Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 25, 2019 | Jun. 30, 2018 | |
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 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 173,463,248 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 938,613,210 | ||
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 Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Real estate assets: | |||
Held for sale | $ 30,971 | ||
Receivables: | |||
Mortgage and other notes receivable | 7,672 | $ 8,945 | |
Total assets | 5,340,853 | 5,704,808 | |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | |||
Mortgage and other indebtedness, net | 4,043,180 | 4,230,845 | |
Liabilities related to assets held for sale | 43,716 | 0 | |
CBL & Associates Properties, Inc. | |||
Real estate assets: | |||
Land | [1] | 793,944 | 813,390 |
Buildings and improvements | [1] | 6,414,886 | 6,723,194 |
Real estate investment property, at cost | [1] | 7,208,830 | 7,536,584 |
Accumulated depreciation | [1] | (2,493,082) | (2,465,095) |
Real estate investment property, net, before developments in progress | [1] | 4,715,748 | 5,071,489 |
Held for sale | [1] | 30,971 | 0 |
Developments in progress | [1] | 38,807 | 85,346 |
Net investment in real estate assets | [1] | 4,785,526 | 5,156,835 |
Cash and cash equivalents | [1] | 25,138 | 32,627 |
Receivables: | |||
Tenant, net of allowance for doubtful accounts of $2,337 and $2,011 in 2018 and 2017, respectively | [1] | 77,788 | 83,552 |
Other, net of allowance for doubtful accounts of $838 in 2017 | [1] | 7,511 | 7,570 |
Mortgage and other notes receivable | [1] | 7,672 | 8,945 |
Investments in unconsolidated affiliates | [1] | 283,553 | 249,192 |
Intangible lease assets and other assets | [1] | 153,665 | 166,087 |
Total assets | [1] | 5,340,853 | 5,704,808 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | |||
Mortgage and other indebtedness, net | 4,043,180 | 4,230,845 | |
Accounts payable and accrued liabilities | 218,217 | 228,650 | |
Liabilities related to assets held for sale | 43,716 | 0 | |
Total liabilities | [1] | 4,305,113 | 4,459,495 |
Commitments and contingencies (Note 7 and Note 15) | |||
Redeemable interests: | |||
Redeemable noncontrolling interests | 3,575 | 8,835 | |
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | |||
Common stock, $.01 par value, 350,000,000 shares authorized, 172,656,458 and 171,088,778 issued and outstanding in 2018 and 2017, respectively | 1,727 | 1,711 | |
Additional paid-in capital | 1,968,280 | 1,974,537 | |
Dividends in excess of cumulative earnings | (1,005,895) | (836,269) | |
Total shareholders' equity | 964,137 | 1,140,004 | |
Noncontrolling interests | 68,028 | 96,474 | |
Total equity | 1,032,165 | 1,236,478 | |
Common units: | |||
Total liabilities, redeemable noncontrolling interests and equity/capital | 5,340,853 | 5,704,808 | |
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] | 793,944 | 813,390 |
Buildings and improvements | [1] | 6,414,886 | 6,723,194 |
Real estate investment property, at cost | [1] | 7,208,830 | 7,536,584 |
Accumulated depreciation | [1] | (2,493,082) | (2,465,095) |
Real estate investment property, net, before developments in progress | [1] | 4,715,748 | 5,071,489 |
Held for sale | [1] | 30,971 | 0 |
Developments in progress | [1] | 38,807 | 85,346 |
Net investment in real estate assets | [1] | 4,785,526 | 5,156,835 |
Cash and cash equivalents | [1] | 25,138 | 32,627 |
Receivables: | |||
Tenant, net of allowance for doubtful accounts of $2,337 and $2,011 in 2018 and 2017, respectively | [1] | 77,788 | 83,552 |
Other, net of allowance for doubtful accounts of $838 in 2017 | [1] | 7,462 | 7,520 |
Mortgage and other notes receivable | [1] | 7,672 | 8,945 |
Investments in unconsolidated affiliates | [1] | 284,086 | 249,722 |
Intangible lease assets and other assets | [1] | 153,545 | 165,967 |
Total assets | [1] | 5,341,217 | 5,705,168 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | |||
Mortgage and other indebtedness, net | 4,043,180 | 4,230,845 | |
Accounts payable and accrued liabilities | 218,288 | 228,720 | |
Liabilities related to assets held for sale | 43,716 | 0 | |
Total liabilities | [1] | 4,305,184 | 4,459,565 |
Commitments and contingencies (Note 7 and Note 15) | |||
Redeemable interests: | |||
Redeemable common units | 3,575 | 8,835 | |
Partners' capital: | |||
Preferred units | 565,212 | 565,212 | |
Common units: | |||
General partner | 4,628 | 6,735 | |
Limited partners | 450,507 | 655,120 | |
Total partners' capital | 1,020,347 | 1,227,067 | |
Noncontrolling interests | 12,111 | 9,701 | |
Total capital | 1,032,458 | 1,236,768 | |
Total liabilities, redeemable noncontrolling interests and equity/capital | $ 5,341,217 | $ 5,705,168 | |
[1] | As of December 31, 2018, includes $622,613 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $418,885 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 9. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical - OP) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Variable interest entities, assets | $ 622,613 | $ 651,272 |
Variable interest entities, liabilities | 561,700 | 590,864 |
CBL & Associates Limited Partnership | ||
Variable interest entities, assets | 622,613 | |
Variable interest entities, liabilities | 418,885 | |
Tenant receivables allowance for doubtful accounts | $ 2,337 | 2,011 |
Other receivables allowance for doubtful accounts | $ 838 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Parenthetical - REIT) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Variable interest entities, assets | $ 622,613 | $ 651,272 |
Variable interest entities, liabilities | $ 561,700 | $ 590,864 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | ||
Preferred stock, par value (USD per share) | $ 0.01 | |
Preferred stock authorized (shares) | 15,000,000 | |
Series E preferred stock | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | ||
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock dividend rate (as a percent) | 6.625% | 6.625% |
CBL & Associates Properties, Inc. | ||
Variable interest entities, assets | $ 622,613 | |
Variable interest entities, liabilities | 418,885 | |
Receivables: | ||
Tenant receivables allowance for doubtful accounts | $ 2,337 | $ 2,011 |
Other receivables allowance for doubtful accounts | $ 838 | |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | ||
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (shares) | 15,000,000 | 15,000,000 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock authorized (shares) | 350,000,000 | 350,000,000 |
Common stock issued (shares) | 172,656,458 | 171,088,778 |
Common stock outstanding (shares) | 172,656,458 | 171,088,778 |
CBL & Associates Properties, Inc. | Series D preferred stock | ||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | ||
Preferred stock dividend rate (as a percent) | 7.375% | 7.375% |
Preferred stock outstanding (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 (as a percent) | 6.625% | 6.625% |
Preferred stock outstanding (shares) | 690,000 | 690,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
REVENUES: | |||
Total revenues | $ 858,557 | $ 927,252 | $ 1,028,257 |
OPERATING EXPENSES: | |||
Depreciation and amortization | (285,401) | (299,090) | (292,693) |
General and administrative | (61,506) | (58,466) | (63,332) |
Loss on impairment | (174,529) | (71,401) | (116,822) |
Other | (787) | (5,180) | (20,326) |
OTHER INCOME (EXPENSES): | |||
Interest and other income | 1,858 | 1,706 | 1,524 |
Interest expense | (220,038) | (218,680) | (216,318) |
Gain on extinguishment of debt | 30,927 | ||
Gain (loss) on investments | (6,197) | 7,534 | |
Gain on sales of real estate assets | 19,001 | 93,792 | 29,567 |
Income tax benefit | 1,551 | 1,933 | 2,063 |
Equity in earnings of unconsolidated affiliates | 14,677 | 22,939 | 117,533 |
Net income (loss) | (99,229) | 158,982 | 195,531 |
Net (income) loss attributable to noncontrolling interests in: | |||
Net income (loss) attributable to the Company | (78,568) | 120,940 | |
Net income attributable to common shareholders/unitholders | $ (123,460) | $ 76,048 | |
Basic per share/unit data attributable to common shareholders/unitholders: | |||
Income (loss) from continuing operations, net of preferred dividends (USD per share) | $ (0.72) | $ 0.44 | |
CBL & Associates Properties, Inc. | |||
REVENUES: | |||
Minimum rents | $ 588,007 | $ 624,161 | 670,565 |
Percentage rents | 11,759 | 11,874 | 17,803 |
Other rents | 12,034 | 19,008 | 23,110 |
Tenant reimbursements | 217,313 | 254,552 | 280,438 |
Management, development and leasing fees | 10,542 | 11,982 | 14,925 |
Other | 18,902 | 5,675 | 21,416 |
Total revenues | 858,557 | 927,252 | 1,028,257 |
OPERATING EXPENSES: | |||
Property operating | (122,017) | (128,030) | (137,760) |
Depreciation and amortization | (285,401) | (299,090) | (292,693) |
Real estate taxes | (82,291) | (83,917) | (90,110) |
Maintenance and repairs | (48,304) | (48,606) | (53,586) |
General and administrative | (61,506) | (58,466) | (63,332) |
Loss on impairment | (174,529) | (71,401) | (116,822) |
Other | (787) | (5,180) | (20,326) |
Total operating expenses | (774,835) | (694,690) | (774,629) |
OTHER INCOME (EXPENSES): | |||
Interest and other income | 1,858 | 1,706 | 1,524 |
Interest expense | (220,038) | (218,680) | (216,318) |
Gain on extinguishment of debt | 0 | 30,927 | 0 |
Gain (loss) on investments | 0 | (6,197) | 7,534 |
Gain on sales of real estate assets | 19,001 | 93,792 | 29,567 |
Income tax benefit | 1,551 | 1,933 | 2,063 |
Equity in earnings of unconsolidated affiliates | 14,677 | 22,939 | 117,533 |
Total other income (expenses) | (182,951) | (73,580) | (58,097) |
Net income (loss) | (99,229) | 158,982 | 195,531 |
Net (income) loss attributable to noncontrolling interests in: | |||
Operating Partnership | 19,688 | (12,652) | (21,537) |
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | 973 | (25,390) | (1,112) |
Net income (loss) attributable to the Company | (78,568) | 120,940 | 172,882 |
Preferred dividends/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) |
Net income attributable to common shareholders/unitholders | $ (123,460) | $ 76,048 | $ 127,990 |
Basic per share/unit data attributable to common shareholders/unitholders: | |||
Income (loss) from continuing operations, net of preferred dividends (USD per share) | $ (0.72) | $ 0.44 | $ 0.75 |
Weighted-average common shares/units outstanding (shares) | 172,486 | 171,070 | 170,762 |
Diluted per share/unit data attributable to common shareholders/unitholders: | |||
Income (loss) from continuing operations, net of preferred dividends/distributions (USD per share) | $ (0.72) | $ 0.44 | $ 0.75 |
Weighted-average common and potential dilutive common shares/units outstanding (shares) | 172,486 | 171,070 | 170,836 |
CBL & Associates Limited Partnership | |||
REVENUES: | |||
Minimum rents | $ 588,007 | $ 624,161 | $ 670,565 |
Percentage rents | 11,759 | 11,874 | 17,803 |
Other rents | 12,034 | 19,008 | 23,110 |
Tenant reimbursements | 217,313 | 254,552 | 280,438 |
Management, development and leasing fees | 10,542 | 11,982 | 14,925 |
Other | 18,902 | 5,675 | 21,416 |
Total revenues | 858,557 | 927,252 | 1,028,257 |
OPERATING EXPENSES: | |||
Property operating | (122,017) | (128,030) | (137,760) |
Depreciation and amortization | (285,401) | (299,090) | (292,693) |
Real estate taxes | (82,291) | (83,917) | (90,110) |
Maintenance and repairs | (48,304) | (48,606) | (53,586) |
General and administrative | (61,506) | (58,466) | (63,332) |
Loss on impairment | (174,529) | (71,401) | (116,822) |
Other | (787) | (5,180) | (20,326) |
Total operating expenses | (774,835) | (694,690) | (774,629) |
OTHER INCOME (EXPENSES): | |||
Interest and other income | 1,858 | 1,706 | 1,524 |
Interest expense | (220,038) | (218,680) | (216,318) |
Gain on extinguishment of debt | 0 | 30,927 | 0 |
Gain (loss) on investments | 0 | (6,197) | 7,534 |
Gain on sales of real estate assets | 19,001 | 93,792 | 29,567 |
Income tax benefit | 1,551 | 1,933 | 2,063 |
Equity in earnings of unconsolidated affiliates | 14,677 | 22,939 | 117,533 |
Total other income (expenses) | (182,951) | (73,580) | (58,097) |
Net income (loss) | (99,229) | 158,982 | 195,531 |
Net (income) loss attributable to noncontrolling interests in: | |||
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | 973 | (25,390) | (1,112) |
Net income (loss) attributable to the Company | (98,256) | 133,592 | 194,419 |
Preferred dividends/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) |
Net income attributable to common shareholders/unitholders | $ (143,148) | $ 88,700 | $ 149,527 |
Basic per share/unit data attributable to common shareholders/unitholders: | |||
Income (loss) from continuing operations, net of preferred dividends (USD per share) | $ (0.72) | $ 0.45 | $ 0.75 |
Weighted-average common shares/units outstanding (shares) | 199,580 | 199,322 | 199,764 |
Diluted per share/unit data attributable to common shareholders/unitholders: | |||
Income (loss) from continuing operations, net of preferred dividends/distributions (USD per share) | $ (0.72) | $ 0.45 | $ 0.75 |
Weighted-average common and potential dilutive common shares/units outstanding (shares) | 199,580 | 199,322 | 199,838 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income (loss) | $ (99,229) | $ 158,982 | $ 195,531 |
Other comprehensive income: | |||
Total other comprehensive income | 434 | ||
CBL & Associates Properties, Inc. | |||
Net income (loss) | (99,229) | 158,982 | 195,531 |
Other comprehensive income: | |||
Unrealized gain on hedging instruments | 0 | 0 | 877 |
Reclassification of hedging effect on earnings | 0 | 0 | (443) |
Total other comprehensive income | 0 | 0 | 434 |
Comprehensive income (loss) | (99,229) | 158,982 | 195,965 |
Comprehensive (income) loss attributable to noncontrolling interests in: | |||
Operating Partnership | 19,688 | (12,652) | (21,600) |
Other consolidated subsidiaries | 973 | (25,390) | (1,112) |
Comprehensive income (loss) attributable to the Company | (78,568) | 120,940 | 173,253 |
CBL & Associates Limited Partnership | |||
Net income (loss) | (99,229) | 158,982 | 195,531 |
Other comprehensive income: | |||
Unrealized gain on hedging instruments | 0 | 0 | 877 |
Reclassification of hedging effect on earnings | 0 | 0 | (443) |
Total other comprehensive income | 0 | 0 | 434 |
Comprehensive income (loss) | (99,229) | 158,982 | 195,965 |
Comprehensive (income) loss attributable to noncontrolling interests in: | |||
Other consolidated subsidiaries | 973 | (25,390) | (1,112) |
Comprehensive income (loss) attributable to the Company | $ (98,256) | $ 133,592 | $ 194,853 |
Consolidated Statements of Equi
Consolidated Statements of Equity/Capital - USD ($) shares in Thousands, $ in Thousands | Total | Total Shareholders' Equity | Common Stock | Additional Paid-in Capital | Noncontrolling Interests | CBL & Associates Properties, Inc. | CBL & Associates Properties, Inc.Total Shareholders' Equity | 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.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 PartnershipTotal Partner's Capital | 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 PartnershipNoncontrolling Interests |
Redeemable common units, beginning balance at Dec. 31, 2015 | $ 25,330 | ||||||||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||||||
Net income (loss) | (1,603) | ||||||||||||||||||||||||
Other comprehensive income (loss) | $ 431 | $ 371 | $ 371 | $ 60 | 3 | $ 431 | $ 3 | $ 3 | $ 431 | $ 431 | |||||||||||||||
Redemption of redeemable noncontrolling interest | 9,636 | 9,636 | $ 9,636 | 0 | (3,206) | 9,636 | $ (3,206) | (3,206) | 9,636 | $ 99 | $ 9,537 | ||||||||||||||
Adjustment for noncontrolling interests | (2,454) | (16,079) | (13,773) | (2,306) | 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 | (1,937) | (20) | (1,917) | |||||||||||||
Distributions to noncontrolling interests | (40,039) | 0 | (40,039) | (6,919) | (7,888) | (2,347) | (2,347) | $ (7,888) | |||||||||||||||||
Redeemable common units, ending balance at Dec. 31, 2016 | 17,996 | ||||||||||||||||||||||||
Beginning balance, shareholders' equity at Dec. 31, 2015 | 1,399,599 | 1,284,970 | $ 25 | $ 1,705 | 1,970,333 | 1,935 | $ (689,028) | 114,629 | |||||||||||||||||
Beginning balance, partners' capital at Dec. 31, 2015 | 1,400,038 | 5,586 | 19,744 | 25,330 | 1,395,162 | $ 565,212 | 8,435 | 822,383 | (868) | 4,876 | |||||||||||||||
Beginning balance, partners' capital units (shares) at Dec. 31, 2015 | 25,050 | 199,748 | |||||||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||||||
Net income (loss) | 197,134 | 172,882 | 172,882 | 24,252 | 197,134 | (2,762) | 1,159 | (1,603) | 193,260 | $ 44,892 | 1,523 | 146,845 | 3,874 | ||||||||||||
Other comprehensive income (loss) | 431 | 371 | 371 | 60 | 3 | 431 | 3 | 3 | 431 | 431 | |||||||||||||||
Redemption of common units (shares) | (965) | ||||||||||||||||||||||||
Redemptions of common units | $ (11,754) | (11,754) | (11,754) | (11,754) | |||||||||||||||||||||
Issuance of common units (shares) | 336 | ||||||||||||||||||||||||
Issuance of common units | 481 | 481 | 481 | ||||||||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership | (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) | 9,636 | 99 | 9,537 | ||||||||||||||
Dividends/distributions declared - common stock/units | (181,040) | (181,040) | (181,040) | 0 | (213,191) | (4,572) | (4,572) | (213,191) | (2,133) | (211,058) | |||||||||||||||
Dividends declared/distributions - preferred stock/units | (44,892) | (44,892) | (44,892) | 0 | (44,892) | (44,892) | (44,892) | ||||||||||||||||||
Issuance of shares of common stock and restricted common stock | 481 | 481 | 3 | 478 | 0 | ||||||||||||||||||||
Conversion of 915,338 Operating Partnership common units into shares of common stock | 0 | ||||||||||||||||||||||||
Cancellation of restricted common stock (shares) | (34) | ||||||||||||||||||||||||
Cancellation of restricted common stock | (267) | (267) | 0 | (267) | 0 | (267) | (267) | (267) | |||||||||||||||||
Performance stock units | 1,033 | 1,033 | 1,033 | 0 | 1,033 | 1,033 | 11 | 1,022 | |||||||||||||||||
Amortization of deferred compensation | 3,680 | 3,680 | 3,680 | 0 | 3,680 | 3,680 | 38 | 3,642 | |||||||||||||||||
Allocation of partners' capital | (2,566) | 2,454 | 2,454 | (2,566) | (172) | (2,831) | 437 | ||||||||||||||||||
Adjustment for noncontrolling interests | (2,454) | (16,079) | (13,773) | (2,306) | 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 | (1,937) | (20) | (1,917) | |||||||||||||
Distributions to noncontrolling interests | (40,039) | 0 | (40,039) | (6,919) | (7,888) | (2,347) | (2,347) | (7,888) | |||||||||||||||||
Contributions from noncontrolling interests | 11,241 | 0 | 11,241 | 11,241 | 11,241 | ||||||||||||||||||||
Ending balance, shareholders' equity at Dec. 31, 2016 | 1,340,852 | 1,228,714 | 25 | 1,708 | 1,969,059 | 0 | (742,078) | 112,138 | |||||||||||||||||
Ending balance, partners' capital at Dec. 31, 2016 | 1,341,179 | 0 | 17,996 | 17,996 | 1,329,076 | $ 565,212 | 7,781 | 756,083 | 0 | 12,103 | |||||||||||||||
Ending balance, partners' capital units (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) | 0 | 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) | (8,337) | 8,337 | 86 | 8,251 | ||||||||||||||
Distributions to noncontrolling interests | (55,796) | 0 | (55,796) | (4,572) | (25,823) | (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 | 699 | 132,893 | $ 44,892 | 905 | 87,096 | 25,390 | |||||||||||||
Redemption of common units (shares) | (84) | ||||||||||||||||||||||||
Redemptions of common units | (656) | (656) | (656) | (656) | |||||||||||||||||||||
Issuance of common units (shares) | 349 | ||||||||||||||||||||||||
Issuance of common units | 529 | 529 | 529 | ||||||||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership | (656) | 0 | (656) | ||||||||||||||||||||||
Dividends/distributions declared - common stock/units | (170,239) | (170,239) | (170,239) | 0 | (200,211) | (4,572) | (4,572) | (200,211) | (2,002) | (198,209) | |||||||||||||||
Dividends declared/distributions - preferred stock/units | (44,892) | (44,892) | (44,892) | 0 | (44,892) | (44,892) | (44,892) | ||||||||||||||||||
Issuance of shares of common stock and restricted common stock | 529 | 529 | 3 | 526 | 0 | ||||||||||||||||||||
Conversion of 915,338 Operating Partnership common units into shares of common stock | 0 | ||||||||||||||||||||||||
Cancellation of restricted common stock (shares) | (53) | ||||||||||||||||||||||||
Cancellation of restricted common stock | (405) | (405) | (405) | 0 | (405) | (405) | (405) | ||||||||||||||||||
Performance stock units | 1,501 | 1,501 | 1,501 | 0 | 1,501 | 1,501 | 15 | 1,486 | |||||||||||||||||
Amortization of deferred compensation | 3,982 | 3,982 | 3,982 | 0 | 3,982 | 3,982 | 41 | 3,941 | |||||||||||||||||
Allocation of partners' capital | (3,087) | 3,049 | 3,049 | (3,087) | (91) | (2,996) | |||||||||||||||||||
Adjustment for noncontrolling interests | (3,049) | (7,339) | (7,339) | 0 | 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) | (8,337) | 8,337 | 86 | 8,251 | ||||||||||||||
Deconsolidation of investment | (2,232) | 0 | (2,232) | (2,232) | (2,232) | ||||||||||||||||||||
Distributions to noncontrolling interests | (55,796) | 0 | (55,796) | (4,572) | (25,823) | (25,823) | |||||||||||||||||||
Contributions from noncontrolling interests | 263 | 0 | 263 | 263 | 263 | ||||||||||||||||||||
Ending balance, shareholders' equity at Dec. 31, 2017 | 1,236,478 | 1,140,004 | 25 | 1,711 | 1,974,537 | $ 0 | (836,269) | 96,474 | |||||||||||||||||
Ending balance, partners' capital at Dec. 31, 2017 | 1,236,768 | $ 0 | 8,835 | $ 8,835 | 1,227,067 | $ 565,212 | 6,735 | 655,120 | $ 0 | 9,701 | |||||||||||||||
Ending balance, partners' capital units (shares) at Dec. 31, 2017 | 25,050 | 199,297 | |||||||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||||||
Net income (loss) | (1,134) | ||||||||||||||||||||||||
Adjustment for noncontrolling interests | (4,064) | (17,706) | (17,706) | 13,642 | 4,065 | ||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 3,619 | 3,152 | 3,152 | 467 | (3,619) | 3,618 | (3,619) | 3,618 | 37 | 3,581 | |||||||||||||||
Distributions to noncontrolling interests | (27,311) | 0 | (27,311) | (4,572) | (6,226) | (6,226) | |||||||||||||||||||
Redeemable common units, ending balance at Dec. 31, 2018 | 3,575 | 3,575 | |||||||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||||||
Net income (loss) | (98,095) | (78,568) | (78,568) | (19,527) | (98,096) | (1,134) | (97,123) | $ 44,892 | (1,459) | (140,556) | (973) | ||||||||||||||
Redemption of common units (shares) | (535) | ||||||||||||||||||||||||
Redemptions of common units | (2,246) | (2,267) | (2,267) | (2,267) | |||||||||||||||||||||
Issuance of common units (shares) | 728 | ||||||||||||||||||||||||
Issuance of common units | 856 | 856 | 856 | ||||||||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership | (2,267) | 0 | (2,267) | ||||||||||||||||||||||
Dividends/distributions declared - common stock/units | (116,546) | (116,546) | (116,546) | 0 | (137,631) | (4,572) | (137,631) | (1,358) | (136,273) | ||||||||||||||||
Dividends declared/distributions - preferred stock/units | (44,892) | (44,892) | (44,892) | 0 | (44,892) | (44,892) | (44,892) | ||||||||||||||||||
Issuance of shares of common stock and restricted common stock | 856 | 856 | 7 | 849 | 0 | ||||||||||||||||||||
Conversion of 915,338 Operating Partnership common units into shares of common stock | 3,059 | $ 3,059 | $ 9 | $ 3,050 | $ (3,059) | ||||||||||||||||||||
Cancellation of restricted common stock (shares) | (75) | ||||||||||||||||||||||||
Cancellation of restricted common stock | (284) | (284) | (284) | 0 | (284) | (284) | (284) | ||||||||||||||||||
Performance stock units | 1,292 | 1,292 | 1,292 | 0 | 1,292 | 1,292 | 13 | 1,279 | |||||||||||||||||
Forfeiture of performance stock units | $ (250) | $ (250) | $ (250) | (250) | (250) | (3) | (247) | ||||||||||||||||||
Amortization of deferred compensation | 3,640 | 3,640 | 3,640 | 0 | 3,640 | 3,640 | 38 | 3,602 | |||||||||||||||||
Allocation of partners' capital | (4,059) | 4,065 | (4,059) | (97) | (3,962) | ||||||||||||||||||||
Adjustment for noncontrolling interests | (4,064) | (17,706) | (17,706) | 13,642 | 4,065 | ||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 3,619 | 3,152 | 3,152 | 467 | (3,619) | 3,618 | (3,619) | 3,618 | 37 | 3,581 | |||||||||||||||
Distributions to noncontrolling interests | (27,311) | 0 | (27,311) | $ (4,572) | (6,226) | (6,226) | |||||||||||||||||||
Contributions from noncontrolling interests | 9,609 | 0 | 9,609 | 9,609 | 9,609 | ||||||||||||||||||||
Ending balance, shareholders' equity at Dec. 31, 2018 | $ 1,032,165 | $ 964,137 | $ 25 | $ 1,727 | $ 1,968,280 | $ (1,005,895) | $ 68,028 | ||||||||||||||||||
Ending balance, partners' capital at Dec. 31, 2018 | $ 1,032,458 | $ 3,575 | $ 1,020,347 | $ 565,212 | $ 4,628 | $ 450,507 | $ 12,111 | ||||||||||||||||||
Ending balance, partners' capital units (shares) at Dec. 31, 2018 | 25,050 | 199,415 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance of common stock and restricted common stock (shares) | 727,812 | 348,809 | 335,417 |
Cancellation of restricted common stock (shares) | 75,470 | 52,676 | 33,720 |
Conversion of Operating Partnership common units into common stock (shares) | 915,338 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (99,229) | $ 158,982 | $ 195,531 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
(Gain) loss on investments | 6,197 | (7,534) | |
Loss on impairment | 174,529 | 71,401 | 116,822 |
Equity in earnings of unconsolidated affiliates | (14,677) | (22,939) | (117,533) |
Change in deferred tax accounts | (2,905) | 4,526 | (907) |
CBL & Associates Properties, Inc. | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | (99,229) | 158,982 | 195,531 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 285,401 | 299,090 | 292,693 |
Net amortization of deferred financing costs, debt premiums and discounts | 7,163 | 4,953 | 2,952 |
Net amortization of intangible lease assets and liabilities | (192) | (1,788) | 113 |
Gain on sales of real estate assets | (19,001) | (93,792) | (29,567) |
Gain on insurance proceeds | (912) | 0 | 0 |
Write-off of development projects | 787 | 5,180 | 56 |
Share-based compensation expense | 5,386 | 5,792 | 5,027 |
(Gain) loss on investments | 0 | 6,197 | (7,534) |
Loss on impairment | 174,529 | 71,401 | 116,822 |
Gain on extinguishment of debt | 0 | (30,927) | 0 |
Equity in earnings of unconsolidated affiliates | (14,677) | (22,939) | (117,533) |
Distributions of earnings from unconsolidated affiliates | 21,539 | 22,373 | 16,603 |
Provision for doubtful accounts | 4,817 | 3,782 | 4,058 |
Change in deferred tax accounts | (2,905) | 4,526 | (907) |
Changes in: | |||
Tenant and other receivables | 1,379 | (3,941) | (7,979) |
Other assets | 1,343 | (6,660) | (4,386) |
Accounts payable and accrued liabilities | 11,814 | 8,168 | 2,630 |
Net cash provided by operating activities | 377,242 | 430,397 | 468,579 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to real estate assets | (137,196) | (203,127) | (248,004) |
Acquisitions of real estate assets | (3,301) | (79,799) | 0 |
Proceeds from sales of real estate assets | 88,191 | 210,346 | 189,489 |
Net proceeds from disposal of investments | 0 | 9,000 | 10,299 |
Proceeds from insurance | 3,189 | 0 | 0 |
Additions to mortgage and other notes receivable | 0 | (4,118) | (3,259) |
Payments received on mortgage and other notes receivable | 1,274 | 9,659 | 1,069 |
Additional investments in and advances to unconsolidated affiliates | (5,050) | (19,347) | (28,510) |
Distributions in excess of equity in earnings of unconsolidated affiliates | 32,277 | 18,192 | 95,958 |
Changes in other assets | (6,853) | (16,618) | (7,054) |
Net cash provided by (used in) investing activities | (27,469) | (75,812) | 9,988 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from mortgage and other indebtedness | 642,652 | 1,216,132 | 1,174,409 |
Principal payments on mortgage and other indebtedness | (790,617) | (1,264,076) | (1,377,739) |
Additions to deferred financing costs | (1,859) | (5,905) | (8,345) |
Prepayment fees on extinguishment of debt | 0 | (8,871) | 0 |
Proceeds from issuances of common stock/units | 156 | 204 | 179 |
Purchases of noncontrolling interests in the Operating Partnership | (2,267) | (656) | (11,754) |
Contributions from noncontrolling interests | 9,609 | 263 | 11,241 |
Payment of tax withholdings for restricted stock awards | (289) | (390) | 0 |
Distributions to noncontrolling interests | (35,113) | (62,010) | (47,213) |
Dividends paid to holders of preferred stock/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) |
Dividends paid to common shareholders/unitholders | (137,813) | (181,281) | (180,960) |
Net cash used in financing activities | (360,433) | (351,482) | (485,074) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (10,660) | 3,103 | (6,507) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 68,172 | 65,069 | 71,576 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 57,512 | 68,172 | 65,069 |
Restricted cash: | |||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 68,172 | 65,069 | 71,576 |
CBL & Associates Limited Partnership | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | (99,229) | 158,982 | 195,531 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 285,401 | 299,090 | 292,693 |
Net amortization of deferred financing costs, debt premiums and discounts | 7,163 | 4,953 | 2,952 |
Net amortization of intangible lease assets and liabilities | (192) | (1,788) | 113 |
Gain on sales of real estate assets | (19,001) | (93,792) | (29,567) |
Gain on insurance proceeds | (912) | 0 | 0 |
Write-off of development projects | 787 | 5,180 | 56 |
Share-based compensation expense | 5,386 | 5,792 | 5,027 |
(Gain) loss on investments | 0 | 6,197 | (7,534) |
Loss on impairment | 174,529 | 71,401 | 116,822 |
Gain on extinguishment of debt | 0 | (30,927) | 0 |
Equity in earnings of unconsolidated affiliates | (14,677) | (22,939) | (117,533) |
Distributions of earnings from unconsolidated affiliates | 21,535 | 22,376 | 16,633 |
Provision for doubtful accounts | 4,817 | 3,782 | 4,058 |
Change in deferred tax accounts | (2,905) | 4,526 | (907) |
Changes in: | |||
Tenant and other receivables | 1,379 | (3,941) | (7,931) |
Other assets | 1,343 | (6,660) | (4,386) |
Accounts payable and accrued liabilities | 11,818 | 8,173 | 2,550 |
Net cash provided by operating activities | 377,242 | 430,405 | 468,577 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to real estate assets | (137,196) | (203,127) | (248,004) |
Acquisitions of real estate assets | (3,301) | (79,799) | 0 |
Proceeds from sales of real estate assets | 88,191 | 210,346 | 189,489 |
Net proceeds from disposal of investments | 0 | 9,000 | 10,299 |
Proceeds from insurance | 3,189 | 0 | 0 |
Additions to mortgage and other notes receivable | 0 | (4,118) | (3,259) |
Payments received on mortgage and other notes receivable | 1,274 | 9,659 | 1,069 |
Additional investments in and advances to unconsolidated affiliates | (5,050) | (19,347) | (28,510) |
Distributions in excess of equity in earnings of unconsolidated affiliates | 32,277 | 18,192 | 95,958 |
Changes in other assets | (6,853) | (16,618) | (7,054) |
Net cash provided by (used in) investing activities | (27,469) | (75,812) | 9,988 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from mortgage and other indebtedness | 642,652 | 1,216,132 | 1,174,409 |
Principal payments on mortgage and other indebtedness | (790,617) | (1,264,076) | (1,377,739) |
Additions to deferred financing costs | (1,859) | (5,905) | (8,345) |
Prepayment fees on extinguishment of debt | 0 | (8,871) | 0 |
Proceeds from issuances of common stock/units | 156 | 204 | 179 |
Redemption of common units | (2,267) | (656) | (11,754) |
Contributions from noncontrolling interests | 9,609 | 263 | 11,240 |
Payment of tax withholdings for restricted stock awards | (289) | (390) | 0 |
Distributions to noncontrolling interests | (10,798) | (32,038) | (14,807) |
Dividends paid to holders of preferred stock/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) |
Dividends paid to common shareholders/unitholders | (162,128) | (211,253) | (213,366) |
Net cash used in financing activities | (360,433) | (351,482) | (485,075) |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (10,660) | 3,111 | (6,510) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 68,172 | 65,061 | 71,571 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 57,512 | 68,172 | 65,061 |
Restricted cash: | |||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ 68,172 | $ 65,061 | $ 71,571 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2018 | |
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, office and other 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"). 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, 2018 , the Operating Partnership owned interests in the following Properties: All Other Properties Malls (1) Associated Centers Community Centers Office Buildings and Other Total Consolidated Properties 59 20 2 5 (2) 86 Unconsolidated Properties (3) 8 3 5 1 17 Total 67 23 7 6 103 (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, 2018 , the Operating Partnership had an interest in a self-storage facility that was under development (the "Construction Property"). See Note 6 for more information on this development, which is owned by an unconsolidated affiliate. The Malls, All Other Properties ("Associated Centers, Community Centers, Office Buildings and Self-storage Facilities") and the Construction Property 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, 2018 , 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 85.6% limited partner interest for a combined interest held by CBL of 86.6% . 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, 2018 , CBL’s Predecessor owned a 9.1% limited partner interest and third parties owned a 4.3% limited partner interest in the Operating Partnership. CBL’s Predecessor also owned 4.0 million shares of the Company's common stock at December 31, 2018 , for a total combined effective interest of 11.1% 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, 2018 | |
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 (loss). The accompanying consolidated financial statements have been prepared in accordance with GAAP. All intercompany transactions have been eliminated. Accounting Guidance Adopted Description Date Adopted & Application Method Financial Statement Effect and Other Information ASU 2014-09, Revenue from Contracts with Customers , and related subsequent amendments January 1, 2018 - Modified Retrospective (applied to contracts not completed as of the implementation date) The objective of this guidance is to enable financial statement users to better understand and analyze revenue by replacing transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle 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 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. The Company expects the guidance including the impact of adoption to be immaterial as the majority of the Company’s revenues relate to leasing. See Note 3 for further details and the cumulative adjustment recorded. ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory January 1, 2018 - Modified Retrospective The guidance requires an entity to recognize the income tax consequences of intercompany sales or transfers of assets, other than inventory, when the sale or transfer occurs. The Company recorded a cumulative effect adjustment of $11,433 to retained earnings as of January 1, 2018 related to certain 2017 asset sales from several of the Company's consolidated subsidiaries to the Management Company. ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets January 1, 2018 - Modified Retrospective This guidance applies to the partial sale or transfer of nonfinancial assets, including real estate assets, to unconsolidated joint ventures and requires 100% of the gain 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. See Note 3 for further details including the impact of adoption and the cumulative adjustment recorded. ASU 2017-09, Scope of Modification Accounting January 1, 2018 - Prospective The guidance clarifies 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. The guidance did not have a material impact on the Company's consolidated financial statements. Accounting Guidance Not Yet Effective Description Expected Adoption Date & Application Method Financial Statement Effect and Other Information ASU 2016-02, Leases , and related subsequent amendments January 1, 2019 - Modified Retrospective (electing optional transition method to apply at adoption date and record cumulative-effect adjustment as of January 1, 2019) The objective of the leasing guidance is to increase transparency and comparability by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Lessees will be required to recognize a right-of-use ("ROU") asset and corresponding lease liability on the balance sheet for all leases with terms greater than 12 months. The Company completed an inventory of its leases in which it is a lessee and will record ROU assets and corresponding lease liabilities, which approximate $4,358 as of January 1, 2019, related to eight ground leases and one office lease. These leases have a weighted-average remaining term of 43.7 years and a weighted-average discount rate of 8.00% as of January 1, 2019 with maturity dates ranging from January 2021 to October 2089. The guidance applied by a lessor is substantially similar to existing GAAP and the Company expects substantially all leases will continue to be classified as operating leases under the new guidance. The Company expects to expense certain deferred lease costs and overhead due to the narrowed definition of indirect costs that may be capitalized. Of the $3,887 in deferred lease costs and capitalized overhead recorded in 2018, approximately $938 relates to legal and other costs related to future leases which will not be capitalized under the new guidance. Additionally, non-lease components, which are primarily related to common area maintenance ("CAM"), which are combined with lease components under the guidance will be included in one line item with minimum lease payments and recognized on a straight-line basis beginning in 2019. Practical expedients and accounting policy elections: The Company elected a package of practical expedients pursuant to which it did not reassess contracts to determine if they contain leases, did not reassess lease classification and did not reassess capitalization of initial direct costs related to expired or existing leases as of the adoption date. The Company will use the land easements practical expedient and apply the short-term lease policy election to leases 12 months or less at inception. Additionally, the Company will apply the sales tax accounting policy election. The Company also adopted the practical expedient which allows lessors to combine lease and non-lease components if certain conditions are met. The majority of the Company's revenues will continue to be classified as leasing revenues. Other than the recognition of ROU assets and lease liabilities, the requirement to straight-line non-lease components which are combined with lease components, and additional disclosures, the Company does not expect the guidance will have a material effect on its consolidated financial statements. ASU 2016-13, Measurement of Credit Losses on Financial Instruments January 1, 2020 - Modified Retrospective 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. The Company is evaluating the impact that this update may have on its consolidated financial statements and related disclosures. ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract January 1, 2020 - Prospective The guidance addresses diversity in practice in accounting for the costs of implementation activities in a cloud computing arrangement that is a service contract. Under the guidance, the Company is to follow Subtopic 350-40 on internal-use software to determine which implementation costs to capitalize and which to expense. The guidance also requires an entity to expense capitalized implementation costs over the term of the hosting arrangement and include that expense in the same line item as the fees associated with the service element of the arrangement. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial statements or disclosures. 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. 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, 2018 and 2017 , are summarized as follows: December 31, 2018 December 31, 2017 Cost Accumulated Amortization Cost Accumulated Amortization Intangible lease assets and other assets: Above-market leases $ 28,165 $ (24,890 ) $ 38,798 $ (31,245 ) In-place leases 92,750 (78,796 ) 103,230 (78,854 ) Tenant relationships 41,561 (10,135 ) 44,580 (9,719 ) Accounts payable and accrued liabilities: Below-market leases 63,719 (50,146 ) 69,990 (49,756 ) 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 $13,282 , $13,256 and $8,687 in 2018 , 2017 and 2016 , respectively. The estimated total net amortization expense for the next five succeeding years is $4,455 in 2019 , $1,568 in 2020 , $1,292 in 2021 , $1,153 in 2022 and $928 in 2023 . Total interest expense capitalized was $3,225 , $2,314 and $2,182 in 2018 , 2017 and 2016 , 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 16 for information related to the impairment of long-lived assets for 2018 , 2017 and 2016 . 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 $32,374 and $35,546 was included in intangible lease assets and other assets at December 31, 2018 and 2017 , respectively. Restricted cash consists primarily of cash held in escrow accounts for insurance, real estate taxes, capital expenditures and tenant allowances 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 $4,817 , $3,782 and $4,058 for 2018, 2017 and 2016, 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, 2018 and 2017, 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 $49,628 and $(6,038) , 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 2018, 2017 and 2016 . The Company recorded a loss on investment in 2017. See Note 6 for additional information. Deferred Financing Costs Net deferred financing costs related to the Company's lines of credit of $2,005 and $3,301 were included in intangible lease assets and other assets at December 31, 2018 and 2017 , respectively. Net deferred financing costs related to the Company's other indebtedness of $15,963 and $18,938 were included in net mortgage and other indebtedness at December 31, 2018 and 2017 , 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 $6,120 , $5,918 and $5,010 in 2018 , 2017 and 2016 , respectively. Accumulated amortization of deferred financing costs was $22,098 and $16,269 as of December 31, 2018 and 2017 , respectively. Revenue Recognition See Note 3 for a description of the Company's revenue streams and information related to the implementation of the new revenue guidance, which was adopted on January 1, 2018. Gain on Sales of Real Estate Assets Gains on the sale of real estate assets, like all non-lease related revenue, are subject to a five-step model requiring that the Company identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue upon satisfaction of the performance obligations. In circumstances where the Company contracts to sell a property with material post-sale involvement, such involvement must be accounted for as a separate performance obligation in the contract and a portion of the sales price allocated to each performance obligation. When the post-sale involvement performance obligation is satisfied, the portion of the sales price allocated to it will be recognized as gain on sale of real estate assets. Property dispositions with no continuing involvement will continue to be recognized upon closing of the sale. 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 $4,147 , $3,772 and $3,458 during 2018 , 2017 and 2016 , 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 as follows for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 Current tax benefit (provision) $ (1,354 ) $ 6,459 $ 1,156 Deferred tax benefit (provision) 2,905 (4,526 ) 907 Income tax benefit $ 1,551 $ 1,933 $ 2,063 The Company had a net deferred tax asset of $20,133 , which included the $11,433 cumulative effect adjustment related to the adoption of ASU 2016-16 on January 1, 2018 (as described above), and $7,120 at December 31, 2018 and December 31, 2017, respectively. The net deferred tax asset at December 31, 2018 and 2017 is included in intangible lease assets and other assets. The Tax Cuts and Jobs Act was enacted on December 22, 2017 and reduced the U.S. federal corporate tax rate, among other provisions. The Company remeasured certain deferred tax assets, based on the rates at which they were expected to reverse in the future. The reduction, which was final not provisional, 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, 2018 , tax years that generally remain subject to examination by the Company’s major tax jurisdictions include 2018, 2017, 2016 and 2015. 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. The Company incurred nominal interest and penalty amounts in 2018 , 2017 and 2016 . 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; however, no single tenant collectively accounted for more than 4.4% of the Company’s total consolidated revenues in 2018 . Earnings per Share and Earnings per Unit Earnings per Share of the Company Basic earnings per share ("EPS") is computed by dividing net income (loss) 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. Performance stock units ("PSUs") are contingently issuable common shares and are included in earnings per share if the effect is dilutive. See Note 17 for a description of the long-term incentive program that these units relate to. The effect of 102,820 contingently issuable common shares related to PSUs for the year ended December 31, 2018 was excluded from the computation of diluted EPS because the effect would have been anti-dilutive. There were no potential dilutive common shares and no anti-dilutive shares for the year ended December 31, 2017. There were no anti-dilutive shares for the year ended December 31, 2016. The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS for the year ended December 31, 2016 : Year Ended December 31, 2016 Denominator – basic 170,762 Effect of PSUs 74 Denominator – diluted 170,836 Earnings per Unit of the Operating Partnership Basic earnings per unit ("EPU") is computed by dividing net income (loss) 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. PSUs are contingently issuable common shares and are included in earnings per share if the effect is dilutive. See Note 17 for a description of the long-term incentive program that these units relate to. The effect of 102,820 contingently issuable common units related to PSUs for the year ended December 31, 2018 was excluded from the computation of diluted EPS because the effect would have been anti-dilutive. There were no potential dilutive common units and no anti-dilutive units for the year ended December 31, 2017. There were no anti-dilutive units for the year ended December 31, 2016. The following summarizes the impact of potential dilutive common units on the denominator used to compute EPU for the year ended December 31, 2016 : Year Ended December 31, 2016 Denominator – basic 199,764 Effect of PSUs 74 Denominator – diluted 199,838 Comprehensive Income Accumulated Other Comprehensive Income (Loss) of the Company Comprehensive income (loss) of the Company included 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 interest rate hedge agreements. The Company did not have any AOCI for the years ended December 31, 2018 and 2017. The changes in the components of AOCI/L for the year ended December 31, 2016 were as follows: Redeemable Noncontrolling Interests The Company Noncontrolling Interests Unrealized Gains (Losses) Hedging Agreements Hedging Agreements Hedging Agreements Total Beginning balance, January 1, 2016 $ 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 of interest on cash flow hedges to interest expense in the consolidated statement of operations for the year ended December 31, 2016. Accumulated Other Comprehensive Income (Loss) of the Operating Partnership Comprehensive income (loss) of the Operating Partnership included 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 included changes in unrealized gains (losses) on interest rate hedge agreements. The Operating Partnership did not have any AOCI for the years ended December 31, 2018 and 2017. The changes in the components of AOCI for the year ended December 31, 2016 were as follows: Redeemable Common Units Partners' Capital Unrealized Gains (Losses) Hedging Agreements Hedging Agreements Total Beginning balance, January 1, 2016 $ 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 of interest on cash flow hedges to interest expense in the consolidated statement of operations for the year ended December 31, 2016. 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. |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
REVENUES | REVENUES Adoption of ASU 2014-09, and all related subsequent amendments, and ASU 2017-05 The Company adopted ASC 606 (which includes ASU 2014-09 and all related subsequent amendments) on January 1, 2018 and applied the guidance to contracts that were not complete as of January 1, 2018. The cumulative effect of adopting ASC 606 included an opening adjustment of $196 to retained earnings as of January 1, 2018 in the accounts noted below. Historical amounts for prior periods were not adjusted and will continue to be reported using the guidance in ASC 605, Revenue Recognition . Sales of real estate assets are accounted for under ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets , which provides for revenue recognition based on the transfer of control. There should be no change in revenue recognition for sales in which the Company has no continuing involvement. ASU 2017-05 addresses revenue recognition related to property sales in which the Company has continuing involvement and may require full gain recognition. In its adoption of ASU 2017-05, 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 recorded a cumulative effect adjustment that represents a gain of $57,850 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 recorded $901 related to this transaction as a cumulative effect adjustment as of January 1, 2018. See Note 2 for additional information about these accounting standards. Contract Balances A summary of the Company's contract assets activity during the year ended December 31, 2018 is presented below: Contract Assets Balance as of January 1, 2018 (1) $ 460 Tenant openings (740 ) Executed leases 569 Balance as of December 31, 2018 $ 289 (1) In conjunction with the initial entry to record contract assets, $166 was also recorded in investments in unconsolidated affiliates in the consolidated balance sheets to eliminate the Company's portion related to two unconsolidated affiliates. A summary of the Company's contract liability activity during the year ended December 31, 2018 is presented below: Contract Liability Balance as of January 1, 2018 $ 98 Completed performance obligation (176 ) Contract obligation 343 Balance as of December 31, 2018 $ 265 The Company has the following contract balances as of December 31, 2018 : Contract Balance Expected Settlement Period Description Financial Statement Line Item 2019 2020 2021 2022 2023 Contract assets (1) Management, development and leasing fees $ 289 $ (282 ) $ (3 ) $ — $ — $ (4 ) Contract liability (2) Other rents 265 (103 ) (54 ) (54 ) (54 ) — (1) Represents leasing fees recognized as revenue in the period in which the lease is executed. Under third party and unconsolidated affiliates' contracts, the remaining 50% of the commissions are paid when the tenant opens. The tenant typically opens within a year, unless the project is in development. (2) Relates to a contract with a vendor in which the Company received advance payments in the initial years of the multi-year contracts. Revenues Sales taxes are excluded from revenues. The following table presents the Company's revenues disaggregated by revenue source: Year Ended December 31, 2018 Leasing revenues (1) $ 829,113 Revenues from contracts with customers (ASC 606): Operating expense reimbursements (2) 8,434 Management, development and leasing fees (3) 10,542 Marketing revenues (4) 6,286 25,262 Other revenues (5) 4,182 Total revenues $ 858,557 (1) Revenues from leases are accounted for in accordance with ASC 840, Leases . (2) Included $5,873 in the Malls segment and $2,561 in the All Other segment for the year ended December 31, 2018 . See description below. (3) Included in All Other segment. (4) Included $6,255 in the Malls segment and $31 in the All Other segment for the year ended December 31, 2018 . (5) Represents miscellaneous and other income. See Note 12 for information on the Company's segments. Leasing Revenues The majority of the Company’s revenues are earned through the lease of space at its properties. Lease revenues include minimum rent, percentage rent, other rents and reimbursements from tenants for real estate taxes, insurance, CAM and other operating expenses as provided in the lease agreements. 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 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. Revenue from Contracts with Customers Operating expense reimbursements Under operating and other agreements with third parties, which own anchor or outparcel buildings at the Company's properties and pay no rent, the Company receives reimbursements for certain operating expenses such as utilities, ring road and parking area maintenance, landscaping and other fees. These arrangements are primarily either set at a fixed rate with rate increases typically every five years or are on a variable (pro rata) basis, typically as a percentage of costs allocated based on square footage or sales. The majority of these contracts have an initial term and one or more extension options, which cumulatively approximate 50 or more years. The initial term and any extension options are typically reasonably certain of being executed by the third party. The standalone selling price of each performance obligation is determined based on the terms of the contract, which typically assigns a price to each performance obligation that directly relates to the value the customer receives for the services being provided. Revenue is recognized as services are transferred to the customer. Variable consideration is based on historical experience and is generally recognized over time using the cost-to-cost method of measurement because it most accurately depicts the Company's performance in satisfying the performance obligation. The cumulative catch-up method is used to recognize any adjustments in variable consideration estimates. Under this method, any adjustment is recognized in the period it is identified. Management, development and leasing fees The Company earns revenue from contracts with third parties and unconsolidated affiliates for property management, leasing, development and other services. These contracts are accounted for on a month-to-month basis if the agreement does not contain substantive penalties for termination. The majority of the Company's contracts with customers are accounted for on a month-to-month basis. The standalone selling price of each performance obligation is determined based on the terms of the contract, which typically assigns a price to each performance obligation that directly relates to the value the customer receives for the services being provided. These contracts generally are for the following: • Management fees - Management fees are charged as a percentage of revenues (as defined in the contract) and recognized as revenue over time as services are provided. • Leasing fees - Leasing fees are charged for newly executed leases and lease renewals and are recognized as revenue upon lease execution, when the performance obligation is completed. In cases for which the agreement specifies 50% of the leasing commission will be paid upon lease execution with the remainder paid when the tenant opens, the Company estimates the amount of variable consideration it expects to receive by evaluating the likelihood of tenant openings using the most likely amount method and records the amount as an unbilled receivable (contract asset). • Development fees - Development fees may be either set as a fixed rate in a separate agreement or be a variable rate based on a percentage of work costs. Variable consideration related to development fees is generally recognized over time using the cost-to-cost method of measurement because it most accurately depicts the Company's performance in satisfying the performance obligation. Contract estimates are based on various assumptions including the cost and availability of materials, anticipated performance and the complexity of the work to be performed. The cumulative catch-up method is used to recognize any adjustments in variable consideration estimates. Under this method, any adjustment is recognized in the period it is identified. Development and leasing fees received from an unconsolidated affiliate are recognized as revenue only to the extent of the third-party partner’s ownership interest. The Company's share of such fees are recorded as a reduction to the Company’s investment in the unconsolidated affiliate. Marketing revenues The Company earns marketing revenues from advertising and sponsorship agreements. These fees may be for tangible items in which the Company provides advertising services and creates signs and other promotional materials for the tenant or may be arrangements in which the customer sponsors a play area or event and receives specified brand recognition and other benefits over a set period of time. Revenue related to advertising services is recognized as goods and services are provided to the customer. Sponsorship revenue is recognized on a straight-line basis over the time period specified in the contract. Performance obligations A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. If the contract does not specify the revenue by performance obligation, the Company allocates the transaction price to each performance obligation based on its relative standalone selling price. Such prices are generally determined using prices charged to customers or using the Company’s expected cost plus margin. Revenue is recognized as the Company’s performance obligations are satisfied over time, as services are provided, or at a point in time, such as leasing a space to earn a commission. Open performance obligations are those in which the Company has not fully or has partially provided the applicable good or services to the customer as specified in the contract. If consideration is received in advance of the Company’s performance, including amounts which are refundable, recognition of revenue is deferred until the performance obligation is satisfied or amounts are no longer refundable. Practical Expedients The Company does not disclose the value of open performance obligations for (1) contracts with an original expected duration of one year or less and (2) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice, which primarily relate to services performed for certain operating expense reimbursements and management, leasing and development activities, as described above. Performance obligations related to pro rata operating expense reimbursements for certain noncancellable contracts are disclosed below. Outstanding Performance Obligations The Company has outstanding performance obligations related to certain noncancellable contracts with customers for which it will receive pro rata operating expense reimbursements for providing certain maintenance and other services as described above. As of December 31, 2018 , the Company expects to recognize these amounts as revenue over the following periods: Performance obligation Less than 5 years 5-20 years Over 20 years Total Pro rata operating expense reimbursements $ 769 $ 5,599 $ 48,277 $ 54,645 The Company evaluates its performance obligations each period and makes adjustments to reflect any known additions or cancellations. For the performance obligations which relate to variable consideration based on sales, the Company includes such revenue only to the extent it is probable that a significant reversal in the cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS Since the adoption of ASU 2017-01, Clarifying the Definition of a Business , 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. The Company did not acquire any consolidated shopping center properties during the year ended December 31, 2016. 2018 Acquisition In February 2018, the Company acquired the Westmoreland Mall Bon-Ton location for $3,250 . 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 6 ). As of the December 31, 2017 assignment date, the wholly-owned joint venture was 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. The Property was sold in March 2018. See Note 5 for more information. Sears and Macy's stores In January 2017, the Company acquired several Sears and Macy's stores, which included 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 continued to operate the department stores in 2017 under new ten -year leases for which the Company received aggregate annual base rent of $5,075 . Annual base rent was to be reduced by 0.25% for the third through tenth years of the leases. Sears was responsible for paying CAM charges, taxes, insurance and utilities under the terms of the leases. The Company had 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 had the right to terminate one lease after a four -year period and could terminate the four other leases after a two -year period. Of the five sale leasebacks described above, one of these locations closed in 2018. The Company terminated the Sears lease and began construction on the redevelopment of the former Sears store at Brookfield Square in 2018. Three other Sears stores also closed subsequent to December 31, 2018 leaving one remaining open Sears location of the five sale leasebacks. The Company expects to start construction on the redevelopment of the former Sears at Hamilton Place in spring 2019 and is in the planning stages for the redevelopment of the remaining locations. The leases on the Sears Auto Centers were subsequently terminated by the Company, in accordance with the terms of the Company's agreement with Sears, and the locations are currently under redevelopment. The Company also acquired four Macy's stores in 2017 for $7,034 in cash, which included $34 of capitalized transaction costs. Three of these locations closed in March 2017, with two of these in redevelopment in 2018. 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 |
DISPOSITIONS AND HELD FOR SALE
DISPOSITIONS AND HELD FOR SALE | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITIONS AND HELD FOR SALE | DISPOSITIONS AND HELD FOR SALE 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 (loss) for all periods presented, as applicable. 2018 Dispositions Net proceeds realized from the 2018 dispositions listed below 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 2018 dispositions: Sales Price Gain (Loss) Sales Date Property Property Type Location Gross Net March Gulf Coast Town Center - Phase III All Other Ft. Myers, FL $ 9,000 $ 8,769 $ 2,236 July Janesville Mall (1) Mall Janesville, WI 18,000 17,783 — August Statesboro Crossing (2) All Other Statesboro, GA 21,500 10,532 3,215 October Parkway Plaza All Other Fort Oglethorpe, GA 16,500 16,318 1,419 November College Square (3) Mall Morristown, TN — — 742 Various Prior Sales Adjustments Mall / All Other — — (141 ) $ 65,000 $ 53,402 $ 7,471 (1) The Company recognized a loss on impairment of $18,061 in 2018 when it adjusted the book value of the mall to its estimated fair value based upon a contract with a third party buyer, adjusted to reflect disposition costs. See Note 16 . (2) In conjunction with the sale of this 50 / 50 consolidated joint venture, the loan secured by the community center was retired. See Note 7 for more information. The Company received 100% of the net proceeds from the sale in accordance with the terms of the joint venture agreement. (3) The Company received additional consideration per the terms of the sales contract related to the completion of an outparcel construction project. See 2017 Dispositions below for discussion of the sale of College Square in 2017. The Company also realized a gain of $11,530 primarily related to the sale of 12 outparcels and from several outparcels sold through eminent domain proceedings during the year ended December 31, 2018 . Subsequent to December 31, 2018 , Acadiana Mall was transferred to the lender in exchange for the extinguishment of the non-recourse debt. See Note 20 for additional information. 2018 Held for Sale Cary Towne Center was classified as held for sale at December 31, 2018 and the $30,971 on the consolidated balance sheet represents the Company's net investment in real estate assets at December 31, 2018 , which approximates 0.6% of the Company's total assets as of December 31, 2018 . A nonrecourse loan secured by Cary Towne Center with a principal balance of $43,716 as of December 31, 2018 is classified on the Company's consolidated balance sheet as liabilities related to assets held for sale. Subsequent to December 31, 2018 , the mall was sold. See Note 20 for additional information. 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) See Note 16 for information on the impairment loss related to these Properties that 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 7 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 7 for additional information. See Note 16 for information on previous impairment losses related to Midland Mall and Wausau Center. 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 on the Company's consolidated balance sheet. The Company sold its remaining interest in 2017. See Note 6 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. (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. See Note 16 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, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT | UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT Unconsolidated Affiliates Although the Company had majority ownership of certain joint ventures during 2018 , 2017 and 2016 , 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. At December 31, 2018 , the Company had investments in 21 entities, which are accounted for using the equity method of accounting. The Company's ownership interest in these unconsolidated affiliates ranges from 10.0% to 65.0% . Of these entities, 15 are owned in 50 / 50 joint ventures. 2018 Activity - Unconsolidated Affiliates Continental 425 Fund LLC In December 2018, the Company contributed land valued at $6,000 and cash of $7 in exchange for a 43.5% interest in Continental 425 Fund LLC. The land contributed is adjacent to The Pavilion at Port Orange, a community center located in Port Orange, FL, and will be used in the development of an apartment complex. The unconsolidated affiliate is a variable interest entity. G&I VIII CBL Triangle LLC In September 2018, G&I VIII CBL Triangle LLC recognized an impairment of $89,826 to write down Triangle Town Center's net book value of $123,453 to its estimated fair value of approximately $33,600 . Management determined the fair value using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of 10 years, with a sale occurring at the end of the holding period, a capitalization rate of 15% and a discount rate of 15% . The mall has experienced declining tenant sales over the past few years and is facing challenges from store closures. The Company recorded $1,022 as its share of the loss on impairment recognized by the unconsolidated joint venture, which reduced the carrying value of the Company's investment in the joint venture to zero in the third quarter of 2018. Self Storage at Mid Rivers, LLC In April 2018, the Company entered into a 50 / 50 joint venture, Self Storage at Mid Rivers, LLC, to develop a self-storage facility adjacent to Mid Rivers Mall. The Company recorded a $387 gain related to land that it contributed to the joint venture. The unconsolidated affiliate is a variable interest entity. In conjunction with the formation of the joint venture, the unconsolidated affiliate closed on a construction loan. See details below under 2018 Financings . 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 located in Cookeville, TN. In the third quarter of 2017, the land was acquired and construction began. The community center opened in November 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 . The self-storage facility opened in September 2018. 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 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 4 for more information. The property was sold in March 2018. See Note 5 for details. 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. 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 . 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. The loan is in default as of December 31, 2018. 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. 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. 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 5 and Note 16 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. Condensed Combined Financial Statements - Unconsolidated Affiliates Condensed combined financial statement information of the unconsolidated affiliates is as follows: December 31, 2018 2017 ASSETS: Investment in real estate assets $ 2,097,088 $ 2,089,262 Accumulated depreciation (674,275 ) (618,922 ) 1,422,813 1,470,340 Developments in progress 12,569 36,765 Net investment in real estate assets 1,435,382 1,507,105 Other assets 188,521 201,114 Total assets $ 1,623,903 $ 1,708,219 LIABILITIES: Mortgage and other indebtedness, net $ 1,319,949 $ 1,248,817 Other liabilities 39,777 41,291 Total liabilities 1,359,726 1,290,108 OWNERS' EQUITY: The Company 191,050 216,292 Other investors 73,127 201,819 Total owners' equity 264,177 418,111 Total liabilities and owners’ equity $ 1,623,903 $ 1,708,219 Year Ended December 31, 2018 2017 2016 Total revenues $ 225,073 $ 236,607 $ 250,361 Depreciation and amortization (78,174 ) (80,102 ) (83,640 ) Other operating expenses (72,056 ) (71,293 ) (76,328 ) Interest and other income 1,415 1,671 1,352 Interest expense (52,803 ) (51,843 ) (55,227 ) Gain on extinguishment of debt — — 62,901 Loss on impairment (89,826 ) — — Gain on sales of real estate assets 3,056 555 160,977 Net income (loss) (1) $ (63,315 ) $ 35,595 $ 260,396 (1) The Company's pro rata share of net income is $14,677 , $22,939 and $117,533 for the years ended December 31, 2018, 2017 and 2016 , respectively, and is included in equity in earnings of unconsolidated affiliates in the consolidated statements of operations. Financings - Unconsolidated Affiliates See Note 15 for a description of guarantees the Operating Partnership has issued related to the unconsolidated affiliates listed below. 2018 Financings The Company's unconsolidated affiliates had the following loan activity in 2018: Date Property Stated Interest Rate Maturity Date (1) Total Borrowing Capacity at 100% April CoolSprings Galleria (2) 4.84% May 2028 $ 155,000 April Self-storage development - Mid Rivers Mall (3) LIBOR + 2.75% April 2023 5,987 May Hammock Landing - Phase I LIBOR + 2.25% February 2021 (4) 41,997 May Hammock Landing - Phase II LIBOR + 2.25% February 2021 (4) 16,217 May The Pavilion at Port Orange LIBOR + 2.25% February 2021 (4) 56,738 (1) Excludes any extension options. (2) CBL/T-C, LLC, a 50 / 50 joint venture, closed on a non-recourse loan secured by CoolSprings Galleria. Proceeds from the loan were used to retire an existing $97,732 loan, which was due to mature in June 2018. See 2018 Loan Repayments below for more information. The Company's share of excess proceeds were used to reduce outstanding balances on its credit facilities. (3) Self Storage at Mid Rivers, LLC, a 50 / 50 joint venture, closed on a construction loan with a total borrowing capacity of up to $5,987 for the development of a climate controlled self-storage facility adjacent to Mid Rivers Mall in St. Peters, MO. The Operating Partnership has guaranteed 100% of the loan. (4) The loans were amended to extend the maturity date to February 2021. Each loan has two one -year extension options, available at the unconsolidated affiliate's election, for an outside maturity date of February 2023. The interest rate increased from a variable rate of LIBOR plus 2.0% . The Operating Partnership's guaranty also increased to 50% . 2017 Financings The Company's unconsolidated affiliates had the following loan activity in 2017: Date Property Stated Interest Rate Maturity Date (1) Total Borrowing Capacity at 100% 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. Construction was completed in the fourth quarter of 2018. The interest rate will be reduced to a variable-rate of LIBOR plus 2.35% once 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. The Operating Partnership has guaranteed 100% of the loan. 2018 Loan Repayment The loan, secured by the related unconsolidated Property, was retired in 2018: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid April CoolSprings Galleria (1) 6.98% June 2018 $ 97,732 (1) The loan secured by the Property was retired using a portion of the net proceeds from a $155,000 fixed-rate loan. See 2018 Financings above for more information. 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 4 above for more information. This intercompany loan was eliminated in consolidation as of December 31, 2017 since the Property became wholly-owned by the Company. 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, 2018 | |
Debt Disclosure [Abstract] | |
MORTGAGE AND OTHER INDEBTEDNESS, NET | 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 provided 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, 2018 . Subsequent to December 31, 2018 , the Company closed on a new secured credit facility that replaced its unsecured lines of credit and unsecured term loans. See Note 20 for additional information. Debt of the Operating Partnership Mortgage and other indebtedness consisted of the following: December 31, 2018 December 31, 2017 Amount Weighted-Average Interest Rate (1) Amount Weighted-Average Interest Rate (1) Fixed-rate debt: Non-recourse loans on operating Properties $ 1,783,097 5.33% $ 1,796,203 5.33% Senior unsecured notes due 2023 (2) 447,423 5.25% 446,976 5.25% Senior unsecured notes due 2024 (3) 299,953 4.60% 299,946 4.60% Senior unsecured notes due 2026 (4) 616,635 5.95% 615,848 5.95% Total fixed-rate debt 3,147,108 5.37% 3,158,973 5.37% Variable-rate debt: Non-recourse loans on operating Properties — —% 10,836 3.37% Recourse loans on operating Properties 68,607 4.97% 101,187 4.00% Construction loan 8,172 5.25% — —% Unsecured lines of credit (5) 183,972 3.90% 93,787 2.56% Unsecured term loans (5) 695,000 4.21% 885,000 2.81% Total variable-rate debt 955,751 4.21% 1,090,810 2.90% Total fixed-rate and variable-rate debt 4,102,859 5.10% 4,249,783 4.74% Unamortized deferred financing costs (15,963 ) (18,938 ) Liabilities related to assets held for sale (6) (43,716 ) — Total mortgage and other indebtedness, net $ 4,043,180 $ 4,230,845 (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 $2,577 and $3,024 , as of December 31, 2018 and 2017 , respectively. (3) The balance is net of an unamortized discount of $47 and $54 , as of December 31, 2018 and 2017 , respectively. (4) The balance is net of an unamortized discount of $8,365 and $9,152 as of December 31, 2018 and 2017 , respectively. (5) The Company closed on a new secured credit facility subsequent to December 31, 2018 that replaced its unsecured lines of credit and unsecured term loans. See Note 20 for additional information. (6) Represents a non-recourse mortgage loan secured by Cary Towne Center that is classified on the consolidated balance sheet as liabilities related to assets held for sale. The mall was sold subsequent to December 31, 2018. See Note 20 for more 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 $1,779,565 at December 31, 2018 . 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, 2018 , this ratio was 24% . (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 had three unsecured credit facilities that were used for retirement of secured loans, repayment of term loans, working capital, construction and acquisition purposes, and issuances of letters of credit. Each facility bore interest at LIBOR plus a spread of 0.875% to 1.550% based on credit ratings for the Operating Partnership's senior unsecured long-term indebtedness. As of December 31, 2018 , the Operating Partnership's interest rate based on the credit ratings of its unsecured long-term indebtedness of Ba1 from Moody's Investors Service ("Moody's"), BB+ from Standard & Poor's Rating Services ("S&P") and BB- from Fitch Ratings ("Fitch"), was LIBOR plus 1.550% . Additionally, the Company paid an annual facility fee on the full commitment that ranged from 0.125% to 0.300% , based on the credit ratings described above. As of December 31, 2018 , the annual facility fee was 0.30% . The three unsecured lines of credit had a weighted-average interest rate of 3.90% at December 31, 2018 . The following summarizes certain information about the Company's unsecured lines of credit as of December 31, 2018: 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 (3) 51,896 October 2019 October 2020 (4) Wells Fargo - Facility B 500,000 (1) 132,076 (5) October 2020 $ 1,100,000 $ 183,972 (1) Up to $30,000 of the capacity on this facility could be used for letters of credit. (2) The extension option on the facility was at the Company's election, subject to continued compliance with the terms of the facility, and had 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 could be used for letters of credit. (4) The extension option on the facility was at the Company's election, subject to continued compliance with the terms of the facility, and had a one-time extension fee of 0.20% of the commitment amount of the credit facility. (5) There was $4,833 outstanding on this facility as of December 31, 2018 for letters of credit. Subsequent to December 31, 2018 , the unsecured lines of credit were replaced with a secured line of credit. See Note 20 . Unsecured Term Loans The following summarizes certain information about the Company's unsecured term loans as of December 31, 2018: Total Outstanding Interest Rate Spread Interest Rate Maturity Date Extended Maturity Date Wells Fargo - $350,000 term loan $ 350,000 LIBOR + 1.75% 4.10% October 2019 (1) Wells Fargo - $300,000 term loan 300,000 LIBOR + 2.00% 4.35% July 2020 July 2022 (2) First Tennessee - $45,000 term loan 45,000 LIBOR + 1.65% 4.17% June 2021 June 2022 $ 695,000 (1) In October 2018, the Company exercised its option to extend the maturity date to October 2019. (2) The loan had two one-year extension options, the second of which was at the lender's discretion. Subsequent to December 31, 2018 , the Company's unsecured term loans were replaced with a new secured term loan. See Note 20 for more information. Fixed-Rate Debt As of December 31, 2018 , fixed-rate loans on operating Properties bear interest at stated rates ranging from 4.00% to 8.00% . Fixed-rate loans on operating Properties generally provide for monthly payments of principal and/or interest and mature at various dates through October 2028, with a weighted-average maturity of 3.0 years . 2018 Financings The following table presents the fixed-rate loans secured by the related consolidated Properties that were entered into in 2018 : Date Property Stated Interest Rate Maturity Date Amount Financed or Extended August Hickory Point Mall (1) 5.85% December 2019 $ 27,446 September The Outlet Shoppes at El Paso (2) 5.10% October 2028 75,000 $ 102,446 (1) The Company exercised the extension option under the mortgage loan. (2) The Company owns the property in a 75/25 consolidated joint venture. A portion of the proceeds from the non-recourse loan was used to retire a recourse loan secured by Phase II of The Outlet Shoppes at El Paso as described below. Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2018 and 2017: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) 2018: January Kirkwood Mall 5.75% April 2018 $ 37,295 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 - (2) 3.53% April 2019 5,545 April The Outlet Shoppes at Oklahoma City - (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 (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 5 for more information. (3) The Company recorded a $371 loss on extinguishment of debt due to a prepayment fee on the early retirement. 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 On June 4, 2018, the $43,716 interest-only non-recourse loan that was secured by Cary Towne Center matured and was in default as of December 31, 2018 . In August 2018, the Company and the lender executed a forbearance agreement. See Note 16 for more information on the loss and impairment of real estate that the Company recorded in June 2018. Subsequent to December 31, 2018 , the mall was sold. See Note 20 for more information. 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 13 and Note 16 for more information. Variable-Rate Debt Term loans for the Company’s operating Properties bear interest at variable interest rates indexed to LIBOR. At December 31, 2018 , interest rates on such variable-rate loans varied from 4.85% to 5.00% . These loans mature at various dates from May 2019 to July 2020, with a weighted-average maturity of 0.6 years, and have extension options of up to two years. 2018 Loan Repayments The Company repaid the following variable-rate loans, secured by the related consolidated properties in 2018: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) August Statesboro Crossing (2) 4.24% June 2019 $ 10,753 September The Outlet Shoppes at El Paso - Phase II (3) 4.73% December 2018 6,525 $ 17,278 (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 that secured the loan. See Note 5 for more information. (3) The loan secured by the Property was retired when the joint venture closed on a new fixed-rate loan in September 2018 as described above. 2017 Financing The following table presents the variable-rate loan, secured by the related consolidated Property, that was extended in 2017: Date Property Stated Maturity Date Amount Extended March Statesboro Crossing (1) LIBOR + 1.80% June 2018 $ 10,930 (1) The Company exercised the extension option under the mortgage loan. The loan was retired in conjunction with the sale of the property as described above. 2018 Construction Loan Financing The following table presents the construction loan, secured by the related consolidated Property, that was entered into in 2018: Date Property Stated Maturity Date Total Borrowing Capacity October Brookfield Square Anchor Redevelopment LIBOR + 2.9% October 2021 (1) $ 29,400 (1) The loan has one 12-month extension option for an outside maturity date of October 2022. 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 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. The Company believes that it was in compliance with all financial covenants and restrictions at December 31, 2018 . Subsequent to December 31, 2018 , the Company entered into a senior secured credit facility that replaced its unsecured lines of credit and unsecured term loans. The senior secured credit facility contains, among other restrictions, various restrictive covenants that are defined and computed on the same basis as the covenants required under the Notes. See Note 20 for more information on this financing. 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, 2018 , 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: 2019 $ 664,093 2020 640,330 2021 507,582 2022 432,638 2023 522,905 Thereafter 1,182,824 3,950,372 Net unamortized discounts and premium (10,989 ) Unamortized deferred financing costs (15,963 ) Principal balance of loan secured by Lender Malls in foreclosure (1) 163,476 Liabilities related to assets held for sale (43,716 ) Total mortgage and other indebtedness, net $ 4,043,180 (1) Represents the aggregate principal balance as of December 31, 2018 of two non-recourse loans, secured by Acadiana Mall, which was in receivership, and Cary Towne Center, which was in default. The loan secured by Acadiana Mall and Cary Towne Center matured in April 2017 and June 2018, respectively. Subsequent to December 31, 2018, Acadiana Mall was transferred to the lender through a deed-in-lieu of foreclosure, and the lender received the sales proceeds from Cary Towne Center. See Note 20 for more information. Of the $664,093 of scheduled principal payments in 2019, $220,031 relates to the maturing principal balances of six operating Property loans, $350,000 represented the principal balance of one unsecured term loan, $51,896 represented the principal balance of one unsecured line of credit and $42,166 relates to scheduled principal amortization. Of the 2019 maturities, one operating Property loan with a principal balance of $68,101 has a one -year extension option, one Operating Property loan with a principal balance of $54,550 has one two -year extension option and the $51,896 unsecured line of credit and $350,000 unsecured term loan were replaced with a secured line of credit and term loan subsequent to December 31, 2018 (see Note 20 ), leaving approximately $97,380 of loan maturities in 2019 that must be retired or refinanced. Additionally, subject to the need to maintain compliance with all applicable debt covenants, the Operating Partnership, or any affiliate of the Operating Partnership, may at any time, or from time to time, repurchase outstanding Notes in the open market or otherwise. Such Notes may, at the option of the Operating Partnership or the relevant affiliate of the Operating Partnership, be held, resold or surrendered to the Trustee for cancellation. |
SHAREHOLDERS' EQUITY AND PARTNE
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL | 12 Months Ended |
Dec. 31, 2018 | |
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 172,656,458 and 171,088,778 shares of common stock issued and outstanding as of December 31, 2018 and 2017 , 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, except for certain special common units as disclosed in Note 9 . 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 199,414,863 and 199,297,151 common units outstanding as of December 31, 2018 and 2017 , 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, 2018 . 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 2018, the Operating Partnership elected to pay cash of $2,246 to two holders of 526,510 common units in the Operating Partnership upon the exercise of their conversion rights. The Company also issued 915,338 shares of common stock to a holder of 915,338 common units of limited partnership interest in the Operating Partnership in connection with the exercise of the holder's contractual exchange rights. 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. 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, 2018 and 2017 . 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, 2018 and 2017 . 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 2018 cash dividends on its common stock of $0.200 per share on April 17 th , July 16 th and October 16 th 2018 , respectively. On October 29, 2018, CBL's Board of Directors declared a fourth quarter cash dividend of $0.075 per share that was paid on January 16, 2019, to shareholders of record as of December 31, 2018. The dividend declared in the fourth quarter of 2018 , totaling $12,949 , is included in accounts payable and accrued liabilities at December 31, 2018. The total dividend included in accounts payable and accrued liabilities at December 31, 2017 was $34,217 . The allocations of dividends declared and paid for income tax purposes are as follows: Year Ended December 31, 2018 2017 2016 Dividends declared: Common stock $ 0.80 (1) $ 0.98 (2) $ 0.88 (3) 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 82.83 % 85.37 % 100.00 % Capital gains 25% rate — % — % — % Return of capital 17.17 % 14.63 % — % Total 100.00 % 100.00 % 100.00 % Preferred stock (4) Ordinary income 100.00 % 100.00 % 100.00 % Capital gains 25% rate — % — % — % Total 100.00 % 100.00 % 100.00 % (1) Of the $0.075 per share dividend declared on October 29, 2018 and paid January 16, 2019, $0.075 will be reported and is taxable in 2019. (2) 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. (3) 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. (4) 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 2018 cash distributions on its redeemable common units of $0.7322 per share on April 17 th , July 16 th and October 16 th 2018. The Operating partnership paid first quarter cash distributions on its common units of $0.2047 per share on April 17 th . The Operating Partnership paid second and third quarter cash distributions on its common units of $0.2048 per share on July 16 th and October 16 th 2018 . On October 29, 2018, the Operating Partnership declared a fourth quarter cash distribution on its redeemable common units and common units of $0.7322 and $0.0808 per share, respectively, that was paid on January 16, 2019. The distribution declared in the fourth quarter of 2018 , totaling $4,181 , is included in accounts payable and accrued liabilities at December 31, 2018 . The total distribution included in accounts payable and accrued liabilities at December 31, 2017 was $7,412 . |
REDEEMABLE INTERESTS AND NONCON
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , 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 Series L special common units ("L-SCUs"), all of which are outstanding as of December 31, 2018, 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 Series K special common units ("K-SCUs") 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. In December 2018, the Operating Partnership elected to pay $21 in cash to a holder of 8,120 K-SCUs upon the exercise of the holder's conversion rights. 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, 2018 and 2017 : December 31, 2018 2017 CBL’s Predecessor 18,117,350 18,172,690 Third parties 8,641,055 10,035,683 26,758,405 28,208,373 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, 2018 and 2017 . 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, 2018 and 2017 by the total common units outstanding at December 31, 2018 and 2017 , respectively. The redeemable noncontrolling interest ownership percentage in assets and liabilities of the Operating Partnership was 0.8% at December 31, 2018 and 2017 . The noncontrolling interest ownership percentage in assets and liabilities of the Operating Partnership was 12.6% and 13.4% at December 31, 2018 and 2017 , respectively. 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 2018 , 2017 and 2016 , the Company allocated $4,065 , $3,049 and $2,454 , respectively, from shareholders’ equity to redeemable noncontrolling interest. During 2018, 2017 and 2016, the Company allocated $13,642 , $4,290 and $13,625 , respectively, from shareholders' equity to noncontrolling interest. The total redeemable noncontrolling interest in the Operating Partnership was $3,575 and $8,835 at December 31, 2018 and 2017 , respectively. The total noncontrolling interest in the Operating Partnership was $55,917 and $86,773 at December 31, 2018 and 2017 , 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 11 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 19 and 22 other consolidated subsidiaries at December 31, 2018 and 2017 , 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 $12,111 and $9,701 at December 31, 2018 and 2017 , 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, 2018 and 2017 . 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, Amendments to the Consolidation Analysis , and ASU 2016-17, Interests Held Through Related Parties That Are under Common Control , 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, 2018 and 2017 , which do not reflect the elimination of any internal debt the consolidated VIE has with the Operating Partnership: As of December 31, 2018 2017 Assets Liabilities Assets Liabilities Consolidated VIEs: Atlanta Outlet Outparcels, LLC $ 868 $ — $ 878 $ — Atlanta Outlet JV, LLC 56,537 78,356 (1) 60,476 79,769 CBL Terrace LP 15,531 12,987 16,472 13,313 El Paso Outlet Center Holding, LLC 98,307 78,210 93,139 65,149 El Paso Outlet Center II, LLC 12 — 8,512 6,955 Gettysburg Outlet Center Holding, LLC 34,857 38,835 36,386 39,049 Gettysburg Outlet Center, LLC 7,871 140 7,218 74 High Point Development LP II 1,062 76 1,084 69 Jarnigan Road LP 17,992 1,071 41,671 20,229 Jarnigan Road II, LLC 23,789 18,444 — — Laredo Outlet JV, LLC 106,817 57,614 (2) 110,174 81,618 Lebcon Associates 68,868 121,670 59,375 120,879 Lebcon I, Ltd 8,621 9,239 9,034 9,463 Lee Partners 784 — 1,011 — Louisville Outlet Outparcels, LLC 174 — 74 — Louisville Outlet Shoppes, LLC 69,182 81,713 (3) 73,173 83,543 As of December 31, 2018 2017 Assets Liabilities Assets Liabilities Madison Grandview Forum, LLC 31,739 13,346 32,692 13,198 The Promenade at D'Iberville 78,979 49,383 81,500 46,568 Statesboro Crossing, LLC 623 616 18,403 10,988 $ 622,613 $ 561,700 $ 651,272 $ 590,864 (1) Of this total, $4,575 related to The Outlet Shoppes at Atlanta - Phase II, is guaranteed by the Operating Partnership. (2) Of this total, $54,550 related to The Outlet Shoppes at Laredo, is guaranteed by the Operating Partnership. (3) Of this total, $9,482 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, 2018 : Unconsolidated VIEs: Investment in Real Estate Joint Ventures and Partnerships Maximum Risk of Loss Ambassador Infrastructure, LLC $ — $ 10,605 (1) Continental 425 Fund LLC (2) 7,250 — EastGate Storage, LLC 1,142 6,500 (1) G&I VIII CBL Triangle LLC (3) — — Self Storage at Mid Rivers, LLC (2) 1,084 5,987 (1) Shoppes at Eagle Point, LLC 18,143 36,400 (1) $ 27,619 $ 59,492 (1) See Note 15 for information on guarantees of debt. (2) See Note 6 for more information on this new unconsolidated affiliate. (3) In conjunction with a loss on impairment recorded in September 2018, as described above, the Company wrote down its investment in the unconsolidated 90/10 joint venture to zero . The maximum risk of loss is limited to the basis, which is zero. See Note 6 for more information. |
MINIMUM RENTS
MINIMUM RENTS | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , as follows: 2019 $ 497,014 2020 426,228 2021 363,482 2022 294,441 2023 234,191 Thereafter 531,792 $ 2,347,148 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, 2018 | |
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, 2018 As of December 31, 2017 Maturity Date Interest Rate Balance Interest Rate Balance Mortgages: Columbia Place Outparcel Feb 2022 5.00% $ 283 5.00% $ 302 One Park Place May 2022 5.00% 783 5.00% 1,010 Village Square (1) Dec 2018 4.00% 1,308 4.00% 1,596 Other (2) Dec 2016 - 5.01% - 9.50% 2,510 4.07% - 9.50% 2,510 4,884 5,418 Other Notes Receivable: ERMC Sep 2021 4.00% 2,183 4.00% 2,855 Southwest Theaters LLC Apr 2026 5.00% 605 5.00% 672 2,788 3,527 $ 7,672 $ 8,945 (1) The note was amended to extend the maturity date and restructure the monthly payment amount subsequent to December 31, 2018. See Note 20 for more information. (2) Included in the Other balance above, the $1,100 note for The Promenade at D'Iberville with a maturity date of December 2016 is in default. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
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 year ended December 31, 2016 has been retrospectively revised from previously reported amounts to reflect a change in our reportable segments, which occurred during 2017. 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, 2018 Malls All Other (1) Total Revenues $ 783,194 $ 75,363 $ 858,557 Property operating expenses (2) (236,807 ) (15,805 ) (252,612 ) Interest expense (103,162 ) (116,876 ) (220,038 ) Other expense (85 ) (702 ) (787 ) Gain on sales of real estate assets 799 18,202 19,001 Segment profit (loss) $ 443,939 $ (39,818 ) 404,121 Depreciation and amortization expense (285,401 ) General and administrative expense (61,506 ) Interest and other income 1,858 Loss on impairment (174,529 ) Income tax benefit 1,551 Equity in earnings of unconsolidated affiliates 14,677 Net loss $ (99,229 ) Total assets $ 4,868,141 $ 472,712 $ 5,340,853 Capital expenditures (3) $ 132,187 $ 12,772 $ 144,959 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 investment 7,534 Income tax benefit 2,063 Equity in earnings of unconsolidated affiliates 117,533 Net Income $ 195,531 Total assets $ 5,383,937 $ 720,703 $ 6,104,640 Capital expenditures (3) $ 165,230 $ 102,573 $ 267,803 (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 9 ). 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, 2018 | |
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 $205,029 , $220,099 and $209,566 during 2018 , 2017 and 2016 , respectively. The Company’s noncash investing and financing activities for 2018 , 2017 and 2016 were as follows: 2018 2017 2016 Accrued dividends and distributions payable $ 17,130 $ 41,628 $ 54,313 Additions to real estate assets accrued but not yet paid 22,791 5,490 24,881 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 Conversion of Operating Partnership units to common stock (3) 3,059 — — Consolidation of joint venture: (4) 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: (5) Decrease in real estate assets (8,221 ) (9,363 ) (14,025 ) Decrease in mortgage and other indebtedness — 2,466 — Increase in investment in unconsolidated affiliates 8,174 232 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 (1) See Note 5 and Note 7 for more information. (2) See Note 7 for more information. (3) See Note 6 for more information. (4) See Note 5 and Note 6 for more information. (5) See Note 6 and Note 16 for more information. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS 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 $7,607 , $7,598 and $9,144 in 2018 , 2017 and 2016 , respectively. |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES Litigation On March 16, 2016, Wave Lengths Hair Salons of Florida, Inc. d/b/a Salon Adrian filed a putative class action in the United States District Court for the Middle District of Florida (the “Court”) for unspecified monetary damages as well as costs and attorneys’ fees, based on allegations that the Company and certain affiliated entities overcharged tenants at bulk metered malls for electricity. On January 7, 2019, the Court partially granted the plaintiff’s motion for class certification of a nationwide RICO class and a Florida RICO and FDUTPA class. We believe this lawsuit is without merit and are defending ourselves vigorously. On January 22, 2019, we filed a petition seeking interlocutory review of the Court's class certification order; that petition is still pending as of the date of this report. On January 23, 2019, the Court set this matter for the trial term starting on April 1, 2019. We have not recorded an accrual relating to this matter at this time as a loss has not been determined to be probable. Further, we do not have sufficient information to reasonably estimate the amount or range of reasonably possible loss at this time. However, litigation is uncertain and an adverse judgment in this case could have a material adverse effect on our financial condition and results of operations. This matter is not covered by insurance. The Company is currently involved in certain other 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, 2018 and 2017 : As of December 31, 2018 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) 12/31/2018 12/31/2017 West Melbourne I, LLC - Phase I (2) 50% $ 40,587 50% (3) $ 20,294 Feb-2021 (3) $ 203 $ 86 West Melbourne I, LLC - Phase II (2) 50% 16,007 50% (3) 8,004 Feb-2021 (3) 80 33 Port Orange I, LLC 50% 56,087 50% (3) 28,044 Feb-2021 (3) 280 116 Ambassador Infrastructure, LLC 65% 10,605 100% 10,605 Aug-2020 106 177 Shoppes at Eagle Point, LLC 50% 33,826 100% (4) 36,400 Oct-2020 (5) 364 364 EastGate Storage, LLC 50% 5,222 100% (6) 6,500 Dec-2022 65 65 Self Storage at Mid Rivers, LLC (7) 50% 3,892 100% 5,987 Apr-2023 60 — Total guaranty liability $ 1,158 $ 841 (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 amended in May 2018 to extend the maturity date and increase the guaranty from 20% . The loan has two one -year extension options for an outside maturity date of February 2023. See Note 6 for more information. (4) The guaranty will be reduced to 35% once certain debt and operational metrics are met. (5) The loan has one two -year extension option, at the joint venture's election, for an outside maturity date of October 2022. (6) 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. (7) The Company received a 1% fee for the guaranty when the loan was issued in April 2018. The guaranty will be reduced to 50% once construction is complete. The guaranty will be further reduced to 25% once certain debt and operational metrics are met. See Note 6 for more information. 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 $12,400 as of December 31, 2018 . 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, 2018 and 2017 . 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 $16,003 and $16,998 at December 31, 2018 and 2017 , 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 2018 , 2017 and 2016 was $882 , $980 and $1,301 , respectively. The future obligations under these operating leases at December 31, 2018 , are as follows: 2019 $ 504 2020 610 2021 517 2022 321 2023 281 Thereafter 12,297 $ 14,530 In conjunction with the adoption of ASC 842 on January 1, 2019, the Company will record an ROU asset and corresponding lease liability. See Note 2 for additional information. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2018 | |
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 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 $3,740,431 and $4,199,357 at December 31, 2018 and 2017 , 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, 2018 and 2017 : 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 2018: Long-lived assets $ 91,841 $ — $ — $ 91,841 $ 174,529 2017: Long-lived assets $ 81,350 $ — $ — $ 81,350 $ 71,401 Long-lived Assets Measured at Fair Value in 2018 During the year ended December 31, 2018 , the Company recognized impairments of real estate of $174,529 related to five malls and undeveloped land. The Properties were classified for segment reporting purposes as listed below (see section below for information on outparcels). See Note 12 for segment information. Impairment Date Property Location Segment Classification Loss on Impairment Fair Value March Janesville Mall (1) Janesville, WI Malls $ 18,061 $ — (2) June/December Cary Towne Center (3) Cary, NC Malls 54,678 30,971 September Vacant land (4) D'Iberville, MS All Other 14,598 8,100 December Acadiana Mall - Macy's & vacant land (5) Lafayette, LA Malls/All Other 1,593 3,920 December Eastland Mall (6) Bloomington, IL Malls 36,525 26,450 December Honey Creek Mall (7) Terre Haute, IN Malls 48,640 16,400 December Vacant land (8) Port Orange, FL All Other 434 6,000 $ 174,529 $ 91,841 (1) The Company adjusted the book value of the mall to the net sales price of $17,640 in a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The mall was sold in July 2018. See Note 5 for additional information. (2) The long-lived asset was not included in the Company's consolidated balance sheets at December 31, 2018 as the Company no longer had an interest in the property. (3) In June 2018, the Company was notified by IKEA that, as a result of a shift in its corporate strategy, it was terminating the contract to purchase land at the mall upon which it would develop and open a store. Under the terms of the interest-only non-recourse loan secured by the mall, the loan matured on the date the IKEA contract terminated if that date was prior to the scheduled maturity date of March 5, 2019. The Company engaged in conversations with the lender regarding a potential restructure of the loan. Based on the results of these conversations, the Company concluded that an impairment was required because it was unlikely to recover the asset's net carrying value through future cash flows. Management determined the fair value of Cary Towne Center using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of ten years , a capitalization rate of 12.0% and a discount rate of 13% . In December 2018, the Company adjusted the book value of the property to the net sales price of $30,971 based on a signed contract with a third party buyer. The property sold in January 2019. See Note 7 for information related to the mortgage loan. (4) In accordance with the Company's quarterly impairment review process, the Company wrote down the book value of land to its estimated value of $8,100 . The Company evaluated comparable land parcel transactions and determined that $8,100 was the land's estimated fair value. (5) The Company adjusted the book value of the anchor parcel and the vacant land to the net sales price of $3,920 in a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The property was sold in January 2019. (6) Eastland Mall - In accordance with the Company's quarterly impairment process, the Company wrote down the book value of the mall to its estimated fair value of $26,450 . The mall has experienced a deterioration of NOI and cash flows as a result of the downturn of the economy in its market area and four vacant anchors with no active prospects to replace these anchor stores. Management determined the fair value of Eastland Mall using a discounted cash flow methodology. The discount 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 15.0% and a discount rate 17.0% . (7) Honey Creek Mall - In accordance with the Company's quarterly impairment process, the Company wrote down the book value of the mall to its estimated fair value of $16,400 . The mall has experienced a decline of NOI due to store closures and rent reductions. Additionally, two anchors were vacant as of December 31, 2018 , and a third anchor announced during the fourth quarter of 2018 that it would be closing during the first quarter of 2019. Management determined the fair value of Honey Creek Mall using a discounted cash flow methodology. The discount 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 20.0% . (8) The Company adjusted the book value of the land contributed to a joint venture to its agreed upon fair value based on the joint venture agreement with its partner, Continental 425 Fund LLC. See Note 6 for more information. 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 12 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 7 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 . 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 7 for more information. 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 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 . 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. 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 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 12 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 12 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 5 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 5 and Note 7 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 6 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 5 for additional information. (6) Wausau Center - In accordance with the Company's quarterly impairment review process, the Company recorded an 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 5 and Note 7 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 subsequently sold in 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 5 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 5 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 5 . 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 12 for segment information. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION As of December 31, 2018 , 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 $3,744 , $3,907 and $4,681 for 2018 , 2017 and 2016 , 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 $287 , $405 and $351 in 2018 , 2017 and 2016 , respectively. A summary of the status of the Company’s nonvested restricted stock awards as of December 31, 2018 , and changes during the year ended December 31, 2018 , is presented below: Shares Weighted- Average Grant-Date Fair Value Nonvested at January 1, 2018 642,359 $ 13.23 Granted 693,064 $ 4.55 Vested (443,159 ) $ 10.15 Forfeited (16,767 ) $ 9.10 Nonvested at December 31, 2018 875,497 $ 7.99 The weighted-average grant-date fair value of shares granted during 2018 , 2017 and 2016 was $4.55 , $10.75 and $10.02 , respectively. The total fair value of shares vested during 2018 , 2017 and 2016 was $2,189 , $2,791 and $2,605 , respectively. As of December 31, 2018 , there was $4,596 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 2.5 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, for awards granted in 2016 and 2017, 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. Beginning with the PSU awards granted under the LTIP in 2018, one-third of the number of shares that each named executive officer may receive upon the conclusion of a three-year performance period is determined based on the achievement of specified absolute levels of TSR performance by the Company, while two-thirds of the number of shares received will continue to be determined based on the Company’s TSR performance relative to the NAREIT Retail Index, as in prior years. Additionally, in order to maintain the intended incentive compensation value of the PSU awards under the LTIP while also maintaining compliance with the 200,000 share annual equity grant limit under the 2012 Plan, the Compensation Committee revised the PSU awards beginning with the 2018 grant to provide that, to the extent a grant of PSUs to a named executive officer could result in the issuance of a number of shares of common stock at the conclusion of the performance period that, when coupled with the number of shares of time-vesting restricted stock approved for issuance under the LTIP in the same year the PSUs were granted, would exceed such limit, any such excess will be instead converted to a cash bonus award with a value equivalent to the number of shares of common stock constituting such excess times the average of the high and low trading prices reported for the Company’s common stock on the New York Stock Exchange on the date such shares would have otherwise been issuable. 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. Outstanding restricted stock and related changes during 2018 for awards made to named executive officers under the LTIP is included in the information presented in the table above. 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, 2018 , and changes during the year ended December 31, 2018 , is presented below: PSUs Weighted-Average Grant Date Fair Value 2016 PSUs granted 282,995 $ 4.98 2017 PSUs granted 277,376 $ 6.86 Outstanding at January 1 , 2018 560,371 $ 5.91 2018 PSUs granted (1) 741,977 $ 2.63 2016 PSUs canceled (2) (252,538 ) $ 4.41 Forfeited (138,899 ) $ 4.22 Outstanding at December 31, 2018 (3) 910,911 $ 4.67 (1) Includes 381,749 shares classified as a liability due to the potential cash component described above. (2) Based on the Company's TSR relative to the NAREIT Retail Index for the three -year performance period ended December 31, 2018 , none of the 2016 PSU were earned as of December 31, 2018 . (3) None of the PSUs outstanding at December 31, 2018 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. The fair value of the potential cash component related to the 2018 PSUs is measured each reporting period, using the same methodology as was used at the initial grant date, and classified as a liability on the consolidated balance sheet as of December 31, 2018 with an adjustment to compensation expense. If the performance criterion is not satisfied at the end of the performance period for the 2018 PSUs, previously recognized compensation expense related to the liability-classified awards would be reversed as there would be no value at the settlement date. Share-based compensation expense related to the PSUs was $1,364 , $1,501 and $1,033 in 2018 , 2017 and 2016 , respectively. Unrecognized compensation costs related to the PSUs was $1,594 as of December 31, 2018 , which is expected to be recognized over a weighted-average period of 3.2 years. The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the 2018 PSUs and the 2017 PSUs: 2018 PSUs 2017 PSUs Grant date February 12, 2018 February 7, 2017 Fair value per share on valuation date (1) $ 4.76 $ 6.86 Risk-free interest rate (2) 2.36 % 1.53 % Expected share price volatility (3) 42.02 % 32.85 % (1) The value of the PSU awards is estimated on the date of grant using a Monte Carlo Simulation model. The valuation consists 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 2018 PSUs classified as equity consists of 240,164 shares at a fair value of $3.13 per share (which related to relative TSR) and 120,064 shares at a fair value of $1.63 per share (which relate to absolute TSR). 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, which is the respective grant date listed above. (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, 2018 | |
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 $1,003 , $1,034 and $987 in 2018 , 2017 and 2016 , 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. |
QUARTERLY INFORMATION (UNAUDITE
QUARTERLY INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY INFORMATION (UNAUDITED) | QUARTERLY INFORMATION (UNAUDITED) Year Ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 220,200 $ 214,598 $ 206,878 $ 216,881 $ 858,557 Net loss (1) (661 ) (29,976 ) (2,971 ) (65,621 ) (99,229 ) Net income (loss) attributable to the Company 903 (23,797 ) (1,367 ) (54,307 ) (78,568 ) Net loss attributable to common shareholders (10,320 ) (35,020 ) (12,590 ) (65,530 ) (123,460 ) Basic and diluted per share data attributable to common shareholders: Net loss attributable to common shareholders $ (0.06 ) $ (0.20 ) $ (0.07 ) $ (0.39 ) $ (0.72 ) (1) Net loss for the quarter ended June 30, 2018 includes loss on impairment of real estate assets of $51,983 related to Cary Towne Center. Net loss for the quarter ended December 31, 2018 includes loss on impairment of real estate assets of $2,693 , $36,525 and $48,640 for Cary Towne Center, Eastland Mall and Honey Creek Mall, respectively (see Note 16 ). 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 Net income (2) 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 and 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) 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 5 ). – 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 7 ). – a $5,843 loss on investment related to the disposition of River Ridge Mall (see Note 6 ). – a $43,007 loss on impairment of real estate assets related to Acadiana Mall (see Note 16 ). 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 7 ), as well as a $24,525 loss on impairment of real estate assets related to Hickory Point Mall (see Note 16 ). |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS The $1,308 mortgage note receivable secured by Village Square was amended in January 2019 to extend the maturity date to March 2019 and restructure the monthly payment amount. In January 2019 , the foreclosure of Acadiana Mall was complete, and the lender received the deed to the Property in satisfaction of the non-recourse debt which had a balance of $119,760 as of December 31, 2018 . The Company expects to record a gain on extinguishment of debt of approximately $63,696 in the first quarter of 2019. In January 2019 , the Company sold Cary Towne Center, a mall property located in Cary, NC. The lender received the proceeds from the sale in satisfaction of the non-recourse loan secured by the mall, which had a principal balance of $43,716 as of December 31, 2018 . The Company expects to record a gain on extinguishment of debt of approximately $9,881 in the first quarter of 2019. In January 2019, the Operating Partnership entered into a new $1,185,000 senior secured credit facility, which includes a fully-funded $500,000 term loan and a revolving line of credit with a borrowing capacity of $685,000 . The senior secured credit facility replaces all of the Operating Partnership's prior unsecured bank facilities, which included three unsecured term loans with an aggregate balance of $695,000 and three unsecured revolving lines of credit with an aggregate capacity of $1,100,000 . At closing, the Operating Partnership used the line of credit to reduce the principal balance of the unsecured term loans from $695,000 to $500,000 . The senior secured facility matures in July 2023 and bears interest at a variable rate of LIBOR plus 225 basis points. The Operating Partnership is required to pay an annual facility fee, to be paid quarterly, which ranges from 0.25% to 0.35% , based on the unused capacity of the line of credit. The principal balance on the term loan will be reduced by $35,000 per year in quarterly installments. The senior secured credit facility contains, among other restrictions, various restrictive covenants that are defined and computed on the same basis as the covenants required under the Notes. |
Schedule II - VALUATION AND QUA
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | Year Ended December 31, 2018 2017 2016 Tenant receivables - allowance for doubtful accounts: Balance, beginning of year $ 2,011 $ 1,910 $ 1,923 Additions in allowance charged to expense 4,817 3,782 4,058 Bad debts charged against allowance (4,491 ) (3,681 ) (4,071 ) Balance, end of year $ 2,337 $ 2,011 $ 1,910 Year Ended December 31, 2018 2017 2016 Other receivables - allowance for doubtful accounts: Balance, beginning of year $ 838 $ 838 $ 1,276 Additions in allowance charged to expense — — — Bad debts charged against allowance (838 ) — (438 ) Balance, end of year $ — $ 838 $ 838 |
Schedule III - REAL ESTATE ASSE
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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 $ 119,760 $ 25,083 $ 145,769 $ (102,215 ) $ — $ 7,927 $ 60,710 $ 68,637 $ (4,635 ) 2005 Alamance Crossing, Burlington, NC 45,464 20,853 62,852 39,634 (3,373 ) 17,481 102,485 119,966 (37,055 ) 2007 Arbor Place, Atlanta (Douglasville), GA 109,209 8,508 95,088 28,164 — 8,508 123,252 131,760 (70,005 ) 1998-1999 Asheville Mall, Asheville, NC 66,038 7,139 58,386 65,419 (805 ) 6,334 123,805 130,139 (58,609 ) 1998 Brookfield Square, Brookfield, WI 8,172 8,996 78,533 77,878 (4,789 ) 20,621 139,997 160,618 (73,080 ) 2001 Burnsville Center, Burnsville, MN 67,312 12,804 71,748 59,357 (1,157 ) 16,102 126,650 142,752 (64,697 ) 1998 Cary Towne Center, Cary, NC 43,716 23,688 74,432 (67,149 ) — — 30,971 30,971 — 2001 CherryVale Mall, Rockford, IL — 11,892 64,117 58,028 (1,667 ) 11,608 120,762 132,370 (55,397 ) 2001 Cross Creek Mall, Fayetteville, NC 115,513 19,155 104,378 49,457 — 31,539 141,451 172,990 (60,311 ) 2003 Dakota Square Mall, Minot, ND — 4,552 87,625 26,417 — 4,473 114,121 118,594 (24,203 ) 2012 East Towne Mall, Madison, WI — 4,496 63,867 72,273 (715 ) 3,781 136,140 139,921 (54,240 ) 2001 EastGate Mall, Cincinnati, OH 34,057 13,046 44,949 34,818 (1,017 ) 16,827 74,969 91,796 (32,035 ) 2003 Eastland Mall, Bloomington, IL — 5,746 75,893 (54,540 ) (753 ) 3,150 23,196 26,346 — 2005 Fayette Mall, Lexington, KY 152,264 25,205 84,256 106,246 — 25,206 190,501 215,707 (67,310 ) 2001 Frontier Mall, Cheyenne, WY — 2,681 15,858 22,772 (80 ) 2,601 38,630 41,231 (25,913 ) 1981 Greenbrier Mall, Chesapeake, VA 68,101 3,181 107,355 17,791 (626 ) 2,555 125,146 127,701 (48,288 ) 2004 Hamilton Place, Chattanooga, TN 102,429 3,532 42,619 76,555 (441 ) 8,484 113,781 122,265 (61,421 ) 1986-1987 Hanes Mall, Winston-Salem, NC — 17,176 133,376 60,016 (948 ) 18,629 190,991 209,620 (85,272 ) 2001 Harford Mall, Bel Air, MD — 8,699 45,704 22,805 — 8,699 68,509 77,208 (30,258 ) 2003 Hickory Point Mall, Forsyth, IL 27,446 10,731 31,728 (24,608 ) (293 ) 4,336 13,222 17,558 (1,796 ) 2005 Honey Creek Mall, Terre Haute, IN 24,027 3,108 83,358 (69,999 ) — 3,108 13,359 16,467 — 2004 Imperial Valley Mall, El Centro, CA — 35,378 70,549 8,719 — 40,579 74,067 114,646 (15,162 ) 2012 Jefferson Mall, Louisville, KY 63,379 13,125 40,234 46,836 (521 ) 17,850 81,824 99,674 (36,074 ) 2001 Kirkwood Mall, Bismarck, ND — 3,368 118,945 29,480 — 3,447 148,346 151,793 (26,308 ) 2012 Laurel Park Place, Livonia, MI — 13,289 92,579 18,014 — 13,289 110,593 123,882 (47,483 ) 2005 Layton Hills Mall, Layton, UT — 20,464 99,836 (32,194 ) (464 ) 13,761 73,881 87,642 (9,172 ) 2006 Mall del Norte, Laredo, TX — 21,734 142,049 51,941 (149 ) 21,667 193,908 215,575 (87,961 ) 2004 Mayfaire Town Center, Wilmington, NC — 26,333 101,087 16,424 — 26,443 117,401 143,844 (12,460 ) 2015 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 Meridian Mall, Lansing, MI — 2,797 103,678 69,052 — 4,500 171,027 175,527 (84,959 ) 1998 Mid Rivers Mall, St. Peters, MO — 16,384 170,582 21,040 (4,174 ) 12,210 191,622 203,832 (64,003 ) 2007 Monroeville Mall, Pittsburgh, PA — 22,911 177,214 80,329 — 25,432 255,022 280,454 (96,888 ) 2004 Northgate Mall, Chattanooga, TN — 2,330 8,960 26,109 (492 ) 3,406 33,501 36,907 (11,669 ) 2011 Northpark Mall, Joplin, MO — 9,977 65,481 44,259 — 11,071 108,646 119,717 (48,465 ) 2004 Northwoods Mall, North Charleston, SC 65,193 14,867 49,647 29,883 (2,339 ) 12,528 79,530 92,058 (33,870 ) 2001 Old Hickory Mall, Jackson, TN — 15,527 29,413 9,074 — 15,531 38,483 54,014 (18,300 ) 2001 The Outlet Shoppes at Atlanta, Woodstock, GA 77,808 8,598 100,613 (36,505 ) (740 ) 7,858 64,108 71,966 (20,181 ) 2013 The Outlet Shoppes at El Paso, El Paso, TX 74,823 7,345 98,602 11,013 — 7,569 109,391 116,960 (23,623 ) 2012 The Outlet Shoppes at Gettysburg, Gettysburg, PA 37,762 20,779 22,180 2,706 — 20,778 24,887 45,665 (6,256 ) 2012 The Outlet Shoppes at Laredo, Laredo, TX 54,550 11,000 97,711 2,101 — 11,000 99,812 110,812 (7,869 ) 2017 The Outlet Shoppes of the Bluegrass, Simpsonville, KY 81,221 3,193 72,962 5,010 — 3,193 77,972 81,165 (18,665 ) 2014 Park Plaza Mall, Little Rock, AR 81,287 6,297 81,638 47,358 — 6,304 128,989 135,293 (55,540 ) 2004 Parkdale Mall, Beaumont, TX 78,544 23,850 47,390 61,823 (307 ) 25,381 107,375 132,756 (48,165 ) 2001 Parkway Place, Huntsville, AL 34,486 6,364 67,067 7,722 — 6,364 74,789 81,153 (20,838 ) 2010 Pearland Town Center, Pearland, TX — 16,300 108,615 20,417 (857 ) 15,480 128,995 144,475 (46,837 ) 2008 Post Oak Mall, College Station, TX — 3,936 48,948 17,118 (327 ) 3,852 65,823 69,675 (39,171 ) 1982 Richland Mall, Waco, TX — 9,874 34,793 23,788 (1,225 ) 8,662 58,568 67,230 (23,733 ) 2002 South County Center, St. Louis, MO — 15,754 159,249 16,181 — 15,790 175,394 191,184 (57,799 ) 2007 Southaven Towne Center, Southaven, MS — 8,255 29,380 9,496 — 11,384 35,747 47,131 (14,162 ) 2005 Southpark Mall, Colonial Heights, VA 59,766 9,501 73,262 37,875 — 11,282 109,356 120,638 (47,209 ) 2003 St. Clair Square, Fairview Heights, IL — 11,027 75,620 38,853 — 11,027 114,473 125,500 (59,248 ) 1996 Stroud Mall, Stroudsburg, PA — 14,711 23,936 23,187 — 14,711 47,123 61,834 (20,956 ) 1998 Sunrise Mall, Brownsville, TX — 11,156 59,047 16,298 — 11,156 75,345 86,501 (29,067 ) 2003 Turtle Creek Mall, Hattiesburg, MS — 2,345 26,418 20,354 — 3,535 45,582 49,117 (27,255 ) 1993-1994 Valley View Mall, Roanoke, VA 53,372 15,985 77,771 24,517 — 15,999 102,274 118,273 (42,013 ) 2003 Volusia Mall, Daytona Beach, FL 41,332 2,526 120,242 37,405 — 8,945 151,228 160,173 (55,382 ) 2004 West Towne Mall, Madison, WI — 8,912 83,084 46,050 — 8,912 129,134 138,046 (57,121 ) 2001 WestGate Mall, Spartanburg, SC 33,910 2,149 23,257 52,373 (432 ) 1,742 75,605 77,347 (42,592 ) 1995 Westmoreland Mall, Greensburg, PA — 4,621 84,215 30,499 (1,240 ) 3,381 114,714 118,095 (47,718 ) 2002 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 York Galleria, York, PA — 5,757 63,316 20,618 — 5,757 83,934 89,691 (38,296 ) 1999 Other Property Types 840 Greenbrier Circle, Chesapeake, VA — 2,096 3,091 1,276 — 2,096 4,367 6,463 (1,518 ) 2007 850 Greenbrier Circle, Chesapeake, VA — 3,154 6,881 1,652 — 3,154 8,533 11,687 (2,331 ) 2007 Annex at Monroeville, Pittsburgh, PA — — 29,496 721 — — 30,217 30,217 (10,535 ) 2004 CBL Center, Chattanooga, TN 17,780 1,332 24,675 1,084 — 1,863 25,228 27,091 (15,072 ) 2001 CBL Center II, Chattanooga, TN — 22 13,648 1,898 — 358 15,210 15,568 (5,598 ) 2008 CoolSprings Crossing, Nashville, TN — 2,803 14,985 5,935 — 3,554 20,169 23,723 (13,836 ) 1991-1993 Courtyard at Hickory Hollow, Nashville, TN — 3,314 2,771 397 (231 ) 1,500 4,751 6,251 (1,298 ) 1998 The Forum at Grandview, Madison, MS — 9,234 17,285 21,475 (931 ) 8,405 38,658 47,063 (6,626 ) 2010 Frontier Square, Cheyenne, WY — 346 684 434 (86 ) 260 1,118 1,378 (776 ) 1985 Gunbarrel Pointe, Chattanooga, TN — 4,170 10,874 3,787 — 4,170 14,661 18,831 (6,848 ) 2000 Hamilton Corner, Chattanooga, TN — 630 5,532 8,319 — 734 13,747 14,481 (7,804 ) 1986-1987 Hamilton Crossing, Chattanooga, TN 8,821 4,014 5,906 7,010 (1,370 ) 2,644 12,916 15,560 (7,643 ) 1987 Harford Annex, Bel Air, MD — 2,854 9,718 1,357 — 2,854 11,075 13,929 (4,348 ) 2003 The Landing at Arbor Place, Atlanta (Douglasville), GA — 7,238 14,330 3,583 (2,242 ) 4,996 17,913 22,909 (10,573 ) 1998-1999 Layton Hills Convenience Center, Layton, UT — — 8 5,892 — 2,795 3,105 5,900 (1,728 ) 2005 Layton Hills Plaza, Layton, UT — — 2 1,001 — 673 330 1,003 (234 ) 2005 Parkdale Crossing, Beaumont, TX — 2,994 7,408 2,124 (355 ) 2,639 9,532 12,171 (3,906 ) 2002 Pearland Hotel, Pearland, TX — — 16,149 2,301 — — 18,450 18,450 (5,804 ) 2008 Pearland Office, Pearland, TX — — 7,849 2,751 — — 10,600 10,600 (3,727 ) 2009 Pearland Residential Mgmt, Pearland, TX — — 9,666 9 — — 9,675 9,675 (2,798 ) 2008 The Plaza at Fayette, Lexington, KY — 9,531 27,646 1,180 — 9,531 28,826 38,357 (9,688 ) 2006 The Promenade, D'Iberville, MS — 16,278 48,806 25,474 (706 ) 17,953 71,899 89,852 (22,129 ) 2009 The Shoppes At Hamilton Place, Chattanooga, TN — 4,894 11,700 785 — 2,811 14,568 17,379 (5,188 ) 2003 The Shoppes at St. Clair Square, Fairview Heights, IL — 8,250 23,623 552 (5,044 ) 3,206 24,175 27,381 (10,613 ) 2007 Sunrise Commons, Brownsville, TX — 1,013 7,525 2,520 — 1,013 10,045 11,058 (4,239 ) 2003 The Terrace, Chattanooga, TN 12,334 4,166 9,929 7,991 — 6,536 15,550 22,086 (6,915 ) 1997 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 West Towne Crossing, Madison, WI — 1,784 2,955 12,159 — 2,759 14,139 16,898 (4,994 ) 1998 WestGate Crossing, Spartanburg, SC — 1,082 3,422 8,274 — 1,082 11,696 12,778 (5,621 ) 1997 Westmoreland Crossing, Greensburg, PA — 2,898 21,167 9,525 — 2,898 30,692 33,590 (12,442 ) 2002 DISPOSITIONS: Chesterfield OP, St. Louis, MO — 524 — (524 ) — — — — — 2017 Gulf Coast Dick's Sporting Goods, Ft. Myers, FL — 347 6,835 (7,110 ) (72 ) — — — — 2005-2017 Janesville Mall, Janesville, WI — 8,074 26,009 (34,083 ) — — — — — 1998 Parkway Plaza, Fort Oglethorpe, GA — 2,675 13,435 (16,110 ) — — — — — 2015 Statesboro Crossing, Statesboro, GA — 2,855 17,805 (20,660 ) — — — — — 2008 Other — 19,248 4,002 (640 ) — 19,715 2,895 22,610 (1,255 ) Developments in progress consisting of — — — 38,807 — — 38,807 38,807 — TOTALS $ 1,859,876 $ 816,810 $ 4,947,278 $ 1,555,488 $ (40,968 ) $ 793,944 $ 6,484,664 $ 7,278,608 $ (2,493,082 ) (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, 2018 , excluding debt premium or discount, if applicable. (3) The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $7.735 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, 2018 , 2017 , and 2016 are set forth below (in thousands): Year Ended December 31, 2018 2017 2016 REAL ESTATE ASSETS: Balance at beginning of period $ 7,621,930 $ 7,947,647 $ 8,240,521 Additions during the period: Additions and improvements 144,256 177,482 263,265 Acquisitions of real estate assets 3,301 78,516 — Deductions during the period: Disposals, deconsolidations and accumulated depreciation on impairments (305,813 ) (506,399 ) (435,331 ) Transfers from real estate assets (11,531 ) (3,915 ) (3,986 ) Impairment of real estate assets (173,535 ) (71,401 ) (116,822 ) Balance at end of period $ 7,278,608 $ 7,621,930 $ 7,947,647 ACCUMULATED DEPRECIATION: Balance at beginning of period $ 2,465,095 $ 2,427,108 $ 2,382,568 Depreciation expense 261,838 272,945 272,697 Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired (233,851 ) (234,958 ) (228,157 ) Balance at end of period $ 2,493,082 $ 2,465,095 $ 2,427,108 |
Schedule IV - MORTGAGE NOTES RE
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in 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 $ 283 $ — One Park Place - Chattanooga, TN 5.00% May-2022 21 — None 3,200 783 — Village Square - Houghton Lake, MI 4.00% Dec-2018 (3) 10 1,295 None 2,627 1,308 — Other 5.01% - 9.50% (4) Dec-2016 / Jan-2047 (5) 2 2,534 2,597 2,510 1,100 $ 36 $ 4,039 $ 8,784 $ 4,884 $ 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 $4,884 at December 31, 2018 . (3) The note was amended to extend the maturity date and restructure the monthly payment amount subsequent to December 31, 2018 . See Note 20 to the consolidated financial statements for more information. (4) Mortgage notes receivable aggregated in Other include a variable-rate note that bears interest at prime plus 2.0% , currently at 7.50% , and a variable-rate note that bears interest at LIBOR plus 2.50% . (5) A $1,100 note for The Promenade at D'Iberville with a maturity date of December 2016 is in default at December 31, 2018 . See Note 11 to the consolidated financial statements for additional information. The changes in mortgage notes receivable were as follows (in thousands): Year Ended December 31, 2018 2017 2016 Beginning balance $ 5,418 $ 5,680 $ 7,776 Additions — 1,802 — Payments (534 ) (2,064 ) (250 ) Write-Offs (1) — — (1,846 ) Ending balance $ 4,884 $ 5,418 $ 5,680 (1) See Note 11 to the consolidated financial statements for more information. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
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 (loss). The accompanying consolidated financial statements have been prepared in accordance with GAAP. All intercompany transactions have been eliminated. |
Accounting Guidance Adopted and Not Yet Effective | Accounting Guidance Adopted Description Date Adopted & Application Method Financial Statement Effect and Other Information ASU 2014-09, Revenue from Contracts with Customers , and related subsequent amendments January 1, 2018 - Modified Retrospective (applied to contracts not completed as of the implementation date) The objective of this guidance is to enable financial statement users to better understand and analyze revenue by replacing transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle 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 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. The Company expects the guidance including the impact of adoption to be immaterial as the majority of the Company’s revenues relate to leasing. See Note 3 for further details and the cumulative adjustment recorded. ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory January 1, 2018 - Modified Retrospective The guidance requires an entity to recognize the income tax consequences of intercompany sales or transfers of assets, other than inventory, when the sale or transfer occurs. The Company recorded a cumulative effect adjustment of $11,433 to retained earnings as of January 1, 2018 related to certain 2017 asset sales from several of the Company's consolidated subsidiaries to the Management Company. ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets January 1, 2018 - Modified Retrospective This guidance applies to the partial sale or transfer of nonfinancial assets, including real estate assets, to unconsolidated joint ventures and requires 100% of the gain 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. See Note 3 for further details including the impact of adoption and the cumulative adjustment recorded. ASU 2017-09, Scope of Modification Accounting January 1, 2018 - Prospective The guidance clarifies 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. The guidance did not have a material impact on the Company's consolidated financial statements. Accounting Guidance Not Yet Effective Description Expected Adoption Date & Application Method Financial Statement Effect and Other Information ASU 2016-02, Leases , and related subsequent amendments January 1, 2019 - Modified Retrospective (electing optional transition method to apply at adoption date and record cumulative-effect adjustment as of January 1, 2019) The objective of the leasing guidance is to increase transparency and comparability by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Lessees will be required to recognize a right-of-use ("ROU") asset and corresponding lease liability on the balance sheet for all leases with terms greater than 12 months. The Company completed an inventory of its leases in which it is a lessee and will record ROU assets and corresponding lease liabilities, which approximate $4,358 as of January 1, 2019, related to eight ground leases and one office lease. These leases have a weighted-average remaining term of 43.7 years and a weighted-average discount rate of 8.00% as of January 1, 2019 with maturity dates ranging from January 2021 to October 2089. The guidance applied by a lessor is substantially similar to existing GAAP and the Company expects substantially all leases will continue to be classified as operating leases under the new guidance. The Company expects to expense certain deferred lease costs and overhead due to the narrowed definition of indirect costs that may be capitalized. Of the $3,887 in deferred lease costs and capitalized overhead recorded in 2018, approximately $938 relates to legal and other costs related to future leases which will not be capitalized under the new guidance. Additionally, non-lease components, which are primarily related to common area maintenance ("CAM"), which are combined with lease components under the guidance will be included in one line item with minimum lease payments and recognized on a straight-line basis beginning in 2019. Practical expedients and accounting policy elections: The Company elected a package of practical expedients pursuant to which it did not reassess contracts to determine if they contain leases, did not reassess lease classification and did not reassess capitalization of initial direct costs related to expired or existing leases as of the adoption date. The Company will use the land easements practical expedient and apply the short-term lease policy election to leases 12 months or less at inception. Additionally, the Company will apply the sales tax accounting policy election. The Company also adopted the practical expedient which allows lessors to combine lease and non-lease components if certain conditions are met. The majority of the Company's revenues will continue to be classified as leasing revenues. Other than the recognition of ROU assets and lease liabilities, the requirement to straight-line non-lease components which are combined with lease components, and additional disclosures, the Company does not expect the guidance will have a material effect on its consolidated financial statements. ASU 2016-13, Measurement of Credit Losses on Financial Instruments January 1, 2020 - Modified Retrospective 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. The Company is evaluating the impact that this update may have on its consolidated financial statements and related disclosures. ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract January 1, 2020 - Prospective The guidance addresses diversity in practice in accounting for the costs of implementation activities in a cloud computing arrangement that is a service contract. Under the guidance, the Company is to follow Subtopic 350-40 on internal-use software to determine which implementation costs to capitalize and which to expense. The guidance also requires an entity to expense capitalized implementation costs over the term of the hosting arrangement and include that expense in the same line item as the fees associated with the service element of the arrangement. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial statements or disclosures. |
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. The Company expects its future acquisitions will be accounted for as acquisitions of assets in which related transaction costs will be capitalized. |
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 $32,374 and $35,546 was included in intangible lease assets and other assets at December 31, 2018 and 2017 , respectively. Restricted cash consists primarily of cash held in escrow accounts for insurance, real estate taxes, capital expenditures and tenant allowances 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. |
Investments in Unconsolidated Affiliates | CBL conducts substantially all of its business through CBL & Associates Limited Partnership (the "Operating Partnership"), which is a variable interest entity ("VIE"). 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, 2018 and 2017, 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 $49,628 and $(6,038) , 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, Amendments to the Consolidation Analysis , and ASU 2016-17, Interests Held Through Related Parties That Are under Common Control , 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. |
Deferred Financing Costs | Deferred Financing Costs Net deferred financing costs related to the Company's lines of credit of $2,005 and $3,301 were included in intangible lease assets and other assets at December 31, 2018 and 2017 , respectively. Net deferred financing costs related to the Company's other indebtedness of $15,963 and $18,938 were included in net mortgage and other indebtedness at December 31, 2018 and 2017 , 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. |
Revenue Recognition | Revenue Recognition See Note 3 for a description of the Company's revenue streams and information related to the implementation of the new revenue guidance, which was adopted on January 1, 2018. |
Gain on Sales of Real Estate Assets | Gain on Sales of Real Estate Assets Gains on the sale of real estate assets, like all non-lease related revenue, are subject to a five-step model requiring that the Company identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue upon satisfaction of the performance obligations. In circumstances where the Company contracts to sell a property with material post-sale involvement, such involvement must be accounted for as a separate performance obligation in the contract and a portion of the sales price allocated to each performance obligation. When the post-sale involvement performance obligation is satisfied, the portion of the sales price allocated to it will be recognized as gain on sale of real estate assets. Property dispositions with no continuing involvement will continue to be recognized upon closing of the sale. |
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 $4,147 , $3,772 and $3,458 during 2018 , 2017 and 2016 , 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. |
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. |
Earnings per Share and Earnings per Unit | Earnings per Share and Earnings per Unit Earnings per Share of the Company Basic earnings per share ("EPS") is computed by dividing net income (loss) 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 (loss) 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 Company / Operating Partnership | Comprehensive Income Accumulated Other Comprehensive Income (Loss) of the Company Comprehensive income (loss) of the Company included 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 interest rate hedge agreements. Accumulated Other Comprehensive Income (Loss) of the Operating Partnership Comprehensive income (loss) of the Operating Partnership included 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 included changes in unrealized gains (losses) on 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 | 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, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Real Estate Properties | As of December 31, 2018 , the Operating Partnership owned interests in the following Properties: All Other Properties Malls (1) Associated Centers Community Centers Office Buildings and Other Total Consolidated Properties 59 20 2 5 (2) 86 Unconsolidated Properties (3) 8 3 5 1 17 Total 67 23 7 6 103 (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. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Accounting Guidance Adopted Description Date Adopted & Application Method Financial Statement Effect and Other Information ASU 2014-09, Revenue from Contracts with Customers , and related subsequent amendments January 1, 2018 - Modified Retrospective (applied to contracts not completed as of the implementation date) The objective of this guidance is to enable financial statement users to better understand and analyze revenue by replacing transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle 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 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. The Company expects the guidance including the impact of adoption to be immaterial as the majority of the Company’s revenues relate to leasing. See Note 3 for further details and the cumulative adjustment recorded. ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory January 1, 2018 - Modified Retrospective The guidance requires an entity to recognize the income tax consequences of intercompany sales or transfers of assets, other than inventory, when the sale or transfer occurs. The Company recorded a cumulative effect adjustment of $11,433 to retained earnings as of January 1, 2018 related to certain 2017 asset sales from several of the Company's consolidated subsidiaries to the Management Company. ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets January 1, 2018 - Modified Retrospective This guidance applies to the partial sale or transfer of nonfinancial assets, including real estate assets, to unconsolidated joint ventures and requires 100% of the gain 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. See Note 3 for further details including the impact of adoption and the cumulative adjustment recorded. ASU 2017-09, Scope of Modification Accounting January 1, 2018 - Prospective The guidance clarifies 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. The guidance did not have a material impact on the Company's consolidated financial statements. Accounting Guidance Not Yet Effective Description Expected Adoption Date & Application Method Financial Statement Effect and Other Information ASU 2016-02, Leases , and related subsequent amendments January 1, 2019 - Modified Retrospective (electing optional transition method to apply at adoption date and record cumulative-effect adjustment as of January 1, 2019) The objective of the leasing guidance is to increase transparency and comparability by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Lessees will be required to recognize a right-of-use ("ROU") asset and corresponding lease liability on the balance sheet for all leases with terms greater than 12 months. The Company completed an inventory of its leases in which it is a lessee and will record ROU assets and corresponding lease liabilities, which approximate $4,358 as of January 1, 2019, related to eight ground leases and one office lease. These leases have a weighted-average remaining term of 43.7 years and a weighted-average discount rate of 8.00% as of January 1, 2019 with maturity dates ranging from January 2021 to October 2089. The guidance applied by a lessor is substantially similar to existing GAAP and the Company expects substantially all leases will continue to be classified as operating leases under the new guidance. The Company expects to expense certain deferred lease costs and overhead due to the narrowed definition of indirect costs that may be capitalized. Of the $3,887 in deferred lease costs and capitalized overhead recorded in 2018, approximately $938 relates to legal and other costs related to future leases which will not be capitalized under the new guidance. Additionally, non-lease components, which are primarily related to common area maintenance ("CAM"), which are combined with lease components under the guidance will be included in one line item with minimum lease payments and recognized on a straight-line basis beginning in 2019. Practical expedients and accounting policy elections: The Company elected a package of practical expedients pursuant to which it did not reassess contracts to determine if they contain leases, did not reassess lease classification and did not reassess capitalization of initial direct costs related to expired or existing leases as of the adoption date. The Company will use the land easements practical expedient and apply the short-term lease policy election to leases 12 months or less at inception. Additionally, the Company will apply the sales tax accounting policy election. The Company also adopted the practical expedient which allows lessors to combine lease and non-lease components if certain conditions are met. The majority of the Company's revenues will continue to be classified as leasing revenues. Other than the recognition of ROU assets and lease liabilities, the requirement to straight-line non-lease components which are combined with lease components, and additional disclosures, the Company does not expect the guidance will have a material effect on its consolidated financial statements. ASU 2016-13, Measurement of Credit Losses on Financial Instruments January 1, 2020 - Modified Retrospective 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. The Company is evaluating the impact that this update may have on its consolidated financial statements and related disclosures. ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract January 1, 2020 - Prospective The guidance addresses diversity in practice in accounting for the costs of implementation activities in a cloud computing arrangement that is a service contract. Under the guidance, the Company is to follow Subtopic 350-40 on internal-use software to determine which implementation costs to capitalize and which to expense. The guidance also requires an entity to expense capitalized implementation costs over the term of the hosting arrangement and include that expense in the same line item as the fees associated with the service element of the arrangement. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial statements or disclosures. |
Schedule of Intangible Assets and Balance Sheet Classifications | The Company’s intangibles and their balance sheet classifications as of December 31, 2018 and 2017 , are summarized as follows: December 31, 2018 December 31, 2017 Cost Accumulated Amortization Cost Accumulated Amortization Intangible lease assets and other assets: Above-market leases $ 28,165 $ (24,890 ) $ 38,798 $ (31,245 ) In-place leases 92,750 (78,796 ) 103,230 (78,854 ) Tenant relationships 41,561 (10,135 ) 44,580 (9,719 ) Accounts payable and accrued liabilities: Below-market leases 63,719 (50,146 ) 69,990 (49,756 ) |
Schedule of Income Tax Provision | The Company recorded an income tax benefit as follows for the years ended December 31, 2018 , 2017 and 2016 : Year Ended December 31, 2018 2017 2016 Current tax benefit (provision) $ (1,354 ) $ 6,459 $ 1,156 Deferred tax benefit (provision) 2,905 (4,526 ) 907 Income tax benefit $ 1,551 $ 1,933 $ 2,063 |
Schedule of Impact of Potentially Dilutive Common Shares on the Denominator used to Compute Earnings per Share | The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS for the year ended December 31, 2016 : Year Ended December 31, 2016 Denominator – basic 170,762 Effect of PSUs 74 Denominator – diluted 170,836 |
Schedule of Components of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCI/L for the year ended December 31, 2016 were as follows: Redeemable Noncontrolling Interests The Company Noncontrolling Interests Unrealized Gains (Losses) Hedging Agreements Hedging Agreements Hedging Agreements Total Beginning balance, January 1, 2016 $ 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 of interest on cash flow hedges to interest expense in the consolidated statement of operations for the year ended December 31, 2016. |
CBL & Associates Limited Partnership | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Impact of Potentially 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 year ended December 31, 2016 : Year Ended December 31, 2016 Denominator – basic 199,764 Effect of PSUs 74 Denominator – diluted 199,838 |
Schedule of Components of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCI for the year ended December 31, 2016 were as follows: Redeemable Common Units Partners' Capital Unrealized Gains (Losses) Hedging Agreements Hedging Agreements Total Beginning balance, January 1, 2016 $ 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 of interest on cash flow hedges to interest expense in the consolidated statement of operations for the year ended December 31, 2016. |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Assets and Liabilities | A summary of the Company's contract assets activity during the year ended December 31, 2018 is presented below: Contract Assets Balance as of January 1, 2018 (1) $ 460 Tenant openings (740 ) Executed leases 569 Balance as of December 31, 2018 $ 289 (1) In conjunction with the initial entry to record contract assets, $166 was also recorded in investments in unconsolidated affiliates in the consolidated balance sheets to eliminate the Company's portion related to two unconsolidated affiliates. A summary of the Company's contract liability activity during the year ended December 31, 2018 is presented below: Contract Liability Balance as of January 1, 2018 $ 98 Completed performance obligation (176 ) Contract obligation 343 Balance as of December 31, 2018 $ 265 The Company has the following contract balances as of December 31, 2018 : Contract Balance Expected Settlement Period Description Financial Statement Line Item 2019 2020 2021 2022 2023 Contract assets (1) Management, development and leasing fees $ 289 $ (282 ) $ (3 ) $ — $ — $ (4 ) Contract liability (2) Other rents 265 (103 ) (54 ) (54 ) (54 ) — (1) Represents leasing fees recognized as revenue in the period in which the lease is executed. Under third party and unconsolidated affiliates' contracts, the remaining 50% of the commissions are paid when the tenant opens. The tenant typically opens within a year, unless the project is in development. (2) Relates to a contract with a vendor in which the Company received advance payments in the initial years of the multi-year contracts. |
Schedule of Disaggregation of Revenue | The following table presents the Company's revenues disaggregated by revenue source: Year Ended December 31, 2018 Leasing revenues (1) $ 829,113 Revenues from contracts with customers (ASC 606): Operating expense reimbursements (2) 8,434 Management, development and leasing fees (3) 10,542 Marketing revenues (4) 6,286 25,262 Other revenues (5) 4,182 Total revenues $ 858,557 (1) Revenues from leases are accounted for in accordance with ASC 840, Leases . (2) Included $5,873 in the Malls segment and $2,561 in the All Other segment for the year ended December 31, 2018 . See description below. (3) Included in All Other segment. (4) Included $6,255 in the Malls segment and $31 in the All Other segment for the year ended December 31, 2018 . (5) Represents miscellaneous and other income. |
Schedule of Expected Recognition of Remaining Performance Obligation | As of December 31, 2018 , the Company expects to recognize these amounts as revenue over the following periods: Performance obligation Less than 5 years 5-20 years Over 20 years Total Pro rata operating expense reimbursements $ 769 $ 5,599 $ 48,277 $ 54,645 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
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 |
DISPOSITIONS AND HELD FOR SALE
DISPOSITIONS AND HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Dispositions | 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) See Note 16 for information on the impairment loss related to these Properties that 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 7 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 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 on the Company's consolidated balance sheet. The Company sold its remaining interest in 2017. See Note 6 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. (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 the Company's 2018 dispositions: Sales Price Gain (Loss) Sales Date Property Property Type Location Gross Net March Gulf Coast Town Center - Phase III All Other Ft. Myers, FL $ 9,000 $ 8,769 $ 2,236 July Janesville Mall (1) Mall Janesville, WI 18,000 17,783 — August Statesboro Crossing (2) All Other Statesboro, GA 21,500 10,532 3,215 October Parkway Plaza All Other Fort Oglethorpe, GA 16,500 16,318 1,419 November College Square (3) Mall Morristown, TN — — 742 Various Prior Sales Adjustments Mall / All Other — — (141 ) $ 65,000 $ 53,402 $ 7,471 (1) The Company recognized a loss on impairment of $18,061 in 2018 when it adjusted the book value of the mall to its estimated fair value based upon a contract with a third party buyer, adjusted to reflect disposition costs. See Note 16 . (2) In conjunction with the sale of this 50 / 50 consolidated joint venture, the loan secured by the community center was retired. See Note 7 for more information. The Company received 100% of the net proceeds from the sale in accordance with the terms of the joint venture agreement. (3) The Company received additional consideration per the terms of the sales contract related to the completion of an outparcel construction project. See 2017 Dispositions below for discussion of the sale of College Square in 2017. 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 |
UNCONSOLIDATED AFFILIATES AND_2
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Condensed Combined Financial Statement Information - Unconsolidated Affiliates | Condensed combined financial statement information of the unconsolidated affiliates is as follows: December 31, 2018 2017 ASSETS: Investment in real estate assets $ 2,097,088 $ 2,089,262 Accumulated depreciation (674,275 ) (618,922 ) 1,422,813 1,470,340 Developments in progress 12,569 36,765 Net investment in real estate assets 1,435,382 1,507,105 Other assets 188,521 201,114 Total assets $ 1,623,903 $ 1,708,219 LIABILITIES: Mortgage and other indebtedness, net $ 1,319,949 $ 1,248,817 Other liabilities 39,777 41,291 Total liabilities 1,359,726 1,290,108 OWNERS' EQUITY: The Company 191,050 216,292 Other investors 73,127 201,819 Total owners' equity 264,177 418,111 Total liabilities and owners’ equity $ 1,623,903 $ 1,708,219 Year Ended December 31, 2018 2017 2016 Total revenues $ 225,073 $ 236,607 $ 250,361 Depreciation and amortization (78,174 ) (80,102 ) (83,640 ) Other operating expenses (72,056 ) (71,293 ) (76,328 ) Interest and other income 1,415 1,671 1,352 Interest expense (52,803 ) (51,843 ) (55,227 ) Gain on extinguishment of debt — — 62,901 Loss on impairment (89,826 ) — — Gain on sales of real estate assets 3,056 555 160,977 Net income (loss) (1) $ (63,315 ) $ 35,595 $ 260,396 (1) The Company's pro rata share of net income is $14,677 , $22,939 and $117,533 for the years ended December 31, 2018, 2017 and 2016 , respectively, and is included in equity in earnings of unconsolidated affiliates in the consolidated statements of operations. Financings - Unconsolidated Affiliates See Note 15 for a description of guarantees the Operating Partnership has issued related to the unconsolidated affiliates listed below. 2018 Financings The Company's unconsolidated affiliates had the following loan activity in 2018: Date Property Stated Interest Rate Maturity Date (1) Total Borrowing Capacity at 100% April CoolSprings Galleria (2) 4.84% May 2028 $ 155,000 April Self-storage development - Mid Rivers Mall (3) LIBOR + 2.75% April 2023 5,987 May Hammock Landing - Phase I LIBOR + 2.25% February 2021 (4) 41,997 May Hammock Landing - Phase II LIBOR + 2.25% February 2021 (4) 16,217 May The Pavilion at Port Orange LIBOR + 2.25% February 2021 (4) 56,738 (1) Excludes any extension options. (2) CBL/T-C, LLC, a 50 / 50 joint venture, closed on a non-recourse loan secured by CoolSprings Galleria. Proceeds from the loan were used to retire an existing $97,732 loan, which was due to mature in June 2018. See 2018 Loan Repayments below for more information. The Company's share of excess proceeds were used to reduce outstanding balances on its credit facilities. (3) Self Storage at Mid Rivers, LLC, a 50 / 50 joint venture, closed on a construction loan with a total borrowing capacity of up to $5,987 for the development of a climate controlled self-storage facility adjacent to Mid Rivers Mall in St. Peters, MO. The Operating Partnership has guaranteed 100% of the loan. (4) The loans were amended to extend the maturity date to February 2021. Each loan has two one -year extension options, available at the unconsolidated affiliate's election, for an outside maturity date of February 2023. The interest rate increased from a variable rate of LIBOR plus 2.0% . The Operating Partnership's guaranty also increased to 50% . 2017 Financings The Company's unconsolidated affiliates had the following loan activity in 2017: Date Property Stated Interest Rate Maturity Date (1) Total Borrowing Capacity at 100% 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. Construction was completed in the fourth quarter of 2018. The interest rate will be reduced to a variable-rate of LIBOR plus 2.35% once 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. The Operating Partnership has guaranteed 100% of the loan. |
Schedule of Fixed Rate Loans | 2018 Loan Repayment The loan, secured by the related unconsolidated Property, was retired in 2018: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid April CoolSprings Galleria (1) 6.98% June 2018 $ 97,732 (1) The loan secured by the Property was retired using a portion of the net proceeds from a $155,000 fixed-rate loan. See 2018 Financings above for more information. 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 4 above for more information. This intercompany loan was eliminated in consolidation as of December 31, 2017 since the Property became wholly-owned by the Company. The following table presents the fixed-rate loans secured by the related consolidated Properties that were entered into in 2018 : Date Property Stated Interest Rate Maturity Date Amount Financed or Extended August Hickory Point Mall (1) 5.85% December 2019 $ 27,446 September The Outlet Shoppes at El Paso (2) 5.10% October 2028 75,000 $ 102,446 (1) The Company exercised the extension option under the mortgage loan. (2) The Company owns the property in a 75/25 consolidated joint venture. A portion of the proceeds from the non-recourse loan was used to retire a recourse loan secured by Phase II of The Outlet Shoppes at El Paso as described below. Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2018 and 2017: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) 2018: January Kirkwood Mall 5.75% April 2018 $ 37,295 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 - (2) 3.53% April 2019 5,545 April The Outlet Shoppes at Oklahoma City - (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 (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 5 for more information. (3) The Company recorded a $371 loss on extinguishment of debt due to a prepayment fee on the early retirement. 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 INDEBTEDNE_2
MORTGAGE AND OTHER INDEBTEDNESS, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgage and Other Indebtedness | Mortgage and other indebtedness consisted of the following: December 31, 2018 December 31, 2017 Amount Weighted-Average Interest Rate (1) Amount Weighted-Average Interest Rate (1) Fixed-rate debt: Non-recourse loans on operating Properties $ 1,783,097 5.33% $ 1,796,203 5.33% Senior unsecured notes due 2023 (2) 447,423 5.25% 446,976 5.25% Senior unsecured notes due 2024 (3) 299,953 4.60% 299,946 4.60% Senior unsecured notes due 2026 (4) 616,635 5.95% 615,848 5.95% Total fixed-rate debt 3,147,108 5.37% 3,158,973 5.37% Variable-rate debt: Non-recourse loans on operating Properties — —% 10,836 3.37% Recourse loans on operating Properties 68,607 4.97% 101,187 4.00% Construction loan 8,172 5.25% — —% Unsecured lines of credit (5) 183,972 3.90% 93,787 2.56% Unsecured term loans (5) 695,000 4.21% 885,000 2.81% Total variable-rate debt 955,751 4.21% 1,090,810 2.90% Total fixed-rate and variable-rate debt 4,102,859 5.10% 4,249,783 4.74% Unamortized deferred financing costs (15,963 ) (18,938 ) Liabilities related to assets held for sale (6) (43,716 ) — Total mortgage and other indebtedness, net $ 4,043,180 $ 4,230,845 (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 $2,577 and $3,024 , as of December 31, 2018 and 2017 , respectively. (3) The balance is net of an unamortized discount of $47 and $54 , as of December 31, 2018 and 2017 , respectively. (4) The balance is net of an unamortized discount of $8,365 and $9,152 as of December 31, 2018 and 2017 , respectively. (5) The Company closed on a new secured credit facility subsequent to December 31, 2018 that replaced its unsecured lines of credit and unsecured term loans. See Note 20 for additional information. (6) Represents a non-recourse mortgage loan secured by Cary Towne Center that is classified on the consolidated balance sheet as liabilities related to assets held for sale. The mall was sold subsequent to December 31, 2018. See Note 20 for more 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, 2018 , this ratio was 24% . (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, 2018: 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 (3) 51,896 October 2019 October 2020 (4) Wells Fargo - Facility B 500,000 (1) 132,076 (5) October 2020 $ 1,100,000 $ 183,972 (1) Up to $30,000 of the capacity on this facility could be used for letters of credit. (2) The extension option on the facility was at the Company's election, subject to continued compliance with the terms of the facility, and had 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 could be used for letters of credit. (4) The extension option on the facility was at the Company's election, subject to continued compliance with the terms of the facility, and had a one-time extension fee of 0.20% of the commitment amount of the credit facility. (5) There was $4,833 outstanding on this facility as of December 31, 2018 for letters of credit. |
Schedule of Unsecured Term Loans | The following summarizes certain information about the Company's unsecured term loans as of December 31, 2018: Total Outstanding Interest Rate Spread Interest Rate Maturity Date Extended Maturity Date Wells Fargo - $350,000 term loan $ 350,000 LIBOR + 1.75% 4.10% October 2019 (1) Wells Fargo - $300,000 term loan 300,000 LIBOR + 2.00% 4.35% July 2020 July 2022 (2) First Tennessee - $45,000 term loan 45,000 LIBOR + 1.65% 4.17% June 2021 June 2022 $ 695,000 (1) In October 2018, the Company exercised its option to extend the maturity date to October 2019. (2) The loan had two one-year extension options, the second of which was at the lender's discretion. |
Schedule of Fixed Rate Loans | 2018 Loan Repayment The loan, secured by the related unconsolidated Property, was retired in 2018: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid April CoolSprings Galleria (1) 6.98% June 2018 $ 97,732 (1) The loan secured by the Property was retired using a portion of the net proceeds from a $155,000 fixed-rate loan. See 2018 Financings above for more information. 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 4 above for more information. This intercompany loan was eliminated in consolidation as of December 31, 2017 since the Property became wholly-owned by the Company. The following table presents the fixed-rate loans secured by the related consolidated Properties that were entered into in 2018 : Date Property Stated Interest Rate Maturity Date Amount Financed or Extended August Hickory Point Mall (1) 5.85% December 2019 $ 27,446 September The Outlet Shoppes at El Paso (2) 5.10% October 2028 75,000 $ 102,446 (1) The Company exercised the extension option under the mortgage loan. (2) The Company owns the property in a 75/25 consolidated joint venture. A portion of the proceeds from the non-recourse loan was used to retire a recourse loan secured by Phase II of The Outlet Shoppes at El Paso as described below. Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2018 and 2017: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) 2018: January Kirkwood Mall 5.75% April 2018 $ 37,295 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 - (2) 3.53% April 2019 5,545 April The Outlet Shoppes at Oklahoma City - (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 (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 5 for more information. (3) The Company recorded a $371 loss on extinguishment of debt due to a prepayment fee on the early retirement. 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 | 2018 Loan Repayments The Company repaid the following variable-rate loans, secured by the related consolidated properties in 2018: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) August Statesboro Crossing (2) 4.24% June 2019 $ 10,753 September The Outlet Shoppes at El Paso - Phase II (3) 4.73% December 2018 6,525 $ 17,278 (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 that secured the loan. See Note 5 for more information. (3) The loan secured by the Property was retired when the joint venture closed on a new fixed-rate loan in September 2018 as described above. 2017 Financing The following table presents the variable-rate loan, secured by the related consolidated Property, that was extended in 2017: Date Property Stated Maturity Date Amount Extended March Statesboro Crossing (1) LIBOR + 1.80% June 2018 $ 10,930 (1) The Company exercised the extension option under the mortgage loan. The loan was retired in conjunction with the sale of the property as described above. |
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 2018: Date Property Stated Maturity Date Total Borrowing Capacity October Brookfield Square Anchor Redevelopment LIBOR + 2.9% October 2021 (1) $ 29,400 (1) The loan has one 12-month extension option for an outside maturity date of October 2022. |
Schedule of Principal Repayments | As of December 31, 2018 , 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: 2019 $ 664,093 2020 640,330 2021 507,582 2022 432,638 2023 522,905 Thereafter 1,182,824 3,950,372 Net unamortized discounts and premium (10,989 ) Unamortized deferred financing costs (15,963 ) Principal balance of loan secured by Lender Malls in foreclosure (1) 163,476 Liabilities related to assets held for sale (43,716 ) Total mortgage and other indebtedness, net $ 4,043,180 (1) Represents the aggregate principal balance as of December 31, 2018 of two non-recourse loans, secured by Acadiana Mall, which was in receivership, and Cary Towne Center, which was in default. The loan secured by Acadiana Mall and Cary Towne Center matured in April 2017 and June 2018, respectively. Subsequent to December 31, 2018, Acadiana Mall was transferred to the lender through a deed-in-lieu of foreclosure, and the lender received the sales proceeds from Cary Towne Center. See Note 20 for more information. |
SHAREHOLDERS' EQUITY AND PART_2
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 2017 2016 Dividends declared: Common stock $ 0.80 (1) $ 0.98 (2) $ 0.88 (3) 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 82.83 % 85.37 % 100.00 % Capital gains 25% rate — % — % — % Return of capital 17.17 % 14.63 % — % Total 100.00 % 100.00 % 100.00 % Preferred stock (4) Ordinary income 100.00 % 100.00 % 100.00 % Capital gains 25% rate — % — % — % Total 100.00 % 100.00 % 100.00 % (1) Of the $0.075 per share dividend declared on October 29, 2018 and paid January 16, 2019, $0.075 will be reported and is taxable in 2019. (2) 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. (3) 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. (4) The allocations for income tax purposes are the same for each series of preferred stock for each period presented. |
REDEEMABLE INTERESTS AND NONC_2
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 : December 31, 2018 2017 CBL’s Predecessor 18,117,350 18,172,690 Third parties 8,641,055 10,035,683 26,758,405 28,208,373 |
Schedule of Variable Interest Entities | The table below lists the Company's consolidated VIEs as of December 31, 2018 and 2017 , which do not reflect the elimination of any internal debt the consolidated VIE has with the Operating Partnership: As of December 31, 2018 2017 Assets Liabilities Assets Liabilities Consolidated VIEs: Atlanta Outlet Outparcels, LLC $ 868 $ — $ 878 $ — Atlanta Outlet JV, LLC 56,537 78,356 (1) 60,476 79,769 CBL Terrace LP 15,531 12,987 16,472 13,313 El Paso Outlet Center Holding, LLC 98,307 78,210 93,139 65,149 El Paso Outlet Center II, LLC 12 — 8,512 6,955 Gettysburg Outlet Center Holding, LLC 34,857 38,835 36,386 39,049 Gettysburg Outlet Center, LLC 7,871 140 7,218 74 High Point Development LP II 1,062 76 1,084 69 Jarnigan Road LP 17,992 1,071 41,671 20,229 Jarnigan Road II, LLC 23,789 18,444 — — Laredo Outlet JV, LLC 106,817 57,614 (2) 110,174 81,618 Lebcon Associates 68,868 121,670 59,375 120,879 Lebcon I, Ltd 8,621 9,239 9,034 9,463 Lee Partners 784 — 1,011 — Louisville Outlet Outparcels, LLC 174 — 74 — Louisville Outlet Shoppes, LLC 69,182 81,713 (3) 73,173 83,543 As of December 31, 2018 2017 Assets Liabilities Assets Liabilities Madison Grandview Forum, LLC 31,739 13,346 32,692 13,198 The Promenade at D'Iberville 78,979 49,383 81,500 46,568 Statesboro Crossing, LLC 623 616 18,403 10,988 $ 622,613 $ 561,700 $ 651,272 $ 590,864 (1) Of this total, $4,575 related to The Outlet Shoppes at Atlanta - Phase II, is guaranteed by the Operating Partnership. (2) Of this total, $54,550 related to The Outlet Shoppes at Laredo, is guaranteed by the Operating Partnership. (3) Of this total, $9,482 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, 2018 : Unconsolidated VIEs: Investment in Real Estate Joint Ventures and Partnerships Maximum Risk of Loss Ambassador Infrastructure, LLC $ — $ 10,605 (1) Continental 425 Fund LLC (2) 7,250 — EastGate Storage, LLC 1,142 6,500 (1) G&I VIII CBL Triangle LLC (3) — — Self Storage at Mid Rivers, LLC (2) 1,084 5,987 (1) Shoppes at Eagle Point, LLC 18,143 36,400 (1) $ 27,619 $ 59,492 (1) See Note 15 for information on guarantees of debt. (2) See Note 6 for more information on this new unconsolidated affiliate. (3) In conjunction with a loss on impairment recorded in September 2018, as described above, the Company wrote down its investment in the unconsolidated 90/10 joint venture to zero . The maximum risk of loss is limited to the basis, which is zero. See Note 6 for more information. |
MINIMUM RENTS (Tables)
MINIMUM RENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , as follows: 2019 $ 497,014 2020 426,228 2021 363,482 2022 294,441 2023 234,191 Thereafter 531,792 $ 2,347,148 |
MORTGAGE AND OTHER NOTES RECE_2
MORTGAGE AND OTHER NOTES RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 As of December 31, 2017 Maturity Date Interest Rate Balance Interest Rate Balance Mortgages: Columbia Place Outparcel Feb 2022 5.00% $ 283 5.00% $ 302 One Park Place May 2022 5.00% 783 5.00% 1,010 Village Square (1) Dec 2018 4.00% 1,308 4.00% 1,596 Other (2) Dec 2016 - 5.01% - 9.50% 2,510 4.07% - 9.50% 2,510 4,884 5,418 Other Notes Receivable: ERMC Sep 2021 4.00% 2,183 4.00% 2,855 Southwest Theaters LLC Apr 2026 5.00% 605 5.00% 672 2,788 3,527 $ 7,672 $ 8,945 (1) The note was amended to extend the maturity date and restructure the monthly payment amount subsequent to December 31, 2018. See Note 20 for more information. (2) Included in the Other balance above, the $1,100 note for The Promenade at D'Iberville with a maturity date of December 2016 is in default. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Information on Reportable Segments | Information on the Company’s reportable segments is presented as follows: Year Ended December 31, 2018 Malls All Other (1) Total Revenues $ 783,194 $ 75,363 $ 858,557 Property operating expenses (2) (236,807 ) (15,805 ) (252,612 ) Interest expense (103,162 ) (116,876 ) (220,038 ) Other expense (85 ) (702 ) (787 ) Gain on sales of real estate assets 799 18,202 19,001 Segment profit (loss) $ 443,939 $ (39,818 ) 404,121 Depreciation and amortization expense (285,401 ) General and administrative expense (61,506 ) Interest and other income 1,858 Loss on impairment (174,529 ) Income tax benefit 1,551 Equity in earnings of unconsolidated affiliates 14,677 Net loss $ (99,229 ) Total assets $ 4,868,141 $ 472,712 $ 5,340,853 Capital expenditures (3) $ 132,187 $ 12,772 $ 144,959 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 investment 7,534 Income tax benefit 2,063 Equity in earnings of unconsolidated affiliates 117,533 Net Income $ 195,531 Total assets $ 5,383,937 $ 720,703 $ 6,104,640 Capital expenditures (3) $ 165,230 $ 102,573 $ 267,803 (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 9 ). 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 INFO_2
SUPPLEMENTAL AND NONCASH INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Noncash Investing and Financing Activities | The Company’s noncash investing and financing activities for 2018 , 2017 and 2016 were as follows: 2018 2017 2016 Accrued dividends and distributions payable $ 17,130 $ 41,628 $ 54,313 Additions to real estate assets accrued but not yet paid 22,791 5,490 24,881 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 Conversion of Operating Partnership units to common stock (3) 3,059 — — Consolidation of joint venture: (4) 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: (5) Decrease in real estate assets (8,221 ) (9,363 ) (14,025 ) Decrease in mortgage and other indebtedness — 2,466 — Increase in investment in unconsolidated affiliates 8,174 232 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 (1) See Note 5 and Note 7 for more information. (2) See Note 7 for more information. (3) See Note 6 for more information. (4) See Note 5 and Note 6 for more information. (5) See Note 6 and Note 16 for more information. |
CONTINGENCIES (Tables)
CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 : As of December 31, 2018 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) 12/31/2018 12/31/2017 West Melbourne I, LLC - Phase I (2) 50% $ 40,587 50% (3) $ 20,294 Feb-2021 (3) $ 203 $ 86 West Melbourne I, LLC - Phase II (2) 50% 16,007 50% (3) 8,004 Feb-2021 (3) 80 33 Port Orange I, LLC 50% 56,087 50% (3) 28,044 Feb-2021 (3) 280 116 Ambassador Infrastructure, LLC 65% 10,605 100% 10,605 Aug-2020 106 177 Shoppes at Eagle Point, LLC 50% 33,826 100% (4) 36,400 Oct-2020 (5) 364 364 EastGate Storage, LLC 50% 5,222 100% (6) 6,500 Dec-2022 65 65 Self Storage at Mid Rivers, LLC (7) 50% 3,892 100% 5,987 Apr-2023 60 — Total guaranty liability $ 1,158 $ 841 (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 amended in May 2018 to extend the maturity date and increase the guaranty from 20% . The loan has two one -year extension options for an outside maturity date of February 2023. See Note 6 for more information. (4) The guaranty will be reduced to 35% once certain debt and operational metrics are met. (5) The loan has one two -year extension option, at the joint venture's election, for an outside maturity date of October 2022. (6) 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. (7) The Company received a 1% fee for the guaranty when the loan was issued in April 2018. The guaranty will be reduced to 50% once construction is complete. The guaranty will be further reduced to 25% once certain debt and operational metrics are met. See Note 6 for more information. |
Schedule of Future Obligations under Operating Leases | The future obligations under these operating leases at December 31, 2018 , are as follows: 2019 $ 504 2020 610 2021 517 2022 321 2023 281 Thereafter 12,297 $ 14,530 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 : 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 2018: Long-lived assets $ 91,841 $ — $ — $ 91,841 $ 174,529 2017: Long-lived assets $ 81,350 $ — $ — $ 81,350 $ 71,401 |
Schedule of Impairment on Real Estate Properties | Impairment Date Property Location Segment Classification Loss on Impairment Fair Value March Janesville Mall (1) Janesville, WI Malls $ 18,061 $ — (2) June/December Cary Towne Center (3) Cary, NC Malls 54,678 30,971 September Vacant land (4) D'Iberville, MS All Other 14,598 8,100 December Acadiana Mall - Macy's & vacant land (5) Lafayette, LA Malls/All Other 1,593 3,920 December Eastland Mall (6) Bloomington, IL Malls 36,525 26,450 December Honey Creek Mall (7) Terre Haute, IN Malls 48,640 16,400 December Vacant land (8) Port Orange, FL All Other 434 6,000 $ 174,529 $ 91,841 (1) The Company adjusted the book value of the mall to the net sales price of $17,640 in a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The mall was sold in July 2018. See Note 5 for additional information. (2) The long-lived asset was not included in the Company's consolidated balance sheets at December 31, 2018 as the Company no longer had an interest in the property. (3) In June 2018, the Company was notified by IKEA that, as a result of a shift in its corporate strategy, it was terminating the contract to purchase land at the mall upon which it would develop and open a store. Under the terms of the interest-only non-recourse loan secured by the mall, the loan matured on the date the IKEA contract terminated if that date was prior to the scheduled maturity date of March 5, 2019. The Company engaged in conversations with the lender regarding a potential restructure of the loan. Based on the results of these conversations, the Company concluded that an impairment was required because it was unlikely to recover the asset's net carrying value through future cash flows. Management determined the fair value of Cary Towne Center using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of ten years , a capitalization rate of 12.0% and a discount rate of 13% . In December 2018, the Company adjusted the book value of the property to the net sales price of $30,971 based on a signed contract with a third party buyer. The property sold in January 2019. See Note 7 for information related to the mortgage loan. (4) In accordance with the Company's quarterly impairment review process, the Company wrote down the book value of land to its estimated value of $8,100 . The Company evaluated comparable land parcel transactions and determined that $8,100 was the land's estimated fair value. 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 5 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 5 and Note 7 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 6 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 5 for additional information. (6) Wausau Center - In accordance with the Company's quarterly impairment review process, the Company recorded an 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 5 and Note 7 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 subsequently sold in 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 5 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 5 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 5 . 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 7 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 . 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 7 for more information. 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 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 . 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. 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 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, 2018 | |
Share-based Compensation [Abstract] | |
Schedule of Company Stock Awards | A summary of the status of the Company’s nonvested restricted stock awards as of December 31, 2018 , and changes during the year ended December 31, 2018 , is presented below: Shares Weighted- Average Grant-Date Fair Value Nonvested at January 1, 2018 642,359 $ 13.23 Granted 693,064 $ 4.55 Vested (443,159 ) $ 10.15 Forfeited (16,767 ) $ 9.10 Nonvested at December 31, 2018 875,497 $ 7.99 |
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, 2018 , and changes during the year ended December 31, 2018 , is presented below: PSUs Weighted-Average Grant Date Fair Value 2016 PSUs granted 282,995 $ 4.98 2017 PSUs granted 277,376 $ 6.86 Outstanding at January 1 , 2018 560,371 $ 5.91 2018 PSUs granted (1) 741,977 $ 2.63 2016 PSUs canceled (2) (252,538 ) $ 4.41 Forfeited (138,899 ) $ 4.22 Outstanding at December 31, 2018 (3) 910,911 $ 4.67 (1) Includes 381,749 shares classified as a liability due to the potential cash component described above. (2) Based on the Company's TSR relative to the NAREIT Retail Index for the three -year performance period ended December 31, 2018 , none of the 2016 PSU were earned as of December 31, 2018 . (3) None of the PSUs outstanding at December 31, 2018 were vested. |
Schedule 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 2018 PSUs and the 2017 PSUs: 2018 PSUs 2017 PSUs Grant date February 12, 2018 February 7, 2017 Fair value per share on valuation date (1) $ 4.76 $ 6.86 Risk-free interest rate (2) 2.36 % 1.53 % Expected share price volatility (3) 42.02 % 32.85 % (1) The value of the PSU awards is estimated on the date of grant using a Monte Carlo Simulation model. The valuation consists 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 2018 PSUs classified as equity consists of 240,164 shares at a fair value of $3.13 per share (which related to relative TSR) and 120,064 shares at a fair value of $1.63 per share (which relate to absolute TSR). 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, which is the respective grant date listed above. (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 (UNAUDI_2
QUARTERLY INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Information | Year Ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 220,200 $ 214,598 $ 206,878 $ 216,881 $ 858,557 Net loss (1) (661 ) (29,976 ) (2,971 ) (65,621 ) (99,229 ) Net income (loss) attributable to the Company 903 (23,797 ) (1,367 ) (54,307 ) (78,568 ) Net loss attributable to common shareholders (10,320 ) (35,020 ) (12,590 ) (65,530 ) (123,460 ) Basic and diluted per share data attributable to common shareholders: Net loss attributable to common shareholders $ (0.06 ) $ (0.20 ) $ (0.07 ) $ (0.39 ) $ (0.72 ) (1) Net loss for the quarter ended June 30, 2018 includes loss on impairment of real estate assets of $51,983 related to Cary Towne Center. Net loss for the quarter ended December 31, 2018 includes loss on impairment of real estate assets of $2,693 , $36,525 and $48,640 for Cary Towne Center, Eastland Mall and Honey Creek Mall, respectively (see Note 16 ). 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 Net income (2) 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 and 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) 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 5 ). – 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 7 ). – a $5,843 loss on investment related to the disposition of River Ridge Mall (see Note 6 ). – a $43,007 loss on impairment of real estate assets related to Acadiana Mall (see Note 16 ). 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 7 ), as well as a $24,525 loss on impairment of real estate assets related to Hickory Point Mall (see Note 16 ). |
ORGANIZATION - Narrative (Detai
ORGANIZATION - Narrative (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2018subsidiarystateshares | |
Parent | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Number of company's common stock owned by CBL's Predecessor (shares) | shares | 4 |
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 |
Number of subsidiaries owned by the company (subsidiary) | subsidiary | 2 |
CBL Holdings | Subsidiaries | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Ownership interest in qualified subsidiaries (as a percent) | 100.00% |
Operating Partnership | Parent | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Ownership interest of the sole general partner in partnership (as a percent) | 9.10% |
Non-controlling limited partner interest of third parties in Operating partnership (as a percent) | 4.30% |
Total combined effective interest of CBL's Predecessor in Operating Partnership (as a percent) | 11.10% |
Operating Partnership | Subsidiaries | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Ownership interest of the sole general partner in partnership (as a percent) | 1.00% |
Limited partnership interest owned by CBL Holdings II, Inc. in the operating partnership (as a percent) | 85.60% |
Combined ownership interest by the subsidiaries in operating partnership (as a percent) | 86.60% |
ORGANIZATION - Properties Owned
ORGANIZATION - Properties Owned by Operating Partnership (Details) | Dec. 31, 2018propertyassociated_centermixed_use_centeroffice_buildingmallcommunity_center |
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 | 67 |
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 | 7 |
Number of office buildings in which interest is owned by the partnership (office building) | 6 |
Number of real estate properties (property) | property | 103 |
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 | 59 |
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 | 2 |
Number of office buildings in which interest is owned by the partnership (office building) | 5 |
Number of real estate properties (property) | property | 86 |
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 | 5 |
Number of office buildings in which interest is owned by the partnership (office building) | 1 |
Number of real estate properties (property) | property | 17 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounting Guidance Adopted (Details) - Accounting Standards Update 2016-16 $ in Thousands | Jan. 01, 2018USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative effect of accounting change | $ 11,433 |
Retained Earnings | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative effect of accounting change | $ 11,433 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounting Guidance Not Yet Effective (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)lease | Jan. 01, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Ground leases | lease | 8 | |
Office building leases | lease | 1 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Weighted-average remaining term of leases | 43 years 8 months 12 days | |
Weighted-average discount rate of leases (as a percent) | 8.00% | |
Deferred lease costs and capitalized overhead recorded | $ 3,887 | |
Legal and other costs related to future leases | $ 938 | |
Forecast | Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right-of-use assets | $ 4,358 | |
Lease liabilities | $ 4,358 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Net amortization expense of acquired intangibles | $ 13,282 | $ 13,256 | $ 8,687 |
Future amortization expense, 2019 | 4,455 | ||
Future amortization expense, 2020 | 1,568 | ||
Future amortization expense, 2021 | 1,292 | ||
Future amortization expense, 2022 | 1,153 | ||
Future amortization expense, 2023 | 928 | ||
Interest expense capitalized | 3,225 | 2,314 | $ 2,182 |
Intangible lease assets and other assets | Above-market/Below-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 28,165 | 38,798 | |
Intangible lease assets and liabilities, Accumulated Amortization | (24,890) | (31,245) | |
Intangible lease assets and other assets | In-place leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 92,750 | 103,230 | |
Intangible lease assets and liabilities, Accumulated Amortization | (78,796) | (78,854) | |
Intangible lease assets and other assets | Tenant relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 41,561 | 44,580 | |
Intangible lease assets and liabilities, Accumulated Amortization | (10,135) | (9,719) | |
Accounts payable and accrued liabilities | Above-market/Below-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 63,719 | 69,990 | |
Intangible lease assets and liabilities, Accumulated Amortization | $ (50,146) | $ (49,756) | |
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 ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Restricted cash | $ 32,374 | $ 35,546 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CBL & Associates Properties, Inc. | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for doubtful accounts | $ 4,817 | $ 3,782 | $ 4,058 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments in Unconsolidated Affiliates (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | |||
Net difference between investment and underlying equity in unconsolidated affiliates | $ 49,628,000 | $ (6,038,000) | |
Impairments of investments | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Financing Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Unamortized deferred financing costs | $ 15,963 | $ 18,938 | |
Amortization expense | 6,120 | 5,918 | $ 5,010 |
Accumulated amortization | 22,098 | 16,269 | |
Intangible lease assets and other assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Unamortized deferred financing costs | 2,005 | 3,301 | |
Mortgage and Other Indebtedness | Adjustments for New Accounting Pronouncement | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Unamortized deferred financing costs | $ 15,963 | $ 18,938 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
State tax expense | $ 4,147 | $ 3,772 | $ 3,458 | |
Current tax benefit (provision) | (1,354) | 6,459 | 1,156 | |
Deferred tax benefit (provision) | 2,905 | (4,526) | 907 | |
Income tax benefit | 1,551 | 1,933 | $ 2,063 | |
Net deferred tax asset | 20,133 | $ 7,120 | ||
Reduction in deferred tax assets related to the TCJA | $ 2,309 | |||
Accounting Standards Update 2016-16 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Cumulative effect of accounting change | $ 11,433 |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration risk (as a percent) | 4.40% |
SUMMARY OF SIGNIFICANT ACCOU_13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CBL & Associates Properties, Inc. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Potentially dilutive securities (shares) | 0 | ||
Antidilutive shares/ units (shares) | 0 | 0 | |
Denominator – basic (shares) | 172,486,000 | 171,070,000 | 170,762,000 |
Effect of performance stock units (shares) | 74,000 | ||
Denominator – diluted (shares) | 172,486,000 | 171,070,000 | 170,836,000 |
CBL & Associates Limited Partnership | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Potentially dilutive securities (shares) | 0 | ||
Antidilutive shares/ units (shares) | 0 | 0 | |
Denominator – basic (shares) | 199,580,000 | 199,322,000 | 199,764,000 |
Effect of performance stock units (shares) | 74,000 | ||
Denominator – diluted (shares) | 199,580,000 | 199,322,000 | 199,838,000 |
Performance Shares | CBL & Associates Properties, Inc. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contingently issuable common shares/ units (shares) | 102,820 | ||
Performance Shares | CBL & Associates Limited Partnership | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contingently issuable common shares/ units (shares) | 102,820 |
SUMMARY OF SIGNIFICANT ACCOU_14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Components of AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
OCI before reclassifications | $ 877 | ||
Amounts reclassified from AOCI | (443) | ||
Total other comprehensive income | 434 | ||
AOCI Including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | $ 0 | (434) | |
Ending balance, shareholders' equity | 0 | ||
Redeemable Noncontrolling Interests/Common Units, Unrealized Gains (Losses), Hedging Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 0 | 433 | |
OCI before reclassifications | 3 | ||
Amounts reclassified from AOCI | (436) | ||
Total other comprehensive income | (433) | ||
Ending balance, shareholders' equity | 0 | ||
The Company/Partner's Capital, Unrealized Gains (Losses), Hedging Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 0 | 1,935 | |
OCI before reclassifications | 814 | ||
Amounts reclassified from AOCI | (2,749) | ||
Total other comprehensive income | (1,935) | ||
Ending balance, shareholders' equity | 0 | ||
Interest on cash flow hedges reclassified to interest expense | (443) | ||
Noncontrolling Interests, Unrealized Gains (Losses), Hedging Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 0 | (2,802) | |
OCI before reclassifications | 60 | ||
Amounts reclassified from AOCI | 2,742 | ||
Total other comprehensive income | 2,802 | ||
Ending balance, shareholders' equity | 0 | ||
CBL & Associates Limited Partnership | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
OCI before reclassifications | 877 | ||
Amounts reclassified from AOCI | (443) | ||
Total other comprehensive income | $ 0 | 0 | 434 |
Interest on cash flow hedges reclassified to interest expense | $ 0 | 0 | (443) |
CBL & Associates Limited Partnership | AOCI Including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 0 | (434) | |
Ending balance, shareholders' equity | 0 | ||
CBL & Associates Limited Partnership | Redeemable Noncontrolling Interests/Common Units, Unrealized Gains (Losses), Hedging Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 0 | 434 | |
OCI before reclassifications | 3 | ||
Amounts reclassified from AOCI | (437) | ||
Total other comprehensive income | (434) | ||
Ending balance, shareholders' equity | 0 | ||
CBL & Associates Limited Partnership | The Company/Partner's Capital, Unrealized Gains (Losses), Hedging Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | $ 0 | (868) | |
OCI before reclassifications | 874 | ||
Amounts reclassified from AOCI | (6) | ||
Total other comprehensive income | 868 | ||
Ending balance, shareholders' equity | 0 | ||
Interest on cash flow hedges reclassified to interest expense | $ (443) |
REVENUES - Narrative (Details)
REVENUES - Narrative (Details) $ in Thousands | Jan. 01, 2018USD ($)affiliate | Dec. 31, 2018 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Number of unconsolidated affiliates included in partial sale of real estate assets | affiliate | 1 | |
Tenant reimbursements period related to certain capital expenditure minimum | 5 years | |
Tenant reimbursements period related to certain capital expenditure maximum | 15 years | |
Lease commission recognized upon lease execution (as a percent) | 50.00% | |
Accounting Standards Update 2017-05, Unconsolidated Affiliate Impact | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Effect of change on operating results | $ 57,850 | |
Accounting Standards Update 2017-05, Joint Venture Impact | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Effect of change on operating results | 901 | |
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Dividends in excess of cumulative earnings | $ 196 |
REVENUES - Contract Assets and
REVENUES - Contract Assets and Liabilities Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Contract Assets Activity [Roll Forward] | ||
Balance at beginning of period | $ 460 | |
Tenant openings | (740) | |
Executed leases | 569 | |
Balance at end of period | 289 | |
Investments in unconsolidated affiliates | $ 166 | |
Contract Liabilities Activity [Roll Forward] | ||
Balance at beginning of period | 98 | |
Completed performance obligation | (176) | |
Contract obligation | 343 | |
Balance at end of period | $ 265 |
REVENUES - Contract Balances (D
REVENUES - Contract Balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Contract with Customer, Liability [Abstract] | ||
Contract with customer - asset | $ 289 | $ 460 |
Contract with customer - asset - 2019 | (282) | |
Contract with customer - asset - 2020 | (3) | |
Contract with customer - asset - 2021 | 0 | |
Contract with customer - asset - 2022 | 0 | |
Contract with customer - asset - 2023 | (4) | |
Contract with customer - liability | $ 265 | $ 98 |
Lease commission recognized upon tenant opening (as a percent) | 50.00% | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Contract with customer - liability | $ (103) | |
Expected timing of satisfaction of remaining performance obligation | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-02 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Contract with customer - liability | $ (769) | |
Expected timing of satisfaction of remaining performance obligation | 5 years | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Contract with customer - liability | $ (54) | |
Expected timing of satisfaction of remaining performance obligation | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Contract with customer - liability | $ (54) | |
Expected timing of satisfaction of remaining performance obligation | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Contract with customer - liability | $ (54) | |
Expected timing of satisfaction of remaining performance obligation | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Contract with customer - liability | $ 0 | |
Expected timing of satisfaction of remaining performance obligation | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Contract with customer - liability | $ (5,599) | |
Expected timing of satisfaction of remaining performance obligation | 15 years | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2039-01-01 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Contract with customer - liability | $ (48,277) | |
Expected timing of satisfaction of remaining performance obligation | 0 years | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2039-01-02 | ||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Contract with customer - liability | $ (54,645) | |
Expected timing of satisfaction of remaining performance obligation |
REVENUES - Disaggregation of Re
REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Leasing revenues | $ 829,113 | ||||||||||
Revenues from contracts with customers (ASC 606): | 25,262 | ||||||||||
Total revenues | $ 216,881 | $ 206,878 | $ 214,598 | $ 220,200 | $ 235,356 | $ 224,650 | $ 229,233 | $ 238,013 | 858,557 | $ 927,252 | $ 1,028,257 |
Malls | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 783,194 | $ 847,979 | $ 928,214 | ||||||||
Operating expense reimbursements | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers (ASC 606): | 8,434 | ||||||||||
Operating expense reimbursements | Malls | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers (ASC 606): | 5,873 | ||||||||||
Operating expense reimbursements | All Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers (ASC 606): | 2,561 | ||||||||||
Management, development and leasing fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers (ASC 606): | 10,542 | ||||||||||
Marketing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers (ASC 606): | 6,286 | ||||||||||
Marketing | Malls | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers (ASC 606): | 6,255 | ||||||||||
Marketing | All Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues from contracts with customers (ASC 606): | 31 | ||||||||||
Other revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 4,182 |
REVENUES - Remaining Performanc
REVENUES - Remaining Performance Obligations (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 103 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction of remaining performance obligation | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-02 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 769 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction of remaining performance obligation | 5 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 54 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction of remaining performance obligation | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 54 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction of remaining performance obligation | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 54 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction of remaining performance obligation | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction of remaining performance obligation | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 5,599 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction of remaining performance obligation | 15 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2039-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 48,277 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction of remaining performance obligation | 0 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2039-01-02 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 54,645 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction of remaining performance obligation |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) | Jan. 01, 2019store | Feb. 28, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2017store | Jan. 31, 2017USD ($)store | Dec. 31, 2018USD ($)sale_leaseback | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||||
Assets recorded as a result of transfer of joint venture interest | $ 5,704,808,000 | $ 5,340,853,000 | $ 6,104,640,000 | ||||
Mortgage note payable recorded as a result of transfer of joint venture interest | $ 4,230,845,000 | 4,043,180,000 | |||||
Capitalized transaction costs | $ 1,555,488,000 | ||||||
Number of sale leasebacks | sale_leaseback | 5 | ||||||
Subsequent Event | |||||||
Business Acquisition [Line Items] | |||||||
Number of stores closed | store | 3 | ||||||
Number of stores remaining open | store | 1 | ||||||
Westmoreland Mall - Bon-Ton Location | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire real estate | $ 3,250,000 | ||||||
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] | |||||||
Ownership interest in joint venture (as a percent) | 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 - Net Assets Purch
ACQUISITIONS - Net Assets Purchased (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||
Total assets | $ 5,340,853 | $ 5,704,808 | $ 6,104,640 | |
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 |
DISPOSITIONS AND HELD FOR SAL_2
DISPOSITIONS AND HELD FOR SALE - Summary (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||||||||||||
Nov. 30, 2018USD ($) | Oct. 31, 2018USD ($) | Aug. 31, 2018USD ($) | Jul. 31, 2018USD ($) | Mar. 31, 2018USD ($) | May 31, 2017USD ($) | Apr. 30, 2017USD ($)loan | Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jul. 31, 2016USD ($) | May 31, 2016USD ($) | Apr. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($)mall | Mar. 31, 2016USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2018USD ($)malloutparcel | Dec. 31, 2017USD ($)malloutparcel | Dec. 31, 2016USD ($)malloutparcel | Sep. 30, 2018 | Jun. 04, 2018USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gross sales price | $ 65,000 | $ 189,750 | $ 194,710 | ||||||||||||||||||||||
Net sales price | 53,402 | 112,076 | 189,531 | ||||||||||||||||||||||
Gain (Loss) | 7,471 | 75,980 | 3,720 | ||||||||||||||||||||||
Loss on impairment | $ 71,285 | 174,529 | $ 71,401 | $ 116,822 | |||||||||||||||||||||
Real estate held-for-sale | $ 30,971 | ||||||||||||||||||||||||
Real estate held-for-sale portion of total assets (as a percent) | 0.60% | ||||||||||||||||||||||||
Number of malls with impairment (mall) | mall | 5 | 2 | 9 | ||||||||||||||||||||||
Non-Recourse Loans on Operating Properties | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Face value of debt instrument | $ 43,716 | $ 43,716 | |||||||||||||||||||||||
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] | |||||||||||||||||||||||||
Ownership interest in joint venture (as a percent) | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | ||||||||||||||||||||
Outparcel Sale | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gain on sales of real estate assets | $ 11,530 | $ 17,812 | $ 21,385 | ||||||||||||||||||||||
Number of stores sold (outparcel) | outparcel | 12 | 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 | 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] | |||||||||||||||||||||||||
Ownership interest in joint venture (as a percent) | 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] | |||||||||||||||||||||||||
Ownership interest in joint venture (as a percent) | 25.00% | 25.00% | |||||||||||||||||||||||
Gulf Coast Town Center - Phase III | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gross sales price | $ 9,000 | ||||||||||||||||||||||||
Net sales price | 8,769 | ||||||||||||||||||||||||
Gain (Loss) | $ 2,236 | ||||||||||||||||||||||||
Janesville Mall | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gross sales price | $ 18,000 | ||||||||||||||||||||||||
Net sales price | 17,783 | ||||||||||||||||||||||||
Gain (Loss) | 0 | ||||||||||||||||||||||||
Loss on impairment | $ 18,061 | ||||||||||||||||||||||||
Statesboro Crossing | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gross sales price | $ 21,500 | ||||||||||||||||||||||||
Net sales price | 10,532 | ||||||||||||||||||||||||
Gain (Loss) | $ 3,215 | ||||||||||||||||||||||||
Statesboro Crossing | Corporate Joint Venture | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | ||||||||||||||||||||||||
Statesboro Crossing | Parent Company | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | ||||||||||||||||||||||||
Parkway Plaza | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gross sales price | $ 16,500 | ||||||||||||||||||||||||
Net sales price | 16,318 | ||||||||||||||||||||||||
Gain (Loss) | $ 1,419 | ||||||||||||||||||||||||
College Square - Olive Garden | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gross sales price | $ 0 | ||||||||||||||||||||||||
Net sales price | 0 | ||||||||||||||||||||||||
Gain (Loss) | $ 742 | ||||||||||||||||||||||||
Prior Sales Adjustments | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gain (Loss) | $ (141) | ||||||||||||||||||||||||
One and Two Oyster Point | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gross sales price | $ 6,250 | ||||||||||||||||||||||||
Net sales price | 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] | |||||||||||||||||||||||||
Gross sales price | $ 130,000 | ||||||||||||||||||||||||
Net sales price | 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] | |||||||||||||||||||||||||
Ownership interest in joint venture (as a percent) | 25.00% | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Ownership interest in joint venture (as a percent) | 75.00% | ||||||||||||||||||||||||
College Square & Foothills Mall | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gross sales price | $ 53,500 | ||||||||||||||||||||||||
Net sales price | 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] | |||||||||||||||||||||||||
Gross sales price | $ 33,500 | ||||||||||||||||||||||||
Net sales price | 32,905 | ||||||||||||||||||||||||
Gain (Loss) | $ 0 | ||||||||||||||||||||||||
Loss on impairment | $ 84 | $ 9,510 | 9,594 | ||||||||||||||||||||||
Ownership interest in disposed asset (as a percent) | 75.00% | 75.00% | |||||||||||||||||||||||
The Crossings at Marshalls Creek | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gross sales price | $ 23,650 | ||||||||||||||||||||||||
Net sales price | 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] | |||||||||||||||||||||||||
Gross sales price | $ 27,910 | ||||||||||||||||||||||||
Net sales price | 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] | |||||||||||||||||||||||||
Gross sales price | 66,500 | ||||||||||||||||||||||||
Net sales price | 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] | |||||||||||||||||||||||||
Gross sales price | $ 2,400 | ||||||||||||||||||||||||
Net sales price | 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] | |||||||||||||||||||||||||
Gross sales price | 8,500 | ||||||||||||||||||||||||
Net sales price | 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] | |||||||||||||||||||||||||
Gross sales price | 32,250 | ||||||||||||||||||||||||
Net sales price | 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 | ||||||||||||||||||||||||
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 | $ 657 |
UNCONSOLIDATED AFFILIATES AND_3
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT - Company Investments (Details) - entity | Dec. 31, 2018 | Apr. 30, 2018 | Nov. 30, 2017 | Sep. 30, 2017 |
Schedule of Equity Method Investments [Line Items] | ||||
Number of entities - equity method of accounting (entity) | 21 | |||
Number of 50/50 joint ventures | 15 | |||
Parent Company | EastGate Storage, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest in joint venture (as a percent) | 50.00% | |||
Parent Company | Self Storage at Mid Rivers, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest in joint venture (as a percent) | 50.00% | |||
Parent Company | Shoppes at Eagle Point, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest in joint venture (as a percent) | 50.00% | |||
Minimum | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest in joint venture (as a percent) | 10.00% | |||
Maximum | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest in joint venture (as a percent) | 65.00% |
UNCONSOLIDATED AFFILIATES AND_4
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT - Joint Ventures (Details) | 1 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($)yr | Apr. 30, 2018USD ($) | Nov. 30, 2017USD ($) | 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 ($) | Sep. 30, 2018USD ($)yr | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 29, 2018USD ($) | Jul. 31, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Loss on impairment | $ 71,285,000 | $ 174,529,000 | $ 71,401,000 | $ 116,822,000 | |||||||||||||||
Gross sales price | 65,000,000 | 189,750,000 | 194,710,000 | ||||||||||||||||
Net sales price | 53,402,000 | 112,076,000 | 189,531,000 | ||||||||||||||||
Gain (loss) on sales of real estate assets | 19,001,000 | 93,792,000 | 29,567,000 | ||||||||||||||||
Mortgage and other indebtedness, variable-rate debt | $ 955,751,000 | 955,751,000 | 1,090,810,000 | ||||||||||||||||
Gain (loss) on extinguishment of debt | 30,927,000 | ||||||||||||||||||
Mortgage debt assumed by buyer of real estate assets | 0 | 0 | 38,150,000 | ||||||||||||||||
Gain (loss) on investments | (6,197,000) | 7,534,000 | |||||||||||||||||
Mortgages | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Mortgage note payables assumed | $ 38,150,000 | ||||||||||||||||||
Non-Recourse Loans on Operating Properties | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Mortgage and other indebtedness, variable-rate debt | 0 | 0 | 10,836,000 | ||||||||||||||||
CBL & Associates Properties, Inc. | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Loss on impairment | 174,529,000 | 71,401,000 | 116,822,000 | ||||||||||||||||
Gain (loss) on sales of real estate assets | 19,001,000 | 93,792,000 | 29,567,000 | ||||||||||||||||
Gain (loss) on extinguishment of debt | 0 | 30,927,000 | 0 | ||||||||||||||||
Gain (loss) on investments | $ 0 | $ (6,197,000) | 7,534,000 | ||||||||||||||||
G&I VIII CBL Triangle LLC | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Loss on impairment | $ 89,826,000 | $ 1,022,000 | |||||||||||||||||
Fair value of real estate joint ventures | 33,600,000 | 33,600,000 | $ 123,453,000 | ||||||||||||||||
Net real estate investments | $ 0 | 0 | |||||||||||||||||
Renaissance Center | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Gross sales price | $ 129,200,000 | ||||||||||||||||||
River Ridge Mall JV, LLC | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Loss on impairment | $ 84,000 | $ 9,510,000 | 9,594,000 | ||||||||||||||||
Gross sales price | $ 33,500,000 | ||||||||||||||||||
Net sales price | 32,905,000 | ||||||||||||||||||
Reserve for future capital expenditures | $ 2,100,000 | ||||||||||||||||||
River Ridge Mall JV, LLC | Parent Company | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Gain (loss) on sales of real estate assets | $ (5,843,000) | ||||||||||||||||||
Renaissance Center - Phase I | Mortgages | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Mortgage debt assumed by buyer of real estate assets | 16,000,000 | ||||||||||||||||||
Defeasance of debt in disposition | 31,484,000 | ||||||||||||||||||
Corporate Joint Venture | River Ridge Mall JV, LLC | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Cash contributed by third party | 33,500,000 | ||||||||||||||||||
Quoted market value | $ 7,000,000 | 7,000,000 | |||||||||||||||||
Repayment of long term line of credit | $ 32,819,000 | ||||||||||||||||||
Continental 425 Fund LLC | Parent Company | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Capital contribution, land | 6,000,000 | ||||||||||||||||||
Cash contributed | $ 7,000 | ||||||||||||||||||
Membership units owned (as a percent) | 43.50% | ||||||||||||||||||
Self Storage at Mid Rivers, LLC | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Realized investment gains (losses) | $ 387,000 | ||||||||||||||||||
Self Storage at Mid Rivers, LLC | Parent Company | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | ||||||||||||||||||
Self Storage at Mid Rivers, LLC | Corporate Joint Venture | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | ||||||||||||||||||
River Ridge Mall JV, LLC | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Ownership interest in joint venture (as a percent) | 25.00% | 25.00% | 25.00% | 25.00% | |||||||||||||||
Proceeds from sale of joint venture | 9,000,000 | ||||||||||||||||||
Loss on sale of investment | $ 354,000 | $ 5,843,000 | |||||||||||||||||
River Ridge Mall JV, LLC | Parent Company | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Ownership interest in joint venture (as a percent) | 25.00% | 25.00% | |||||||||||||||||
River Ridge Mall JV, LLC | Corporate Joint Venture | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Ownership interest in joint venture (as a percent) | 75.00% | 75.00% | |||||||||||||||||
Shoppes at Eagle Point, LLC | Parent Company | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | 50.00% | |||||||||||||||||
Shoppes at Eagle Point, LLC | Corporate Joint Venture | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | 50.00% | |||||||||||||||||
Cash contributed by third party | $ 1,031,000 | ||||||||||||||||||
EastGate Storage, LLC | Parent Company | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Capital contribution, land | $ 1,134,000 | ||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | ||||||||||||||||||
EastGate Storage, LLC | Corporate Joint Venture | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | ||||||||||||||||||
JG Gulf Coast Town Center LLC | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Gain (loss) on investments | $ 29,267,000 | ||||||||||||||||||
JG Gulf Coast Town Center LLC | Parent Company | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Ownership interest in joint venture (as a percent) | 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 | $ 190,800,000 | ||||||||||||||||||
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 | 95,400,000 | ||||||||||||||||||
JG Gulf Coast Town Center LLC | Corporate Joint Venture | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Gain (loss) on extinguishment of debt | 63,294,000 | ||||||||||||||||||
Gulf Coast Town Center - Phase III | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | ||||||||||||||||||
Gulf Coast Town Center - Phase III | Parent Company | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Ownership interest in joint venture (as a percent) | 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 | ||||||||||||||||||
Gross sales price | $ 26,000,000 | ||||||||||||||||||
Net sales price | 25,406,000 | $ 14,962,000 | |||||||||||||||||
Gain (loss) on sales of real estate assets | 51,000 | ||||||||||||||||||
CBL-TRS Joint Venture, LLC | Corporate Joint Venture | Other Ownership Interest | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Net sales price | 12,703,000 | ||||||||||||||||||
Gain (loss) on sales of real estate assets | 25,000 | ||||||||||||||||||
Triangle Town Member LLC | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Gain (loss) on sales of real estate assets | $ 2,820,000 | ||||||||||||||||||
Triangle Town Member LLC | Parent Company | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Ownership interest in joint venture (as a percent) | 10.00% | 50.00% | 50.00% | 10.00% | |||||||||||||||
Gain (loss) on sales of real estate assets | $ 282,000 | ||||||||||||||||||
Triangle Town Member LLC | Mortgages | Parent Company | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Mortgage note payables assumed | $ 17,109,000 | $ 17,109,000 | |||||||||||||||||
Triangle Town Member LLC | Corporate Joint Venture | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Ownership interest in joint venture (as a percent) | 90.00% | 50.00% | 50.00% | 90.00% | |||||||||||||||
Gross sales price | $ 30,250,000 | $ 174,000,000 | |||||||||||||||||
Net sales price | 29,802,000 | ||||||||||||||||||
Gain (loss) on sales of real estate assets | 2,538,000 | 80,979,000 | |||||||||||||||||
Mortgage and other indebtedness, variable-rate debt | $ 29,342,000 | $ 29,342,000 | |||||||||||||||||
Equity contribution | 3,060,000 | ||||||||||||||||||
Triangle Town Member LLC | Corporate Joint Venture | Mortgages | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Mortgage note payables assumed | $ 171,092,000 | 171,092,000 | |||||||||||||||||
Triangle Town Member LLC | Corporate Joint Venture | Mortgages | Other Ownership Interest | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Mortgage note payables assumed | $ 85,546,000 | $ 85,546,000 | |||||||||||||||||
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] | |||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | ||||||||||||||||||
High Pointe Commons | Mortgages | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Extinguishment of debt | $ 17,388,000 | ||||||||||||||||||
High Pointe Commons | Corporate Joint Venture | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | ||||||||||||||||||
Gross sales price | $ 33,800,000 | ||||||||||||||||||
Gain (loss) on sales of real estate assets | 16,649,000 | ||||||||||||||||||
Gain (loss) on extinguishment of debt | (393,000) | ||||||||||||||||||
High Pointe Commons | Corporate Joint Venture | Other Ownership Interest | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Net sales price | 7,481,000 | ||||||||||||||||||
Gain (loss) on sales of real estate assets | 8,324,000 | ||||||||||||||||||
Gain (loss) on extinguishment of debt | $ (197,000) | ||||||||||||||||||
Renaissance Center | Corporate Joint Venture | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Net sales price | 80,324,000 | ||||||||||||||||||
Gain (loss) on sales of real estate assets | 59,977,000 | ||||||||||||||||||
Renaissance Center | Corporate Joint Venture | Other Ownership Interest | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Net sales price | 40,162,000 | ||||||||||||||||||
Gain (loss) on sales of real estate assets | $ 29,989,000 | ||||||||||||||||||
Expected Term | G&I VIII CBL Triangle LLC | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Measurement input | yr | 10 | 10 | |||||||||||||||||
Cap Rate (as a percent) | G&I VIII CBL Triangle LLC | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Measurement input | 0.15 | 0.15 | |||||||||||||||||
Discount Rate (as a percent) | G&I VIII CBL Triangle LLC | |||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||||||||
Measurement input | 0.15 | 0.15 |
UNCONSOLIDATED AFFILIATES AND_5
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT - Summarized Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract] | |||
Investment in real estate assets | $ 2,097,088 | $ 2,089,262 | |
Accumulated depreciation | (674,275) | (618,922) | |
Investment in real estate, net | 1,422,813 | 1,470,340 | |
Developments in progress | 12,569 | 36,765 | |
Net investment in real estate assets | 1,435,382 | 1,507,105 | |
Other assets | 188,521 | 201,114 | |
Total assets | 1,623,903 | 1,708,219 | |
Mortgage and other indebtedness, net | 1,319,949 | 1,248,817 | |
Other liabilities | 39,777 | 41,291 | |
Total liabilities | 1,359,726 | 1,290,108 | |
The Company | 191,050 | 216,292 | |
Other investors | 73,127 | 201,819 | |
Total owners' equity | 264,177 | 418,111 | |
Total liabilities and owners’ equity | 1,623,903 | 1,708,219 | |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||
Total revenues | 225,073 | 236,607 | $ 250,361 |
Depreciation and amortization | (78,174) | (80,102) | (83,640) |
Other operating expenses | (72,056) | (71,293) | (76,328) |
Interest and other income | 1,415 | 1,671 | 1,352 |
Interest expense | (52,803) | (51,843) | (55,227) |
Gain on extinguishment of debt | 0 | 0 | 62,901 |
Loss on impairment | (89,826) | 0 | 0 |
Gain on sales of real estate assets | 3,056 | 555 | 160,977 |
Net income (loss) | (63,315) | 35,595 | 260,396 |
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | 14,677 | 22,939 | 117,533 |
CBL & Associates Properties, Inc. | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in earnings of unconsolidated affiliates | $ 14,677 | $ 22,939 | $ 117,533 |
UNCONSOLIDATED AFFILIATES AND_6
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT - Joint Venture Financings (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018USD ($) | May 31, 2018USD ($) | Apr. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Oct. 31, 2017USD ($)extension_option | Aug. 31, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2018extension_option | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2017 | Feb. 29, 2016 | |
Debt Instrument [Line Items] | |||||||||||||
Amount Financed or Extended | $ 102,446 | $ 0 | $ 1,802 | $ 0 | |||||||||
Number of extensions | extension_option | 2 | ||||||||||||
Length of extensions | 1 year | ||||||||||||
Ambassador Infrastructure, LLC | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ownership interest in joint venture (as a percent) | 65.00% | ||||||||||||
Amount of loan guaranteed by the company (as a percent) | 100.00% | 100.00% | |||||||||||
LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate (as a percent) | 2.00% | 2.00% | |||||||||||
CoolSprings Galleria | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate (as a percent) | 4.839% | ||||||||||||
Amount Financed or Extended | $ 155,000 | ||||||||||||
Repayments of debt | $ 97,732 | ||||||||||||
Self Storage at Mid Rivers, LLC | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount Financed or Extended | 5,987 | ||||||||||||
Total borrowing capacity of loan | $ 5,987 | ||||||||||||
Amount of loan guaranteed by the company (as a percent) | 100.00% | ||||||||||||
Self Storage at Mid Rivers, LLC | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate (as a percent) | 2.75% | ||||||||||||
Hammock Landing - Phase I | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount Financed or Extended | $ 41,997 | ||||||||||||
Hammock Landing - Phase I | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate (as a percent) | 2.25% | 2.00% | |||||||||||
Hammock Landing - Phase II | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount Financed or Extended | $ 16,217 | ||||||||||||
Hammock Landing - Phase II | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate (as a percent) | 2.25% | 2.00% | |||||||||||
The Pavilion at Port Orange | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount Financed or Extended | $ 56,738 | ||||||||||||
Amount of loan guaranteed by the company (as a percent) | 50.00% | ||||||||||||
The Pavilion at Port Orange | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate (as a percent) | 2.25% | 2.00% | |||||||||||
Ambassador Infrastructure, LLC | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount Financed or Extended | $ 11,035 | ||||||||||||
Ambassador Infrastructure, LLC | Interest Rate Swap | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notional amount of interest rate swaps held | $ 9,360 | ||||||||||||
Fixed interest rate (as a percent) | 3.74% | ||||||||||||
Ambassador Infrastructure, LLC | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate (as a percent) | 2.00% | ||||||||||||
Shoppes at Eagle Point, LLC | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount Financed or Extended | $ 36,400 | ||||||||||||
Amount of loan guaranteed by the company (as a percent) | 100.00% | ||||||||||||
Number of extension options available | extension_option | 1 | ||||||||||||
Term of extension option | 2 years | ||||||||||||
Shoppes at Eagle Point, LLC | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate (as a percent) | 2.35% | 2.75% | 2.35% | ||||||||||
Storage Facility Development - EastGate Mall | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amount Financed or Extended | $ 6,500 | ||||||||||||
Amount of loan guaranteed by the company (as a percent) | 100.00% | ||||||||||||
Storage Facility Development - EastGate Mall | LIBOR | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Stated interest rate (as a percent) | 2.75% | 2.75% | |||||||||||
Parent Company | CoolSprings Galleria | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | ||||||||||||
Parent Company | Self Storage at Mid Rivers, LLC | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | ||||||||||||
Parent Company | Shoppes at Eagle Point, LLC | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | ||||||||||||
Corporate Joint Venture | CoolSprings Galleria | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | ||||||||||||
Corporate Joint Venture | Self Storage at Mid Rivers, LLC | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | ||||||||||||
Corporate Joint Venture | Shoppes at Eagle Point, LLC | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% |
UNCONSOLIDATED AFFILIATES AND_7
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT - Repayments (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||
Apr. 30, 2018 | Jul. 31, 2017 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Principal Balance Repaid | $ 17,278 | $ 427,247 | ||||
Mortgage loan | $ 102,446 | $ 0 | $ 1,802 | $ 0 | ||
CoolSprings Galleria | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Interest rate (as a percent) | 6.98% | |||||
Principal Balance Repaid | $ 97,732 | |||||
Mortgage loan | $ 155,000 | |||||
Gulf Coast Town Center - Phase III | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Interest rate (as a percent) | 3.13% | |||||
Principal Balance Repaid | $ 4,118 | |||||
Ownership interest in joint venture (as a percent) | 50.00% |
UNCONSOLIDATED AFFILIATES AND_8
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT - Cost Method Investments (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2016USD ($) | |
Jinsheng | |
Equity Securities without Readily Determinable Fair Value [Line Items] | |
Payments received for redemption of interest | $ 15,538 |
Cost method investments | 5,325 |
Gain on cost-method investment | 10,136 |
OTTI recognized on cost-method investment | $ 5,306 |
Jinsheng | |
Equity Securities without Readily Determinable Fair Value [Line Items] | |
Ownership interest in cost method investment (as a percent) | 6.20% |
MORTGAGE AND OTHER INDEBTEDNE_3
MORTGAGE AND OTHER INDEBTEDNESS, NET - Debt of Operating Partnership (Details) $ in Thousands | Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($) | Sep. 01, 2017USD ($) |
Debt Instrument [Line Items] | |||
Loan, outstanding amount | $ 3,147,108 | $ 3,158,973 | |
Mortgage and other indebtedness, variable-rate debt | 955,751 | 1,090,810 | |
Total fixed-rate and variable-rate debt | 4,102,859 | 4,249,783 | |
Deferred financing costs | (15,963) | (18,938) | |
Liabilities related to assets held for sale | (43,716) | 0 | |
Mortgage and other indebtedness | $ 4,043,180 | $ 4,230,845 | |
Weighted average interest rate (as a percent) | 5.10% | 4.74% | |
Fixed Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 5.37% | 5.37% | |
Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 4.21% | 2.90% | |
Non-Recourse Loans on Operating Properties | |||
Debt Instrument [Line Items] | |||
Loan, outstanding amount | $ 1,783,097 | $ 1,796,203 | |
Mortgage and other indebtedness, variable-rate debt | $ 0 | $ 10,836 | |
Non-Recourse Loans on Operating Properties | Fixed Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 5.33% | 5.33% | |
Non-Recourse Loans on Operating Properties | Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 0.00% | 3.37% | |
Senior unsecured notes due 2023 | |||
Debt Instrument [Line Items] | |||
Loan, outstanding amount | $ 447,423 | $ 446,976 | |
Debt instrument, unamortized discount | $ 2,577 | $ 3,024 | |
Senior unsecured notes due 2023 | Fixed Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 5.25% | 5.25% | |
Senior unsecured notes due 2024 | |||
Debt Instrument [Line Items] | |||
Loan, outstanding amount | $ 299,953 | $ 299,946 | |
Debt instrument, unamortized discount | $ 47 | $ 54 | |
Senior unsecured notes due 2024 | Fixed Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 4.60% | 4.60% | |
Senior unsecured notes due 2026 | |||
Debt Instrument [Line Items] | |||
Loan, outstanding amount | $ 616,635 | $ 615,848 | |
Deferred financing costs | $ (1,879) | ||
Debt instrument, unamortized discount | $ 8,365 | $ 9,152 | $ 3,938 |
Senior unsecured notes due 2026 | Fixed Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 5.95% | 5.95% | |
Recourse loans on operating Properties | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, variable-rate debt | $ 68,607 | $ 101,187 | |
Recourse loans on operating Properties | Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 4.97% | 4.00% | |
Construction loan | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, variable-rate debt | $ 8,172 | $ 0 | |
Construction loan | Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 5.25% | 0.00% | |
Unsecured lines of credit | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, variable-rate debt | $ 183,972 | $ 93,787 | |
Unsecured lines of credit | Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 3.90% | 2.56% | |
Unsecured term loans | |||
Debt Instrument [Line Items] | |||
Number of debt instruments | loan | 3 | ||
Mortgage and other indebtedness, variable-rate debt | $ 695,000 | $ 885,000 | |
Unsecured term loans | Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 4.21% | 2.81% | |
Recourse and Nonrecourse Term Loans | |||
Debt Instrument [Line Items] | |||
Secured non-recourse and recourse term loans | $ 1,779,565 |
MORTGAGE AND OTHER INDEBTEDNE_4
MORTGAGE AND OTHER INDEBTEDNESS, NET - Senior Unsecured Notes, Unsecured Lines of Credit and Unsecured Term Loans (Details) | Sep. 01, 2017USD ($) | Jul. 31, 2017USD ($) | Dec. 31, 2018USD ($)credit_line | Jul. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |||||
Weighted average interest rate (as a percent) | 5.10% | 4.74% | |||
Unamortized deferred financing costs | $ 15,963,000 | $ 18,938,000 | |||
Mortgage and other indebtedness, variable-rate debt | $ 955,751,000 | $ 1,090,810,000 | |||
Unsecured lines of credit | |||||
Debt Instrument [Line Items] | |||||
Number of debt instruments | credit_line | 3 | ||||
Annual facility fee rate (as a percent) | 0.30% | ||||
Weighted-average interest rate (as a percent) | 3.90% | ||||
Secured credit facility, borrowing capacity | $ 1,100,000,000 | ||||
Mortgage and other indebtedness, variable-rate debt | $ 183,972,000 | ||||
Unsecured lines of credit | Wells Fargo Bank | |||||
Debt Instrument [Line Items] | |||||
Extension fee rate (as a percent) | 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 | 51,896,000 | ||||
Additional secured and unsecured lines of credit with commitment | $ 20,000,000 | ||||
First Tennessee | Wells Fargo Bank | |||||
Debt Instrument [Line Items] | |||||
Extension fee rate (as a percent) | 0.20% | ||||
Wells Fargo - Facility B | |||||
Debt Instrument [Line Items] | |||||
Face value of debt instrument | $ 4,833,000 | ||||
Secured credit facility, borrowing capacity | 500,000,000 | ||||
Mortgage and other indebtedness, variable-rate debt | 132,076,000 | ||||
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] | |||||
Face value of debt instrument | $ 350,000,000 | ||||
Interest rate (as a percent) | 4.10% | ||||
Unsecured Term Loan 1 | |||||
Debt Instrument [Line Items] | |||||
Face value of debt instrument | $ 300,000,000 | ||||
Interest rate (as a percent) | 4.35% | ||||
Unsecured Term Loan 3 | |||||
Debt Instrument [Line Items] | |||||
Face value of debt instrument | $ 45,000,000 | ||||
Weighted average interest rate (as a percent) | 4.17% | ||||
LIBOR | Unsecured lines of credit | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 1.55% | ||||
LIBOR | Unsecured Term Loan 2 | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 1.75% | ||||
LIBOR | Unsecured Term Loan 1 | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 1.50% | 2.00% | |||
LIBOR | Unsecured Term Loan 3 | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 1.65% | 1.65% | |||
Minimum | |||||
Debt Instrument [Line Items] | |||||
Notice required to redeem debt | 30 days | ||||
Minimum | Unsecured lines of credit | |||||
Debt Instrument [Line Items] | |||||
Commitment fee rate (as a percent) | 0.125% | ||||
Minimum | LIBOR | Unsecured lines of credit | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable interest rate (as a percent) | 0.875% | ||||
Basis spread on variable rate (as a percent) | 0.875% | ||||
Minimum | LIBOR | Unsecured Term Loan 2 | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 0.90% | ||||
Maximum | |||||
Debt Instrument [Line Items] | |||||
Notice required to redeem debt | 60 days | ||||
Maximum | Unsecured lines of credit | |||||
Debt Instrument [Line Items] | |||||
Commitment fee rate (as a percent) | 0.30% | ||||
Maximum | LIBOR | Unsecured lines of credit | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable interest rate (as a percent) | 1.55% | ||||
Basis spread on variable rate (as a percent) | 1.55% | ||||
Maximum | LIBOR | Unsecured Term Loan 2 | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 1.75% | ||||
Fixed Rate Interest | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate (as a percent) | 5.37% | 5.37% | |||
Unsecured Term Loan | |||||
Debt Instrument [Line Items] | |||||
Face value of debt instrument | $ 695,000,000 | ||||
Senior unsecured notes due 2023 | |||||
Debt Instrument [Line Items] | |||||
Face value of debt instrument | 450,000,000 | ||||
Debt instrument, unamortized discount | $ 2,577,000 | $ 3,024,000 | |||
Senior unsecured notes due 2023 | Treasury Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable interest rate (as a percent) | 0.40% | ||||
Senior unsecured notes due 2023 | Fixed Rate Interest | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate (as a percent) | 5.25% | 5.25% | |||
Senior unsecured notes due 2024 | |||||
Debt Instrument [Line Items] | |||||
Face value of debt instrument | $ 300,000,000 | ||||
Debt instrument, unamortized discount | $ 47,000 | $ 54,000 | |||
Senior unsecured notes due 2024 | Treasury Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable interest rate (as a percent) | 0.35% | ||||
Senior unsecured notes due 2024 | Minimum | |||||
Debt Instrument [Line Items] | |||||
Secured debt to total assets (as a percent) | 40.00% | ||||
Senior unsecured notes due 2024 | Maximum | |||||
Debt Instrument [Line Items] | |||||
Secured debt to total assets (as a percent) | 45.00% | ||||
Senior unsecured notes due 2024 | Fixed Rate Interest | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate (as a percent) | 4.60% | 4.60% | |||
Senior unsecured notes due 2026 | |||||
Debt Instrument [Line Items] | |||||
Face value of debt instrument | $ 625,000,000 | ||||
Proceeds from mortgage and other indebtedness | $ 225,000,000 | ||||
Unamortized deferred financing costs | 1,879,000 | ||||
Debt instrument, unamortized discount | 3,938,000 | $ 8,365,000 | $ 9,152,000 | ||
Proceeds from debt | $ 219,183,000 | ||||
Senior unsecured notes due 2026 | Treasury Rate | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable interest rate (as a percent) | 0.50% | ||||
Senior unsecured notes due 2026 | Minimum | |||||
Debt Instrument [Line Items] | |||||
Secured debt to total assets (as a percent) | 40.00% | ||||
Senior unsecured notes due 2026 | Fixed Rate Interest | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate (as a percent) | 5.95% | 5.95% | |||
Senior Notes Due 2023 and 2024 | Fixed Rate Interest | Minimum | |||||
Debt Instrument [Line Items] | |||||
Increase in variable interest rate basis (as a percent) | 0.25% | ||||
Senior Notes Due 2023 and 2024 | Fixed Rate Interest | Maximum | |||||
Debt Instrument [Line Items] | |||||
Increase in variable interest rate basis (as a percent) | 1.00% | ||||
Senior Unsecured Notes | Actual | |||||
Debt Instrument [Line Items] | |||||
Secured debt to total assets (as a percent) | 24.00% |
MORTGAGE AND OTHER INDEBTEDNE_5
MORTGAGE AND OTHER INDEBTEDNESS, NET - Fixed Rate Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2018 | Aug. 31, 2018 | Sep. 30, 2017 | Aug. 31, 2017 | Jun. 30, 2017 | Apr. 30, 2017 | Mar. 31, 2017 | Feb. 28, 2017 | Jan. 31, 2017 | Sep. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 04, 2018 | |
Debt Instrument [Line Items] | |||||||||||||||
Amount Financed or Extended | $ 102,446 | $ 0 | $ 1,802 | $ 0 | |||||||||||
Principal Balance Repaid | $ 17,278 | 427,247 | |||||||||||||
Gain (loss) on extinguishment of debt | 30,927 | ||||||||||||||
Fixed Rate Operating Loans | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Weighted-average remaining term to maturity | 3 years | ||||||||||||||
Non-Recourse Loans on Operating Properties | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Face value of debt instrument | $ 43,716 | $ 43,716 | |||||||||||||
Hickory Point Mall | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate (as a percent) | 5.85% | ||||||||||||||
Amount Financed or Extended | $ 27,446 | ||||||||||||||
The Outlet Shoppes At El Paso | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Stated interest rate (as a percent) | 5.10% | 5.10% | |||||||||||||
Amount Financed or Extended | $ 75,000 | ||||||||||||||
Interest rate (as a percent) | 7.06% | ||||||||||||||
Principal Balance Repaid | $ 61,561 | ||||||||||||||
Kirkwood Mall | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate (as a percent) | 5.75% | ||||||||||||||
Principal Balance Repaid | $ 37,295 | ||||||||||||||
The Plaza at Fayette, Lexington, KY | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate (as a percent) | 5.67% | ||||||||||||||
Principal Balance Repaid | $ 37,146 | ||||||||||||||
The Shoppes at St. Clair Square, Fairview Heights, IL | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate (as a percent) | 5.67% | ||||||||||||||
Principal Balance Repaid | $ 18,827 | ||||||||||||||
Hamilton Corner, Chattanooga, TN | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate (as a percent) | 5.67% | ||||||||||||||
Principal Balance Repaid | $ 14,227 | ||||||||||||||
Layton Hills Mall, Layton, UT | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate (as a percent) | 5.66% | ||||||||||||||
Principal Balance Repaid | $ 89,526 | ||||||||||||||
The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate (as a percent) | 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 (as a percent) | 3.53% | ||||||||||||||
Principal Balance Repaid | $ 5,545 | ||||||||||||||
Outlet Shoppes at Oklahoma City - Phase III | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate (as a percent) | 3.53% | ||||||||||||||
Principal Balance Repaid | $ 2,704 | ||||||||||||||
Hanes Mall, Winston-Salem, NC | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate (as a percent) | 6.99% | ||||||||||||||
Principal Balance Repaid | $ 144,325 | ||||||||||||||
Gain (loss) on extinguishment of debt | $ (371) | ||||||||||||||
Midland Mall | Mortgages | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate (as a percent) | 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 (as a percent) | 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 (as a percent) | 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 | ||||||||||||||
Outlet Shoppes at Atlanta - Ridgewalk | Mortgages | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Balance of Non-recourse Debt | $ 2,466 | ||||||||||||||
Minimum | Fixed Rate Operating Loans | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate of debt bearing fixed interest (as a percent) | 4.00% | ||||||||||||||
Maximum | Fixed Rate Operating Loans | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate of debt bearing fixed interest (as a percent) | 8.00% |
MORTGAGE AND OTHER INDEBTEDNE_6
MORTGAGE AND OTHER INDEBTEDNESS, NET - Variable Rate Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Aug. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||||
Principal Balance Repaid | $ 17,278 | $ 427,247 | |||
Statesboro Crossing, LLC | |||||
Debt Instrument [Line Items] | |||||
Amount Financed / Extended | $ 10,930 | ||||
Statesboro Crossing, LLC | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (as a percent) | 1.80% | ||||
Variable Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Weighted-average remaining term to maturity | 6 months 24 days | ||||
Minimum | Variable Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate (as a percent) | 4.85% | ||||
Maximum | Variable Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Variable interest rate (as a percent) | 5.00% | ||||
Term of extension option | 2 years | ||||
Other Property | Statesboro Crossing, LLC | |||||
Debt Instrument [Line Items] | |||||
Interest rate at repayment date (as a percent) | 4.24% | ||||
Principal Balance Repaid | $ 10,753 | ||||
Malls | The Outlet Shoppes at El Paso - Phase II | |||||
Debt Instrument [Line Items] | |||||
Interest rate at repayment date (as a percent) | 4.73% | ||||
Principal Balance Repaid | $ 6,525 |
MORTGAGE AND OTHER INDEBTEDNE_7
MORTGAGE AND OTHER INDEBTEDNESS, NET - Construction Loan (Details) - Brookfield Square Anchor Redevelopment $ in Thousands | 1 Months Ended |
Oct. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |
Amount Financed / Extended | $ 29,400 |
LIBOR | |
Debt Instrument [Line Items] | |
Basis spread on variable rate (as a percent) | 2.90% |
MORTGAGE AND OTHER INDEBTEDNE_8
MORTGAGE AND OTHER INDEBTEDNESS, NET - Covenants and Restrictions (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Non-Recourse Loans on Operating Properties | |
Debt Instrument [Line Items] | |
Debt default threshold, minimum loan amount (greater than) | $ 50,000,000 |
MORTGAGE AND OTHER INDEBTEDNE_9
MORTGAGE AND OTHER INDEBTEDNESS, NET - Scheduled Principal Payments (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($) | |
Maturities of Long-term Debt [Abstract] | ||
2,019 | $ 664,093,000 | |
2,020 | 640,330,000 | |
2,021 | 507,582,000 | |
2,022 | 432,638,000 | |
2,023 | 522,905,000 | |
Thereafter | 1,182,824,000 | |
Total | 3,950,372,000 | |
Net unamortized discounts and premium | (10,989,000) | |
Unamortized deferred financing costs | (15,963,000) | $ (18,938,000) |
Mortgage and other indebtedness, net | 4,043,180,000 | 4,230,845,000 |
Liabilities related to assets held for sale | (43,716,000) | $ 0 |
Operating Property Loan | ||
Maturities of Long-term Debt [Abstract] | ||
2,019 | $ 220,031,000 | |
Number of operating property loans (loan) | loan | 6 | |
Unsecured Term Loan | ||
Maturities of Long-term Debt [Abstract] | ||
2,019 | $ 350,000,000 | |
Number of debt instruments | loan | 1 | |
Unsecured Term Loan | ||
Maturities of Long-term Debt [Abstract] | ||
Face value of debt instrument | $ 51,896,000 | |
Principal Amortization | ||
Maturities of Long-term Debt [Abstract] | ||
2,019 | 42,166,000 | |
Mortgages | Operating Property Loan | ||
Maturities of Long-term Debt [Abstract] | ||
2,019 | $ 68,101,000 | |
Term of extension option | 1 year | |
Mortgages | Operating Property Loan | ||
Maturities of Long-term Debt [Abstract] | ||
2,019 | $ 54,550,000 | |
Term of extension option | 2 years | |
Mortgages | Remaining Loans | ||
Maturities of Long-term Debt [Abstract] | ||
2,019 | $ 97,380,000 | |
Chesterfield Mall, Midland Mall, and Wausau Center | Mortgages | ||
Maturities of Long-term Debt [Abstract] | ||
Mortgage and other indebtedness, net | $ 163,476,000 |
SHAREHOLDERS' EQUITY AND PART_3
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL - Common Stock and Common Units (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Partnership | ||
Shareholders Equity [Line Items] | ||
Common units outstanding (shares) | 199,414,863 | 199,297,151 |
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 authorized (shares) | 350,000,000 | |
Common stock, par value (USD per share) | $ 0.01 | |
Common stock outstanding (shares) | 172,656,458 | 171,088,778 |
SHAREHOLDERS' EQUITY AND PART_4
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL - At-the-Market Equity Program (Details) - USD ($) | 12 Months Ended | 58 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | 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 (as a percent) | 2.00% | ||||
Issuance of common stock and restricted common stock (shares) | 727,812 | 348,809 | 335,417 | ||
Common stock offering, maximum remaining aggregate price | $ 88,507,000 | ||||
Common Stock | |||||
Class of Stock [Line Items] | |||||
Gross proceeds from issuance of common stock | 211,493,000 | ||||
Net proceeds from issuance of common stock | $ 209,596,000 | ||||
Issuance of common stock and restricted common stock (shares) | 8,419,298 | ||||
At The Market Stock Sales | |||||
Class of Stock [Line Items] | |||||
Proceeds from sale of common stock weighted average price per share (USD per share) | $ 25.12 |
SHAREHOLDERS' EQUITY AND PART_5
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL - Common Stock Repurchase Program (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)unitholdershares | Dec. 31, 2017USD ($)unitholdershares | Dec. 31, 2016USD ($)unitholdershares | |
Class of Stock [Line Items] | |||
Value of redemption of units | $ | $ 2,246 | $ 656 | $ 11,754 |
Number of holders of common units who received cash for their units (unitholder) | unitholder | 2 | 5 | 4 |
Redeemable noncontrolling interest, units exercised for conversion (shares) | 526,510 | 84,014 | 964,796 |
Operating Partnership | |||
Class of Stock [Line Items] | |||
Redeemable noncontrolling interest, units exercised for conversion (shares) | 915,338 | ||
Redeemable noncontrolling interest, shares issued upon exercise of common units (shares) | 915,338 |
SHAREHOLDERS' EQUITY AND PART_6
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL - Preferred Stock and Preferred Units (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shareholders Equity [Line Items] | |||
Preferred stock authorized (shares) | 15,000,000 | ||
Preferred stock, par value (USD per share) | $ 0.01 | ||
Issuance of common stock and restricted common stock (shares) | 727,812 | 348,809 | 335,417 |
Series E preferred stock | |||
Shareholders Equity [Line Items] | |||
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 | |
Issuance of common stock and restricted common stock (shares) | 6,900,000 | 6,900,000 | |
Preferred stock dividend rate (as a percent) | 6.625% | 6.625% | |
Preferred stock, liquidation preference per share (USD per share) | $ 250 | ||
Depositary shares, liquidation preference (USD per share) | 25 | ||
Dividends in arrears per share (USD per share) | 16.5625 | ||
Dividends in arrears per depositary share (USD per share) | 1.65625 | ||
Redemption price per share (USD per share) | 250 | ||
7.375% Series D Cumulative Redeemable Preferred Stock | |||
Shareholders Equity [Line Items] | |||
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 | |
Preferred stock dividend rate (as a percent) | 7.375% | 7.375% | |
Preferred stock, liquidation preference per share (USD per share) | $ 250 | ||
Depositary shares, liquidation preference (USD per share) | 25 | ||
Dividends in arrears per share (USD per share) | 18.4375 | ||
Dividends in arrears per depositary share (USD per share) | 1.84375 | ||
Redemption price per share (USD per share) | $ 250 | ||
Depositary shares outstanding (shares) | 18,150,000 | 18,150,000 |
SHAREHOLDERS' EQUITY AND PART_7
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, 2019 | Oct. 16, 2018 | Jul. 16, 2018 | Apr. 17, 2018 | Jan. 16, 2018 | Jan. 16, 2017 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Shareholders Equity [Line Items] | ||||||||||
Common stock cash dividends per share (USD per share) | $ 0.200 | $ 0.200 | $ 0.20 | $ 0.20 | $ 0.265 | |||||
Cash distributions paid | $ 12,949 | |||||||||
Accrued dividends and distributions payable | $ 34,217 | $ 34,217 | ||||||||
Subsequent Event | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Common stock cash dividends per share (USD per share) | $ 0.075 | |||||||||
Tax Year 2019 | Subsequent Event | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Common stock cash dividends per share (USD per share) | $ 0.075 | |||||||||
Tax Year 2018 | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Common stock cash dividends per share (USD per share) | $ 0.20 | |||||||||
Tax Year 2016 | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Common stock cash dividends per share (USD per share) | 0.081 | |||||||||
Tax Year 2017 | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Common stock cash dividends per share (USD per share) | $ 0.184 | |||||||||
Common Stock | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Dividends declared (USD per share) | $ 0.80000 | $ 0.97970004 | $ 0.876 | |||||||
Allocations | 100.00% | 100.00% | 100.00% | |||||||
Common Stock | Ordinary income | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Allocations | 82.83% | 85.37% | 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 | 17.17% | 14.63% | 0.00% | |||||||
Series D preferred stock | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Dividends declared (USD per share) | $ 18.4375 | $ 18.4375 | $ 18.4375 | |||||||
Series E preferred stock | ||||||||||
Shareholders Equity [Line Items] | ||||||||||
Dividends declared (USD 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 PART_8
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL - Distributions - Operating Partnership (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2018 | Jan. 16, 2019 | Oct. 16, 2018 | Jul. 16, 2018 | Apr. 17, 2018 | |
Distribution Made to Limited Partner [Line Items] | ||||||
Cash distributions paid | $ 12,949 | |||||
CBL & Associates Limited Partnership | ||||||
Distribution Made to Limited Partner [Line Items] | ||||||
Cash distributions paid | $ 4,181 | $ 7,412 | ||||
CBL & Associates Limited Partnership | Redeemable Common Units | ||||||
Distribution Made to Limited Partner [Line Items] | ||||||
Distributions declared (USD per share) | $ 0.7322 | $ 0.7322 | $ 0.7322 | |||
CBL & Associates Limited Partnership | Common Units | ||||||
Distribution Made to Limited Partner [Line Items] | ||||||
Distributions declared (USD per share) | $ 0.2048 | $ 0.2048 | $ 0.2047 | |||
Subsequent Event | CBL & Associates Limited Partnership | Redeemable Common Units | ||||||
Distribution Made to Limited Partner [Line Items] | ||||||
Distributions declared (USD per share) | $ 0.7322 | |||||
Subsequent Event | CBL & Associates Limited Partnership | Common Units | ||||||
Distribution Made to Limited Partner [Line Items] | ||||||
Distributions declared (USD per share) | $ 0.0808 |
REDEEMABLE INTERESTS AND NONC_3
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS - Operating Partnership (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018USD ($)shares | Nov. 30, 2005quarter$ / sharesshares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2013USD ($)shares | Jun. 30, 2005quarter$ / sharesshares | Jul. 31, 2004USD ($)$ / sharesshares | |
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Value of redemption of units | $ | $ 2,246 | $ 656 | $ 11,754 | |||||
Redeemable noncontrolling interest, units exercised for conversion (shares) | 526,510 | 84,014 | 964,796 | |||||
K-SCUs | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Value of redemption of units | $ | $ 21 | |||||||
Redeemable noncontrolling interest, units exercised for conversion (shares) | 8,120 | |||||||
Operating Partnership | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Units of partnership interest (shares) | 26,758,405 | 26,758,405 | 28,208,373 | |||||
Redeemable noncontrolling interest, allocation from (to) shareholders' equity, adjustment | $ | $ 4,065 | $ 3,049 | $ 2,454 | |||||
Noncontrolling interest, allocation from (to) Shareholders' Equity, adjustment | $ | $ 13,642 | $ 4,290 | $ (13,625) | |||||
Redeemable noncontrolling interest, units exercised for conversion (shares) | 915,338 | |||||||
Operating Partnership | CBL’s Predecessor | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Units of partnership interest (shares) | 18,117,350 | 18,117,350 | 18,172,690 | |||||
Operating Partnership | Third parties | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Units of partnership interest (shares) | 8,641,055 | 8,641,055 | 10,035,683 | |||||
Operating Partnership | The Company | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Redeemable noncontrolling interests | $ | $ 3,575 | $ 3,575 | $ 8,835 | |||||
Partners' capital attributable to noncontrolling interest | $ | $ 55,917 | $ 55,917 | $ 86,773 | |||||
Operating Partnership | S-SCUs | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Units of partnership interest (shares) | 1,560,940 | |||||||
Limited partnership agreement, noncontrolling interest redemption right, acquisition price threshold of qualifying property | $ | $ 20,000 | |||||||
Operating Partnership | S-SCUs | After Five Years | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Limited partnership agreement, annual distribution term, amount per unit (USD per unit) | $ / shares | $ 2.92875 | |||||||
Operating Partnership | L-SCUs | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Units of partnership interest (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 | |||||||
Operating Partnership | 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 (USD per unit) | $ / shares | $ 3.0288 | |||||||
Limited partnership agreement, quarterly distribution term, amount per unit (USD per unit) | $ / shares | $ 0.7572 | |||||||
Operating Partnership | Common Units | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Units of partnership interest (shares) | 622,278 | |||||||
Partnership units, value | $ | $ 14,000 | |||||||
Ownership interest acquired (as a percent) | 30.00% | |||||||
Operating Partnership | K-SCUs | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Units of partnership interest (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 | |||||||
Operating Partnership | K-SCUs | After First Year | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Partnership unit, dividend rate (as a percent) | 6.25% | |||||||
Partnership unit, dividends (USD per share) | $ / shares | $ 2.96875 | |||||||
Limited partnership agreement, redemption right, conversion rate to common stock, per share | 1 | |||||||
Operating Partnership | ||||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||||
Redeemable noncontrolling interest, ownership interest of noncontrolling owners (as a percent) | 0.80% | 0.80% | 0.80% | |||||
Noncontrolling interest, ownership interest of noncontrolling owners (as a percent) | 12.60% | 12.60% | 13.40% |
REDEEMABLE INTERESTS AND NONC_4
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS - Other Consolidated Subsidiaries and Variable Interest Entities (Details) $ in Thousands | 3 Months Ended | |
Dec. 31, 2017USD ($)subsidiary | Dec. 31, 2018USD ($)subsidiary | |
Redeemable Noncontrolling Interest [Line Items] | ||
Number of other consolidated subsidiaries (subsidiary) | subsidiary | 22 | 19 |
Other Consolidated Subsidiaries | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Redeemable noncontrolling interest, net gain (loss) on disposal of interest | $ (2,602) | |
Other noncontrolling interests | 9,701 | $ 12,111 |
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 NONC_5
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS - Variable Interest Entities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | $ 622,613,000 | $ 651,272,000 |
Liabilities, Consolidated | 561,700,000 | 590,864,000 |
Assets, Unconsolidated | 27,619,000 | |
Maximum Risk of Loss, Unconsolidated | 59,492,000 | |
Atlanta Outlet Outparcels, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 868,000 | 878,000 |
Liabilities, Consolidated | 0 | 0 |
Atlanta Outlet JV, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 56,537,000 | 60,476,000 |
Liabilities, Consolidated | 78,356,000 | 79,769,000 |
Guaranteed amount | 4,575,000 | |
CBL Terrace LP | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 15,531,000 | 16,472,000 |
Liabilities, Consolidated | 12,987,000 | 13,313,000 |
El Paso Outlet Center Holding, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 98,307,000 | 93,139,000 |
Liabilities, Consolidated | 78,210,000 | 65,149,000 |
El Paso Outlet Center II, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 12,000 | 8,512,000 |
Liabilities, Consolidated | 0 | 6,955,000 |
Gettysburg Outlet Center Holding, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 34,857,000 | 36,386,000 |
Liabilities, Consolidated | 38,835,000 | 39,049,000 |
Gettysburg Outlet Center, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 7,871,000 | 7,218,000 |
Liabilities, Consolidated | 140,000 | 74,000 |
High Point Development LP II | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 1,062,000 | 1,084,000 |
Liabilities, Consolidated | 76,000 | 69,000 |
Jarnigan Road LP | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 17,992,000 | 41,671,000 |
Liabilities, Consolidated | 1,071,000 | 20,229,000 |
Jarnigan Road II, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 23,789,000 | 0 |
Liabilities, Consolidated | 18,444,000 | 0 |
Laredo Outlet JV, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 106,817,000 | 110,174,000 |
Liabilities, Consolidated | 57,614,000 | 81,618,000 |
Guaranteed amount | 54,550,000 | |
Lebcon Associates | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 68,868,000 | 59,375,000 |
Liabilities, Consolidated | 121,670,000 | 120,879,000 |
Lebcon I, Ltd | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 8,621,000 | 9,034,000 |
Liabilities, Consolidated | 9,239,000 | 9,463,000 |
Lee Partners | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 784,000 | 1,011,000 |
Liabilities, Consolidated | 0 | 0 |
Louisville Outlet Outparcels, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 174,000 | 74,000 |
Liabilities, Consolidated | 0 | 0 |
Louisville Outlet Shoppes, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 69,182,000 | 73,173,000 |
Liabilities, Consolidated | 81,713,000 | 83,543,000 |
Guaranteed amount | 9,482,000 | |
Madison Grandview Forum, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 31,739,000 | 32,692,000 |
Liabilities, Consolidated | 13,346,000 | 13,198,000 |
The Promenade at D'Iberville | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 78,979,000 | 81,500,000 |
Liabilities, Consolidated | 49,383,000 | 46,568,000 |
Statesboro Crossing, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Consolidated | 623,000 | 18,403,000 |
Liabilities, Consolidated | 616,000 | $ 10,988,000 |
Ambassador Infrastructure, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Unconsolidated | 0 | |
Maximum Risk of Loss, Unconsolidated | 10,605,000 | |
Continental 425 Fund LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Unconsolidated | 7,250,000 | |
Maximum Risk of Loss, Unconsolidated | 0 | |
EastGate Storage, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Unconsolidated | 1,142,000 | |
Maximum Risk of Loss, Unconsolidated | 6,500,000 | |
Self Storage at Mid Rivers, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Unconsolidated | 1,084,000 | |
Maximum Risk of Loss, Unconsolidated | 5,987,000 | |
Shoppes at Eagle Point, LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Unconsolidated | 18,143,000 | |
Maximum Risk of Loss, Unconsolidated | 36,400,000 | |
G&I VIII CBL Triangle LLC | ||
Variable Interest Entity [Line Items] | ||
Assets, Unconsolidated | 0 | |
Maximum Risk of Loss, Unconsolidated | $ 0 |
MINIMUM RENTS - Summary (Detail
MINIMUM RENTS - Summary (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,019 | $ 497,014 |
2,020 | 426,228 |
2,021 | 363,482 |
2,022 | 294,441 |
2,023 | 234,191 |
Thereafter | 531,792 |
Total | $ 2,347,148 |
MORTGAGE AND OTHER NOTES RECE_3
MORTGAGE AND OTHER NOTES RECEIVABLE - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Mortgage and Other Notes Receivable [Line Items] | ||
Assignment of the partnership interest (as a percent) | 100.00% | |
Mortgage and other notes receivable balance, fully collectible | $ 7,672 | $ 8,945 |
Mortgage Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | 4,884 | 5,418 |
Notes Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | $ 2,788 | $ 3,527 |
Columbia Place Outparcel | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest rate (as a percent) | 5.00% | 5.00% |
Columbia Place Outparcel | Mortgage Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | $ 283 | $ 302 |
One Park Place | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest rate (as a percent) | 5.00% | 5.00% |
One Park Place | Mortgage Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | $ 783 | $ 1,010 |
Village Square | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest rate (as a percent) | 4.00% | 4.00% |
Village Square | Mortgage Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | $ 1,308 | $ 1,596 |
Other | Minimum | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest rate (as a percent) | 4.07% | 4.07% |
Other | Maximum | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest rate (as a percent) | 9.50% | 9.50% |
Other | Mortgage Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | $ 2,510 | $ 2,510 |
ERMC | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest rate (as a percent) | 4.00% | 4.00% |
ERMC | Notes Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | $ 2,183 | $ 2,855 |
Woodstock land | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Interest rate (as a percent) | 5.00% | 5.00% |
Woodstock land | Notes Receivable | ||
Mortgage and Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable balance, fully collectible | $ 605 | $ 672 |
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 - Summary (
SEGMENT INFORMATION - Summary (Details) - USD ($) $ in Thousands | 3 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 216,881 | $ 206,878 | $ 214,598 | $ 220,200 | $ 235,356 | $ 224,650 | $ 229,233 | $ 238,013 | $ 858,557 | $ 927,252 | $ 1,028,257 | |
Property operating expenses | (252,612) | (260,553) | (281,456) | |||||||||
Interest expense | (220,038) | (218,680) | (216,318) | |||||||||
Other expense | (787) | (5,180) | (20,326) | |||||||||
Gain on sales of real estate assets | 19,001 | 93,792 | 29,567 | |||||||||
Segment profit (loss) | 404,121 | 536,631 | 539,724 | |||||||||
Depreciation and amortization expense | (285,401) | (299,090) | (292,693) | |||||||||
General and administrative expense | (61,506) | (58,466) | (63,332) | |||||||||
Interest and other income | 1,858 | 1,706 | 1,524 | |||||||||
Gain on extinguishment of debt | 30,927 | |||||||||||
Loss on impairment | $ (71,285) | (174,529) | (71,401) | (116,822) | ||||||||
Loss on investment | (6,197) | 7,534 | ||||||||||
Equity in earnings of unconsolidated affiliates | 14,677 | 22,939 | 117,533 | |||||||||
Income tax benefit | 1,551 | 1,933 | 2,063 | |||||||||
Net income (loss) | (65,621) | $ (2,971) | $ (29,976) | $ (661) | 40,538 | $ 9,299 | $ 70,627 | $ 38,518 | (99,229) | 158,982 | 195,531 | |
Net Income before income tax benefit | 157,049 | |||||||||||
Total assets | 5,340,853 | 5,704,808 | 5,340,853 | 5,704,808 | 6,104,640 | |||||||
Capital expenditures | 144,959 | 183,117 | 267,803 | |||||||||
Malls | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 783,194 | 847,979 | 928,214 | |||||||||
Property operating expenses | (236,807) | (244,282) | (268,898) | |||||||||
Interest expense | (103,162) | (120,414) | (143,903) | |||||||||
Other expense | (85) | 0 | 0 | |||||||||
Gain on sales of real estate assets | 799 | 75,980 | 481 | |||||||||
Segment profit (loss) | 443,939 | 559,263 | 515,894 | |||||||||
Total assets | 4,868,141 | 5,152,789 | 4,868,141 | 5,152,789 | 5,383,937 | |||||||
Capital expenditures | 132,187 | 174,327 | 165,230 | |||||||||
All Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 75,363 | 79,273 | 100,043 | |||||||||
Property operating expenses | (15,805) | (16,271) | (12,558) | |||||||||
Interest expense | (116,876) | (98,266) | (72,415) | |||||||||
Other expense | (702) | (5,180) | (20,326) | |||||||||
Gain on sales of real estate assets | 18,202 | 17,812 | 29,086 | |||||||||
Segment profit (loss) | (39,818) | (22,632) | 23,830 | |||||||||
Total assets | $ 472,712 | $ 552,019 | 472,712 | 552,019 | 720,703 | |||||||
Capital expenditures | $ 12,772 | $ 8,790 | $ 102,573 |
SUPPLEMENTAL AND NONCASH INFO_3
SUPPLEMENTAL AND NONCASH INFORMATION - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Significant Noncash Transactions [Line Items] | |||
Cash paid for interest, net of amounts capitalized | $ 205,029 | $ 220,099 | $ 209,566 |
Accrued dividends and distributions payable | 17,130 | 41,628 | 54,313 |
Additions to real estate assets accrued but not yet paid | 22,791 | 5,490 | 24,881 |
Increase (decrease) in real estate assets | 0 | (149,722) | 0 |
Decrease in mortgage and other indebtedness | 0 | 181,992 | 0 |
Decrease in operating assets and liabilities | 0 | 10,744 | 0 |
Decrease in intangible lease and other assets | 0 | (3,216) | 0 |
Conversion of Operating Partnership units to common stock | 3,059 | 0 | 0 |
Capital contribution of note receivable to joint venture | 0 | 0 | 5,280 |
Capital contribution from noncontrolling interest to joint venture | 0 | 0 | 155 |
Write-off of notes receivable | 0 | 0 | 1,846 |
Mortgage debt assumed by buyer of real estate assets | $ 0 | $ 0 | 38,150 |
Weighted average interest rate (as a percent) | 5.10% | 4.74% | |
Senior unsecured notes due 2026 | |||
Other Significant Noncash Transactions [Line Items] | |||
Discount on issuance of 5.95% Senior Notes due 2026 | $ 0 | $ 3,938 | 5,740 |
Senior Unsecured Notes | Senior unsecured notes due 2026 | |||
Other Significant Noncash Transactions [Line Items] | |||
Weighted average interest rate (as a percent) | 5.95% | ||
Corporate Joint Venture | Partnership Interest | |||
Other Significant Noncash Transactions [Line Items] | |||
Increase (decrease) in real estate assets | $ (8,221) | (9,363) | (14,025) |
Decrease in mortgage and other indebtedness | 0 | 2,466 | 0 |
Increase in investment in unconsolidated affiliates | 8,174 | 232 | 14,030 |
Increase (decrease) in operating assets and liabilities | 0 | 1,286 | (5) |
Decrease in noncontrolling interest and joint venture interest | 0 | 2,232 | 0 |
JC Gulf Coast LLC | Corporate Joint Venture | Partnership Interest | |||
Other Significant Noncash Transactions [Line Items] | |||
Increase (decrease) in real estate assets | 0 | 7,463 | 0 |
Decrease in investment in unconsolidated affiliates | 0 | (2,818) | 0 |
Increase in intangible lease and other assets | 0 | 120 | 0 |
Decrease in mortgage notes receivable | 0 | (4,118) | 0 |
Decrease in operating assets and liabilities | $ 0 | $ (647) | $ 0 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unconsolidated Affiliate and Other Affiliated Partnerships | |||
Related Party Transaction [Line Items] | |||
Revenues recognized, from related party transactions | $ 7,607 | $ 7,598 | $ 9,144 |
CONTINGENCIES - Summary (Detail
CONTINGENCIES - Summary (Details) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2017 | Dec. 31, 2018USD ($)extension_option | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Guarantor Obligations [Line Items] | ||||
Environmental liability insurance, maximum coverage per incident (up to $50,000) | $ 10,000,000 | |||
Environmental liability insurance, aggregate coverage limit (up to) | 50,000,000 | |||
Guarantees [Abstract] | ||||
Obligation recorded to reflect guaranty | $ 1,158,000 | $ 841,000 | ||
Guaranty reduction percentage, once construction is complete (as a percent) | 50.00% | |||
Guaranty reduction percentage, once certain debt and operational metrics are met (as a percent) | 25.00% | |||
Guaranty fee (as a percent) | 1.00% | |||
Performance Bonds [Abstract] | ||||
Bonds outstanding | $ 16,003,000 | 16,998,000 | ||
Initial term of lease | 20 years | |||
Lease expense | $ 882,000 | 980,000 | $ 1,301,000 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||
2,019 | 504,000 | |||
2,020 | 610,000 | |||
2,021 | 517,000 | |||
2,022 | 321,000 | |||
2,023 | 281,000 | |||
Thereafter | 12,297,000 | |||
Total lease payments due | $ 14,530,000 | |||
Minimum | ||||
Guarantees [Abstract] | ||||
Company's Ownership Interest | 10.00% | |||
Number of extension options available | extension_option | 1 | |||
Performance Bonds [Abstract] | ||||
Term of renewal option | 5 years | |||
Maximum | ||||
Guarantees [Abstract] | ||||
Company's Ownership Interest | 65.00% | |||
Performance Bonds [Abstract] | ||||
Term of renewal option | 10 years | |||
West Melbourne I, LLC - Phase I & II and Port Orange I, LLC [Member] | ||||
Guarantees [Abstract] | ||||
Guaranty reduction percentage, once construction is complete (as a percent) | 20.00% | |||
West Melbourne I, LLC - Phase I | ||||
Guarantees [Abstract] | ||||
Company's Ownership Interest | 50.00% | |||
Outstanding Balance | $ 40,587,000 | |||
Percentage Guaranteed by the Operating Partnership | 50.00% | |||
Maximum Guaranteed Amount | $ 20,293,500 | |||
Obligation recorded to reflect guaranty | $ 203,000 | 86,000 | ||
West Melbourne I, LLC - Phase II | ||||
Guarantees [Abstract] | ||||
Company's Ownership Interest | 50.00% | |||
Outstanding Balance | $ 16,007,000 | |||
Percentage Guaranteed by the Operating Partnership | 50.00% | |||
Maximum Guaranteed Amount | $ 8,003,500 | |||
Obligation recorded to reflect guaranty | $ 80,000 | 33,000 | ||
Port Orange I, LLC | ||||
Guarantees [Abstract] | ||||
Company's Ownership Interest | 50.00% | |||
Outstanding Balance | $ 56,087,000 | |||
Percentage Guaranteed by the Operating Partnership | 50.00% | |||
Maximum Guaranteed Amount | $ 28,043,500 | |||
Obligation recorded to reflect guaranty | $ 280,000 | 116,000 | ||
Number of extension options available | extension_option | 2 | |||
Term of extension option | 1 year | |||
Ambassador Infrastructure, LLC | ||||
Guarantees [Abstract] | ||||
Company's Ownership Interest | 65.00% | |||
Outstanding Balance | $ 10,605,000 | |||
Percentage Guaranteed by the Operating Partnership | 100.00% | 100.00% | ||
Maximum Guaranteed Amount | $ 10,605,000 | |||
Obligation recorded to reflect guaranty | $ 106,000 | 177,000 | ||
Shoppes at Eagle Point, LLC | ||||
Guarantees [Abstract] | ||||
Company's Ownership Interest | 50.00% | |||
Outstanding Balance | $ 33,826,000 | |||
Percentage Guaranteed by the Operating Partnership | 100.00% | |||
Maximum Guaranteed Amount | $ 36,400,000 | |||
Obligation recorded to reflect guaranty | $ 364,000 | 364,000 | ||
Number of extension options available | extension_option | 1 | |||
Term of extension option | 2 years | |||
Guaranty reduction percentage, once construction is complete (as a percent) | 35.00% | |||
EastGate Storage, LLC | ||||
Guarantees [Abstract] | ||||
Company's Ownership Interest | 50.00% | |||
Outstanding Balance | $ 5,222,000 | |||
Percentage Guaranteed by the Operating Partnership | 100.00% | |||
Maximum Guaranteed Amount | $ 6,500,000 | |||
Obligation recorded to reflect guaranty | $ 65,000 | 65,000 | ||
Guaranty reduction percentage, once construction is complete (as a percent) | 50.00% | |||
Guaranty reduction percentage, once certain debt and operational metrics are met (as a percent) | 25.00% | |||
York Town Center, LP | ||||
Guarantees [Abstract] | ||||
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 | $ 12,400,000 | |||
Guaranty obligation agreed to be reimbursed by joint venture partner (as a percent) | 50.00% | |||
Self Storage at Mid Rivers, LLC | ||||
Guarantees [Abstract] | ||||
Company's Ownership Interest | 50.00% | |||
Outstanding Balance | $ 3,892,000 | |||
Percentage Guaranteed by the Operating Partnership | 100.00% | |||
Maximum Guaranteed Amount | $ 5,987,000 | |||
Obligation recorded to reflect guaranty | $ 60,000 | $ 0 | ||
York Town Center, LP | ||||
Guarantees [Abstract] | ||||
Ownership interest in cost method investment (as a percent) | 50.00% |
FAIR VALUE MEASUREMENTS - Recur
FAIR VALUE MEASUREMENTS - Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Fair value of mortgage and other indebtedness | $ 3,740,431 | $ 4,199,357 |
FAIR VALUE MEASUREMENTS - Nonre
FAIR VALUE MEASUREMENTS - Nonrecurring Basis (Details) - USD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-lived assets | $ 91,841 | $ 81,350 | $ 46,200 | |
Loss on impairment | $ 71,285 | 174,529 | 71,401 | $ 116,822 |
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 | $ 91,841 | $ 81,350 |
FAIR VALUE MEASUREMENTS - Long-
FAIR VALUE MEASUREMENTS - Long-Lived Assets Measured at Fair Value (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||||||||||
Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Sep. 30, 2016USD ($)office_building | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2018USD ($)mall | Dec. 31, 2017USD ($)malloutparcel | Dec. 31, 2016USD ($)propertyoffice_buildingmalloutparcelstore | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 71,285 | $ 174,529 | $ 71,401 | $ 116,822 | |||||||||||||||||||
Number of malls with impairment (mall) | mall | 5 | 2 | 9 | ||||||||||||||||||||
Fair Value | $ 91,841 | $ 46,200 | $ 91,841 | $ 81,350 | $ 46,200 | ||||||||||||||||||
Assets | 5,340,853 | 6,104,640 | 5,340,853 | $ 5,704,808 | $ 6,104,640 | ||||||||||||||||||
Number of stores with Impairment (outparcel) | outparcel | 1 | 3 | |||||||||||||||||||||
Number of office buildings with impairment (office building) | office_building | 3 | ||||||||||||||||||||||
Mortgage and other indebtedness, net | 4,043,180 | 4,043,180 | $ 4,230,845 | ||||||||||||||||||||
Cary Towne Center | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | 2,693 | $ 51,983 | |||||||||||||||||||||
Eastland Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | 36,525 | ||||||||||||||||||||||
Honey Creek Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | 48,640 | ||||||||||||||||||||||
Acadiana Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 43,007 | ||||||||||||||||||||||
Hickory Point Mall | |||||||||||||||||||||||
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] | |||||||||||||||||||||||
Non-cash impairment of long-lived asset | $ 854 | ||||||||||||||||||||||
Number of properties disposed of (property) | property | 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 | $ 0 | $ 0 | ||||||||||||||||||||
Assets | 27,440 | 27,440 | $ 27,440 | ||||||||||||||||||||
Concentration risk (as a percent) | 0.70% | ||||||||||||||||||||||
Purchase Price | 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 | ||||||||||||||||||||
Concentration risk (as a percent) | 0.60% | ||||||||||||||||||||||
Estimated selling costs relative to total fair value (as a percent) | 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 (as a percent) | 0.60% | ||||||||||||||||||||||
Reserve for future capital expenditures | $ 2,100 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Assets | 65,447 | $ 65,447 | |||||||||||||||||||||
Concentration risk (as a percent) | 1.60% | ||||||||||||||||||||||
Purchase Price | 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 | ||||||||||||||||||||||
Concentration risk (as a percent) | 0.30% | ||||||||||||||||||||||
Number of stores sold | store | 2 | ||||||||||||||||||||||
Estimated selling costs relative to total fair value (as a percent) | 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 | (150) | $ 43,294 | ||||||||||||||||||||
Number of malls with impairment (mall) | mall | 3 | ||||||||||||||||||||||
Fair Value | 0 | 0 | $ 0 | ||||||||||||||||||||
Assets | 31,318 | 31,318 | $ 31,318 | ||||||||||||||||||||
Concentration risk (as a percent) | 1.50% | ||||||||||||||||||||||
Purchase Price | 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 | ||||||||||||||||||||
Concentration risk (as a percent) | 0.30% | ||||||||||||||||||||||
Number of office buildings with impairment (office building) | office_building | 2 | ||||||||||||||||||||||
Estimated selling costs relative to total fair value (as a percent) | 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 | ||||||||||||||||||||
Concentration risk (as a percent) | 0.10% | ||||||||||||||||||||||
Estimated selling costs relative to total fair value (as a percent) | 2.00% | ||||||||||||||||||||||
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 | |||||||||||||||||||||
Malls | Janesville Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 18,061 | ||||||||||||||||||||||
Fair Value | $ 0 | ||||||||||||||||||||||
Investment in consolidated joint venture, fair value | $ 17,640 | 17,640 | |||||||||||||||||||||
Malls | Cary Towne Center | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | 54,678 | ||||||||||||||||||||||
Fair Value | $ 30,971 | $ 30,971 | |||||||||||||||||||||
Malls | Acadania Mall - Macy's & Land | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | 1,593 | ||||||||||||||||||||||
Fair Value | 3,920 | 3,920 | |||||||||||||||||||||
Investment in consolidated joint venture, fair value | 3,920 | 3,920 | |||||||||||||||||||||
Malls | Eastland Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | 36,525 | ||||||||||||||||||||||
Fair Value | 26,450 | 26,450 | |||||||||||||||||||||
Investment in consolidated joint venture, fair value | 26,450 | 26,450 | |||||||||||||||||||||
Malls | Honey Creek Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | 48,640 | ||||||||||||||||||||||
Fair Value | 16,400 | 16,400 | |||||||||||||||||||||
Investment in consolidated joint venture, fair value | 16,400 | 16,400 | |||||||||||||||||||||
Malls | Woodstock, GA - Land | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 43,007 | ||||||||||||||||||||||
Fair Value | 67,300 | 67,300 | |||||||||||||||||||||
Investment in consolidated joint venture, fair value | $ 67,300 | $ 67,300 | |||||||||||||||||||||
Concentration risk (as a percent) | 1.90% | ||||||||||||||||||||||
Malls | Hickory Point Mall | |||||||||||||||||||||||
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 | |||||||||||||||||||
Concentration risk (as a percent) | 0.50% | ||||||||||||||||||||||
Malls/ All Other | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | 606 | ||||||||||||||||||||||
Fair Value | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||||
Malls/ All Other | D'Ibervilee, MS - Land | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 14,598 | ||||||||||||||||||||||
Fair Value | $ 8,100 | ||||||||||||||||||||||
Investment in consolidated joint venture, fair value | 8,100 | 8,100 | |||||||||||||||||||||
Malls/ All Other | Pavilion at Port Orange - Land | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | 434 | ||||||||||||||||||||||
Fair Value | $ 6,000 | $ 6,000 | |||||||||||||||||||||
Retail Site | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Loss on impairment | $ 115,968 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
Expected Term | Midland Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Holding period | 10 years | ||||||||||||||||||||||
Expected Term | Wausau Center | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Holding period | 10 years | ||||||||||||||||||||||
Expected Term | Minimum | One and Two Oyster Point | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Holding period | 1 year | ||||||||||||||||||||||
Expected Term | Maximum | One and Two Oyster Point | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Holding period | 2 years | ||||||||||||||||||||||
Expected Term | Malls | Cary Towne Center | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Holding period | 10 years | ||||||||||||||||||||||
Expected Term | Malls | Eastland Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Holding period | 10 years | ||||||||||||||||||||||
Expected Term | Malls | Honey Creek Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Holding period | 10 years | ||||||||||||||||||||||
Expected Term | Malls | Acadiana Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Holding period | 10 years | ||||||||||||||||||||||
Expected Term | Malls | Hickory Point Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Holding period | 10 years | ||||||||||||||||||||||
Cap Rate | Midland Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.0975 | 0.0975 | 0.0975 | ||||||||||||||||||||
Cap Rate | Wausau Center | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.1325 | 0.1325 | |||||||||||||||||||||
Cap Rate | One and Two Oyster Point | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.080 | 0.080 | |||||||||||||||||||||
Cap Rate | Cobblestone Village at Palm Coast | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.090 | 0.090 | 0.090 | ||||||||||||||||||||
Cap Rate | Malls | Cary Towne Center | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.120 | 0.120 | |||||||||||||||||||||
Cap Rate | Malls | Eastland Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.150 | 0.150 | |||||||||||||||||||||
Cap Rate | Malls | Honey Creek Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.180 | 0.180 | |||||||||||||||||||||
Cap Rate | Malls | Acadiana Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.155 | 0.155 | |||||||||||||||||||||
Cap Rate | Malls | Hickory Point Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.180 | 0.180 | 0.180 | 0.180 | |||||||||||||||||||
Discount Rate | Midland Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.115 | 0.115 | 0.115 | ||||||||||||||||||||
Discount Rate | Wausau Center | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.130 | 0.130 | |||||||||||||||||||||
Discount Rate | One and Two Oyster Point | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.100 | 0.100 | |||||||||||||||||||||
Discount Rate | Cobblestone Village at Palm Coast | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.1075 | 0.1075 | 0.1075 | ||||||||||||||||||||
Discount Rate | Malls | Cary Towne Center | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.13 | 0.13 | |||||||||||||||||||||
Discount Rate | Malls | Eastland Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.170 | 0.170 | |||||||||||||||||||||
Discount Rate | Malls | Honey Creek Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.200 | 0.200 | |||||||||||||||||||||
Discount Rate | Malls | Acadiana Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.1575 | 0.1575 | |||||||||||||||||||||
Discount Rate | Malls | Hickory Point Mall | |||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||||||
Measurement input (as a percent) | 0.190 | 0.190 | 0.190 | 0.190 |
SHARE-BASED COMPENSATION - Summ
SHARE-BASED COMPENSATION - Summary (Details) $ / shares in Units, $ in Thousands | Feb. 12, 2018$ / sharesshares | Feb. 07, 2017$ / sharesshares | Dec. 31, 2018USD ($)installmentplan$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of share-based compensation plans (shares) | plan | 1 | ||||
Number of shares authorized (shares) | 10,400,000 | ||||
Award vesting period | 5 years | ||||
Share-based compensation expense | $ | $ 3,744 | $ 3,907 | $ 4,681 | ||
Share-based compensation cost capitalized as part of real estate assets | $ | 287 | $ 405 | $ 351 | ||
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 | $ | $ 4,596 | ||||
Compensation cost to be recognized over a weighted average period | 2 years 6 months | ||||
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 (shares) | 642,359 | ||||
Granted (shares) | 693,064 | ||||
Vested (shares) | (443,159) | ||||
Forfeited (shares) | (16,767) | ||||
Nonvested, end of period (shares) | 875,497 | 642,359 | |||
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 (USD per share) | $ / shares | $ 13.23 | ||||
Weighted average grant-date fair value, granted (USD per share) | $ / shares | 4.55 | $ 10.75 | $ 10.02 | ||
Weighted average grant-date fair value, vested (USD per share) | $ / shares | 10.15 | ||||
Weighted average grant-date fair value, forfeited (USD per share) | $ / shares | 9.10 | ||||
Weighted average grant-date fair value, nonvested, ending of period (USD per share) | $ / shares | $ 7.99 | $ 13.23 | |||
Total fair value of shares vested | $ | $ 2,189 | $ 2,791 | $ 2,605 | ||
Vesting rate (as a percent) | 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 | $ | $ 1,364 | $ 1,501 | $ 1,033 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Nonvested, beginning of period (shares) | 560,371 | ||||
Granted (shares) | 741,977 | 277,376 | 282,995 | ||
Canceled (shares) | (252,538) | ||||
Forfeited (shares) | (138,899) | ||||
Nonvested, end of period (shares) | 910,911 | 560,371 | |||
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 (USD per share) | $ / shares | $ 5.91 | ||||
Weighted average grant-date fair value, granted (USD per share) | $ / shares | 2.63 | $ 6.86 | $ 4.98 | ||
Weighted average grant-date fair value, canceled (USD per share) | $ / shares | 4.41 | ||||
Weighted average grant-date fair value, forfeited (USD per share) | $ / shares | 4.22 | ||||
Weighted average grant-date fair value, nonvested, ending of period (USD per share) | $ / shares | $ 4.76 | $ 6.86 | $ 4.67 | $ 5.91 | |
Unrecognized compensation cost related to nonvested stock awards | $ | $ 1,594 | ||||
Compensation cost to be recognized over a weighted average period | 3 years 2 months | ||||
Service period | 3 years | ||||
Number of shares authorized to be granted annually (shares) | 200,000 | ||||
Shares granted in period classified as liabilities (shares) | 381,749 | ||||
Risk-free interest rate (as a percent) | 2.36% | 1.53% | |||
Expected share price volatility (as a percent) | 42.02% | 32.85% | |||
Performance Shares | Chief Executive Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Granted (shares) | 240,164 | 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 (USD per share) | $ / shares | $ 3.13 | $ 5.62 | |||
Performance Shares | Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Granted (shares) | 120,064 | 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 (USD per share) | $ / shares | $ 1.63 | $ 7.74 | |||
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 rate (as a percent) | 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 rate (as a percent) | 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 rate (as a percent) | 20.00% |
EMPLOYEE BENEFIT PLANS - Narrat
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Retirement Benefits [Abstract] | |||
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 (as a percent) | 50.00% | ||
Defined contribution plan, maximum annual contribution per employee (as a percent) | 2.50% | ||
Defined contribution plan, employer discretionary contribution amount | $ 1,003 | $ 1,034 | $ 987 |
QUARTERLY INFORMATION (UNAUDI_3
QUARTERLY INFORMATION (UNAUDITED) - Summary (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate Properties [Line Items] | ||||||||||||||
Total revenues | $ 216,881 | $ 206,878 | $ 214,598 | $ 220,200 | $ 235,356 | $ 224,650 | $ 229,233 | $ 238,013 | $ 858,557 | $ 927,252 | $ 1,028,257 | |||
Net income (loss) | (65,621) | (2,971) | (29,976) | (661) | 40,538 | 9,299 | 70,627 | 38,518 | (99,229) | 158,982 | 195,531 | |||
Net income (loss) attributable to the Company | (54,307) | (1,367) | (23,797) | 903 | 36,464 | 8,965 | 41,396 | 34,115 | (78,568) | 120,940 | ||||
Net income (loss) attributable to common shareholders | $ (65,530) | $ (12,590) | $ (35,020) | $ (10,320) | $ 25,241 | $ (2,258) | $ 30,173 | $ 22,892 | $ (123,460) | $ 76,048 | ||||
Basic per share/unit data attributable to common shareholders/unitholders: | ||||||||||||||
Net income (loss) attributable to common shareholders (USD per share) | $ (0.39) | $ (0.07) | $ (0.20) | $ (0.06) | $ 0.15 | $ (0.01) | $ 0.18 | $ 0.13 | $ (0.72) | $ 0.44 | ||||
Loss on impairment of real estate | $ 71,285 | $ 174,529 | $ 71,401 | 116,822 | ||||||||||
Gain (loss) on sales of real estate assets | $ 19,001 | 93,792 | 29,567 | |||||||||||
Gain (loss) on extinguishment of debt | $ 30,927 | |||||||||||||
The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | ||||||||||||||
Basic per share/unit data attributable to common shareholders/unitholders: | ||||||||||||||
Gain (loss) on sales of real estate assets | $ 75,434 | |||||||||||||
River Ridge Mall, Lynchburg, VA | ||||||||||||||
Basic per share/unit data attributable to common shareholders/unitholders: | ||||||||||||||
Loss on impairment of real estate | $ 84 | $ 9,510 | $ 9,594 | |||||||||||
Parent Company | The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | ||||||||||||||
Basic per share/unit data attributable to common shareholders/unitholders: | ||||||||||||||
Gain (loss) on sales of real estate assets | 48,800 | |||||||||||||
Parent Company | River Ridge Mall, Lynchburg, VA | ||||||||||||||
Basic per share/unit data attributable to common shareholders/unitholders: | ||||||||||||||
Gain (loss) on sales of real estate assets | (5,843) | |||||||||||||
Cary Towne Center | ||||||||||||||
Basic per share/unit data attributable to common shareholders/unitholders: | ||||||||||||||
Loss on impairment of real estate | $ 2,693 | $ 51,983 | ||||||||||||
Eastland Mall | ||||||||||||||
Basic per share/unit data attributable to common shareholders/unitholders: | ||||||||||||||
Loss on impairment of real estate | 36,525 | |||||||||||||
Honey Creek Mall | ||||||||||||||
Basic per share/unit data attributable to common shareholders/unitholders: | ||||||||||||||
Loss on impairment of real estate | $ 48,640 | |||||||||||||
Chesterfield Mall | ||||||||||||||
Basic per share/unit data attributable to common shareholders/unitholders: | ||||||||||||||
Gain (loss) on extinguishment of debt | 20,420 | |||||||||||||
Acadiana Mall, Lafayette, LA | ||||||||||||||
Basic per share/unit data attributable to common shareholders/unitholders: | ||||||||||||||
Loss on impairment of real estate | $ 43,007 | |||||||||||||
Wausau Center, Wausau, WI | ||||||||||||||
Basic per share/unit data attributable to common shareholders/unitholders: | ||||||||||||||
Gain (loss) on extinguishment of debt | $ 6,851 | |||||||||||||
Hickory Point | ||||||||||||||
Basic per share/unit data attributable to common shareholders/unitholders: | ||||||||||||||
Loss on impairment of real estate | $ 24,525 |
SUBSEQUENT EVENTS - Narrative (
SUBSEQUENT EVENTS - Narrative (Details) - USD ($) | Jan. 01, 2019 | Jan. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | ||||
Mortgage and other notes receivable | $ 7,672,000 | $ 8,945,000 | ||
Gain (loss) on extinguishment of debt | 30,927,000 | |||
Mortgage Receivable | ||||
Subsequent Event [Line Items] | ||||
Mortgage and other notes receivable | 4,884,000 | 5,418,000 | ||
Village Square | Mortgage Receivable | ||||
Subsequent Event [Line Items] | ||||
Mortgage and other notes receivable | 1,308,000 | $ 1,596,000 | ||
Subsequent Event | Acadania Mall | ||||
Subsequent Event [Line Items] | ||||
Extinguishment of debt | $ 119,760,000 | |||
Subsequent Event | Cary Towne Center | ||||
Subsequent Event [Line Items] | ||||
Extinguishment of debt | 43,716,000 | |||
Forecast | Acadania Mall | ||||
Subsequent Event [Line Items] | ||||
Gain (loss) on extinguishment of debt | 63,696,000 | |||
Forecast | Cary Towne Center | ||||
Subsequent Event [Line Items] | ||||
Gain (loss) on extinguishment of debt | 9,881,000 | |||
Unsecured Term Loan | ||||
Subsequent Event [Line Items] | ||||
Face value of debt instrument | $ 695,000,000 | |||
Unsecured Term Loan | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Face value of debt instrument | $ 500,000,000 | |||
Secured Debt | Line of Credit | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Face value of debt instrument | $ 1,185,000,000 | |||
Quarterly installment payments | 35,000,000 | |||
Secured Debt | Unsecured Term Loan | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Face value of debt instrument | 500,000,000 | |||
Secured Debt | Revolving Credit Facility | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Face value of debt instrument | $ 685,000,000 | |||
Unsecured lines of credit | ||||
Subsequent Event [Line Items] | ||||
Annual facility fee rate (as a percent) | 0.30% | |||
Secured credit facility, borrowing capacity | $ 1,100,000,000 | |||
LIBOR | Secured Debt | Line of Credit | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Basis spread on variable rate (as a percent) | 2.25% | |||
LIBOR | Unsecured lines of credit | ||||
Subsequent Event [Line Items] | ||||
Basis spread on variable rate (as a percent) | 1.55% | |||
Minimum | Secured Debt | Line of Credit | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Annual facility fee rate (as a percent) | 0.25% | |||
Minimum | LIBOR | Unsecured lines of credit | ||||
Subsequent Event [Line Items] | ||||
Basis spread on variable rate (as a percent) | 0.875% | |||
Maximum | Secured Debt | Line of Credit | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Annual facility fee rate (as a percent) | 0.35% | |||
Maximum | LIBOR | Unsecured lines of credit | ||||
Subsequent Event [Line Items] | ||||
Basis spread on variable rate (as a percent) | 1.55% |
Schedule II - VALUATION AND Q_2
Schedule II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for Tenant Receivables | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, beginning of year | $ 2,011 | $ 1,910 | $ 1,923 |
Additions in allowance charged to expense | 4,817 | 3,782 | 4,058 |
Bad debts charged against allowance | (4,491) | (3,681) | (4,071) |
Balance, end of year | 2,337 | 2,011 | 1,910 |
Allowance for Other Receivables | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, beginning of year | 838 | 838 | 1,276 |
Additions in allowance charged to expense | 0 | 0 | 0 |
Bad debts charged against allowance | (838) | 0 | (438) |
Balance, end of year | $ 0 | $ 838 | $ 838 |
Schedule III - REAL ESTATE AS_2
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,859,876 | |||
Initial Cost, Land | 816,810 | |||
Initial Cost, Buildings and Improvements | 4,947,278 | |||
Costs Capitalized Subsequent to Acquisition | 1,555,488 | |||
Sales of Outparcel Land | (40,968) | |||
Gross Amounts at Which Carried at Close of Period, Land | 793,944 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 6,484,664 | |||
Gross Amounts at Which Carried at Close of Period, Total | 7,278,608 | $ 7,621,930 | $ 7,947,647 | $ 8,240,521 |
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,493,082) | $ (2,465,095) | $ (2,427,108) | $ (2,382,568) |
Land and buildings and improvements, gross | $ 7,735,000 | |||
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 | $ 119,760 | |||
Initial Cost, Land | 25,083 | |||
Initial Cost, Buildings and Improvements | 145,769 | |||
Costs Capitalized Subsequent to Acquisition | (102,215) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 7,927 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 60,710 | |||
Gross Amounts at Which Carried at Close of Period, Total | 68,637 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,635) | |||
Alamance Crossing, Burlington, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 45,464 | |||
Initial Cost, Land | 20,853 | |||
Initial Cost, Buildings and Improvements | 62,852 | |||
Costs Capitalized Subsequent to Acquisition | 39,634 | |||
Sales of Outparcel Land | (3,373) | |||
Gross Amounts at Which Carried at Close of Period, Land | 17,481 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 102,485 | |||
Gross Amounts at Which Carried at Close of Period, Total | 119,966 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (37,055) | |||
Arbor Place, Atlanta (Douglasville), GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 109,209 | |||
Initial Cost, Land | 8,508 | |||
Initial Cost, Buildings and Improvements | 95,088 | |||
Costs Capitalized Subsequent to Acquisition | 28,164 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,508 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 123,252 | |||
Gross Amounts at Which Carried at Close of Period, Total | 131,760 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (70,005) | |||
Asheville Mall, Asheville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 66,038 | |||
Initial Cost, Land | 7,139 | |||
Initial Cost, Buildings and Improvements | 58,386 | |||
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 | 123,805 | |||
Gross Amounts at Which Carried at Close of Period, Total | 130,139 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (58,609) | |||
Brookfield Square, Brookfield, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,172 | |||
Initial Cost, Land | 8,996 | |||
Initial Cost, Buildings and Improvements | 78,533 | |||
Costs Capitalized Subsequent to Acquisition | 77,878 | |||
Sales of Outparcel Land | (4,789) | |||
Gross Amounts at Which Carried at Close of Period, Land | 20,621 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 139,997 | |||
Gross Amounts at Which Carried at Close of Period, Total | 160,618 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (73,080) | |||
Burnsville Center, Burnsville, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 67,312 | |||
Initial Cost, Land | 12,804 | |||
Initial Cost, Buildings and Improvements | 71,748 | |||
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 | 126,650 | |||
Gross Amounts at Which Carried at Close of Period, Total | 142,752 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (64,697) | |||
Cary Towne Center, Cary, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 43,716 | |||
Initial Cost, Land | 23,688 | |||
Initial Cost, Buildings and Improvements | 74,432 | |||
Costs Capitalized Subsequent to Acquisition | (67,149) | |||
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 | 30,971 | |||
Gross Amounts at Which Carried at Close of Period, Total | 30,971 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
CherryVale Mall, Rockford, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 11,892 | |||
Initial Cost, Buildings and Improvements | 64,117 | |||
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 | 120,762 | |||
Gross Amounts at Which Carried at Close of Period, Total | 132,370 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (55,397) | |||
Cross Creek Mall, Fayetteville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 115,513 | |||
Initial Cost, Land | 19,155 | |||
Initial Cost, Buildings and Improvements | 104,378 | |||
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 | 141,451 | |||
Gross Amounts at Which Carried at Close of Period, Total | 172,990 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (60,311) | |||
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 | 26,417 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,473 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 114,121 | |||
Gross Amounts at Which Carried at Close of Period, Total | 118,594 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (24,203) | |||
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 | 72,273 | |||
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 | 136,140 | |||
Gross Amounts at Which Carried at Close of Period, Total | 139,921 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (54,240) | |||
EastGate Mall, Cincinnati, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 34,057 | |||
Initial Cost, Land | 13,046 | |||
Initial Cost, Buildings and Improvements | 44,949 | |||
Costs Capitalized Subsequent to Acquisition | 34,818 | |||
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 | 74,969 | |||
Gross Amounts at Which Carried at Close of Period, Total | 91,796 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (32,035) | |||
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 | (54,540) | |||
Sales of Outparcel Land | (753) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,150 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 23,196 | |||
Gross Amounts at Which Carried at Close of Period, Total | 26,346 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Fayette Mall, Lexington, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 152,264 | |||
Initial Cost, Land | 25,205 | |||
Initial Cost, Buildings and Improvements | 84,256 | |||
Costs Capitalized Subsequent to Acquisition | 106,246 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 25,206 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 190,501 | |||
Gross Amounts at Which Carried at Close of Period, Total | 215,707 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (67,310) | |||
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 | 22,772 | |||
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 | 38,630 | |||
Gross Amounts at Which Carried at Close of Period, Total | 41,231 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (25,913) | |||
Greenbrier Mall, Chesapeake, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 68,101 | |||
Initial Cost, Land | 3,181 | |||
Initial Cost, Buildings and Improvements | 107,355 | |||
Costs Capitalized Subsequent to Acquisition | 17,791 | |||
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 | 125,146 | |||
Gross Amounts at Which Carried at Close of Period, Total | 127,701 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (48,288) | |||
Hamilton Place, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 102,429 | |||
Initial Cost, Land | 3,532 | |||
Initial Cost, Buildings and Improvements | 42,619 | |||
Costs Capitalized Subsequent to Acquisition | 76,555 | |||
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 | 113,781 | |||
Gross Amounts at Which Carried at Close of Period, Total | 122,265 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (61,421) | |||
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 | 60,016 | |||
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 | 190,991 | |||
Gross Amounts at Which Carried at Close of Period, Total | 209,620 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (85,272) | |||
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 | 22,805 | |||
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 | 68,509 | |||
Gross Amounts at Which Carried at Close of Period, Total | 77,208 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (30,258) | |||
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 | (24,608) | |||
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 | 13,222 | |||
Gross Amounts at Which Carried at Close of Period, Total | 17,558 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,796) | |||
Honey Creek Mall, Terre Haute, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 24,027 | |||
Initial Cost, Land | 3,108 | |||
Initial Cost, Buildings and Improvements | 83,358 | |||
Costs Capitalized Subsequent to Acquisition | (69,999) | |||
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 | 13,359 | |||
Gross Amounts at Which Carried at Close of Period, Total | 16,467 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
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 | 8,719 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 40,579 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 74,067 | |||
Gross Amounts at Which Carried at Close of Period, Total | 114,646 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (15,162) | |||
Jefferson Mall, Louisville, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 63,379 | |||
Initial Cost, Land | 13,125 | |||
Initial Cost, Buildings and Improvements | 40,234 | |||
Costs Capitalized Subsequent to Acquisition | 46,836 | |||
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 | 81,824 | |||
Gross Amounts at Which Carried at Close of Period, Total | 99,674 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (36,074) | |||
Kirkwood Mall, Bismarck, ND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,368 | |||
Initial Cost, Buildings and Improvements | 118,945 | |||
Costs Capitalized Subsequent to Acquisition | 29,480 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,447 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 148,346 | |||
Gross Amounts at Which Carried at Close of Period, Total | 151,793 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (26,308) | |||
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 | 18,014 | |||
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 | 110,593 | |||
Gross Amounts at Which Carried at Close of Period, Total | 123,882 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (47,483) | |||
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 | (32,194) | |||
Sales of Outparcel Land | (464) | |||
Gross Amounts at Which Carried at Close of Period, Land | 13,761 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 73,881 | |||
Gross Amounts at Which Carried at Close of Period, Total | 87,642 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (9,172) | |||
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 | 51,941 | |||
Sales of Outparcel Land | (149) | |||
Gross Amounts at Which Carried at Close of Period, Land | 21,667 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 193,908 | |||
Gross Amounts at Which Carried at Close of Period, Total | 215,575 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (87,961) | |||
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 | 16,424 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 26,443 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 117,401 | |||
Gross Amounts at Which Carried at Close of Period, Total | 143,844 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (12,460) | |||
Meridian Mall, Lansing, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,797 | |||
Initial Cost, Buildings and Improvements | 103,678 | |||
Costs Capitalized Subsequent to Acquisition | 69,052 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,500 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 171,027 | |||
Gross Amounts at Which Carried at Close of Period, Total | 175,527 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (84,959) | |||
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 | 21,040 | |||
Sales of Outparcel Land | (4,174) | |||
Gross Amounts at Which Carried at Close of Period, Land | 12,210 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 191,622 | |||
Gross Amounts at Which Carried at Close of Period, Total | 203,832 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (64,003) | |||
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 | 80,329 | |||
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 | 255,022 | |||
Gross Amounts at Which Carried at Close of Period, Total | 280,454 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (96,888) | |||
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 | 26,109 | |||
Sales of Outparcel Land | (492) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,406 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 33,501 | |||
Gross Amounts at Which Carried at Close of Period, Total | 36,907 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (11,669) | |||
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 | 44,259 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,071 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 108,646 | |||
Gross Amounts at Which Carried at Close of Period, Total | 119,717 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (48,465) | |||
Northwoods Mall, North Charleston, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 65,193 | |||
Initial Cost, Land | 14,867 | |||
Initial Cost, Buildings and Improvements | 49,647 | |||
Costs Capitalized Subsequent to Acquisition | 29,883 | |||
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 | 79,530 | |||
Gross Amounts at Which Carried at Close of Period, Total | 92,058 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (33,870) | |||
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 | 9,074 | |||
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 | 38,483 | |||
Gross Amounts at Which Carried at Close of Period, Total | 54,014 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (18,300) | |||
The Outlet Shoppes at Atlanta, Woodstock, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 77,808 | |||
Initial Cost, Land | 8,598 | |||
Initial Cost, Buildings and Improvements | 100,613 | |||
Costs Capitalized Subsequent to Acquisition | (36,505) | |||
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 | 64,108 | |||
Gross Amounts at Which Carried at Close of Period, Total | 71,966 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (20,181) | |||
The Outlet Shoppes at El Paso, El Paso, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 74,823 | |||
Initial Cost, Land | 7,345 | |||
Initial Cost, Buildings and Improvements | 98,602 | |||
Costs Capitalized Subsequent to Acquisition | 11,013 | |||
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 | 109,391 | |||
Gross Amounts at Which Carried at Close of Period, Total | 116,960 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (23,623) | |||
The Outlet Shoppes at Gettysburg, Gettysburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 37,762 | |||
Initial Cost, Land | 20,779 | |||
Initial Cost, Buildings and Improvements | 22,180 | |||
Costs Capitalized Subsequent to Acquisition | 2,706 | |||
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 | 24,887 | |||
Gross Amounts at Which Carried at Close of Period, Total | 45,665 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,256) | |||
The Outlet Shoppes at Laredo, Laredo, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 54,550 | |||
Initial Cost, Land | 11,000 | |||
Initial Cost, Buildings and Improvements | 97,711 | |||
Costs Capitalized Subsequent to Acquisition | 2,101 | |||
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 | 99,812 | |||
Gross Amounts at Which Carried at Close of Period, Total | 110,812 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (7,869) | |||
The Outlet Shoppes of the Bluegrass, Simpsonville, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 81,221 | |||
Initial Cost, Land | 3,193 | |||
Initial Cost, Buildings and Improvements | 72,962 | |||
Costs Capitalized Subsequent to Acquisition | 5,010 | |||
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 | 77,972 | |||
Gross Amounts at Which Carried at Close of Period, Total | 81,165 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (18,665) | |||
Park Plaza Mall, Little Rock, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 81,287 | |||
Initial Cost, Land | 6,297 | |||
Initial Cost, Buildings and Improvements | 81,638 | |||
Costs Capitalized Subsequent to Acquisition | 47,358 | |||
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 | 128,989 | |||
Gross Amounts at Which Carried at Close of Period, Total | 135,293 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (55,540) | |||
Parkdale Mall, Beaumont, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 78,544 | |||
Initial Cost, Land | 23,850 | |||
Initial Cost, Buildings and Improvements | 47,390 | |||
Costs Capitalized Subsequent to Acquisition | 61,823 | |||
Sales of Outparcel Land | (307) | |||
Gross Amounts at Which Carried at Close of Period, Land | 25,381 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 107,375 | |||
Gross Amounts at Which Carried at Close of Period, Total | 132,756 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (48,165) | |||
Parkway Place, Huntsville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 34,486 | |||
Initial Cost, Land | 6,364 | |||
Initial Cost, Buildings and Improvements | 67,067 | |||
Costs Capitalized Subsequent to Acquisition | 7,722 | |||
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 | 74,789 | |||
Gross Amounts at Which Carried at Close of Period, Total | 81,153 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (20,838) | |||
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 | 20,417 | |||
Sales of Outparcel Land | (857) | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,480 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 128,995 | |||
Gross Amounts at Which Carried at Close of Period, Total | 144,475 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (46,837) | |||
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 | 17,118 | |||
Sales of Outparcel Land | (327) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,852 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 65,823 | |||
Gross Amounts at Which Carried at Close of Period, Total | 69,675 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (39,171) | |||
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 | 23,788 | |||
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 | 58,568 | |||
Gross Amounts at Which Carried at Close of Period, Total | 67,230 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (23,733) | |||
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 | 16,181 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,790 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 175,394 | |||
Gross Amounts at Which Carried at Close of Period, Total | 191,184 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (57,799) | |||
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 | 9,496 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,384 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 35,747 | |||
Gross Amounts at Which Carried at Close of Period, Total | 47,131 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (14,162) | |||
Southpark Mall, Colonial Heights, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 59,766 | |||
Initial Cost, Land | 9,501 | |||
Initial Cost, Buildings and Improvements | 73,262 | |||
Costs Capitalized Subsequent to Acquisition | 37,875 | |||
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 | 109,356 | |||
Gross Amounts at Which Carried at Close of Period, Total | 120,638 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (47,209) | |||
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 | 38,853 | |||
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 | 114,473 | |||
Gross Amounts at Which Carried at Close of Period, Total | 125,500 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (59,248) | |||
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 | 23,187 | |||
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 | 47,123 | |||
Gross Amounts at Which Carried at Close of Period, Total | 61,834 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (20,956) | |||
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 | 16,298 | |||
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 | 75,345 | |||
Gross Amounts at Which Carried at Close of Period, Total | 86,501 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (29,067) | |||
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 | 20,354 | |||
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 | 45,582 | |||
Gross Amounts at Which Carried at Close of Period, Total | 49,117 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (27,255) | |||
Valley View Mall, Roanoke, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 53,372 | |||
Initial Cost, Land | 15,985 | |||
Initial Cost, Buildings and Improvements | 77,771 | |||
Costs Capitalized Subsequent to Acquisition | 24,517 | |||
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 | 102,274 | |||
Gross Amounts at Which Carried at Close of Period, Total | 118,273 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (42,013) | |||
Volusia Mall, Daytona Beach, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 41,332 | |||
Initial Cost, Land | 2,526 | |||
Initial Cost, Buildings and Improvements | 120,242 | |||
Costs Capitalized Subsequent to Acquisition | 37,405 | |||
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 | 151,228 | |||
Gross Amounts at Which Carried at Close of Period, Total | 160,173 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (55,382) | |||
West Towne Mall, Madison, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,912 | |||
Initial Cost, Buildings and Improvements | 83,084 | |||
Costs Capitalized Subsequent to Acquisition | 46,050 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,912 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 129,134 | |||
Gross Amounts at Which Carried at Close of Period, Total | 138,046 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (57,121) | |||
WestGate Mall, Spartanburg, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 33,910 | |||
Initial Cost, Land | 2,149 | |||
Initial Cost, Buildings and Improvements | 23,257 | |||
Costs Capitalized Subsequent to Acquisition | 52,373 | |||
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 | 75,605 | |||
Gross Amounts at Which Carried at Close of Period, Total | 77,347 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (42,592) | |||
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 | 30,499 | |||
Sales of Outparcel Land | (1,240) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,381 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 114,714 | |||
Gross Amounts at Which Carried at Close of Period, Total | 118,095 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (47,718) | |||
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 | 20,618 | |||
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 | 83,934 | |||
Gross Amounts at Which Carried at Close of Period, Total | 89,691 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (38,296) | |||
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 | 1,276 | |||
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 | 4,367 | |||
Gross Amounts at Which Carried at Close of Period, Total | 6,463 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,518) | |||
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 | 1,652 | |||
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 | 8,533 | |||
Gross Amounts at Which Carried at Close of Period, Total | 11,687 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,331) | |||
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 | 721 | |||
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 | 30,217 | |||
Gross Amounts at Which Carried at Close of Period, Total | 30,217 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (10,535) | |||
CBL Center, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,780 | |||
Initial Cost, Land | 1,332 | |||
Initial Cost, Buildings and Improvements | 24,675 | |||
Costs Capitalized Subsequent to Acquisition | 1,084 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,863 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 25,228 | |||
Gross Amounts at Which Carried at Close of Period, Total | 27,091 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (15,072) | |||
CBL Center II, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 22 | |||
Initial Cost, Buildings and Improvements | 13,648 | |||
Costs Capitalized Subsequent to Acquisition | 1,898 | |||
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 | 15,210 | |||
Gross Amounts at Which Carried at Close of Period, Total | 15,568 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,598) | |||
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 | 5,935 | |||
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 | 20,169 | |||
Gross Amounts at Which Carried at Close of Period, Total | 23,723 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (13,836) | |||
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 | 397 | |||
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 | 4,751 | |||
Gross Amounts at Which Carried at Close of Period, Total | 6,251 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,298) | |||
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 | 21,475 | |||
Sales of Outparcel Land | (931) | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,405 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 38,658 | |||
Gross Amounts at Which Carried at Close of Period, Total | 47,063 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,626) | |||
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 | (776) | |||
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 | 3,787 | |||
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 | 14,661 | |||
Gross Amounts at Which Carried at Close of Period, Total | 18,831 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,848) | |||
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 | 8,319 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 734 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 13,747 | |||
Gross Amounts at Which Carried at Close of Period, Total | 14,481 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (7,804) | |||
Hamilton Crossing, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,821 | |||
Initial Cost, Land | 4,014 | |||
Initial Cost, Buildings and Improvements | 5,906 | |||
Costs Capitalized Subsequent to Acquisition | 7,010 | |||
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 | 12,916 | |||
Gross Amounts at Which Carried at Close of Period, Total | 15,560 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (7,643) | |||
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 | (4,348) | |||
The Landing at Arbor Place, Atlanta (Douglasville), GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 7,238 | |||
Initial Cost, Buildings and Improvements | 14,330 | |||
Costs Capitalized Subsequent to Acquisition | 3,583 | |||
Sales of Outparcel Land | (2,242) | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,996 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 17,913 | |||
Gross Amounts at Which Carried at Close of Period, Total | 22,909 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (10,573) | |||
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 | 5,892 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,795 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 3,105 | |||
Gross Amounts at Which Carried at Close of Period, Total | 5,900 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,728) | |||
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 | 1,001 | |||
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 | 330 | |||
Gross Amounts at Which Carried at Close of Period, Total | 1,003 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (234) | |||
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 | 2,124 | |||
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 | 9,532 | |||
Gross Amounts at Which Carried at Close of Period, Total | 12,171 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,906) | |||
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 | 2,301 | |||
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 | 18,450 | |||
Gross Amounts at Which Carried at Close of Period, Total | 18,450 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,804) | |||
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 | 2,751 | |||
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 | 10,600 | |||
Gross Amounts at Which Carried at Close of Period, Total | 10,600 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,727) | |||
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 | (2,798) | |||
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 | 1,180 | |||
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 | 28,826 | |||
Gross Amounts at Which Carried at Close of Period, Total | 38,357 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (9,688) | |||
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 | 25,474 | |||
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 | 71,899 | |||
Gross Amounts at Which Carried at Close of Period, Total | 89,852 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (22,129) | |||
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 | 785 | |||
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 | 14,568 | |||
Gross Amounts at Which Carried at Close of Period, Total | 17,379 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,188) | |||
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 | (10,613) | |||
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 | (4,239) | |||
The Terrace, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,334 | |||
Initial Cost, Land | 4,166 | |||
Initial Cost, Buildings and Improvements | 9,929 | |||
Costs Capitalized Subsequent to Acquisition | 7,991 | |||
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 | 15,550 | |||
Gross Amounts at Which Carried at Close of Period, Total | 22,086 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,915) | |||
West Towne Crossing, Madison, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,784 | |||
Initial Cost, Buildings and Improvements | 2,955 | |||
Costs Capitalized Subsequent to Acquisition | 12,159 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,759 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 14,139 | |||
Gross Amounts at Which Carried at Close of Period, Total | 16,898 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,994) | |||
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 | 8,274 | |||
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 | 11,696 | |||
Gross Amounts at Which Carried at Close of Period, Total | 12,778 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,621) | |||
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 | 9,525 | |||
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 | 30,692 | |||
Gross Amounts at Which Carried at Close of Period, Total | 33,590 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (12,442) | |||
Chesterfield OP, St. Louis, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 524 | |||
Initial Cost, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | (524) | |||
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 | |||
Gulf Coast Dick's Sporting Goods, Ft. Myers, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 347 | |||
Initial Cost, Buildings and Improvements | 6,835 | |||
Costs Capitalized Subsequent to Acquisition | (7,110) | |||
Sales of Outparcel Land | (72) | |||
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 | |||
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 | (34,083) | |||
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 | |||
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 | (16,110) | |||
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 | |||
Statesboro Crossing, Statesboro, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,855 | |||
Initial Cost, Buildings and Improvements | 17,805 | |||
Costs Capitalized Subsequent to Acquisition | (20,660) | |||
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 | |||
Other | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 19,248 | |||
Initial Cost, Buildings and Improvements | 4,002 | |||
Costs Capitalized Subsequent to Acquisition | (640) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 19,715 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 2,895 | |||
Gross Amounts at Which Carried at Close of Period, Total | 22,610 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,255) | |||
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 | 38,807 | |||
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 | 38,807 | |||
Gross Amounts at Which Carried at Close of Period, Total | 38,807 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | $ 0 |
Schedule III - REAL ESTATE AS_3
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION - Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Carrying Amount of Real Estate Investments and Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of period | $ 7,621,930 | $ 7,947,647 | $ 8,240,521 |
Additions and improvements | 144,256 | 177,482 | 263,265 |
Acquisitions of real estate assets | 3,301 | 78,516 | 0 |
Disposals, deconsolidations and accumulated depreciation on impairments | (305,813) | (506,399) | (435,331) |
Transfers from real estate assets | (11,531) | (3,915) | (3,986) |
Impairment of real estate assets | (173,535) | (71,401) | (116,822) |
Balance at end of period | 7,278,608 | 7,621,930 | 7,947,647 |
Accumulated depreciation, beginning of period | 2,465,095 | 2,427,108 | 2,382,568 |
Depreciation expense | 261,838 | 272,945 | 272,697 |
Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired | (233,851) | (234,958) | (228,157) |
Accumulated depreciation, end of period | $ 2,493,082 | $ 2,465,095 | $ 2,427,108 |
Schedule IV - MORTGAGE NOTES _2
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE (Details) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Monthly payment amount | $ 36 | |||
Balloon Payment At Maturity | 4,039 | |||
Face Amount Of Mortgage | 8,784 | |||
Carrying Amount of Mortgage | 4,884 | |||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | 1,100 | |||
Mortgage and other notes receivable | 7,672 | $ 8,945 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
Beginning balance | 5,418 | 5,680 | $ 7,776 | |
Additions | $ 102,446 | 0 | 1,802 | 0 |
Payments | (534) | (2,064) | (250) | |
Write-Offs | 0 | 0 | (1,846) | |
Ending balance | 4,884 | 5,418 | $ 5,680 | |
Mortgage Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage and other notes receivable | 4,884 | $ 5,418 | ||
The Promenade, D'Iberville, MS | Mortgage Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Mortgage and other notes receivable | 1,100 | |||
Other | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Monthly payment amount | 2 | |||
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 | |||
Current variable interest rate (as a percent) | 7.50% | |||
Other | Prime Rate | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 2.00% | |||
Columbia Place Outparcel | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest rate (as a percent) | 5.00% | |||
Monthly payment amount | $ 3 | |||
Balloon Payment At Maturity | 210 | |||
Face Amount Of Mortgage | 360 | |||
Carrying Amount of Mortgage | 283 | |||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 0 | |||
One Park Place - Chattanooga, TN | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest rate (as a percent) | 5.00% | |||
Monthly payment amount | $ 21 | |||
Balloon Payment At Maturity | 0 | |||
Face Amount Of Mortgage | 3,200 | |||
Carrying Amount of Mortgage | 783 | |||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 0 | |||
Village Square - Houghton Lake, MI | First Mortgage | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest rate (as a percent) | 4.00% | |||
Monthly payment amount | $ 10 | |||
Balloon Payment At Maturity | 1,295 | |||
Face Amount Of Mortgage | 2,627 | |||
Carrying Amount of Mortgage | 1,308 | |||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 0 | |||
New Garden Crossing | First Mortgage | LIBOR | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Basis spread on variable rate (as a percent) | 2.50% | |||
Minimum | Other | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest rate (as a percent) | 5.01% | |||
Maximum | Other | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest rate (as a percent) | 9.50% |
Uncategorized Items - cbl-20181
Label | Element | Value |
CBL & Associates Limited Partnership [Member] | ||
Restricted Cash | us-gaap_RestrictedCash | $ 4,123,000 |
Restricted Cash | us-gaap_RestrictedCash | 920,000 |
Restricted Cash | us-gaap_RestrictedCash | 3,812,000 |
Escrow Deposit | us-gaap_EscrowDeposit | 41,995,000 |
Escrow Deposit | us-gaap_EscrowDeposit | 34,625,000 |
Escrow Deposit | us-gaap_EscrowDeposit | 28,562,000 |
CBL & Associates Properties, Inc. [Member] | ||
Restricted Cash | us-gaap_RestrictedCash | 4,123,000 |
Restricted Cash | us-gaap_RestrictedCash | 920,000 |
Restricted Cash | us-gaap_RestrictedCash | 3,812,000 |
Escrow Deposit | us-gaap_EscrowDeposit | 41,995,000 |
Escrow Deposit | us-gaap_EscrowDeposit | 34,625,000 |
Escrow Deposit | us-gaap_EscrowDeposit | 28,562,000 |
Accounting Standards Update 2016-16 [Member] | CBL & Associates Limited Partnership [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 11,433,000 |
Accounting Standards Update 2016-16 [Member] | CBL & Associates Limited Partnership [Member] | Limited Partner [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 11,316,000 |
Accounting Standards Update 2016-16 [Member] | CBL & Associates Limited Partnership [Member] | General Partner [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 117,000 |
Accounting Standards Update 2016-16 [Member] | CBL & Associates Limited Partnership [Member] | Total Partners' Capital [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 11,433,000 |
Accounting Standards Update 2016-16 [Member] | Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 11,433,000 |
Accounting Standard Update 2014-09 and Accounting Standard Update 2017-05 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 58,947,000 |
Accounting Standard Update 2014-09 and Accounting Standard Update 2017-05 [Member] | CBL & Associates Limited Partnership [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 58,947,000 |
Accounting Standard Update 2014-09 and Accounting Standard Update 2017-05 [Member] | CBL & Associates Limited Partnership [Member] | Limited Partner [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 58,342,000 |
Accounting Standard Update 2014-09 and Accounting Standard Update 2017-05 [Member] | CBL & Associates Limited Partnership [Member] | General Partner [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 605,000 |
Accounting Standard Update 2014-09 and Accounting Standard Update 2017-05 [Member] | CBL & Associates Limited Partnership [Member] | Total Partners' Capital [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 58,947,000 |
Accounting Standard Update 2014-09 and Accounting Standard Update 2017-05 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 58,947,000 |
Accounting Standard Update 2014-09 and Accounting Standard Update 2017-05 [Member] | Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 58,947,000 |