,000 unsecured term loan to reduce the principal balance to $45,000 and change the interest rate to a variable rate of LIBOR plus 1.65% . The loan matures in June 2021 and has a one -year extension option at the Company's election, subject to continued compliance with the terms of the loan agreement, for an outside maturity date of June 2022. At December 31, 2017 , the outstanding borrowings of $45,000 had an interest rate of 3.01% . Fixed-Rate Debt As of December 31, 2017 , fixed-rate loans on operating Properties bear interest at stated rates ranging from 4.00% to 8.00% . Outstanding borrowings under fixed-rate loans include a net unamortized debt premium of $199 that was recorded when the Company assumed debt to acquire real estate assets that were at an above-market interest rate compared to similar debt instruments at the date of acquisition. Fixed-rate loans on operating Properties generally provide for monthly payments of principal and/or interest and mature at various dates through June 2026, with a weighted-average maturity of 3.6 years . Financings The following table presents the fixed-rate loans, secured by the related consolidated Properties, that were entered into in 2016 : Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended April Hickory Point Mall (2) 5.85% December 2018 (3) $ 27,446 June Hamilton Place (4) 4.36% June 2026 107,000 December Cary Towne Center (5) 4.00% March 2019 (6) 46,716 December Greenbrier Mall (7) 5.00% December 2019 (8) 70,801 (1) Excludes any extension options. (2) The loan was modified to extend the maturity date. The interest rate remains at 5.85% but the loan is now interest-only. (3) The loan has a one -year extension option at the Company's election for an outside maturity date of December 2019. (4) Proceeds from the non-recourse loan were used to retire an existing $98,181 loan with an interest rate of 5.86% that was scheduled to mature in August 2016. The Company's share of excess proceeds was used to reduce outstanding balances on its credit facilities. (5) The loan was restructured to extend the maturity date and reduce the interest rate from 8.5% to 4.0% interest-only payments. The Company plans to utilize excess cash flows from the mall to fund a proposed redevelopment. The original maturity date is contingent on the Company's redevelopment plans. (6) The loan has one two -year extension option, which is at the Company's option and contingent on the Company having met specified redevelopment criteria, for an outside maturity date of March 2021. (7) The loan was restructured, with an effective date of November 2016, to extend the maturity date and reduce the interest rate from 5.91% to 5.00% interest-only payments through December 2017. The interest rate will increase to 5.4075% on January 1, 2018 and thereafter require monthly principal payments of $225 and $300 in 2018 and 2019, respectively, in addition to interest. (8) The loan has a one -year extension option, at the Company's election, which is contingent on the mall meeting specified debt service and operational metrics. If the loan is extended, monthly principal payments of $325 will be required in 2020 in addition to interest. Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2017 and 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) 2017: January The Plaza at Fayette 5.67% April 2017 $ 37,146 January The Shoppes at St. Clair Square 5.67% April 2017 18,827 February Hamilton Corner 5.67% April 2017 14,227 March Layton Hills Mall 5.66% April 2017 89,526 April The Outlet Shoppes at Oklahoma City (2) 5.73% January 2022 53,386 April The Outlet Shoppes at Oklahoma City - Phase II (2) 3.53% April 2019 5,545 April The Outlet Shoppes at Oklahoma City - Phase III (2) 3.53% April 2019 2,704 September Hanes Mall (3) 6.99% October 2018 144,325 September The Outlet Shoppes at El Paso 7.06% December 2017 61,561 $ 427,247 2016: April CoolSprings Crossing 4.54% April 2016 $ 11,313 April Gunbarrel Pointe 4.64% April 2016 10,083 April Stroud Mall 4.59% April 2016 30,276 April York Galleria 4.55% April 2016 48,337 Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) June Hamilton Place (4) 5.86% August 2016 98,181 August Dakota Square Mall 6.23% November 2016 55,103 October Southaven Towne Center 5.50% January 2017 38,314 $ 291,607 (1) The Company retired the loans with borrowings from its credit facilities unless otherwise noted. (2) The loan was retired in conjunction with the sale of the Property which secured the loan. The Company recorded an $8,500 loss on extinguishment of debt due to a prepayment fee on the early retirement. See Note 4 for more information. (3) We recorded a $371 loss on extinguishment of debt due to a prepayment fee on the early retirement. (4) The joint venture retired the loan with proceeds from a $107,000 fixed-rate non-recourse loan. See Financings section above for more information. Additionally, the $38,150 loan secured by Fashion Square was assumed by the buyer in conjunction with the sale of the mall in July 2016. The fixed-rate loan bore interest at 4.95% and had a maturity date of June 2022. Subsequent to December 31, 2017 , an operating Property loan was retired. See Note 19 for more information. The following is a summary of the Company's 2017 dispositions for which the title to the consolidated mall securing the related fixed-rate debt was transferred to the lender in satisfaction of the non-recourse debt: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Balance of Non-recourse Debt Gain on Extinguishment of Debt January Midland Mall 6.10% August 2016 $ 31,953 $ 3,760 June Chesterfield Mall 5.74% September 2016 140,000 29,187 August Wausau Center 5.85% April 2021 17,689 6,851 $ 189,642 $ 39,798 Other In conjunction with the divestiture of the Company's interests in a consolidated joint venture, the Company was relieved of its funding obligation related to the loan secured by vacant land owned by the joint venture, which had a principal balance of $2,466 upon the disposition of its interests in 2017. See Note 12 and Note 15 for more information. Variable-Rate Debt Term loans for the Company’s operating Properties bear interest at variable interest rates indexed to the LIBOR rate. At December 31, 2017 , interest rates on such variable-rate loans varied from 3.37% to 4.11% . These loans mature at various dates from April 2018 to July 2020, with a weighted-average maturity of 1.3 years, and have extension options of up to two years. Financings The following table presents the variable-rate loan, secured by the related consolidated Property, that was extended in 2017 and 2016: Date Property Stated Maturity Date Amount Extended 2017: March Statesboro Crossing (1) LIBOR + 1.80% June 2018 $ 10,930 2016: June Statesboro Crossing (2) LIBOR + 1.80% June 2017 (3) $ 11,035 (1) The Company exercised the extension option under the mortgage loan. (2) The loan was modified to extend the maturity date. (3) The loan had a one -year extension option for an outside maturity date of June 2018. Construction Loan Financing The following table presents the construction loan, secured by the related consolidated Property, that was entered into in 2016: Date Property Stated Maturity Date Amount Financed May The Outlet Shoppes at Laredo (1) LIBOR + 2.5% (2) May 2019 (3) $ 91,300 (1) The consolidated 65 / 35 joint venture closed on a construction loan for the development of The Outlet Shoppes at Laredo, an outlet center located in Laredo, TX. The Operating Partnership has guaranteed 100% of the loan. (2) The interest rate will be reduced to LIBOR plus 2.25% once the development is complete and certain debt and operational metrics are met. (3) The loan has one 24 -month extension option, which is at the joint venture's election, subject to continued compliance with the terms of the loan agreement, for an outside maturity date of May 2021. Loan Repayment The Company repaid the following construction loan, secured by the related consolidated Property, in 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid December The Outlet Shoppes at Atlanta - Parcel Development (1) 3.02% December 2019 $ 2,124 (1) In conjunction with its sale in December 2016, a portion of the net proceeds was used to retire the loan secured by the Property. Financial Covenants and Restrictions The agreements for the unsecured lines of credit, the Notes and unsecured term loans contain, among other restrictions, certain financial covenants including the maintenance of certain financial coverage ratios, minimum unencumbered asset and interest ratios, maximum secured indebtedness ratios, maximum total indebtedness ratios and limitations on cash flow distributions. The Company believes that it was in compliance with all financial covenants and restrictions at December 31, 2017 . Unsecured Lines of Credit and Unsecured Term Loans The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of December 31, 2017 : Ratio Required Actual Debt to total asset value < 60% 50% Unsecured indebtedness to unencumbered asset value (1) < 60% 48% (2) Unencumbered NOI to unsecured interest expense > 1.75x 3.3x EBITDA to fixed charges (debt service) > 1.5x 2.4x (1) The debt covenant was modified in the third quarter of 2017 to reduce the ratio from 62.5% to 60.0% . The definition of unencumbered asset value was also modified with respect to the assets that are included in the unencumbered asset pool. (2) The debt covenant limits the total amount of unsecured indebtedness the Company may have outstanding, which varies over time based on the ratio. Based on the Company’s outstanding unsecured indebtedness as of December 31, 2017 , the total amount available to the Company to borrow on its lines of credit was $429,678 less than the total capacity of the lines of credit resulting in total availability of $576,535 as of December 31, 2017 . The agreements for the unsecured credit facilities and unsecured term loans described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 or any single non-recourse indebtedness greater than $150,000 (for the Company's ownership share) of CBL, the Operating Partnership or any Subsidiary, as defined, will constitute an event of default under the agreements to the credit facilities. The credit facilities also restrict the Company's ability to enter into any transaction that could result in certain changes in its ownership or structure as described under the heading “Change of Control/Change in Management” in the agreements for the credit facilities. Senior Unsecured Notes The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of December 31, 2017: Ratio Required Actual Total debt to total assets < 60% 52% Secured debt to total assets <45% (1) 23% Total unencumbered assets to unsecured debt >150% 208% Consolidated income available for debt service to annual debt service charge > 1.5x 3.1x (1) On January 1, 2020 and thereafter, secured debt to total assets must be less than 40% for the 2023 Notes and the 2024 Notes. The required ratio of secured debt to total assets for the 2026 Notes is 40% or less. The agreements for the Notes described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 of the Operating Partnership will constitute an event of default under the Notes. Other Several of the Company’s Properties are owned by special purpose entities, created as a requirement under certain loan agreements that are included in the Company’s consolidated financial statements. The sole business purpose of the special purpose entities is to own and operate these Properties. The real estate and other assets owned by these special purpose entities are restricted under the loan agreements in that they are not available to settle other debts of the Company. However, so long as the loans are not under an event of default, as defined in the loan agreements, the cash flows from these Properties, after payments of debt service, operating expenses and reserves, are available for distribution to the Company. Scheduled Principal Payments As of December 31, 2017 , 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, including construction loans and lines of credit, are as follows: 2018 $ 667,720 2019 361,411 2020 544,957 2021 498,168 2022 431,331 Thereafter 1,635,792 4,139,379 Net unamortized discounts and premium (12,031 ) Unamortized deferred financing costs (18,938 ) Principal balance of loan secured by Lender Mall in foreclosure (1) 122,435 Total mortgage and other indebtedness, net $ 4,230,845 (1) Represents the principal balance of the non-recourse loan, secured by Acadiana Mall, which is in default. The loan had an April 2017 maturity date. Of the $667,720 of scheduled principal payments in 2018, $82,190 relates to the maturing principal balances of four operating Property loans, $540,000 represents the aggregate principal balance due of two unsecured term loans (the $350,000 unsecured term loan and $190,000 , which matures in July 2018, of the $490,000 unsecured term loan) and $45,530 relates to scheduled principal amortization. Of the 2018 maturities, an operating Property loan with a principal balance of $27,446 has a one -year extension option and the $350,000 unsecured term loan has a one -year extension option, which are at the Company's option and subject to compliance with the terms of the respective lender agreements, leaving approximately $244,744 of loan maturities in 2018 that must be retired or refinanced. Subsequent to December 31, 2017 , the Company retired an operating Property loan. See Note 19 for details. Interest Rate Hedging Instruments The Company recorded its derivative instruments in its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depended on the intended use of the derivative, whether the derivative was designated as a hedge and, if so, whether the hedge met the criteria necessary to apply hedge accounting. The Company’s objectives in using interest rate derivatives was to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily used interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involved 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 was recorded in AOCI/L and was subsequently reclassified into earnings in the period that the hedged forecasted transaction affected earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The Company's outstanding interest rate derivatives, that were designated as cash flow hedges of interest rate risk, matured on April 1, 2016. The following table provides further information of the gains and losses related to the Company’s interest rate derivatives that were designated as cash flow hedges of interest rate risk in 2016 and 2015: Hedging Instrument Gain Recognized in OCI/L (Effective Portion) Location of Losses Reclassified from AOCI/L into Earnings (Effective Portion) Loss Recognized in Earnings (Effective Portion) Location of Gains Recognized in Earnings (Ineffective Portion) Gain Recognized in Earnings (Ineffective Portion) 2016 2015 2016 2015 2016 2015 Interest rate contracts $ 434 $ 1,915 Interest Expense $ (443 ) $ (2,196 ) Interest Expense $ — $ — See Note 2 and Note 15 for additional information regarding the Company’s former interest rate hedging instruments. |
SHAREHOLDERS' EQUITY AND PARTNE
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL | SHAREHOLDERS’ EQUITY AND PARTNERS' CAPITAL Common Stock and Common Units The Company's authorized common stock consists of 350,000,000 shares at $0.01 par value per share. The Company had 171,088,778 and 170,792,645 shares of common stock issued and outstanding as of December 31, 2017 and 2016 , respectively. Partners in the Operating Partnership hold their ownership through common and special common units of limited partnership interest, hereinafter referred to as "common units." A common unit and a share of CBL's common stock have essentially the same economic characteristics, as they effectively participate equally in the net income and distributions of the Operating Partnership. For each share of common stock issued by CBL, the Operating Partnership has issued a corresponding number of common units to CBL in exchange for the proceeds from the stock issuance. The Operating Partnership had 199,297,151 and 199,085,032 common units outstanding as of December 31, 2017 and 2016 , respectively. Each limited partner in the Operating Partnership has the right to exchange all or a portion of its common units for shares of CBL's common stock, or at the Company's election, their cash equivalent. When an exchange for common stock occurs, the Company assumes the limited partner's common units in the Operating Partnership. The number of shares of common stock received by a limited partner of the Operating Partnership upon exercise of its exchange rights will be equal, on a one-for-one basis, to the number of common units exchanged by the limited partner. If the Company elects to pay cash, the amount of cash paid by the Operating Partnership to redeem the limited partner's common units will be based on the five -day trailing average of the trading price, at the time of exchange, of the shares of common stock that would otherwise have been received by the limited partner in the exchange. Neither the common units nor the shares of CBL's common stock are subject to any right of mandatory redemption. At-The-Market Equity Program On March 1, 2013, the Company entered into the Sales Agreements (collectively, the "Sales Agreements") with a number of sales agents to sell shares of CBL's common stock, having an aggregate offering price of up to $300,000 , from time to time in the ATM equity offerings (as defined in Rule 415 of the Securities Act of 1933, as amended) or in negotiated transaction (the "ATM program"). In accordance with the Sales Agreements, the Company will set the parameters for the sales of shares, including the number of shares to be issued, the time period during which sales are to be made and any minimum price below which sales may not be made. The Sales Agreements provide that the sales agents will be entitled to compensation for their services at a mutually agreed commission rate not to exceed 2.0% of the gross proceeds from the sales of shares sold through the ATM program. For each share of common stock issued by CBL, the Operating Partnership issues a corresponding number of common units of limited partnership interest to CBL in exchange for the contribution of the proceeds from the stock issuance. The Company includes only share issuances that have settled in the calculation of shares outstanding at the end of each period. Since inception, the Company has sold $211,493 shares of common stock through the ATM program, at a weighted-average sales price of $25.12 , generating net proceeds of $209,596 , which were used to reduce the balances on the Company's credit facilities. Since the commencement of the ATM program, the Company has issued 8,419,298 shares of common stock and approximately $88,507 remains available that may be sold under this program as of December 31, 2017 . The Company has not sold any shares under the ATM program since 2013. Actual future sales under this program, if any, will depend on a variety of factors including but not limited to market conditions, the trading price of CBL's common stock and the Company's capital needs. The Company has no obligation to sell the remaining shares available under the ATM program. Common Unit Activity During 2017, the Operating Partnership elected to pay cash of $656 to five holders of 84,014 common units in the Operating Partnership upon the exercise of their conversion rights. During 2016, the Operating Partnership elected to pay cash of $11,754 to four holders of 964,796 common units in the Operating Partnership upon the exercise of their conversion rights. During 2015, no holders of common units exercised their conversion rights. Preferred Stock and Preferred Units The Company's authorized preferred stock consists of 15,000,000 shares at $0.01 par value per share. A description of the Company's cumulative redeemable preferred stock is listed below. The Operating Partnership issues an equivalent number of preferred units to CBL in exchange for the contribution of the proceeds from CBL to the Operating Partnership when CBL issues preferred stock. The preferred units generally have the same terms and economic characteristics as the corresponding series of preferred stock. The Company has 6,900,000 depositary shares, each representing 1/10 th of a share of CBL's 6.625% Series E Preferred Stock with a par value of $0.01 per share, outstanding as of December 31, 2017 and 2016 . The Series E Preferred Stock has a liquidation preference of $250.00 per share ( $25.00 per depositary share). The dividends on the Series E Preferred Stock are cumulative, accrue from the date of issuance and are payable quarterly in arrears at a rate of $16.5625 per share ( $1.65625 per depositary share) per annum. The Series E Preferred Stock generally has no stated maturity, is not subject to any sinking fund or mandatory redemption, and is not convertible into any other securities of the Company, except under certain circumstances in connection with a change of control. Owners of the depositary shares representing Series E Preferred Stock generally have no voting rights except under dividend default. The Company may redeem shares, in whole or in part, at any time for a cash redemption price of $250.00 per share ( $25.00 per depositary share) plus accrued and unpaid dividends. The Company has 18,150,000 depositary shares, each representing 1/10 th of a share of CBL's 7.375% Series D Preferred Stock with a par value of $0.01 per share, outstanding as of December 31, 2017 and 2016 . The Series D Preferred Stock has a liquidation preference of $250.00 per share ( $25.00 per depositary share). The dividends on the Series D Preferred Stock are cumulative, accrue from the date of issuance and are payable quarterly in arrears at a rate of $18.4375 per share ( $1.84375 per depositary share) per annum. The Series D Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption, and is not convertible into any other securities of the Company. The Company may redeem shares, in whole or in part, at any time for a cash redemption price of 250.00 per share ( $25.00 per depositary share) plus accrued and unpaid dividends. Dividends - CBL CBL paid first, second and third quarter 2017 cash dividends on its common stock of $0.265 per share on April 17 th , July 17 th and October 16 th 2017 , respectively. On November 2, 2017, CBL's Board of Directors declared a fourth quarter cash dividend of $0.200 per share that was paid on January 16, 2018, to shareholders of record as of December 29, 2017. The dividend declared in the fourth quarter of 2017 , totaling $34,217 , is included in accounts payable and accrued liabilities at December 31, 2017. The total dividend included in accounts payable and accrued liabilities at December 31, 2016 was $45,259 . The allocations of dividends declared and paid for income tax purposes are as follows: Year Ended December 31, 2017 2016 2015 Dividends declared: Common stock $ 0.98 (1) $ 0.88 (2) $ 1.06 Series D preferred stock $ 18.44 $ 18.44 $ 18.44 Series E preferred stock $ 16.56 $ 16.56 $ 16.56 Allocations: Common stock Ordinary income 85.37 % 100.00 % 100.00 % Capital gains 25% rate — % — % — % Return of capital 14.63 % — % — % Total 100.00 % 100.00 % 100.00 % Preferred stock (3) Ordinary income 100.00 % 100.00 % 100.00 % Capital gains 25% rate — % — % — % Total 100.00 % 100.00 % 100.00 % (1) Of the $0.200 per share dividend declared on November 2, 2017 and paid January 16, 2018, $0.200 will be reported and is taxable in 2018. (2) Of the $0.265 per share dividend declared on November 3, 2016 and paid January 16, 2017, $0.081 is taxable in 2016 and $0.184 per share will be reported and is taxable in 2017. (3) The allocations for income tax purposes are the same for each series of preferred stock for each period presented. Distributions - The Operating Partnership The Operating Partnership paid first, second and third quarter 2017 cash distributions on its redeemable common units and common units of $0.7322 and $0.2692 per share, respectively, on April 17 th , July 17 th and October 16 th 2017 , respectively. On November 2, 2017, the Operating Partnership declared a fourth quarter cash distribution on its redeemable common units and common units of $0.7322 and $0.2048 per share, respectively, that was paid on January 16, 2018. The distribution declared in the fourth quarter of 2017 , totaling $7,412 , is included in accounts payable and accrued liabilities at December 31, 2017 . The total dividend included in accounts payable and accrued liabilities at December 31, 2016 was $9,054 . |
REDEEMABLE INTERESTS AND NONCON
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2017 | |
Redeemable Noncontrolling Interests and Noncontrolling Interests [Abstract] | |
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS | REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS Redeemable Noncontrolling Interests and Noncontrolling Interests of the Company Partnership Interests in the Operating Partnership that Are Not Owned by the Company The common units that the Company does not own are reflected in the Company's consolidated balance sheets as redeemable noncontrolling interest and noncontrolling interests in the Operating Partnership. Series S Special Common Units Redeemable noncontrolling interest includes a noncontrolling partnership interest in the Operating Partnership for which the partnership agreement includes redemption provisions that may require the Operating Partnership to redeem the partnership interest for real property. In July 2004, the Operating Partnership issued 1,560,940 Series S special common units (“S-SCUs”), all of which are outstanding as of December 31, 2017 , in connection with the acquisition of Monroeville Mall. Under the terms of the Operating Partnership’s limited partnership agreement, the holder of the S-SCUs has the right to exchange all or a portion of its partnership interest for shares of the Company’s common stock or, at the Company’s election, their cash equivalent. The holder has the additional right to require the Operating Partnership to acquire a qualifying property and distribute it to the holder in exchange for the S-SCUs. Generally, the acquisition price of the qualifying property cannot be more than the lesser of the consideration that would be received in a normal exchange, as discussed above, or $20,000 , subject to certain limited exceptions. Should the consideration that would be received in a normal exchange exceed the maximum property acquisition price as described in the preceding sentence, the excess portion of its partnership interest could be exchanged for shares of CBL's stock or, at the Company’s election, their cash equivalent. The S-SCUs receive a minimum distribution of $2.92875 per unit per year. Series L Special Common Units In June 2005, the Operating Partnership issued 571,700 L-SCUs, all of which are outstanding as of December 31, 2017, in connection with the acquisition of Laurel Park Place. The L-SCUs receive a minimum distribution of $0.7572 per unit per quarter ( $3.0288 per unit per year). Upon the earlier to occur of June 1, 2020, or when the distribution on the common units exceeds $0.7572 per unit for four consecutive calendar quarters, the L-SCUs will thereafter receive a distribution equal to the amount paid on the common units. In December 2012, the Operating Partnership issued 622,278 common units valued at $14,000 to acquire the remaining 30% noncontrolling interest in Laurel Park Place. Series K Special Common Units In November 2005, the Operating Partnership issued 1,144,924 K-SCUs, all of which are outstanding as of December 31, 2017, in connection with the acquisition of Oak Park Mall, Eastland Mall and Hickory Point Mall. The holders of the K-SCUs receive a dividend at a rate of 6.25% , or $2.96875 per K-SCU. When the quarterly distribution on the Operating Partnership’s common units exceeds the quarterly K-SCU distribution for four consecutive quarters, the K-SCUs will receive distributions at the rate equal to that paid on the Operating Partnership’s common units. The holders of the K-SCUs may exchange them, on a one -for- one basis, for shares of CBL’s common stock or, at the Company’s election, their cash equivalent. Outstanding rights to convert redeemable noncontrolling interests and noncontrolling interests in the Operating Partnership to common stock were held by the following parties at December 31, 2017 and 2016 : December 31, 2017 2016 CBL’s Predecessor 18,172,690 18,172,690 Third parties 10,035,683 10,119,697 28,208,373 28,292,387 The assets and liabilities allocated to the Operating Partnership’s redeemable noncontrolling interest and noncontrolling interests are based on their ownership percentages of the Operating Partnership at December 31, 2017 and 2016 . The ownership percentages are determined by dividing the number of common units held by each of the redeemable noncontrolling interest and the noncontrolling interests at December 31, 2017 and 2016 by the total common units outstanding at December 31, 2017 and 2016 , respectively. The redeemable noncontrolling interest ownership percentage in assets and liabilities of the Operating Partnership was 0.8% at December 31, 2017 and 2016 . The noncontrolling interest ownership percentage in assets and liabilities of the Operating Partnership was 13.4% at December 31, 2017 and 2016 . Income is allocated to the Operating Partnership’s redeemable noncontrolling interest and noncontrolling interests based on their weighted-average ownership during the year. The ownership percentages are determined by dividing the weighted-average number of common units held by each of the redeemable noncontrolling interest and noncontrolling interests by the total weighted-average number of common units outstanding during the year. A change in the number of shares of common stock or common units changes the percentage ownership of all partners of the Operating Partnership. A common unit is considered to be equivalent to a share of common stock since it generally is exchangeable for shares of the Company’s common stock or, at the Company’s election, their cash equivalent. As a result, an allocation is made between redeemable noncontrolling interests, shareholders’ equity and noncontrolling interests in the Operating Partnership in the Company's accompanying balance sheets to reflect the change in ownership of the Operating Partnership’s underlying equity when there is a change in the number of shares and/or common units outstanding. During 2017 , 2016 and 2015 , the Company allocated $3,049 , $2,454 and $2,981 , respectively, from shareholders’ equity to redeemable noncontrolling interest. During 2017 and 2016, the Company allocated $4,290 and $13,625 , respectively, from shareholders' equity to noncontrolling interest. During 2015, the Company allocated $207 from noncontrolling interest to shareholders' equity. The total redeemable noncontrolling interest in the Operating Partnership was $8,835 and $17,996 at December 31, 2017 and 2016 , respectively. The total noncontrolling interest in the Operating Partnership was $86,773 and $100,035 at December 31, 2017 and 2016 , respectively. Redeemable Noncontrolling Interests and Noncontrolling Interests in Other Consolidated Subsidiaries Redeemable noncontrolling interests included the aggregate noncontrolling ownership interest in four of the Company’s other consolidated subsidiaries held by third parties which were redeemed in the fourth quarter of 2016 for $3,800 , which was comprised of $300 in cash and a $3,500 promissory note. See Note 10 for additional information on the note. The Company recognized a net loss of $2,602 on the disposal of its interests. The loss is included in gain on investments in the consolidated statements of operations. The Company had 22 and 25 other consolidated subsidiaries at December 31, 2017 and 2016 , respectively, that had noncontrolling interests held by third parties and for which the related partnership agreements either do not include redemption provisions or are subject to redemption provisions that do not require classification outside of permanent equity. The total noncontrolling interests in other consolidated subsidiaries were $9,701 and $12,103 at December 31, 2017 and 2016 , respectively. The assets and liabilities allocated to the redeemable noncontrolling interests and noncontrolling interests in other consolidated subsidiaries are based on the third parties’ ownership percentages in each subsidiary at December 31, 2017 and 2016 . Income is allocated to the redeemable noncontrolling interests and noncontrolling interests in other consolidated subsidiaries based on the third parties’ weighted-average ownership in each subsidiary during the year. Redeemable Interests and Noncontrolling Interests of the Operating Partnership The S-SCUs described above that are reflected as redeemable noncontrolling interests in the Company's consolidated balance sheets are reflected as redeemable common units in the Operating Partnership's consolidated balance sheets. The noncontrolling interests in other consolidated subsidiaries that are held by third parties that are reflected as a component of noncontrolling interests in the Company's consolidated balance sheets comprise the entire amount that is reflected as noncontrolling interests in the Operating Partnership's consolidated balance sheets. Variable Interest Entities In accordance with the guidance in ASU 2015-02 and ASU 2016-17, as discussed in Note 2 , 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 adopted ASU 2015-02 as of January 1, 2016 and ASU 2016-17 was adopted as of January 1, 2017 on a modified retrospective basis. The adoption of ASU 2016-17 did not change any of the Company's consolidation conclusions made under ASU 2015-02 and did not change amounts within the consolidated financial statements. 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. The table below lists the Company's consolidated VIEs as of December 31, 2017 and 2016 , which do not reflect the elimination of any internal debt the consolidated VIE has with the Operating Partnership: As of December 31, 2017 2016 Assets Liabilities Assets Liabilities Consolidated VIEs: Atlanta Outlet Outparcels, LLC $ 878 $ — $ 914 $ 4 Atlanta Outlet JV, LLC 60,476 79,769 (1) 63,361 81,128 CBL Terrace LP 16,472 13,313 16,714 13,509 El Paso Outlet Center Holding, LLC 93,139 65,149 103,232 69,535 El Paso Outlet Center II, LLC 8,512 6,955 (2) 8,638 7,028 Foothills Mall Associates — — (3) 9,811 34,997 Gettysburg Outlet Center Holding, LLC 36,386 39,049 36,542 39,476 Gettysburg Outlet Center, LLC 7,218 74 7,203 37 High Point Development LP II 1,084 69 1,104 55 Jarnigan Road LP 41,671 20,229 41,392 20,988 Laredo Outlet JV, LLC 110,174 81,618 (4) 89,353 58,822 Lebcon Associates 59,375 120,879 47,721 121,529 Lebcon I, Ltd 9,034 9,463 9,290 9,711 Lee Partners 1,011 — 1,195 — Louisville Outlet Outparcels, LLC 74 — 62 — Louisville Outlet Shoppes, LLC 73,173 83,543 (5) 76,831 85,132 Madison Grandview Forum, LLC 32,692 13,198 33,196 13,622 The Promenade at D'Iberville 81,500 46,568 84,470 46,570 Statesboro Crossing, LLC 18,403 10,988 18,869 11,058 Village at Orchard Hills, LLC — — (3) 498 — Woodstock GA Investments, LLC — — (3) 9,098 3,185 $ 651,272 $ 590,864 $ 659,494 $ 616,386 (1) Of this total, $4,707 related to The Outlet Shoppes at Atlanta - Phase II, is guaranteed by the Operating Partnership. (2) Of this total, $6,613 related to The Outlet Shoppes at El Paso - Phase II, is guaranteed by the Operating Partnership. (3) This joint venture is not a VIE as of December 31, 2017 . See description of reconsideration event below. (4) Of this total, $80,145 related to The Outlet Shoppes at Laredo, is guaranteed by the Operating Partnership. (5) Of this total, $9,722 relates to The Outlet Shoppes of the Bluegrass - Phase II, is guaranteed by the Operating Partnership. The table below lists the Company's unconsolidated VIEs as of December 31, 2017 : Unconsolidated VIEs: Investment in Real Estate Joint Ventures and Partnerships Maximum Risk of Loss Ambassador Infrastructure, LLC (1) $ — $ 11,035 (2) EastGate Storage, LLC (3) 228 6,500 G&I VIII CBL Triangle LLC (1) 1,616 1,616 (2) Shoppes at Eagle Point, LLC (3) 14,656 36,400 (2) $ 16,500 $ 55,551 (1) This unconsolidated affiliate was classified as a VIE as of December 31, 2016. (2) See Note 14 for information on guarantees of debt. (3) See Note 5 for more information on this new unconsolidated affiliate. Variable Interest Entities - Reconsideration Events Woodstock GA, Investments, LLC In 2017, the Company divested its interests in the 75 / 25 consolidated joint venture and was relieved of its funding obligation related to the loan secured by the vacant land owned by the joint venture. See Note 6 and Note 15 for more information. Foothills Mall Associates The Company held a 95% interest in this consolidated joint venture, which represented an interest in a VIE. The property was sold in 2017. See Note 4 for more information. Village at Orchard Hills, LLC The joint venture completed the sale of its outparcels, distributed the cash in 2017 and no longer has any assets. |
MINIMUM RENTS
MINIMUM RENTS | 12 Months Ended |
Dec. 31, 2017 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
MINIMUM RENTS | MINIMUM RENTS The Company receives rental income by leasing retail shopping center space under operating leases. Future minimum rents are scheduled to be received under non-cancellable tenant leases at December 31, 2017 , as follows: 2018 $ 523,498 2019 446,591 2020 380,600 2021 321,156 2022 257,231 Thereafter 656,777 $ 2,585,853 Future minimum rents do not include percentage rents or tenant reimbursements that may become due. |
MORTGAGE AND OTHER NOTES RECEIV
MORTGAGE AND OTHER NOTES RECEIVABLE | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage and Other Notes Receivable [Abstract] | |
MORTGAGE AND OTHER NOTES RECEIVABLE | MORTGAGE AND OTHER NOTES RECEIVABLE Each of the Company's mortgage notes receivable is collateralized by either a first mortgage, a second mortgage or by an assignment of 100% of the partnership interests that own the real estate assets. Other notes receivable include amounts due from tenants or government sponsored districts and unsecured notes received from third parties as whole or partial consideration for property or investments. The Company reviews its mortgage and other notes receivable to determine if the balances are realizable based on factors affecting the collectability of those balances. Factors may include credit quality, timeliness of required periodic payments, past due status and management discussions with obligors. Mortgage and other notes receivable consist of the following: As of December 31, 2017 As of December 31, 2016 Maturity Date Interest Rate Balance Interest Rate Balance Mortgages: Columbia Place Outparcel Feb 2022 5.00% $ 302 5.00% $ 321 One Park Place May 2022 5.00% 1,010 5.00% 1,194 Village Square (1) Mar 2018 4.00% 1,596 3.75% 1,644 Other (2) Dec 2016 - 4.07% - 9.50% 2,510 3.27% - 9.50% 2,521 5,418 5,680 As of December 31, 2017 As of December 31, 2016 Maturity Date Interest Rate Balance Interest Rate Balance Other Notes Receivable: ERMC Sep 2021 4.00% 2,855 4.00% 3,500 Horizon Group (3) N/A —% — 7.00% 300 RED Development Inc. (4) N/A —% — 5.00% 6,588 Southwest Theaters LLC Apr 2026 5.00% 672 5.00% 735 3,527 11,123 $ 8,945 $ 16,803 (1) The interest rate increased to 4.0% from April 2017 through the maturity date. (2) The $1,100 note for The Promenade at D'Iberville with a maturity date of December 2016 is in default. (3) In January 2017, the loan was extended to July 2017 and paid off in May 2017. (4) The loan was paid off in December 2017. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company measures performance and allocates resources according to property type, which is determined based on certain criteria such as type of tenants, capital requirements, economic risks, leasing terms, and short- and long-term returns on capital. Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments. The accounting policies of the reportable segments are the same as those described in Note 2 . The Company's segment information for the years ended December 31, 2017, 2016 and 2015 has been retrospectively revised from previously reported amounts to reflect a change in our reportable segments. The Company no longer separately presents quantitatively and qualitatively insignificant reportable segments. Information on the Company’s reportable segments is presented as follows: Year Ended December 31, 2017 Malls All Other (1) Total Revenues $ 847,979 $ 79,273 $ 927,252 Property operating expenses (2) (244,282 ) (16,271 ) (260,553 ) Interest expense (120,414 ) (98,266 ) (218,680 ) Other expense — (5,180 ) (5,180 ) Gain on sales of real estate assets 75,980 17,812 93,792 Segment profit (loss) $ 559,263 $ (22,632 ) 536,631 Depreciation and amortization expense (299,090 ) General and administrative expense (58,466 ) Interest and other income 1,706 Gain on extinguishment of debt 30,927 Loss on impairment (71,401 ) Loss on investment (6,197 ) Equity in earnings of unconsolidated affiliates 22,939 Net income before income tax benefit $ 157,049 Total assets $ 5,152,789 $ 552,019 $ 5,704,808 Capital expenditures (3) $ 174,327 $ 8,790 $ 183,117 Year Ended December 31, 2016 Malls All Other (1) Total Revenues $ 928,214 $ 100,043 $ 1,028,257 Property operating expenses (2) (268,898 ) (12,558 ) (281,456 ) Interest expense (143,903 ) (72,415 ) (216,318 ) Other expense — (20,326 ) (20,326 ) Gain on sales of real estate assets 481 29,086 29,567 Segment profit $ 515,894 $ 23,830 539,724 Depreciation and amortization expense (292,693 ) General and administrative expense (63,332 ) Interest and other income 1,524 Loss on impairment (116,822 ) Gain on investments 7,534 Income tax benefit 2,063 Equity in earnings of unconsolidated affiliates 117,533 Income from continuing operations $ 195,531 Total assets $ 5,383,937 $ 720,703 $ 6,104,640 Capital expenditures (3) $ 165,230 $ 102,573 $ 267,803 Year Ended December 31, 2015 Malls All Other (1) Total Revenues $ 944,553 $ 110,465 $ 1,055,018 Property operating expenses (2) (274,288 ) (9,057 ) (283,345 ) Interest expense (166,922 ) (62,421 ) (229,343 ) Other expense (19 ) (26,938 ) (26,957 ) Gain on sales of real estate assets 264 31,968 32,232 Segment profit $ 503,588 $ 44,017 547,605 Depreciation and amortization expense (299,069 ) General and administrative expense (62,118 ) Interest and other income 6,467 Gain on extinguishment of debt 256 Loss on impairment (105,945 ) Gain on investment 16,560 Income tax provision (2,941 ) Equity in earnings of unconsolidated affiliates 18,200 Income from continuing operations $ 119,015 Total assets $ 5,766,084 $ 713,907 $ 6,479,991 Capital expenditures (3) $ 393,194 $ 31,619 $ 424,813 (1) The All Other category includes associated centers, community centers, mortgage and other notes receivable, office buildings, the Management Company and, prior to the redemption of the Company's redeemable noncontrolling interests during the fourth quarter of 2016, the Company’s former consolidated subsidiary that provided security and maintenance services to third parties (see Note 8 ). Management, development and leasing fees are included in the All Other category. (2) Property operating expenses include property operating, real estate taxes and maintenance and repairs. (3) Amounts include acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category. |
SUPPLEMENTAL AND NONCASH INFORM
SUPPLEMENTAL AND NONCASH INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL AND NONCASH INFORMATION | SUPPLEMENTAL AND NONCASH INFORMATION The Company paid cash for interest, net of amounts capitalized, in the amount of $220,099 , $209,566 and $226,233 during 2017 , 2016 and 2015 , respectively. The Company’s noncash investing and financing activities for 2017 , 2016 and 2015 were as follows: 2017 2016 2015 Accrued dividends and distributions payable $ 41,628 $ 54,313 $ 54,489 Additions to real estate assets accrued but not yet paid 5,490 24,881 26,345 Transfer of real estate assets in settlement of mortgage debt obligations: (1) Decrease in real estate assets (149,722 ) — — Decrease in mortgage and other indebtedness 181,992 — — Decrease in operating assets and liabilities 10,744 — — Decrease in intangible lease and other assets (3,216 ) Discount on issuance of 5.95% Senior Notes due 2026 (2) 3,938 5,740 — Consolidation of joint venture: (3) Decrease in investment in unconsolidated affiliates (2,818 ) — — Increase in real estate assets 7,463 — — Increase in intangible lease and other assets 120 — — Decrease in mortgage notes receivable (4,118 ) — — Decrease in operating assets and liabilities (647 ) — — Deconsolidation upon formation or assignment of interests in joint ventures: (4) Decrease in real estate assets (9,363 ) (14,025 ) — Decrease in mortgage and other indebtedness 2,466 — — Increase in investment in unconsolidated affiliates 232 14,030 — Increase (decrease) in operating assets and liabilities 1,286 (5 ) — Decrease in noncontrolling interest and joint venture interest 2,232 — — Capital contribution of note receivable to joint venture — 5,280 — Capital contribution from noncontrolling interest to joint venture — 155 — Write-off of notes receivable — 1,846 — Mortgage debt assumed by buyer of real estate assets — 38,150 14,570 (1) See Note 4 and Note 6 for more information. (2) See Note 6 for more information. (3) See Note 4 and Note 5 for more information. (4) See Note 5 and Note 15 for more information. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Certain executive officers of the Company and members of the immediate family of Charles B. Lebovitz, Chairman of the Board of the Company, collectively had a significant noncontrolling interest in EMJ Corporation ("EMJ"), a construction company that the Company engaged to build substantially all of the Company’s development Properties. The Company paid approximately $26,993 to EMJ in 2015 for construction and development activities. This noncontrolling interest was sold in 2015. The Management Company provides management, development and leasing services to the Company’s unconsolidated affiliates and other affiliated partnerships. Revenues recognized for these services amounted to $7,598 , $9,144 and $7,748 in 2017 , 2016 and 2015 , respectively. |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES Litigation The Company is currently involved in certain litigation that arises in the ordinary course of business, most of which is expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of the Company. Environmental Contingencies The Company evaluates potential loss contingencies related to environmental matters using the same criteria described above related to litigation matters. Based on current information, an unfavorable outcome concerning such environmental matters, both individually and in the aggregate, is considered to be reasonably possible. However, the Company believes its maximum potential exposure to loss would not be material to its results of operations or financial condition. The Company has a master insurance policy that provides coverage through 2022 for certain environmental claims up to $10,000 per occurrence and up to $50,000 in the aggregate, subject to deductibles and certain exclusions. Guarantees The Operating Partnership may guarantee the debt of a joint venture primarily because it allows the joint venture to obtain funding at a lower cost than could be obtained otherwise. This results in a higher return for the joint venture on its investment, and a higher return on the Operating Partnership's investment in the joint venture. The Operating Partnership may receive a fee from the joint venture for providing the guaranty. Additionally, when the Operating Partnership issues a guaranty, the terms of the joint venture agreement typically provide that the Operating Partnership may receive indemnification from the joint venture or have the ability to increase its ownership interest. The guarantees expire upon repayment of the debt, unless noted otherwise. The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying consolidated balance sheets as of December 31, 2017 and 2016 : As of December 31, 2017 Obligation recorded to reflect guaranty Unconsolidated Affiliate Company's Ownership Interest Outstanding Balance Percentage Guaranteed by the Operating Partnership Maximum Guaranteed Amount Debt Maturity Date (1) 12/31/2017 12/31/2016 West Melbourne I, LLC - Phase I (2) 50% $ 42,247 20% $ 8,449 Feb-2018 (3) $ 86 $ 86 West Melbourne I, LLC - Phase II (2) 50% 16,317 20% 3,263 Feb-2018 (3) 33 33 Port Orange I, LLC 50% 57,088 20% 11,418 Feb-2018 (3) 116 116 Ambassador Infrastructure, LLC 65% 11,035 100% (4) 11,035 Aug-2020 177 177 Shoppes at Eagle Point, LLC 50% 5,977 100% (5) 36,400 Oct-2020 (6) 364 — EastGate Storage, LLC 50% — 100% (7) 6,500 Dec-2022 65 — Total guaranty liability $ 841 $ 412 (1) Excludes any extension options. (2) The loan is secured by Hammock Landing - Phase I and Hammock Landing - Phase II, respectively. (3) The loan was extended subsequent to December 31, 2017 . See Note 19 for more information. (4) In 2017, the loan was amended and modified to extend the maturity date as well as the terms of the guaranty. See Note 5 for more information. (5) The Company received a 1% fee for this guaranty when the loan was issued in October 2017. The guaranty will be reduced to 35% once construction is complete. (6) The loan has one two -year extension option, at the joint venture's election, for an outside maturity date of October 2022. (7) Once construction is complete, the guaranty will be reduced to 50% . The guaranty will be further reduced to 25% once certain debt and operational metrics are met. The Company has guaranteed the lease performance of York Town Center, LP ("YTC"), an unconsolidated affiliate in which it owns a 50% interest, under the terms of an agreement with a third party that owns property as part of York Town Center. Under the terms of that agreement, YTC is obligated to cause performance of the third party’s obligations as landlord under its lease with its sole tenant, including, but not limited to, provisions such as co-tenancy and exclusivity requirements. Should YTC fail to cause performance, then the tenant under the third party landlord’s lease may pursue certain remedies ranging from rights to terminate its lease to receiving reductions in rent. The Company has guaranteed YTC’s performance under this agreement up to a maximum of $22,000 , which decreases by $800 annually until the guaranteed amount is reduced to $10,000 . The guaranty expires on December 31, 2020. The maximum guaranteed obligation was $13,200 as of December 31, 2017 . The Company entered into an agreement with its joint venture partner under which the joint venture partner has agreed to reimburse the Company 50% of any amounts it is obligated to fund under the guaranty. The Company did not record an obligation for this guaranty because it determined that the fair value of the guaranty was not material as of December 31, 2017 and 2016 . Performance Bonds The Company has issued various bonds that it would have to satisfy in the event of non-performance. The total amount outstanding on these bonds was $16,998 and $21,446 at December 31, 2017 and 2016 , respectively. Ground Leases The Company is the lessee of land at certain of its Properties under long-term operating leases, which include scheduled increases in minimum rents. The Company recognizes these scheduled rent increases on a straight-line basis over the initial lease terms. Most leases have initial terms of at least 20 years and contain one or more renewal options, generally for a minimum of five or ten year periods. Lease expense recognized in the consolidated statements of operations for 2017 , 2016 and 2015 was $980 , $1,301 and $1,215 , respectively. The future obligations under these operating leases at December 31, 2017 , are as follows: 2018 $ 622 2019 629 2020 635 2021 639 2022 467 Thereafter 12,121 $ 15,113 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company has categorized its financial assets and financial liabilities that are recorded at fair value into a hierarchy in accordance with ASC 820, Fair Value Measurements and Disclosure , ("ASC 820") based on whether the inputs to valuation techniques are observable or unobservable. The fair value hierarchy contains three levels of inputs that may be used to measure fair value as follows: Level 1 - Inputs represent quoted prices in active markets for identical assets and liabilities as of the measurement date. Level 2 - Inputs, other than those included in Level 1, represent observable measurements for similar instruments in active markets, or identical or similar instruments in markets that are not active, and observable measurements or market data for instruments with substantially the full term of the asset or liability. Level 3 - Inputs represent unobservable measurements, supported by little, if any, market activity, and require considerable assumptions that are significant to the fair value of the asset or liability. Market valuations must often be determined using discounted cash flow methodologies, pricing models or similar techniques based on the Company’s assumptions and best judgment. The asset or liability's fair value within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Under ASC 820, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction at the measurement date and under current market conditions. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs and consider assumptions such as inherent risk, transfer restrictions and risk of nonperformance. Fair Value Measurements on a Recurring Basis The Company sold all of its marketable securities, which consisted of corporate equity securities that were classified as available-for-sale, during 2015 and realized a gain of $16,560 for the difference between the net proceeds of $20,755 less the adjusted cost of $4,195 . During the year ended December 31, 2015, the Company did not recognize any write-downs for other-than-temporary impairments related to these securities. The Company used interest rate swaps to mitigate the effect of interest rate movements on its variable-rate debt. The Company had four interest rate swaps, which matured on April 1, 2016, that qualified as hedging instruments and were designated as cash flow hedges. The swaps predominantly met the effectiveness test criteria since inception and changes in their fair values were, thus, primarily reported in OCI/L and reclassified into earnings in the same period or periods during which the hedged item affected earnings. See Note 2 and Note 6 for additional information regarding the Company’s former interest rate hedging instruments. The carrying values of cash and cash equivalents, receivables, accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short-term nature of these financial instruments. Based on the interest rates for similar financial instruments, the carrying value of mortgage and other notes receivable is a reasonable estimate of fair value. The estimated fair value of mortgage and other indebtedness was $4,199,357 and $4,737,077 at December 31, 2017 and 2016 , respectively. The fair value was calculated using Level 2 inputs by discounting future cash flows for mortgage and other indebtedness using estimated market rates at which similar loans would be made currently. Fair Value Measurements on a Nonrecurring Basis The Company measures the fair value of certain long-lived assets on a nonrecurring basis, through quarterly impairment testing or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company considers both quantitative and qualitative factors in its impairment analysis of long-lived assets. Significant quantitative factors include historical and forecasted information for each Property such as NOI, occupancy statistics and sales levels. Significant qualitative factors used include market conditions, age and condition of the Property and tenant mix. Due to the significant unobservable estimates and assumptions used in the valuation of long-lived assets that experience impairment, the Company classifies such long-lived assets under Level 3 in the fair value hierarchy. Level 3 inputs primarily consist of sales and market data, independent valuations and discounted cash flow models. See below for a description of the estimates and assumptions the Company used in its impairment analysis. See Note 2 for additional information describing the Company's impairment review process. The following table sets forth information regarding the Company’s assets that are measured at fair value on a nonrecurring basis and related impairment charges for the years ended December 31, 2017 and 2016 : Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses 2017: Long-lived assets $ 81,350 $ — $ — $ 81,350 $ 71,401 2016: Long-lived assets $ 46,200 $ — $ — $ 46,200 $ 116,822 Long-lived Assets Measured at Fair Value in 2017 During the year ended December 31, 2017 , the Company recognized impairments of real estate of $71,401 primarily related to two malls, a parcel project near an outlet center and one outparcel. The Properties were classified for segment reporting purposes as listed below (see section below for information on outparcels). See Note 11 for segment information. Impairment Date Property Location Segment Classification Loss on Impairment Fair Value March Vacant land (1) Woodstock, GA Malls $ 3,147 $ — (2) June Acadiana Mall (3) Lafayette, LA Malls 43,007 67,300 June / September Prior period sales adjustments (4) Various Malls/ 606 — (2) September Hickory Point Mall (5) Forsyth, IL Malls 24,525 14,050 $ 71,285 $ 81,350 (1) The Company wrote down the book value of its interest in a consolidated joint venture that owned land adjacent to one of its outlet malls upon the divestiture of its interests to a fair value of $1,000 . In conjunction with the divestiture and assignment of the Company's interests in this consolidated joint venture, the Company was relieved of its debt obligation by the joint venture partner. See Note 6 for more information. (2) The long-lived asset was not included in the Company's consolidated balance sheets at December 31, 2017 as the Company no longer had an interest in the property. (3) Acadiana Mall - In accordance with the Company's quarterly impairment review process, the Company wrote down the book value of the mall to its estimated fair value of $67,300 . Management determined the fair value of Acadiana Mall using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of ten years, with a sale at the end of the holding period, a capitalization rate of 15.5% and a discount rate of 15.75% . The mall has experienced declining tenant sales and cash flows as a result of the downturn of the economy in its market area and an anchor announced in the second quarter 2017 that it will close its store later in 2017. The loan secured by Acadiana Mall matured in April 2017 and is in default. See Note 6 for more information. The revenues of Acadiana Mall accounted for approximately 1.9% of total consolidated revenues for the year ended December 31, 2017 . (4) Relates to true-ups of estimated expenses to actual expenses for properties sold in prior periods. (5) Hickory Point Mall - In accordance with the Company's quarterly impairment review process, the Company wrote down the book value of the mall to its estimated fair value of $14,050 . Management determined the fair value of Hickory Point Mall using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of ten years, with a sale at the end of the holding period, a capitalization rate of 18.0% and a discount rate of 19.0% . The mall has experienced decreased occupancy and cash flows as a result of the downturn of the economy in its market area. The Company is in preliminary discussions with the lender to modify the loan secured by the mall due to the additional deterioration in its operating metrics. The revenues of Hickory Point Mall accounted for approximately 0.5% of total consolidated revenues for the year ended December 31, 2017 . Other Impairment Loss in 2017 During the year ended December 31, 2017 , the Company recorded an impairment of $116 related to the sale of one outparcel. Outparcels are classified for segment reporting purposes in the All Other category. See Note 11 for segment information. Long-lived Assets Measured at Fair Value in 2016: During the year ended December 31, 2016 , the Company recognized impairments of real estate of $116,822 when it wrote down nine malls, an associated center, a community center, three office buildings and three outparcels to their estimated fair values. The Properties are classified for segment reporting purposes as listed below (see section below for information on outparcels). See Note 11 for segment information. Impairment Property Location Segment Loss on Fair March Bonita Lakes Mall & Crossing (1) Meridian, MS Malls/ $ 5,323 $ — (2) March Midland Mall (3) Midland, MI Malls 4,681 29,200 March River Ridge Mall (4) Lynchburg, VA Malls 9,594 — (2) June The Lakes Mall & Fashion Square (5) Muskegon, MI & Saginaw, MI Malls 32,096 — (2) June Wausau Center (6) Wausau, WI Malls 10,738 11,000 September Randolph Mall, Regency Mall & Walnut Square (7) Asheboro, NC; Racine, WI & Malls 43,144 — (2) September One Oyster Point & Two Oyster Point (8) Newport News, VA All Other 3,844 6,000 September Oak Branch Business Center (9) Greensboro, NC All Other 100 — (2) September Cobblestone Village at Palm Coast (10) Palm Coast, FL All Other 6,448 — (2) $ 115,968 $ 46,200 (1) Bonita Lakes Mall & Crossing - The Company adjusted the book value of Bonita Lakes Mall and Bonita Lakes Crossing ("Bonita Lakes") to its estimated fair value of $27,440 , which represented the contractual sales price of $27,910 with a third party buyer, adjusted to reflect estimated disposition costs. The revenues of Bonita Lakes accounted for approximately 0.7% of total consolidated revenues for the trailing twelve months ended March 31, 2016. See Note 4 for further information on the sale that closed in the second quarter of 2016. (2) The long-lived asset was not included in the Company's consolidated balance sheets at December 31, 2016 as the Company no longer had an interest in the property. (3) Midland Mall - The Company wrote down the mall to its estimated fair value. The fair value analysis used a discounted cash flow methodology with assumptions including a ten -year holding period with a sale at the end of the holding period, a capitalization rate of 9.75% , a discount rate of 11.5% and estimated selling costs of 2.0% . The Company notified the lender that it would not pay off the loan that was scheduled to mature in August 2016 and the mall went into receivership in September 2016. The revenues of Midland Mall accounted for approximately 0.6% of total consolidated revenues for the year ended December 31, 2016. The mall was returned to the lender during the first quarter of 2017 as the foreclosure process was complete. See Note 4 and Note 6 for further information. (4) River Ridge Mall - The Company sold a 75% interest in its wholly owned investment in River Ridge Mall to a newly formed joint venture in March 2016 and recognized a loss on impairment of $9,510 in the first quarter of 2016 when it adjusted the book value of the mall to its estimated net sales price based upon a contract with a third party buyer, adjusted to reflect estimated disposition costs. The impairment loss included a $2,100 reserve for a roof and electrical work that the Company subsequently funded. An additional loss on impairment of $84 was recognized in the fourth quarter of 2016 to reflect actual closing costs. The revenues of River Ridge Mall accounted for approximately 0.6% of total consolidated revenues for the trailing twelve months ended March 31, 2016. The Company's investment in River Ridge was included in investments in unconsolidated affiliates on the Company's consolidated balance sheets until the sale of its interests to its partner in the third quarter of 2017. See Note 5 for further information. (5) The Lakes Mall & Fashion Square - The Company adjusted the book value of the malls to their estimated fair value of $65,447 based upon the sales price of $66,500 in the signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The revenues of The Lakes Mall and Fashion Square accounted for approximately 1.6% of total consolidated revenues for the trailing twelve months ended June 30, 2016. These Properties were sold in July 2016. See Note 4 for additional information. (6) Wausau Center - In accordance with the Company's quarterly impairment review process, the Company recorded impairment to write down the depreciated book value of the mall to its estimated fair value. After evaluating redevelopment options, the Company determined that an appropriate risk-adjusted return was not achievable and reduced its holding period. The mall was encumbered by a non-recourse loan with a balance of $17,689 as of December 31, 2016 and had experienced declining sales and the loss of two anchor stores. With the assistance of a third-party appraiser, management determined the fair value of Wausau Center using a discounted cash flow methodology. The discounted cash flow used assumptions including a ten -year holding period with a sale at the end of the holding period, a capitalization rate of 13.25% , a discount rate of 13.0% and estimated selling costs of 4.0% . As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management's estimates of future possible outcomes. The revenues of Wausau Center accounted for approximately 0.3% of total consolidated revenues for the year ended December 31, 2016. The Company notified the lender that it would not make its scheduled July 1, 2016 debt payment and the foreclosure process was completed and the mall was subsequently returned to the lender during the third quarter of 2017 . See Note 4 and Note 6 for more information. (7) Randolph Mall, Regency Mall & Walnut Square - The Company wrote down the book values of the three malls to their estimated fair value of $31,318 and recorded a loss on impairment of $43,294 in the third quarter of 2016 based upon a sales price of $32,250 in a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The Company reduced the loss on impairment in the fourth quarter of 2016 by $150 to reflect actual closing costs. The revenues of the malls accounted for approximately 1.5% of total consolidated revenues for the trailing twelve months ended September 30, 2016. The malls were sold in December 2016. (8) One & Two Oyster Point - In accordance with the Company's quarterly impairment review process, the Company recorded impairment to write down the depreciated book value of two office buildings to their estimated fair value as a result of a change in the expected holding period to a range of one to two years. Other factors used in the discounted cash flow analysis included a capitalization rate of 8.0% , a discount rate of 10.0% and estimated selling costs of 2.0% . The office buildings were classified as held for sale as of December 31, 2016 until their subsequent sale in the first quarter of 2017. The revenues of the office buildings accounted for approximately 0.3% of total consolidated revenues for the year ended December 31, 2016. See Note 4 for more information. (9) Oak Branch Business Center - The office building was sold in September 2016. A loss on impairment of $122 was recorded in the third quarter of 2016 to adjust the book value to its estimated value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The loss on impairment was reduced by $22 in the fourth quarter of 2016 to reflect actual closing costs. See Note 4 for more information. (10) Cobblestone Village at Palm Coast - In accordance with the Company's quarterly impairment review process, the Company recorded a loss on impairment of $6,298 in the third quarter of 2016 based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. Other factors used in the discounted cash flow analysis included a capitalization rate of 9.0% , a discount rate of 10.75% and estimated selling costs of 2.0% . The revenue of the community center accounted for approximately 0.1% of total consolidated revenues for the trailing twelve months ended September 30, 2016. An additional impairment loss of $150 was recognized in the fourth quarter of 2016 for an adjustment to the sales price when the sale closed in December 2016. See Note 4 . Other Impairment Loss in 2016 During the year ended December 31, 2016 , the Company recorded impairments of $854 related to the sales of three outparcels. These outparcels were classified for segment reporting purposes in the All Other category. See Note 11 for segment information. Long-lived Assets Measured at Fair Value in 2015 During the year ended December 31, 2015, the Company wrote down four properties to their estimated fair values. These Properties were Chesterfield Mall, Mayfaire Community Center, Chapel Hill Crossing and Madison Square. Of these four Properties, all but Chesterfield Mall were disposed of as of December 31, 2015 as described below. Chesterfield Mall was subsequently returned to the lender in 2017. For segment reporting purposes, Properties other than Malls are classified in the All Other category. See Note 11 for segment information. Impairment Date Property Location Segment Classification Loss on Impairment Fair Value April Madison Square (1) Huntsville, AL Mall $ 2,620 $ — (2) December Chapel Hill Crossing (3) Akron, OH All Other 1,914 — (2) December Chesterfield Mall (4) Chesterfield, MO Mall 99,969 125,000 December Mayfaire Community Center (5) Wilmington, NC All Other 397 — (2) $ 104,900 $ 125,000 (1) Madison Square - The Company adjusted the book value of Madison Square to its net sales price of $5,000 . See Note 4 for further information on the sale that closed in the second quarter of 2015. (2) The long-lived asset was not included in the Company's consolidated balance sheets at December 31, 2015 as the Company no longer had an interest in the property. (3) Chapel Hill Crossing - The Company wrote down the book value of Chapel Hill Crossing to its net sales price of $2,300 and recognized a non-cash impairment of real estate. See Note 4 for additional information on the sale that closed in the fourth quarter of 2015. (4) Chesterfield Mall - In accordance with the Company's quarterly impairment review process, the Company recorded impairment of real estate to write-down the depreciated book value of the mall to its estimated fair value. The mall had experienced declining cash flows as competition from several new outlet shopping centers in the area impacted its sales. The fair value analysis used assumptions including an 11 -year holding period with a sale at the end of the holding period, a capitalization rate of 8.25% and a discount rate of 8.25% . The revenues of the mall accounted for approximately 1.5% of total consolidated revenues for the year ended December 31, 2015. Foreclosure of the mall was completed in the second quarter of 2017 . See Note 4 and Note 6 for more information. (5) Mayfaire Community Center - The Company wrote down the book value of Mayfaire Community Center to its net sales price of $56,300 and recognized a non-cash impairment of real estate. See Note 4 for additional information on the sale that closed in the fourth quarter of 2015. Other Impairment Loss in 2015 During 2015, the Company recorded an impairment of real estate of $161 related to the sale of a building at a formerly owned mall for total net proceeds after sales costs of $750 , which was less than its carrying amount of $911 . The Company also recognized $884 of impairment from the sale of two outparcels. Outparcels are classified for segment reporting purposes in the All Other category. See Note 11 for segment information. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION As of December 31, 2017 , there was one share-based compensation plan under which the Company has outstanding awards, the CBL & Associates Properties, Inc. 2012 Stock Incentive Plan ("the 2012 Plan"), which was approved by the Company's shareholders in May 2012. The 2012 Plan permits the Company to issue stock options and common stock to selected officers, employees and non-employee directors of the Company up to a total of 10,400,000 shares. As the primary operating subsidiary of the Company, the Operating Partnership participates in and bears the compensation expense associated with the Company's share-based compensation plan. The Compensation Committee of the Board of Directors (the “Committee”) administers the 2012 Plan. The Company adopted ASU 2016-09 effective January 1, 2017 as described in Note 2 . In accordance with the provisions of ASU 2016-09, which are designed to simplify the accounting for share-based payments transactions, the Company elected to account for forfeitures of share-based payments as they occur rather than continuing to estimate them in advance. The Company elected not to record a cumulative effect adjustment as the impact of estimated forfeitures on the Company's cumulative share-based compensation expense recorded through December 31, 2016 was nominal. Restricted Stock Awards Under the 2012 Plan, common stock may be awarded either alone, in addition to, or in tandem with other granted stock awards. The Committee has the authority to determine eligible persons to whom common stock will be awarded, the number of shares to be awarded and the duration of the vesting period, as defined. Generally, an award of common stock vests either immediately at grant or in equal installments over a period of five years. Stock awarded to independent directors is fully vested upon grant; however, the independent directors may not transfer such shares during their board term. The Committee may also provide for the issuance of common stock under the 2012 Plan on a deferred basis pursuant to deferred compensation arrangements. The fair value of common stock awarded under the 2012 Plan is determined based on the market price of CBL’s common stock on the grant date and the related compensation expense is recognized over the vesting period on a straight-line basis. The Company may make restricted stock awards to independent directors, officers and its employees under the 2012 Plan. These awards are generally granted based on the performance of the Company and its employees. None of these awards have performance requirements other than a service condition of continued employment, unless otherwise provided. Compensation expense is recognized on a straight-line basis over the requisite service period. The share-based compensation cost related to the restricted stock awards was $3,907 , $4,681 and $4,287 for 2017 , 2016 and 2015 , respectively. Share-based compensation cost resulting from share-based awards is recorded at the Management Company, which is a taxable entity. Share-based compensation cost capitalized as part of real estate assets was $405 , $351 and $274 in 2017 , 2016 and 2015 , respectively. A summary of the status of the Company’s nonvested restricted stock awards as of December 31, 2017 , and changes during the year ended December 31, 2017 , is presented below: Shares Weighted- Average Grant-Date Fair Value Nonvested at January 1, 2017 602,162 $ 15.41 Granted 326,739 $ 10.75 Vested (276,467 ) $ 15.07 Forfeited (10,075 ) $ 12.97 Nonvested at December 31, 2017 642,359 $ 13.23 The weighted-average grant-date fair value of shares granted during 2017 , 2016 and 2015 was $10.75 , $10.02 and $20.30 , respectively. The total fair value of shares vested during 2017 , 2016 and 2015 was $2,791 , $2,605 and $4,298 , respectively. As of December 31, 2017 , there was $5,914 of total unrecognized compensation cost related to nonvested stock awards granted under the 2012 Plan, which is expected to be recognized over a weighted-average period of 2.6 years. Long-Term Incentive Program In 2015, the Company adopted a long-term incentive program ("LTIP") for its named executive officers, which consists of performance stock unit ("PSU") awards and annual restricted stock awards, that may be issued under the 2012 Plan. The number of shares related to the PSU awards that each named executive officer may receive upon the conclusion of a three -year performance period is determined based on the Company's achievement of specified levels of long-term total stockholder return ("TSR") performance relative to the NAREIT Retail Index, provided that at least a "Threshold" level must be attained for any shares to be earned. Annual Restricted Stock Awards Under the LTIP, annual restricted stock awards consist of shares of time-vested restricted stock awarded based on a qualitative evaluation of the performance of the Company and the named executive officer during the fiscal year. Annual restricted stock awards under the LTIP vest 20% on the date of grant with the remainder vesting in four annual equal installments. Performance Stock Units The Company granted the following PSUs in the first quarter of the respective years. A summary of PSU activity as of December 31, 2017 , and changes during the year ended December 31, 2017 , is presented below: PSUs Weighted-Average Grant Date Fair Value 2015 PSUs granted 138,680 $ 15.52 2016 PSUs granted 282,995 $ 4.98 Outstanding at January 1 , 2017 421,675 $ 8.45 2017 PSUs granted 277,376 $ 6.86 2015 PSUs canceled (1) (138,680 ) $ 15.52 Outstanding at December 31, 2017 (2) 560,371 $ 5.91 (1) Based on the Company's TSR relative to the NAREIT Retail Index for the three -year performance period ended December 31, 2017 , none of the 2015 PSU were earned as of December 31, 2017 . (2) None of the PSUs outstanding at December 31, 2017 were vested. Shares earned pursuant to the PSU awards vest 60% at the conclusion of the performance period while the remaining 40% of the PSU award vests 20% on each of the first two anniversaries thereafter. Compensation cost is recognized on a tranche-by-tranche basis using the accelerated attribution method. The resulting expense is recorded regardless of whether any PSU awards are earned as long as the required service period is met. Share-based compensation expense related to the PSUs was $1,501 , $1,033 and $624 in 2017 , 2016 and 2015 , respectively. Unrecognized compensation costs related to the PSUs was $2,162 as of December 31, 2017 , which is expected to be recognized over a weighted-average period of 3.5 years. The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the 2017 PSUs and the 2016 PSUs: 2017 PSUs 2016 PSUs Grant date February 7, 2017 February 10, 2016 Fair value per share on valuation date (1) $ 6.86 $ 4.98 Risk-free interest rate (2) 1.53 % 0.92 % Expected share price volatility (3) 32.85 % 30.95 % (1) The value of the PSU awards is estimated on the date of grant using a Monte Carlo Simulation model. The valuation consisted of computing the fair value using CBL's simulated stock price as well as TSR over a three -year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. The weighted-average fair value per share related to the 2017 PSUs consists of 115,082 shares at a fair value of $5.62 per share and 162,294 shares at a fair value of $7.74 per share. (2) The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date. (3) The computation of expected volatility was based on a blend of the historical volatility of CBL's shares of common stock based on annualized daily total continuous returns over a three -year period and implied volatility data based on the trailing month average of daily implied volatilities implied by stock call option contracts that were both closest to the terms shown and closest to the money. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS 401(k) Plan The Management Company maintains a 401(k) profit sharing plan, which is qualified under Section 401(a) and Section 401(k) of the Code to cover employees of the Management Company. All employees who have attained the age of 21 and have completed at least 60 days of service are eligible to participate in the plan. The plan provides for employer matching contributions on behalf of each participant equal to 50% of the portion of such participant’s contribution that does not exceed 2.5% of such participant’s annual gross salary for the plan year. Additionally, the Management Company has the discretion to make additional profit-sharing-type contributions not related to participant elective contributions. Total contributions by the Management Company were $1,034 , $987 and $997 in 2017 , 2016 and 2015 , respectively. Employee Stock Purchase Plan The Company maintains an employee stock purchase plan that allows eligible employees to acquire shares of the Company’s common stock in the open market without incurring brokerage or transaction fees. Under the plan, eligible employees make payroll deductions that are used to purchase shares of CBL’s common stock. The shares are purchased at the prevailing market price of the stock at the time of purchase. Deferred Compensation Arrangements The Company had entered into an agreement with an officer that allowed the officer to defer receipt of selected salary increases and/or bonus compensation for periods ranging from five to ten years. The deferred compensation arrangement provided that bonus compensation was deferred in the form of a note payable to the officer. Interest accumulated on these notes at 5.0% . At December 31, 2016, the Company had notes payable, including accrued interest of $122 related to this arrangement. This agreement was terminated in June 2017 and the amount due to the officer related to this arrangement was included in the officer's severance agreement. |
QUARTERLY INFORMATION (UNAUDITE
QUARTERLY INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY INFORMATION (UNAUDITED) | QUARTERLY INFORMATION (UNAUDITED) Year Ended December 31, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Total (1) Total revenues $ 238,013 $ 229,233 $ 224,650 $ 235,356 $ 927,252 Income from operations (2) 77,099 22,306 50,161 82,996 232,562 Net income (3) 38,518 70,627 9,299 40,538 158,982 Net income attributable to the Company 34,115 41,396 8,965 36,464 120,940 Net income (loss) attributable to common shareholders 22,892 30,173 (2,258 ) 25,241 76,048 Basic per share data attributable to common shareholders: Net income (loss) attributable to common shareholders $ 0.13 $ 0.18 $ (0.01 ) $ 0.15 $ 0.44 Diluted per share data attributable to common shareholders: Net income (loss) attributable to common shareholders $ 0.13 $ 0.18 $ (0.01 ) $ 0.15 $ 0.44 (1) The sum of quarterly EPS differs from annual EPS due to rounding. (2) Income from operations for the quarters ended June 30, 2017 and September 30, 2017 includes losses on impairment of real estate assets of $43,007 and $24,525 related to the impairments of Acadiana Mall and Hickory Point Mall, respectively (see Note 15 ). (3) Net Income for the quarter ended June 30, 2017 includes the following items: – a gain of $75,434 (of which the Company's share was approximately $48,800 ) related to the sale of The Outlet Shoppes at Oklahoma City, a 75 / 25 joint venture (see Note 4 ). – a gain on extinguishment of debt of $20,420 , which primarily represents the gain related to the foreclosure of Chesterfield Mall, which was partially offset by a prepayment fee for the early retirement of debt on The Outlet Shoppes at Oklahoma City (see Note 6 ). – a $5,843 loss on investment related to the disposition of River Ridge Mall (see Note 5 ). Net income for the quarter ended September 30, 2017 includes a $6,851 gain on extinguishment of debt attributable to the foreclosure of Wausau Center (see Note 6 ). Year Ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 263,078 $ 254,965 $ 251,721 $ 258,493 $ 1,028,257 Income from operations (1) 63,830 52,056 36,727 101,015 253,628 Net income (2) 41,892 73,097 670 79,872 195,531 Net income attributable to the Company 40,074 62,919 1,059 68,830 172,882 Net income (loss) attributable to common shareholders 28,851 51,696 (10,164 ) 57,607 127,990 Basic per share data attributable to common shareholders: Net income (loss) attributable to common shareholders $ 0.17 $ 0.30 $ (0.06 ) $ 0.34 $ 0.75 Diluted per share data attributable to common shareholders: Net income (loss) attributable to common shareholders $ 0.17 $ 0.30 $ (0.06 ) $ 0.34 $ 0.75 (1) Income from operations for the quarters ended March 31, 2016; June 30, 2016; and September 30, 2016 includes losses on impairment of real estate assets of $19,685 ; $43,493 ; and $53,558 respectively, primarily related to properties which were sold during 2016 (see Note 4 and Note 15 ). (2) Net income for the quarter ended March 31, 2016 includes a gain of $26,395 related to the sale of a 50% interest in Triangle Town Center to a new 10 / 90 joint venture. Net income for the quarter ended June 30, 2016 includes a gain of $29,267 related to the foreclosure of Gulf Coast Town Center and a gain of $29,437 from the sale of Renaissance Center. The Company's share of the gain is included in equity in earnings of unconsolidated affiliates in the consolidated statements of operations (see Note 5 ). |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS In January 2018, the Company retired an operating Property loan with a principal balance $37,295 as of December 31, 2017 , with borrowings from its unsecured credit facilities. The loan was secured by Kirkwood Mall in Bismarck, ND and was scheduled to mature in April 2018. As described in Note 6 , the Company's credit ratings for its unsecured credit facilities and two unsecured term loans are based upon the credit ratings for the Operating Partnership's unsecured long-term indebtedness. In February 2018, Moody's downgraded this rating from Baa3 to Ba1 with a negative outlook. This downgrade did not change the Company's current interest rates. In February 2018, the loans secured by the following unconsolidated Properties, Hammock Landing - Phase I and Phase II and The Pavilion at Port Orange, were amended to extend the maturity date to April 2018. The loans had an aggregate principal balance of $115,652 at December 31, 2017 and had an original maturity date of February 2018. |
Schedule II - VALUATION AND QUA
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | Schedule II CBL & ASSOCIATES PROPERTIES, INC. CBL & ASSOCIATES LIMITED PARTNERSHIP VALUATION AND QUALIFYING ACCOUNTS (In thousands) Year Ended December 31, 2017 2016 2015 Tenant receivables - allowance for doubtful accounts: Balance, beginning of year $ 1,910 $ 1,923 $ 2,368 Additions in allowance charged to expense 3,782 4,058 2,254 Bad debts charged against allowance (3,681 ) (4,071 ) (2,699 ) Balance, end of year $ 2,011 $ 1,910 $ 1,923 Year Ended December 31, 2017 2016 2015 Other receivables - allowance for doubtful accounts: Balance, beginning of year $ 838 $ 1,276 $ 1,285 Additions in allowance charged to expense — — 277 Bad debts charged against allowance — (438 ) (286 ) Balance, end of year $ 838 $ 838 $ 1,276 |
Schedule III - REAL ESTATE ASSE
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | Initial Cost (1) Gross Amounts at Which Carried at Close of Period Description /Location Encumbrances (2) Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Sales of Outparcel Land Land Buildings and Improvements Total (3) Accumulated Depreciation (4) Date of Construction / Acquisition MALLS: Acadiana Mall, Lafayette, LA $ 122,435 $ 22,511 $ 145,769 $ (101,239 ) $ — $ 5,722 $ 61,319 $ 67,041 $ (1,763 ) 2005 Alamance Crossing, Burlington, NC 46,337 20,853 63,105 39,634 (2,803 ) 18,051 102,738 120,789 (33,958 ) 2007 Arbor Place, Atlanta (Douglasville), GA 111,448 7,862 95,330 28,164 — 7,862 123,494 131,356 (65,818 ) 1998-1999 Asheville Mall, Asheville, NC 68,008 7,139 58,747 65,419 (805 ) 6,334 124,166 130,500 (54,990 ) 1998 Brookfield Square, Brookfield, WI — 8,996 84,250 77,878 (18 ) 25,392 145,714 171,106 (70,871 ) 2001 Burnsville Center, Burnsville, MN 69,615 12,804 71,355 59,357 (1,157 ) 16,102 126,257 142,359 (61,024 ) 1998 Cary Towne Center, Cary, NC 46,716 23,688 74,432 31,752 — 25,901 103,971 129,872 (44,007 ) 2001 CherryVale Mall, Rockford, IL — 11,892 63,973 58,028 (1,667 ) 11,608 120,618 132,226 (51,651 ) 2001 Cross Creek Mall, Fayetteville, NC 119,545 19,155 104,353 49,457 — 31,539 141,426 172,965 (54,965 ) 2003 Dakota Square Mall, Minot, ND — 4,552 87,625 25,872 — 4,552 113,497 118,049 (20,032 ) 2012 East Towne Mall, Madison, WI — 4,496 63,867 62,471 (715 ) 3,781 126,338 130,119 (49,240 ) 2001 EastGate Mall, Cincinnati, OH 35,635 13,046 44,949 33,616 (1,017 ) 16,827 73,767 90,594 (29,692 ) 2003 Eastland Mall, Bloomington, IL — 5,746 75,893 7,864 (753 ) 6,002 82,748 88,750 (32,671 ) 2005 Fayette Mall, Lexington, KY 157,387 25,205 84,256 105,684 — 25,205 189,940 215,145 (61,756 ) 2001 Frontier Mall, Cheyenne, WY — 2,681 15,858 20,973 (80 ) 2,601 36,831 39,432 (24,019 ) 1981 Greenbrier Mall, Chesapeake, VA 70,801 3,181 107,355 17,147 (626 ) 2,555 124,502 127,057 (44,067 ) 2004 Hamilton Place, Chattanooga, TN 104,317 3,532 42,623 61,473 (441 ) 8,484 98,703 107,187 (55,322 ) 1986-1987 Hanes Mall, Winston-Salem, NC — 17,176 133,376 56,679 (948 ) 18,629 187,654 206,283 (79,178 ) 2001 Harford Mall, Bel Air, MD — 8,699 45,704 22,887 — 8,699 68,591 77,290 (28,104 ) 2003 Hickory Point Mall, Forsyth, IL 27,446 10,731 31,728 (24,207 ) (293 ) 4,336 13,623 17,959 (842 ) 2005 Honey Creek Mall, Terre Haute, IN 25,417 3,108 83,358 19,563 — 3,108 102,921 106,029 (38,411 ) 2004 Imperial Valley Mall, El Centro, CA — 35,378 70,549 3,922 — 35,378 74,471 109,849 (12,716 ) 2012 Janesville Mall, Janesville, WI — 8,074 26,009 22,531 — 8,074 48,540 56,614 (20,792 ) 1998 Jefferson Mall, Louisville, KY 64,747 13,125 40,234 40,046 (521 ) 17,850 75,034 92,884 (31,580 ) 2001 Kirkwood Mall, Bismarck, ND 37,295 3,368 118,945 24,238 — 3,368 143,183 146,551 (21,210 ) 2012 Laurel Park Place, Livonia, MI — 13,289 92,579 20,671 — 13,289 113,250 126,539 (47,331 ) 2005 Layton Hills Mall, Layton, UT — 20,464 99,836 (4,734 ) (340 ) 13,885 101,341 115,226 (34,063 ) 2006 Mall del Norte, Laredo, TX — 21,734 142,049 51,295 — 21,734 193,344 215,078 (83,039 ) 2004 Initial Cost (1) Gross Amounts at Which Carried at Close of Period Description /Location Encumbrances (2) Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Sales of Outparcel Land Land Buildings and Improvements Total (3) Accumulated Depreciation (4) Date of Construction / Acquisition Mayfaire Town Center, Wilmington, NC — 26,333 101,087 15,712 — 26,333 116,799 143,132 (8,592 ) 2015 Meridian Mall, Lansing, MI — 529 103,678 80,804 — 2,232 182,779 185,011 (88,679 ) 1998 Mid Rivers Mall, St. Peters, MO — 16,384 170,582 16,465 (2,050 ) 14,334 187,047 201,381 (60,034 ) 2007 Monroeville Mall, Pittsburgh, PA — 22,911 177,214 79,105 — 25,432 253,798 279,230 (87,876 ) 2004 Northgate Mall, Chattanooga, TN — 2,330 8,960 26,245 (123 ) 3,274 34,138 37,412 (9,922 ) 2011 Northpark Mall, Joplin, MO — 9,977 65,481 48,398 — 10,962 112,894 123,856 (45,028 ) 2004 Northwoods Mall, North Charleston, SC 66,544 14,867 49,647 24,754 (2,339 ) 12,528 74,401 86,929 (31,154 ) 2001 Old Hickory Mall, Jackson, TN — 15,527 29,413 8,845 — 15,531 38,254 53,785 (16,976 ) 2001 The Outlet Shoppes at Atlanta, Woodstock, GA 79,407 8,598 100,613 (37,409 ) (740 ) 7,858 63,204 71,062 (16,251 ) 2013 The Outlet Shoppes at El Paso, El Paso, TX 6,613 7,345 98,602 10,852 — 7,569 109,230 116,799 (20,419 ) 2012 The Outlet Shoppes at Gettysburg, Gettysburg, PA 38,354 20,779 22,180 1,863 — 20,778 24,044 44,822 (5,477 ) 2012 The Outlet Shoppes at Laredo, Laredo, TX 80,145 11,000 97,711 — — 11,000 97,711 108,711 (3,285 ) 2017 The Outlet Shoppes of the Bluegrass, Simpsonville, KY 82,990 3,193 72,962 3,846 — 3,193 76,808 80,001 (13,970 ) 2014 Park Plaza Mall, Little Rock, AR 84,084 6,297 81,638 44,837 — 6,304 126,468 132,772 (51,198 ) 2004 Parkdale Mall, Beaumont, TX 81,108 23,850 47,390 63,881 (307 ) 25,333 109,481 134,814 (45,229 ) 2001 Parkway Place, Huntsville, AL 35,608 6,364 67,067 6,903 — 6,364 73,970 80,334 (18,384 ) 2010 Pearland Town Center, Pearland, TX — 16,300 108,615 20,375 (857 ) 15,443 128,990 144,433 (42,952 ) 2008 Post Oak Mall, College Station, TX — 3,936 48,948 16,680 (327 ) 3,609 65,628 69,237 (36,072 ) 1982 Richland Mall, Waco, TX — 9,874 34,793 20,716 (1,225 ) 8,662 55,496 64,158 (23,072 ) 2002 South County Center, St. Louis, MO — 15,754 159,249 15,830 — 15,754 175,079 190,833 (52,942 ) 2007 Southaven Towne Center, Southaven, MS — 8,255 29,380 7,434 — 8,896 36,173 45,069 (13,336 ) 2005 Southpark Mall, Colonial Heights, VA 61,036 9,501 73,262 38,039 — 11,282 109,520 120,802 (43,696 ) 2003 St. Clair Square, Fairview Heights, IL — 11,027 75,620 35,962 — 11,027 111,582 122,609 (55,751 ) 1996 Stroud Mall, Stroudsburg, PA — 14,711 23,936 23,007 — 14,711 46,943 61,654 (19,792 ) 1998 Sunrise Mall, Brownsville, TX — 11,156 59,047 16,752 — 11,156 75,799 86,955 (26,322 ) 2003 Turtle Creek Mall, Hattiesburg, MS — 2,345 26,418 20,509 — 3,535 45,737 49,272 (25,218 ) 1993-1994 Valley View Mall, Roanoke, VA 55,107 15,985 77,771 23,706 — 15,999 101,463 117,462 (38,647 ) 2003 Volusia Mall, Daytona Beach, FL 43,722 2,526 120,242 31,492 — 8,945 145,315 154,260 (50,781 ) 2004 West Towne Mall, Madison, WI — 9,545 83,084 50,229 — 9,545 133,313 142,858 (54,298 ) 2001 WestGate Mall, Spartanburg, SC 34,991 2,149 23,257 51,917 (432 ) 1,742 75,149 76,891 (40,075 ) 1995 Initial Cost (1) Gross Amounts at Which Carried at Close of Period Description /Location Encumbrances (2) Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Sales of Outparcel Land Land Buildings and Improvements Total (3) Accumulated Depreciation (4) Date of Construction / Acquisition Westmoreland Mall, Greensburg, PA — 4,621 84,215 28,744 (397 ) 4,224 112,959 117,183 (44,138 ) 2002 York Galleria, York, PA — 5,757 63,316 18,065 — 5,757 81,381 87,138 (35,236 ) 1999 Other Property Types 840 Greenbrier Circle, Chesapeake, VA — 2,096 3,091 379 — 2,096 3,470 5,566 (1,357 ) 2007 850 Greenbrier Circle, Chesapeake, VA — 3,154 6,881 (289 ) — 3,154 6,592 9,746 (1,985 ) 2007 Annex at Monroeville, Pittsburgh, PA — — 29,496 321 — — 29,817 29,817 (9,971 ) 2004 CBL Center, Chattanooga, TN 18,522 140 24,675 1,982 — 1,864 24,933 26,797 (14,569 ) 2001 CBL Center II, Chattanooga, TN — — 13,648 1,759 — 358 15,049 15,407 (5,134 ) 2008 CoolSprings Crossing, Nashville, TN — 2,803 14,985 5,830 — 3,554 20,064 23,618 (13,122 ) 1991-1993 Courtyard at Hickory Hollow, Nashville, TN — 3,314 2,771 (1,603 ) (231 ) 1,500 2,751 4,251 (983 ) 1998 The Forum at Grandview, Madison, MS — 9,234 17,285 21,323 (684 ) 8,652 38,506 47,158 (5,862 ) 2010 Frontier Square, Cheyenne, WY — 346 684 434 (86 ) 260 1,118 1,378 (729 ) 1985 Gulf Coast Town Center, Ft. Myers, FL — 628 6,835 — — 628 6,835 7,463 — 2005-2017 Gunbarrel Pointe, Chattanooga, TN — 4,170 10,874 3,748 — 4,170 14,622 18,792 (6,362 ) 2000 Hamilton Corner, Chattanooga, TN — 630 5,532 8,179 734 13,607 14,341 (7,300 ) 1986-1987 Hamilton Crossing, Chattanooga, TN 9,102 4,014 5,906 7,004 (1,370 ) 2,644 12,910 15,554 (7,265 ) 1987 Harford Annex, Bel Air, MD — 2,854 9,718 1,357 — 2,854 11,075 13,929 (3,986 ) 2003 The Landing at Arbor Place, Atlanta (Douglasville), GA — 4,993 14,330 3,512 (2,242 ) 2,751 17,842 20,593 (9,684 ) 1998-1999 Layton Hills Convenience Center, Layton, UT — — 8 6,270 — 2,794 3,484 6,278 (1,711 ) 2005 Layton Hills Plaza, Layton, UT — — 2 982 — 673 311 984 (241 ) 2005 Parkdale Crossing, Beaumont, TX — 2,994 7,408 2,482 (355 ) 2,639 9,890 12,529 (3,769 ) 2002 Parkway Plaza, Fort Oglethorpe, GA — 2,675 13,435 22 — 2,675 13,457 16,132 (1,335 ) 2015 Pearland Hotel, Pearland, TX — — 16,149 2,266 — — 18,415 18,415 (5,054 ) 2008 Pearland Office, Pearland, TX — — 7,849 2,594 — — 10,443 10,443 (3,176 ) 2009 Pearland Residential Mgmt, Pearland, TX — — 9,666 9 — — 9,675 9,675 (2,531 ) 2008 The Plaza at Fayette, Lexington, KY — 9,531 27,646 2,308 — 9,531 29,954 39,485 (9,796 ) 2006 The Promenade, D'Iberville, MS — 16,278 48,806 25,035 (706 ) 17,953 71,460 89,413 (18,791 ) 2009 The Shoppes At Hamilton Place, Chattanooga, TN — 4,894 11,700 (575 ) — 2,811 13,208 16,019 (4,799 ) 2003 The Shoppes at St. Clair Square, Fairview Heights, IL — 8,250 23,623 552 (5,044 ) 3,206 24,175 27,381 (9,883 ) 2007 Initial Cost (1) Gross Amounts at Which Carried at Close of Period Description /Location Encumbrances (2) Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Sales of Outparcel Land Land Buildings and Improvements Total (3) Accumulated Depreciation (4) Date of Construction / Acquisition Statesboro Crossing, Statesboro, GA 10,836 2,855 17,805 2,368 (235 ) 2,840 19,953 22,793 (5,547 ) 2008 Sunrise Commons, Brownsville, TX — 1,013 7,525 2,520 — 1,013 10,045 11,058 (3,790 ) 2003 The Terrace, Chattanooga, TN 12,709 4,166 9,929 8,475 — 6,536 16,034 22,570 (6,573 ) 1997 West Towne Crossing, Madison, WI — 1,151 2,955 7,940 — 2,126 9,920 12,046 (3,346 ) 1998 WestGate Crossing, Spartanburg, SC — 1,082 3,422 8,348 — 1,082 11,770 12,852 (5,128 ) 1997 Westmoreland Crossing, Greensburg, PA — 2,898 21,167 9,252 — 2,898 30,419 33,317 (11,683 ) 2002 DISPOSITIONS: Chesterfield Mall, Chesterfield, MO — 11,083 282,140 (293,223 ) — — — — — 2007 College Square, Morristown, TN — 2,954 17,787 (20,653 ) (88 ) — — — — 1987-1988 Foothills Mall, Maryville, TN — 5,558 25,244 (30,802 ) — — — — — 1996 Midland Mall, Midland, MI — 10,321 29,429 (39,750 ) — — — — — 2001 One Oyster Point, Newport News, VA — 1,822 3,623 (5,445 ) — — — — — 2007 The Outlet Shoppes at Oklahoma City, Oklahoma City, OK — 7,402 50,268 (57,670 ) — — — — — 2011 Two Oyster Point, Newport News, VA — 1,543 3,974 (5,517 ) — — — — — 2007 Wausau Center, Wausau, WI — 5,231 24,705 (24,705 ) (5,231 ) — — — — 2001 Other — 2,777 4,002 (1,385 ) (324 ) 3,214 1,856 5,070 (1,719 ) Developments in progress consisting of — — — 85,346 — — 85,346 85,346 — TOTALS $ 1,908,027 $ 837,065 $ 5,390,463 $ 1,431,979 $ (37,577 ) $ 813,390 $ 6,808,540 $ 7,621,930 $ (2,465,095 ) (1) Initial cost represents the total cost capitalized including carrying cost at the end of the first fiscal year in which the Property opened or was acquired. (2) Encumbrances represent the face amount of the mortgage and other indebtedness balance at December 31, 2017 , excluding debt premium or discount, if applicable. (3) The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $7.721 billion . (4) Depreciation for all Properties is computed over the useful life which is generally 40 years for buildings, 10 - 20 years for certain improvements and 7 - 10 years for equipment and fixtures. The changes in real estate assets and accumulated depreciation for the years ending December 31, 2017 , 2016 , and 2015 are set forth below (in thousands): Year Ended December 31, 2017 2016 2015 REAL ESTATE ASSETS: Balance at beginning of period $ 7,947,647 $ 8,240,521 $ 8,187,183 Additions during the period: Additions and improvements 177,482 263,265 230,990 Acquisitions of real estate assets 78,516 — 182,747 Deductions during the period: Disposals, deconsolidations and accumulated depreciation on impairments (506,399 ) (435,331 ) (249,716 ) Transfers from real estate assets (3,915 ) (3,986 ) (4,738 ) Impairment of real estate assets (71,401 ) (116,822 ) (105,945 ) Balance at end of period $ 7,621,930 $ 7,947,647 $ 8,240,521 ACCUMULATED DEPRECIATION: Balance at beginning of period $ 2,427,108 $ 2,382,568 $ 2,240,007 Depreciation expense 272,945 272,697 274,544 Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired (234,958 ) (228,157 ) (131,983 ) Balance at end of period $ 2,465,095 $ 2,427,108 $ 2,382,568 |
Schedule IV - MORTGAGE NOTES RE
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE | Schedule IV CBL & ASSOCIATES PROPERTIES, INC. MORTGAGE NOTES RECEIVABLE ON REAL ESTATE Name Of Center/Location Interest Rate Final Maturity Date Monthly Payment Amount (1) Balloon Payment At Maturity Prior Liens Face Amount Of Mortgage Carrying Amount Of Mortgage (2) Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest FIRST MORTGAGES: Columbia Place Outparcel 5.00% Feb-2022 $ 3 $ 210 None $ 360 $ 302 $ — One Park Place - Chattanooga, TN 5.00% May-2022 21 — None 3,200 1,010 — Village Square - Houghton Lake, MI 4.00% Mar-2018 10 1,583 None 2,627 1,596 — Other 4.07% - 9.50% (3) Dec-2016 / Jan-2047 (4) 14 2,534 2,597 2,510 1,100 $ 48 $ 4,327 $ 8,784 $ 5,418 $ 1,100 (1) Equal monthly installments comprised of principal and interest, unless otherwise noted. (2) The aggregate carrying value for federal income tax purposes was $5,418 at December 31, 2017 . (3) Mortgage notes receivable aggregated in Other include a variable-rate note that bears interest at prime plus 2.0% , currently at 6.50% , and a variable-rate note that bears interest at LIBOR plus 2.50% . (4) A $1,100 note for The Promenade at D'Iberville with a maturity date of December 2016 is in default at December 31, 2017 . See Note 10 to the consolidated financial statements for additional information. The changes in mortgage notes receivable were as follows (in thousands): Year Ended December 31, 2017 2016 2015 Beginning balance $ 5,680 $ 7,776 $ 9,323 Additions 1,802 — — Payments (2,064 ) (250 ) (1,547 ) Write-Offs (1) — (1,846 ) — Ending balance $ 5,418 $ 5,680 $ 7,776 (1) See Note 10 to the consolidated financial statements for more information. |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Variable Interest Entity | CBL conducts substantially all of its business through CBL & Associates Limited Partnership (the "Operating Partnership"), which is a variable interest entity ("VIE"). In accordance with the guidance in Accounting Standards Codification ("ASC") 810, Consolidations , the Company is exempt from providing further disclosures related to the Operating Partnership's VIE classification. The Operating Partnership consolidates the financial statements of all entities in which it has a controlling financial interest or where it is the primary beneficiary of a VIE. Investments in Unconsolidated Affiliates The Company evaluates its joint venture arrangements to determine whether they should be recorded on a consolidated basis. The percentage of ownership interest in the joint venture, an evaluation of control and whether a VIE exists are all considered in the Company’s consolidation assessment. Initial investments in joint ventures that are in economic substance a capital contribution to the joint venture are recorded in an amount equal to the Company’s historical carryover basis in the real estate contributed. Initial investments in joint ventures that are in economic substance the sale of a portion of the Company’s interest in the real estate are accounted for as a contribution of real estate recorded in an amount equal to the Company’s historical carryover basis in the ownership percentage retained and as a sale of real estate with profit recognized to the extent of the other joint venturers’ interests in the joint venture. Profit recognition assumes the Company has no commitment to reinvest with respect to the percentage of the real estate sold and the accounting requirements of the full accrual method are met. The Company accounts for its investment in joint ventures where it owns a noncontrolling interest or where it is not the primary beneficiary of a VIE using the equity method of accounting. Under the equity method, the Company’s cost of investment is adjusted for additional contributions to and distributions from the unconsolidated affiliate, as well as its share of equity in the earnings of the unconsolidated affiliate. Generally, distributions of cash flows from operations and capital events are first made to partners to pay cumulative unpaid preferences on unreturned capital balances and then to the partners in accordance with the terms of the joint venture agreements. Any differences between the cost of the Company’s investment in an unconsolidated affiliate and its underlying equity as reflected in the unconsolidated affiliate’s financial statements generally result from costs of the Company’s investment that are not reflected on the unconsolidated affiliate’s financial statements, capitalized interest on its investment and the Company’s share of development and leasing fees that are paid by the unconsolidated affiliate to the Company for development and leasing services provided to the unconsolidated affiliate during any development periods. At December 31, 2017 and 2016 , the net difference between the Company’s investment in unconsolidated affiliates and the underlying equity of unconsolidated affiliates, which are amortized over a period equal to the useful life of the unconsolidated affiliates' asset/liability that is related to the basis difference, was $(6,038) and $(6,966) , respectively. On a periodic basis, the Company assesses whether there are any indicators that the fair value of the Company's investments in unconsolidated affiliates may be impaired. An investment is impaired only if the Company’s estimate of the fair value of the investment is less than the carrying value of the investment and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Company's estimates of fair value for each investment are based on a number of assumptions that are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter the Company’s assumptions, the fair values estimated in the impairment analyses may not be realized. In accordance with the guidance in ASU 2015-02 and ASU 2016-17, as discussed in Note 2 , 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 adopted ASU 2015-02 as of January 1, 2016 and ASU 2016-17 was adopted as of January 1, 2017 on a modified retrospective basis. The adoption of ASU 2016-17 did not change any of the Company's consolidation conclusions made under ASU 2015-02 and did not change amounts within the consolidated financial statements. 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. |
Basis of Presentation | Basis of Presentation This Form 10-K provides separate consolidated financial statements for the Company and the Operating Partnership. Due to the Company's ability as general partner to control the Operating Partnership, the Company consolidates the Operating Partnership within its consolidated financial statements for financial reporting purposes. The notes to consolidated financial statements apply to both the Company and the Operating Partnership, unless specifically noted otherwise. The accompanying consolidated financial statements include the consolidated accounts of the Company, the Operating Partnership and their wholly owned subsidiaries, as well as entities in which the Company has a controlling financial interest or entities where the Company is deemed to be the primary beneficiary of a VIE. For entities in which the Company has less than a controlling financial interest or entities where the Company is not deemed to be the primary beneficiary of a VIE, the entities are accounted for using the equity method of accounting. Accordingly, the Company's share of the net earnings or losses of these entities is included in consolidated net income. The accompanying consolidated financial statements have been prepared in accordance with GAAP. All intercompany transactions have been eliminated. |
Reclassifications | Reclassifications Certain reclassifications have been made to amounts in the Company's prior-year financial statements to conform to the current period presentation. The Company reclassified certain amounts related to restricted cash in its consolidated statements of cash flows for the years ended December 31, 2016 and 2015 upon the adoption of the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2016-18, Restricted Cash ("ASU 2016-18"), which requires the change in restricted cash to be reported with cash and cash equivalents when reconciling beginning and ending amounts on the consolidated statements of cash flows. The guidance was applied retrospectively to all periods presented. See below in Accounting Guidance Adopted for additional information on the adoption of ASU 2016-18. |
Accounting Guidance Adopted and Not Yet Effective | Accounting Guidance Adopted In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 identifies areas for simplification of accounting for share-based payment transactions. ASU 2016-09 allows an entity to make an accounting policy election to either (1) recognize forfeitures as they occur or (2) continue to estimate the number of awards expected to be forfeited. The Company elected to account for forfeitures of share-based payments as they occur. As the amount of the retrospective adjustment was nominal, the Company elected not to record the change. See Note 16 for further information on the adoption of this guidance. The guidance also requires that when an employer withholds shares upon the vesting of restricted shares for the purpose of meeting tax withholding requirements, that the cash paid for withholding taxes is classified as a financing activity on the statement of cash flows. The Company previously included these amounts within operating activities. ASU 2016-09 is to be applied on a modified retrospective basis as a cumulative-effect adjustment to retained earnings as of the date of adoption. The Company adopted ASU 2016-09 as of January 1, 2017 and it did not have a material impact on its consolidated financial statements and related disclosures. In October 2016, the FASB issued ASU 2016-17, Interests Held Through Related Parties That Are under Common Control, ("ASU 2016-17") which amended the consolidation guidance in ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"), to change how a reporting entity that is a single decision maker of a VIE should consider indirect interests in a VIE held through related parties that are under common control with the entity when determining whether it is the primary beneficiary of the VIE. ASU 2016-17 simplifies the analysis to require consideration of only an entity's proportionate indirect interest in a VIE held through a party under common control. The guidance was applicable on a retrospective basis to all periods in fiscal year 2016, which is the period in which ASU 2015-02 was adopted by the Company. The Company adopted ASU 2016-17 as of January 1, 2017 and it did not have a material impact on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business , ("ASU 2017-01"), which provides a more narrow definition of a business to be used in determining the accounting treatment of an acquisition. Under ASC 805, Business Combinations , the Company generally accounted for acquisitions of shopping center properties as acquisitions of a business. Under ASU 2017-01, more acquisitions are expected to be accounted for as acquisitions of assets. Transaction costs for asset acquisitions are capitalized while those related to business acquisitions are expensed. ASU 2017-01 is to be applied prospectively to any transactions occurring within the period of adoption. The Company adopted ASU 2017-01 as of January 1, 2017. The Company expects most of its future acquisitions of shopping center properties will be accounted for as acquisitions of assets in accordance with the guidance in ASU 2017-01. In January 2017, the FASB issued ASU 2017-03, Amendments to SEC Paragraphs Pursuant to Staff Announcements at the September 22, 2016 and November 17, 2016 EITF Meetings , ("ASU 2017-03"), which provides guidance related to the disclosure of the potential impact that the adoption of ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"); ASU 2016-02, Leases ("ASU 2016-02") and ASU 2016-13, Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") could have on the Company's consolidated financial statements. ASU 2017-03 was effective upon issuance and the Company has incorporated this guidance within its current disclosures. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). The objective of ASU 2016-15 is to reduce diversity in practice in the classification of certain items in the statement of cash flows, including the classification of distributions received from equity method investees. The guidance is to be applied on a retrospective basis. The Company adopted ASU 2016-15 in the fourth quarter of 2017 and it did not have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18 to address diversity in practice related to the classification and presentation of changes in restricted cash. The update requires a reporting entity to explain the change in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents in reconciling the beginning-of-period and end-of-period total amounts on the statement of cash flows. The Company adopted ASU 2016-18 in the fourth quarter of 2017 and it had no impact on the Company's total consolidated cash flows as the adoption of the guidance only changed the location of where restricted cash is reported within the consolidated statements of cash flows. As a result, restricted cash additions of $11,434 and restricted cash reductions of $5,491 for the years ended December 31, 2016 and 2015, respectively, were reclassified from cash flows from investing activities and are included in the beginning-of-period and end-of-period total amounts on the consolidated statements of cash flows for the respective periods. As prescribed by the guidance, a reconciliation was added to the consolidated Statements of Cash Flows to reconcile ending cash, cash equivalents and restricted cash to the respective line items in the consolidated balance sheets. Accounting Guidance Not Yet Effective Revenue Recognition guidance and implementation update In May 2014, the FASB and the International Accounting Standards Board jointly issued ASU 2014-09. The objective of this converged standard is to enable financial statement users to better understand and analyze revenue by replacing current transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that the entity expects to be entitled to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other guidance such as lease and insurance contracts. The Company adopted the guidance as of January 1, 2018 using a modified retrospective approach and it did not have a material impact on its consolidated financial statements as the majority of the Company's revenue is derived from real estate lease contracts. The Company elected to apply the guidance to contracts with open performance obligations as of January 1, 2018. The cumulative effect of adopting ASC 606 includes an opening adjustment of approximately $362 to retained earnings as of January 1, 2018, to record contract assets and contract liabilities. Historical amounts for prior periods will not be adjusted and will continue to be reported using the guidance in Topic 605, Revenue Recognition. The following updates, which were effective as of the same date as ASU 2014-09 as deferred by ASU 2015-14, Deferral of the Effective Date , were issued by the FASB to clarify the implementation of the revenue guidance: Issuance Date Accounting Standards Update March 2016 ASU 2016-08 Principal versus Agent Considerations (Reporting Revenue Gross versus Net) April 2016 ASU 2016-10 Identifying Performance Obligations and Licensing May 2016 ASU 2016-11 Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting May 2016 ASU 2016-12 Narrow Scope Improvements and Practical Expedients December 2016 ASU 2016-20 Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers September 2017 ASU 2017-13 Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments November 2017 ASU 2017-14 Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 116 and SEC Release No. 33-10403 The Company's revenues largely consist of income earned from leasing. Other revenue streams which are in the scope of ASC 606 primarily include earnings from property management, leasing and development agreements with unconsolidated affiliates and third parties in addition to marketing and other revenues. As part of the implementation process, the Company completed a review to ascertain which contracts were in the scope of the revenue guidance noted above. For those contracts in scope, these were evaluated using the prescribed five-step method. Based on its evaluation of these contracts, the Company does not expect any material changes in the amount or timing of its revenues upon adoption of the guidance. The Company's revenue streams for the year ended December 31, 2017 , approximate the following: Revenue stream % of Total Revenues Leasing revenues 97% Revenues within the scope of ASC 606 2% Other revenues 1% 100% Leasing guidance and implementation update In February 2016, the FASB issued ASU 2016-02. The objective of ASU 2016-02 is to increase transparency and comparability by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, lessees will be required to recognize a right-of-use asset and corresponding lease liability on the balance sheet for all leases with terms greater than 12 months. The guidance applied by a lessor under ASU 2016-02 is substantially similar to existing GAAP. For public companies, ASU 2016-02 is effective for annual periods beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted. Lessees and lessors are required to use a modified retrospective transition method for all leases existing at, or entered into after, the date of initial application. Accordingly, they would apply the new accounting model for the earliest year presented in the financial statements. A number of practical expedients may also be elected. The Company completed a preliminary assessment and continues to evaluate the potential impact the guidance may have on its consolidated financial statements and related disclosures and will adopt ASU 2016-02 as of January 1, 2019. As a lessor, the Company expects substantially all leases will continue to be classified as operating leases under the new leasing guidance. Additionally, the Company expects to expense certain deferred lease costs due to the narrowed definition of indirect costs that may be capitalized. As a lessee, the Company has 13 ground lease arrangements in which the Company is the lessee for land. As of December 31, 2017 , these ground leases have future contractual payments of approximately $15,113 with maturity dates ranging from January 2019 through July 2089. Other Guidance In June 2016, the FASB issued ASU 2016-13. The objective of ASU 2016-13 is to provide financial statement users with information about expected credit losses on financial assets and other commitments to extend credit by a reporting entity. The guidance replaces the current incurred loss impairment model, which reflects credit events, with a current expected credit loss model, which recognizes an allowance for credit losses based on an entity's estimate of contractual cash flows not expected to be collected. For public companies that are Securities and Exchange Commission ("SEC") filers, ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years. Early adoption is permitted. The guidance is to be applied on a modified retrospective basis. The Company plans to adopt ASU 2016-13 as of January 1, 2020 and is evaluating the impact that this update may have on its consolidated financial statements and related disclosures. In February 2017, the FASB issued ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ("ASU 2017-05"), which applies to the partial sale or transfer of nonfinancial assets, including real estate assets, to unconsolidated joint ventures. ASU 2017-05 requires 100% of the gain or loss to be recognized for nonfinancial assets transferred to an unconsolidated joint venture and any noncontrolling interest received in such nonfinancial assets to be measured at fair value. The Company adopted the guidance on January 1, 2018 using a modified retrospective transition method, which required a cumulative effect adjustment as of the date of adoption. This adjustment (1 ) marked investments in unconsolidated joint ventures to fair value as of the date of contribution to the unconsolidated joint ventures, and (2) recognized the remainder of the gain associated with transferring the assets to the unconsolidated joint venture. In its adoption of ASU 2017-15, the Company identified one unconsolidated affiliate, CBL/T-C, LLC, in which the Company recorded a partial sale of real estate assets in 2011, and will record a gain of $57,850 as a cumulative effect adjustment as of January 1, 2018. Additionally, in conjunction with the transfer of land in the formation of a new joint venture in 2017, the Company will record a gain of $902 related to this transaction as a cumulative effect adjustment as of January 1, 2018. In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting ("ASU 2017-09") which provides guidance on the types of changes to the terms or conditions of a share-based payment award to which an entity would be required to apply modification accounting under ASC 718, Compensation - Stock Compensation . The Company adopted ASU 2017-09 on a prospective basis as of January 1, 2018 and it did not have a material impact on its consolidated financial statements. |
Real Estate Assets | Real Estate Assets The Company capitalizes predevelopment project costs paid to third parties. All previously capitalized predevelopment costs are expensed when it is no longer probable that the project will be completed. Once development of a project commences, all direct costs incurred to construct the project, including interest and real estate taxes, are capitalized. Additionally, certain general and administrative expenses are allocated to the projects and capitalized based on the amount of time applicable personnel work on the development project. Ordinary repairs and maintenance are expensed as incurred. Major replacements and improvements are capitalized and depreciated over their estimated useful lives. All acquired real estate assets have been accounted for using the acquisition method of accounting and accordingly, the results of operations are included in the consolidated statements of operations from the respective dates of acquisition. The Company allocates the purchase price to (i) tangible assets, consisting of land, buildings and improvements, as if vacant, and tenant improvements, and (ii) identifiable intangible assets and liabilities, generally consisting of above-market leases, in-place leases and tenant relationships, which are included in other assets, and below-market leases, which are included in accounts payable and accrued liabilities. The Company uses estimates of fair value based on estimated cash flows, using appropriate discount rates, and other valuation techniques to allocate the purchase price to the acquired tangible and intangible assets. Liabilities assumed generally consist of mortgage debt on the real estate assets acquired. Assumed debt is recorded at its fair value based on estimated market interest rates at the date of acquisition. Upon the adoption of ASU 2017-01 on a prospective basis in January 2017, as noted above, the Company expects its future acquisitions will be accounted for as acquisitions of assets in which related transaction costs will be capitalized. Depreciation is computed on a straight-line basis over estimated lives of 40 years for buildings, 10 to 20 years for certain improvements and 7 to 10 years for equipment and fixtures. Tenant improvements are capitalized and depreciated on a straight-line basis over the term of the related lease. Lease-related intangibles from acquisitions of real estate assets are generally amortized over the remaining terms of the related leases. The amortization of above- and below-market leases is recorded as an adjustment to minimum rental revenue, while the amortization of all other lease-related intangibles is recorded as amortization expense. Any difference between the face value of the debt assumed and its fair value is amortized to interest expense over the remaining term of the debt using the effective interest method. |
Carrying Value of Long-Lived Assets | Carrying Value of Long-Lived Assets The Company monitors events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of a long-lived asset may not be recoverable, the Company assesses the recoverability of the asset by determining whether the asset’s carrying value will be recovered through the estimated undiscounted future cash flows expected from the Company’s probability weighted use of the asset and its eventual disposition. In the event that such undiscounted future cash flows do not exceed the carrying value, the Company adjusts the carrying value of the long-lived asset to its estimated fair value and recognizes an impairment loss. The estimated fair value is calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value. Certain of the Company’s long-lived assets may be carried at more than an amount that could be realized in a current disposition transaction. Projections of expected future operating cash flows require that the Company estimates future market rental income amounts subsequent to expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the Property, and the number of years the Property is held for investment, among other factors. As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management’s estimates of future possible outcomes. Therefore, the future cash flows estimated in the Company’s impairment analyses may not be achieved. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less as cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash of $35,546 and $46,119 was included in intangible lease assets and other assets at December 31, 2017 and 2016 , respectively. Restricted cash consists primarily of cash held in escrow accounts for debt service, insurance, real estate taxes, capital improvements and deferred maintenance as required by the terms of certain mortgage notes payable. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are realizable based on factors affecting the collectability of those balances. The Company’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income. |
Deferred Financing Costs | Deferred Financing Costs Net deferred financing costs related to the Company's lines of credit of $3,301 and $4,890 were included in intangible lease assets and other assets at December 31, 2017 and 2016 , respectively. Net deferred financing costs related to the Company's other indebtedness of $18,938 and $17,855 were included in net mortgage and other indebtedness at December 31, 2017 and 2016 , respectively. Deferred financing costs include fees and costs incurred to obtain financing and are amortized on a straight-line basis to interest expense over the terms of the related indebtedness. |
Marketable Securities | Marketable Securities The Company recognized a realized gain of $16,560 , for the difference between the net proceeds of $20,755 less the adjusted cost of $4,195 related to the sale of all its marketable securities in 2015. Unrealized gains and losses on available-for-sale securities that are deemed to be temporary in nature are recorded as a component of accumulated other comprehensive income (loss) ("AOCI/L") in redeemable noncontrolling interests, shareholders’ equity and partners' capital, and noncontrolling interests. Realized gains are recorded in gain on investments. Gains or losses on securities sold were based on the specific identification method. |
Interest Rate Hedging Instruments | Interest Rate Hedging Instruments To qualify as a hedging instrument, a derivative must pass prescribed effectiveness tests, performed quarterly using both qualitative and quantitative methods. The Company had entered into derivative agreements, which matured on April 1, 2016, that qualified as hedging instruments and were designated, based upon the exposure being hedged, as cash flow hedges. To the extent they were effective, changes in the fair values of cash flow hedges were reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged item affected earnings. The gain or loss on the termination of an effective cash flow hedge was reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged item affected earnings. The Company also assessed the credit risk that the counterparty would not perform according to the terms of the contract. |
Revenue Recognition | Revenue Recognition Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms of the related leases. Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements. Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable. The Company receives reimbursements from tenants for real estate taxes, insurance, common area maintenance ("CAM") and other recoverable operating expenses as provided in the lease agreements. Tenant reimbursements are recognized when earned in accordance with the tenant lease agreements. Tenant reimbursements related to certain capital expenditures are billed to tenants over periods of 5 to 15 years and are recognized as revenue in accordance with the underlying lease terms. The Company receives management, leasing and development fees from third parties and unconsolidated affiliates. Management fees are charged as a percentage of revenues (as defined in the management agreement) and are recognized as revenue when earned. Development fees are recognized as revenue on a pro rata basis over the development period. Leasing fees are charged for newly executed leases and lease renewals and are recognized as revenue when earned. Development and leasing fees received from an unconsolidated affiliate during the development period are recognized as revenue only to the extent of the third-party partner’s ownership interest. Development and leasing fees during the development period, to the extent of the Company’s ownership interest, are recorded as a reduction to the Company’s investment in the unconsolidated affiliate. |
Gain on Sales of Real Estate Assets | Gain on Sales of Real Estate Assets Gain on sales of real estate assets is recognized when it is determined that the sale has been consummated, the buyer’s initial and continuing investment is adequate, the Company’s receivable, if any, is not subject to future subordination, and the buyer has assumed the usual risks and rewards of ownership of the asset. When the Company has an ownership interest in the buyer, gain is recognized to the extent of the third party partner’s ownership interest. |
Income Taxes | Income Taxes The Company is qualified as a REIT under the provisions of the Internal Revenue Code. To maintain qualification as a REIT, the Company is required to distribute at least 90% of its taxable income to shareholders and meet certain other requirements. As a REIT, the Company is generally not liable for federal corporate income taxes. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal and state income taxes on its taxable income at regular corporate tax rates. Even if the Company maintains its qualification as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed income. State tax expense was $3,772 , $3,458 and $3,460 during 2017 , 2016 and 2015 , respectively. The Company has also elected taxable REIT subsidiary status for some of its subsidiaries. This enables the Company to receive income and provide services that would otherwise be impermissible for REITs. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income or expense, as applicable. The Company recorded an income tax benefit (provision) as follows for the years ended December 31, 2017 , 2016 and 2015 : Year Ended December 31, 2017 2016 2015 Current tax benefit (provision) $ 6,459 $ 1,156 $ (3,093 ) Deferred tax benefit (provision) (4,526 ) 907 152 Income tax benefit (provision) $ 1,933 $ 2,063 $ (2,941 ) The Company had a net deferred tax asset of $7,120 and $5,841 at December 31, 2017 and December 31, 2016, respectively. The net deferred tax asset at December 31, 2017 and 2016 is included in intangible lease assets and other assets. The Tax Cuts and Jobs Act was enacted on December 22, 2017 and reduces the U.S. federal corporate tax rate, among other provisions. The Company remeasured certain deferred tax assets, based on the rates at which they are expected to reverse in the future, and recorded a reduction of $2,309 in its net deferred tax assets related to the tax law change. These deferred tax balances primarily consisted of net operating loss carryforwards, operating expense accruals and differences between book and tax depreciation. As of December 31, 2017 , tax years that generally remain subject to examination by the Company’s major tax jurisdictions include 2017, 2016, 2015 and 2014. The Company reports any income tax penalties attributable to its Properties as property operating expenses and any corporate-related income tax penalties as general and administrative expenses in its consolidated statement of operations. In addition, any interest incurred on tax assessments is reported as interest expense. |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s tenants include national, regional and local retailers. Financial instruments that subject the Company to concentrations of credit risk consist primarily of tenant receivables. The Company generally does not obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of tenants. The Company derives a substantial portion of its rental income from various national and regional retail companies |
Earnings per Share and Earnings per Unit | Earnings per Share of the Company Basic earnings per share ("EPS") is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS assumes the issuance of common stock for all potential dilutive common shares outstanding. The limited partners’ rights to convert their noncontrolling interests in the Operating Partnership into shares of common stock are not dilutive. Earnings per Unit of the Operating Partnership Basic earnings per unit ("EPU") is computed by dividing net income attributable to common unitholders by the weighted-average number of common units outstanding for the period. Diluted EPU assumes the issuance of common units for all potential dilutive common units outstanding. |
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership | Accumulated Other Comprehensive Income (Loss) of the Company Comprehensive income (loss) of the Company includes all changes in redeemable noncontrolling interests and total equity during the period, except those resulting from investments by shareholders and partners, distributions to shareholders and partners and redemption valuation adjustments. Other comprehensive income (loss) (“OCI/L”) included changes in unrealized gains (losses) on available-for-sale securities and interest rate hedge agreements. Accumulated Other Comprehensive Income (Loss) of the Operating Partnership Comprehensive income (loss) of the Operating Partnership includes all changes in redeemable common units and partners' capital during the period, except those resulting from investments by unitholders, distributions to unitholders and redemption valuation adjustments. OCI/L includes changes in unrealized gains (losses) on available-for-sale securities and interest rate hedge agreements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. |
Fair Value Measurements | The Company has categorized its financial assets and financial liabilities that are recorded at fair value into a hierarchy in accordance with ASC 820, Fair Value Measurements and Disclosure , ("ASC 820") based on whether the inputs to valuation techniques are observable or unobservable. The fair value hierarchy contains three levels of inputs that may be used to measure fair value as follows: Level 1 - Inputs represent quoted prices in active markets for identical assets and liabilities as of the measurement date. Level 2 - Inputs, other than those included in Level 1, represent observable measurements for similar instruments in active markets, or identical or similar instruments in markets that are not active, and observable measurements or market data for instruments with substantially the full term of the asset or liability. Level 3 - Inputs represent unobservable measurements, supported by little, if any, market activity, and require considerable assumptions that are significant to the fair value of the asset or liability. Market valuations must often be determined using discounted cash flow methodologies, pricing models or similar techniques based on the Company’s assumptions and best judgment. The asset or liability's fair value within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Under ASC 820, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction at the measurement date and under current market conditions. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs and consider assumptions such as inherent risk, transfer restrictions and risk of nonperformance. |
ORGANIZATION (Tables)
ORGANIZATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Real Estate Properties | As of December 31, 2017, the Operating Partnership owned interests in the following Properties: Other Properties Malls (1) Associated Centers Community Centers Office Buildings Total Consolidated Properties 60 20 5 5 (2) 90 Unconsolidated Properties (3) 8 3 4 — 15 Total 68 23 9 5 105 (1) Category consists of regional malls, open-air centers and outlet centers (including one mixed-use center) (the "Malls"). (2) Includes CBL's two corporate office buildings. (3) The Operating Partnership accounts for these investments using the equity method because one or more of the other partners have substantive participating rights. |
Properties Under Development | At December 31, 2017 , the Operating Partnership had interests in the following Properties under development ("Construction Properties"): Consolidated Unconsolidated Malls Malls Other Properties Development — — 1 (1) Expansion 1 — — Redevelopments 3 1 — (1) Reflects a community center in development. |
SUMMARY OF SIGNIFICANT ACCOUN34
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of new accounting pronouncements and changes in accounting principles | The Company's revenue streams for the year ended December 31, 2017 , approximate the following: Revenue stream % of Total Revenues Leasing revenues 97% Revenues within the scope of ASC 606 2% Other revenues 1% 100% The following updates, which were effective as of the same date as ASU 2014-09 as deferred by ASU 2015-14, Deferral of the Effective Date , were issued by the FASB to clarify the implementation of the revenue guidance: Issuance Date Accounting Standards Update March 2016 ASU 2016-08 Principal versus Agent Considerations (Reporting Revenue Gross versus Net) April 2016 ASU 2016-10 Identifying Performance Obligations and Licensing May 2016 ASU 2016-11 Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting May 2016 ASU 2016-12 Narrow Scope Improvements and Practical Expedients December 2016 ASU 2016-20 Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers September 2017 ASU 2017-13 Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments November 2017 ASU 2017-14 Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 116 and SEC Release No. 33-10403 |
Schedule of intangible assets and balance sheet classifications | The Company’s intangibles and their balance sheet classifications as of December 31, 2017 and 2016 , are summarized as follows: December 31, 2017 December 31, 2016 Cost Accumulated Amortization Cost Accumulated Amortization Intangible lease assets and other assets: Above-market leases $ 38,798 $ (31,245 ) $ 49,310 $ (38,197 ) In-place leases 103,230 (78,854 ) 110,968 (80,256 ) Tenant relationships 44,580 (9,719 ) 29,494 (6,610 ) Accounts payable and accrued liabilities: Below-market leases 69,990 (49,756 ) 87,266 (60,286 ) |
Schedule of income tax provision | The Company recorded an income tax benefit (provision) as follows for the years ended December 31, 2017 , 2016 and 2015 : Year Ended December 31, 2017 2016 2015 Current tax benefit (provision) $ 6,459 $ 1,156 $ (3,093 ) Deferred tax benefit (provision) (4,526 ) 907 152 Income tax benefit (provision) $ 1,933 $ 2,063 $ (2,941 ) |
Summary of impact of potential dilutive common shares on the denominator used to compute earnings per share | The following summarizes the impact of potential dilutive common units on the denominator used to compute EPU for the years ended December 31, 2016 and 2015 : Year Ended December 31, 2016 2015 Denominator – basic 199,764 199,734 Effect of performance stock units (1) 74 23 Denominator – diluted 199,838 199,757 (1) Performance stock units are contingently issuable common shares and are included in earnings per unit if the effect is dilutive. See Note 16 for a description of the long-term incentive program that these units relate to. The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS for the years ended December 31, 2016 and 2015 : Year Ended December 31, 2016 2015 Denominator – basic 170,762 170,476 Effect of performance stock units (1) 74 23 Denominator – diluted 170,836 170,499 (1) Performance stock units are contingently issuable common shares and are included in earnings per share if the effect is dilutive. See Note 16 for a description of the long-term incentive program that these units relate to. |
Components of accumulated other comprehensive income (loss) | The changes in the components of AOCI for the years ended December 31, 2016 and 2015 are as follows: Redeemable Noncontrolling Interests The Company Noncontrolling Interests Unrealized Gains (Losses) Hedging Agreements Available- for-Sale Securities Hedging Agreements Available- for-Sale Securities Hedging Agreements Available- for-Sale Securities Total Beginning balance, January 1, 2015 $ 401 $ 384 $ 303 $ 13,108 $ (3,053 ) $ 2,826 $ 13,969 OCI before reclassifications 32 10 3,828 160 251 72 4,353 Amounts reclassified from AOCI (1) — (394 ) (2,196 ) (13,268 ) — (2,898 ) (18,756 ) Net year-to-date period OCI/L 32 (384 ) 1,632 (13,108 ) 251 (2,826 ) (14,403 ) Ending balance, December 31, 2015 433 — 1,935 — (2,802 ) — (434 ) OCI before reclassifications 3 — 814 — 60 — 877 Amounts reclassified from AOCI (1) (436 ) — (2,749 ) — 2,742 — (443 ) Net year-to-date period OCI/L (433 ) — (1,935 ) — 2,802 — 434 Ending balance, December 31, 2016 $ — $ — $ — $ — $ — $ — $ — (1) Reclassified $443 and $2,196 of interest on cash flow hedges to interest expense in the consolidated statement of operations for the years ended December 31, 2016 and 2015 , respectively. Reclassified $16,560 realized gain on sale of available-for-sale securities to gain on investments in the consolidated statement of operations for the year ended December 31, 2015. |
CBL & Associates Limited Partnership | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Components of accumulated other comprehensive income (loss) | The changes in the components of AOCI for the years ended December 31, 2016 and 2015 are as follows: Redeemable Common Units Partners' Capital Unrealized Gains (Losses) Hedging Agreements Available- for-Sale Securities Hedging Agreements Available- for-Sale Securities Total Beginning balance, January 1, 2015 $ 401 $ 384 $ (2,750 ) $ 15,934 $ 13,969 OCI before reclassifications 33 10 4,078 232 4,353 Amounts reclassified from AOCI (1) — (394 ) (2,196 ) (16,166 ) (18,756 ) Net year-to-date period OCI/L 33 (384 ) 1,882 (15,934 ) (14,403 ) Ending balance, December 31, 2015 434 — (868 ) — (434 ) OCI before reclassifications 3 — 874 — 877 Amounts reclassified from AOCI (1) (437 ) — (6 ) — (443 ) Net year-to-date period OCI/L (434 ) — 868 — 434 Ending balance, December 31, 2016 $ — $ — $ — $ — $ — (1) Reclassified $443 and $2,196 of interest on cash flow hedges to interest expense in the consolidated statement of operations for the years ended December 31, 2016 and 2015 , respectively. Reclassified $16,560 realized gain on sale of available-for-sale securities to gain on investments in the consolidated statement of operations for the year ended December 31, 2015. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | The following is a summary of the Company's acquisitions during 2015: Purchase Date Property Property Type Location Ownership Percentage Acquired Cash Purchase Price June 2015 Mayfaire Town Center and Community Center (1) Mall Wilmington, NC 100% $ 191,988 $ 191,988 (1) The Company acquired Mayfaire Town Center and Community Center on June 18, 2015 for $191,988 utilizing availability on its lines of credit. Since the acquisition date, $8,982 of revenue and $410 in income related to Mayfaire Town Center and Community Center were included in the consolidated financial statements for the year ended December 31, 2015. The Company subsequently sold Mayfaire Community Center in December 2015. See Note 4 for more information. |
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the respective acquisition dates: Sears Stores Macy's Stores Total Land $ 45,028 $ 4,635 $ 49,663 Building and improvements 14,814 1,965 16,779 Tenant improvements 4,234 377 4,611 Above-market leases 681 — 681 In-place leases 8,364 579 8,943 Total assets 73,121 7,556 80,677 Below-market leases (356 ) (522 ) (878 ) Net assets acquired $ 72,765 $ 7,034 $ 79,799 The intangible assets and liabilities acquired with the acquisition of the Sears and Macy's stores have weighted-average amortization periods as of the respective acquisition dates as follows (in years): Sears Stores Macy's Stores Above-market leases 2.0 N/A In-place leases 2.2 2.2 Below-market leases 5.4 2.2 The following table summarizes the final allocation of the estimated fair values of the assets acquired and liabilities assumed as of the June 2015 acquisition date for Mayfaire Town Center and Community Center: 2015 Land $ 39,598 Buildings and improvements 139,818 Tenant improvements 3,331 Above-market leases 393 In-place leases 22,673 Total assets 205,813 Below-market leases (13,825 ) Net assets acquired $ 191,988 |
DISPOSITIONS (Tables)
DISPOSITIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Dispositions | The following is a summary of the Company's 2016 dispositions: Sales Price Gain Sales Date Property Property Type Location Gross Net March River Ridge Mall (1) Mall Lynchburg, VA $ 33,500 $ 32,905 $ — April The Crossings at Marshalls Creek All Other Middle Smithfield, PA 23,650 21,791 3,239 May Bonita Lakes Mall & Crossing (2) Mall & All Other Meridian, MS 27,910 27,614 208 July The Lakes Mall / Fashion Square (3) Mall Muskegon, MI 66,500 65,514 273 September Oak Branch Business Center (4) All Other Greensboro, NC 2,400 2,148 — December Cobblestone Village at Palm Coast (5) All Other Palm Coast, FL 8,500 8,106 — December Randolph Mall, Regency Mall & Walnut Square (6) Mall Asheboro, NC 32,250 31,453 — $ 194,710 $ 189,531 $ 3,720 (1) The Company sold a 75% interest in River Ridge Mall and recorded a loss on impairment of $9,510 to adjust the book value of the mall to its estimated net sales price based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. An additional loss on impairment of $84 was recognized in December 2016 to reflect actual closing costs. The Company retained a 25% ownership interest in the mall, which was included in investments in unconsolidated affiliates as of December 31, 2016 on the Company's consolidated balance sheet. The Company sold its remaining interest in 2017. See Note 5 for more information. (2) The Company recognized a loss on impairment of $5,323 in 2016 when it adjusted the book value of the Properties to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect disposition costs. (3) The Company recognized a loss on impairment of $32,096 in 2016 when it adjusted the book value of the malls to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. A non-recourse loan secured by Fashion Square with a principal balance of $38,150 was assumed by the buyer in conjunction with the sale. See Note 6 . (4) The Company recognized a loss on impairment of $122 in the third quarter of 2016 to adjust the book value of the Property to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The loss on impairment was reduced by $22 in the fourth quarter of 2016 to reflect actual closing costs. (5) The Company recorded a loss on impairment of $6,298 to write down the Property to its estimated fair value in the third quarter of 2016 based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. An additional loss on impairment of $150 was recognized in December 2016 for an adjustment to the sales price when the sale closed in December 2016. (6) The Company recorded a loss on impairment in the third quarter of 2016 of $43,294 when it wrote down the book values of the three malls to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The Company reduced the loss on impairment in the fourth quarter of 2016 by $150 to reflect actual closing costs. The following is a summary of these 2017 dispositions: Transfer Date Property Property Type Location January Midland Mall Mall Midland, MI June Chesterfield Mall Mall Chesterfield, MO August Wausau Center Mall Wausau, WI The following is a summary of the Company's 2017 dispositions by sale: Sales Price Gain Sales Date Property Property Type Location Gross Net January One Oyster Point & Two Oyster Point (1) All Other Newport News, VA $ 6,250 $ 6,142 $ — April The Outlet Shoppes at Oklahoma City (2) Mall Oklahoma City, OK 130,000 55,368 75,434 May College Square & Foothills Mall (3) Mall Morristown, TN / Maryville, TN 53,500 50,566 546 $ 189,750 $ 112,076 $ 75,980 (1) These Properties were classified as held for sale as of December 31, 2016. See Note 15 for information on the impairment loss related to these Properties which was recognized in 2016. (2) In conjunction with the sale of this 75 / 25 consolidated joint venture, three loans secured by the mall were retired. See Note 6 for more information. The Company's share of the gain from the sale was approximately $48,800 . In accordance with the joint venture agreement, the joint venture partner received a priority return of $7,477 from the proceeds of the sale. (3) The Company recognized a gain of $1,994 in the second quarter of 2017 upon the sale of the malls. This gain was partially reduced in the third quarter of 2017 due to construction costs of $1,448 not previously considered. The following is a summary of the Company's 2015 dispositions: Sales Price Gain Sales Date Property Property Type Location Gross Net April Madison Square (1) Mall Huntsville, AL $ 5,000 $ 4,955 $ — June EastGate Crossing (2) All Other Cincinnati, OH 21,060 20,688 13,491 July Madison Plaza All Other Huntsville, AL 5,700 5,472 2,769 November Waynesville Commons All Other Waynesville, NC 14,500 14,289 5,071 December Mayfaire Community Center (3) All Other (4) Wilmington, NC 56,300 55,955 — December Chapel Hill Crossing (5) All Other Akron, OH 2,300 2,178 — $ 104,860 $ 103,537 $ 21,331 (1) The Company recognized a loss on impairment of real estate of $2,620 in 2015 when it adjusted the book value of the mall to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. (2) In the fourth quarter of 2015, the Company earned $625 of contingent consideration related to the sale of EastGate Crossing and received $574 of net proceeds for the lease of a tenant space. The Company earned additional consideration in 2016 for the lease of one additional specified tenant space as noted above. Additionally, the buyer assumed the mortgage loan on the Property, which had a balance of $14,570 at the time of the sale. (3) The Company recognized a loss on impairment of real estate of $397 in 2015 when it adjusted the book value of Mayfaire Community Center to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. (4) This Property was combined with Mayfaire Town Center in the Malls category for segment reporting purposes. (5) The Company recognized a loss on impairment of real estate of $1,914 in 2015 when it adjusted the book value of Chapel Hill Crossing to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. |
UNCONSOLIDATED AFFILIATES AND37
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments Accounted for using the Equity method of Accounting | At December 31, 2017 , the Company had investments in the following 17 entities, which are accounted for using the equity method of accounting: Unconsolidated Affiliates Property Name Company's Interest Ambassador Infrastructure, LLC Ambassador Town Center - Infrastructure Improvements 65.0% Ambassador Town Center JV, LLC Ambassador Town Center 65.0% CBL/T-C, LLC CoolSprings Galleria, Oak Park Mall and West County Center 50.0% CBL-TRS Joint Venture, LLC Friendly Center and The Shops at Friendly Center 50.0% EastGate Storage, LLC EastGate Mall self-storage development 50.0% El Paso Outlet Outparcels, LLC The Outlet Shoppes at El Paso (vacant land) 50.0% Fremaux Town Center JV, LLC Fremaux Town Center - Phases I and II 65.0% G&I VIII CBL Triangle LLC Triangle Town Center and Triangle Town Commons 10.0% Governor’s Square IB Governor’s Square Plaza 50.0% Governor’s Square Company Governor’s Square 47.5% Kentucky Oaks Mall Company Kentucky Oaks Mall 50.0% Mall of South Carolina L.P. Coastal Grand 50.0% Mall of South Carolina Outparcel L.P. Coastal Grand Crossing and vacant land 50.0% Port Orange I, LLC The Pavilion at Port Orange - Phase I 50.0% Shoppes at Eagle Point, LLC The Shoppes at Eagle Point 50.0% West Melbourne I, LLC Hammock Landing - Phases I and II 50.0% York Town Center, LP York Town Center 50.0% |
Condensed combined financial statement information - unconsolidated affiliates | Condensed combined financial statement information of the unconsolidated affiliates is as follows: December 31, 2017 2016 ASSETS: Investment in real estate assets $ 2,089,262 $ 2,137,666 Accumulated depreciation (618,922 ) (564,612 ) 1,470,340 1,573,054 Developments in progress 36,765 9,210 Net investment in real estate assets 1,507,105 1,582,264 Other assets 201,114 223,347 Total assets $ 1,708,219 $ 1,805,611 LIABILITIES: Mortgage and other indebtedness, net $ 1,248,817 $ 1,266,046 Other liabilities 41,291 46,160 Total liabilities 1,290,108 1,312,206 OWNERS' EQUITY: The Company 216,292 228,313 Other investors 201,819 265,092 Total owners' equity 418,111 493,405 Total liabilities and owners’ equity $ 1,708,219 $ 1,805,611 Year Ended December 31, 2017 2016 2015 Total revenues $ 236,607 $ 250,361 $ 253,399 Depreciation and amortization (80,102 ) (83,640 ) (79,870 ) Other operating expenses (71,293 ) (76,328 ) (75,875 ) Income from operations 85,212 90,393 97,654 Interest and other income 1,671 1,352 1,337 Interest expense (51,843 ) (55,227 ) (75,485 ) Gain on extinguishment of debt — 62,901 — Gain on sales of real estate assets 555 160,977 2,551 Net income (1) $ 35,595 $ 260,396 $ 26,057 (1) The Company's pro rata share of net income is $22,939 , $117,533 and $18,200 for the years ended December 31, 2017, 2016 and 2015 , respectively, and is included in equity in earnings of unconsolidated affiliates in the consolidated statements of operations. Financings - Unconsolidated Affiliates See Note 14 for a description of guarantees the Operating Partnership has issued related to the unconsolidated affiliates listed below. 2017 Financings The Company's unconsolidated affiliates had the following loan activity in 2017: Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended August Ambassador Town Center - Infrastructure Improvements (2) LIBOR + 2.0% August 2020 $ 11,035 October The Shoppes at Eagle Point (3) LIBOR + 2.75% October 2020 36,400 December Self-storage development - EastGate Mall (4) LIBOR + 2.75% December 2022 6,500 (1) Excludes any extension options. (2) The loan was amended and modified to extend the maturity date. The Operating Partnership has guaranteed 100% of the loan. The unconsolidated affiliate has an interest rate swap on the notional amount of the loan, amortizing to $9,360 over the term of the swap, to effectively fix the interest rate to 3.74% . (3) Shoppes at Eagle Point, LLC closed on a construction loan for the development of The Shoppes at Eagle Point, a community center located in Cookeville, TN. The Operating Partnership has guaranteed 100% of the loan. The loan has one two -year extension option available at the unconsolidated affiliate's election, subject to compliance with the terms of the loan. The interest rate will be reduced to a variable-rate of LIBOR plus 2.35% once construction is complete and certain debt and operational metrics are met. (4) EastGate Storage, LLC closed on a construction loan for the development of a climate controlled self-storage facility adjacent to EastGate Mall in Cincinnati, OH. The loan is interest only through November 2020. Thereafter, monthly principal payments of $10 , in addition to interest, will be due. The Operating Partnership has guaranteed 100% of the loan. Subsequent to December 31, 2017 , several operating Property loans were extended. See Note 19 for more information. 2016 Financings The Company's unconsolidated affiliates had the following loan activity in 2016: Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended February The Pavilion at Port Orange (2) LIBOR + 2.0% February 2018 (3) $ 58,628 February Hammock Landing - Phase I (2) LIBOR + 2.0% February 2018 (3) 43,347 (4) February Hammock Landing - Phase II (2) LIBOR + 2.0% February 2018 (3) 16,757 February Triangle Town Center, Triangle Town Place, Triangle Town Commons (5) 4.00% (6) December 2018 (7) 171,092 June Fremaux Town Center (8) 3.70% (9) June 2026 73,000 June Ambassador Town Center (10) 3.22% (11) June 2023 47,660 December The Shops at Friendly Center (12) 3.34% April 2023 60,000 (1) Excludes any extension options. (2) The guaranty was reduced from 25% to 20% in conjunction with the refinancing. (3) The loan was modified and extended to February 2018 with a one -year extension option, at the joint venture's election, to February 2019. (4) The capacity was increased from $39,475 to fund an expansion. (5) The loan was amended and modified in conjunction with the sale of the Properties to a newly formed joint venture as described above. (6) The interest rate was reduced from 5.74% to 4.00% interest-only payments through the initial maturity date. (7) The loan was extended to December 2018 with two one -year extension options to December 2020. Under the terms of the loan agreement, the joint venture must pay the lender $5,000 to reduce the principal balance of the loan and an extension fee of 0.50% of the remaining outstanding loan balance if it exercises the first extension. If the joint venture elects to exercise the second extension, it must pay the lender $8,000 to reduce the principal balance of the loan and an extension fee of 0.75% of the remaining outstanding principal loan balance. Additionally, the interest rate would increase to 5.74% during the extension period. (8) Net proceeds from the non-recourse loan were used to retire the existing construction loans, secured by Phase I and Phase II of Fremaux Town Center, with an aggregate balance of $71,125 . (9) The joint venture had an interest rate swap on a notional amount of $73,000 , amortizing to $52,130 over the term of the swap, related to Fremaux Town Center to effectively fix the interest rate on the variable-rate loan. In October 2016, the joint venture made an election under the loan agreement to convert the loan from a variable-rate to a fixed-rate loan which bears interest at 3.70% . (10) The non-recourse loan was used to retire an existing construction loan with a principal balance of $41,885 and excess proceeds were utilized to fund remaining construction costs. (11) The joint venture has an interest rate swap on a notional amount of $47,660 , amortizing to $38,866 over the term of the swap, related to Ambassador Town Center to effectively fix the interest rate on the variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. (12) CBL-TRS Joint Venture, LLC closed on a non-recourse loan secured by The Shops at Friendly Center in Greensboro, NC. The new loan has a maturity date with a term of six years to coincide with the maturity date of the existing loan secured by Friendly Center. A portion of the net proceeds were used to retire a $37,640 fixed-rate loan that bore interest at 5.90% and was due to mature in January 2017. |
Schedule of fixed rate loans | The loan, secured by the related unconsolidated Property, was retired in 2017: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid July Gulf Coast Town Center - Phase III (1) 3.13% July 2017 $ 4,118 (1) The Company loaned the unconsolidated affiliate, JG Gulf Coast Town Center, LLC, the amount necessary to retire the loan and received a mortgage note receivable in return. In December 2017, the Company's partner assigned its 50% interest in the Property to the Company. See Note 3 and above for more information. This intercompany loan is eliminated in consolidation as of December 31, 2017 since the Property became wholly-owned by the Company. 2016 Loan Repayments The Company's unconsolidated affiliates retired the following loans, secured by the related unconsolidated Properties, in 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid April Renaissance Center - Phase I 5.61% July 2016 $ 31,484 July Kentucky Oaks Mall (1) 5.27% January 2017 19,912 September Governor's Square Mall (2) 8.23% September 2016 14,089 September High Pointe Commons - Phase I (3) 5.74% May 2017 12,401 September High Pointe Commons - PetCo (3) 3.20% July 2017 19 September High Pointe Commons - Phase II (3) 6.10% July 2017 4,968 December The Shops at Friendly Center (4) 5.90% January 2017 37,640 December Triangle Town Place (5) 4.00% December 2018 29,342 (1) The Company's share of the loan was $9,956 . (2) The Company's share of the loan was $6,692 . (3) The loan secured by the Property was paid off using proceeds from the sale of the Property in September 2016. See above for more information. The Company's share of the loan was 50% . (4) The loan secured by the Property was retired using a portion of the net proceeds from a $60,000 fixed-rate loan. See 2016 Financings above for more information. (5) A portion of the net proceeds was used to pay down the balance of a loan for the portion secured by Triangle Town Place upon its sale in December 2016. After the debt reduction associated with the sale of Triangle Town Place, the principal balance of the loan secured by Triangle Town Center and Triangle Town Commons as of December 31, 2016 was $141,126 , of which the Company's share was $14,113 . The Company's unconsolidated affiliates retired the following construction loans, secured by the related unconsolidated Properties, in 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid June Fremaux Town Center - Phase I (1) 2.44% August 2016 $ 40,530 June Fremaux Town Center - Phase II (1) 2.44% August 2016 30,595 June Ambassador Town Center (2) 2.24% December 2017 41,885 (1) The construction loan was retired using a portion of the net proceeds from a $73,000 fixed-rate non-recourse mortgage loan. See 2016 Financings above for more information. (2) The construction loan was retired using a portion of the net proceeds from a $47,660 fixed-rate non-recourse mortgage loan. Excess proceeds were utilized to fund remaining construction costs. See 2016 Financings above for more information. The following table presents the fixed-rate loans, secured by the related consolidated Properties, that were entered into in 2016 : Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended April Hickory Point Mall (2) 5.85% December 2018 (3) $ 27,446 June Hamilton Place (4) 4.36% June 2026 107,000 December Cary Towne Center (5) 4.00% March 2019 (6) 46,716 December Greenbrier Mall (7) 5.00% December 2019 (8) 70,801 (1) Excludes any extension options. (2) The loan was modified to extend the maturity date. The interest rate remains at 5.85% but the loan is now interest-only. (3) The loan has a one -year extension option at the Company's election for an outside maturity date of December 2019. (4) Proceeds from the non-recourse loan were used to retire an existing $98,181 loan with an interest rate of 5.86% that was scheduled to mature in August 2016. The Company's share of excess proceeds was used to reduce outstanding balances on its credit facilities. (5) The loan was restructured to extend the maturity date and reduce the interest rate from 8.5% to 4.0% interest-only payments. The Company plans to utilize excess cash flows from the mall to fund a proposed redevelopment. The original maturity date is contingent on the Company's redevelopment plans. (6) The loan has one two -year extension option, which is at the Company's option and contingent on the Company having met specified redevelopment criteria, for an outside maturity date of March 2021. (7) The loan was restructured, with an effective date of November 2016, to extend the maturity date and reduce the interest rate from 5.91% to 5.00% interest-only payments through December 2017. The interest rate will increase to 5.4075% on January 1, 2018 and thereafter require monthly principal payments of $225 and $300 in 2018 and 2019, respectively, in addition to interest. (8) The loan has a one -year extension option, at the Company's election, which is contingent on the mall meeting specified debt service and operational metrics. If the loan is extended, monthly principal payments of $325 will be required in 2020 in addition to interest. Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2017 and 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) 2017: January The Plaza at Fayette 5.67% April 2017 $ 37,146 January The Shoppes at St. Clair Square 5.67% April 2017 18,827 February Hamilton Corner 5.67% April 2017 14,227 March Layton Hills Mall 5.66% April 2017 89,526 April The Outlet Shoppes at Oklahoma City (2) 5.73% January 2022 53,386 April The Outlet Shoppes at Oklahoma City - Phase II (2) 3.53% April 2019 5,545 April The Outlet Shoppes at Oklahoma City - Phase III (2) 3.53% April 2019 2,704 September Hanes Mall (3) 6.99% October 2018 144,325 September The Outlet Shoppes at El Paso 7.06% December 2017 61,561 $ 427,247 2016: April CoolSprings Crossing 4.54% April 2016 $ 11,313 April Gunbarrel Pointe 4.64% April 2016 10,083 April Stroud Mall 4.59% April 2016 30,276 April York Galleria 4.55% April 2016 48,337 Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) June Hamilton Place (4) 5.86% August 2016 98,181 August Dakota Square Mall 6.23% November 2016 55,103 October Southaven Towne Center 5.50% January 2017 38,314 $ 291,607 (1) The Company retired the loans with borrowings from its credit facilities unless otherwise noted. (2) The loan was retired in conjunction with the sale of the Property which secured the loan. The Company recorded an $8,500 loss on extinguishment of debt due to a prepayment fee on the early retirement. See Note 4 for more information. (3) We recorded a $371 loss on extinguishment of debt due to a prepayment fee on the early retirement. (4) The joint venture retired the loan with proceeds from a $107,000 fixed-rate non-recourse loan. See Financings section above for more information. The following is a summary of the Company's 2017 dispositions for which the title to the consolidated mall securing the related fixed-rate debt was transferred to the lender in satisfaction of the non-recourse debt: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Balance of Non-recourse Debt Gain on Extinguishment of Debt January Midland Mall 6.10% August 2016 $ 31,953 $ 3,760 June Chesterfield Mall 5.74% September 2016 140,000 29,187 August Wausau Center 5.85% April 2021 17,689 6,851 $ 189,642 $ 39,798 |
MORTGAGE AND OTHER INDEBTEDNE38
MORTGAGE AND OTHER INDEBTEDNESS, NET (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of mortgage and other indebtedness | Mortgage and other indebtedness consisted of the following: December 31, 2017 December 31, 2016 Amount Weighted-Average Interest Rate (1) Amount Weighted-Average Interest Rate (1) Fixed-rate debt: Non-recourse loans on operating Properties $ 1,796,203 5.33% $ 2,453,628 5.55% Senior unsecured notes due 2023 (2) 446,976 5.25% 446,552 5.25% Senior unsecured notes due 2024 (3) 299,946 4.60% 299,939 4.60% Senior unsecured notes due 2026 (4) 615,848 5.95% 394,260 5.95% Total fixed-rate debt 3,158,973 5.37% 3,594,379 5.48% Variable-rate debt: Non-recourse loans on operating Properties 10,836 3.37% 19,055 3.13% Recourse loans on operating Properties (5) 101,187 4.00% 24,428 3.29% Construction loan (5) — —% 39,263 3.12% December 31, 2017 December 31, 2016 Amount Weighted-Average Interest Rate (1) Amount Weighted-Average Interest Rate (1) Unsecured lines of credit 93,787 2.56% 6,024 1.82% Unsecured term loans (6) 885,000 2.81% 800,000 2.04% Total variable-rate debt 1,090,810 2.90% 888,770 2.15% Total fixed-rate and variable-rate debt 4,249,783 4.74% 4,483,149 4.82% Unamortized deferred financing costs (18,938 ) (17,855 ) Total mortgage and other indebtedness, net $ 4,230,845 $ 4,465,294 (1) Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs. (2) The balance is net of an unamortized discount of $3,024 and $3,448 , as of December 31, 2017 and 2016 , respectively. (3) The balance is net of an unamortized discount of $54 and $61 , as of December 31, 2017 and 2016 , respectively. (4) In September 2017, the Operating Partnership issued and sold an additional $225,000 of the series of 2026 Notes. The balance is net of an unamortized discount of $9,152 and $5,740 as of December 31, 2017 and 2016 , respectively. (5) The Outlet Shoppes at Laredo opened in 2017 and the construction loan balance from December 31, 2016 is included in recourse loans on operating Properties as of December 31, 2017 . (6) The Company extended and modified its three unsecured term loans in July 2017. See below for additional information. Description Issued (1) Amount Interest Rate (2) Maturity Date (3) 2023 Notes November 2013 $ 450,000 5.25% December 2023 2024 Notes October 2014 300,000 4.60% October 2024 2026 Notes December 2016 / September 2017 (4) 625,000 5.95% December 2026 (1) Issued by the Operating Partnership. CBL is a limited guarantor of the Operating Partnership's obligations under the Notes as described above. (2) Interest is payable semiannually in arrears. The interest rate for the 2024 Notes and the 2023 Notes is subject to an increase ranging from 0.25% to 1.00% from time to time if, on or after January 1, 2016 and prior to January 1, 2020, the ratio of secured debt to total assets of the Company, as defined, is greater than 40% but less than 45% . The required ratio of secured debt to total assets for the 2026 Notes is 40% or less. As of December 31, 2017 , this ratio was 23% as shown below. (3) The Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days and not more than 60 days' notice to the holders of the Notes to be redeemed. The 2026 Notes, the 2024 Notes and the 2023 Notes may be redeemed prior to September 15, 2026; July 15, 2024 ; and September 1, 2023 , respectively, for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date and a make-whole premium calculated in accordance with the indenture. On or after the redemption date, the Notes are redeemable for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed plus accrued and unpaid interest. If redeemed prior to the respective dates noted above, each issuance of Notes is redeemable at the treasury rate plus 0.50% , 0.35% and 0.40% for the 2026 Notes, the 2024 Notes and the 2023 Notes, respectively. (4) On September 1, 2017, the Operating Partnership issued and sold an additional $225,000 of the 2026 Notes. Interest was payable with respect to the additional issuance on December 15, 2017. After deducting underwriting discounts and other offering expenses of $1,879 and a discount of $3,938 , the net proceeds from the sale were approximately $219,183 . The Operating Partnership used the net proceeds to reduce amounts outstanding under its unsecured credit facilities and for general business purposes. |
Schedule of unsecured lines of credit | The following summarizes certain information about the Company's unsecured lines of credit as of December 31, 2017: Total Capacity Total Outstanding Maturity Date Extended Maturity Date Wells Fargo - Facility A $ 500,000 $ — (1) October 2019 October 2020 (2) First Tennessee 100,000 55,899 (3) October 2019 October 2020 (4) Wells Fargo - Facility B 500,000 37,888 (1) October 2020 $ 1,100,000 $ 93,787 (5) (1) Up to $30,000 of the capacity on this facility can be used for letters of credit. (2) The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.15% of the commitment amount of the credit facility. (3) Up to $20,000 of the capacity on this facility can be used for letters of credit. (4) The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.20% of the commitment amount of the credit facility. (5) See debt covenant section below for limitation on excess capacity. |
Schedule of fixed rate loans | The loan, secured by the related unconsolidated Property, was retired in 2017: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid July Gulf Coast Town Center - Phase III (1) 3.13% July 2017 $ 4,118 (1) The Company loaned the unconsolidated affiliate, JG Gulf Coast Town Center, LLC, the amount necessary to retire the loan and received a mortgage note receivable in return. In December 2017, the Company's partner assigned its 50% interest in the Property to the Company. See Note 3 and above for more information. This intercompany loan is eliminated in consolidation as of December 31, 2017 since the Property became wholly-owned by the Company. 2016 Loan Repayments The Company's unconsolidated affiliates retired the following loans, secured by the related unconsolidated Properties, in 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid April Renaissance Center - Phase I 5.61% July 2016 $ 31,484 July Kentucky Oaks Mall (1) 5.27% January 2017 19,912 September Governor's Square Mall (2) 8.23% September 2016 14,089 September High Pointe Commons - Phase I (3) 5.74% May 2017 12,401 September High Pointe Commons - PetCo (3) 3.20% July 2017 19 September High Pointe Commons - Phase II (3) 6.10% July 2017 4,968 December The Shops at Friendly Center (4) 5.90% January 2017 37,640 December Triangle Town Place (5) 4.00% December 2018 29,342 (1) The Company's share of the loan was $9,956 . (2) The Company's share of the loan was $6,692 . (3) The loan secured by the Property was paid off using proceeds from the sale of the Property in September 2016. See above for more information. The Company's share of the loan was 50% . (4) The loan secured by the Property was retired using a portion of the net proceeds from a $60,000 fixed-rate loan. See 2016 Financings above for more information. (5) A portion of the net proceeds was used to pay down the balance of a loan for the portion secured by Triangle Town Place upon its sale in December 2016. After the debt reduction associated with the sale of Triangle Town Place, the principal balance of the loan secured by Triangle Town Center and Triangle Town Commons as of December 31, 2016 was $141,126 , of which the Company's share was $14,113 . The Company's unconsolidated affiliates retired the following construction loans, secured by the related unconsolidated Properties, in 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid June Fremaux Town Center - Phase I (1) 2.44% August 2016 $ 40,530 June Fremaux Town Center - Phase II (1) 2.44% August 2016 30,595 June Ambassador Town Center (2) 2.24% December 2017 41,885 (1) The construction loan was retired using a portion of the net proceeds from a $73,000 fixed-rate non-recourse mortgage loan. See 2016 Financings above for more information. (2) The construction loan was retired using a portion of the net proceeds from a $47,660 fixed-rate non-recourse mortgage loan. Excess proceeds were utilized to fund remaining construction costs. See 2016 Financings above for more information. The following table presents the fixed-rate loans, secured by the related consolidated Properties, that were entered into in 2016 : Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended April Hickory Point Mall (2) 5.85% December 2018 (3) $ 27,446 June Hamilton Place (4) 4.36% June 2026 107,000 December Cary Towne Center (5) 4.00% March 2019 (6) 46,716 December Greenbrier Mall (7) 5.00% December 2019 (8) 70,801 (1) Excludes any extension options. (2) The loan was modified to extend the maturity date. The interest rate remains at 5.85% but the loan is now interest-only. (3) The loan has a one -year extension option at the Company's election for an outside maturity date of December 2019. (4) Proceeds from the non-recourse loan were used to retire an existing $98,181 loan with an interest rate of 5.86% that was scheduled to mature in August 2016. The Company's share of excess proceeds was used to reduce outstanding balances on its credit facilities. (5) The loan was restructured to extend the maturity date and reduce the interest rate from 8.5% to 4.0% interest-only payments. The Company plans to utilize excess cash flows from the mall to fund a proposed redevelopment. The original maturity date is contingent on the Company's redevelopment plans. (6) The loan has one two -year extension option, which is at the Company's option and contingent on the Company having met specified redevelopment criteria, for an outside maturity date of March 2021. (7) The loan was restructured, with an effective date of November 2016, to extend the maturity date and reduce the interest rate from 5.91% to 5.00% interest-only payments through December 2017. The interest rate will increase to 5.4075% on January 1, 2018 and thereafter require monthly principal payments of $225 and $300 in 2018 and 2019, respectively, in addition to interest. (8) The loan has a one -year extension option, at the Company's election, which is contingent on the mall meeting specified debt service and operational metrics. If the loan is extended, monthly principal payments of $325 will be required in 2020 in addition to interest. Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2017 and 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) 2017: January The Plaza at Fayette 5.67% April 2017 $ 37,146 January The Shoppes at St. Clair Square 5.67% April 2017 18,827 February Hamilton Corner 5.67% April 2017 14,227 March Layton Hills Mall 5.66% April 2017 89,526 April The Outlet Shoppes at Oklahoma City (2) 5.73% January 2022 53,386 April The Outlet Shoppes at Oklahoma City - Phase II (2) 3.53% April 2019 5,545 April The Outlet Shoppes at Oklahoma City - Phase III (2) 3.53% April 2019 2,704 September Hanes Mall (3) 6.99% October 2018 144,325 September The Outlet Shoppes at El Paso 7.06% December 2017 61,561 $ 427,247 2016: April CoolSprings Crossing 4.54% April 2016 $ 11,313 April Gunbarrel Pointe 4.64% April 2016 10,083 April Stroud Mall 4.59% April 2016 30,276 April York Galleria 4.55% April 2016 48,337 Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) June Hamilton Place (4) 5.86% August 2016 98,181 August Dakota Square Mall 6.23% November 2016 55,103 October Southaven Towne Center 5.50% January 2017 38,314 $ 291,607 (1) The Company retired the loans with borrowings from its credit facilities unless otherwise noted. (2) The loan was retired in conjunction with the sale of the Property which secured the loan. The Company recorded an $8,500 loss on extinguishment of debt due to a prepayment fee on the early retirement. See Note 4 for more information. (3) We recorded a $371 loss on extinguishment of debt due to a prepayment fee on the early retirement. (4) The joint venture retired the loan with proceeds from a $107,000 fixed-rate non-recourse loan. See Financings section above for more information. The following is a summary of the Company's 2017 dispositions for which the title to the consolidated mall securing the related fixed-rate debt was transferred to the lender in satisfaction of the non-recourse debt: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Balance of Non-recourse Debt Gain on Extinguishment of Debt January Midland Mall 6.10% August 2016 $ 31,953 $ 3,760 June Chesterfield Mall 5.74% September 2016 140,000 29,187 August Wausau Center 5.85% April 2021 17,689 6,851 $ 189,642 $ 39,798 |
Schedule of variable rate loans | The following table presents the variable-rate loan, secured by the related consolidated Property, that was extended in 2017 and 2016: Date Property Stated Maturity Date Amount Extended 2017: March Statesboro Crossing (1) LIBOR + 1.80% June 2018 $ 10,930 2016: June Statesboro Crossing (2) LIBOR + 1.80% June 2017 (3) $ 11,035 (1) The Company exercised the extension option under the mortgage loan. (2) The loan was modified to extend the maturity date. (3) The loan had a one -year extension option for an outside maturity date of June 2018. |
Schedule of loans secured by real estate | The following table presents the construction loan, secured by the related consolidated Property, that was entered into in 2016: Date Property Stated Maturity Date Amount Financed May The Outlet Shoppes at Laredo (1) LIBOR + 2.5% (2) May 2019 (3) $ 91,300 (1) The consolidated 65 / 35 joint venture closed on a construction loan for the development of The Outlet Shoppes at Laredo, an outlet center located in Laredo, TX. The Operating Partnership has guaranteed 100% of the loan. (2) The interest rate will be reduced to LIBOR plus 2.25% once the development is complete and certain debt and operational metrics are met. (3) The loan has one 24 -month extension option, which is at the joint venture's election, subject to continued compliance with the terms of the loan agreement, for an outside maturity date of May 2021. Loan Repayment The Company repaid the following construction loan, secured by the related consolidated Property, in 2016: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid December The Outlet Shoppes at Atlanta - Parcel Development (1) 3.02% December 2019 $ 2,124 (1) In conjunction with its sale in December 2016, a portion of the net proceeds was used to retire the loan secured by the Property. |
Schedule of covenant compliance | The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of December 31, 2017 : Ratio Required Actual Debt to total asset value < 60% 50% Unsecured indebtedness to unencumbered asset value (1) < 60% 48% (2) Unencumbered NOI to unsecured interest expense > 1.75x 3.3x EBITDA to fixed charges (debt service) > 1.5x 2.4x (1) The debt covenant was modified in the third quarter of 2017 to reduce the ratio from 62.5% to 60.0% . The definition of unencumbered asset value was also modified with respect to the assets that are included in the unencumbered asset pool. (2) The debt covenant limits the total amount of unsecured indebtedness the Company may have outstanding, which varies over time based on the ratio. Based on the Company’s outstanding unsecured indebtedness as of December 31, 2017 , the total amount available to the Company to borrow on its lines of credit was $429,678 less than the total capacity of the lines of credit resulting in total availability of $576,535 as of December 31, 2017 . The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of December 31, 2017: Ratio Required Actual Total debt to total assets < 60% 52% Secured debt to total assets <45% (1) 23% Total unencumbered assets to unsecured debt >150% 208% Consolidated income available for debt service to annual debt service charge > 1.5x 3.1x (1) On January 1, 2020 and thereafter, secured debt to total assets must be less than 40% for the 2023 Notes and the 2024 Notes. The required ratio of secured debt to total assets for the 2026 Notes is 40% or less. |
Schedule of principal repayments | As of December 31, 2017 , 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, including construction loans and lines of credit, are as follows: 2018 $ 667,720 2019 361,411 2020 544,957 2021 498,168 2022 431,331 Thereafter 1,635,792 4,139,379 Net unamortized discounts and premium (12,031 ) Unamortized deferred financing costs (18,938 ) Principal balance of loan secured by Lender Mall in foreclosure (1) 122,435 Total mortgage and other indebtedness, net $ 4,230,845 (1) Represents the principal balance of the non-recourse loan, secured by Acadiana Mall, which is in default. The loan had an April 2017 maturity date. |
Schedule of pay fixed/receive variable swap | The following table provides further information of the gains and losses related to the Company’s interest rate derivatives that were designated as cash flow hedges of interest rate risk in 2016 and 2015: Hedging Instrument Gain Recognized in OCI/L (Effective Portion) Location of Losses Reclassified from AOCI/L into Earnings (Effective Portion) Loss Recognized in Earnings (Effective Portion) Location of Gains Recognized in Earnings (Ineffective Portion) Gain Recognized in Earnings (Ineffective Portion) 2016 2015 2016 2015 2016 2015 Interest rate contracts $ 434 $ 1,915 Interest Expense $ (443 ) $ (2,196 ) Interest Expense $ — $ — |
SHAREHOLDERS' EQUITY AND PART39
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of dividends declared and paid for income tax purposes | The allocations of dividends declared and paid for income tax purposes are as follows: Year Ended December 31, 2017 2016 2015 Dividends declared: Common stock $ 0.98 (1) $ 0.88 (2) $ 1.06 Series D preferred stock $ 18.44 $ 18.44 $ 18.44 Series E preferred stock $ 16.56 $ 16.56 $ 16.56 Allocations: Common stock Ordinary income 85.37 % 100.00 % 100.00 % Capital gains 25% rate — % — % — % Return of capital 14.63 % — % — % Total 100.00 % 100.00 % 100.00 % Preferred stock (3) Ordinary income 100.00 % 100.00 % 100.00 % Capital gains 25% rate — % — % — % Total 100.00 % 100.00 % 100.00 % (1) Of the $0.200 per share dividend declared on November 2, 2017 and paid January 16, 2018, $0.200 will be reported and is taxable in 2018. (2) Of the $0.265 per share dividend declared on November 3, 2016 and paid January 16, 2017, $0.081 is taxable in 2016 and $0.184 per share will be reported and is taxable in 2017. (3) The allocations for income tax purposes are the same for each series of preferred stock for each period presented. |
REDEEMABLE INTERESTS AND NONC40
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Redeemable Noncontrolling Interests and Noncontrolling Interests [Abstract] | |
Schedule of Redeemable Noncontrolling Interest Conversion Right | Outstanding rights to convert redeemable noncontrolling interests and noncontrolling interests in the Operating Partnership to common stock were held by the following parties at December 31, 2017 and 2016 : December 31, 2017 2016 CBL’s Predecessor 18,172,690 18,172,690 Third parties 10,035,683 10,119,697 28,208,373 28,292,387 |
Schedule of Variable Interest Entities | The table below lists the Company's consolidated VIEs as of December 31, 2017 and 2016 , which do not reflect the elimination of any internal debt the consolidated VIE has with the Operating Partnership: As of December 31, 2017 2016 Assets Liabilities Assets Liabilities Consolidated VIEs: Atlanta Outlet Outparcels, LLC $ 878 $ — $ 914 $ 4 Atlanta Outlet JV, LLC 60,476 79,769 (1) 63,361 81,128 CBL Terrace LP 16,472 13,313 16,714 13,509 El Paso Outlet Center Holding, LLC 93,139 65,149 103,232 69,535 El Paso Outlet Center II, LLC 8,512 6,955 (2) 8,638 7,028 Foothills Mall Associates — — (3) 9,811 34,997 Gettysburg Outlet Center Holding, LLC 36,386 39,049 36,542 39,476 Gettysburg Outlet Center, LLC 7,218 74 7,203 37 High Point Development LP II 1,084 69 1,104 55 Jarnigan Road LP 41,671 20,229 41,392 20,988 Laredo Outlet JV, LLC 110,174 81,618 (4) 89,353 58,822 Lebcon Associates 59,375 120,879 47,721 121,529 Lebcon I, Ltd 9,034 9,463 9,290 9,711 Lee Partners 1,011 — 1,195 — Louisville Outlet Outparcels, LLC 74 — 62 — Louisville Outlet Shoppes, LLC 73,173 83,543 (5) 76,831 85,132 Madison Grandview Forum, LLC 32,692 13,198 33,196 13,622 The Promenade at D'Iberville 81,500 46,568 84,470 46,570 Statesboro Crossing, LLC 18,403 10,988 18,869 11,058 Village at Orchard Hills, LLC — — (3) 498 — Woodstock GA Investments, LLC — — (3) 9,098 3,185 $ 651,272 $ 590,864 $ 659,494 $ 616,386 (1) Of this total, $4,707 related to The Outlet Shoppes at Atlanta - Phase II, is guaranteed by the Operating Partnership. (2) Of this total, $6,613 related to The Outlet Shoppes at El Paso - Phase II, is guaranteed by the Operating Partnership. (3) This joint venture is not a VIE as of December 31, 2017 . See description of reconsideration event below. (4) Of this total, $80,145 related to The Outlet Shoppes at Laredo, is guaranteed by the Operating Partnership. (5) Of this total, $9,722 relates to The Outlet Shoppes of the Bluegrass - Phase II, is guaranteed by the Operating Partnership. The table below lists the Company's unconsolidated VIEs as of December 31, 2017 : Unconsolidated VIEs: Investment in Real Estate Joint Ventures and Partnerships Maximum Risk of Loss Ambassador Infrastructure, LLC (1) $ — $ 11,035 (2) EastGate Storage, LLC (3) 228 6,500 G&I VIII CBL Triangle LLC (1) 1,616 1,616 (2) Shoppes at Eagle Point, LLC (3) 14,656 36,400 (2) $ 16,500 $ 55,551 (1) This unconsolidated affiliate was classified as a VIE as of December 31, 2016. (2) See Note 14 for information on guarantees of debt. (3) See Note 5 for more information on this new unconsolidated affiliate. |
MINIMUM RENTS (Tables)
MINIMUM RENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
Schedule of Future Minimum Rents Scheduled to be Received Under Noncancellable Tenant Leases | Future minimum rents are scheduled to be received under non-cancellable tenant leases at December 31, 2017 , as follows: 2018 $ 523,498 2019 446,591 2020 380,600 2021 321,156 2022 257,231 Thereafter 656,777 $ 2,585,853 |
MORTGAGE AND OTHER NOTES RECE42
MORTGAGE AND OTHER NOTES RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage and Other Notes Receivable [Abstract] | |
Schedule of mortgage and other notes receivable | Mortgage and other notes receivable consist of the following: As of December 31, 2017 As of December 31, 2016 Maturity Date Interest Rate Balance Interest Rate Balance Mortgages: Columbia Place Outparcel Feb 2022 5.00% $ 302 5.00% $ 321 One Park Place May 2022 5.00% 1,010 5.00% 1,194 Village Square (1) Mar 2018 4.00% 1,596 3.75% 1,644 Other (2) Dec 2016 - 4.07% - 9.50% 2,510 3.27% - 9.50% 2,521 5,418 5,680 As of December 31, 2017 As of December 31, 2016 Maturity Date Interest Rate Balance Interest Rate Balance Other Notes Receivable: ERMC Sep 2021 4.00% 2,855 4.00% 3,500 Horizon Group (3) N/A —% — 7.00% 300 RED Development Inc. (4) N/A —% — 5.00% 6,588 Southwest Theaters LLC Apr 2026 5.00% 672 5.00% 735 3,527 11,123 $ 8,945 $ 16,803 (1) The interest rate increased to 4.0% from April 2017 through the maturity date. (2) The $1,100 note for The Promenade at D'Iberville with a maturity date of December 2016 is in default. (3) In January 2017, the loan was extended to July 2017 and paid off in May 2017. (4) The loan was paid off in December 2017. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Information on Reportable Segments | Information on the Company’s reportable segments is presented as follows: Year Ended December 31, 2017 Malls All Other (1) Total Revenues $ 847,979 $ 79,273 $ 927,252 Property operating expenses (2) (244,282 ) (16,271 ) (260,553 ) Interest expense (120,414 ) (98,266 ) (218,680 ) Other expense — (5,180 ) (5,180 ) Gain on sales of real estate assets 75,980 17,812 93,792 Segment profit (loss) $ 559,263 $ (22,632 ) 536,631 Depreciation and amortization expense (299,090 ) General and administrative expense (58,466 ) Interest and other income 1,706 Gain on extinguishment of debt 30,927 Loss on impairment (71,401 ) Loss on investment (6,197 ) Equity in earnings of unconsolidated affiliates 22,939 Net income before income tax benefit $ 157,049 Total assets $ 5,152,789 $ 552,019 $ 5,704,808 Capital expenditures (3) $ 174,327 $ 8,790 $ 183,117 Year Ended December 31, 2016 Malls All Other (1) Total Revenues $ 928,214 $ 100,043 $ 1,028,257 Property operating expenses (2) (268,898 ) (12,558 ) (281,456 ) Interest expense (143,903 ) (72,415 ) (216,318 ) Other expense — (20,326 ) (20,326 ) Gain on sales of real estate assets 481 29,086 29,567 Segment profit $ 515,894 $ 23,830 539,724 Depreciation and amortization expense (292,693 ) General and administrative expense (63,332 ) Interest and other income 1,524 Loss on impairment (116,822 ) Gain on investments 7,534 Income tax benefit 2,063 Equity in earnings of unconsolidated affiliates 117,533 Income from continuing operations $ 195,531 Total assets $ 5,383,937 $ 720,703 $ 6,104,640 Capital expenditures (3) $ 165,230 $ 102,573 $ 267,803 Year Ended December 31, 2015 Malls All Other (1) Total Revenues $ 944,553 $ 110,465 $ 1,055,018 Property operating expenses (2) (274,288 ) (9,057 ) (283,345 ) Interest expense (166,922 ) (62,421 ) (229,343 ) Other expense (19 ) (26,938 ) (26,957 ) Gain on sales of real estate assets 264 31,968 32,232 Segment profit $ 503,588 $ 44,017 547,605 Depreciation and amortization expense (299,069 ) General and administrative expense (62,118 ) Interest and other income 6,467 Gain on extinguishment of debt 256 Loss on impairment (105,945 ) Gain on investment 16,560 Income tax provision (2,941 ) Equity in earnings of unconsolidated affiliates 18,200 Income from continuing operations $ 119,015 Total assets $ 5,766,084 $ 713,907 $ 6,479,991 Capital expenditures (3) $ 393,194 $ 31,619 $ 424,813 (1) The All Other category includes associated centers, community centers, mortgage and other notes receivable, office buildings, the Management Company and, prior to the redemption of the Company's redeemable noncontrolling interests during the fourth quarter of 2016, the Company’s former consolidated subsidiary that provided security and maintenance services to third parties (see Note 8 ). Management, development and leasing fees are included in the All Other category. (2) Property operating expenses include property operating, real estate taxes and maintenance and repairs. (3) Amounts include acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category. |
SUPPLEMENTAL AND NONCASH INFO44
SUPPLEMENTAL AND NONCASH INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Information [Abstract] | |
Noncash Investing and Financing Activities | The Company’s noncash investing and financing activities for 2017 , 2016 and 2015 were as follows: 2017 2016 2015 Accrued dividends and distributions payable $ 41,628 $ 54,313 $ 54,489 Additions to real estate assets accrued but not yet paid 5,490 24,881 26,345 Transfer of real estate assets in settlement of mortgage debt obligations: (1) Decrease in real estate assets (149,722 ) — — Decrease in mortgage and other indebtedness 181,992 — — Decrease in operating assets and liabilities 10,744 — — Decrease in intangible lease and other assets (3,216 ) Discount on issuance of 5.95% Senior Notes due 2026 (2) 3,938 5,740 — Consolidation of joint venture: (3) Decrease in investment in unconsolidated affiliates (2,818 ) — — Increase in real estate assets 7,463 — — Increase in intangible lease and other assets 120 — — Decrease in mortgage notes receivable (4,118 ) — — Decrease in operating assets and liabilities (647 ) — — Deconsolidation upon formation or assignment of interests in joint ventures: (4) Decrease in real estate assets (9,363 ) (14,025 ) — Decrease in mortgage and other indebtedness 2,466 — — Increase in investment in unconsolidated affiliates 232 14,030 — Increase (decrease) in operating assets and liabilities 1,286 (5 ) — Decrease in noncontrolling interest and joint venture interest 2,232 — — Capital contribution of note receivable to joint venture — 5,280 — Capital contribution from noncontrolling interest to joint venture — 155 — Write-off of notes receivable — 1,846 — Mortgage debt assumed by buyer of real estate assets — 38,150 14,570 (1) See Note 4 and Note 6 for more information. (2) See Note 6 for more information. (3) See Note 4 and Note 5 for more information. (4) See Note 5 and Note 15 for more information. |
CONTINGENCIES (Tables)
CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of guarantees | The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying consolidated balance sheets as of December 31, 2017 and 2016 : As of December 31, 2017 Obligation recorded to reflect guaranty Unconsolidated Affiliate Company's Ownership Interest Outstanding Balance Percentage Guaranteed by the Operating Partnership Maximum Guaranteed Amount Debt Maturity Date (1) 12/31/2017 12/31/2016 West Melbourne I, LLC - Phase I (2) 50% $ 42,247 20% $ 8,449 Feb-2018 (3) $ 86 $ 86 West Melbourne I, LLC - Phase II (2) 50% 16,317 20% 3,263 Feb-2018 (3) 33 33 Port Orange I, LLC 50% 57,088 20% 11,418 Feb-2018 (3) 116 116 Ambassador Infrastructure, LLC 65% 11,035 100% (4) 11,035 Aug-2020 177 177 Shoppes at Eagle Point, LLC 50% 5,977 100% (5) 36,400 Oct-2020 (6) 364 — EastGate Storage, LLC 50% — 100% (7) 6,500 Dec-2022 65 — Total guaranty liability $ 841 $ 412 (1) Excludes any extension options. (2) The loan is secured by Hammock Landing - Phase I and Hammock Landing - Phase II, respectively. (3) The loan was extended subsequent to December 31, 2017 . See Note 19 for more information. (4) In 2017, the loan was amended and modified to extend the maturity date as well as the terms of the guaranty. See Note 5 for more information. (5) The Company received a 1% fee for this guaranty when the loan was issued in October 2017. The guaranty will be reduced to 35% once construction is complete. (6) The loan has one two -year extension option, at the joint venture's election, for an outside maturity date of October 2022. (7) Once construction is complete, the guaranty will be reduced to 50% . The guaranty will be further reduced to 25% once certain debt and operational metrics are met. |
Schedule of future obligations under operating leases | The future obligations under these operating leases at December 31, 2017 , are as follows: 2018 $ 622 2019 629 2020 635 2021 639 2022 467 Thereafter 12,121 $ 15,113 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | The following table sets forth information regarding the Company’s assets that are measured at fair value on a nonrecurring basis and related impairment charges for the years ended December 31, 2017 and 2016 : Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses 2017: Long-lived assets $ 81,350 $ — $ — $ 81,350 $ 71,401 2016: Long-lived assets $ 46,200 $ — $ — $ 46,200 $ 116,822 |
Schedule of Impairment on Real Estate Properties | Of these four Properties, all but Chesterfield Mall were disposed of as of December 31, 2015 as described below. Chesterfield Mall was subsequently returned to the lender in 2017. For segment reporting purposes, Properties other than Malls are classified in the All Other category. See Note 11 for segment information. Impairment Date Property Location Segment Classification Loss on Impairment Fair Value April Madison Square (1) Huntsville, AL Mall $ 2,620 $ — (2) December Chapel Hill Crossing (3) Akron, OH All Other 1,914 — (2) December Chesterfield Mall (4) Chesterfield, MO Mall 99,969 125,000 December Mayfaire Community Center (5) Wilmington, NC All Other 397 — (2) $ 104,900 $ 125,000 (1) Madison Square - The Company adjusted the book value of Madison Square to its net sales price of $5,000 . See Note 4 for further information on the sale that closed in the second quarter of 2015. (2) The long-lived asset was not included in the Company's consolidated balance sheets at December 31, 2015 as the Company no longer had an interest in the property. (3) Chapel Hill Crossing - The Company wrote down the book value of Chapel Hill Crossing to its net sales price of $2,300 and recognized a non-cash impairment of real estate. See Note 4 for additional information on the sale that closed in the fourth quarter of 2015. (4) Chesterfield Mall - In accordance with the Company's quarterly impairment review process, the Company recorded impairment of real estate to write-down the depreciated book value of the mall to its estimated fair value. The mall had experienced declining cash flows as competition from several new outlet shopping centers in the area impacted its sales. The fair value analysis used assumptions including an 11 -year holding period with a sale at the end of the holding period, a capitalization rate of 8.25% and a discount rate of 8.25% . The revenues of the mall accounted for approximately 1.5% of total consolidated revenues for the year ended December 31, 2015. Foreclosure of the mall was completed in the second quarter of 2017 . See Note 4 and Note 6 for more information. (5) Mayfaire Community Center - The Company wrote down the book value of Mayfaire Community Center to its net sales price of $56,300 and recognized a non-cash impairment of real estate. See Note 4 for additional information on the sale that closed in the fourth quarter of 2015. The Properties are classified for segment reporting purposes as listed below (see section below for information on outparcels). See Note 11 for segment information. Impairment Property Location Segment Loss on Fair March Bonita Lakes Mall & Crossing (1) Meridian, MS Malls/ $ 5,323 $ — (2) March Midland Mall (3) Midland, MI Malls 4,681 29,200 March River Ridge Mall (4) Lynchburg, VA Malls 9,594 — (2) June The Lakes Mall & Fashion Square (5) Muskegon, MI & Saginaw, MI Malls 32,096 — (2) June Wausau Center (6) Wausau, WI Malls 10,738 11,000 September Randolph Mall, Regency Mall & Walnut Square (7) Asheboro, NC; Racine, WI & Malls 43,144 — (2) September One Oyster Point & Two Oyster Point (8) Newport News, VA All Other 3,844 6,000 September Oak Branch Business Center (9) Greensboro, NC All Other 100 — (2) September Cobblestone Village at Palm Coast (10) Palm Coast, FL All Other 6,448 — (2) $ 115,968 $ 46,200 (1) Bonita Lakes Mall & Crossing - The Company adjusted the book value of Bonita Lakes Mall and Bonita Lakes Crossing ("Bonita Lakes") to its estimated fair value of $27,440 , which represented the contractual sales price of $27,910 with a third party buyer, adjusted to reflect estimated disposition costs. The revenues of Bonita Lakes accounted for approximately 0.7% of total consolidated revenues for the trailing twelve months ended March 31, 2016. See Note 4 for further information on the sale that closed in the second quarter of 2016. (2) The long-lived asset was not included in the Company's consolidated balance sheets at December 31, 2016 as the Company no longer had an interest in the property. (3) Midland Mall - The Company wrote down the mall to its estimated fair value. The fair value analysis used a discounted cash flow methodology with assumptions including a ten -year holding period with a sale at the end of the holding period, a capitalization rate of 9.75% , a discount rate of 11.5% and estimated selling costs of 2.0% . The Company notified the lender that it would not pay off the loan that was scheduled to mature in August 2016 and the mall went into receivership in September 2016. The revenues of Midland Mall accounted for approximately 0.6% of total consolidated revenues for the year ended December 31, 2016. The mall was returned to the lender during the first quarter of 2017 as the foreclosure process was complete. See Note 4 and Note 6 for further information. (4) River Ridge Mall - The Company sold a 75% interest in its wholly owned investment in River Ridge Mall to a newly formed joint venture in March 2016 and recognized a loss on impairment of $9,510 in the first quarter of 2016 when it adjusted the book value of the mall to its estimated net sales price based upon a contract with a third party buyer, adjusted to reflect estimated disposition costs. The impairment loss included a $2,100 reserve for a roof and electrical work that the Company subsequently funded. An additional loss on impairment of $84 was recognized in the fourth quarter of 2016 to reflect actual closing costs. The revenues of River Ridge Mall accounted for approximately 0.6% of total consolidated revenues for the trailing twelve months ended March 31, 2016. The Company's investment in River Ridge was included in investments in unconsolidated affiliates on the Company's consolidated balance sheets until the sale of its interests to its partner in the third quarter of 2017. See Note 5 for further information. (5) The Lakes Mall & Fashion Square - The Company adjusted the book value of the malls to their estimated fair value of $65,447 based upon the sales price of $66,500 in the signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The revenues of The Lakes Mall and Fashion Square accounted for approximately 1.6% of total consolidated revenues for the trailing twelve months ended June 30, 2016. These Properties were sold in July 2016. See Note 4 for additional information. (6) Wausau Center - In accordance with the Company's quarterly impairment review process, the Company recorded impairment to write down the depreciated book value of the mall to its estimated fair value. After evaluating redevelopment options, the Company determined that an appropriate risk-adjusted return was not achievable and reduced its holding period. The mall was encumbered by a non-recourse loan with a balance of $17,689 as of December 31, 2016 and had experienced declining sales and the loss of two anchor stores. With the assistance of a third-party appraiser, management determined the fair value of Wausau Center using a discounted cash flow methodology. The discounted cash flow used assumptions including a ten -year holding period with a sale at the end of the holding period, a capitalization rate of 13.25% , a discount rate of 13.0% and estimated selling costs of 4.0% . As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management's estimates of future possible outcomes. The revenues of Wausau Center accounted for approximately 0.3% of total consolidated revenues for the year ended December 31, 2016. The Company notified the lender that it would not make its scheduled July 1, 2016 debt payment and the foreclosure process was completed and the mall was subsequently returned to the lender during the third quarter of 2017 . See Note 4 and Note 6 for more information. (7) Randolph Mall, Regency Mall & Walnut Square - The Company wrote down the book values of the three malls to their estimated fair value of $31,318 and recorded a loss on impairment of $43,294 in the third quarter of 2016 based upon a sales price of $32,250 in a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The Company reduced the loss on impairment in the fourth quarter of 2016 by $150 to reflect actual closing costs. The revenues of the malls accounted for approximately 1.5% of total consolidated revenues for the trailing twelve months ended September 30, 2016. The malls were sold in December 2016. (8) One & Two Oyster Point - In accordance with the Company's quarterly impairment review process, the Company recorded impairment to write down the depreciated book value of two office buildings to their estimated fair value as a result of a change in the expected holding period to a range of one to two years. Other factors used in the discounted cash flow analysis included a capitalization rate of 8.0% , a discount rate of 10.0% and estimated selling costs of 2.0% . The office buildings were classified as held for sale as of December 31, 2016 until their subsequent sale in the first quarter of 2017. The revenues of the office buildings accounted for approximately 0.3% of total consolidated revenues for the year ended December 31, 2016. See Note 4 for more information. (9) Oak Branch Business Center - The office building was sold in September 2016. A loss on impairment of $122 was recorded in the third quarter of 2016 to adjust the book value to its estimated value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The loss on impairment was reduced by $22 in the fourth quarter of 2016 to reflect actual closing costs. See Note 4 for more information. (10) Cobblestone Village at Palm Coast - In accordance with the Company's quarterly impairment review process, the Company recorded a loss on impairment of $6,298 in the third quarter of 2016 based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. Other factors used in the discounted cash flow analysis included a capitalization rate of 9.0% , a discount rate of 10.75% and estimated selling costs of 2.0% . The revenue of the community center accounted for approximately 0.1% of total consolidated revenues for the trailing twelve months ended September 30, 2016. An additional impairment loss of $150 was recognized in the fourth quarter of 2016 for an adjustment to the sales price when the sale closed in December 2016. See Note 4 . The Properties were classified for segment reporting purposes as listed below (see section below for information on outparcels). See Note 11 for segment information. Impairment Date Property Location Segment Classification Loss on Impairment Fair Value March Vacant land (1) Woodstock, GA Malls $ 3,147 $ — (2) June Acadiana Mall (3) Lafayette, LA Malls 43,007 67,300 June / September Prior period sales adjustments (4) Various Malls/ 606 — (2) September Hickory Point Mall (5) Forsyth, IL Malls 24,525 14,050 $ 71,285 $ 81,350 (1) The Company wrote down the book value of its interest in a consolidated joint venture that owned land adjacent to one of its outlet malls upon the divestiture of its interests to a fair value of $1,000 . In conjunction with the divestiture and assignment of the Company's interests in this consolidated joint venture, the Company was relieved of its debt obligation by the joint venture partner. See Note 6 for more information. (2) The long-lived asset was not included in the Company's consolidated balance sheets at December 31, 2017 as the Company no longer had an interest in the property. (3) Acadiana Mall - In accordance with the Company's quarterly impairment review process, the Company wrote down the book value of the mall to its estimated fair value of $67,300 . Management determined the fair value of Acadiana Mall using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of ten years, with a sale at the end of the holding period, a capitalization rate of 15.5% and a discount rate of 15.75% . The mall has experienced declining tenant sales and cash flows as a result of the downturn of the economy in its market area and an anchor announced in the second quarter 2017 that it will close its store later in 2017. The loan secured by Acadiana Mall matured in April 2017 and is in default. See Note 6 for more information. The revenues of Acadiana Mall accounted for approximately 1.9% of total consolidated revenues for the year ended December 31, 2017 . (4) Relates to true-ups of estimated expenses to actual expenses for properties sold in prior periods. (5) Hickory Point Mall - In accordance with the Company's quarterly impairment review process, the Company wrote down the book value of the mall to its estimated fair value of $14,050 . Management determined the fair value of Hickory Point Mall using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of ten years, with a sale at the end of the holding period, a capitalization rate of 18.0% and a discount rate of 19.0% . The mall has experienced decreased occupancy and cash flows as a result of the downturn of the economy in its market area. The Company is in preliminary discussions with the lender to modify the loan secured by the mall due to the additional deterioration in its operating metrics. The revenues of Hickory Point Mall accounted for approximately 0.5% of total consolidated revenues for the year ended December 31, 2017 . |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Summary of Company Stock Awards | A summary of the status of the Company’s nonvested restricted stock awards as of December 31, 2017 , and changes during the year ended December 31, 2017 , is presented below: Shares Weighted- Average Grant-Date Fair Value Nonvested at January 1, 2017 602,162 $ 15.41 Granted 326,739 $ 10.75 Vested (276,467 ) $ 15.07 Forfeited (10,075 ) $ 12.97 Nonvested at December 31, 2017 642,359 $ 13.23 |
Schedule of PSU Activity | The Company granted the following PSUs in the first quarter of the respective years. A summary of PSU activity as of December 31, 2017 , and changes during the year ended December 31, 2017 , is presented below: PSUs Weighted-Average Grant Date Fair Value 2015 PSUs granted 138,680 $ 15.52 2016 PSUs granted 282,995 $ 4.98 Outstanding at January 1 , 2017 421,675 $ 8.45 2017 PSUs granted 277,376 $ 6.86 2015 PSUs canceled (1) (138,680 ) $ 15.52 Outstanding at December 31, 2017 (2) 560,371 $ 5.91 (1) Based on the Company's TSR relative to the NAREIT Retail Index for the three -year performance period ended December 31, 2017 , none of the 2015 PSU were earned as of December 31, 2017 . (2) None of the PSUs outstanding at December 31, 2017 were vested. |
Summary of Assumptions used in the Monte Carlo Simulation Pricing Models | The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the 2017 PSUs and the 2016 PSUs: 2017 PSUs 2016 PSUs Grant date February 7, 2017 February 10, 2016 Fair value per share on valuation date (1) $ 6.86 $ 4.98 Risk-free interest rate (2) 1.53 % 0.92 % Expected share price volatility (3) 32.85 % 30.95 % (1) The value of the PSU awards is estimated on the date of grant using a Monte Carlo Simulation model. The valuation consisted of computing the fair value using CBL's simulated stock price as well as TSR over a three -year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. The weighted-average fair value per share related to the 2017 PSUs consists of 115,082 shares at a fair value of $5.62 per share and 162,294 shares at a fair value of $7.74 per share. (2) The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date. (3) The computation of expected volatility was based on a blend of the historical volatility of CBL's shares of common stock based on annualized daily total continuous returns over a three -year period and implied volatility data based on the trailing month average of daily implied volatilities implied by stock call option contracts that were both closest to the terms shown and closest to the money. |
QUARTERLY INFORMATION (UNAUDI48
QUARTERLY INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Information | Year Ended December 31, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Total (1) Total revenues $ 238,013 $ 229,233 $ 224,650 $ 235,356 $ 927,252 Income from operations (2) 77,099 22,306 50,161 82,996 232,562 Net income (3) 38,518 70,627 9,299 40,538 158,982 Net income attributable to the Company 34,115 41,396 8,965 36,464 120,940 Net income (loss) attributable to common shareholders 22,892 30,173 (2,258 ) 25,241 76,048 Basic per share data attributable to common shareholders: Net income (loss) attributable to common shareholders $ 0.13 $ 0.18 $ (0.01 ) $ 0.15 $ 0.44 Diluted per share data attributable to common shareholders: Net income (loss) attributable to common shareholders $ 0.13 $ 0.18 $ (0.01 ) $ 0.15 $ 0.44 (1) The sum of quarterly EPS differs from annual EPS due to rounding. (2) Income from operations for the quarters ended June 30, 2017 and September 30, 2017 includes losses on impairment of real estate assets of $43,007 and $24,525 related to the impairments of Acadiana Mall and Hickory Point Mall, respectively (see Note 15 ). (3) Net Income for the quarter ended June 30, 2017 includes the following items: – a gain of $75,434 (of which the Company's share was approximately $48,800 ) related to the sale of The Outlet Shoppes at Oklahoma City, a 75 / 25 joint venture (see Note 4 ). – a gain on extinguishment of debt of $20,420 , which primarily represents the gain related to the foreclosure of Chesterfield Mall, which was partially offset by a prepayment fee for the early retirement of debt on The Outlet Shoppes at Oklahoma City (see Note 6 ). – a $5,843 loss on investment related to the disposition of River Ridge Mall (see Note 5 ). Net income for the quarter ended September 30, 2017 includes a $6,851 gain on extinguishment of debt attributable to the foreclosure of Wausau Center (see Note 6 ). Year Ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 263,078 $ 254,965 $ 251,721 $ 258,493 $ 1,028,257 Income from operations (1) 63,830 52,056 36,727 101,015 253,628 Net income (2) 41,892 73,097 670 79,872 195,531 Net income attributable to the Company 40,074 62,919 1,059 68,830 172,882 Net income (loss) attributable to common shareholders 28,851 51,696 (10,164 ) 57,607 127,990 Basic per share data attributable to common shareholders: Net income (loss) attributable to common shareholders $ 0.17 $ 0.30 $ (0.06 ) $ 0.34 $ 0.75 Diluted per share data attributable to common shareholders: Net income (loss) attributable to common shareholders $ 0.17 $ 0.30 $ (0.06 ) $ 0.34 $ 0.75 (1) Income from operations for the quarters ended March 31, 2016; June 30, 2016; and September 30, 2016 includes losses on impairment of real estate assets of $19,685 ; $43,493 ; and $53,558 respectively, primarily related to properties which were sold during 2016 (see Note 4 and Note 15 ). (2) Net income for the quarter ended March 31, 2016 includes a gain of $26,395 related to the sale of a 50% interest in Triangle Town Center to a new 10 / 90 joint venture. Net income for the quarter ended June 30, 2016 includes a gain of $29,267 related to the foreclosure of Gulf Coast Town Center and a gain of $29,437 from the sale of Renaissance Center. The Company's share of the gain is included in equity in earnings of unconsolidated affiliates in the consolidated statements of operations (see Note 5 ). |
ORGANIZATION (Details)
ORGANIZATION (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2017statesubsidiaryshares | |
Parent | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Percentage ownership of the sole general partner in partnership | 9.10% |
Percentage of non controlling limited partner interest of third parties in Operating partnership | 5.10% |
Number of company's common stock owned by CBL's Predecessor (in shares) | shares | 3.8 |
Total combined effective interest of CBL's Predecessor in Operating Partnership | 11.00% |
Subsidiaries | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of states in which entity operates (state) | state | 26 |
Percentage ownership interest in qualified subsidiaries | 100.00% |
Number of subsidiaries owned by the company (subsidiary) | subsidiary | 2 |
Percentage ownership of the sole general partner in partnership | 1.00% |
Percentage of limited partnership interest owned by CBL Holdings II, Inc. in the operating partnership | 84.80% |
Combined percentage ownership by the subsidiaries in operating partnership | 85.80% |
ORGANIZATION (Schedule of Prope
ORGANIZATION (Schedule of Properties Owned by Operating Partnership) (Details) | Dec. 31, 2017propertyassociated_centermallcommunity_centermixed_use_centeroffice_building | Dec. 31, 2015property |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of regional malls/open-air centers in which interest is owned by the partnership (mall) | mall | 68 | |
Number of associated centers in which interest is owned by the partnership (associated center) | associated_center | 23 | |
Number of community centers in which interest is owned by the partnership (community center) | community_center | 9 | |
Number of office buildings in which interest is owned by the partnership (office building) | 5 | |
Number of real estate properties (property) | property | 105 | 4 |
Parent | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of regional malls/open-air centers in which interest is owned by the partnership (mall) | mall | 60 | |
Number of associated centers in which interest is owned by the partnership (associated center) | associated_center | 20 | |
Number of community centers in which interest is owned by the partnership (community center) | community_center | 5 | |
Number of office buildings in which interest is owned by the partnership (office building) | 5 | |
Number of real estate properties (property) | property | 90 | |
Number of mixed-use centers owned (mixed use center) | mixed_use_center | 1 | |
Parent | Subsidiaries | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of office buildings in which interest is owned by the partnership (office building) | 2 | |
Noncontrolling Interests | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of regional malls/open-air centers in which interest is owned by the partnership (mall) | mall | 8 | |
Number of associated centers in which interest is owned by the partnership (associated center) | associated_center | 3 | |
Number of community centers in which interest is owned by the partnership (community center) | community_center | 4 | |
Number of office buildings in which interest is owned by the partnership (office building) | 0 | |
Number of real estate properties (property) | property | 15 |
ORGANIZATION (Summary of Intere
ORGANIZATION (Summary of Interest Held in Properties) (Details) | Dec. 31, 2017other_propertymall |
Parent | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Development, Malls (mall) | 0 |
Expansion, Malls (mall) | 1 |
Redevelopment, Malls (mall) | 3 |
Noncontrolling Interests | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Development, Malls (mall) | 0 |
Development, Other Properties (other property) | other_property | 1 |
Expansion, Malls (mall) | 0 |
Expansion, Other Properties (other property) | other_property | 0 |
Redevelopment, Malls (mall) | 1 |
Redevelopment, Other Properties (other property) | other_property | 0 |
SUMMARY OF SIGNIFICANT ACCOUN52
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Accounting Guidance Adopted) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Standards Update 2016-18 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Adjustments to net cash provided by (used) in investing activities as a result of adoption of new accounting standards | $ (11,434) | $ 5,491 |
SUMMARY OF SIGNIFICANT ACCOUN53
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Accounting Guidance Not Yet Effective) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)lease | Jan. 01, 2018USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of ground lease arrangements as a lessee (lease) | lease | 13 | ||
Future contractual lease payments | $ 15,113 | ||
Accounting Standards Update 2017-05, Unconsolidated Affiliate Impact | Scenario, Forecast | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Anticipated gains recorded with adoption of new accounting standard | $ 57,850 | ||
Accounting Standards Update 2017-05, Joint Venture Impact | Scenario, Forecast | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Anticipated gains recorded with adoption of new accounting standard | $ 902 | ||
Difference between Revenue Guidance in Effect before and after Topic 606 | Revenues within the scope of ASC 606 | Pro Forma | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
New accounting standard anticipated impact on retained earnings | $ 362 | ||
Sales Revenue, Net, Accounting Standards Update 2014-09 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Concentration risk, percent of total revenue | 100.00% | ||
Leasing revenues | Sales Revenue, Net, Accounting Standards Update 2014-09 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Concentration risk, percent of total revenue | 97.00% | ||
Revenues within the scope of ASC 606 | Sales Revenue, Net, Accounting Standards Update 2014-09 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Concentration risk, percent of total revenue | 2.00% | ||
Other revenues | Sales Revenue, Net, Accounting Standards Update 2014-09 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Concentration risk, percent of total revenue | 1.00% |
SUMMARY OF SIGNIFICANT ACCOUN54
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Real Estate Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Net amortization expense of acquired intangibles | $ 13,256 | $ 8,687 | $ 12,939 |
Future amortization expense, 2018 | 9,093 | ||
Future amortization expense, 2019 | 4,154 | ||
Future amortization expense, 2020 | 1,926 | ||
Future amortization expense, 2021 | 1,712 | ||
Future amortization expense, 2022 | 1,572 | ||
Interest expense capitalized | 2,314 | 2,182 | $ 3,697 |
Intangible lease assets and other assets | Above-market/Below-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 38,798 | 49,310 | |
Intangible lease assets and liabilities, Accumulated Amortization | (31,245) | (38,197) | |
Intangible lease assets and other assets | In-place leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 103,230 | 110,968 | |
Intangible lease assets and liabilities, Accumulated Amortization | (78,854) | (80,256) | |
Intangible lease assets and other assets | Tenant relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 44,580 | 29,494 | |
Intangible lease assets and liabilities, Accumulated Amortization | (9,719) | (6,610) | |
Accounts payable and accrued liabilities | Above-market/Below-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 69,990 | 87,266 | |
Intangible lease assets and liabilities, Accumulated Amortization | $ (49,756) | $ (60,286) | |
Buildings | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 40 years | ||
Certain Improvements | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 10 years | ||
Certain Improvements | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 20 years | ||
Equipment and Fixtures | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 7 years | ||
Equipment and Fixtures | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN55
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||
Restricted cash | $ 35,546 | $ 46,119 |
SUMMARY OF SIGNIFICANT ACCOUN56
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Tenant Receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for doubtful accounts | $ 3,782 | $ 4,058 | $ 2,254 |
SUMMARY OF SIGNIFICANT ACCOUN57
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Investments in Unconsolidated Affiliates) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Net difference between investment and underlying equity in unconsolidated affiliates | $ (6,038,000) | $ (6,966,000) | |
Impairments of investments | $ 0 | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN58
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Deferred Financing Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Unamortized deferred financing costs | $ 18,938 | $ 17,855 | |
Amortization expense | 5,918 | 5,010 | $ 7,116 |
Accumulated amortization | 16,269 | 13,370 | |
Intangible lease assets and other assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Unamortized deferred financing costs | 3,301 | 4,890 | |
Mortgage and Other Indebtedness | Adjustments for New Accounting Pronouncement | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Unamortized deferred financing costs | $ 18,938 | $ 17,855 |
SUMMARY OF SIGNIFICANT ACCOUN59
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Marketable Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Net realized gain on sale of available-for-sale securities | $ 16,560 | |
Proceeds from sale of available-for-sale securities | $ 20,755 | 20,755 |
Common Stock | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Adjusted cost | $ 4,195 |
SUMMARY OF SIGNIFICANT ACCOUN60
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Tenant reimbursements period related to certain capital expenditures, minimum | 5 years |
Tenant reimbursements period related to certain capital expenditures, maximum | 15 years |
SUMMARY OF SIGNIFICANT ACCOUN61
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
State tax expense | $ 3,772 | $ 3,458 | $ 3,460 |
Current tax benefit (provision) | 6,459 | 1,156 | (3,093) |
Deferred tax benefit (provision) | (4,526) | 907 | 152 |
Income tax benefit (provision) | 1,933 | 2,063 | $ (2,941) |
Net deferred tax asset | 7,120 | $ 5,841 | |
Tax Cuts and Jobs Act of 2017, reduction in deferred tax assets | $ 2,309 |
SUMMARY OF SIGNIFICANT ACCOUN62
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concentration of Credit Risk) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration risk, percent of total revenue | 4.20% |
SUMMARY OF SIGNIFICANT ACCOUN63
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Earnings Per Share) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CBL & Associates Properties, Inc. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Antidilutive shares (in shares) | 0 | 0 | 0 |
Denominator – basic (in shares) | 171,070,000 | 170,762,000 | 170,476,000 |
Effect of performance stock units (in shares) | 74,000 | 23,000 | |
Denominator – diluted (in shares) | 171,070,000 | 170,836,000 | 170,499,000 |
CBL & Associates Limited Partnership | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Antidilutive shares (in shares) | 0 | 0 | 0 |
Denominator – basic (in shares) | 199,322,000 | 199,764,000 | 199,734,000 |
Effect of performance stock units (in shares) | 74,000 | 23,000 | |
Denominator – diluted (in shares) | 199,322,000 | 199,838,000 | 199,757,000 |
SUMMARY OF SIGNIFICANT ACCOUN64
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Components of AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
OCI before reclassifications | $ 877 | $ 4,353 |
Amounts reclassified from AOCI | (443) | (18,756) |
Total other comprehensive income (loss) | 434 | (14,403) |
Realized gain on available-for-sale securities, reclassified | 16,560 | |
Redeemable Noncontrolling Interests/Common Units, Unrealized Gains (Losses), Hedging Agreements | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance, shareholders' equity | 433 | 401 |
OCI before reclassifications | 3 | 32 |
Amounts reclassified from AOCI | (436) | 0 |
Total other comprehensive income (loss) | (433) | 32 |
Ending balance, shareholders' equity | 0 | 433 |
Redeemable Noncontrolling Interests/Common Units, Unrealized Gains (Losses), Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance, shareholders' equity | 0 | 384 |
OCI before reclassifications | 0 | 10 |
Amounts reclassified from AOCI | 0 | (394) |
Total other comprehensive income (loss) | 0 | (384) |
Ending balance, shareholders' equity | 0 | 0 |
The Company/Partner's Capital, Unrealized Gains (Losses), Hedging Agreements | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance, shareholders' equity | 1,935 | 303 |
OCI before reclassifications | 814 | 3,828 |
Amounts reclassified from AOCI | (2,749) | (2,196) |
Total other comprehensive income (loss) | (1,935) | 1,632 |
Ending balance, shareholders' equity | 0 | 1,935 |
Interest on cash flow hedges reclassified to interest expense | (443) | (2,196) |
The Company/Partner's Capital, Unrealized Gains (Losses), Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance, shareholders' equity | 0 | 13,108 |
OCI before reclassifications | 0 | 160 |
Amounts reclassified from AOCI | 0 | (13,268) |
Total other comprehensive income (loss) | 0 | (13,108) |
Ending balance, shareholders' equity | 0 | 0 |
Noncontrolling Interests, Unrealized Gains (Losses), Hedging Agreements | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance, shareholders' equity | (2,802) | (3,053) |
OCI before reclassifications | 60 | 251 |
Amounts reclassified from AOCI | 2,742 | 0 |
Total other comprehensive income (loss) | 2,802 | 251 |
Ending balance, shareholders' equity | 0 | (2,802) |
Noncontrolling Interests, Unrealized Gains (Losses), Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance, shareholders' equity | 0 | 2,826 |
OCI before reclassifications | 0 | 72 |
Amounts reclassified from AOCI | 0 | (2,898) |
Total other comprehensive income (loss) | 0 | (2,826) |
Ending balance, shareholders' equity | 0 | 0 |
AOCI Including Portion Attributable to Noncontrolling Interest | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance, shareholders' equity | (434) | 13,969 |
Ending balance, shareholders' equity | 0 | (434) |
CBL And Associates Limited Partnership | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
OCI before reclassifications | 877 | 4,353 |
Amounts reclassified from AOCI | (443) | (18,756) |
Total other comprehensive income (loss) | 434 | (14,403) |
Realized gain on available-for-sale securities, reclassified | 16,560 | |
CBL And Associates Limited Partnership | Redeemable Noncontrolling Interests/Common Units, Unrealized Gains (Losses), Hedging Agreements | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance, shareholders' equity | 434 | 401 |
OCI before reclassifications | 3 | 33 |
Amounts reclassified from AOCI | (437) | 0 |
Total other comprehensive income (loss) | (434) | 33 |
Ending balance, shareholders' equity | 0 | 434 |
CBL And Associates Limited Partnership | Redeemable Noncontrolling Interests/Common Units, Unrealized Gains (Losses), Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance, shareholders' equity | 0 | 384 |
OCI before reclassifications | 0 | 10 |
Amounts reclassified from AOCI | 0 | (394) |
Total other comprehensive income (loss) | 0 | (384) |
Ending balance, shareholders' equity | 0 | 0 |
CBL And Associates Limited Partnership | The Company/Partner's Capital, Unrealized Gains (Losses), Hedging Agreements | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance, shareholders' equity | (868) | (2,750) |
OCI before reclassifications | 874 | 4,078 |
Amounts reclassified from AOCI | (6) | (2,196) |
Total other comprehensive income (loss) | 868 | 1,882 |
Ending balance, shareholders' equity | 0 | (868) |
Interest on cash flow hedges reclassified to interest expense | (443) | (2,196) |
CBL And Associates Limited Partnership | The Company/Partner's Capital, Unrealized Gains (Losses), Available-for-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance, shareholders' equity | 0 | 15,934 |
OCI before reclassifications | 0 | 232 |
Amounts reclassified from AOCI | 0 | (16,166) |
Total other comprehensive income (loss) | 0 | (15,934) |
Ending balance, shareholders' equity | 0 | 0 |
CBL And Associates Limited Partnership | AOCI Including Portion Attributable to Noncontrolling Interest | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance, shareholders' equity | (434) | 13,969 |
Ending balance, shareholders' equity | $ 0 | $ (434) |
ACQUISITIONS (Additional Inform
ACQUISITIONS (Additional Information) (Details) | 1 Months Ended | ||||
Dec. 31, 2017USD ($) | Mar. 31, 2017store | Jan. 31, 2017USD ($)store | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Business Acquisition [Line Items] | |||||
Assets recorded as a result of transfer of joint venture interest | $ 5,704,808,000 | $ 6,104,640,000 | $ 6,479,991,000 | ||
Mortgage note payable recorded as a result of transfer of joint venture interest | 4,230,845,000 | $ 4,465,294,000 | |||
Capitalized transaction costs | $ 1,431,979,000 | ||||
Sears Department Stores | |||||
Business Acquisition [Line Items] | |||||
Number of locations purchased | store | 5 | ||||
Sears Auto Centers | |||||
Business Acquisition [Line Items] | |||||
Number of locations purchased | store | 2 | ||||
Sears Stores | |||||
Business Acquisition [Line Items] | |||||
Assets recorded as a result of transfer of joint venture interest | $ 73,121,000 | ||||
Payments to acquire real estate | 72,765,000 | ||||
Capitalized transaction costs | $ 265,000 | ||||
Lease term | 10 years | ||||
Annual rent payment | $ 5,075,000 | ||||
Decrease in rent for third through tenth years of leases | (0.25%) | ||||
Required notice period for cancellation of lease, lessor | 6 months | ||||
Minimum period for cancellation of lease, lessee | 6 months | ||||
Maximum period for cancellation of lease, lessee | 4 years | ||||
Minimum period of lease before termination | 2 years | ||||
Macy's Stores | |||||
Business Acquisition [Line Items] | |||||
Assets recorded as a result of transfer of joint venture interest | $ 7,556,000 | ||||
Number of locations purchased | store | 4 | ||||
Payments to acquire real estate | $ 7,034,000 | ||||
Capitalized transaction costs | 34,000 | ||||
Number of stores closed | store | 3 | ||||
Annual maintenance charge | $ 19,000 | ||||
JC Gulf Coast LLC | |||||
Business Acquisition [Line Items] | |||||
Joint venture, ownership percentage | 50.00% | ||||
Cash consideration to purchase additional interest in joint venture | $ 0 | ||||
Assets recorded as a result of transfer of joint venture interest | 2,818,000 | ||||
Mortgage note payable recorded as a result of transfer of joint venture interest | $ 4,118,000 |
ACQUISITIONS (2017 Summary of N
ACQUISITIONS (2017 Summary of Net Assets Purchased) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jan. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||
Total assets | $ 5,704,808 | $ 6,104,640 | $ 6,479,991 | |
Total | ||||
Business Acquisition [Line Items] | ||||
Land | $ 49,663 | |||
Buildings and improvements | 16,779 | |||
Tenant improvements | 4,611 | |||
Total assets | 80,677 | |||
Below-market leases | (878) | |||
Net assets acquired | 79,799 | |||
Sears Stores | ||||
Business Acquisition [Line Items] | ||||
Land | 45,028 | |||
Buildings and improvements | 14,814 | |||
Tenant improvements | 4,234 | |||
Total assets | 73,121 | |||
Below-market leases | (356) | |||
Net assets acquired | 72,765 | |||
Macy's Stores | ||||
Business Acquisition [Line Items] | ||||
Land | 4,635 | |||
Buildings and improvements | 1,965 | |||
Tenant improvements | 377 | |||
Total assets | 7,556 | |||
Below-market leases | (522) | |||
Net assets acquired | 7,034 | |||
Above-market leases | Total | ||||
Business Acquisition [Line Items] | ||||
In-place leases | 681 | |||
Above-market leases | Sears Stores | ||||
Business Acquisition [Line Items] | ||||
In-place leases | 681 | |||
Above-market leases | Macy's Stores | ||||
Business Acquisition [Line Items] | ||||
In-place leases | 0 | |||
In-place leases | Total | ||||
Business Acquisition [Line Items] | ||||
In-place leases | 8,943 | |||
In-place leases | Sears Stores | ||||
Business Acquisition [Line Items] | ||||
In-place leases | 8,364 | |||
In-place leases | Macy's Stores | ||||
Business Acquisition [Line Items] | ||||
In-place leases | $ 579 |
ACQUISITIONS (Weighted-average
ACQUISITIONS (Weighted-average Amortization Periods as of Respective Acquisition) (Details) | 1 Months Ended |
Jan. 31, 2017 | |
Sears Stores | Above-market leases | |
Business Acquisition [Line Items] | |
Weighted average amortization period | 2 years |
Sears Stores | In-place leases | |
Business Acquisition [Line Items] | |
Weighted average amortization period | 2 years 2 months |
Sears Stores | Below-market leases | |
Business Acquisition [Line Items] | |
Weighted average amortization period | 5 years 4 months 20 days |
Macy's Stores | In-place leases | |
Business Acquisition [Line Items] | |
Weighted average amortization period | 2 years 1 month 28 days |
Macy's Stores | Below-market leases | |
Business Acquisition [Line Items] | |
Weighted average amortization period | 2 years 1 month 28 days |
ACQUISITIONS (2015 Acquisitions
ACQUISITIONS (2015 Acquisitions) (Details) - Mayfaire Community Center - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2015 | |
Business Acquisition [Line Items] | ||
Ownership Percentage Acquired | 100.00% | |
Cash | $ 191,988 | |
Purchase Price | 191,988 | |
Revenue recognized since date of acquisition | $ 8,982 | |
Income recognized since date of acquisition | $ 410 | |
Land | 39,598 | |
Buildings and improvements | 139,818 | |
Tenant improvements | 3,331 | |
Above-market leases | 393 | |
In-place leases | 22,673 | |
Total assets | 205,813 | |
Below-market leases | (13,825) | |
Net assets acquired | $ 191,988 |
DISPOSITIONS (Summary of Dispos
DISPOSITIONS (Summary of Dispositions) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||
May 31, 2017USD ($) | Apr. 30, 2017USD ($)loan | Mar. 31, 2017USD ($) | Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jul. 31, 2016USD ($) | May 31, 2016USD ($) | Apr. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Nov. 30, 2015USD ($) | Jul. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Apr. 30, 2015USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Sep. 30, 2016USD ($)mall | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2017mall | Dec. 31, 2017USD ($)outparcel | Dec. 31, 2016USD ($)outparcel | Dec. 31, 2015USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 189,750 | $ 194,710 | $ 104,860 | ||||||||||||||||||||||
Sales price, net | 112,076 | 189,531 | 103,537 | ||||||||||||||||||||||
Gain/ (Loss) | 75,980 | 3,720 | 21,331 | ||||||||||||||||||||||
Loss on impairment | 71,401 | 116,822 | 105,945 | ||||||||||||||||||||||
Number of malls with impairment (mall) | mall | 2 | ||||||||||||||||||||||||
Mortgage debt assumed by buyer of real estate assets | 0 | $ 38,150 | 14,570 | ||||||||||||||||||||||
Mortgages | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Mortgage note payables assumed | $ 38,150 | ||||||||||||||||||||||||
River Ridge Mall, Lynchburg, VA | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Joint venture, ownership percentage | 25.00% | 25.00% | 25.00% | 25.00% | |||||||||||||||||||||
EastGate Crossing | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Net proceeds from related to the lease of a tenant space | $ 574 | ||||||||||||||||||||||||
Earn out proceeds, amount earned | $ 625 | ||||||||||||||||||||||||
Outparcel Sale | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gain on sales of real estate assets | $ 17,812 | $ 21,385 | |||||||||||||||||||||||
Number of stores sold (outparcel) | outparcel | 12 | 18 | |||||||||||||||||||||||
Parking Deck Project | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gain on sales of real estate assets | $ 2,184 | ||||||||||||||||||||||||
Malls | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Loss on impairment | $ 3,147 | ||||||||||||||||||||||||
Malls | College Square Mall | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gain/ (Loss) | $ (1,448) | $ 1,994 | |||||||||||||||||||||||
Corporate Joint Venture | River Ridge Mall, Lynchburg, VA | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Joint venture, ownership percentage | 75.00% | 75.00% | |||||||||||||||||||||||
Parent Company | River Ridge Mall, Lynchburg, VA | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Joint venture, ownership percentage | 25.00% | 25.00% | |||||||||||||||||||||||
One and Two Oyster Point | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 6,250 | ||||||||||||||||||||||||
Sales price, net | 6,142 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 0 | ||||||||||||||||||||||||
The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 130,000 | ||||||||||||||||||||||||
Sales price, net | 55,368 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 75,434 | ||||||||||||||||||||||||
Number of loans retired (loan) | loan | 3 | ||||||||||||||||||||||||
Priority received | $ 7,477 | ||||||||||||||||||||||||
The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | Corporate Joint Venture | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Joint venture, ownership percentage | 2500.00% | ||||||||||||||||||||||||
The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | Parent Company | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gain/ (Loss) | $ 48,800 | ||||||||||||||||||||||||
Joint venture, ownership percentage | 7500.00% | ||||||||||||||||||||||||
College Square & Foothills Mall | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 53,500 | ||||||||||||||||||||||||
Sales price, net | 50,566 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 546 | ||||||||||||||||||||||||
River Ridge Mall, Lynchburg, VA | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 33,500 | ||||||||||||||||||||||||
Sales price, net | 32,905 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 0 | ||||||||||||||||||||||||
Loss on impairment | $ 84 | $ 9,510 | $ 9,594 | ||||||||||||||||||||||
Percentage owned in disposed asset | 75.00% | 75.00% | 75.00% | ||||||||||||||||||||||
The Crossings at Marshalls Creek | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 23,650 | ||||||||||||||||||||||||
Sales price, net | 21,791 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 3,239 | ||||||||||||||||||||||||
Bonita Lakes Mall and Crossing | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 27,910 | ||||||||||||||||||||||||
Sales price, net | 27,614 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 208 | ||||||||||||||||||||||||
Loss on impairment | $ 5,323 | ||||||||||||||||||||||||
The Lakes and Fashion Square | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | 66,500 | ||||||||||||||||||||||||
Sales price, net | 65,514 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 273 | ||||||||||||||||||||||||
Loss on impairment | 32,096 | ||||||||||||||||||||||||
Oak Branch Business Center, Greensboro, NC | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 2,400 | ||||||||||||||||||||||||
Sales price, net | 2,148 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 0 | ||||||||||||||||||||||||
Loss on impairment | $ (22) | $ 122 | |||||||||||||||||||||||
Cobblestone Village at Palm Coast | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | 8,500 | ||||||||||||||||||||||||
Sales price, net | 8,106 | ||||||||||||||||||||||||
Gain/ (Loss) | 0 | ||||||||||||||||||||||||
Loss on impairment | 150 | 6,298 | |||||||||||||||||||||||
Randolph Mall, Regency Mall, and Walnut Square | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | 32,250 | ||||||||||||||||||||||||
Sales price, net | 31,453 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 0 | ||||||||||||||||||||||||
Loss on impairment | $ (150) | $ 43,294 | |||||||||||||||||||||||
Number of malls with impairment (mall) | mall | 3 | ||||||||||||||||||||||||
The Outlet Shoppes at Atlanta - Parcel Development | Parcel Project | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gain on sales of real estate assets | 1,621 | ||||||||||||||||||||||||
Madison Square | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 5,000 | ||||||||||||||||||||||||
Sales price, net | 4,955 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 0 | ||||||||||||||||||||||||
Loss on impairment | 2,620 | ||||||||||||||||||||||||
EastGate Crossing | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 21,060 | ||||||||||||||||||||||||
Sales price, net | 20,688 | ||||||||||||||||||||||||
Gain/ (Loss) | 13,491 | ||||||||||||||||||||||||
Net proceeds from related to the lease of a tenant space | $ 657 | ||||||||||||||||||||||||
Mortgage debt assumed by buyer of real estate assets | $ 14,570 | ||||||||||||||||||||||||
Madison Plaza | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 5,700 | ||||||||||||||||||||||||
Sales price, net | 5,472 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 2,769 | ||||||||||||||||||||||||
Waynesville Commons | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 14,500 | ||||||||||||||||||||||||
Sales price, net | 14,289 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 5,071 | ||||||||||||||||||||||||
Mayfaire Community Center | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 56,300 | ||||||||||||||||||||||||
Sales price, net | 55,955 | ||||||||||||||||||||||||
Gain/ (Loss) | 0 | ||||||||||||||||||||||||
Loss on impairment | 397 | ||||||||||||||||||||||||
Chapel Hill Crossing | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | 2,300 | ||||||||||||||||||||||||
Sales price, net | 2,178 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 0 | ||||||||||||||||||||||||
Loss on impairment | $ 1,914 |
UNCONSOLIDATED AFFILIATES AND70
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Company Investments) (Details) - entity | Dec. 31, 2017 | Nov. 30, 2017 | Sep. 30, 2017 |
Schedule of Equity Method Investments [Line Items] | |||
Number of entities - equity method of accounting (entity) | 17 | ||
Governor’s Square Company | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 47.50% | ||
Parent Company | Ambassador Infrastructure, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 65.00% | ||
Parent Company | Ambassador Town Center JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 65.00% | ||
Parent Company | CBL/T-C, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | CBL-TRS Joint Venture, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | EastGate Storage, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | 50.00% | |
Parent Company | El Paso Outlet Outparcels, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | Fremaux Town Center JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 65.00% | ||
Parent Company | G&I VIII CBL Triangle LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 10.00% | ||
Parent Company | Governor’s Square IB | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | Kentucky Oaks Mall Company | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | Mall of South Carolina L.P. | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | Mall of South Carolina Outparcel L.P. | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | Port Orange I, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | Shoppes at Eagle Point, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | 50.00% | |
Parent Company | West Melbourne I, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | York Town Center, LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% |
UNCONSOLIDATED AFFILIATES AND71
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Joint Ventures) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Nov. 30, 2017USD ($) | Aug. 31, 2017USD ($) | Dec. 31, 2016USD ($)office_building | Mar. 31, 2016USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Sep. 30, 2016USD ($)subsidiary | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jul. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Sales price, gross | $ 189,750 | $ 194,710 | $ 104,860 | |||||||||||
Sales price, net | 112,076 | 189,531 | 103,537 | |||||||||||
Gain (loss) on sales of real estate assets | 93,792 | 29,567 | 32,232 | |||||||||||
Mortgage and other indebtedness, variable-rate debt | $ 888,770 | 1,090,810 | 888,770 | |||||||||||
Gain (loss) on extinguishment of debt | 30,927 | 256 | ||||||||||||
Mortgage debt assumed by buyer of real estate assets | 0 | 38,150 | 14,570 | |||||||||||
Gain (loss) on investments | (6,197) | 7,534 | 16,560 | |||||||||||
Loss on impairment | 71,401 | 116,822 | 105,945 | |||||||||||
Mortgages | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Mortgage note payables assumed | $ 38,150 | |||||||||||||
Non Recourse Loans On Operating Properties | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Mortgage and other indebtedness, variable-rate debt | 19,055 | 10,836 | 19,055 | |||||||||||
CBL & Associates Properties, Inc. | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain (loss) on sales of real estate assets | 93,792 | 29,567 | 32,232 | |||||||||||
Gain (loss) on extinguishment of debt | 30,927 | 0 | 256 | |||||||||||
Gain (loss) on investments | (6,197) | 7,534 | 16,560 | |||||||||||
Loss on impairment | $ 71,401 | 116,822 | $ 105,945 | |||||||||||
Renaissance Center | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Sales price, gross | $ 129,200 | |||||||||||||
Gain (loss) on sales of real estate assets | 29,437 | |||||||||||||
River Ridge Mall JV, LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Sales price, gross | $ 33,500 | |||||||||||||
Sales price, net | $ 32,905 | |||||||||||||
Loss on impairment | $ 84 | $ 9,510 | 9,594 | |||||||||||
Reserve for future capital expenditures | $ 2,100 | $ 2,100 | ||||||||||||
Percentage owned in disposed asset | 75.00% | 75.00% | 75.00% | |||||||||||
River Ridge Mall JV, LLC | Parent Company | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain (loss) on sales of real estate assets | $ (5,843) | |||||||||||||
Renaissance Center - Phase I | Mortgages | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Mortgage debt assumed by buyer of real estate assets | 16,000 | |||||||||||||
Defeasance of debt in disposition | 31,484 | |||||||||||||
Corporate Joint Venture | River Ridge Mall JV, LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Cash contributed by third party | $ 33,500 | |||||||||||||
Quoted market value | $ 7,000 | 7,000 | ||||||||||||
Repayment of long term line of credit | $ 32,819 | |||||||||||||
River Ridge Mall JV, LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Joint venture, ownership percentage | 25.00% | 25.00% | 25.00% | 25.00% | ||||||||||
Proceeds from sale of join venture | $ 9,000 | |||||||||||||
Loss on sale of investment | $ 354 | $ 5,843 | ||||||||||||
River Ridge Mall JV, LLC | Parent Company | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Joint venture, ownership percentage | 25.00% | 25.00% | ||||||||||||
River Ridge Mall JV, LLC | Corporate Joint Venture | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Joint venture, ownership percentage | 75.00% | 75.00% | ||||||||||||
Shoppes at Eagle Point, LLC | Parent Company | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Joint venture, ownership percentage | 50.00% | 50.00% | 50.00% | |||||||||||
Shoppes at Eagle Point, LLC | Corporate Joint Venture | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Joint venture, ownership percentage | 50.00% | 50.00% | ||||||||||||
Cash contributed by third party | $ 1,031 | |||||||||||||
EastGate Storage, LLC | Parent Company | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Joint venture, ownership percentage | 50.00% | 50.00% | ||||||||||||
Capital contribution, land | $ 1,134 | |||||||||||||
EastGate Storage, LLC | Corporate Joint Venture | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Joint venture, ownership percentage | 50.00% | |||||||||||||
JG Gulf Coast Town Center LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain (loss) on investments | $ 29,267 | |||||||||||||
JG Gulf Coast Town Center LLC | Parent Company | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Joint venture, ownership percentage | 50.00% | 50.00% | ||||||||||||
JG Gulf Coast Town Center LLC | Non Recourse Loans On Operating Properties | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Mortgage and other indebtedness, variable-rate debt | $ 190,800 | |||||||||||||
JG Gulf Coast Town Center LLC | CBL & Associates Properties, Inc. | Non Recourse Loans On Operating Properties | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Mortgage and other indebtedness, variable-rate debt | 95,400 | |||||||||||||
JG Gulf Coast Town Center LLC | Corporate Joint Venture | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Joint venture, ownership percentage | 50.00% | |||||||||||||
Gain (loss) on extinguishment of debt | 63,294 | |||||||||||||
Gulf Coast Town Center - Phase III | Parent Company | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Joint venture, ownership percentage | 50.00% | |||||||||||||
CBL-TRS Joint Venture, LLC | Parent Company | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Joint venture, ownership percentage | 50.00% | |||||||||||||
CBL-TRS Joint Venture, LLC | Corporate Joint Venture | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Number of office buildings sold (office building) | office_building | 4 | |||||||||||||
Sales price, gross | $ 26,000 | |||||||||||||
Sales price, net | 25,406 | $ 14,962 | ||||||||||||
Gain (loss) on sales of real estate assets | 51 | |||||||||||||
CBL-TRS Joint Venture, LLC | Corporate Joint Venture | Other Ownership Interest | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Sales price, net | 12,703 | |||||||||||||
Gain (loss) on sales of real estate assets | 25 | |||||||||||||
Triangle Town Member LLC | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain (loss) on sales of real estate assets | $ 2,820 | |||||||||||||
Triangle Town Member LLC | Parent Company | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Joint venture, ownership percentage | 10.00% | 50.00% | 50.00% | 10.00% | ||||||||||
Gain (loss) on sales of real estate assets | $ 282 | |||||||||||||
Triangle Town Member LLC | Mortgages | Parent Company | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Mortgage note payables assumed | $ 17,109 | $ 17,109 | ||||||||||||
Triangle Town Member LLC | Corporate Joint Venture | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Joint venture, ownership percentage | 90.00% | 50.00% | 50.00% | 90.00% | ||||||||||
Sales price, gross | $ 30,250 | $ 174,000 | ||||||||||||
Sales price, net | 29,802 | |||||||||||||
Gain (loss) on sales of real estate assets | 2,538 | 80,979 | ||||||||||||
Mortgage and other indebtedness, variable-rate debt | $ 29,342 | $ 29,342 | ||||||||||||
Equity contribution | 3,060 | |||||||||||||
Triangle Town Member LLC | Corporate Joint Venture | Mortgages | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Mortgage note payables assumed | $ 171,092 | 171,092 | ||||||||||||
Triangle Town Member LLC | Corporate Joint Venture | Mortgages | Other Ownership Interest | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Mortgage note payables assumed | $ 85,546 | $ 85,546 | ||||||||||||
High Pointe Commons, LP and High Pointe Commons II-HAP, LP | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Number of subsidiaries owned by the company (subsidiary) | subsidiary | 2 | |||||||||||||
High Pointe Commons | Parent Company | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Joint venture, ownership percentage | 50.00% | |||||||||||||
High Pointe Commons | Mortgages | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Extinguishment of debt | $ 17,388 | |||||||||||||
High Pointe Commons | Corporate Joint Venture | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Joint venture, ownership percentage | 50.00% | |||||||||||||
Sales price, gross | $ 33,800 | |||||||||||||
Gain (loss) on sales of real estate assets | 16,649 | |||||||||||||
Gain (loss) on extinguishment of debt | (393) | |||||||||||||
High Pointe Commons | Corporate Joint Venture | Other Ownership Interest | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Sales price, net | 7,481 | |||||||||||||
Gain (loss) on sales of real estate assets | 8,324 | |||||||||||||
Gain (loss) on extinguishment of debt | $ (197) | |||||||||||||
Renaissance Center | Corporate Joint Venture | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Sales price, net | 80,324 | |||||||||||||
Gain (loss) on sales of real estate assets | 59,977 | |||||||||||||
Renaissance Center | Corporate Joint Venture | Other Ownership Interest | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Sales price, net | 40,162 | |||||||||||||
Gain (loss) on sales of real estate assets | $ 29,989 |
UNCONSOLIDATED AFFILIATES AND72
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Summarized Financial Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract] | |||
Investment in real estate assets | $ 2,089,262 | $ 2,137,666 | |
Accumulated depreciation | (618,922) | (564,612) | |
Investment in real estate, net | 1,470,340 | 1,573,054 | |
Developments in progress | 36,765 | 9,210 | |
Net investment in real estate assets | 1,507,105 | 1,582,264 | |
Other assets | 201,114 | 223,347 | |
Total assets | 1,708,219 | 1,805,611 | |
Mortgage and other indebtedness, net | 1,248,817 | 1,266,046 | |
Other liabilities | 41,291 | 46,160 | |
Total liabilities | 1,290,108 | 1,312,206 | |
The Company | 216,292 | 228,313 | |
Other investors | 201,819 | 265,092 | |
Total owners' equity | 418,111 | 493,405 | |
Total liabilities and owners’ equity | 1,708,219 | 1,805,611 | |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||
Total revenues | 236,607 | 250,361 | $ 253,399 |
Depreciation and amortization | (80,102) | (83,640) | (79,870) |
Other operating expenses | (71,293) | (76,328) | (75,875) |
Income from operations | 85,212 | 90,393 | 97,654 |
Interest and other income | 1,671 | 1,352 | 1,337 |
Interest expense | (51,843) | (55,227) | (75,485) |
Gain on extinguishment of debt | 0 | 62,901 | 0 |
Gain on sales of real estate assets | 555 | 160,977 | 2,551 |
Net income | 35,595 | 260,396 | 26,057 |
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 22,939 | 117,533 | 18,200 |
CBL & Associates Properties, Inc. | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | $ 22,939 | $ 117,533 | $ 18,200 |
UNCONSOLIDATED AFFILIATES AND73
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Joint Venture Financings) (Details) | 1 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017USD ($) | Oct. 31, 2017USD ($)extension_option | Aug. 31, 2017USD ($) | Dec. 31, 2016USD ($)extension_option | Jun. 30, 2016USD ($) | Feb. 29, 2016USD ($) | Jan. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)extension_option | Dec. 31, 2015USD ($) | Dec. 31, 2018 | Oct. 31, 2016 | |
Debt Instrument [Line Items] | ||||||||||||
Amount Financed or Extended | $ 1,802,000 | $ 0 | $ 0 | |||||||||
Monthly principal payments | $ 361,411,000 | 361,411,000 | ||||||||||
Mortgage and other indebtedness, net | 4,230,845,000 | $ 4,465,294,000 | $ 4,230,845,000 | $ 4,465,294,000 | ||||||||
Ambassador Infrastructure, LLC | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage guaranteed by the company | 100.00% | 100.00% | ||||||||||
Ambassador Infrastructure, LLC | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount Financed or Extended | $ 11,035,000 | |||||||||||
Ambassador Infrastructure, LLC | Interest Rate Swap | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notional amount of interest rate swaps held | $ 9,360,000 | |||||||||||
Fixed interest rate | 3.74% | |||||||||||
Ambassador Infrastructure, LLC | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated Interest Rate | 2.00% | |||||||||||
Shoppes at Eagle Point, LLC | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount Financed or Extended | $ 36,400,000 | |||||||||||
Percentage guaranteed by the company | 100.00% | |||||||||||
Number of extension options available (extension option) | extension_option | 1 | |||||||||||
Extension option, term | 2 years | |||||||||||
Shoppes at Eagle Point, LLC | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated Interest Rate | 2.75% | |||||||||||
Shoppes at Eagle Point, LLC | LIBOR | Scenario, Forecast | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated Interest Rate | 2.35% | |||||||||||
Storage Facility Development - EastGate Mall | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount Financed or Extended | $ 6,500,000 | |||||||||||
Percentage guaranteed by the company | 100.00% | |||||||||||
Monthly principal payments | $ 10,000 | $ 10,000 | ||||||||||
Storage Facility Development - EastGate Mall | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated Interest Rate | 2.75% | 2.75% | ||||||||||
The Pavilion at Port Orange | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount Financed or Extended | $ 58,628,000 | |||||||||||
The Pavilion at Port Orange | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated Interest Rate | 2.00% | |||||||||||
Hammock Landing - Phase I | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount Financed or Extended | $ 43,347,000 | $ 39,475,000 | ||||||||||
Hammock Landing - Phase I | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated Interest Rate | 2.00% | |||||||||||
Hammock Landing - Phase II | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount Financed or Extended | $ 16,757,000 | |||||||||||
Hammock Landing - Phase II | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated Interest Rate | 2.00% | |||||||||||
Triangle Town Center, Triangle Town Commons and Triangle Town Place | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount Financed or Extended | $ 171,092,000 | |||||||||||
Number of extension options available (extension option) | extension_option | 2 | 2 | ||||||||||
Extension option, term | 1 year | |||||||||||
Triangle Town Center, Triangle Town Commons and Triangle Town Place | If Extension One is Exercised | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, lender fees | $ 5,000,000 | |||||||||||
Debt instrument, commitment fee percentage | 0.50% | |||||||||||
Triangle Town Center, Triangle Town Commons and Triangle Town Place | If Extension Two is Exercised | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument, lender fees | $ 8,000,000 | |||||||||||
Debt instrument, commitment fee percentage | 0.75% | |||||||||||
Triangle Town Center, Triangle Town Commons and Triangle Town Place | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated Interest Rate | 4.00% | 4.00% | 4.00% | 5.74% | ||||||||
Triangle Town Center, Triangle Town Commons and Triangle Town Place | LIBOR | If Extension Two is Exercised | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated Interest Rate | 5.737% | |||||||||||
Fremaux Town Center JV, LLC | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount Financed or Extended | $ 73,000,000 | |||||||||||
Fremaux Town Center JV, LLC | Construction loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Mortgage and other indebtedness, net | $ 71,125,000 | $ 71,125,000 | ||||||||||
Fremaux Town Center JV, LLC | Interest Rate Swap | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notional amount of interest rate swaps held | 73,000,000 | |||||||||||
Derivative liability | $ 52,130,000 | |||||||||||
Fremaux Town Center JV, LLC | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated Interest Rate | 3.699% | 3.699% | ||||||||||
Ambassador Town Center JV, LLC | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount Financed or Extended | $ 47,660,000 | |||||||||||
Ambassador Town Center JV, LLC | Construction loan | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Mortgage and other indebtedness, net | 41,885,000 | 41,885,000 | ||||||||||
Ambassador Town Center JV, LLC | Interest Rate Swap | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notional amount of interest rate swaps held | 47,660,000 | |||||||||||
Derivative liability | $ 38,866,000 | |||||||||||
Ambassador Town Center JV, LLC | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated Interest Rate | 3.22% | |||||||||||
The Shops at Friendly Center | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Amount Financed or Extended | 60,000,000 | |||||||||||
Mortgage and other indebtedness, net | $ 37,640,000 | $ 37,640,000 | ||||||||||
Debt Instrument, Term | 6 years | |||||||||||
The Shops at Friendly Center | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated Interest Rate | 3.34% | 3.34% | ||||||||||
The Shops at Friendly Center | LIBOR | FIxed Rate Loan Maturing in January 2017 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Stated Interest Rate | 5.90% | 5.90% | ||||||||||
Port Orange and Hammock Landing - Phase I and II | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage guaranteed by the company | 20.00% | 25.00% | ||||||||||
Extension option, term | 1 year |
UNCONSOLIDATED AFFILIATES AND74
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Repayments) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jul. 31, 2016 | Jun. 30, 2016 | Apr. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Principal Balance Repaid | $ 427,247 | $ 291,607 | |||||||
Mortgage loan | $ 1,802 | 0 | $ 0 | ||||||
Gulf Coast Town Center - Phase III | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Interest rate | 3.13% | ||||||||
Principal Balance Repaid | $ 4,118 | ||||||||
Renaissance Center - Phase I | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Interest rate | 5.61% | ||||||||
Principal Balance Repaid | $ 31,484 | ||||||||
Kentucky Oaks Mall Company | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Interest rate | 5.27% | ||||||||
Principal Balance Repaid | $ 19,912 | ||||||||
Kentucky Oaks Mall Company | Parent | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Principal Balance Repaid | $ 9,956 | ||||||||
Governor’s Square Company | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Interest rate | 8.23% | ||||||||
Principal Balance Repaid | $ 14,089 | ||||||||
Joint venture, ownership percentage | 47.50% | ||||||||
Governor’s Square Company | Parent | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Principal Balance Repaid | $ 6,692 | ||||||||
High Pointe Commons - Phase I | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Interest rate | 5.74% | ||||||||
Principal Balance Repaid | $ 12,401 | ||||||||
High Pointe Commons - PetCo | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Interest rate | 3.20% | ||||||||
Principal Balance Repaid | $ 19 | ||||||||
Joint venture, ownership percentage | 50.00% | ||||||||
High Pointe Commons - Phase II | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Interest rate | 6.10% | ||||||||
Principal Balance Repaid | $ 4,968 | ||||||||
The Shops at Friendly Center | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Interest rate | 5.90% | ||||||||
Principal Balance Repaid | $ 37,640 | ||||||||
Mortgage loan | 60,000 | ||||||||
Triangle Town Place | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Interest rate | 4.00% | ||||||||
Principal Balance Repaid | $ 29,342 | ||||||||
Triangle Town Center and Triangle Town Commons | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Mortgage loan | 141,126 | ||||||||
Triangle Town Center and Triangle Town Commons | Parent | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Mortgage loan | $ 14,113 | ||||||||
Fremaux Town Center JV, LLC - Phase I | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Interest rate | 2.44% | ||||||||
Principal Balance Repaid | $ 40,530 | ||||||||
Fremaux Town Center JV, LLC - Phase II | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Interest rate | 2.44% | ||||||||
Principal Balance Repaid | $ 30,595 | ||||||||
Ambassador Town Center JV, LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Interest rate | 2.24% | ||||||||
Principal Balance Repaid | $ 41,885 | ||||||||
Mortgage loan | 47,660 | ||||||||
Fremaux Town Center JV, LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Mortgage loan | $ 73,000 |
UNCONSOLIDATED AFFILIATES AND75
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Cost Method Investments) (Details) - Jinsheng $ in Thousands | 3 Months Ended |
Dec. 31, 2016USD ($) | |
Cost Method Investments [Abstract] | |
Percentage of ownership interest in cost method investment | 6.20% |
Cost-method investments, payments received for redemption of interest | $ 15,538 |
Cost method investments | 5,325 |
Cost-method investment, gain | 10,136 |
Cost-method investment, OTTI recognized | $ 5,306 |
MORTGAGE AND OTHER INDEBTEDNE76
MORTGAGE AND OTHER INDEBTEDNESS, NET (Debt of Operating Partnership) (Details) | Sep. 01, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)loan | Jul. 31, 2017loan | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||||
Loan, outstanding amount | $ 3,158,973,000 | $ 3,594,379,000 | |||
Mortgage and other indebtedness, variable-rate debt | 1,090,810,000 | 888,770,000 | |||
Total fixed-rate and variable-rate debt | 4,249,783,000 | 4,483,149,000 | |||
Deferred financing costs | (18,938,000) | (17,855,000) | |||
Mortgage and other indebtedness | $ 4,230,845,000 | $ 4,465,294,000 | |||
Weighted average interest rate | 4.74% | 4.82% | |||
Fixed Rate Interest | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 5.37% | 5.48% | |||
Variable Rate Interest | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 2.90% | 2.15% | |||
Non Recourse Loans On Operating Properties | |||||
Debt Instrument [Line Items] | |||||
Loan, outstanding amount | $ 1,796,203,000 | $ 2,453,628,000 | |||
Mortgage and other indebtedness, variable-rate debt | $ 10,836,000 | $ 19,055,000 | |||
Non Recourse Loans On Operating Properties | Fixed Rate Interest | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 5.33% | 5.55% | |||
Non Recourse Loans On Operating Properties | Variable Rate Interest | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 3.37% | 3.13% | |||
Senior unsecured notes due 2023 | |||||
Debt Instrument [Line Items] | |||||
Loan, outstanding amount | $ 446,976,000 | $ 446,552,000 | |||
Debt instrument, face value | $ 450,000,000 | ||||
Senior unsecured notes due 2023 | Fixed Rate Interest | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 5.25% | 5.25% | |||
Senior unsecured notes due 2024 | |||||
Debt Instrument [Line Items] | |||||
Loan, outstanding amount | $ 299,946,000 | $ 299,939,000 | |||
Debt instrument, unamortized discount | 54,000 | $ 61,000 | |||
Debt instrument, face value | $ 300,000,000 | ||||
Senior unsecured notes due 2024 | Fixed Rate Interest | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.60% | 4.60% | |||
Senior unsecured notes due 2026 | |||||
Debt Instrument [Line Items] | |||||
Loan, outstanding amount | $ 615,848,000 | $ 394,260,000 | |||
Deferred financing costs | $ (1,879,000) | ||||
Debt instrument, unamortized discount | 3,938,000 | 9,152,000 | $ 5,740,000 | ||
Debt instrument, face value | $ 625,000,000 | ||||
Proceeds from mortgage and other indebtedness | $ 225,000,000 | $ 225,000,000 | |||
Senior unsecured notes due 2026 | Fixed Rate Interest | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 5.95% | 5.95% | |||
Recourse loans on operating Properties | |||||
Debt Instrument [Line Items] | |||||
Mortgage and other indebtedness, variable-rate debt | $ 101,187,000 | $ 24,428,000 | |||
Recourse loans on operating Properties | Variable Rate Interest | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.00% | 3.29% | |||
Construction loan | |||||
Debt Instrument [Line Items] | |||||
Mortgage and other indebtedness, variable-rate debt | $ 0 | $ 39,263,000 | |||
Construction loan | Variable Rate Interest | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 0.00% | 3.12% | |||
Unsecured lines of credit | |||||
Debt Instrument [Line Items] | |||||
Mortgage and other indebtedness, variable-rate debt | $ 93,787,000 | $ 6,024,000 | |||
Unsecured lines of credit | Variable Rate Interest | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 2.56% | 1.82% | |||
Unsecured term loans | |||||
Debt Instrument [Line Items] | |||||
Number of debt instruments (loan) | loan | 3 | 3 | |||
Mortgage and other indebtedness, variable-rate debt | $ 885,000,000 | $ 800,000,000 | |||
Unsecured term loans | Variable Rate Interest | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 2.81% | 2.04% | |||
Senior Unsecured Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, unamortized discount | $ 3,024,000 | $ 3,448,000 | |||
Recourse and Nonrecourse Term Loans | |||||
Debt Instrument [Line Items] | |||||
Secured non-recourse and recourse term loans | $ 2,073,448,000 |
MORTGAGE AND OTHER INDEBTEDNE77
MORTGAGE AND OTHER INDEBTEDNESS, NET (Senior Unsecured Notes, Unsecured Lines of Credit and Unsecured Term Loans)(Details) | Sep. 01, 2017USD ($) | Sep. 30, 2017USD ($) | Jul. 31, 2017USD ($)extension_option | Dec. 31, 2017USD ($)extension_optioncredit_line | Jul. 31, 2018USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | ||||||
Weighted average interest rate | 4.74% | 4.82% | ||||
Unamortized deferred financing costs | $ 18,938,000 | $ 17,855,000 | ||||
Mortgage and other indebtedness, variable-rate debt | $ 1,090,810,000 | 888,770,000 | ||||
Unsecured lines of credit | ||||||
Debt Instrument [Line Items] | ||||||
Number of debt instruments (loan) | credit_line | 3 | |||||
Basis spread on variable rate | 1.20% | |||||
Credit facility, facility fee percentage | 0.25% | |||||
Weighted-average interest rate | 2.56% | |||||
Secured credit facility, borrowing capacity | $ 1,100,000,000 | |||||
Mortgage and other indebtedness, variable-rate debt | $ 93,787,000 | |||||
Unsecured lines of credit | Wells Fargo Bank | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, extension fee percentage | 0.15% | |||||
Wells Fargo - Facility A | ||||||
Debt Instrument [Line Items] | ||||||
Secured credit facility, borrowing capacity | $ 500,000,000 | |||||
Mortgage and other indebtedness, variable-rate debt | 0 | |||||
First Tennessee | ||||||
Debt Instrument [Line Items] | ||||||
Secured credit facility, borrowing capacity | 100,000,000 | |||||
Mortgage and other indebtedness, variable-rate debt | 55,899,000 | |||||
Additional secured and unsecured lines of credit with commitment | $ 20,000,000 | |||||
First Tennessee | Wells Fargo Bank | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, extension fee percentage | 0.20% | |||||
Wells Fargo - Facility B | ||||||
Debt Instrument [Line Items] | ||||||
Secured credit facility, borrowing capacity | $ 500,000,000 | |||||
Mortgage and other indebtedness, variable-rate debt | 37,888,000 | |||||
Unsecured Line of Credit, Facilities A and B | ||||||
Debt Instrument [Line Items] | ||||||
Additional secured and unsecured lines of credit with commitment | 30,000,000 | |||||
Unsecured Term Loan 2 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face value | $ 350,000,000 | 50,000,000 | ||||
Basis spread on variable rate | 1.35% | |||||
Extension option, term | 1 year | |||||
Interest rate | 2.71% | |||||
Other | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face value | $ 490,000,000 | $ 400,000,000 | ||||
Weighted average interest rate | 3.01% | |||||
Extension option, term | 1 year | |||||
Number of extension options available (extension option) | extension_option | 2 | |||||
Interest rate | 2.86% | |||||
Other | Scenario, Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face value | $ 300,000,000 | |||||
Unsecured Term Loan 3 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face value | $ 45,000,000 | |||||
Extension option, term | 1 year | |||||
LIBOR | Other | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.50% | |||||
LIBOR | Unsecured Term Loan 3 | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.65% | |||||
Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Notice required to redeem debt | 30 days | |||||
Number of extension options available (extension option) | extension_option | 1 | |||||
Minimum | Unsecured lines of credit | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.875% | |||||
Credit facility, commitment fee percentage | 0.125% | |||||
Minimum | LIBOR | Unsecured Term Loan 2 | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.90% | |||||
Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Notice required to redeem debt | 60 days | |||||
Maximum | Unsecured lines of credit | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.55% | |||||
Credit facility, commitment fee percentage | 0.30% | |||||
Maximum | LIBOR | Unsecured Term Loan 2 | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.75% | |||||
Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate | 5.37% | 5.48% | ||||
Senior unsecured notes due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face value | $ 450,000,000 | |||||
Senior unsecured notes due 2023 | Treasury Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable interest rate (percent) | 0.40% | |||||
Senior unsecured notes due 2023 | Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate | 5.25% | 5.25% | ||||
Senior unsecured notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face value | $ 300,000,000 | |||||
Debt instrument, unamortized discount | $ 54,000 | $ 61,000 | ||||
Senior unsecured notes due 2024 | Treasury Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable interest rate (percent) | 0.35% | |||||
Senior unsecured notes due 2024 | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets | 40.00% | |||||
Senior unsecured notes due 2024 | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets | 45.00% | |||||
Senior unsecured notes due 2024 | Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate | 4.60% | 4.60% | ||||
Senior unsecured notes due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face value | $ 625,000,000 | |||||
Proceeds from mortgage and other indebtedness | $ 225,000,000 | $ 225,000,000 | ||||
Unamortized deferred financing costs | 1,879,000 | |||||
Debt instrument, unamortized discount | $ 3,938,000 | $ 9,152,000 | $ 5,740,000 | |||
Proceeds from debt | $ 219,183,000 | |||||
Senior unsecured notes due 2026 | Treasury Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable interest rate (percent) | 0.50% | |||||
Senior unsecured notes due 2026 | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets | 40.00% | |||||
Senior unsecured notes due 2026 | Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted average interest rate | 5.95% | 5.95% | ||||
Senior Notes Due 2023 and 2024 | Fixed Rate Interest | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Increase in variable interest rate basis | 0.25% | |||||
Senior Notes Due 2023 and 2024 | Fixed Rate Interest | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Increase in variable interest rate basis | 1.00% | |||||
Senior Unsecured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, unamortized discount | $ 3,024,000 | $ 3,448,000 | ||||
Senior Unsecured Notes | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets | 40.00% | |||||
Senior Unsecured Notes | Actual | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets | 23.00% |
MORTGAGE AND OTHER INDEBTEDNE78
MORTGAGE AND OTHER INDEBTEDNESS, NET (Fixed Rate Loans Financed) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016USD ($)extension_option | Jun. 30, 2016USD ($) | Apr. 30, 2016USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)extension_option | Dec. 31, 2016extension_option | Jan. 01, 2018 | Nov. 30, 2016 | |
Debt Instrument [Line Items] | ||||||||||
Net unamortized premiums | $ 12,031 | |||||||||
Real Estate Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Extinguishment of debt | $ 98,181 | |||||||||
Hickory Point | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated Interest Rate | 5.85% | |||||||||
Amount Financed | $ 27,446 | |||||||||
Extension option, term | 1 year | |||||||||
Hamilton Place | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated Interest Rate | 4.36% | |||||||||
Amount Financed | $ 107,000 | |||||||||
Hamilton Place | Real Estate Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated Interest Rate | 5.86% | |||||||||
Cary Towne Center | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated Interest Rate | 4.00% | 4.00% | 8.50% | |||||||
Amount Financed | $ 46,716 | |||||||||
Extension option, term | 2 years | |||||||||
Number of extension options available (extension option) | extension_option | 1 | 1 | ||||||||
Greenbrier Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated Interest Rate | 5.00% | 5.00% | 5.91% | |||||||
Amount Financed | $ 70,801 | |||||||||
Extension option, term | 1 year | |||||||||
Greenbrier Mall | Scenario, Forecast | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated Interest Rate | 5.4075% | |||||||||
Monthly principal payments required | $ 325 | $ 300 | $ 225 | |||||||
Fixed Rate Operating Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Net unamortized premiums | $ (199) | |||||||||
Weighted average remaining term to maturity | 3 years 6 months 25 days | |||||||||
Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of extension options available (extension option) | extension_option | 1 | |||||||||
Minimum | Fixed Rate Operating Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fixed interest, percentage rate | 4.00% | |||||||||
Maximum | Fixed Rate Operating Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fixed interest, percentage rate | 8.00% |
MORTGAGE AND OTHER INDEBTEDNE79
MORTGAGE AND OTHER INDEBTEDNESS, NET (Fixed Rate Loans Repaid) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2017 | Aug. 31, 2017 | Jun. 30, 2017 | Apr. 30, 2017 | Mar. 31, 2017 | Feb. 28, 2017 | Jan. 31, 2017 | Oct. 31, 2016 | Aug. 31, 2016 | Jun. 30, 2016 | Apr. 30, 2016 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2016 | |
Debt Instrument [Line Items] | ||||||||||||||||
Principal Balance Repaid | $ 427,247 | $ 291,607 | ||||||||||||||
Gain (loss) on extinguishment of debt | 30,927 | $ 256 | ||||||||||||||
Mortgage and other indebtedness, net | 4,230,845 | $ 4,465,294 | ||||||||||||||
The Plaza at Fayette, Lexington, KY | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 5.67% | |||||||||||||||
Principal Balance Repaid | $ 37,146 | |||||||||||||||
The Shoppes at St. Clair Square, Fairview Heights, IL | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 5.67% | |||||||||||||||
Principal Balance Repaid | $ 18,827 | |||||||||||||||
Hamilton Corner, Chattanooga, TN | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 5.67% | |||||||||||||||
Principal Balance Repaid | $ 14,227 | |||||||||||||||
Layton Hills Mall, Layton, UT | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 5.66% | |||||||||||||||
Principal Balance Repaid | $ 89,526 | |||||||||||||||
The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 5.73% | |||||||||||||||
Principal Balance Repaid | $ 53,386 | |||||||||||||||
Gain (loss) on extinguishment of debt | $ (8,500) | |||||||||||||||
Outlet Shoppes at Oklahoma City - Phase II | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 3.53% | |||||||||||||||
Principal Balance Repaid | $ 5,545 | |||||||||||||||
Outlet Shoppes at Oklahoma City - Phase III | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 3.53% | |||||||||||||||
Principal Balance Repaid | $ 2,704 | |||||||||||||||
Hanes Mall, Winston-Salem, NC | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 6.99% | |||||||||||||||
Principal Balance Repaid | $ 144,325 | |||||||||||||||
Gain (loss) on extinguishment of debt | $ (371) | |||||||||||||||
The Outlet Shoppes At El Paso | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 7.06% | |||||||||||||||
Principal Balance Repaid | $ 61,561 | |||||||||||||||
Cool Springs Crossing | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 4.54% | |||||||||||||||
Principal Balance Repaid | $ 11,313 | |||||||||||||||
Gunbarrel Pointe | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 4.64% | |||||||||||||||
Principal Balance Repaid | $ 10,083 | |||||||||||||||
Stroud Mall | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 4.59% | |||||||||||||||
Principal Balance Repaid | $ 30,276 | |||||||||||||||
York Galleria | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 4.55% | |||||||||||||||
Principal Balance Repaid | $ 48,337 | |||||||||||||||
Hamilton Place | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 5.86% | |||||||||||||||
Principal Balance Repaid | $ 98,181 | |||||||||||||||
Loan amount | $ 107,000 | |||||||||||||||
Stated Interest Rate | 4.36% | |||||||||||||||
Dakota Square Mall | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 6.23% | |||||||||||||||
Principal Balance Repaid | $ 55,103 | |||||||||||||||
Southaven Towne Center | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 5.50% | |||||||||||||||
Principal Balance Repaid | $ 38,314 | |||||||||||||||
Fashion Square | Mortgages | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Mortgage and other indebtedness, net | $ 38,150 | |||||||||||||||
Stated Interest Rate | 4.95% | |||||||||||||||
Midland Mall | Mortgages | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 6.10% | |||||||||||||||
Gain (loss) on extinguishment of debt | $ 3,760 | |||||||||||||||
Balance of Non-recourse Debt | $ 31,953 | |||||||||||||||
Chesterfield Mall | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Gain (loss) on extinguishment of debt | $ 20,420 | |||||||||||||||
Chesterfield Mall | Mortgages | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 5.74% | 5.74% | ||||||||||||||
Gain (loss) on extinguishment of debt | $ 29,187 | |||||||||||||||
Balance of Non-recourse Debt | $ 140,000 | $ 140,000 | ||||||||||||||
Wausau Center | Mortgages | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest rate | 5.85% | |||||||||||||||
Gain (loss) on extinguishment of debt | $ 6,851 | |||||||||||||||
Balance of Non-recourse Debt | $ 17,689 | |||||||||||||||
Chesterfield Mall, Midland Mall, and Wausau Center | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Gain (loss) on extinguishment of debt | 39,798 | |||||||||||||||
Balance of Non-recourse Debt | 189,642 | |||||||||||||||
Chesterfield Mall, Midland Mall, and Wausau Center | Mortgages | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Mortgage and other indebtedness, net | $ 122,435 |
MORTGAGE AND OTHER INDEBTEDNE80
MORTGAGE AND OTHER INDEBTEDNESS, NET (Other) (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Outlet Shoppes at Atlanta - Ridgewalk | Mortgages | |
Debt Instrument [Line Items] | |
Balance of Non-recourse Debt | $ 2,466 |
MORTGAGE AND OTHER INDEBTEDNE81
MORTGAGE AND OTHER INDEBTEDNESS, NET (Variable Rate Loans Financed) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Jun. 30, 2016 | Dec. 31, 2017 | |
Statesboro Crossing, LLC | |||
Debt Instrument [Line Items] | |||
Extension option, term | 1 year | ||
Amount Financed | $ 10,930 | $ 11,035 | |
Statesboro Crossing, LLC | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.80% | 1.80% | |
Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Weighted average remaining term to maturity | 1 year 3 months 24 days | ||
Minimum | Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Variable interest, percentage rate | 3.37% | ||
Maximum | Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Variable interest, percentage rate | 4.11% | ||
Extension option, term | 2 years |
MORTGAGE AND OTHER INDEBTEDNE82
MORTGAGE AND OTHER INDEBTEDNESS, NET (Construction Loans Financed) (Details) $ in Thousands | 1 Months Ended | |
May 31, 2016USD ($)extension_option | Dec. 31, 2017 | |
Laredo Outlet JV, LLC | ||
Debt Instrument [Line Items] | ||
Amount Financed | $ | $ 91,300 | |
Laredo Outlet JV, LLC | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.50% | |
Laredo Outlet JV, LLC | ||
Debt Instrument [Line Items] | ||
Percentage guaranteed by the company | 100.00% | |
Number of extension options available (extension option) | extension_option | 1 | |
Extension option, term | 24 months | |
Laredo Outlet JV, LLC | LIBOR | ||
Debt Instrument [Line Items] | ||
Stated Interest Rate | 2.25% | |
Laredo Outlet JV, LLC | Corporate Joint Venture | ||
Debt Instrument [Line Items] | ||
Joint venture, ownership percentage | 35.00% | |
Laredo Outlet JV, LLC | Parent Company | ||
Debt Instrument [Line Items] | ||
Joint venture, ownership percentage | 65.00% |
MORTGAGE AND OTHER INDEBTEDNE83
MORTGAGE AND OTHER INDEBTEDNESS, NET (Construction Loan Repaid) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Principal Balance Repaid | $ 427,247 | $ 291,607 | |
The Outlet Shoppes at Atlanta, Woodstock, GA | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.02% | 3.02% | |
Principal Balance Repaid | $ 2,124 |
MORTGAGE AND OTHER INDEBTEDNE84
MORTGAGE AND OTHER INDEBTEDNESS, NET (Covenants and Restrictions) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | |
Non Recourse Loans On Operating Properties | |||
Debt Instrument [Line Items] | |||
Debt instrument, debt default threshold, minimum loan amount (greater than) | $ 50,000,000 | ||
Recourse loans on operating Properties | |||
Debt Instrument [Line Items] | |||
Debt instrument, debt default threshold, minimum loan amount (greater than) | $ 150,000,000 | ||
Senior Unsecured Notes | Minimum | |||
Debt Instrument [Line Items] | |||
Secured debt to total assets (less than) | 40.00% | ||
Senior unsecured notes due 2026 | Minimum | |||
Debt Instrument [Line Items] | |||
Secured debt to total assets (less than) | 40.00% | ||
Other | |||
Debt Instrument [Line Items] | |||
Total unsecured debt rate | 60.00% | 62.50% | |
Unsecured Term Loan 2 | |||
Debt Instrument [Line Items] | |||
Remaining borrowing capacity | $ 429,678,000 | ||
Current borrowing capacity | $ 576,535,000 | ||
Required | Unsecured Credit Facility and Term Loan | |||
Debt Instrument [Line Items] | |||
Total debt to total assets | 60.00% | ||
Total unencumbered assets to unsecured debt | 60.00% | ||
Unencumbered NOI to unsecured interest expense | 175.00% | ||
EBITDA to fixed charges (debt service) | 150.00% | ||
Required | Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Total debt to total assets | 60.00% | ||
Total unencumbered assets to unsecured debt | 150.00% | ||
Secured debt to total assets (less than) | 45.00% | ||
Consolidated income available for debt service to annual debt service charge (percent) | 150.00% | ||
Actual | Unsecured Credit Facility and Term Loan | |||
Debt Instrument [Line Items] | |||
Total debt to total assets | 50.00% | ||
Total unencumbered assets to unsecured debt | 48.00% | ||
Unencumbered NOI to unsecured interest expense | 330.00% | ||
EBITDA to fixed charges (debt service) | 240.00% | ||
Actual | Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Total debt to total assets | 52.00% | ||
Total unencumbered assets to unsecured debt | 208.00% | ||
Secured debt to total assets (less than) | 23.00% | ||
Consolidated income available for debt service to annual debt service charge (percent) | 310.00% |
MORTGAGE AND OTHER INDEBTEDNE85
MORTGAGE AND OTHER INDEBTEDNESS, NET (Scheduled Principal Payments) (Details) | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2017USD ($) | Dec. 31, 2017USD ($)loan | Dec. 31, 2016USD ($) | |
Maturities of Long-term Debt [Abstract] | |||
2,018 | $ 667,720,000 | ||
2,019 | 361,411,000 | ||
2,020 | 544,957,000 | ||
2,021 | 498,168,000 | ||
2,022 | 431,331,000 | ||
Thereafter | 1,635,792,000 | ||
Total | 4,139,379,000 | ||
Net unamortized discounts and premium | (12,031,000) | ||
Unamortized deferred financing costs | (18,938,000) | $ (17,855,000) | |
Mortgage and other indebtedness, net | 4,230,845,000 | 4,465,294,000 | |
Operating Property Loan | |||
Maturities of Long-term Debt [Abstract] | |||
2,018 | $ 82,190,000 | ||
Number of operating property loans (loan) | loan | 4 | ||
Unsecured Term Loan | |||
Maturities of Long-term Debt [Abstract] | |||
2,018 | $ 540,000,000 | ||
Number of debt instruments (loan) | loan | 2 | ||
Extension option, term | 1 year | ||
Unsecured Term Loan 2 | |||
Maturities of Long-term Debt [Abstract] | |||
2,018 | $ 350,000,000 | ||
Debt instrument, face value | $ 350,000,000 | 50,000,000 | |
Extension option, term | 1 year | ||
Other | |||
Maturities of Long-term Debt [Abstract] | |||
2,018 | $ 190,000,000 | ||
Debt instrument, face value | $ 490,000,000 | $ 400,000,000 | |
Extension option, term | 1 year | ||
Principal Amortization | |||
Maturities of Long-term Debt [Abstract] | |||
2,018 | 45,530,000 | ||
Mortgages | Operating Property Loan | |||
Maturities of Long-term Debt [Abstract] | |||
2,018 | $ 27,446,000 | ||
Extension option, term | 1 year | ||
Mortgages | Remaining Loans | |||
Maturities of Long-term Debt [Abstract] | |||
2,018 | $ 244,744,000 | ||
Chesterfield Mall, Midland Mall, and Wausau Center | Mortgages | |||
Maturities of Long-term Debt [Abstract] | |||
Mortgage and other indebtedness, net | $ 122,435,000 |
MORTGAGE AND OTHER INDEBTEDNE86
MORTGAGE AND OTHER INDEBTEDNESS, NET (Derivative Instrument Risk) (Details) - Interest rate contracts - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain Recognized in OCI/L (Effective Portion) | $ 434 | $ 1,915 |
Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss Recognized in Earnings (Effective Portion) | (443) | (2,196) |
Gain Recognized in Earnings (Ineffective Portion) | $ 0 | $ 0 |
SHAREHOLDERS' EQUITY AND PART87
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Common Stock and Common Units) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Partnership | ||
Shareholders Equity [Line Items] | ||
Common units outstanding (in shares) | 199,297,151 | 199,085,032 |
Operating Partnership | Common Units | ||
Shareholders Equity [Line Items] | ||
Noncontrolling interest conversion, calculation of trailing average of trading price, term (days) | 5 days | |
Common Stock | ||
Shareholders Equity [Line Items] | ||
Common stock, shares authorized (in shares) | 350,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares outstanding (in shares) | 171,088,778 | 170,792,645 |
SHAREHOLDERS' EQUITY AND PART88
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (At-The-Market Equity Program) (Details) - USD ($) | 12 Months Ended | 58 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Mar. 01, 2013 | |
Class of Stock [Line Items] | |||||
Common stock offering, maximum aggregate price (up to) | $ 300,000,000 | ||||
Commission to sales agent, percent | 2.00% | ||||
Issuance of shares of stock (in shares) | 348,809 | 335,417 | 278,093 | ||
Common stock offering, maximum remaining aggregate price | $ 88,507,000 | $ 88,507,000 | |||
Common Stock | |||||
Class of Stock [Line Items] | |||||
Proceeds from Issuance of Common Stock, Gross | 211,493,000 | ||||
Issuance of shares of stock (in shares) | 8,419,298 | ||||
Net proceeds | $ 209,596,000 | ||||
At The Market Stock Sales | |||||
Class of Stock [Line Items] | |||||
Proceeds from sale of common stock weighted average price per share (in dollars per share) | $ 25.12 |
SHAREHOLDERS' EQUITY AND PART89
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Common Stock Repurchase Program) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)unitholdershares | Dec. 31, 2016USD ($)unitholdershares | Dec. 31, 2015unitholder | |
Equity [Abstract] | |||
Redemption of units, value | $ | $ 656 | $ 11,754 | |
Number of holders of common units who received cash for their units (unitholder) | unitholder | 5 | 4 | 0 |
Redeemable noncontrolling interest, units exercised for conversion (in shares) | shares | 84,014 | 964,796 |
SHAREHOLDERS' EQUITY AND PART90
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Preferred Stock and Preferred Units) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Shareholders Equity [Line Items] | |||
Preferred stock, shares authorized (in shares) | 15,000,000 | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | ||
Issuance of shares of stock (in shares) | 348,809 | 335,417 | 278,093 |
Series E preferred stock | |||
Shareholders Equity [Line Items] | |||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Issuance of shares of stock (in shares) | 6,900,000 | 6,900,000 | |
Preferred stock, dividend rate | 6.625% | 6.625% | |
Preferred stock, liquidation preference per share (in dollars per share) | $ 250 | ||
Depositary shares, liquidation preference (in dollars per share) | 25 | ||
Dividends in arrears per share (in dollars per share) | 16.5625 | ||
Dividends in arrears per depositary share (in dollars per share) | 1.65625 | ||
Redemption price per share (in dollars per share) | 250 | ||
7.375% Series D Cumulative Redeemable Preferred Stock | |||
Shareholders Equity [Line Items] | |||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Preferred stock, dividend rate | 7.375% | 7.375% | |
Preferred stock, liquidation preference per share (in dollars per share) | $ 250 | ||
Depositary shares, liquidation preference (in dollars per share) | 25 | ||
Dividends in arrears per share (in dollars per share) | 18.4375 | ||
Dividends in arrears per depositary share (in dollars per share) | $ 1.84375 | ||
Depositary shares outstanding (in shares) | 18,150,000 | 18,150,000 |
SHAREHOLDERS' EQUITY AND PART91
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Allocations of Dividends and Declared and Paid For Income Tax Purposes) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 16, 2018 | Oct. 16, 2017 | Jul. 17, 2017 | Apr. 17, 2017 | Jan. 16, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Shareholders Equity [Line Items] | ||||||||
Common stock cash dividends per share (in dollars per share) | $ 0.265 | $ 0.265 | $ 0.265 | $ 0.265 | ||||
Accrued dividends and distributions payable | $ 34,217 | $ 45,259 | ||||||
Subsequent Event | ||||||||
Shareholders Equity [Line Items] | ||||||||
Common stock cash dividends per share (in dollars per share) | $ 0.20 | |||||||
Tax Year 2018 | Subsequent Event | ||||||||
Shareholders Equity [Line Items] | ||||||||
Common stock cash dividends per share (in dollars per share) | $ 0.20 | |||||||
Tax Year 2016 | ||||||||
Shareholders Equity [Line Items] | ||||||||
Common stock cash dividends per share (in dollars per share) | 0.081 | |||||||
Tax Year 2017 | ||||||||
Shareholders Equity [Line Items] | ||||||||
Common stock cash dividends per share (in dollars per share) | $ 0.184 | |||||||
Common Stock | ||||||||
Shareholders Equity [Line Items] | ||||||||
Dividends declared (in dollars per share) | $ 0.97970004 | $ 0.876 | $ 1.06 | |||||
Allocations | 100.00% | 100.00% | 100.00% | |||||
Common Stock | Ordinary income | ||||||||
Shareholders Equity [Line Items] | ||||||||
Allocations | 85.374% | 100.00% | 100.00% | |||||
Common Stock | Capital gains 25% rate | ||||||||
Shareholders Equity [Line Items] | ||||||||
Allocations | 0.00% | 0.00% | 0.00% | |||||
Common Stock | Return of capital | ||||||||
Shareholders Equity [Line Items] | ||||||||
Allocations | 14.626% | 0.00% | 0.00% | |||||
Series D preferred stock | ||||||||
Shareholders Equity [Line Items] | ||||||||
Dividends declared (in dollars per share) | $ 18.4375 | $ 18.4375 | $ 18.4375 | |||||
Series E preferred stock | ||||||||
Shareholders Equity [Line Items] | ||||||||
Dividends declared (in dollars per share) | $ 16.562500 | $ 16.562500 | $ 16.562500 | |||||
Preferred Stock | ||||||||
Shareholders Equity [Line Items] | ||||||||
Allocations | 100.00% | 100.00% | 100.00% | |||||
Preferred Stock | Ordinary income | ||||||||
Shareholders Equity [Line Items] | ||||||||
Allocations | 100.00% | 100.00% | 100.00% | |||||
Preferred Stock | Capital gains 25% rate | ||||||||
Shareholders Equity [Line Items] | ||||||||
Allocations | 0.00% | 0.00% | 0.00% |
SHAREHOLDERS' EQUITY AND PART92
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Distributions - Operating Partnership) (Details) - CBL & Associates Limited Partnership - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Jul. 17, 2017 | Apr. 17, 2017 | Nov. 03, 2016 | |
Distribution Made to Limited Partner [Line Items] | |||||
Cash distributions paid | $ 7,412 | $ 9,054 | |||
Redeemable Common Units | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Distributions declared, amount (in dollars per share) | $ 0.7322 | $ 0.7322 | $ 0.7322 | ||
Common Units | |||||
Distribution Made to Limited Partner [Line Items] | |||||
Distributions declared, amount (in dollars per share) | $ 0.2692 | $ 0.2692 | $ 0.2048 |
REDEEMABLE INTERESTS AND NONC93
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS (Operating Partnership) (Details) - Operating Partnership $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2005quarter$ / sharesshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) | Dec. 31, 2012USD ($)shares | Jun. 30, 2005quarter$ / sharesshares | Jul. 31, 2004USD ($)$ / sharesshares | |
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (in shares) | 28,208,373,000 | 28,292,387,000 | |||||
Redeemable noncontrolling interest, ownership percentage by noncontrolling owners | 0.80% | 0.80% | |||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 13.40% | 13.40% | |||||
Redeemable noncontrolling interest, allocation from (to) shareholders' equity, adjustment | $ | $ 3,049 | $ 2,454 | $ 2,981 | ||||
Noncontrolling interest, allocation from (to) Shareholders' Equity, adjustment | $ | $ 4,290 | $ 13,625 | $ (207) | ||||
CBL’s Predecessor | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (in shares) | 18,172,690,000 | 18,172,690,000 | |||||
Third parties | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (in shares) | 10,035,683,000 | 10,119,697,000 | |||||
The Company | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Redeemable noncontrolling interests | $ | $ 8,835 | $ 17,996 | |||||
Partners' capital attributable to noncontrolling interest | $ | $ 86,773 | $ 100,035 | |||||
S-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (in shares) | 1,560,940 | ||||||
Limited partnership agreement, noncontrolling interest redemption right, acquisition price threshold of qualifying property | $ | $ 20,000 | ||||||
S-SCUs | After Five Years | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Limited partnership agreement, annual distribution term, amount per unit (in dollars per unit) | $ / shares | $ 2.92875 | ||||||
L-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (in shares) | 571,700 | ||||||
Limited partnership agreement, condition to participate in distribution at common unit rate, number of consecutive quarters of distribution exceeding minimum (quarter) | quarter | 4 | ||||||
L-SCUs | Earlier of June 1, 2020 Or When Distribution Exceeds Minimum | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Limited partnership agreement, annual distribution term, amount per unit (in dollars per unit) | $ / shares | $ 3.0288 | ||||||
Limited partnership agreement, quarterly distribution term, amount per unit (in dollars per unit) | $ / shares | $ 0.7572 | ||||||
Common Units | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (in shares) | 622,278 | ||||||
Partnership units, value | $ | $ 14,000 | ||||||
Business acquisition, ownership percentage acquired | 30.00% | ||||||
K-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (in shares) | 1,144,924 | ||||||
Limited partnership agreement, condition to participate in distribution at common unit rate, number of consecutive quarters of distribution exceeding minimum (quarter) | quarter | 4 | ||||||
K-SCUs | After First Year | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Partnership unit, dividend rate | 6.25% | ||||||
Partnership unit, dividends (in dollars per share) | $ / shares | $ 2.96875 | ||||||
Limited partnership agreement, redemption right, conversion rate to common stock, per share | 1 |
REDEEMABLE INTERESTS AND NONC94
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS (Other Consolidated Subsidiaries and Variable Interest Entities) (Details) $ in Thousands | 3 Months Ended | |
Dec. 31, 2016USD ($)subsidiary | Dec. 31, 2017USD ($)subsidiary | |
Redeemable Noncontrolling Interest [Line Items] | ||
Number of other consolidated subsidiaries (subsidiary) | subsidiary | 25 | 22 |
Other Consolidated Subsidiaries | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Redeemable noncontrolling interest, net gain (loss) on disposal of interest | $ (2,602) | |
Other noncontrolling interests | 12,103 | $ 9,701 |
Notes Receivable | Other Consolidated Subsidiaries | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Redeemable noncontrolling interest, redemption value | 3,800 | |
Redeemable noncontrolling interest, redemption value, cash amount | 300 | |
Redeemable noncontrolling interest, redemption value, note receivable amount | $ 3,500 | |
Contain Redemption Provisions | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Number of other consolidated subsidiaries (subsidiary) | subsidiary | 4 |
REDEEMABLE INTERESTS AND NONC95
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS (Variable Interest Entities) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | $ 651,272 | $ 659,494 |
Liabilities, Consolidated | 590,864 | 616,386 |
Assets, Unconsolidated | 16,500 | |
Maximum Risk of Loss, Unconsolidated | $ 55,551 | |
Woodstock land | Parent Company | ||
Variable Interest Entity [Line Items] | ||
Joint venture, ownership percentage | 75.00% | |
Woodstock land | Corporate Joint Venture | ||
Variable Interest Entity [Line Items] | ||
Joint venture, ownership percentage | 25.00% | |
Foothills Mall Associates | ||
Variable Interest Entity [Line Items] | ||
Ownership percentage sold | 95.00% | |
Atlanta Outlet Outparcels, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | $ 878 | 914 |
Liabilities, Consolidated | 0 | 4 |
Atlanta Outlet JV, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 60,476 | 63,361 |
Liabilities, Consolidated | 79,769 | 81,128 |
CBL Terrace LP | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 16,472 | 16,714 |
Liabilities, Consolidated | 13,313 | 13,509 |
El Paso Outlet Center Holding, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 93,139 | 103,232 |
Liabilities, Consolidated | 65,149 | 69,535 |
El Paso Outlet Center II, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 8,512 | 8,638 |
Liabilities, Consolidated | 6,955 | 7,028 |
Guaranteed amount | 6,613 | |
Foothills Mall Associates | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 0 | 9,811 |
Liabilities, Consolidated | 0 | 34,997 |
Gettysburg Outlet Center Holding, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 36,386 | 36,542 |
Liabilities, Consolidated | 39,049 | 39,476 |
Gettysburg Outlet Center, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 7,218 | 7,203 |
Liabilities, Consolidated | 74 | 37 |
High Point Development LP II | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 1,084 | 1,104 |
Liabilities, Consolidated | 69 | 55 |
Jarnigan Road LP | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 41,671 | 41,392 |
Liabilities, Consolidated | 20,229 | 20,988 |
Laredo Outlet JV, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 110,174 | 89,353 |
Liabilities, Consolidated | 81,618 | 58,822 |
Guaranteed amount | 80,145 | |
Lebcon Associates | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 59,375 | 47,721 |
Liabilities, Consolidated | 120,879 | 121,529 |
Lebcon I, Ltd | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 9,034 | 9,290 |
Liabilities, Consolidated | 9,463 | 9,711 |
Lee Partners | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 1,011 | 1,195 |
Liabilities, Consolidated | 0 | 0 |
Louisville Outlet Outparcels, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 74 | 62 |
Liabilities, Consolidated | 0 | 0 |
Louisville Outlet Shoppes, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 73,173 | 76,831 |
Liabilities, Consolidated | 83,543 | 85,132 |
Madison Grandview Forum, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 32,692 | 33,196 |
Liabilities, Consolidated | 13,198 | 13,622 |
The Promenade at D'Iberville | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 81,500 | 84,470 |
Liabilities, Consolidated | 46,568 | 46,570 |
Statesboro Crossing, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 18,403 | 18,869 |
Liabilities, Consolidated | 10,988 | 11,058 |
Village at Orchard Hills, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 0 | 498 |
Liabilities, Consolidated | 0 | 0 |
Woodstock land | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 0 | 9,098 |
Liabilities, Consolidated | 0 | $ 3,185 |
The Outlet Shoppes at Atlanta - Phase II | ||
Variable Interest Entity [Line Items] | ||
Guaranteed amount | 4,707 | |
The Outlet Shoppes of the Bluegrass - Phase II | ||
Variable Interest Entity [Line Items] | ||
Guaranteed amount | 9,722 | |
Ambassador Infrastructure, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Unconsolidated | 0 | |
Maximum Risk of Loss, Unconsolidated | 11,035 | |
EastGate Storage, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Unconsolidated | 228 | |
Maximum Risk of Loss, Unconsolidated | 6,500 | |
G&I VIII CBL Triangle LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Unconsolidated | 1,616 | |
Maximum Risk of Loss, Unconsolidated | 1,616 | |
Shoppes at Eagle Point, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Unconsolidated | 14,656 | |
Maximum Risk of Loss, Unconsolidated | $ 36,400 |
MINIMUM RENTS (Details)
MINIMUM RENTS (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,018 | $ 523,498 |
2,019 | 446,591 |
2,020 | 380,600 |
2,021 | 321,156 |
2,022 | 257,231 |
Thereafter | 656,777 |
Total | $ 2,585,853 |
MORTGAGE AND OTHER NOTES RECE97
MORTGAGE AND OTHER NOTES RECEIVABLE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Mortgage and Other Notes Receivable [Line Items] | ||
Percentage of assignment of the partnership interest | 100.00% | |
Mortgage and other notes receivable balance, fully collectible | $ 8,945 | $ 16,803 |
Mortgage Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | 5,418 | 5,680 |
Notes Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | $ 3,527 | $ 11,123 |
Columbia Place Outparcel | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest Rate | 5.00% | 5.00% |
Columbia Place Outparcel | Mortgage Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | $ 302 | $ 321 |
One Park Place | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest Rate | 5.00% | 5.00% |
One Park Place | Mortgage Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | $ 1,010 | $ 1,194 |
Village Square | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest Rate | 4.00% | 3.75% |
Village Square | Mortgage Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | $ 1,596 | $ 1,644 |
Interest rate in one year (as a percent) | 4.00% | |
Other | Minimum | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest Rate | 4.07% | 3.27% |
Other | Maximum | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest Rate | 9.50% | 9.50% |
Other | Mortgage Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | $ 2,510 | $ 2,521 |
ERMC | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest Rate | 4.00% | 4.00% |
ERMC | Notes Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | $ 2,855 | $ 3,500 |
Horizon Group | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest Rate | 0.00% | 7.00% |
Horizon Group | Notes Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | $ 0 | $ 300 |
RED Development Inc. (4) | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest Rate | 0.00% | 5.00% |
RED Development Inc. (4) | Notes Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | $ 0 | $ 6,588 |
Woodstock land | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest Rate | 5.00% | 5.00% |
Woodstock land | Notes Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | $ 672 | $ 735 |
The Promenade, D'Iberville, MS | Mortgage Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | $ 1,100 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 235,356 | $ 224,650 | $ 229,233 | $ 238,013 | $ 258,493 | $ 251,721 | $ 254,965 | $ 263,078 | $ 927,252 | $ 1,028,257 | $ 1,055,018 |
Property operating expenses | (260,553) | (281,456) | (283,345) | ||||||||
Interest expense | (218,680) | (216,318) | (229,343) | ||||||||
Other expense | (5,180) | (20,326) | (26,957) | ||||||||
Gain on sales of real estate assets | 93,792 | 29,567 | 32,232 | ||||||||
Segment profit (loss) | 536,631 | 539,724 | 547,605 | ||||||||
Depreciation and amortization expense | (299,090) | (292,693) | (299,069) | ||||||||
General and administrative expense | (58,466) | (63,332) | (62,118) | ||||||||
Interest and other income | 1,706 | 1,524 | 6,467 | ||||||||
Gain on extinguishment of debt | 30,927 | 256 | |||||||||
Impairment of Real Estate | (71,401) | (116,822) | (105,945) | ||||||||
Loss on investment | (6,197) | 7,534 | 16,560 | ||||||||
Income tax benefit (provision) | 1,933 | 2,063 | (2,941) | ||||||||
Equity in earnings of unconsolidated affiliates | 22,939 | 117,533 | 18,200 | ||||||||
Income from continuing operations | 157,049 | 195,531 | 119,015 | ||||||||
Total assets | 5,704,808 | 6,104,640 | 5,704,808 | 6,104,640 | 6,479,991 | ||||||
Capital expenditures | 183,117 | 267,803 | 424,813 | ||||||||
Malls | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 847,979 | 928,214 | 944,553 | ||||||||
Property operating expenses | (244,282) | (268,898) | (274,288) | ||||||||
Interest expense | (120,414) | (143,903) | (166,922) | ||||||||
Other expense | 0 | 0 | (19) | ||||||||
Gain on sales of real estate assets | 75,980 | 481 | 264 | ||||||||
Segment profit (loss) | 559,263 | 515,894 | 503,588 | ||||||||
Total assets | 5,152,789 | 5,383,937 | 5,152,789 | 5,383,937 | 5,766,084 | ||||||
Capital expenditures | 174,327 | 165,230 | 393,194 | ||||||||
All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 79,273 | 100,043 | 110,465 | ||||||||
Property operating expenses | (16,271) | (12,558) | (9,057) | ||||||||
Interest expense | (98,266) | (72,415) | (62,421) | ||||||||
Other expense | (5,180) | (20,326) | (26,938) | ||||||||
Gain on sales of real estate assets | 17,812 | 29,086 | 31,968 | ||||||||
Segment profit (loss) | (22,632) | 23,830 | 44,017 | ||||||||
Total assets | $ 552,019 | $ 720,703 | 552,019 | 720,703 | 713,907 | ||||||
Capital expenditures | $ 8,790 | $ 102,573 | $ 31,619 |
SUPPLEMENTAL AND NONCASH INFO99
SUPPLEMENTAL AND NONCASH INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Significant Noncash Transactions [Line Items] | |||
Cash paid for interest, net of amounts capitalized | $ 220,099 | $ 209,566 | $ 226,233 |
Accrued dividends and distributions payable | 41,628 | 54,313 | 54,489 |
Additions to real estate assets accrued but not yet paid | 5,490 | 24,881 | 26,345 |
Decrease in real estate assets | (149,722) | 0 | 0 |
Decrease in mortgage and other indebtedness | 181,992 | 0 | 0 |
Decrease in operating assets and liabilities | 10,744 | $ 0 | 0 |
Decrease in intangible lease and other assets | $ (3,216) | ||
Weighted average interest rate | 4.74% | 4.82% | |
Capital contribution of note receivable to joint venture | $ 0 | $ 5,280 | 0 |
Capital contribution from noncontrolling interest to joint venture | 0 | 155 | 0 |
Write-off of notes receivable | 0 | 1,846 | 0 |
Mortgage debt assumed by buyer of real estate assets | 0 | 38,150 | 14,570 |
Senior unsecured notes due 2026 | |||
Other Significant Noncash Transactions [Line Items] | |||
Discount on issuance of 5.95% Senior Notes due 2026 | $ 3,938 | 5,740 | 0 |
Senior Unsecured Notes | Senior unsecured notes due 2026 | |||
Other Significant Noncash Transactions [Line Items] | |||
Weighted average interest rate | 5.95% | ||
Corporate Joint Venture | Partnership Interest | |||
Other Significant Noncash Transactions [Line Items] | |||
Decrease in real estate assets | $ (9,363) | (14,025) | 0 |
Decrease in mortgage and other indebtedness | 2,466 | 0 | 0 |
Increase in investment in unconsolidated affiliates | 232 | 14,030 | 0 |
Increase (decrease) in operating assets and liabilities | 1,286 | (5) | 0 |
Decrease in noncontrolling interest and joint venture interest | 2,232 | 0 | 0 |
JC Gulf Coast LLC | Corporate Joint Venture | Partnership Interest | |||
Other Significant Noncash Transactions [Line Items] | |||
Decrease in real estate assets | 7,463 | 0 | 0 |
Decrease in investment in unconsolidated affiliates | 2,818 | 0 | 0 |
Increase in intangible lease and other assets | 120 | 0 | 0 |
Decrease in mortgage notes receivable | (4,118) | 0 | 0 |
Decrease in operating assets and liabilities | $ (647) | $ 0 | $ 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Predecessor and Certain Officers | |||
Related Party Transaction [Line Items] | |||
Amounts paid in transaction | $ 26,993 | ||
Unconsolidated Affiliate and Other Affiliated Partnerships | |||
Related Party Transaction [Line Items] | |||
Revenues recognized, from related party transactions | $ 7,598 | $ 9,144 | $ 7,748 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2017 | Dec. 31, 2017USD ($)extension_option | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Guarantor Obligations [Line Items] | ||||
Environmental liability insurance, maximum coverage per incident (up to_ | $ 10,000,000 | |||
Environmental liability insurance, aggregate coverage limit (up to) | 50,000,000 | |||
Guarantees [Abstract] | ||||
Obligation recorded to reflect guaranty | 841,000 | $ 412,000 | ||
Performance Bonds [Abstract] | ||||
Bonds outstanding | $ 16,998,000 | 21,446,000 | ||
Initial term of lease | 20 years | |||
Lease expense | $ 980,000 | 1,301,000 | $ 1,215,000 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
2,018 | 622,000 | |||
2,019 | 629,000 | |||
2,020 | 635,000 | |||
2,021 | 639,000 | |||
2,022 | 467,000 | |||
Thereafter | 12,121,000 | |||
Total lease payments due | $ 15,113,000 | |||
Minimum | ||||
Guarantees [Abstract] | ||||
Number of extension options available (extension option) | extension_option | 1 | |||
Performance Bonds [Abstract] | ||||
Term of renewal option | 5 years | |||
Maximum | ||||
Performance Bonds [Abstract] | ||||
Term of renewal option | 10 years | |||
West Melbourne I, LLC - Phase I | ||||
Guarantees [Abstract] | ||||
Company's Ownership Interest | 50.00% | |||
Outstanding Balance | $ 42,247,000 | |||
Percentage Guaranteed by the Operating Partnership | 20.00% | |||
Maximum Guaranteed Amount | $ 8,449,000 | |||
Obligation recorded to reflect guaranty | $ 86,000 | 86,000 | ||
West Melbourne I, LLC - Phase II | ||||
Guarantees [Abstract] | ||||
Company's Ownership Interest | 50.00% | |||
Outstanding Balance | $ 16,317,000 | |||
Percentage Guaranteed by the Operating Partnership | 20.00% | |||
Maximum Guaranteed Amount | $ 3,263,000 | |||
Obligation recorded to reflect guaranty | $ 33,000 | 33,000 | ||
Port Orange I, LLC | ||||
Guarantees [Abstract] | ||||
Company's Ownership Interest | 50.00% | |||
Outstanding Balance | $ 57,088,000 | |||
Percentage Guaranteed by the Operating Partnership | 20.00% | |||
Maximum Guaranteed Amount | $ 11,418,000 | |||
Obligation recorded to reflect guaranty | $ 116,000 | 116,000 | ||
Ambassador Infrastructure, LLC | ||||
Guarantees [Abstract] | ||||
Company's Ownership Interest | 65.00% | |||
Outstanding Balance | $ 11,035,000 | |||
Percentage Guaranteed by the Operating Partnership | 100.00% | 100.00% | ||
Maximum Guaranteed Amount | $ 11,035,000 | |||
Obligation recorded to reflect guaranty | $ 177,000 | 177,000 | ||
Shoppes at Eagle Point, LLC | ||||
Guarantees [Abstract] | ||||
Company's Ownership Interest | 50.00% | |||
Outstanding Balance | $ 5,977,000 | |||
Percentage Guaranteed by the Operating Partnership | 100.00% | |||
Maximum Guaranteed Amount | $ 36,400,000 | |||
Obligation recorded to reflect guaranty | $ 364,000 | 0 | ||
Loan guaranty, fee income | 1.00% | |||
Number of extension options available (extension option) | extension_option | 1 | |||
Extension option, term | 2 years | |||
Guaranty reduction percentage, once construction is complete | 35.00% | |||
EastGate Storage, LLC | ||||
Guarantees [Abstract] | ||||
Company's Ownership Interest | 50.00% | |||
Outstanding Balance | $ 0 | |||
Percentage Guaranteed by the Operating Partnership | 100.00% | |||
Maximum Guaranteed Amount | $ 6,500,000 | |||
Obligation recorded to reflect guaranty | $ 65,000 | $ 0 | ||
Guaranty reduction percentage, once construction is complete | 50.00% | |||
Guaranty reduction percentage, once certain debt and operational metrics are met | 25.00% | |||
York Town Center, LP | ||||
Guarantees [Abstract] | ||||
Percentage of ownership interest in cost method investment | 50.00% | |||
Initial maximum guaranteed amount of third party's construction loan | $ 22,000,000 | |||
Annual reductions to the guarantor's obligations | 800,000 | |||
Guaranteed minimum exposure amount | 10,000,000 | |||
Guaranteed amount of the outstanding loan | $ 13,200,000 | |||
Percentage of guaranty obligation agreed to be reimbursed by joint venture partner | 50.00% |
FAIR VALUE MEASUREMENTS (Recurr
FAIR VALUE MEASUREMENTS (Recurring Basis) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)derivative_instrument | Dec. 31, 2015USD ($) | Dec. 31, 2017USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Realized gain on available-for-sale securities, reclassified | $ 16,560 | ||
Proceeds from sale of available-for-sale securities | $ 20,755 | 20,755 | |
Fair value of mortgage and other indebtedness | $ 4,737,077 | $ 4,199,357 | |
Interest Rate Swap | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Number of instruments held | derivative_instrument | 4 | ||
Common Stock | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Adjusted cost | $ 4,195 |
FAIR VALUE MEASUREMENTS (Nonrec
FAIR VALUE MEASUREMENTS (Nonrecurring Basis) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets | $ 81,350 | $ 46,200 | $ 125,000 |
Loss on impairment | 71,401 | 116,822 | $ 105,945 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-lived assets | $ 81,350 | $ 46,200 |
FAIR VALUE MEASUREMENTS (Long-L
FAIR VALUE MEASUREMENTS (Long-Lived Assets Measure at Fair Value) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($)office_building | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)property | Apr. 30, 2015USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)property | Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($)malloutparcel | Dec. 31, 2017USD ($)propertyoutparcel | Dec. 31, 2016USD ($)mallstoreoffice_buildingoutparcel | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)propertyoutparcel | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 71,401 | $ 116,822 | $ 105,945 | ||||||||||||||||||||
Number of malls with impairment (mall) | mall | 2 | ||||||||||||||||||||||
Number of stores with Impairment (outparcel) | outparcel | 1 | ||||||||||||||||||||||
Fair Value | $ 46,200 | $ 125,000 | $ 46,200 | $ 125,000 | 81,350 | 46,200 | $ 125,000 | ||||||||||||||||
Mortgage and other indebtedness, net | 4,465,294 | 4,465,294 | $ 4,230,845 | 4,465,294 | |||||||||||||||||||
Number of properties written down (property) | property | 4 | 4 | 105 | 4 | |||||||||||||||||||
Fair Value, Inputs, Level 3 | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Fair Value | 46,200 | 46,200 | $ 81,350 | 46,200 | |||||||||||||||||||
Acadiana Mall, Lafayette, LA | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 43,007 | ||||||||||||||||||||||
Hickory Point Mall, Forsyth, IL | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 24,525 | ||||||||||||||||||||||
Outparcel Sale | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 884 | ||||||||||||||||||||||
Non-cash impairment of long-lived asset | $ 854 | ||||||||||||||||||||||
Number of properties disposed of (property) | 3 | 2 | |||||||||||||||||||||
The Lakes and Fashion Square, Wausau Center, Bonita Lakes, Midland Mall and Ridge River Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 116,822 | ||||||||||||||||||||||
Number of malls with impairment (mall) | mall | 9 | ||||||||||||||||||||||
Number of stores with Impairment (outparcel) | outparcel | 3 | ||||||||||||||||||||||
Number of office buildings with impairment (office building) | office_building | 3 | ||||||||||||||||||||||
Bonita Lakes Mall and Crossing | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 5,323 | ||||||||||||||||||||||
Fair Value | 0 | 27,440 | 0 | $ 27,440 | $ 0 | $ 27,440 | |||||||||||||||||
Concentration risk, percent of total revenue | 0.70% | ||||||||||||||||||||||
Purchase Price | 27,910 | 27,910 | 27,910 | ||||||||||||||||||||
Midland Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 4,681 | ||||||||||||||||||||||
Fair Value | 29,200 | 29,200 | $ 29,200 | ||||||||||||||||||||
Holding period | 10 years | ||||||||||||||||||||||
Capitalization rate | 9.75% | ||||||||||||||||||||||
Discount rate | 11.50% | ||||||||||||||||||||||
Concentration risk, percent of total revenue | 0.60% | ||||||||||||||||||||||
Estimated selling costs as percentage of total fair value | 2.00% | ||||||||||||||||||||||
River Ridge Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 9,594 | 84 | $ 9,510 | ||||||||||||||||||||
Fair Value | 0 | 0 | $ 0 | ||||||||||||||||||||
Concentration risk, percent of total revenue | 0.60% | ||||||||||||||||||||||
The Lakes and Fashion Square | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 32,096 | ||||||||||||||||||||||
Fair Value | 0 | 65,447 | 0 | $ 0 | |||||||||||||||||||
Concentration risk, percent of total revenue | 1.60% | ||||||||||||||||||||||
Purchase Price | 66,500 | 66,500 | $ 66,500 | ||||||||||||||||||||
Wausau Center | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 10,738 | ||||||||||||||||||||||
Fair Value | 11,000 | 11,000 | $ 11,000 | ||||||||||||||||||||
Holding period | 10 years | ||||||||||||||||||||||
Capitalization rate | 13.25% | ||||||||||||||||||||||
Discount rate | 13.00% | ||||||||||||||||||||||
Concentration risk, percent of total revenue | 0.30% | ||||||||||||||||||||||
Number of stores sold | store | 2 | ||||||||||||||||||||||
Estimated selling costs as percentage of total fair value | 4.00% | ||||||||||||||||||||||
Randolph Mall, Regency Mall, and Walnut Square | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 43,144 | $ 43,294 | $ (150) | ||||||||||||||||||||
Number of malls with impairment (mall) | mall | 3 | ||||||||||||||||||||||
Fair Value | 0 | 31,318 | 0 | 31,318 | $ 0 | $ 31,318 | |||||||||||||||||
Concentration risk, percent of total revenue | 1.50% | ||||||||||||||||||||||
Purchase Price | 32,250 | 32,250 | 32,250 | ||||||||||||||||||||
One and Two Oyster Point | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 3,844 | ||||||||||||||||||||||
Fair Value | 6,000 | 6,000 | $ 6,000 | ||||||||||||||||||||
Capitalization rate | 8.00% | ||||||||||||||||||||||
Discount rate | 10.00% | ||||||||||||||||||||||
Concentration risk, percent of total revenue | 0.30% | ||||||||||||||||||||||
Number of office buildings with impairment (office building) | office_building | 2 | ||||||||||||||||||||||
Estimated selling costs as percentage of total fair value | 2.00% | ||||||||||||||||||||||
Oak Branch Business Center | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 100 | (22) | 122 | ||||||||||||||||||||
Fair Value | 0 | 0 | $ 0 | ||||||||||||||||||||
Cobblestone Village at Palm Coast | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 6,448 | 150 | $ 6,298 | ||||||||||||||||||||
Fair Value | 0 | 0 | 0 | ||||||||||||||||||||
Capitalization rate | 9.00% | ||||||||||||||||||||||
Discount rate | 10.75% | ||||||||||||||||||||||
Concentration risk, percent of total revenue | 0.10% | ||||||||||||||||||||||
Estimated selling costs as percentage of total fair value | 2.00% | ||||||||||||||||||||||
Chesterfield Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Holding period | 11 years | ||||||||||||||||||||||
Capitalization rate | 8.25% | ||||||||||||||||||||||
Discount rate | 8.25% | ||||||||||||||||||||||
Concentration risk, percent of total revenue | 1.50% | ||||||||||||||||||||||
Mayfaire Community Center | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Net proceeds from sale of real estate | $ 56,300 | ||||||||||||||||||||||
Madison Square | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Fair Value | $ 5,000 | ||||||||||||||||||||||
Chapel Hill Crossing | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Net proceeds from sale of real estate | 2,300 | ||||||||||||||||||||||
Burlington | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | 161 | ||||||||||||||||||||||
Net proceeds from sale of real estate | 750 | ||||||||||||||||||||||
Carrying amount | $ 911 | $ 911 | 911 | ||||||||||||||||||||
Minimum | One and Two Oyster Point | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Holding period | 1 year | ||||||||||||||||||||||
Maximum | One and Two Oyster Point | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Holding period | 2 years | ||||||||||||||||||||||
Non Recourse Loans On Operating Properties | Wausau Center | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Mortgage and other indebtedness, net | 17,689 | 17,689 | 17,689 | ||||||||||||||||||||
River Ridge Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | 84 | $ 9,510 | $ 9,594 | ||||||||||||||||||||
Percentage owned in disposed asset | 75.00% | 75.00% | 75.00% | ||||||||||||||||||||
Reserve for future capital expenditures | $ 2,100 | $ 2,100 | |||||||||||||||||||||
Malls | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 3,147 | ||||||||||||||||||||||
Fair Value | $ 0 | ||||||||||||||||||||||
Investment in consolidated joint venture, fair value | $ 1,000 | ||||||||||||||||||||||
Malls | Acadiana Mall, Lafayette, LA | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 43,007 | ||||||||||||||||||||||
Fair Value | $ 67,300 | ||||||||||||||||||||||
Investment in consolidated joint venture, fair value | $ 67,300 | $ 67,300 | |||||||||||||||||||||
Holding period | 10 years | ||||||||||||||||||||||
Capitalization rate | 15.50% | ||||||||||||||||||||||
Discount rate | 15.75% | ||||||||||||||||||||||
Concentration risk, percent of total revenue | 1.90% | ||||||||||||||||||||||
Malls | Hickory Point Mall, Forsyth, IL | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 24,525 | ||||||||||||||||||||||
Fair Value | $ 14,050 | $ 14,050 | $ 14,050 | $ 14,050 | $ 14,050 | ||||||||||||||||||
Holding period | 10 years | ||||||||||||||||||||||
Capitalization rate | 18.00% | ||||||||||||||||||||||
Discount rate | 19.00% | ||||||||||||||||||||||
Concentration risk, percent of total revenue | 0.50% | ||||||||||||||||||||||
Malls | Chesterfield Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | 99,969 | ||||||||||||||||||||||
Fair Value | 125,000 | 125,000 | 125,000 | ||||||||||||||||||||
Malls | Madison Square | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 2,620 | ||||||||||||||||||||||
Fair Value | 0 | 0 | 0 | ||||||||||||||||||||
All Other | Chapel Hill Crossing | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | 1,914 | ||||||||||||||||||||||
Fair Value | 0 | 0 | 0 | ||||||||||||||||||||
All Other | Mayfaire Community Center | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | 397 | ||||||||||||||||||||||
Fair Value | $ 0 | $ 0 | 0 | ||||||||||||||||||||
Malls/ All Other | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 606 | ||||||||||||||||||||||
Fair Value | $ 0 | ||||||||||||||||||||||
Retail Site | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | 71,285 | 115,968 | 104,900 | ||||||||||||||||||||
CBL & Associates Properties, Inc. | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | 71,401 | 116,822 | $ 105,945 | ||||||||||||||||||||
Mortgage and other indebtedness, net | 4,465,294 | 4,465,294 | 4,230,845 | 4,465,294 | |||||||||||||||||||
Carrying amount | [1] | $ 5,861 | $ 5,861 | 0 | $ 5,861 | ||||||||||||||||||
Outparcel Sale | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 116 | ||||||||||||||||||||||
Number of stores sold | outparcel | 1 | ||||||||||||||||||||||
[1] | As of December 31, 2017, includes $651,272 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $356,442 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 8. |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) $ / shares in Units, $ in Thousands | Feb. 07, 2017$ / sharesshares | Feb. 10, 2016$ / shares | Dec. 31, 2017USD ($)installmentplan$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of share-based compensation plans (in shares) | plan | 1 | ||||
Number of shares authorized (in shares) | 10,400,000 | ||||
Award vesting period | 5 years | ||||
Share-based compensation expense | $ | $ 3,907 | $ 4,681 | $ 4,287 | ||
Share-based compensation cost capitalized as part of real estate assets | $ | 405 | $ 351 | $ 274 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Unrecognized compensation cost related to nonvested stock awards | $ | $ 5,914 | ||||
Compensation cost to be recognized over a weighted average period | 2 years 7 months | ||||
Chief Executive Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Granted (in shares) | 115,082 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Weighted average grant-date fair value, nonvested, ending of period (in dollars per share) | $ / shares | $ 5.62 | ||||
Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Granted (in shares) | 162,294 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Weighted average grant-date fair value, nonvested, ending of period (in dollars per share) | $ / shares | $ 7.74 | ||||
Restricted Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Nonvested, beginning of period (in shares) | 602,162 | ||||
Granted (in shares) | 326,739 | ||||
Vested (in shares) | (276,467) | ||||
Forfeited (in shares) | (10,075) | ||||
Nonvested, end of period (in shares) | 642,359 | 602,162 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Weighted average grant-date fair value, nonvested, beginning of period (in dollars per share) | $ / shares | $ 15.41 | ||||
Weighted average grant-date fair value, granted (in dollars per share) | $ / shares | 10.75 | $ 10.02 | $ 20.30 | ||
Weighted average grant-date fair value, vested (in dollars per share) | $ / shares | 15.07 | ||||
Weighted average grant-date fair value, forfeited (in dollars per share) | $ / shares | 12.97 | ||||
Weighted average grant-date fair value, nonvested, ending of period (in dollars per share) | $ / shares | $ 13.23 | $ 15.41 | |||
Total fair value of shares vested | $ | $ 2,791 | $ 2,605 | $ 4,298 | ||
Vesting percentage | 20.00% | ||||
Number of annual installments (installment) | installment | 4 | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ | $ 1,501 | $ 1,033 | $ 624 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Nonvested, beginning of period (in shares) | 421,675 | ||||
Granted (in shares) | 277,376 | 282,995 | 138,680 | ||
Forfeited (in shares) | (138,680) | ||||
Nonvested, end of period (in shares) | 560,371 | 421,675 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Weighted average grant-date fair value, nonvested, beginning of period (in dollars per share) | $ / shares | $ 8.45 | ||||
Weighted average grant-date fair value, granted (in dollars per share) | $ / shares | 6.86 | $ 4.98 | $ 15.52 | ||
Weighted average grant-date fair value, forfeited (in dollars per share) | $ / shares | 15.52 | ||||
Weighted average grant-date fair value, nonvested, ending of period (in dollars per share) | $ / shares | $ 6.86 | $ 4.98 | $ 5.91 | $ 8.45 | |
Unrecognized compensation cost related to nonvested stock awards | $ | $ 2,162 | ||||
Compensation cost to be recognized over a weighted average period | 3 years 6 months | ||||
Service period | 3 years | ||||
Risk-free interest rate | 1.53% | 0.92% | |||
Expected share price volatility | 32.85% | 30.95% | |||
Performance Shares | Vested at conclusion of performance period | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Vesting percentage | 60.00% | ||||
Performance Shares | Remaining percentage after performance period | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Vesting percentage | 40.00% | ||||
Performance Shares | Vested each year for the first two anniversaries after conclusion of performance period | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Vesting percentage | 20.00% |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan, age of eligibility | 21 years | ||
Defined contribution plan, required service period prior to plan participation | 60 days | ||
Defined contribution plan, employer matching contribution | 50.00% | ||
Defined contribution plan, maximum annual contribution per employee | 2.50% | ||
Defined contribution plan, employer discretionary contribution amount | $ 1,034 | $ 987 | $ 997 |
Deferred compensation arrangement with individual, interest rate on notes payable | 5.00% | ||
Deferred compensation arrangement with individual, notes payable plus accrued interest | $ 122 | ||
Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation arrangement with individual, requisite service period | 5 years | ||
Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation arrangement with individual, requisite service period | 10 years |
QUARTERLY INFORMATION (UNAUD107
QUARTERLY INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 30, 2017 | |
Real Estate Properties [Line Items] | |||||||||||||
Total revenues | $ 235,356 | $ 224,650 | $ 229,233 | $ 238,013 | $ 258,493 | $ 251,721 | $ 254,965 | $ 263,078 | $ 927,252 | $ 1,028,257 | $ 1,055,018 | ||
Income from operations | 82,996 | 50,161 | 22,306 | 77,099 | 101,015 | 36,727 | 52,056 | 63,830 | 232,562 | 253,628 | |||
Net income (loss) | 40,538 | 9,299 | 70,627 | 38,518 | 79,872 | 670 | 73,097 | 41,892 | 158,982 | 195,531 | |||
Net income attributable to the Company | 36,464 | 8,965 | 41,396 | 34,115 | 68,830 | 1,059 | 62,919 | 40,074 | 120,940 | 172,882 | |||
Net income (loss) attributable to common shareholders | $ 25,241 | $ (2,258) | $ 30,173 | $ 22,892 | $ 57,607 | $ (10,164) | $ 51,696 | $ 28,851 | $ 76,048 | $ 127,990 | |||
Basic per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Net income (loss) attributable to common shareholders (in dollars per share) | $ 0.15 | $ (0.01) | $ 0.18 | $ 0.13 | $ 0.34 | $ (0.06) | $ 0.30 | $ 0.17 | $ 0.44 | $ 0.75 | |||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Net income (loss) attributable to common shareholders (in dollars per share) | $ 0.15 | $ (0.01) | $ 0.18 | $ 0.13 | $ 0.34 | $ (0.06) | $ 0.30 | $ 0.17 | $ 0.44 | $ 0.75 | |||
Loss on impairment of real estate | $ 71,401 | $ 116,822 | 105,945 | ||||||||||
Gain (loss) on sales of real estate assets | 93,792 | 29,567 | 32,232 | ||||||||||
Gain (loss) on extinguishment of debt | 30,927 | 256 | |||||||||||
Gain (loss) on investments | $ (6,197) | 7,534 | $ 16,560 | ||||||||||
The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Gain (loss) on sales of real estate assets | $ 75,434 | ||||||||||||
River Ridge Mall, Lynchburg, VA | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Loss on impairment of real estate | $ 84 | $ 9,510 | $ 9,594 | ||||||||||
2016 Dispositions | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Loss on impairment of real estate | $ 53,558 | $ 43,493 | 19,685 | ||||||||||
Triangle Town Center | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Gain (loss) on sales of real estate assets | $ 26,395 | ||||||||||||
JG Gulf Coast Town Center LLC | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Gain (loss) on investments | 29,267 | ||||||||||||
Renaissance Center | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Gain (loss) on sales of real estate assets | $ 29,437 | ||||||||||||
Triangle Town Center | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Joint venture, ownership percentage | 50.00% | ||||||||||||
Parent Company | The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Gain (loss) on sales of real estate assets | 48,800 | ||||||||||||
Joint venture, ownership percentage | 7500.00% | ||||||||||||
Parent Company | River Ridge Mall, Lynchburg, VA | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Gain (loss) on sales of real estate assets | $ (5,843) | ||||||||||||
Parent Company | The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Joint venture, ownership percentage | 75.00% | ||||||||||||
Parent Company | Triangle Town Center | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Joint venture, ownership percentage | 10.00% | ||||||||||||
Acadiana Mall, Lafayette, LA | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Loss on impairment of real estate | $ 43,007 | ||||||||||||
Hickory Point | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Loss on impairment of real estate | $ 24,525 | ||||||||||||
Chesterfield Mall | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Gain (loss) on extinguishment of debt | $ 20,420 | ||||||||||||
Wausau Center, Wausau, WI | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Gain (loss) on extinguishment of debt | $ 6,851 | ||||||||||||
Corporate Joint Venture | The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Joint venture, ownership percentage | 2500.00% | ||||||||||||
Corporate Joint Venture | The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Joint venture, ownership percentage | 25.00% | ||||||||||||
Corporate Joint Venture | Triangle Town Center | |||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||
Joint venture, ownership percentage | 90.00% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||
Encumbrances | $ 1,908,027 | |
Mortgage and other indebtedness, net | 4,230,845 | $ 4,465,294 |
Kirkwood Mall, Bismarck, ND | ||
Subsequent Event [Line Items] | ||
Encumbrances | 37,295 | |
Hammock Landing - Phase I and Phase II and The Pavilion at Port Orange | Secured Debt | ||
Subsequent Event [Line Items] | ||
Mortgage and other indebtedness, net | $ 115,652 |
Schedule II - VALUATION AND 109
Schedule II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Tenant Receivables | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, beginning of year | $ 1,910 | $ 1,923 | $ 2,368 |
Additions in allowance charged to expense | 3,782 | 4,058 | 2,254 |
Bad debts charged against allowance | (3,681) | (4,071) | (2,699) |
Balance, end of year | 2,011 | 1,910 | 1,923 |
Allowance for Other Receivables | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, beginning of year | 838 | 1,276 | 1,285 |
Additions in allowance charged to expense | 0 | 0 | 277 |
Bad debts charged against allowance | 0 | (438) | (286) |
Balance, end of year | $ 838 | $ 838 | $ 1,276 |
Schedule III - REAL ESTATE A110
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,908,027 | |||
Initial Cost, Land | 837,065 | |||
Initial Cost, Buildings and Improvements | 5,390,463 | |||
Costs Capitalized Subsequent to Acquisition | 1,431,979 | |||
Sales of Outparcel Land | (37,577) | |||
Gross Amounts at Which Carried at Close of Period, Land | 813,390 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 6,808,540 | |||
Gross Amounts at Which Carried at Close of Period, Total | 7,621,930 | $ 7,947,647 | $ 8,240,521 | $ 8,187,183 |
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,465,095) | $ (2,427,108) | $ (2,382,568) | $ (2,240,007) |
Land and buildings and improvements, gross | $ 7,721,000 | |||
Buildings | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 40 years | |||
Certain Improvements | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 10 years | |||
Certain Improvements | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 20 years | |||
Equipment and Fixtures | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 7 years | |||
Equipment and Fixtures | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life | 10 years | |||
Acadiana Mall, Lafayette, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 122,435 | |||
Initial Cost, Land | 22,511 | |||
Initial Cost, Buildings and Improvements | 145,769 | |||
Costs Capitalized Subsequent to Acquisition | (101,239) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 5,722 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 61,319 | |||
Gross Amounts at Which Carried at Close of Period, Total | 67,041 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,763) | |||
Alamance Crossing, Burlington, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 46,337 | |||
Initial Cost, Land | 20,853 | |||
Initial Cost, Buildings and Improvements | 63,105 | |||
Costs Capitalized Subsequent to Acquisition | 39,634 | |||
Sales of Outparcel Land | (2,803) | |||
Gross Amounts at Which Carried at Close of Period, Land | 18,051 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 102,738 | |||
Gross Amounts at Which Carried at Close of Period, Total | 120,789 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (33,958) | |||
Arbor Place, Atlanta (Douglasville), GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 111,448 | |||
Initial Cost, Land | 7,862 | |||
Initial Cost, Buildings and Improvements | 95,330 | |||
Costs Capitalized Subsequent to Acquisition | 28,164 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 7,862 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 123,494 | |||
Gross Amounts at Which Carried at Close of Period, Total | 131,356 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (65,818) | |||
Asheville Mall, Asheville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 68,008 | |||
Initial Cost, Land | 7,139 | |||
Initial Cost, Buildings and Improvements | 58,747 | |||
Costs Capitalized Subsequent to Acquisition | 65,419 | |||
Sales of Outparcel Land | (805) | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,334 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 124,166 | |||
Gross Amounts at Which Carried at Close of Period, Total | 130,500 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (54,990) | |||
Brookfield Square, Brookfield, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,996 | |||
Initial Cost, Buildings and Improvements | 84,250 | |||
Costs Capitalized Subsequent to Acquisition | 77,878 | |||
Sales of Outparcel Land | (18) | |||
Gross Amounts at Which Carried at Close of Period, Land | 25,392 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 145,714 | |||
Gross Amounts at Which Carried at Close of Period, Total | 171,106 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (70,871) | |||
Burnsville Center, Burnsville, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 69,615 | |||
Initial Cost, Land | 12,804 | |||
Initial Cost, Buildings and Improvements | 71,355 | |||
Costs Capitalized Subsequent to Acquisition | 59,357 | |||
Sales of Outparcel Land | (1,157) | |||
Gross Amounts at Which Carried at Close of Period, Land | 16,102 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 126,257 | |||
Gross Amounts at Which Carried at Close of Period, Total | 142,359 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (61,024) | |||
Cary Towne Center, Cary, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 46,716 | |||
Initial Cost, Land | 23,688 | |||
Initial Cost, Buildings and Improvements | 74,432 | |||
Costs Capitalized Subsequent to Acquisition | 31,752 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 25,901 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 103,971 | |||
Gross Amounts at Which Carried at Close of Period, Total | 129,872 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (44,007) | |||
CherryVale Mall, Rockford, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 11,892 | |||
Initial Cost, Buildings and Improvements | 63,973 | |||
Costs Capitalized Subsequent to Acquisition | 58,028 | |||
Sales of Outparcel Land | (1,667) | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,608 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 120,618 | |||
Gross Amounts at Which Carried at Close of Period, Total | 132,226 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (51,651) | |||
Cross Creek Mall, Fayetteville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 119,545 | |||
Initial Cost, Land | 19,155 | |||
Initial Cost, Buildings and Improvements | 104,353 | |||
Costs Capitalized Subsequent to Acquisition | 49,457 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 31,539 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 141,426 | |||
Gross Amounts at Which Carried at Close of Period, Total | 172,965 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (54,965) | |||
Dakota Square Mall, Minot, ND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,552 | |||
Initial Cost, Buildings and Improvements | 87,625 | |||
Costs Capitalized Subsequent to Acquisition | 25,872 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,552 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 113,497 | |||
Gross Amounts at Which Carried at Close of Period, Total | 118,049 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (20,032) | |||
East Towne Mall, Madison, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,496 | |||
Initial Cost, Buildings and Improvements | 63,867 | |||
Costs Capitalized Subsequent to Acquisition | 62,471 | |||
Sales of Outparcel Land | (715) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,781 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 126,338 | |||
Gross Amounts at Which Carried at Close of Period, Total | 130,119 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (49,240) | |||
EastGate Mall, Cincinnati, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 35,635 | |||
Initial Cost, Land | 13,046 | |||
Initial Cost, Buildings and Improvements | 44,949 | |||
Costs Capitalized Subsequent to Acquisition | 33,616 | |||
Sales of Outparcel Land | (1,017) | |||
Gross Amounts at Which Carried at Close of Period, Land | 16,827 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 73,767 | |||
Gross Amounts at Which Carried at Close of Period, Total | 90,594 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (29,692) | |||
Eastland Mall, Bloomington, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,746 | |||
Initial Cost, Buildings and Improvements | 75,893 | |||
Costs Capitalized Subsequent to Acquisition | 7,864 | |||
Sales of Outparcel Land | (753) | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,002 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 82,748 | |||
Gross Amounts at Which Carried at Close of Period, Total | 88,750 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (32,671) | |||
Fayette Mall, Lexington, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 157,387 | |||
Initial Cost, Land | 25,205 | |||
Initial Cost, Buildings and Improvements | 84,256 | |||
Costs Capitalized Subsequent to Acquisition | 105,684 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 25,205 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 189,940 | |||
Gross Amounts at Which Carried at Close of Period, Total | 215,145 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (61,756) | |||
Frontier Mall, Cheyenne, WY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,681 | |||
Initial Cost, Buildings and Improvements | 15,858 | |||
Costs Capitalized Subsequent to Acquisition | 20,973 | |||
Sales of Outparcel Land | (80) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,601 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 36,831 | |||
Gross Amounts at Which Carried at Close of Period, Total | 39,432 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (24,019) | |||
Greenbrier Mall, Chesapeake, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 70,801 | |||
Initial Cost, Land | 3,181 | |||
Initial Cost, Buildings and Improvements | 107,355 | |||
Costs Capitalized Subsequent to Acquisition | 17,147 | |||
Sales of Outparcel Land | (626) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,555 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 124,502 | |||
Gross Amounts at Which Carried at Close of Period, Total | 127,057 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (44,067) | |||
Hamilton Place, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 104,317 | |||
Initial Cost, Land | 3,532 | |||
Initial Cost, Buildings and Improvements | 42,623 | |||
Costs Capitalized Subsequent to Acquisition | 61,473 | |||
Sales of Outparcel Land | (441) | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,484 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 98,703 | |||
Gross Amounts at Which Carried at Close of Period, Total | 107,187 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (55,322) | |||
Hanes Mall, Winston-Salem, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 17,176 | |||
Initial Cost, Buildings and Improvements | 133,376 | |||
Costs Capitalized Subsequent to Acquisition | 56,679 | |||
Sales of Outparcel Land | (948) | |||
Gross Amounts at Which Carried at Close of Period, Land | 18,629 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 187,654 | |||
Gross Amounts at Which Carried at Close of Period, Total | 206,283 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (79,178) | |||
Harford Mall, Bel Air, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,699 | |||
Initial Cost, Buildings and Improvements | 45,704 | |||
Costs Capitalized Subsequent to Acquisition | 22,887 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,699 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 68,591 | |||
Gross Amounts at Which Carried at Close of Period, Total | 77,290 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (28,104) | |||
Hickory Point Mall, Forsyth, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 27,446 | |||
Initial Cost, Land | 10,731 | |||
Initial Cost, Buildings and Improvements | 31,728 | |||
Costs Capitalized Subsequent to Acquisition | (24,207) | |||
Sales of Outparcel Land | (293) | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,336 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 13,623 | |||
Gross Amounts at Which Carried at Close of Period, Total | 17,959 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (842) | |||
Honey Creek Mall, Terre Haute, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 25,417 | |||
Initial Cost, Land | 3,108 | |||
Initial Cost, Buildings and Improvements | 83,358 | |||
Costs Capitalized Subsequent to Acquisition | 19,563 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,108 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 102,921 | |||
Gross Amounts at Which Carried at Close of Period, Total | 106,029 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (38,411) | |||
Imperial Valley Mall, El Centro, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 35,378 | |||
Initial Cost, Buildings and Improvements | 70,549 | |||
Costs Capitalized Subsequent to Acquisition | 3,922 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 35,378 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 74,471 | |||
Gross Amounts at Which Carried at Close of Period, Total | 109,849 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (12,716) | |||
Janesville Mall, Janesville, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,074 | |||
Initial Cost, Buildings and Improvements | 26,009 | |||
Costs Capitalized Subsequent to Acquisition | 22,531 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,074 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 48,540 | |||
Gross Amounts at Which Carried at Close of Period, Total | 56,614 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (20,792) | |||
Jefferson Mall, Louisville, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 64,747 | |||
Initial Cost, Land | 13,125 | |||
Initial Cost, Buildings and Improvements | 40,234 | |||
Costs Capitalized Subsequent to Acquisition | 40,046 | |||
Sales of Outparcel Land | (521) | |||
Gross Amounts at Which Carried at Close of Period, Land | 17,850 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 75,034 | |||
Gross Amounts at Which Carried at Close of Period, Total | 92,884 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (31,580) | |||
Kirkwood Mall, Bismarck, ND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 37,295 | |||
Initial Cost, Land | 3,368 | |||
Initial Cost, Buildings and Improvements | 118,945 | |||
Costs Capitalized Subsequent to Acquisition | 24,238 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,368 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 143,183 | |||
Gross Amounts at Which Carried at Close of Period, Total | 146,551 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (21,210) | |||
Laurel Park Place, Livonia, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 13,289 | |||
Initial Cost, Buildings and Improvements | 92,579 | |||
Costs Capitalized Subsequent to Acquisition | 20,671 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 13,289 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 113,250 | |||
Gross Amounts at Which Carried at Close of Period, Total | 126,539 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (47,331) | |||
Layton Hills Mall, Layton, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 20,464 | |||
Initial Cost, Buildings and Improvements | 99,836 | |||
Costs Capitalized Subsequent to Acquisition | (4,734) | |||
Sales of Outparcel Land | (340) | |||
Gross Amounts at Which Carried at Close of Period, Land | 13,885 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 101,341 | |||
Gross Amounts at Which Carried at Close of Period, Total | 115,226 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (34,063) | |||
Mall del Norte, Laredo, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 21,734 | |||
Initial Cost, Buildings and Improvements | 142,049 | |||
Costs Capitalized Subsequent to Acquisition | 51,295 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 21,734 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 193,344 | |||
Gross Amounts at Which Carried at Close of Period, Total | 215,078 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (83,039) | |||
Mayfaire Town Center, Wilmington, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 26,333 | |||
Initial Cost, Buildings and Improvements | 101,087 | |||
Costs Capitalized Subsequent to Acquisition | 15,712 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 26,333 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 116,799 | |||
Gross Amounts at Which Carried at Close of Period, Total | 143,132 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (8,592) | |||
Meridian Mall, Lansing, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 529 | |||
Initial Cost, Buildings and Improvements | 103,678 | |||
Costs Capitalized Subsequent to Acquisition | 80,804 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,232 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 182,779 | |||
Gross Amounts at Which Carried at Close of Period, Total | 185,011 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (88,679) | |||
Mid Rivers Mall, St. Peters, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 16,384 | |||
Initial Cost, Buildings and Improvements | 170,582 | |||
Costs Capitalized Subsequent to Acquisition | 16,465 | |||
Sales of Outparcel Land | (2,050) | |||
Gross Amounts at Which Carried at Close of Period, Land | 14,334 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 187,047 | |||
Gross Amounts at Which Carried at Close of Period, Total | 201,381 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (60,034) | |||
Monroeville Mall, Pittsburgh, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 22,911 | |||
Initial Cost, Buildings and Improvements | 177,214 | |||
Costs Capitalized Subsequent to Acquisition | 79,105 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 25,432 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 253,798 | |||
Gross Amounts at Which Carried at Close of Period, Total | 279,230 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (87,876) | |||
Northgate Mall, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,330 | |||
Initial Cost, Buildings and Improvements | 8,960 | |||
Costs Capitalized Subsequent to Acquisition | 26,245 | |||
Sales of Outparcel Land | (123) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,274 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 34,138 | |||
Gross Amounts at Which Carried at Close of Period, Total | 37,412 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (9,922) | |||
Northpark Mall, Joplin, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,977 | |||
Initial Cost, Buildings and Improvements | 65,481 | |||
Costs Capitalized Subsequent to Acquisition | 48,398 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 10,962 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 112,894 | |||
Gross Amounts at Which Carried at Close of Period, Total | 123,856 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (45,028) | |||
Northwoods Mall, North Charleston, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 66,544 | |||
Initial Cost, Land | 14,867 | |||
Initial Cost, Buildings and Improvements | 49,647 | |||
Costs Capitalized Subsequent to Acquisition | 24,754 | |||
Sales of Outparcel Land | (2,339) | |||
Gross Amounts at Which Carried at Close of Period, Land | 12,528 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 74,401 | |||
Gross Amounts at Which Carried at Close of Period, Total | 86,929 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (31,154) | |||
Old Hickory Mall, Jackson, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 15,527 | |||
Initial Cost, Buildings and Improvements | 29,413 | |||
Costs Capitalized Subsequent to Acquisition | 8,845 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,531 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 38,254 | |||
Gross Amounts at Which Carried at Close of Period, Total | 53,785 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (16,976) | |||
The Outlet Shoppes at Atlanta, Woodstock, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 79,407 | |||
Initial Cost, Land | 8,598 | |||
Initial Cost, Buildings and Improvements | 100,613 | |||
Costs Capitalized Subsequent to Acquisition | (37,409) | |||
Sales of Outparcel Land | (740) | |||
Gross Amounts at Which Carried at Close of Period, Land | 7,858 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 63,204 | |||
Gross Amounts at Which Carried at Close of Period, Total | 71,062 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (16,251) | |||
The Outlet Shoppes at El Paso, El Paso, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,613 | |||
Initial Cost, Land | 7,345 | |||
Initial Cost, Buildings and Improvements | 98,602 | |||
Costs Capitalized Subsequent to Acquisition | 10,852 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 7,569 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 109,230 | |||
Gross Amounts at Which Carried at Close of Period, Total | 116,799 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (20,419) | |||
The Outlet Shoppes at Gettysburg, Gettysburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 38,354 | |||
Initial Cost, Land | 20,779 | |||
Initial Cost, Buildings and Improvements | 22,180 | |||
Costs Capitalized Subsequent to Acquisition | 1,863 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 20,778 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 24,044 | |||
Gross Amounts at Which Carried at Close of Period, Total | 44,822 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,477) | |||
The Outlet Shoppes at Laredo, Laredo, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 80,145 | |||
Initial Cost, Land | 11,000 | |||
Initial Cost, Buildings and Improvements | 97,711 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,000 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 97,711 | |||
Gross Amounts at Which Carried at Close of Period, Total | 108,711 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,285) | |||
The Outlet Shoppes of the Bluegrass, Simpsonville, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 82,990 | |||
Initial Cost, Land | 3,193 | |||
Initial Cost, Buildings and Improvements | 72,962 | |||
Costs Capitalized Subsequent to Acquisition | 3,846 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,193 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 76,808 | |||
Gross Amounts at Which Carried at Close of Period, Total | 80,001 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (13,970) | |||
Park Plaza Mall, Little Rock, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 84,084 | |||
Initial Cost, Land | 6,297 | |||
Initial Cost, Buildings and Improvements | 81,638 | |||
Costs Capitalized Subsequent to Acquisition | 44,837 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,304 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 126,468 | |||
Gross Amounts at Which Carried at Close of Period, Total | 132,772 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (51,198) | |||
Parkdale Mall, Beaumont, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 81,108 | |||
Initial Cost, Land | 23,850 | |||
Initial Cost, Buildings and Improvements | 47,390 | |||
Costs Capitalized Subsequent to Acquisition | 63,881 | |||
Sales of Outparcel Land | (307) | |||
Gross Amounts at Which Carried at Close of Period, Land | 25,333 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 109,481 | |||
Gross Amounts at Which Carried at Close of Period, Total | 134,814 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (45,229) | |||
Parkway Place, Huntsville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 35,608 | |||
Initial Cost, Land | 6,364 | |||
Initial Cost, Buildings and Improvements | 67,067 | |||
Costs Capitalized Subsequent to Acquisition | 6,903 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,364 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 73,970 | |||
Gross Amounts at Which Carried at Close of Period, Total | 80,334 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (18,384) | |||
Pearland Town Center, Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 16,300 | |||
Initial Cost, Buildings and Improvements | 108,615 | |||
Costs Capitalized Subsequent to Acquisition | 20,375 | |||
Sales of Outparcel Land | (857) | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,443 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 128,990 | |||
Gross Amounts at Which Carried at Close of Period, Total | 144,433 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (42,952) | |||
Post Oak Mall, College Station, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,936 | |||
Initial Cost, Buildings and Improvements | 48,948 | |||
Costs Capitalized Subsequent to Acquisition | 16,680 | |||
Sales of Outparcel Land | (327) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,609 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 65,628 | |||
Gross Amounts at Which Carried at Close of Period, Total | 69,237 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (36,072) | |||
Richland Mall, Waco, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,874 | |||
Initial Cost, Buildings and Improvements | 34,793 | |||
Costs Capitalized Subsequent to Acquisition | 20,716 | |||
Sales of Outparcel Land | (1,225) | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,662 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 55,496 | |||
Gross Amounts at Which Carried at Close of Period, Total | 64,158 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (23,072) | |||
South County Center, St. Louis, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 15,754 | |||
Initial Cost, Buildings and Improvements | 159,249 | |||
Costs Capitalized Subsequent to Acquisition | 15,830 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,754 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 175,079 | |||
Gross Amounts at Which Carried at Close of Period, Total | 190,833 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (52,942) | |||
Southaven Towne Center, Southaven, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,255 | |||
Initial Cost, Buildings and Improvements | 29,380 | |||
Costs Capitalized Subsequent to Acquisition | 7,434 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,896 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 36,173 | |||
Gross Amounts at Which Carried at Close of Period, Total | 45,069 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (13,336) | |||
Southpark Mall, Colonial Heights, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 61,036 | |||
Initial Cost, Land | 9,501 | |||
Initial Cost, Buildings and Improvements | 73,262 | |||
Costs Capitalized Subsequent to Acquisition | 38,039 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,282 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 109,520 | |||
Gross Amounts at Which Carried at Close of Period, Total | 120,802 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (43,696) | |||
St. Clair Square, Fairview Heights, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 11,027 | |||
Initial Cost, Buildings and Improvements | 75,620 | |||
Costs Capitalized Subsequent to Acquisition | 35,962 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,027 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 111,582 | |||
Gross Amounts at Which Carried at Close of Period, Total | 122,609 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (55,751) | |||
Stroud Mall, Stroudsburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 14,711 | |||
Initial Cost, Buildings and Improvements | 23,936 | |||
Costs Capitalized Subsequent to Acquisition | 23,007 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 14,711 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 46,943 | |||
Gross Amounts at Which Carried at Close of Period, Total | 61,654 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (19,792) | |||
Sunrise Mall, Brownsville, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 11,156 | |||
Initial Cost, Buildings and Improvements | 59,047 | |||
Costs Capitalized Subsequent to Acquisition | 16,752 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,156 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 75,799 | |||
Gross Amounts at Which Carried at Close of Period, Total | 86,955 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (26,322) | |||
Turtle Creek Mall, Hattiesburg, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,345 | |||
Initial Cost, Buildings and Improvements | 26,418 | |||
Costs Capitalized Subsequent to Acquisition | 20,509 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,535 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 45,737 | |||
Gross Amounts at Which Carried at Close of Period, Total | 49,272 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (25,218) | |||
Valley View Mall, Roanoke, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 55,107 | |||
Initial Cost, Land | 15,985 | |||
Initial Cost, Buildings and Improvements | 77,771 | |||
Costs Capitalized Subsequent to Acquisition | 23,706 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,999 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 101,463 | |||
Gross Amounts at Which Carried at Close of Period, Total | 117,462 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (38,647) | |||
Volusia Mall, Daytona Beach, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 43,722 | |||
Initial Cost, Land | 2,526 | |||
Initial Cost, Buildings and Improvements | 120,242 | |||
Costs Capitalized Subsequent to Acquisition | 31,492 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,945 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 145,315 | |||
Gross Amounts at Which Carried at Close of Period, Total | 154,260 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (50,781) | |||
West Towne Mall, Madison, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,545 | |||
Initial Cost, Buildings and Improvements | 83,084 | |||
Costs Capitalized Subsequent to Acquisition | 50,229 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 9,545 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 133,313 | |||
Gross Amounts at Which Carried at Close of Period, Total | 142,858 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (54,298) | |||
WestGate Mall, Spartanburg, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 34,991 | |||
Initial Cost, Land | 2,149 | |||
Initial Cost, Buildings and Improvements | 23,257 | |||
Costs Capitalized Subsequent to Acquisition | 51,917 | |||
Sales of Outparcel Land | (432) | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,742 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 75,149 | |||
Gross Amounts at Which Carried at Close of Period, Total | 76,891 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (40,075) | |||
Westmoreland Mall, Greensburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,621 | |||
Initial Cost, Buildings and Improvements | 84,215 | |||
Costs Capitalized Subsequent to Acquisition | 28,744 | |||
Sales of Outparcel Land | (397) | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,224 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 112,959 | |||
Gross Amounts at Which Carried at Close of Period, Total | 117,183 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (44,138) | |||
York Galleria, York, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,757 | |||
Initial Cost, Buildings and Improvements | 63,316 | |||
Costs Capitalized Subsequent to Acquisition | 18,065 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 5,757 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 81,381 | |||
Gross Amounts at Which Carried at Close of Period, Total | 87,138 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (35,236) | |||
840 Greenbrier Circle, Chesapeake, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,096 | |||
Initial Cost, Buildings and Improvements | 3,091 | |||
Costs Capitalized Subsequent to Acquisition | 379 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,096 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 3,470 | |||
Gross Amounts at Which Carried at Close of Period, Total | 5,566 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,357) | |||
850 Greenbrier Circle, Chesapeake, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,154 | |||
Initial Cost, Buildings and Improvements | 6,881 | |||
Costs Capitalized Subsequent to Acquisition | (289) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,154 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 6,592 | |||
Gross Amounts at Which Carried at Close of Period, Total | 9,746 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,985) | |||
Annex at Monroeville, Pittsburgh, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 29,496 | |||
Costs Capitalized Subsequent to Acquisition | 321 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 29,817 | |||
Gross Amounts at Which Carried at Close of Period, Total | 29,817 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (9,971) | |||
CBL Center, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,522 | |||
Initial Cost, Land | 140 | |||
Initial Cost, Buildings and Improvements | 24,675 | |||
Costs Capitalized Subsequent to Acquisition | 1,982 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,864 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 24,933 | |||
Gross Amounts at Which Carried at Close of Period, Total | 26,797 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (14,569) | |||
CBL Center II, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 13,648 | |||
Costs Capitalized Subsequent to Acquisition | 1,759 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 358 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 15,049 | |||
Gross Amounts at Which Carried at Close of Period, Total | 15,407 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,134) | |||
CoolSprings Crossing, Nashville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,803 | |||
Initial Cost, Buildings and Improvements | 14,985 | |||
Costs Capitalized Subsequent to Acquisition | 5,830 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,554 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 20,064 | |||
Gross Amounts at Which Carried at Close of Period, Total | 23,618 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (13,122) | |||
Courtyard at Hickory Hollow, Nashville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,314 | |||
Initial Cost, Buildings and Improvements | 2,771 | |||
Costs Capitalized Subsequent to Acquisition | (1,603) | |||
Sales of Outparcel Land | (231) | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,500 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 2,751 | |||
Gross Amounts at Which Carried at Close of Period, Total | 4,251 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (983) | |||
The Forum at Grandview, Madison, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,234 | |||
Initial Cost, Buildings and Improvements | 17,285 | |||
Costs Capitalized Subsequent to Acquisition | 21,323 | |||
Sales of Outparcel Land | (684) | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,652 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 38,506 | |||
Gross Amounts at Which Carried at Close of Period, Total | 47,158 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,862) | |||
Frontier Square, Cheyenne, WY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 346 | |||
Initial Cost, Buildings and Improvements | 684 | |||
Costs Capitalized Subsequent to Acquisition | 434 | |||
Sales of Outparcel Land | (86) | |||
Gross Amounts at Which Carried at Close of Period, Land | 260 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 1,118 | |||
Gross Amounts at Which Carried at Close of Period, Total | 1,378 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (729) | |||
Gulf Coast Town Center, Ft. Myers, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 628 | |||
Initial Cost, Buildings and Improvements | 6,835 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 628 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 6,835 | |||
Gross Amounts at Which Carried at Close of Period, Total | 7,463 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Gunbarrel Pointe, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,170 | |||
Initial Cost, Buildings and Improvements | 10,874 | |||
Costs Capitalized Subsequent to Acquisition | 3,748 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,170 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 14,622 | |||
Gross Amounts at Which Carried at Close of Period, Total | 18,792 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,362) | |||
Hamilton Corner, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 630 | |||
Initial Cost, Buildings and Improvements | 5,532 | |||
Costs Capitalized Subsequent to Acquisition | 8,179 | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 734 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 13,607 | |||
Gross Amounts at Which Carried at Close of Period, Total | 14,341 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (7,300) | |||
Hamilton Crossing, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,102 | |||
Initial Cost, Land | 4,014 | |||
Initial Cost, Buildings and Improvements | 5,906 | |||
Costs Capitalized Subsequent to Acquisition | 7,004 | |||
Sales of Outparcel Land | (1,370) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,644 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 12,910 | |||
Gross Amounts at Which Carried at Close of Period, Total | 15,554 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (7,265) | |||
Harford Annex, Bel Air, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,854 | |||
Initial Cost, Buildings and Improvements | 9,718 | |||
Costs Capitalized Subsequent to Acquisition | 1,357 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,854 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 11,075 | |||
Gross Amounts at Which Carried at Close of Period, Total | 13,929 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,986) | |||
The Landing at Arbor Place, Atlanta (Douglasville), GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,993 | |||
Initial Cost, Buildings and Improvements | 14,330 | |||
Costs Capitalized Subsequent to Acquisition | 3,512 | |||
Sales of Outparcel Land | (2,242) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,751 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 17,842 | |||
Gross Amounts at Which Carried at Close of Period, Total | 20,593 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (9,684) | |||
Layton Hills Convenience Center, Layton, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 8 | |||
Costs Capitalized Subsequent to Acquisition | 6,270 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,794 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 3,484 | |||
Gross Amounts at Which Carried at Close of Period, Total | 6,278 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,711) | |||
Layton Hills Plaza, Layton, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 2 | |||
Costs Capitalized Subsequent to Acquisition | 982 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 673 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 311 | |||
Gross Amounts at Which Carried at Close of Period, Total | 984 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (241) | |||
Parkdale Crossing, Beaumont, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,994 | |||
Initial Cost, Buildings and Improvements | 7,408 | |||
Costs Capitalized Subsequent to Acquisition | 2,482 | |||
Sales of Outparcel Land | (355) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,639 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 9,890 | |||
Gross Amounts at Which Carried at Close of Period, Total | 12,529 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,769) | |||
Parkway Plaza, Fort Oglethorpe, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,675 | |||
Initial Cost, Buildings and Improvements | 13,435 | |||
Costs Capitalized Subsequent to Acquisition | 22 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,675 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 13,457 | |||
Gross Amounts at Which Carried at Close of Period, Total | 16,132 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,335) | |||
Pearland Hotel, Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 16,149 | |||
Costs Capitalized Subsequent to Acquisition | 2,266 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 18,415 | |||
Gross Amounts at Which Carried at Close of Period, Total | 18,415 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,054) | |||
Pearland Office, Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 7,849 | |||
Costs Capitalized Subsequent to Acquisition | 2,594 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 10,443 | |||
Gross Amounts at Which Carried at Close of Period, Total | 10,443 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,176) | |||
Pearland Residential Mgmt, Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 9,666 | |||
Costs Capitalized Subsequent to Acquisition | 9 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 9,675 | |||
Gross Amounts at Which Carried at Close of Period, Total | 9,675 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,531) | |||
The Plaza at Fayette, Lexington, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,531 | |||
Initial Cost, Buildings and Improvements | 27,646 | |||
Costs Capitalized Subsequent to Acquisition | 2,308 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 9,531 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 29,954 | |||
Gross Amounts at Which Carried at Close of Period, Total | 39,485 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (9,796) | |||
The Promenade, D'Iberville, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 16,278 | |||
Initial Cost, Buildings and Improvements | 48,806 | |||
Costs Capitalized Subsequent to Acquisition | 25,035 | |||
Sales of Outparcel Land | (706) | |||
Gross Amounts at Which Carried at Close of Period, Land | 17,953 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 71,460 | |||
Gross Amounts at Which Carried at Close of Period, Total | 89,413 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (18,791) | |||
The Shoppes At Hamilton Place, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,894 | |||
Initial Cost, Buildings and Improvements | 11,700 | |||
Costs Capitalized Subsequent to Acquisition | (575) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,811 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 13,208 | |||
Gross Amounts at Which Carried at Close of Period, Total | 16,019 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,799) | |||
The Shoppes at St. Clair Square, Fairview Heights, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,250 | |||
Initial Cost, Buildings and Improvements | 23,623 | |||
Costs Capitalized Subsequent to Acquisition | 552 | |||
Sales of Outparcel Land | (5,044) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,206 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 24,175 | |||
Gross Amounts at Which Carried at Close of Period, Total | 27,381 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (9,883) | |||
Statesboro Crossing, Statesboro, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,836 | |||
Initial Cost, Land | 2,855 | |||
Initial Cost, Buildings and Improvements | 17,805 | |||
Costs Capitalized Subsequent to Acquisition | 2,368 | |||
Sales of Outparcel Land | (235) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,840 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 19,953 | |||
Gross Amounts at Which Carried at Close of Period, Total | 22,793 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,547) | |||
Sunrise Commons, Brownsville, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,013 | |||
Initial Cost, Buildings and Improvements | 7,525 | |||
Costs Capitalized Subsequent to Acquisition | 2,520 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,013 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 10,045 | |||
Gross Amounts at Which Carried at Close of Period, Total | 11,058 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,790) | |||
The Terrace, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,709 | |||
Initial Cost, Land | 4,166 | |||
Initial Cost, Buildings and Improvements | 9,929 | |||
Costs Capitalized Subsequent to Acquisition | 8,475 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,536 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 16,034 | |||
Gross Amounts at Which Carried at Close of Period, Total | 22,570 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,573) | |||
West Towne Crossing, Madison, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,151 | |||
Initial Cost, Buildings and Improvements | 2,955 | |||
Costs Capitalized Subsequent to Acquisition | 7,940 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,126 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 9,920 | |||
Gross Amounts at Which Carried at Close of Period, Total | 12,046 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,346) | |||
WestGate Crossing, Spartanburg, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,082 | |||
Initial Cost, Buildings and Improvements | 3,422 | |||
Costs Capitalized Subsequent to Acquisition | 8,348 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,082 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 11,770 | |||
Gross Amounts at Which Carried at Close of Period, Total | 12,852 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,128) | |||
Westmoreland Crossing, Greensburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,898 | |||
Initial Cost, Buildings and Improvements | 21,167 | |||
Costs Capitalized Subsequent to Acquisition | 9,252 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,898 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 30,419 | |||
Gross Amounts at Which Carried at Close of Period, Total | 33,317 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (11,683) | |||
Chesterfield Mall, Chesterfield, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 11,083 | |||
Initial Cost, Buildings and Improvements | 282,140 | |||
Costs Capitalized Subsequent to Acquisition | (293,223) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
College Square, Morristown, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,954 | |||
Initial Cost, Buildings and Improvements | 17,787 | |||
Costs Capitalized Subsequent to Acquisition | (20,653) | |||
Sales of Outparcel Land | (88) | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Foothills Mall, Maryville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,558 | |||
Initial Cost, Buildings and Improvements | 25,244 | |||
Costs Capitalized Subsequent to Acquisition | (30,802) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Midland Mall, Midland, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 10,321 | |||
Initial Cost, Buildings and Improvements | 29,429 | |||
Costs Capitalized Subsequent to Acquisition | (39,750) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
One Oyster Point, Newport News, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,822 | |||
Initial Cost, Buildings and Improvements | 3,623 | |||
Costs Capitalized Subsequent to Acquisition | (5,445) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 7,402 | |||
Initial Cost, Buildings and Improvements | 50,268 | |||
Costs Capitalized Subsequent to Acquisition | (57,670) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Two Oyster Point, Newport News, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,543 | |||
Initial Cost, Buildings and Improvements | 3,974 | |||
Costs Capitalized Subsequent to Acquisition | (5,517) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Wausau Center, Wausau, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,231 | |||
Initial Cost, Buildings and Improvements | 24,705 | |||
Costs Capitalized Subsequent to Acquisition | (24,705) | |||
Sales of Outparcel Land | (5,231) | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Other | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,777 | |||
Initial Cost, Buildings and Improvements | 4,002 | |||
Costs Capitalized Subsequent to Acquisition | (1,385) | |||
Sales of Outparcel Land | (324) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,214 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 1,856 | |||
Gross Amounts at Which Carried at Close of Period, Total | 5,070 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,719) | |||
Developments in progress consisting of construction and Development Properties | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 85,346 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 85,346 | |||
Gross Amounts at Which Carried at Close of Period, Total | 85,346 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | $ 0 |
Schedule III - REAL ESTATE A111
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Carrying Amount of Real Estate Investments and Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of period | $ 7,947,647 | $ 8,240,521 | |
Additions and improvements | 177,482 | 263,265 | $ 230,990 |
Acquisitions of real estate assets | 78,516 | 0 | 182,747 |
Disposals, deconsolidations and accumulated depreciation on impairments | (506,399) | (435,331) | (249,716) |
Transfers from real estate assets | (3,915) | (3,986) | (4,738) |
Impairment of real estate assets | (71,401) | (116,822) | (105,945) |
Balance at end of period | 7,621,930 | 7,947,647 | 8,240,521 |
Accumulated depreciation, beginning of period | 2,427,108 | 2,382,568 | |
Depreciation expense | 272,945 | 272,697 | 274,544 |
Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired | (234,958) | (228,157) | (131,983) |
Accumulated depreciation, end of period | $ 2,465,095 | $ 2,427,108 | $ 2,382,568 |
Schedule IV - MORTGAGE NOTES112
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Mortgage Loans on Real Estate [Line Items] | |||
Monthly payment amount | $ 48 | ||
Balloon Payment At Maturity | 4,327 | ||
Face Amount Of Mortgage | 8,784 | ||
Carrying Amount of Mortgage | 5,418 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | 1,100 | ||
Mortgage and other notes receivable | 8,945 | $ 16,803 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Beginning balance | 5,680 | 7,776 | $ 9,323 |
Additions | 1,802 | 0 | 0 |
Payments | (2,064) | (250) | (1,547) |
Write-Offs | 0 | (1,846) | 0 |
Ending balance | 5,418 | 5,680 | $ 7,776 |
Other | |||
Mortgage Loans on Real Estate [Line Items] | |||
Monthly payment amount | 14 | ||
Balloon Payment At Maturity | 2,534 | ||
Face Amount Of Mortgage | 2,597 | ||
Carrying Amount of Mortgage | 2,510 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 1,100 | ||
Interest rate, current variable rate (percent) | 6.50% | ||
Other | Prime Rate | |||
Mortgage Loans on Real Estate [Line Items] | |||
Basis spread on variable rate (percent) | 2.00% | ||
Columbia Place Outparcel | First Mortgage | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 5.00% | ||
Monthly payment amount | $ 3 | ||
Balloon Payment At Maturity | 210 | ||
Face Amount Of Mortgage | 360 | ||
Carrying Amount of Mortgage | 302 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 0 | ||
One Park Place - Chattanooga, TN | First Mortgage | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 5.00% | ||
Monthly payment amount | $ 21 | ||
Balloon Payment At Maturity | 0 | ||
Face Amount Of Mortgage | 3,200 | ||
Carrying Amount of Mortgage | 1,010 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 0 | ||
Village Square - Houghton Lake, MI | First Mortgage | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 4.00% | ||
Monthly payment amount | $ 10 | ||
Balloon Payment At Maturity | 1,583 | ||
Face Amount Of Mortgage | 2,627 | ||
Carrying Amount of Mortgage | 1,596 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 0 | ||
New Garden Crossing | First Mortgage | LIBOR | |||
Mortgage Loans on Real Estate [Line Items] | |||
Basis spread on variable rate (percent) | 2.50% | ||
Minimum | Other | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 4.07% | ||
Maximum | Other | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest Rate | 9.50% | ||
Mortgage Receivable | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage and other notes receivable | $ 5,418 | $ 5,680 | |
The Promenade, D'Iberville, MS | Mortgage Receivable | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage and other notes receivable | $ 1,100 |
Uncategorized Items - cbl-20171
Label | Element | Value | [1] |
CBL & Associates Limited Partnership [Member] | |||
Restricted Cash | us-gaap_RestrictedCash | $ 77,000 | |
Restricted Cash | us-gaap_RestrictedCash | 4,123,000 | |
Restricted Cash | us-gaap_RestrictedCash | 920,000 | |
Escrow Deposit | us-gaap_EscrowDeposit | 34,607,000 | |
Escrow Deposit | us-gaap_EscrowDeposit | 41,995,000 | |
Escrow Deposit | us-gaap_EscrowDeposit | 34,625,000 | |
CBL & Associates Properties, Inc. [Member] | |||
Restricted Cash | us-gaap_RestrictedCash | 77,000 | |
Restricted Cash | us-gaap_RestrictedCash | 4,123,000 | |
Restricted Cash | us-gaap_RestrictedCash | 920,000 | |
Escrow Deposit | us-gaap_EscrowDeposit | 34,607,000 | |
Escrow Deposit | us-gaap_EscrowDeposit | 41,995,000 | |
Escrow Deposit | us-gaap_EscrowDeposit | $ 34,625,000 | |
[1] | Included in intangible lease assets and other assets in consolidated balance sheets |