Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Apr. 01, 2021 | Jun. 30, 2020 | |
Document And Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CBL & ASSOCIATES PROPERTIES, INC. | ||
Entity Central Index Key | 0000910612 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 46,454,718 | ||
Entity Common Stock, Shares Outstanding | 196,458,778 | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity File Number | 1-12494 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 62-1545718 | ||
Entity Address, Address Line One | 2030 Hamilton Place Blvd. | ||
Entity Address, Address Line Two | Suite 500 | ||
Entity Address, City or Town | Chattanooga | ||
Entity Address, State or Province | TN | ||
Entity Address, Postal Zip Code | 37421 | ||
City Area Code | 423 | ||
Local Phone Number | 855.0001 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference [Text Block] | Portions of CBL & Associates Properties, Inc.’s Proxy Statement for the 2021 Annual Meeting of Stockholders are incorporated by reference in Part III. | ||
CBL & Associates Limited Partnership | |||
Document And Entity Information [Line Items] | |||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Entity Registrant Name | CBL & ASSOCIATES LIMITED PARTNERSHIP | ||
Entity Central Index Key | 0000915140 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity File Number | 333-182515-01 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 62-1542285 | ||
Entity Address, Address Line One | 2030 Hamilton Place Blvd. | ||
Entity Address, Address Line Two | Suite 500 | ||
Entity Address, City or Town | Chattanooga | ||
Entity Address, State or Province | TN | ||
Entity Address, Postal Zip Code | 37421 | ||
City Area Code | 423 | ||
Local Phone Number | 855.0001 | ||
Common Stock, $0.01 par value | |||
Document And Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | CBLAQ | ||
7.375% Series D Cumulative Redeemable Preferred Stock, $0.01 par value | |||
Document And Entity Information [Line Items] | |||
Title of 12(b) Security | 7.375% Series D Cumulative Redeemable Preferred Stock, $0.01 par value (represented by depositary shares each representing a 1/10th fractional share) | ||
Trading Symbol | CBLDQ | ||
6.625% Series E Cumulative Redeemable Preferred Stock, $0.01 par value | |||
Document And Entity Information [Line Items] | |||
Title of 12(b) Security | 6.625% Series E Cumulative Redeemable Preferred Stock, $0.01 par value (represented by depositary shares each representing a 1/10th fractional share) | ||
Trading Symbol | CBLEQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Real estate assets: | |||
Land | $ 695,711 | $ 730,218 | |
Buildings and improvements | 5,135,074 | 5,631,831 | |
Real estate assets | 5,830,785 | 6,362,049 | |
Accumulated depreciation | (2,241,421) | (2,349,404) | |
Real estate investment property, net, before developments in progress | 3,589,364 | 4,012,645 | |
Developments in progress | 28,327 | 49,351 | |
Net investment in real estate assets | 3,617,691 | 4,061,996 | |
Cash and cash equivalents | 61,781 | 32,816 | |
Available-for-sale securities - at fair value (amortized cost of $233,053 in 2020) | 233,071 | ||
Receivables: | |||
Tenant | 103,655 | 75,252 | |
Other | 5,958 | 10,792 | |
Mortgage and other notes receivable | 2,337 | 4,662 | |
Investments in unconsolidated affiliates | 279,355 | 307,354 | |
Intangible lease assets and other assets | 139,892 | 129,474 | |
Total assets | 4,443,740 | 4,622,346 | |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||
Mortgage and other indebtedness, net | 1,184,831 | 3,527,015 | |
Accounts payable and accrued liabilities | 173,387 | 231,306 | |
Total liabilities not subject to compromise | [1] | 1,358,218 | 3,758,321 |
Liabilities subject to compromise | 2,551,490 | ||
Commitments and contingencies (Note 9 and Note 16) | |||
Redeemable noncontrolling interests | (265) | 2,160 | |
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | |||
Common stock, $.01 par value, 350,000,000 shares authorized, 196,569,917 and 174,115,111 issued and outstanding in 2020 and 2019, respectively | 1,966 | 1,741 | |
Additional paid-in capital | 1,986,269 | 1,965,897 | |
Accumulated other comprehensive income | 18 | ||
Dividends in excess of cumulative earnings | (1,456,435) | (1,161,351) | |
Total shareholders' equity | 531,843 | 806,312 | |
Noncontrolling interests | 2,454 | 55,553 | |
Total equity | 534,297 | 861,865 | |
Common units: | |||
Accumulated other comprehensive income | 18 | ||
Total liabilities, redeemable noncontrolling interests and equity | 4,443,740 | 4,622,346 | |
CBL & Associates Limited Partnership | |||
Real estate assets: | |||
Land | 695,711 | 730,218 | |
Buildings and improvements | 5,135,074 | 5,631,831 | |
Real estate assets | 5,830,785 | 6,362,049 | |
Accumulated depreciation | (2,241,421) | (2,349,404) | |
Real estate investment property, net, before developments in progress | 3,589,364 | 4,012,645 | |
Developments in progress | 28,327 | 49,351 | |
Net investment in real estate assets | 3,617,691 | 4,061,996 | |
Cash and cash equivalents | 61,772 | 32,813 | |
Available-for-sale securities - at fair value (amortized cost of $233,053 in 2020) | 233,071 | ||
Receivables: | |||
Tenant | 103,655 | 75,252 | |
Other | 5,910 | 10,744 | |
Mortgage and other notes receivable | 2,337 | 4,662 | |
Investments in unconsolidated affiliates | 279,884 | 307,885 | |
Intangible lease assets and other assets | 139,772 | 129,354 | |
Total assets | 4,444,092 | 4,622,706 | |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||
Mortgage and other indebtedness, net | 1,184,831 | 3,527,015 | |
Accounts payable and accrued liabilities | 173,458 | 231,377 | |
Total liabilities not subject to compromise | [2] | 1,358,289 | 3,758,392 |
Liabilities subject to compromise | 2,551,490 | ||
Commitments and contingencies (Note 9 and Note 16) | |||
Redeemable noncontrolling interests | (265) | 2,160 | |
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | |||
Accumulated other comprehensive income | 18 | ||
Partners' capital: | |||
Preferred units | 565,212 | 565,212 | |
Common units: | |||
General partner | (339) | 2,765 | |
Limited partners | (33,371) | 270,216 | |
Accumulated other comprehensive income | 18 | ||
Total partners' capital | 531,520 | 838,193 | |
Noncontrolling interests | 3,058 | 23,961 | |
Total capital | 534,578 | 862,154 | |
Total liabilities, redeemable noncontrolling interests and equity | 4,444,092 | 4,622,706 | |
Series D Preferred Stock | |||
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | |||
Preferred stock outstanding | 18 | 18 | |
Series E Preferred Stock | |||
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | |||
Preferred stock outstanding | $ 7 | $ 7 | |
[1] | As of December 31, 2020, includes $272,742 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $134,967 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 11 | ||
[2] | As of December 31, 2020, includes $272,742 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $134,967 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Operating Partnership. See Note 11 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Available-for-sale securities, amortized cost | $ 233,053 | ||
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) | 196,569,917 | 174,115,111 | |
Common stock outstanding (shares) | 196,569,917 | 174,115,111 | |
Variable interest asset entities | $ 4,443,740 | $ 4,622,346 | |
CBL & Associates Limited Partnership | |||
Available-for-sale securities, amortized cost | 233,053 | ||
Variable interest asset entities | 4,444,092 | 4,622,706 | |
Variable Interest Entity Primary Beneficiary | |||
Variable interest asset entities | 272,742 | 370,629 | |
Variable interest liability entities | [1] | 286,127 | $ 293,241 |
Variable Interest Entity Primary Beneficiary | CBL & Associates Limited Partnership | |||
Variable interest asset entities | 272,742 | ||
Variable interest liability entities | 134,967 | ||
Variable Interest Entity Primary Beneficiary | Nonrecourse | |||
Variable interest liability entities | $ 134,967 | ||
Series D Preferred Stock | |||
Preferred stock outstanding (shares) | 1,815,000 | 1,815,000 | |
Dividend rate of preferred stock (as a percent) | 7.375% | 7.375% | |
Series E Preferred Stock | |||
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 | |
Preferred stock outstanding (shares) | 690,000 | 690,000 | |
Dividend rate of preferred stock (as a percent) | 6.625% | 6.625% | |
[1] | Includes $40,600 and $41,950 related to Laredo Outlet JV, LLC, which is guaranteed by the Operating Partnership, as of December 31, 2020 and 2019, respectively. Also, due to the filing of the Chapter 11 Cases, the loan held by Gettysburg Outlet Center Holding, LLC became guaranteed by the Operating Partnership, and amounts to $36,774 as of December 31, 2020. |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
REVENUES: | ||||
Rental revenues | $ 554,064 | $ 736,878 | $ 829,113 | |
Management, development and leasing fees | 6,800 | 9,350 | 10,542 | |
Other | 14,997 | 22,468 | 18,902 | |
Total revenues | [1] | 575,861 | 768,696 | 858,557 |
OPERATING EXPENSES: | ||||
Property operating | (84,061) | (108,905) | (122,017) | |
Depreciation and amortization | (215,030) | (257,746) | (285,401) | |
Real estate taxes | (69,686) | (75,465) | (82,291) | |
Maintenance and repairs | (34,132) | (46,282) | (48,304) | |
General and administrative | (53,425) | (64,181) | (61,506) | |
Loss on impairment | (213,358) | (239,521) | (174,529) | |
Litigation settlement | 7,855 | (61,754) | ||
Prepetition charges | (23,883) | |||
Other | (953) | (91) | (787) | |
Total operating expenses | (686,673) | (853,945) | (774,835) | |
OTHER INCOME (EXPENSES): | ||||
Interest and other income | 6,396 | 2,764 | 1,858 | |
Interest expense (unrecognized contractual interest expense was $30,084 for the year ended December 31, 2020) | (200,663) | (206,261) | (220,038) | |
Gain on extinguishment of debt | 32,521 | 71,722 | ||
Gain on investments/deconsolidation | 67,242 | |||
Gain on sales of real estate assets | 4,696 | 16,274 | 19,001 | |
Reorganization items | (35,977) | |||
Income tax benefit (provision) | (16,836) | (3,153) | 1,551 | |
Equity in earnings (losses) of unconsolidated affiliates | (14,854) | 4,940 | 14,677 | |
Total other expenses | (224,717) | (46,472) | (182,951) | |
Net loss | (335,529) | (131,721) | (99,229) | |
Net (income) loss attributable to noncontrolling interests in: | ||||
Operating Partnership | 19,762 | 23,683 | 19,688 | |
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | 20,683 | (739) | 973 | |
Net loss attributable to the Company/Operating Partnership | (295,084) | (108,777) | (78,568) | |
Preferred dividends declared | (33,669) | (44,892) | ||
Preferred dividends undeclared | (37,410) | (11,223) | ||
Net loss attributable to common shareholders | $ (332,494) | $ (153,669) | $ (123,460) | |
Basic and diluted per share data attributable to common shareholders: | ||||
Net loss attributable to common shareholders | $ (1.75) | $ (0.89) | $ (0.72) | |
Weighted-average common and potential dilutive common shares/units outstanding | 190,277 | 173,445 | 172,486 | |
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | $ 20,683 | $ (739) | $ 973 | |
Net loss attributable to the Company/Operating Partnership | (295,084) | (108,777) | (78,568) | |
Net loss attributable to common shareholders | (332,494) | (153,669) | (123,460) | |
CBL & Associates Limited Partnership | ||||
REVENUES: | ||||
Rental revenues | 554,064 | 736,878 | 829,113 | |
Management, development and leasing fees | 6,800 | 9,350 | 10,542 | |
Other | 14,997 | 22,468 | 18,902 | |
Total revenues | 575,861 | 768,696 | 858,557 | |
OPERATING EXPENSES: | ||||
Property operating | (84,061) | (108,905) | (122,017) | |
Depreciation and amortization | (215,030) | (257,746) | (285,401) | |
Real estate taxes | (69,686) | (75,465) | (82,291) | |
Maintenance and repairs | (34,132) | (46,282) | (48,304) | |
General and administrative | (53,425) | (64,181) | (61,506) | |
Loss on impairment | (213,358) | (239,521) | (174,529) | |
Litigation settlement | 7,855 | (61,754) | ||
Prepetition charges | (23,883) | |||
Other | (953) | (91) | (787) | |
Total operating expenses | (686,673) | (853,945) | (774,835) | |
OTHER INCOME (EXPENSES): | ||||
Interest and other income | 6,396 | 2,764 | 1,858 | |
Interest expense (unrecognized contractual interest expense was $30,084 for the year ended December 31, 2020) | (200,663) | (206,261) | (220,038) | |
Gain on extinguishment of debt | 32,521 | 71,722 | ||
Gain on investments/deconsolidation | 67,242 | |||
Gain on sales of real estate assets | 4,696 | 16,274 | 19,001 | |
Reorganization items | (35,977) | |||
Income tax benefit (provision) | (16,836) | (3,153) | 1,551 | |
Equity in earnings (losses) of unconsolidated affiliates | (14,854) | 4,940 | 14,677 | |
Total other expenses | (224,717) | (46,472) | (182,951) | |
Net loss | (335,529) | (131,721) | (99,229) | |
Net (income) loss attributable to noncontrolling interests in: | ||||
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | 20,683 | (739) | 973 | |
Net loss attributable to the Company/Operating Partnership | (314,846) | (132,460) | (98,256) | |
Preferred dividends declared | (33,669) | (44,892) | ||
Net loss attributable to common shareholders | $ (352,256) | $ (177,352) | $ (143,148) | |
Basic and diluted per share data attributable to common shareholders: | ||||
Net loss attributable to common shareholders | $ (1.75) | $ (0.89) | $ (0.72) | |
Weighted-average common and potential dilutive common shares/units outstanding | 201,586 | 200,169 | 199,580 | |
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | $ 20,683 | $ (739) | $ 973 | |
Net loss attributable to the Company/Operating Partnership | (314,846) | (132,460) | (98,256) | |
Distributions to preferred unitholders declared | (33,669) | (44,892) | ||
Distributions to preferred unitholders undeclared | (37,410) | (11,223) | ||
Net loss attributable to common shareholders | $ (352,256) | $ (177,352) | $ (143,148) | |
[1] | Management, development and leasing fees are included in All Other category. See Note 4 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Unrecognized contractual interest expense | $ 30,084 |
CBL & Associates Limited Partnership | |
Unrecognized contractual interest expense | $ 30,084 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net loss | $ (335,529) | $ (131,721) | $ (99,229) |
Other comprehensive income: | |||
Unrealized gain on available-for-sale securities | 18 | ||
Comprehensive loss | (335,511) | (131,721) | (99,229) |
Other consolidated subsidiaries | 20,683 | (739) | 973 |
Comprehensive loss attributable to the Operating Partnership: | 19,762 | 23,683 | 19,688 |
Comprehensive (income) loss attributable to noncontrolling interests in: | |||
Operating Partnership | 19,762 | 23,683 | 19,688 |
Other consolidated subsidiaries | 20,683 | (739) | 973 |
Comprehensive loss attributable to the Company: | (295,066) | (108,777) | (78,568) |
CBL & Associates Limited Partnership | |||
Net loss | (335,529) | (131,721) | (99,229) |
Other comprehensive income: | |||
Unrealized gain on available-for-sale securities | 18 | ||
Comprehensive loss | (335,511) | (131,721) | (99,229) |
Other consolidated subsidiaries | 20,683 | (739) | 973 |
Comprehensive loss attributable to the Operating Partnership: | (314,828) | (132,460) | (98,256) |
Comprehensive (income) loss attributable to noncontrolling interests in: | |||
Operating Partnership | (314,828) | (132,460) | (98,256) |
Other consolidated subsidiaries | $ 20,683 | $ (739) | $ 973 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Cumulative Effect of Accounting Change | Redeemable Noncontrolling Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Dividends in Excess of Cumulative Earnings | Dividends in Excess of Cumulative EarningsCumulative Effect of Accounting Change | Total Shareholders' Equity | Total Shareholders' EquityCumulative Effect of Accounting Change | Noncontrolling Interests |
Beginning balance at Dec. 31, 2017 | $ 1,236,478 | $ 25 | $ 1,711 | $ 1,974,537 | $ (836,269) | $ 1,140,004 | $ 96,474 | |||||
Beginning balance (ASU 2016-16) at Dec. 31, 2017 | $ 11,433 | $ 11,433 | $ 11,433 | |||||||||
Beginning balance (ASU 2014-09) at Dec. 31, 2017 | $ 58,947 | $ 58,947 | $ 58,947 | |||||||||
Beginning balance of redeemable noncontrolling partnership interests at Dec. 31, 2017 | $ 8,835 | |||||||||||
Net loss | (98,095) | (78,568) | (78,568) | (19,527) | ||||||||
Net loss | (1,134) | |||||||||||
Purchase of noncontrolling interests in Operating Partnership | (2,267) | (2,267) | ||||||||||
Dividends declared - common stock | (116,546) | (116,546) | (116,546) | |||||||||
Preferred dividends declared | (44,892) | (44,892) | (44,892) | |||||||||
Issuance of shares of common stock and restricted common stock | 856 | 7 | 849 | 856 | ||||||||
Conversion of Operating Partnership common units into shares of common stock | 3,059 | 9 | 3,050 | 3,059 | (3,059) | |||||||
Cancellation of shares of restricted common stock | (284) | (284) | (284) | |||||||||
Performance stock units | 1,292 | 1,292 | 1,292 | |||||||||
Forfeiture of performance stock units | (250) | (250) | (250) | |||||||||
Amortization of deferred compensation | 3,640 | 3,640 | 3,640 | |||||||||
Adjustment for noncontrolling interests | (4,064) | 4,065 | (17,706) | (17,706) | 13,642 | |||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 3,619 | (3,619) | 3,152 | 3,152 | 467 | |||||||
Distributions to noncontrolling interests | (27,311) | (4,572) | (27,311) | |||||||||
Contributions from noncontrolling interests | 9,609 | 9,609 | ||||||||||
Ending balance at Dec. 31, 2018 | 1,032,165 | 25 | 1,727 | 1,968,280 | (1,005,895) | 964,137 | 68,028 | |||||
Ending balance of redeemable noncontrolling partnership interests at Dec. 31, 2018 | 3,575 | |||||||||||
Net loss | (130,337) | (108,777) | (108,777) | (21,560) | ||||||||
Net loss | (1,384) | |||||||||||
Purchase of noncontrolling interests in Operating Partnership | (96) | (96) | ||||||||||
Dividends declared - common stock | (13,010) | (13,010) | (13,010) | |||||||||
Preferred dividends declared | (33,669) | (33,669) | (33,669) | |||||||||
Issuance of shares of common stock and restricted common stock | 791 | 10 | 781 | 791 | ||||||||
Conversion of Operating Partnership common units into shares of common stock | 730 | 5 | 725 | 730 | (730) | |||||||
Cancellation of shares of restricted common stock | (144) | (1) | (143) | (144) | ||||||||
Performance stock units | 1,250 | 1,250 | 1,250 | |||||||||
Amortization of deferred compensation | 2,794 | 2,794 | 2,794 | |||||||||
Adjustment for noncontrolling interests | (3,398) | 3,398 | (7,790) | (7,790) | 4,392 | |||||||
Distributions to noncontrolling interests | (11,149) | (3,429) | (11,149) | |||||||||
Contributions from noncontrolling interests | 4,654 | 4,654 | ||||||||||
Deconsolidation of investments | 12,014 | 12,014 | ||||||||||
Ending balance at Dec. 31, 2019 | 861,865 | 25 | 1,741 | 1,965,897 | (1,161,351) | 806,312 | 55,553 | |||||
Ending balance of redeemable noncontrolling partnership interests at Dec. 31, 2019 | 2,160 | 2,160 | ||||||||||
Net loss | (332,802) | (295,084) | (295,084) | (37,718) | ||||||||
Net loss | (2,727) | |||||||||||
Other comprehensive income | 18 | $ 18 | 18 | |||||||||
Issuance of shares of common stock and restricted common stock | 538 | 16 | 522 | 538 | ||||||||
Conversion of Operating Partnership common units into shares of common stock | 21,163 | 210 | 20,953 | 21,163 | (21,163) | |||||||
Cancellation of shares of restricted common stock | (116) | (1) | (115) | (116) | ||||||||
Performance stock units | 3,548 | 3,548 | 3,548 | |||||||||
Amortization of deferred compensation | 1,769 | 1,769 | 1,769 | |||||||||
Adjustment for noncontrolling interests | (303) | 302 | (6,305) | (6,305) | 6,002 | |||||||
Distributions to noncontrolling interests | (912) | (912) | ||||||||||
Contributions from noncontrolling interests | 692 | 692 | ||||||||||
Ending balance at Dec. 31, 2020 | 534,297 | $ 25 | $ 1,966 | $ 1,986,269 | $ 18 | $ (1,456,435) | $ 531,843 | $ 2,454 | ||||
Ending balance of redeemable noncontrolling partnership interests at Dec. 31, 2020 | $ (265) | $ (265) |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||
Issuance of common stock and restricted common stock (shares) | 1,639,236 | 915,226 | 727,812 |
Cancellation of restricted common stock (shares) | 140,540 | 68,420 | 75,470 |
Conversion of Operating Partnership common units into common stock (shares) | 20,956,110 | 611,847 | 915,338 |
Dividends/distributions declared - common stock/unit (USD per share/unit) | $ 0.075 | $ 0.675 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (335,529) | $ (131,721) | $ (99,229) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Depreciation and amortization | 215,030 | 257,746 | 285,401 | |
Net amortization of deferred financing costs, premiums on available-for-sale securities and debt premiums and discounts | 8,764 | 8,316 | 7,163 | |
Reorganization items (non-cash) | 25,294 | |||
Net amortization of intangible lease assets and liabilities | (574) | (1,809) | (192) | |
Gain on sales of real estate assets | (4,696) | (16,274) | (19,001) | |
Gain on insurance proceeds | (1,644) | (462) | (912) | |
Gain on investments/deconsolidation | (67,242) | |||
Write-off of development projects | 952 | 91 | 787 | |
Share-based compensation expense | 5,819 | 4,783 | 5,386 | |
Loss on impairment | 213,358 | 239,521 | 174,529 | |
Gain on extinguishment of debt | (32,521) | (71,722) | ||
Equity in (earnings) losses of unconsolidated affiliates | 14,854 | (4,940) | (14,677) | |
Distributions of earnings from unconsolidated affiliates | 10,093 | 21,651 | 21,539 | |
Change in estimate of uncollectable revenues | 49,329 | 3,463 | 4,817 | |
Change in deferred tax accounts | 14,558 | 2,668 | (2,905) | |
Changes in: | ||||
Tenant and other receivables | (75,109) | (10,885) | 1,379 | |
Other assets | (10,070) | (63) | 1,343 | |
Accounts payable and accrued liabilities | 35,457 | 40,287 | 11,814 | |
Net cash provided by operating activities | 133,365 | 273,408 | 377,242 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Additions to real estate assets | (53,453) | (128,148) | (137,196) | |
Acquisitions of real estate assets | (5,700) | (3,301) | ||
Proceeds from sales of real estate assets | 7,817 | 130,310 | 88,191 | |
Purchase of available-for-sale securities | (235,182) | |||
Proceeds from disposal of investments | 18,563 | |||
Proceeds from insurance | 988 | 2,037 | 3,189 | |
Payments received on mortgage and other notes receivable | 1,095 | 3,010 | 1,274 | |
Additional investments in and advances to unconsolidated affiliates | (11,024) | (5,786) | (5,050) | |
Distributions in excess of equity in earnings of unconsolidated affiliates | 10,625 | 13,345 | 32,277 | |
Changes in other assets | (1,263) | (3,045) | (6,853) | |
Net cash provided by (used in) investing activities | (280,397) | 24,586 | (27,469) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from mortgage and other indebtedness | 365,246 | 1,127,991 | 642,652 | |
Principal payments on mortgage and other indebtedness | (154,658) | (1,334,972) | (790,617) | |
Additions to deferred financing costs | (590) | (15,546) | (1,859) | |
Proceeds from issuances of common stock | 5 | 40 | 156 | |
Purchases of noncontrolling interests in the Operating Partnership | (96) | (2,267) | ||
Contributions from noncontrolling interests | 692 | 4,654 | 9,609 | |
Payment of tax withholdings for restricted stock awards | (87) | (133) | (289) | |
Distributions to noncontrolling interests | (912) | (18,758) | (35,113) | |
Dividends paid to holders of preferred stock/Distributions to preferred unitholders | (33,669) | (44,892) | ||
Dividends paid to common shareholders/Distributions to common unitholders | (25,959) | (137,813) | ||
Net cash provided by (used in) financing activities | 209,696 | (296,448) | (360,433) | |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 62,664 | 1,546 | (10,660) | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 59,058 | 57,512 | 68,172 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 121,722 | 59,058 | 57,512 | |
Reconciliation from consolidated statements of cash flows to consolidated balance sheets: | ||||
Cash and cash equivalents | 61,781 | 32,816 | 25,138 | |
Restricted cash (1): | ||||
Restricted cash | [1] | 37,320 | 180 | 3,812 |
Mortgage escrows | [1] | 22,621 | 26,062 | 28,562 |
SUPPLEMENTAL INFORMATION: | ||||
Cash paid for interest, net of amounts capitalized | 125,366 | 198,261 | 205,029 | |
Cash paid for reorganization items | 301 | |||
CBL & Associates Limited Partnership | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | (335,529) | (131,721) | (99,229) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||
Depreciation and amortization | 215,030 | 257,746 | 285,401 | |
Net amortization of deferred financing costs, premiums on available-for-sale securities and debt premiums and discounts | 8,764 | 8,316 | 7,163 | |
Reorganization items (non-cash) | 25,294 | |||
Net amortization of intangible lease assets and liabilities | (574) | (1,809) | (192) | |
Gain on sales of real estate assets | (4,696) | (16,274) | (19,001) | |
Gain on insurance proceeds | (1,644) | (462) | (912) | |
Gain on investments/deconsolidation | (67,242) | |||
Write-off of development projects | 952 | 91 | 787 | |
Share-based compensation expense | 5,819 | 4,783 | 5,386 | |
Loss on impairment | 213,358 | 239,521 | 174,529 | |
Gain on extinguishment of debt | (32,521) | (71,722) | ||
Equity in (earnings) losses of unconsolidated affiliates | 14,854 | (4,940) | (14,677) | |
Distributions of earnings from unconsolidated affiliates | 10,096 | 21,653 | 21,535 | |
Change in estimate of uncollectable revenues | 49,329 | 3,463 | 4,817 | |
Change in deferred tax accounts | 14,558 | 2,668 | (2,905) | |
Changes in: | ||||
Tenant and other receivables | (75,109) | (10,885) | 1,379 | |
Other assets | (10,062) | (63) | 1,343 | |
Accounts payable and accrued liabilities | 35,449 | 40,282 | 11,818 | |
Net cash provided by operating activities | 133,368 | 273,405 | 377,242 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Additions to real estate assets | (53,462) | (128,148) | (137,196) | |
Acquisitions of real estate assets | (5,700) | (3,301) | ||
Proceeds from sales of real estate assets | 7,817 | 130,310 | 88,191 | |
Purchase of available-for-sale securities | (235,182) | |||
Proceeds from disposal of investments | 18,563 | |||
Proceeds from insurance | 988 | 2,037 | 3,189 | |
Payments received on mortgage and other notes receivable | 1,095 | 3,010 | 1,274 | |
Additional investments in and advances to unconsolidated affiliates | (11,024) | (5,786) | (5,050) | |
Distributions in excess of equity in earnings of unconsolidated affiliates | 10,625 | 13,345 | 32,277 | |
Changes in other assets | (1,263) | (3,045) | (6,853) | |
Net cash provided by (used in) investing activities | (280,406) | 24,586 | (27,469) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from mortgage and other indebtedness | 365,246 | 1,127,991 | 642,652 | |
Principal payments on mortgage and other indebtedness | (154,658) | (1,334,972) | (790,617) | |
Additions to deferred financing costs | (590) | (15,546) | (1,859) | |
Proceeds from issuances of common stock | 5 | 40 | 156 | |
Contributions from noncontrolling interests | 692 | 4,654 | 9,609 | |
Payment of tax withholdings for restricted stock awards | (87) | (133) | (289) | |
Distributions to noncontrolling interests | (912) | (5,557) | (10,798) | |
Dividends paid to holders of preferred stock/Distributions to preferred unitholders | (33,669) | (44,892) | ||
Dividends paid to common shareholders/Distributions to common unitholders | (39,160) | (162,128) | ||
Net cash provided by (used in) financing activities | 209,696 | (296,448) | (360,433) | |
Redemptions of common units | (96) | (2,267) | ||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 62,658 | 1,543 | (10,660) | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 59,055 | 57,512 | 68,172 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 121,713 | 59,055 | 57,512 | |
Reconciliation from consolidated statements of cash flows to consolidated balance sheets: | ||||
Cash and cash equivalents | 61,772 | 32,813 | 25,138 | |
Restricted cash (1): | ||||
Restricted cash | [2] | 37,320 | 180 | 3,812 |
Mortgage escrows | [2] | 22,621 | 26,062 | 28,562 |
SUPPLEMENTAL INFORMATION: | ||||
Cash paid for interest, net of amounts capitalized | 125,366 | $ 198,261 | $ 205,029 | |
Cash paid for reorganization items | $ 301 | |||
[1] | Included in intangible lease assets and other assets in the consolidated balance sheets | |||
[2] | Included in intangible lease assets and other assets in the consolidated balance sheets |
Consolidated Statements of Capi
Consolidated Statements of Capital - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning balance of redeemable noncontrolling partnership interests | $ 2,160 | ||
Redeemable Noncontrolling Interests | |||
Redemptions of common units | $ (96) | $ (2,246) | |
Dividends declared - common stock | (13,010) | (116,546) | |
Preferred dividends declared | (33,669) | (44,892) | |
Cancellation of shares of restricted common stock | (116) | (144) | (284) |
Performance stock units | 3,548 | 1,250 | 1,292 |
Forfeiture of performance stock units | (250) | ||
Amortization of deferred compensation | 1,769 | 2,794 | 3,640 |
Adjustment to record redeemable noncontrolling interests at redemption value | 3,619 | ||
Distributions to noncontrolling interests | (912) | (11,149) | (27,311) |
Contributions from noncontrolling interests | 692 | 4,654 | 9,609 |
Deconsolidation of investments | 12,014 | ||
Ending balance of redeemable noncontrolling partnership interests | (265) | 2,160 | |
Total Shareholders' Equity | |||
Redeemable Noncontrolling Interests | |||
Dividends declared - common stock | (13,010) | (116,546) | |
Preferred dividends declared | (33,669) | (44,892) | |
Cancellation of shares of restricted common stock | (116) | (144) | (284) |
Performance stock units | 3,548 | 1,250 | 1,292 |
Forfeiture of performance stock units | (250) | ||
Amortization of deferred compensation | 1,769 | 2,794 | 3,640 |
Adjustment to record redeemable noncontrolling interests at redemption value | 3,152 | ||
Noncontrolling Interests | |||
Redeemable Noncontrolling Interests | |||
Adjustment to record redeemable noncontrolling interests at redemption value | 467 | ||
Distributions to noncontrolling interests | (912) | (11,149) | (27,311) |
Contributions from noncontrolling interests | 692 | 4,654 | 9,609 |
Deconsolidation of investments | 12,014 | ||
CBL & Associates Limited Partnership | |||
Beginning balance, partners' capital | 862,154 | 1,032,458 | 1,236,768 |
Beginning balance of redeemable noncontrolling partnership interests | 2,160 | ||
Redeemable Noncontrolling Interests | |||
Net loss | (332,802) | (130,337) | (98,096) |
Other comprehensive income | 18 | ||
Issuances of common units | 533 | 791 | 856 |
Redemptions of common units | (96) | (2,267) | |
Dividends declared - common stock | (18,601) | (137,631) | |
Preferred dividends declared | (33,669) | (44,892) | |
Cancellation of shares of restricted common stock | (117) | (144) | (284) |
Performance stock units | 3,548 | 1,250 | 1,292 |
Forfeiture of performance stock units | (250) | ||
Amortization of deferred compensation | 1,774 | 2,794 | 3,640 |
Allocation of partners' capital | (310) | (3,403) | (4,059) |
Adjustment to record redeemable noncontrolling interests at redemption value | 3,618 | ||
Distributions to noncontrolling interests | (912) | (5,557) | (6,226) |
Contributions from noncontrolling interests | 692 | 4,654 | 9,609 |
Deconsolidation of investments | 12,014 | ||
Ending balance, partners' capital | 534,578 | 862,154 | 1,032,458 |
Ending balance of redeemable noncontrolling partnership interests | (265) | 2,160 | |
CBL & Associates Limited Partnership | CBL & Associates Limited Partnership Redeemable Common Units | |||
Beginning balance of redeemable noncontrolling partnership interests | 2,160 | 3,575 | 8,835 |
Redeemable Noncontrolling Interests | |||
Net loss | (2,727) | (1,384) | (1,134) |
Dividends declared - common stock | (3,429) | (4,572) | |
Allocation of partners' capital | 302 | 3,398 | 4,065 |
Adjustment to record redeemable noncontrolling interests at redemption value | (3,619) | ||
Ending balance of redeemable noncontrolling partnership interests | (265) | 2,160 | 3,575 |
CBL & Associates Limited Partnership | Accumulated Other Comprehensive Income | |||
Redeemable Noncontrolling Interests | |||
Other comprehensive income | 18 | ||
Ending balance, partners' capital | 18 | ||
CBL & Associates Limited Partnership | Total Shareholders' Equity | |||
Beginning balance, partners' capital | 838,193 | 1,020,347 | 1,227,067 |
Redeemable Noncontrolling Interests | |||
Net loss | (312,119) | (131,076) | (97,123) |
Other comprehensive income | 18 | ||
Issuances of common units | 533 | 791 | 856 |
Redemptions of common units | (96) | (2,267) | |
Dividends declared - common stock | (18,601) | (137,631) | |
Preferred dividends declared | (33,669) | (44,892) | |
Cancellation of shares of restricted common stock | (117) | (144) | (284) |
Performance stock units | 3,548 | 1,250 | 1,292 |
Forfeiture of performance stock units | (250) | ||
Amortization of deferred compensation | 1,774 | 2,794 | 3,640 |
Allocation of partners' capital | (310) | (3,403) | (4,059) |
Adjustment to record redeemable noncontrolling interests at redemption value | 3,618 | ||
Ending balance, partners' capital | 531,520 | 838,193 | 1,020,347 |
CBL & Associates Limited Partnership | Noncontrolling Interests | |||
Beginning balance, partners' capital | 23,961 | 12,111 | 9,701 |
Redeemable Noncontrolling Interests | |||
Net loss | (20,683) | 739 | (973) |
Distributions to noncontrolling interests | (912) | (5,557) | (6,226) |
Contributions from noncontrolling interests | 692 | 4,654 | 9,609 |
Deconsolidation of investments | 12,014 | ||
Ending balance, partners' capital | 3,058 | 23,961 | 12,111 |
CBL & Associates Limited Partnership | Cumulative Effect of Accounting Change | ASU 2016-16 | |||
Beginning balance, partners' capital | 11,433 | ||
CBL & Associates Limited Partnership | Cumulative Effect of Accounting Change | ASU 2014-09 | |||
Beginning balance, partners' capital | 58,947 | ||
CBL & Associates Limited Partnership | Cumulative Effect of Accounting Change | Total Shareholders' Equity | ASU 2016-16 | |||
Beginning balance, partners' capital | 11,433 | ||
CBL & Associates Limited Partnership | Cumulative Effect of Accounting Change | Total Shareholders' Equity | ASU 2014-09 | |||
Beginning balance, partners' capital | 58,947 | ||
CBL & Associates Limited Partnership | General Partner | |||
Beginning balance, partners' capital | 2,765 | 4,628 | 6,735 |
Redeemable Noncontrolling Interests | |||
Net loss | (3,175) | (1,684) | (1,459) |
Dividends declared - common stock | (151) | (1,358) | |
Cancellation of shares of restricted common stock | (1) | ||
Performance stock units | 36 | 13 | 13 |
Forfeiture of performance stock units | (3) | ||
Amortization of deferred compensation | 46 | 29 | 38 |
Allocation of partners' capital | (3) | (34) | (97) |
Adjustment to record redeemable noncontrolling interests at redemption value | (8) | (35) | 37 |
Ending balance, partners' capital | (339) | 2,765 | 4,628 |
CBL & Associates Limited Partnership | General Partner | Cumulative Effect of Accounting Change | ASU 2016-16 | |||
Beginning balance, partners' capital | 117 | ||
CBL & Associates Limited Partnership | General Partner | Cumulative Effect of Accounting Change | ASU 2014-09 | |||
Beginning balance, partners' capital | 605 | ||
CBL & Associates Limited Partnership | Limited Partner | |||
Beginning balance, partners' capital | 270,216 | 450,507 | 655,120 |
Redeemable Noncontrolling Interests | |||
Net loss | (308,944) | (163,061) | (140,556) |
Issuances of common units | 533 | 791 | 856 |
Redemptions of common units | (96) | (2,267) | |
Dividends declared - common stock | (18,450) | (136,273) | |
Cancellation of shares of restricted common stock | (117) | (143) | (284) |
Performance stock units | 3,512 | 1,237 | 1,279 |
Forfeiture of performance stock units | (247) | ||
Amortization of deferred compensation | 1,728 | 2,765 | 3,602 |
Allocation of partners' capital | (307) | (3,369) | (3,962) |
Adjustment to record redeemable noncontrolling interests at redemption value | 8 | 35 | 3,581 |
Ending balance, partners' capital | (33,371) | 270,216 | 450,507 |
CBL & Associates Limited Partnership | Limited Partner | Cumulative Effect of Accounting Change | ASU 2016-16 | |||
Beginning balance, partners' capital | 11,316 | ||
CBL & Associates Limited Partnership | Limited Partner | Cumulative Effect of Accounting Change | ASU 2014-09 | |||
Beginning balance, partners' capital | 58,342 | ||
CBL & Associates Limited Partnership | Preferred Units | |||
Beginning balance, partners' capital | $ 565,212 | $ 565,212 | $ 565,212 |
Beginning balance, partners' capital units (shares) | 25,050,000 | 25,050,000 | 25,050,000 |
Redeemable Noncontrolling Interests | |||
Net loss | $ 33,669 | $ 44,892 | |
Preferred dividends declared | (33,669) | (44,892) | |
Ending balance, partners' capital | $ 565,212 | $ 565,212 | $ 565,212 |
Ending balance, partners' capital units (shares) | 25,050,000 | 25,050,000 | 25,050,000 |
CBL & Associates Limited Partnership | Common Units | |||
Beginning balance, partners' capital units (shares) | 200,189,000 | 199,415,000 | 199,297,000 |
Redeemable Noncontrolling Interests | |||
Issuance of common units (shares) | 1,639,000 | 915,000 | 728,000 |
Redemption of common units (shares) | (73,000) | (535,000) | |
Cancellation of restricted common units (shares) | (140,000) | (68,000) | (75,000) |
Ending balance, partners' capital units (shares) | 201,688,000 | 200,189,000 | 199,415,000 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
ORGANIZATION | NOTE 1. 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 buildings and other properties. Its Properties are located in 24 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, 2020, 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 51 20 1 4 (2) 76 Unconsolidated Properties (3) 10 3 5 4 22 Total 61 23 6 8 98 (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. The Malls, All Other Properties ("Associated Centers, Community Centers, Office Buildings and Other") and the Construction Properties are collectively referred to as the “Properties” and individually as a “Property.” CBL is the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. At December 31, 2020, 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 a 96.5% limited partner interest for a combined interest held by CBL of 97.5%. Historically, the noncontrolling interest in the Operating Partnership has been held by CBL & Associates, Inc., its shareholders and affiliates and certain senior officers of the Company (collectively "CBL's Predecessor"), all of which contributed their interests in certain real estate properties and joint ventures to the Operating Partnership in exchange for a limited partner interest when the Operating Partnership was formed in November 1993, and by various third parties. During 2020, the Company issued 20,956,110 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. 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. Bankruptcy Accounting The consolidated financial statements included herein have been prepared as if the Company were a going concern and in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 852 – Reorganizations Note 2 for additional details regarding the bankruptcy. As a result, the Company has segregated prepetition unsecured or under secured liabilities and obligations whose treatment and satisfaction are dependent on the outcome of the Chapter 11 proceedings and have classified these items as “Liabilities s ubject to c ompromise” on the Company’s c onsolidated b alance s heets. In addition, the Company ha s classified all expenses that were incurred as a result of the Chapter 11 proceedings since filing as “Reorganization items ” in the Company’s c onsolidated s tatements of o perations. In addition to expenses, reorganization items can include realized gains or losses, such as the unamortized deferred financing costs and debt discount charges. Also, the Company has classified all expenses that were realized or incurred prior to November 1, 2020 in relation to the Company’s efforts to restructure its corporate-level debt as “Prepetition charges” in the Company’s consolidated statements of operations . COVID-19 The COVID-19 pandemic has had, and likely will continue to have, repercussions across local, national and global economies and financial markets. COVID-19 has impacted all states where the Company’s tenants operate their businesses or where the Company’s properties are located and measures taken to prevent or remediate COVID-19, including “shelter-in place” or “stay-at-home” orders or other quarantine mandates issued by local, state or federal authorities, have had an adverse effect on its business and the businesses of its tenants. The full extent of the adverse impact on, among other things, the Company’s results of operations, liquidity (including its ability to access capital markets), the possibility of future impairments of long-lived assets or its investments in unconsolidated joint ventures, its compliance with debt covenants, its ability to renew and re-lease its leased space, the outlook for the retail environment, potential bankruptcies or other store closings and its ability to develop, acquire, dispose or lease properties, is unknown and will depend on future developments, which are highly uncertain and cannot be predicted. State and local governments and other authorities are in varying stages of lifting or modifying some of the measures used to mitigate or control the spread of the virus. Even though vaccines have started to be administered, the COVID-19 pandemic could worsen at any time, which could cause new or more restrictive measures to be implemented to prevent the spread of the virus. Tenants and customers have gradually adapted to current conditions with services such as curbside pickup and increased consumer risk-tolerance, but there is no guarantee that retail will return to levels seen prior to the pandemic. The Company has experienced, and expects to continue to experience, a material adverse impact on its revenues, results of operations, and cash flows into 2021. The situation is rapidly changing and additional impacts to the business may arise that the Company is not aware of currently. |
CHAPTER 11 CASES AND ABILITY TO
CHAPTER 11 CASES AND ABILITY TO CONTINUE AS A GOING CONCERN | 12 Months Ended |
Dec. 31, 2020 | |
Chapter Eleven Cases And Ability To Continue As Going Concern [Abstract] | |
Chapter 11 Cases and Ability to Continue as a Going Concern | NOTE 2. CHAPTER 11 CASES AND ABILITY TO CONTINUE AS A GOING CONCERN Voluntary Reorganization under Chapter 11 On August 18, 2020, the Company entered into a Restructuring Support Agreement, (the “Original RSA”) with certain beneficial owners and/or investment advisors or managers of discretionary funds, accounts or other entities for the holders of beneficial owners (the “Consenting Noteholders”) representing in excess of 62%, including joining noteholders pursuant to joinder agreements, of the aggregate principal amount of the $450,000 of senior unsecured notes issued by the Operating Partnership in November 2013 that bear interest at 5.25% and mature on December 1, 2023 (the “2023 Notes”), the $300,000 of senior unsecured notes issued by the Operating Partnership in October 2014 that bear interest at 4.60% and mature on October 15, 2024 (the “2024 Notes”) and the $625,000 of senior unsecured notes issued by the Operating Partnership in December 2016 and September 2017 that bear interest at 5.95% and mature on December 15, 2026 (the “2026 Notes” and, collectively with the 2023 Notes and 2024 Notes, the "Notes"). On October 28, 2020, the Operating Partnership was notified by the administrative agent and lenders that they elected to exercise their rights pursuant to the terms of the secured credit facility to (i) require that rents payable by tenants at the properties that are collateral to the secured credit facility be paid directly to the administrative agent and (ii) exercise all voting rights and other ownership rights in respect of all the equity interests in the subsidiaries of the Operating Partnership that are guarantors of the secured credit facility. Beginning on November 1, 2020 (the “Commencement Date”), CBL and the Operating Partnership, together with certain of its direct and indirect subsidiaries (collectively, the “Debtors”), filed voluntary petitions (the “Chapter 11 Cases”) under chapter 11 of title 11 (“Chapter 11”) of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) In re CBL & Associates Properties, Inc., et al. , Case No. 20-35226 The filing of the Chapter 11 Cases constituted an event of default that results in the automatic acceleration of certain monetary obligations to be immediately due and payable with respect to the secured credit facility and the senior unsecured notes. On November 2, 2020, the Company filed an adversary proceeding in the Bankruptcy Court seeking among other things, a t emporary r estraining o rder (the “Order”) and for a p reliminary i njunction to enjoin, pending a determination of the parties’ rights, the administrative agent or any of its officers, agents, servants, attorneys and successors from taking any action to exercise any and all remedies under the terms of the secured credit facility or other agreements as a result of the e vents of d efault asserted by the administrative a gent, or any other right or remedy that would otherwise accompany the occurrence of an e vent of d efault, including without limitation, any rights of acceleration under the terms of the secured credit facility , rights flowing from the n otice of a cceleration, right s exercised pursuant to the Notice of Exercise or any other rights or remedies properly exercisable solely upon an actual or determined e vent of d efault . On November 2, 2020, the Bankruptcy Court granted the Order , and the Bankruptcy Court took up the other pending claims during the adversarial proceeding, which has now been stayed pending the confirmation of the Company’s p lan, discussed below. Following the Commencement Date, the Bankruptcy Court entered certain interim and final orders facilitating the Debtors’ operational transition into Chapter 11. These orders authorized the Debtors to, among other things, pay certain prepetition employee expenses and benefits, use their existing cash management system, maintain and administer customer programs, pay certain critical service providers, honor insurance-related obligations, and pay certain prepetition taxes and related fees on a final basis. After engaging in negotiations in a Bankruptcy Court-ordered mediation, on March 21, 2021 (the “Agreement Effective Date”), the Company entered into the First Amended and Restated Restructuring Support Agreement (the “Amended RSA”), with the Consenting Noteholders in excess of 69% (including joinders) of the aggregate principal amount of the Notes and certain lenders party to the Company’s secured credit facility who hold in the aggregate in excess of 96% (including joinders) of the aggregate outstanding principal amount of debt under the secured credit facility (the “Consenting Bank Lenders” and together with the Consenting Noteholders, the “Consenting Stakeholders”). The Amended RSA amends and restates the Original RSA and sets forth, subject to certain conditions, the commitments to and obligations of, on the one hand, the Company, and on the other hand, the Consenting Noteholders and Consenting Bank Lenders, in connection with the restructuring transactions (the “Restructuring Transactions”) set forth in the Amended RSA and the plan term sheet attached as Exhibit B to the Amended RSA (the “Plan Term Sheet”). The Amended RSA contemplates that the restructuring and recapitalization of the Debtors will occur through a joint plan of reorganization in the Chapter 11 Cases (the “Amended Plan”). The Amended RSA requires that the Company file the Amended Plan and related disclosure statement no later than 25 days following the Agreement Effective Date and under the Amended RSA the Company must seek to have the Amended Plan confirmed and declared effective no later than November 1, 2021. Before a Bankruptcy Court will confirm the Amended Plan, the Bankruptcy Code requires at least one “impaired” class of claims votes to accept the Amended Plan. A class of claims votes to “accept” the Amended Plan if voting creditors that hold a majority in number and two-thirds in amount of claims in that class approve the Amended Plan. The Amended RSA requires the Consenting Stakeholders vote in favor of and support the Amended Plan. As of the date hereof, the Consenting Bank Lenders and Consenting Noteholders each represent the requisite amount of claims necessary to accept the Amended Plan in each of their respective classes. For the foregoing reasons, among others, the Debtors believe that they will be able to confirm the Amended Plan in the Chapter 11 Cases. The Amended RSA provides that the ongoing litigation between the Company and the lenders of the Company’s secured credit facility (the “Bank Lenders”) arising from the prepetition enforcement actions taken by the Bank Lenders is stayed and is to be dismissed upon the Bankruptcy Court’s approval of the Amended Plan. Under the Amended RSA, the proposed Amended Plan will provide for the elimination of more than $1,681,900 of debt and preferred obligations as well as a significant reduction in interest expense. In exchange for their approximately $1,375,000 in principal amount of senior unsecured notes and $133,000 in principal amount of the secured credit facility, Consenting Noteholders and other noteholders will receive, in the aggregate, $95,000 in cash, $555,000 of new senior secured notes, of which up to $100,000, upon election by the Consenting Noteholders, may be received in the form of new convertible secured notes and 89% in common equity of the newly reorganized Company. Certain Consenting Noteholders will also provide up to $50,000 of new money in exchange for additional convertible secured notes. The transactions outlined in the Amended RSA will be implemented in the Chapter 11 Cases and pursuant to the Amended Plan. . The Company cannot predict the ultimate outcome of its Chapter 11 Cases at this time. For the duration of the Company’s Chapter 11 proceedings, the Company’s operations and ability to develop and execute its business plan are subject to the risks and uncertainties associated with the Chapter 11 process. As a result of these risks and uncertainties, the amount and composition of the Company’s assets, liabilities, officers and/or directors could be significantly different following the outcome of the Chapter 11 proceedings, and the description of the Company’s operations, properties and liquidity and capital resources included in this annual report may not accurately reflect its operations, properties and liquidity and capital resources following the Chapter 11 process. In particular, subject to certain exceptions, under the Bankruptcy Code, the Debtors may assume, assume and assign or reject executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the rejection of an executory contract or unexpired lease is treated as a prepetition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieves the Debtors of performing their future obligations under such executory contract or unexpired lease but entitles the contract counterparty or lessor to a prepetition general unsecured claim for damages caused by such deemed breach subject, in the case of the rejection of unexpired leases of real property, to certain caps on damages. Counterparties to such rejected contracts or leases may assert unsecured claims in the Bankruptcy Court against the applicable Debtor’s estate for such damages. Generally, the assumption or assumption and assignment of an executory contract or unexpired lease requires the Debtors to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance thereunder. Accordingly, any description of an executory contract or unexpired lease with the Debtors in this annual report, including where applicable a quantification of the Company’s obligations under any such executory contract or unexpired lease with the Debtors is qualified by any overriding rights the Company has under the Bankruptcy Code. Further, nothing herein is or shall be deemed an admission with respect to any claim amounts or calculations arising from the assumption, assumption and assignment or rejection of any executory contract or unexpired lease and the Debtors expressly preserve all of their rights with respect thereto. Liquidity and Going Concern Considerations In accordance with the accounting guidance related to the presentation of financial statements, when preparing financial statements for each annual and interim reporting period, management evaluates whether there are conditions or events that, when considered in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In making its assessment, management considered the Company’s current financial condition and liquidity sources, as well as the status of the Chapter 11 Cases. The filing of the Chapter 11 Cases by the Debtors constituted an event of default that results in the automatic acceleration of certain monetary obligations to be immediately due and payable with respect to the secured credit facility and the senior unsecured notes. The filing of the Chapter 11 Cases also constituted an event of default with respect to certain property-level debt of the Operating Partnership’s subsidiaries, which may result in acceleration of the outstanding principal and other sums due. See Note 8 and Note 9 for further discussion. Given the acceleration of the secured credit facility, the senior unsecured notes and certain property-level debt, as well as the inherent risks, unknown results and inherent uncertainties associated with the bankruptcy process and the direct correlation between these matters and the Company’s ability to satisfy its financial obligations that may arise Delisting of Common Stock and Depositary Shares On November 2, 2020, the NYSE announced that (i) it had suspended trading in the Company’s stock and (ii) it had determined to commence proceedings to delist the Company’s common stock, as well as the depositary shares each representing a 1/10th fractional share of the Company’s 7.375% Series D Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”) and the depositary shares each representing a 1/10th fractional share of the Company’s 6.625% Series E Cumulative Redeemable Preferred Stock (“Series E Preferred Stock”), due to such securities no longer being suitable for listing based on “abnormally low” trading price levels, pursuant to Section 802.01D of the NYSE Listed Company Manual. The Company has appealed this decision in accordance with NYSE rules, and the appeal is still in process. In the meantime, effective November 3, 2020, the Company’s common stock and the depositary shares representing fractional interests in its Series D Preferred Stock and Series E Preferred Stock began trading on the OTC Markets, operated by the OTC Markets Group, Inc., under the symbols “CBLAQ”, “CBLDQ” and “CBLEQ”, respectively. A delisting of the Company’s common stock from the NYSE could negatively impact it by, among other things, reducing the trading liquidity of, and the market price for, its common stock. Prepetition Charges Expenses that were realized or incurred prior to November 1, 2020 in relation to the Company’s efforts to restructure its corporate-level debt are recorded in the line item “Prepetition charges” in the Company’s consolidated statements of operations. The $23,883 of prepetition charges primarily consists of professional fees. Reorganization Items Any expenses, gains and losses that are realized or incurred as of or subsequent to November 1, 2020, the petition date, and as a direct result of the Chapter 11 Cases, are recorded in the line item “Reorganization items” in the Company’s consolidated statements of operations. The $35,977 of reorganization items consists of $10,347 in professional fees, $25,294 of unamortized deferred financing costs and debt discounts related to the secured credit facility and the senior unsecured notes, as well as $336 of U.S. Trustee fees. Liabilities Subject to Compromise The Company has reclassified $2,551,490 to the line item “Liabilities subject to compromise” in the Company’s consolidated balance sheets. These liabilities are reported at the amounts expected to be allowed as claims by the Bankruptcy Court, although they may be settled for less. As of December 31, 2020, the liabilities subject to compromise consisted of $1,375,000 related to the senior unsecured notes, $675,926 related to the secured line of credit, $438,750 related to the secured term loan, $57,644 in unpaid accrued interest as of the Commencement Date and $4,170 of prepetition unsecured or under secured liabilities. The contractual interest expense on the senior unsecured notes and secured credit facility is in excess of recorded interest expense by $30,084 for the year ended December 31, 2020. This excess contractual interest expense is not included as interest expense in the consolidated statements of operations for the year ended December 31, 2020 because the Company discontinued accruing interest on the senior unsecured notes and the secured credit facility subsequent to the Commencement Date in accordance with ASC 852, which limits the recognition of interest expense during a bankruptcy proceeding to only amounts that will be paid during the bankruptcy proceeding or that are probable of becoming allowed claims. The Company has not made any interest payments on its senior unsecured notes or its secured credit facility since the Chapter 11 Cases commenced on November 1, 2020. Condensed combined financial statement information of the Debtors is as follows: Condensed Combined Financial Statements – Debtors (Debtors-In-Possession) Condensed Combined Balance Sheet December 31, 2020 ASSETS: Investment in real estate assets $ 4,056,257 Accumulated depreciation (1,544,800 ) 2,511,457 Developments in progress 27,853 Net investment in real estate assets 2,539,310 Available-for-sale securities - at fair value (amortized cost of $233,052) 233,071 Cash and cash equivalents 46,346 Restricted Cash 29,834 Intercompany due from non-debtor entities 76,095 Other assets 140,241 Total assets $ 3,064,897 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY: Other liabilities $ 102,910 Intercompany due to non-debtor entities 5,062 Total liabilities not subject to compromise 107,972 Liabilities subject to compromise 2,551,490 Redeemable noncontrolling interests (2,786 ) Shareholders' equity 411,605 Noncontrolling interests (3,384 ) Total liabilities and owners’ equity $ 3,064,897 Condensed Combined Statement of Operations For the Period November 1, 2020 to December 31, 2020 Total revenues $ 70,845 Depreciation and amortization (23,064 ) Operating expenses (22,040 ) Interest and other income 1,705 Interest expense (unrecognized contractual interest expense was $30,084 for the year ended December 31, 2020) (760 ) Reorganization items (35,977 ) Gain on sales of real estate assets 1,988 Income tax benefit 354 Net loss $ (6,949 ) Condensed Combined Statement of Cash Flows CASH FLOWS FROM OPERATING ACTIVITIES: For the Period November 1, 2020 to December 31, 2020 Net loss $ (6,949 ) Adjustments to reconcile net loss to net cash provided by operating activities: Reorganization items (non-cash) 25,294 Other assets and liabilities, net 26,885 Net cash provided by operating activities 45,230 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of available-for-sale securities (81,276 ) Changes in other assets 2,506 Net cash used in investing activities (78,770 ) CASH FLOWS FROM FINANCING ACTIVITIES: Net distributions from non-Debtor subsidiaries 8,621 Other financing activities 104 Net cash provided by financing activities 8,725 NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (24,815 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 100,995 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period $ 76,180 Reconciliation from consolidated statement of cash flows to consolidated balance sheet: Cash and cash equivalents $ 46,346 Restricted cash 29,834 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period $ 76,180 SUPPLEMENTAL INFORMATION Cash paid for reorganization items $ 301 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3. 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 Expected Adoption Date & Application Method Financial Statement Effect and Other Information Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments January 1, 2020 - Modified Retrospective The guidance replaced 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 has determined that its available-for-sale debt securities, guarantees, mortgage and other notes receivable and receivables within the scope of ASC 606 fall under the scope of this standard. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements or disclosures. ASU 2018-13, Fair Value Measurement January 1, 2020 - Prospective The guidance eliminates, adds and modifies certain disclosure requirements for fair value measurements. Entities no longer are required to disclose the amount of and reasons for transfers between Level 1 and 2 of the fair value hierarchy, but public companies are required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements or 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 adoption of this guidance did not have a material impact on the Company’s consolidated financial statements or disclosures. Lease Modification Q&A April 1, 2020 – Prospective In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance related to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under Topic 842, Leases The Company has elected to apply the relief provided under the Lease Modification Q&A and will avail itself of the election to avoid performing a lease by lease analysis for the lease concessions that were (1) granted as relief due to the COVID-19 pandemic and (2) result in the cash flows remaining substantially the same or less than the original contract. The Lease Modification Q&A had a material impact on the Company’s consolidated financial statements as of and for the year ended December 31, 2020. However, its future impact to the Company is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering such concessions. The Lease Modification Q&A allows the Company to determine accounting policy elections at a disaggregated level, and the elections should be applied consistently by either the type of concession, underlying asset class or on another reasonable basis. As a result, the Company has made the following policy elections based on the type of concession agreed to with the respective tenant. Rent Deferrals The Company will account for rental deferrals using the receivables model as described within the Lease Modification Q&A. Under the receivables model, the Company will continue to recognize lease revenue in a manner that is unchanged from the original lease agreement and continue to recognize lease receivables and rental revenue during the deferral period. Rent Abatements The Company will account for rental abatements using the negative variable income model as described within the Lease Modification Q&A. Under the negative variable income model, the Company will recognize negative variable rent for the current period reduction of rental revenue associated with any lease concessions it provide s . At December 31, 2020, the Company’s receivables included $18,526 related to receivables that had been deferred and are to be repaid generally throughout 2021, and extending for a portion of 2022. The Company granted abatements of $25,439 during the year ended December 31, 2020. The Company continues to assess rent relief requests from its tenants but is unable to predict the resolution or impact of these discussions. For agreements that are currently under negotiation, the Company does not expect the impact to be material. Accounting Guidance Not Yet Adopted Description Financial Statement Effect and Other Information ASU 2020-04, Reference Rate Reform On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting 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 intangible lease assets and 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 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, 2020 and 2019, are summarized as follows: December 31, 2020 December 31, 2019 Cost Accumulated Amortization Cost Accumulated Amortization Intangible lease assets and other assets: Above-market leases $ 18,416 $ (16,395 ) $ 21,098 $ (18,559 ) In-place leases 59,472 (53,790 ) 66,309 (58,559 ) Tenant relationships 34,630 (7,909 ) 38,880 (10,834 ) Accounts payable and accrued liabilities: Below-market leases 42,274 (36,224 ) 46,554 (38,052 ) 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 $1,460, $4,506 and $13,282 in 2020, 2019 and 2018, respectively. The estimated total net amortization expense for the next five succeeding years is $1,326 in 2021, $1,071 in 2022, $872 in 2023, $854 in 2024 and $817 in 2025. Total interest expense capitalized was $1,640, $2,504 and $3,225 in 2020, 2019 and 2018, respectively. Accounts Receivable Receivables include amounts billed and currently due from tenants pursuant to lease agreements and receivables attributable to straight-line rents associated with those lease agreements. Individual leases where the collection of rents is in dispute are assessed for collectability based on management’s best estimate of collection considering the anticipated outcome of the dispute. Individual leases that are not in dispute are assessed for collectability and upon the determination that the collection of rents over the remaining lease term is not probable, accounts receivable are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, management assesses whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. An allowance for the uncollectable portion of the portfolio is recorded as an adjustment to rental revenues. Management’s estimate of the collectability of accounts receivable from tenants is based on the best information available to management at the time of evaluation. The duration of the COVID-19 pandemic and its impact on the Company’s tenants’ ability to pay rents has caused uncertainty in the Company’s ongoing ability to collect rents when due. Considering the potential impact of these uncertainties, management’s collection assessment also took into consideration the type of retailer, billing disputes, lease negotiation status and executed deferral or abatement agreements, as well as recent rent collection experience and tenant bankruptcies based on the best information available to management at the time of evaluation. For the year ended December 31, 2020 and 2019, the Company recorded $48,240 and $3,463, respectively, associated with uncollectable revenues, which includes $5,603 for straight line rent receivables for the year ended December 31, 2020. The following table sets forth the activity for the Company’s allowance for doubtful accounts: Year Ended December 31, 2019 2018 (1) Tenant receivables - allowance for doubtful accounts: Balance, beginning of year $ 2,337 $ 2,011 Additions in allowance charged to expense — 4,817 Bad debts charged against allowance (2,337 ) (4,491 ) Balance, end of year $ — $ 2,337 Year Ended December 31, 2019 2018 (1) Other receivables - allowance for doubtful accounts: Balance, beginning of year $ — $ 838 Additions in allowance charged to expense — — Bad debts charged against allowance — (838 ) Balance, end of year $ — $ — (1) Note 5 . Carrying Value of Long-Lived Assets The Company evaluates its real estate assets for impairment indicators whenever events or changes in circumstances indicate that the carrying value of any of its long-lived assets may not be recoverable. Furthermore, this evaluation is conducted no less frequently than quarterly, irrespective of changes in circumstances. The prolonged outbreak of the COVID-19 pandemic resulted in sustained closure of the Company’s properties for a period of time, as well as the cessation of the operations of certain of its tenants, which has resulted and will likely continue to result in a reduction in the revenues and cash flows of many of its properties due to the adverse financial impacts on its tenants, as well as reductions in other sources of income generated by its properties. In addition to reduced revenues, the Company’s ability to obtain sufficient financing for such properties may be impaired as well as its ability to lease or re-lease properties as a result of worsening market and economic conditions resulting from the COVID-19 pandemic. As of December 31, 2020, the Company’s evaluation of impairment of real estate assets considered its estimate of cash flow declines caused by the COVID-19 pandemic, but its other assumptions, including estimated hold period, were generally unchanged given the highly uncertain environment. The worsening of estimated future cash flows due to a change in the Company’s plans, policies, or views of market and economic conditions as it relates to one or more of its properties adversely impacted by the COVID-19 pandemic could result in the recognition of substantial impairment charges on its assets, which could adversely impact its financial results. For the year ended December 31, 2020, the Company recorded impairment charges of $213,358 related to six of its malls. As of December 31, 2020, seven other properties had impairment indicators; however, based on the Company’s plans with respect to those properties and the economic environment as of December 31, 2020, no additional impairment charges were recorded. 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 $59,941 and $26,242 was included in intangible lease assets and other assets at December 31, 2020 and 2019, respectively. The $59,941 in restricted cash at December 31, 2020 related to 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, as well as amount s related to cash management agreements with the Company’s lenders that are designated for debt service and operating expense obligations . 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 cash contributed by the Company and the fair value of any 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 fair value of the ownership interest retained and as a sale of real estate with profit recognized to the extent of the other joint venture partners’ 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. The Company evaluates its investment in unconsolidated affiliates for impairment indicators whenever events or changes in circumstances indicate that the carrying value of its investment may not be recoverable. The Company’s evaluation of whether an investment in an unconsolidated affiliate has incurred a loss in value that is other than temporary includes an assessment of the expected return generated from the property or properties held within the investment, and the Company’s intent and ability to retain the investment for a period of time to allow for full recovery. Furthermore, this evaluation is conducted no less frequently than quarterly, irrespective of changes in circumstances. The prolonged outbreak of the COVID-19 pandemic resulted in sustained closure of the Company’s properties for a period of time, as well as the cessation of the operations of certain of its tenants, which has resulted and will likely continue to result in a reduction in the revenues and cash flows of many of its properties due to the adverse financial impacts on its tenants, as well as reductions in other sources of income generated by its properties. In addition to reduced revenues, the Company’s ability to obtain sufficient financing for such properties may be impaired as well as its ability to lease or re-lease properties as a result of worsening market and economic conditions resulting from the COVID-19 pandemic. As of December 31, 2020 and 2019, no impairment charges were recorded. In 2018, the Company recorded an impairment of $1,022 as its share of the loss on impairment recognized by an unconsolidated joint venture. The Company recorded a gain on deconsolidation of investments of $67,242 in 2019. See Note 8 Deferred Financing Costs During 2020, as a result of the Chapter 11 Cases, unamortized financing costs of $16,779 related to the Company's secured credit facility and senior unsecured notes were charged to expense and were recorded as “Reorganization items” within the Company’s consolidated statements of operations. Unamortized financing costs related to the secured line of credit of Revenue Recognition See Note 4 for a description of the Company's revenue streams. 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 $2,882, $3,682 and $4,147 during 2020, 2019 and 2018, 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 the Company’s judgment about the realizability of the related deferred tax asset is included in income or expense, as applicable. The Company recorded an income tax benefit (provision) as follows for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Current tax provision $ (2,278 ) $ (485 ) $ (1,354 ) Deferred tax benefit (provision) (14,558 ) (2,668 ) 2,905 Income tax benefit (provision) $ (16,836 ) $ (3,153 ) $ 1,551 In 2020, the Company recorded a full deferred tax asset valuation allowance of $16,206, which left a balance of zero as a net deferred tax asset at December 31, 2020. The Company had a net deferred tax asset of $15,117 at December 31, 2019. In 2018, the Company recorded a cumulative effect adjustment in the amount of $11,433 related to the January 1, 2018 adoption of ASU 2016-16. The net deferred tax asset at December 31, 2019 is included in intangible lease assets and other assets. These deferred tax balances primarily consist of differences between book and tax related to the basis of real estate assets, depreciation expense and operating expenses, as well as net operating loss carryforwards. As of December 31, 2020, tax years that generally remain subject to examination by the Company’s major tax jurisdictions include 2020, 2019, 2018 and 2017. 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 statements of operations. In addition, any interest incurred on tax assessments is reported as interest expense. The Company incurred nominal interest and penalty amounts in 2020, 2019 and 2018. 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 4.5% of the Company’s total consolidated revenues in 2020. 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 18 for a description of the long-term incentive program that these units relate to. There were no potential dilutive common shares and no anti-dilutive shares for the year ended December 31, 2020. The effect of 102,820 contingently issuable common shares related to PSUs for the year ended December 31, 2018 were excluded from the computation of diluted EPS because the effect would have been anti-dilutive. Earnings per Unit of the Operating Partnership Basic earnings per unit (“EPU”) is computed using the two-class method. The two-class method is required when either (i) participating securities or (ii) multiple classes of common stock exists. The Operating Partnership’s special common units, and common units issued upon the conversion or redemption of special common units, meet the definition of participating securities as these units have the contractual right and obligation to share in the Operating Partnership’s net income (loss) and distributions. Under this approach net income (loss) attributable to common unitholders is reduced by the amount of distributions made (declared) to all common unitholders and by the amount of distributions that are required to be made (declared and undeclared) to special common unitholders. Distributed and undistributed earnings is subsequently divided by the weighted-average number of common and special common units outstanding for the period to compute basic EPU for each unit. Undistributed losses are allocated 100 percent to common units, other than common units issued upon the conversion or redemption of special common units. The special common units, and common units issued upon the conversion or redemption of special common units, only participate in undistributed losses in the event of a liquidation. Diluted EPU is computed by considering either the two-class method or the if-converted method, whichever results in more dilution. The if-converted method assumes the issuance of common units for all potential dilutive special common units outstanding. Due to the loss position (negative earnings) of the Operating Partnership for the years ended December 31, 2020 and 2019 all special common units, and common units issued upon the conversion or redemption of special common units, are antidilutive. The calculation of diluted EPU through the if-converted method would reduce the loss per share (as a result of an increase number of shares in the denominator) for the common units. Therefore in a loss position diluted EPU is equal to basic EPU. There were no potential dilutive common units and there were no anti-dilutive units other than the special common units, and common units issued upon the conversion or redemption of special common units, outstanding for the years ended December 31, 2020, 2019 and 2018. 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, 2020 | |
Revenue From Contract With Customer [Abstract] | |
REVENUES | NOTE 4. REVENUES Revenues The following table presents the Company's revenues disaggregated by revenue source: Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Rental revenues (1) $ 554,064 $ 736,878 $ 829,113 Revenues from contracts with customers (ASC 606): Operating expense reimbursements (2) 9,025 9,783 8,434 Management, development and leasing fees (3) 6,800 9,350 10,542 Marketing revenues (4) 2,716 6,059 6,286 18,541 25,192 25,262 Other revenues 3,256 6,626 4,182 Total revenues (5) $ 575,861 $ 768,696 $ 858,557 (1) Revenues from leases that commenced subsequent to December 31, 2018 are accounted for in accordance with ASC 842, Leases Note 5 . (2) Includes $8,638 in the Malls segment and $387 in the All Other segment for the year ended December 31, 2020. Includes $9,404 in the Malls segment and $379 in the All Other segment for the year ended December 31, 2019. Includes $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) Marketing revenues solely relate to the Malls segment for all years presented. (5) Sales taxes are excluded from revenues. See Note 13 for information on the Company's segments. 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 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 as historically 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. 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. Outstanding Performance Obligations The Company has outstanding performance obligations related to certain noncancellable contracts with customers for which it will receive fixed operating expense reimbursements for providing certain maintenance and other services as described above. As of December 31, 2020, 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 Fixed operating expense reimbursements $ 24,400 $ 47,186 $ 41,715 $ 113,301 The Company evaluates its performance obligations each period and makes adjustments to reflect any known additions or cancellations. Performance obligations related to variable consideration, which is based on sales, are constrained. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | NOTE 5. LEASES Lessor Rental Revenues The majority of the Company’s revenues are earned through the lease of space at its properties. All of the Company's leases with tenants for the use of space at its properties are classified as operating leases. Rental revenues include minimum rent, percentage rent, other rents and reimbursements from tenants for real estate taxes, insurance, common area maintenance ("CAM") and other operating expenses as provided in the lease agreements. The option to extend or terminate the Company’s leases is specific to each underlying tenant lease agreement. Typically, the Company's leases contain penalties for early termination. The Company doesn't have any leases that convey the right for the lessee to purchase the leased asset. Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms of the related leases. Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements. Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable. The Company receives reimbursements from tenants for real estate taxes, insurance, CAM and other recoverable operating expenses as provided in the lease agreements. Any tenant reimbursements that require fixed payments are recognized on a straight-line basis over the initial terms of the related leases, whereas any variable payments 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. The components of rental revenues are as follows: Year Ended December 31, 2020 2019 2018 Fixed lease payments $ 459,958 $ 607,259 $ 684,634 Variable lease payments 94,106 129,619 144,479 Total rental revenues $ 554,064 $ 736,878 $ 829,113 The undiscounted future fixed lease payments to be received under the Company's operating leases as of December 31, 2020, are as follows: Years Ending December 31, Operating Leases 2021 $ 401,573 2022 344,777 2023 288,775 2024 232,399 2025 175,956 Thereafter 412,502 Total undiscounted lease payments $ 1,855,982 Lessee The Company has eight ground leases and one office lease in which it is a lessee. The maturities of these leases range from 2021 to 2089 and generally provide for renewal options ranging from five to ten years. The Company included the renewal options in its lease terms for purposes of calculating its lease liability and ROU asset because it has no plans to cease operating its assets associated with each ground lease. The ground leases relate to properties where the Company owns the buildings and improvements but leases the underlying land. The lease payments on the majority of the ground leases are fixed, but in the instances where they are variable, they are either based on the CPI index or a percentage of sales. The office lease is subleased as of December 31, 2020. As of December 31, 2020, these leases have a weighted-average remaining lease term of 42.8 years and a weighted-average discount rate of 8.3%. The Company's ROU asset and lease liability are presented in the consolidated balance sheets within intangible lease assets and other assets and accounts payable and accrued liabilities, respectively. A summary of the Company's ROU asset and lease liability activity during the year ended December 31, 2020 and 2019 is presented below: ROU Asset Lease Liability Balance as of January 1, 2019 $ 4,160 $ 4,074 Cash reduction (557 ) (557 ) Noncash decrease 201 320 Balance as of January 1, 2020 3,804 3,837 Cash reduction (373 ) (373 ) Noncash decrease (128 ) (134 ) Balance as of December 31, 2020 $ 3,303 $ 3,330 The components of lease expense are presented below: Year Ended December 31, 2020 Year Ended December 31, 2019 Lease expense: Operating lease expense $ 462 $ 547 Variable lease expense 223 348 Total lease expense $ 685 $ 895 The undiscounted future lease payments to be paid under the Company's operating leases as of December 31, 2020, are as follows: Year Ending December 31, Operating Leases 2021 $ 379 2022 299 2023 284 2024 264 2025 269 Thereafter 11,747 Total undiscounted lease payments 13,242 Less imputed interest (9,912 ) Lease liability $ 3,330 |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
ACQUISITIONS | NOTE 6. ACQUISITIONS Since the adoption of ASU 2017-01, Clarifying the Definition of a Business 2020 Acquisition There were no acquisitions during 2020. 2019 Acquisition In October 2019, the Company acquired the former Boston store located at West Towne Mall for $5,700 in cash. The Company is in the process of redeveloping this space. 2018 Acquisitions In February 2018, the Company acquired the former Bon-Ton store located at Westmoreland Mall for $3,250 in cash. The Company redeveloped this space. |
DISPOSITIONS AND HELD FOR SALE
DISPOSITIONS AND HELD FOR SALE | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
DISPOSITIONS AND HELD FOR SALE | NOTE 7. 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 2020 Dispositions The Company realized a gain of $4,696 primarily related to the sale of eight outparcels during the year ended December 31, 2020. The Company recognized a gain on extinguishment of debt for the propert ies 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. See Note 9 for more information . Sale/Transfer Date Property Property Type Location Balance of Non-recourse Debt Gain on Extinguishment of Debt August Hickory Point Mall (1) Malls Forsyth, IL $ 27,446 $ 15,446 December Burnsville Center (1) Malls Burnsville, MN 64,233 17,075 $ 91,679 $ 32,521 (1) The Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property. 2019 Dispositions Net proceeds realized from the 2019 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 2019 dispositions: Sales Price Sales Date Property Property Type Location Gross Net Gain January Cary Towne Center (1) Malls Cary, NC $ 31,500 $ 31,068 $ — April Honey Creek Mall (2) Malls Terre Haute, IN 14,600 14,360 — April The Shoppes at Hickory Point Malls Forsyth, IL 2,508 2,407 1,326 June Courtyard by Marriott at Pearland Town Center All Other Pearland, TX 15,100 14,795 1,910 July 850 Greenbrier Circle All Other Chesapeake, VA 10,500 10,332 96 July Kroger at Foothills Plaza All Other Maryville, TN 2,350 2,267 1,139 July The Forum at Grandview (3) All Other Madison, MS 31,750 31,606 47 July Barnes & Noble parcel All Other High Point, NC 2,000 1,899 821 September Dick's Sporting Goods at Hanes Mall All Other Winston-Salem, NC 10,000 9,649 2,907 $ 120,308 $ 118,383 $ 8,246 (1) See below for more information regarding the sale of Cary Towne Center. (2) The Company recognized a loss on impairment of $2,284 in March 2019 when it adjusted the book value of the mall to the net sales price based on a signed contract with a third-party buyer and recognized $(239) in April 2019 related to a true-up of closing costs. See Note 17 for additional information. (3) The Company recognized a loss of impairment of $8,582 in June 2019 when it adjusted the book value to the net sales price based on a signed contract with a third-party buyer, adjusted to reflect the estimated disposition costs. See Note 17 The Company realized gains of $6,434 related to the sale of five outparcels and a gain of $1,627 related to the formation of three joint ventures during the year ended December 31,2019. Also, the Company realized a loss of $33 related to prior period adjustments. 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. See Note 9 Sale/Transfer Date Property Property Type Location Balance of Non-recourse Debt Gain on Extinguishment of Debt January Acadiana Mall (1) Malls Lafayette, LA $ 119,760 $ 61,795 January Cary Towne Center (2) Malls Cary, NC 43,716 9,927 $ 163,476 $ 71,722 (1) The Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property. (2) The Company sold the mall for $31,500 and the net proceeds from the sale were used to satisfy a portion of the loan secured by the mall. The remaining principal balance was forgiven. In a separate transaction during January 2019, the Company also sold an anchor store parcel and vacant land at Acadiana Mall, which were not collateral on the loan, for a cash price of $4,000. A loss on impairment of real estate of $1,593 was recorded in 2018 to write down the book value of the anchor store parcel and vacant land to its then estimated fair value. 2018 Dispositions Net proceeds realized from the 2018 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 2018 dispositions: Sales Price Sales Date Property Property Type Location Gross Net Gain March Gulf Coast Town Center - Phase III All Other Ft. Myers, FL $ 9,000 $ 8,769 $ 2,236 July Janesville Mall (1) Malls 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) Malls Morristown, TN — — 742 Various Prior Sales Adjustments 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 17 (2) In conjunction with the sale of this 50/50 consolidated joint venture, the loan secured by the community center was retired. 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. The Company also realized a gain of $11,530 primarily related to the sale of twelve outparcels and from several outparcels sold through eminent domain proceedings during the year ended December 31, 2018. |
UNCONSOLIDATED AFFILIATES
UNCONSOLIDATED AFFILIATES | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
UNCONSOLIDATED AFFILIATES | NOTE 8. UNCONSOLIDATED AFFILIATES Unconsolidated Affiliates Although the Company had majority ownership of certain joint ventures during 2020, 2019 and 2018, 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, 2020, the Company had investments in 29 entities, which are accounted for using the equity method of accounting. The Company's ownership interest in these unconsolidated affiliates ranges from 20.0% to 65.0%. Of these entities, 17 are owned in 50 / 50 joint ventures. 2020 Activity - Unconsolidated Affiliates Atlanta Outlet JV, LLC In February 2020, Atlanta Outlet JV, LLC, a 50/50 joint venture, closed on a new loan in the amount of $4,680, with an interest rate of LIBOR plus 2.5% and a maturity date of November 2023 Note 16 for additional information. The unconsolidated affiliate is a VIE. BI Development II, LLC In June 2020, the Company entered into a joint venture, BI Development II, LLC, to acquire, redevelop and operate the vacant Sears parcel at Northgate Mall in Chattanooga, TN. The Company has a 20% membership interest in the joint venture. The Company made no initial capital contribution and has no future funding obligations. The unconsolidated affiliate is a VIE. CBL/T-C, LLC In October 2020, Oak Park Mall, LLC entered a forbearance agreement with the lender to restructure the non-recourse loan that is secured by Oak Park Mall . Pursuant to the terms of the forbearance agreement, all interest payments from June 2020 through November 2020 were deferred. The loan will be interest only through November 1, 2022; however, beginning on September 1, 2021 and continuing through November 1, 2022, the deferred interest is to be made in equal monthly installments in addition to the scheduled interest payments. Beginning December 1, 2022, Oak Park Mall, LLC is to begin making full monthly payments of principal and interest. Oak Park Mall, LLC executed a deed-in-lieu of foreclosure, along with other transfer documents, for the benefit of the lender, which were placed in escrow. In the event Oak Park Mall, LLC fails to make any of the required payments under the forbearance agreement, the lender can exercise its rights to receive the deed-in-lieu and other transfer documents from escrow. 2019 Activity - Unconsolidated Affiliates Atlanta Outlet JV, LLC In December 2019, the Company sold 25% of its interest in The Outlet Shoppes at Atlanta, in Woodstock, GA, to its existing joint venture partner for a total consideration of $20,778, including $11,440 of assumed debt. Following the sale, the Company and its joint venture partner each own a 50% interest. In addition to the sale of its interest, the Company and its joint venture partner executed an amendment to the joint venture agreement that modified certain terms of the agreement, which resulted in the Company deconsolidating this property. As a result of these transactions, the Company recognized a gain on investment/deconsolidation of $56,067, which was made up of a $12,939 gain on the sale of the Company’s 25% interest and a $43,128 gain related to adjusting the Company’s retained interest to fair value. BI Development, LLC In October 2019, the Company entered into a joint venture, BI Development, LLC, to acquire, redevelop and operate the vacant JC Penney parcel at Northgate Mall in Chattanooga, TN. The Company has a 20% membership interest in the joint venture. The Company made no initial capital contribution and has no future funding obligations. The unconsolidated affiliate is a VIE. Bullseye, LLC In September 2018, the Company entered into a joint venture, Bullseye, LLC, to develop a vacant land parcel adjacent to Hamilton Corner in Chattanooga, TN. The Company has a 20% membership interest in the joint venture. The Company made no initial investment and has no future funding obligations. The unconsolidated affiliate is a VIE. El Paso Outlet Center Holding, LLC, and El Paso Outlet Outparcels, LLC In August 2019, the Company sold 25% of its interest in The Outlet Shoppes at El Paso, in El Paso, TX, to its existing joint venture partner for total consideration of $27,750, including $18,525 of assumed debt. Following the sale, the Company and its joint venture partner each own a 50% interest. In addition to the sale of its interest, the Company and its joint venture partner executed an amendment to the joint venture agreement that modified certain terms of the agreement, which resulted in the Company deconsolidating this property. As a result of these transactions, the Company recognized a gain on investment/deconsolidation of $11,174, which was made up of a $3,884 gain on the sale of the Company's 25% interest and a $7,290 gain related to adjusting the Company's retained interest to fair value. El Paso Outlet Center Holding, LLC is a VIE. G&I VIII CBL Triangle LLC In July 2019, the lender foreclosed on the loan secured by Triangle Town Center. In September 2018, the Company had reduced its investment in the unconsolidated 90/10 joint venture to zero. Hamilton Place Self Storage, LLC In September 2019, the Company entered into a joint venture, Hamilton Place Self Storage, LLC, to develop a self-storage facility adjacent to Hamilton Place. The Company has a 54% share in the joint venture and recorded a $187 loss on sale of real estate assets related to land that it contributed to the joint venture. The unconsolidated affiliate is a VIE. In conjunction with the formation of the joint venture, the unconsolidated affiliate closed on a construction loan with a total borrowing capacity of up to $7,002, a variable interest rate of LIBOR plus 2.75% and a maturity date of September 2024. The Operating Partnership has guaranteed 100% of the construction loan, but has a back-up guaranty from its joint venture partner for 50% of the construction loan. See Note 16 for more information. Louisville Outlet Shoppes, LLC In November 2019, the Company and its joint venture partner executed an amendment to the joint venture agreement that modified certain terms of the agreement, which resulted in the Company deconsolidating this property. The unconsolidated affiliate is a VIE. Mall of South Carolina L.P. In November 2019, the Company and its joint venture partner closed on construction loan to construct a new building adjacent to Coastal Grand that will include Dick’s Sporting Goods and Golf Galaxy. The construction loan has a total borrowing capacity of $7,959, a fixed interest rate of 5.05% and a maturity date of November 2024 Parkdale Self Storage, LLC In May 2019, the Company entered into a 50/50 joint venture, Parkdale Self Storage, LLC, to develop a self-storage facility adjacent to Parkdale Mall. The Company recorded gain on sale of real estate assets of $433 related to land that it contributed to the joint venture. The unconsolidated affiliate is a VIE. In conjunction with the formation of the joint venture, the unconsolidated affiliate closed on a construction loan with a total borrowing capacity of up to $6,500, a variable interest rate that is the greater of 5.25% or LIBOR plus 2.80% and a maturity date of July 2024 Note 16 for more information. Vision-CBL Hamilton Place, LLC In November 2018, the Company entered into a 50/50 joint venture, Vision-CBL Hamilton Place, LLC, to acquire, develop and operate an Aloft by Marriott hotel adjacent to Hamilton Place. In December 2019, the Company recorded a $1,381 gain on sale of real estate assets related to land that it contributed to the joint venture. The unconsolidated affiliate is a VIE. See additional information in Variable Interest Entities November 2024 2018 Activity - Unconsolidated Affiliates CBL/T-C, LLC In April 2018, the Company and its 50/50 joint venture partner closed on a $155,000 non-recourse loan secured by CoolSprings Galleria. The loan bears a fixed interest rate of 4.84% and matures on May 2028. Proceeds from the loan were used to retire an existing $97,732 loan, which had an interest rate of 6.98% at the repayment date and was due to mature in June 2018. The Company's share of excess proceeds was used to reduce outstanding balances on its credit facilities. The unconsolidated affiliate is a VIE. 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 is being used in the development of an apartment complex. The unconsolidated affiliate is a variable interest entity. In conjunction with the formation of the joint venture, the joint venture closed on a construction loan with a total borrowing capacity of $36,990, a variable interest rate of LIBOR plus 2.35% and a maturity date of December 2021 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 had experienced declining tenant sales over the past few years and was 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. Port Orange Town Center LLC, West Melbourne Town Center LLC and West Melbourne Holdings II, LLC In May 2018, the $56,738 loan secured by The Pavilion at Port Orange, the $41,997 loan secured by Hammock Landing – Phase I and the $16,217 loan secured by Hammock Landing – Phase II 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% to LIBOR plus 2.25%. The Operating Partnership's guaranty also increased to 50%. The unconsolidated affiliates are a VIE. 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, with a borrowing capacity of $5,987, a variable interest rate of LIBOR plus 2.75% and a maturity date of April 2023. Impact of Chapter 11 Proceedings As described in Note 1 , the filing of the Chapter 11 Cases also constituted an event of default with respect to certain property-level debt of the Operating Partnership’s subsidiaries, which may have resulted in automatic acceleration of certain monetary obligations or may give the applicable lender the right to accelerate such amounts. There are 21 of such loans related to unconsolidated affiliates that have an aggregate outstanding balance of $982,032 at December 31, 2020. Condensed Combined Financial Statements - Unconsolidated Affiliates Condensed combined financial statement information of the unconsolidated affiliates is as follows: December 31, 2020 December 31, 2019 ASSETS: Investment in real estate assets $ 2,346,124 $ 2,293,438 Accumulated depreciation (862,435 ) (803,909 ) 1,483,689 1,489,529 Developments in progress 28,138 46,503 Net investment in real estate assets 1,511,827 1,536,032 Other assets 174,966 154,427 Total assets $ 1,686,793 $ 1,690,459 LIABILITIES: Mortgage and other indebtedness, net $ 1,439,454 $ 1,417,644 Other liabilities 45,280 41,007 Total liabilities 1,484,734 1,458,651 OWNERS' EQUITY: The Company 132,350 149,376 Other investors 69,709 82,432 Total owners' equity 202,059 231,808 Total liabilities and owners’ equity $ 1,686,793 $ 1,690,459 Year Ended December 31, 2020 2019 2018 Total revenues $ 213,319 $ 221,512 $ 225,073 Net income (loss) (1) $ (12,659 ) $ 96,628 $ (63,315 ) (1) The Company’s pro rata share of net income (loss) is ($14,854), $4,940 and 14,677 for the years ended December 31, 2020, 2019 and 2018, respectively, and is included in equity in earnings (losses) of unconsolidated affiliates in the accompanying consolidated statements of operations. See Note 16 for a description of guarantees the Operating Partnership has issued related to the unconsolidated affiliates. |
MORTGAGE AND OTHER INDEBTEDNESS
MORTGAGE AND OTHER INDEBTEDNESS, NET | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
MORTGAGE AND OTHER INDEBTEDNESS, NET | NOTE 9. MORTGAGE AND OTHER INDEBTEDNESS, NET Debt of the Company CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries that it has a direct or indirect ownership interest in is the borrower on all of the Company's debt. CBL is a limited guarantor of the senior unsecured notes, as described below, for losses suffered solely by reason of fraud or willful misrepresentation by the Operating Partnership or its affiliates. The Company also provides a similar limited guarantee of the Operating Partnership's obligations with respect to its secured line of credit and Debt of the Operating Partnership Mortgage and other indebtedness, net, consisted of the following: December 31, 2020 December 31, 2019 Amount Weighted- Average Interest Rate (1) Amount Weighted- Average Interest Rate (1) Fixed-rate debt: Non-recourse loans on operating Properties $ 1,120,203 5.12 % $ 1,330,561 5.27 % Senior unsecured notes due 2023 (2) — — 447,894 5.25 % Senior unsecured notes due 2024 (3) — — 299,960 4.60 % Senior unsecured notes due 2026 (4) — — 617,473 5.95 % Total fixed-rate debt 1,120,203 5.12 % 2,695,888 5.35 % Variable-rate debt: Recourse loans on operating Properties 68,061 4.69 % 41,950 4.34 % Construction loan — — 29,400 4.60 % Secured line of credit — — 310,925 3.94 % Secured term loan — — 465,000 3.94 % Total variable-rate debt 68,061 4.69 % 847,275 3.98 % Total fixed-rate and variable-rate debt 1,188,264 5.10 % 3,543,163 5.02 % Unamortized deferred financing costs (5) (3,433 ) (16,148 ) Total mortgage and other indebtedness, net $ 1,184,831 $ 3,527,015 Mortgage and other indebtedness included in liabilities subject to compromise consisted of the following: December 31, 2020 December 31, 2019 Amount Weighted- Average Interest Rate (1) Amount Weighted- Average Interest Rate (1) Fixed-rate debt: Senior unsecured notes due 2023 (6) $ 450,000 5.25 % $ — — Senior unsecured notes due 2024 (6) 300,000 4.60 % — — Senior unsecured notes due 2026 (6) 625,000 5.95 % — — Total fixed-rate debt 1,375,000 5.43 % — — Variable-rate debt: Secured line of credit (7) 675,926 9.50 % — — Secured term loan (7) 438,750 9.50 % — — Total variable-rate debt 1,114,676 9.50 % — — Total fixed-rate and variable-rate debt 2,489,676 7.25 % — — Unpaid accrued interest (8) 57,644 — Prepetition unsecured or under secured liabilities 4,170 Total liabilities subject to compromise $ 2,551,490 $ — (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 $2,106 as of December 31, 2019. (3) The balance is net of an unamortized discount of $40 as of December 31, 2019. (4) The balance is net of an unamortized discount of $7,527 as of December 31, 2019. ( 5 ) Unamortized deferred financing costs amounting to $3,106 for certain property-level, non-recourse mortgage loans may be required to be written off in the event that a waiver or restructuring of terms cannot be negotiated and the debt is either redeemed or otherwise extinguished. ( 6 ) In accordance with ASC 852, which limits the recognition of interest expense during a bankruptcy proceeding to only amounts that will be paid during the bankruptcy proceeding or that are probable of becoming allowed claims, interest has not been accrued on the senior unsecured notes subsequent to the filing of the Chapter 11 Cases. In accordance with ASC 852, unamortized deferred financing costs and debt discounts of $14,231, previously included in mortgage and other indebtedness, net in the Company’s consolidated balance sheets, related to the senior unsecured notes were charged to reorganization items in the accompanying consolidated statement of operations as part of the Company’s reorganization. ( 7 ) The administrative agent informed the Company that interest will accrue on all outstanding obligations at the post-default rate, which is equal to the rate that otherwise would be in effect plus 5.0% . The post-default interest rate at December 31, 2020 was 9.50 %. In accordance with ASC 852, which limits the recognition of interest expense during a bankruptcy proceeding to only amounts that will be paid during the bankruptcy proceeding or that are probable of becoming allowed claims, interest has not been accrued on the secured credit facility subsequent to the filing of the Chapter 11 Cases. In accordance with ASC 852, unamortized deferred financing costs of $ 4,098 , previously included in mortgage and other indebtedness, net in the Company’s consolidated balance sheets, related to the secured term loan were charged to reorganization items in the accompanying consolidated statement of operations as part of the Company’s reorganization. Additionally, unamortized deferred financing costs amounting to $ 6,965 , previously included in intangible lease assets and other assets in the Company’s consolidated balance sheets, related to the secured line of credit were charged to reorganization items in the accompanying consolidated statement of operations as part of the Company’s reorganization . The outstanding amount of the secured credit facility is included in liabilities subject to compromise in the accompanying consolidated balance sheets as of December 31, 2020. ( 8 ) Represents interest accrued on the secured credit facility and senior unsecured notes prior to the filing of the Chapter 11 Cases. Non-recourse term loans, recourse term loans, the secured line of credit and the secured term loan include loans that are secured by Properties owned by the Company that have a net carrying value of $2,197,979 at December 31, 2020. Senior Unsecured Notes (1) Description Issued (2) Amount Interest Rate Maturity Date 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 625,000 5.95 % December 2026 (1) Subsequent to December 31, 2020, the Company entered into an amended and restated Restructuring Support Agreement with its credit facility lenders and unsecured noteholders that provides for a fully consensual comprehensive restructuring. See Note 20 for additional information. ( 2 ) Issued by the Operating Partnership. CBL is a limited guarantor of the Operating Partnership's obligations under the Notes as described above. The Company elected to not make the $6,900 interest payment (the “2024 Notes Interest Payment”) due and payable on October 15, 2020, with respect to the 2024 Notes. Under the indenture governing the 2024 Notes, the Operating Partnership had a 30-day grace period to make the 2024 Notes Interest Payment before the nonpayment was considered an “event of default” with respect to the 2024 Notes. The Company filed the Chapter 11 Cases prior to the end of the 30-day grace period. Senior Secured Credit Facility The Company has a $1,185,000 senior secured credit facility, which includes a revolving line of credit drawn to its maximum borrowing capacity of $675,926 and a term loan with an outstanding balance of $438,750 at December 31, 2020. The facility matures in July 2023 Note 2 and in Financial Covenants and Restrictions below, the filing of the Chapter 11 Cases constituted an event of default that resulted in certain monetary obligations becoming immediately due and payable with respect to the secured credit facility. 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 terms of the facility also require the principal balance on the term loan to be reduced by $35,000 per year in quarterly installments. In March 2020, the Company drew $280,000 on its secured credit facility to increase liquidity and preserve financial flexibility in light of the uncertainty surrounding the impact of the COVID-19 pandemic. At December 31, 2020, the secured line of credit had an outstanding balance of $675,926. As a result of the event of default due to the filing of the Chapter 11 Cases described under Financial Covenants and Restrictions below, the Operating Partnership cannot borrow any additional amounts under the secured line of credit. The secured credit facility is secured by 17 malls and 3 associated centers that are owned by 36 wholly owned subsidiaries of the Operating Partnership (collectively the “Combined Guarantor Subsidiaries”). The Combined Guarantor Subsidiaries own an additional four malls, two associated centers and four mortgage notes receivable that are not collateral for the secured credit facility. The properties that are collateral for the secured credit facility and the properties and mortgage notes receivable that are not collateral are collectively referred to as the “Guarantor Properties.” The terms of the Notes provide that, to the extent that any subsidiary of the Operating Partnership executes and delivers a guarantee to another debt facility, the Operating Partnership shall also cause the subsidiary to guarantee the Operating Partnership’s obligations under the Notes on a senior basis. In January 2019, the Combined Guarantor Subsidiaries entered into a guarantee agreement with the issuer of the Notes to satisfy the guaranty requirement. See Financial Covenants and Restrictions below and Liquidity and Going Concern Considerations and Voluntary Reorganization under Chapter 11 in Note 2 for information on the event of default resulting from the filing of the Chapter 11 Cases. Financial Covenants and Restrictions The agreements for the Notes and senior secured credit facility 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 and the senior secured credit facility. Additionally, the senior secured credit facility contains a provision that any default on a payment of non-recourse indebtedness in excess of $150,000 is also a default of the senior secured credit facility. The filing of the Chapter 11 Cases constituted an event of default that resulted in certain monetary obligations becoming immediately due and payable with respect to the secured credit facility and the senior unsecured notes. The filing of the Chapter 11 Cases also constituted an event of default with respect to certain property-level debt of the Operating Partnership’s subsidiaries, which may result in acceleration of the outstanding principal and other sums due. Certain of the Company’s properties that are pledged as collateral on non-recourse mortgage loans and the secured credit facility are subject to cash management agreements with the lenders, which restrict the cash balances associated with those properties to only be used for debt service and operating expense obligations. Fixed-Rate Debt As of December 31, 2020, fixed-rate loans on operating Properties bear interest at stated rates ranging from 4.36% to 5.99%. Fixed-rate loans on operating Properties generally provide for monthly payments of principal and/or interest and mature at various dates through June 2026, with a weighted-average maturity of 1.6 years. 2020 Modifications The maturity date for the fixed-rate loan secured by Jefferson Mall was extended from June 1, 2022 to June 1, 2026. The loan will be interest only through March 2021 when monthly payments of principal and interest will be made through the maturity date. 2019 Financings In April 2019, the loan secured by Volusia Mall was refinanced to increase the principal balance to $50,000. In addition, the maturity date was extended to May 2024 and the fixed interest rate was reduced from 8.00% to 4.56%. The net proceeds from the new loan were used to retire the $41,000 existing loan and a portion of the loan secured by Honey Creek Mall, as described below. In May 2019, the Company exercised an option to extend the loan secured by The Outlet Shoppes at Laredo to May 2021. In conjunction with the amendment, a payment of $10,800 was made to reduce the outstanding balance of the loan to $43,000. The noncontrolling interest partner in the joint venture funded its 35% share of the $10,800 payment. Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2020 and 2019: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) 2020: February Parkway Place 6.50% July 2020 $ 33,186 February Valley View Mall 6.50% July 2020 51,360 $ 84,546 2019: April Honey Creek Mall (2) 8.00% July 2019 $ 23,539 December The Terrace 7.25% June 2020 11,931 $ 35,470 (1) The Company retired the loans with borrowings from its credit facilities unless otherwise noted. (2) The Company retired the loan using proceeds from the refinancing of the loan secured by Volusia Mall as well as proceeds from the sale of Honey Creek Mall. Dispositions The following is a summary of the Company's dispositions for which the fixed-rate loan secured by the mall was extinguished: Sale/Transfer Date Property Interest Rate at Repayment Date Scheduled Maturity Date Balance of Non-recourse Debt Gain on Extinguishment of Debt 2020: August Hickory Point Mall (1) 5.85% December 2019 $ 27,446 $ 15,446 December Burnsville Mall (1) 6.00% July 2020 64,233 17,075 $ 91,679 $ 32,521 2019: January Acadiana Mall (1) 5.67% April 2017 $ 119,760 $ 61,795 January Cary Towne Center (2) 4.00% June 2018 43,716 9,927 $ 163,476 $ 71,722 (1) The Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the Property. (2) The Company sold the mall for $31,500 and the net proceeds from the sale were used to satisfy a portion of the loan secured by the mall. The remaining principal balance was forgiven. Variable-Rate Debt The recourse loans secured by operating properties bear interest at a variable interest rate indexed to LIBOR. At December 31, 2020, the interest rates ranged from 3.05% to 5.80%. These loans mature in 2021. Financing The Company entered into a construction loan in October 2018 to redevelop anchor space at Brookfield Square. The loan bears interest at a variable interest rate indexed to LIBOR. At December 31, 2020, the interest rate was 3.1%. This loan matures in October 2021 and has one 12-month extension option for an outside maturity date of October 2022. The Company is in discussions with the lender regarding the extension option because the filing of the Chapter 11 Cases constituted an event of default under the loan agreement. The loan was reclassified as an operating property loan during 2020 due to construction and all loan draws being completed. Loans in Default As of December 31, 2020, four non-recourse loans that are each secured by one of the Company’s malls were in default. The default of the four non-recourse loans occurred prior to the filing of the Chapter 11 Cases. As of December 31, 2020, the lenders under each of these loans accelerated the outstanding amount due and payable on the loans. Subsequent to December 31, 2020, Asheville Mall and Park Plaza were turned over to receivers to manage the properties (see Note 20 ). The foreclosure process has not yet commenced in relation to EastGate Mall. The Company is in discussions with the lender regarding a restructure of the loan secured by Greenbrier Mall. Property Location Interest Rate Scheduled Maturity Date Loan Amount Greenbrier Mall Chesapeake, VA 5.41% Dec-19 $ 61,647 EastGate Mall Cincinnati, OH 5.83% Apr-21 31,181 Park Plaza Little Rock, AR 5.28% Apr-21 76,805 Asheville Mall Asheville, NC 5.80% Sep-21 62,121 As described in Note 2 , the filing of the Chapter 11 Cases also constituted an event of default with respect to certain property-level debt of the Operating Partnership’s subsidiaries, which may have resulted in the automatic acceleration of certain monetary obligations or may give the applicable lender the right to accelerate such amounts. There are 14 of such loans that have an aggregate outstanding balance of $833,444 at December 31, 2020. 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, 2020, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, are as follows: 2021 $ 560,128 2022 407,638 2023 1,502,276 2024 343,571 2025 38,355 Thereafter 764,325 Total (1) 3,616,293 Principal balance of loan with a maturity date prior to December 31, 2020 (2) 61,647 Total mortgage and other indebtedness, net $ 3,677,940 (1) Includes $2,489,676 of liabilities subject to compromise in the accompanying consolidated balance sheets as of December 31, 2020, and as the expected maturity date is subject to the outcome of the Chapter 11 Cases, the original, legal maturity dates are reflected in this table. ( 2 ) Represents the aggregate principal balance as of December 31, 2020 of one non-recourse loan, secured by Greenbrier Mall which was in default. The loan secured by Greenbrier Mall matured in December 2019. Of the $560,128 of scheduled principal payments in 2021, $505,735 relates to the maturing principal balances of nine operating Property loans. |
SHAREHOLDERS' EQUITY AND PARTNE
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL | NOTE 10. 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 196,569,917 and 174,115,111 shares of common stock issued and outstanding as of December 31, 2020 and 2019, 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 11 . 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 201,687,773 and 200,189,077 common units outstanding as of December 31, 2020 and 2019, 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. However, for so long as the current distribution suspension results in the existence of a distribution shortfall (as described in the Partnership Agreement of the Operating Partnership) with respect to any of the S-SCUs, the L-SCUs or the K-SCUs (an “SCU Distribution Shortfall”), the Company may not elect to settle any exchange requested by a holder of common units of the Operating Partnership in cash, and may only settle any such exchange through the issuance of shares of common stock or other units of the Operating Partnership ranking junior to any such units as to which a distribution shortfall exists. The Company’s Board of Directors has prospectively approved that to the extent any partners exercise any or all of their exchange rights while the existence of the SCU Distribution Shortfall requires any exchange to be settled through the issuance of shares of common stock or other units of the Operating Partnership, the consideration paid shall be in the form of shares of common stock. Neither the common units nor the shares of CBL's common stock are subject to any right of mandatory redemption. Pursuant to the terms of the Series L special common units of limited partnership interest, the Series L special common units began receiving distributions equal to those on the common units beginning on June 1, 2020. Earnings per Unit of the Operating Partnership The following table presents basic and diluted EPU for common and special common units for the years ended December 31, 2020, 2019 and 2018 (in thousands, except per unit data): Year Ended December 31, 2020 2019 2018 Net Loss Attributable to Common Unitholders $ (352,256 ) $ (177,352 ) $ (143,148 ) Distributions to Common Unitholders - Declared Only — (14,638 ) (131,256 ) Distributions to Special Common Unitholders - Declared and Undeclared Common units issued on conversion of SCUs — (133 ) (1,249 ) S-SCUs (3,810 ) (4,572 ) (4,572 ) L-SCUs (433 ) (1,732 ) (1,732 ) K-SCUs (2,746 ) (3,375 ) (3,393 ) Total Undistributed Losses Available to Common and Special Common Unitholders $ (359,245 ) $ (201,802 ) $ (285,350 ) Distributed Earnings: Common units issued on conversion of SCUs $ — $ 133 $ 1,249 S-SCUs 3,810 4,572 4,572 L-SCUs 433 1,732 1,732 K-SCUs 2,746 3,375 3,393 Common Units — 14,639 131,257 Undistributed Losses: Common units issued on conversion of SCUs $ — $ — $ — S-SCUs — — — L-SCUs — — — K-SCUs — — — Common Units (359,245 ) (201,802 ) (285,350 ) Weighted Average: Common units issued on conversion of SCUs 1,534 1,758 1,872 S-SCUs 1,561 1,561 1,561 L-SCUs 572 572 572 K-SCUs 1,069 1,137 1,144 Common Units 196,850 195,142 194,430 Basic EPU: Common units issued on conversion of SCUs $ — $ 0.08 $ 0.67 S-SCUs 2.44 2.93 2.93 L-SCUs 0.76 3.03 3.03 K-SCUs 2.57 2.97 2.96 Common Units (1.82 ) (0.96 ) (0.79 ) Total Basic EPU $ (1.75 ) $ (0.89 ) $ (0.72 ) Diluted EPU: Common units issued on conversion of SCUs $ — $ 0.08 $ 0.67 S-SCUs 2.44 2.93 2.93 L-SCUs 0.76 3.03 3.03 K-SCUs 2.57 2.97 2.96 Common Units (1.82 ) (0.96 ) (0.79 ) Total Diluted EPU $ (1.75 ) $ (0.89 ) $ (0.72 ) 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 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, 2020. 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 and currently is unable to use its shelf registration statement covering the sale of such shares. Common Unit Activity During 2020, the Company issued 20,956,110 shares of common stock to 31 holders of 20,956,110 common units and special common units of limited partnership interest in the Operating Partnership in connection with the exercise of the holders’ contractual exchange rights. During 2019, the Operating Partnership elected to pay cash of $96 to a 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 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 1/10th 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, 2020 and 2019. 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 1/10th 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, 2020 and 2019. 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. In December 2019, the Company announced the suspension of all future dividends on its 7.375% Series D Cumulative Redeemable Preferred Stock and 6.625% Series E Cumulative Redeemable Preferred Stock. Unpaid dividends on the Company’s preferred stock accrued without interest prior to the filing of the Chapter 11 Cases, after which the accrual ceased, and amounted to $37,410 and $11,223 at December 31, 2020 and 2019, respectively. The Company will review taxable income on a regular basis and take measures, if necessary, to ensure that it meets the minimum distribution requirements to maintain its status as a REIT. Dividends - CBL CBL paid a first quarter 2019 cash dividend on its common stock of $0.075 per share on April 16, 2019. Under the terms of a litigation settlement agreement, the Company did not pay any dividends to holders of its common shares payable in the third and fourth quarters of 2019 (see Note 16 for more information on the litigation settlement agreement). As noted above, in December 2019 the Company suspended all future dividends on its common stock and preferred stock, as well as distributions to all noncontrolling interest investors in its Operating Partnership (as noted below). No dividends may be paid on shares of the Company’s common stock unless (i) all accrued but unpaid dividends on its preferred stock, and any current dividend then due, have been paid in cash, or a cash sum sufficient for such payment has been set apart for payment and (ii) the SCU Distribution Shortfall created by its related suspension of distributions to noncontrolling interest investors in its Operating Partnership has likewise been remedied through the payment of distributions sufficient to satisfy such shortfall for all prior periods and the then-current period (thereby allowing the resumption of distributions on the common units in the Operating Partnership that are held by the Company, which fund its common stock dividends). The decision to declare and pay dividends on the Company’s common stock in the future, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of its board of directors. For purposes of determining net income (loss) attributable to common shareholders, the Company disclosed the cumulation of undeclared dividends on its Series D Preferred Stock and Series E Preferred Stock. The undeclared dividends on the Company’s Series D Preferred Stock and Series E Preferred Stock ceased to cumulate as of the Commencement Date as a result of the Chapter 11 Cases. For purposes of determining net income (loss) attributable to common unitholders, the Company disclosed the cumulation of undeclared distributions on its preferred units and special common units. The undeclared distributions on the preferred units and special common units ceased to cumulate as of the Commencement Date as a result of the Chapter 11 Cases. The allocations of dividends declared and paid for income tax purposes are as follows (income tax allocations are not applicable in 2020 due to the Company not paying any dividends in 2020): Year Ended December 31, 2019 2018 Dividends declared: Common stock $ 0.15 $ 0.80 (1) Series D preferred stock $ 13.83 $ 18.44 Series E preferred stock $ 12.42 $ 16.56 Allocations: Common stock Ordinary income — % 82.83 % Capital gains 25% rate — % — % Return of capital 100.00 % 17.17 % Total 100.00 % 100.00 % Preferred stock (2) Ordinary income — % 100.00 % Capital gains 25% rate — % — % Return of capital 100.00 % — % Total 100.00 % 100.00 % (1) Of the $0.075 per share dividend declared on October 29, 2018 and paid January 16, 2019, $0.075 was reported and is taxable in 2019. ( 2 ) 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 2019 cash distributions on its redeemable common units of $0.7322 per share on April 16, July 16 and October 16, 2019. The Operating partnership paid first quarter cash distributions on its common units of $0.075 per share on April 16, 2019. The Company suspended all future distributions by the Operating Partnership until further notice. |
REDEEMABLE INTERESTS AND NONCON
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2020 | |
Redeemable Noncontrolling Interests And Noncontrolling Interests [Abstract] | |
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS | NOTE 11. 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, 2020, 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 which will cumulate (similar to a preferred dividend) during the current SCU Distribution Shortfall, with the SCU Distribution Shortfall being required to be fully cured (on a ratable basis among the respective holders of S-SCUs, L-SCUs and K-SCUs) before any distributions may be resumed with respect to regular common units, pursuant to the terms of the Operating Partnership’s limited partnership agreement. 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, 2020, 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) which will cumulate (similar to a preferred dividend) during the current SCU Distribution Shortfall, with the SCU Distribution Shortfall being required to be fully cured (on a ratable basis among the respective holders of S-SCUs, L-SCUs and K-SCUs) before any distributions may be resumed with respect to regular common units, pursuant to the terms of the Operating Partnership’s limited partnership agreement. 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. Pursuant to the terms of the Series L special common units of limited partnership interest, the Series L special common units began receiving distributions equal to those on the common units beginning on June 1, 2020. 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, which will cumulate (similar to a preferred dividend) during the current SCU Distribution Shortfall, with the SCU Distribution Shortfall being required to be fully cured (on a ratable basis among the respective holders of S-SCUs, L-SCUs and K-SCUs) before any distributions may be resumed with respect to regular common units, pursuant to the terms of the Operating Partnership’s limited partnership agreement . 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. In September 2020, the Company issued 267,983 shares of common stock to a 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, 2020 and 2019: December 31, 2020 2019 CBL’s Predecessor — 18,117,350 Third parties 5,117,856 7,956,616 5,117,856 26,073,966 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, 2020 and 2019. 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, 2020 and 2019 by the total common units outstanding at December 31, 2020 and 2019, respectively. The redeemable noncontrolling interest ownership percentage in assets and liabilities of the Operating Partnership was 0.8% at December 31, 2020 and 2019. The noncontrolling interest ownership percentage in assets and liabilities of the Operating Partnership was 1.8% and 12.2% at December 31, 2020 and 2019, 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 2020, 2019 and 2018, the Company allocated $302, $3,398 and $4,065, respectively, from shareholders’ equity to redeemable noncontrolling interest. During 2020, 2019 and 2018, the Company allocated $6,002, $4,392 and $13,642, respectively, from shareholders' equity to noncontrolling interest. The total redeemable noncontrolling interest in the Operating Partnership was $(265) and $2,160 at December 31, 2020 and 2019, respectively. The total noncontrolling interest in the Operating Partnership was $(604) and $31,592 at December 31, 2020 and 2019, respectively. Redeemable Noncontrolling Interests and Noncontrolling Interests in Other Consolidated Subsidiaries The Company had 12 other consolidated subsidiaries at December 31, 2020 and 2019 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 $3,058 and $23,961 at December 31, 2020 and 2019, 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, 2020 and 2019. 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 Interests Held Through Related Parties That Are under Common Control 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, 2020 and 2019, which do not reflect the elimination of any internal debt the consolidated VIE has with the Operating Partnership: As of December 31, 2020 2019 Assets Liabilities (1) Assets Liabilities (1) Consolidated VIEs: Atlanta Outlet Outparcels, LLC $ 851 $ — $ 862 $ — CBL Terrace LP 14,608 12,578 15,012 12,595 Gettysburg Outlet Center Holding, LLC 33,199 38,334 34,399 38,268 Gettysburg Outlet Center, LLC 7,737 — 7,690 (69 ) High Point Development LP II — — (22 ) — Jarnigan Road LP 17,974 572 18,631 641 Jarnigan Road II, LLC 22,623 17,134 23,424 17,704 Laredo Outlet JV, LLC 44,378 43,788 103,375 45,360 Lebcon Associates 46,692 116,085 80,081 121,493 Lebcon I, Ltd 8,305 8,672 8,386 8,906 Louisville Outlet Outparcels, LLC 173 — 174 — Madison Grandview Forum, LLC — — 338 83 The Promenade at D'Iberville 75,975 48,964 78,066 48,270 Statesboro Crossing, LLC 227 — 213 (10 ) $ 272,742 $ 286,127 $ 370,629 $ 293,241 ( 1 ) Includes $40,600 and $41,950 related to Laredo Outlet JV, LLC, which is guaranteed by the Operating Partnership, as of December 31, 2020 and 2019, respectively. Also, due to the filing of the Chapter 11 Cases, the loan held by Gettysburg Outlet Center Holding, LLC became guaranteed by the Operating Partnership, and amounts to $36,774 as of December 31, 2020. The table below lists the Company's unconsolidated VIEs as of December 31, 20 20 : Unconsolidated VIEs: Investment in Real Estate Joint Ventures and Partnerships Maximum Risk of Loss Ambassador Infrastructure, LLC (1) $ — $ 9,360 Atlanta Outlet JV, LLC (1) 26,958 31,559 CBL-T/C, LLC 72,927 72,927 CBL-TRS Joint Venture, LLC 20,419 20,419 Continental 425 Fund LLC 5,031 5,031 EastGate Storage, LLC (1) 534 3,784 El Paso Outlet Center Holding, LLC 11,738 11,738 Fremaux Town Center JV, LLC 7,796 7,796 Hamilton Place Self Storage (1) 1,218 4,719 Louisville Outlet Shoppes, LLC (1) (10,384 ) 8,872 Mall of South Carolina L.P. (13,563 ) — Mall of South Carolina Outparcel L.P. (2,295 ) — Parkdale Self Storage, LLC (1) 864 7,364 PHG-CBL Lexington, LLC 35 35 Port Orange I, LLC (1) 28,012 54,629 Self Storage at Mid Rivers, LLC (1) 532 3,526 Shoppes at Eagle Point, LLC (1) 17,285 30,025 Vision - CBL Hamilton Place, LLC 3,796 3,796 West Melbourne I, LLC (1) 17,708 45,009 $ 188,611 $ 320,589 (1) See Note 16 for information on guarantees of debt. |
MORTGAGE AND OTHER NOTES RECEIV
MORTGAGE AND OTHER NOTES RECEIVABLE | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | |
MORTGAGE AND OTHER NOTES RECEIVABLE | NOTE 12. MORTGAGE AND OTHER NOTES RECEIVABLE The Company's mortgage note receivable is collateralized by an assignment of 100% of the partnership interests that own the real estate assets. Other notes receivable include amounts due from tenants and unsecured notes received from third parties as whole or partial consideration for property or investments. Mortgage and other notes receivable consist of the following: As of December 31, 2020 As of December 31, 2019 Maturity Date Interest Rate Balance Interest Rate Balance Mortgage Dec 2016 (1) 2.64% $ 1,100 4.28% - 9.50% $ 2,637 Other Notes Receivable Sep 2021- Apr 2026 4.00% - 5.00% 1,237 4.00% - 5.00% 2,025 $ 2,337 $ 4,662 ( 1 ) Represents a $1,100 note with D'Iberville Promenade, LLC with a maturity date of December 2016, that is in default. This is secured by the joint venture partner’s interest in the joint venture. Expected credit losses As of December 31, 2020, the one mortgage note receivable is in default, but as noted above, the Company has a noncontrolling interest recorded related to the defaulting partner’s interest that serves as collateral on the note, and that amount is greater than the outstanding balance on the note. Based on this information, the Company did not record a credit loss for this class of receivables for the year ended December 31, 2020. During the year ended December 31, 2020, the Company assessed each of its note receivables factoring in credit quality indicators such as collection experience and future expectations of performance to determine whether a credit loss should be recorded. Based on this information, the Company wrote off a $1,230 note receivable associated with amounts due from a government sponsored district at The Shoppes at St. Clair during the year ended December 31, 2020. The Company did not record any other credit losses for this class of receivables for the year ended December 31, 2020. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 13. 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 3 . Information on the Company’s reportable segments is presented as follows: Year Ended December 31, 2020 Malls All Other (1) Total Revenues (2) $ 520,643 $ 55,218 $ 575,861 Property operating expenses (3) (177,531 ) (10,348 ) (187,879 ) Interest expense (79,380 ) (121,283 ) (200,663 ) Other expense — (953 ) (953 ) Gain (loss) on sales of real estate assets (25 ) 4,721 4,696 Segment profit (loss) $ 263,707 $ (72,645 ) 191,062 Depreciation and amortization (215,030 ) General and administrative expense (53,425 ) Litigation settlement 7,855 Interest and other income 6,396 Gain on extinguishment of debt 32,521 Loss on impairment (213,358 ) Prepetition charges (23,883 ) Reorganization items (35,977 ) Income tax provision (16,836 ) Equity in losses of unconsolidated affiliates (14,854 ) Net loss $ (335,529 ) Total assets $ 3,702,523 $ 741,217 $ 4,443,740 Capital expenditures (4) $ 36,425 $ 5,683 $ 42,108 Year Ended December 31, 2019 Malls All Other (1) Total Revenues (2) $ 699,698 $ 68,998 $ 768,696 Property operating expenses (3) (216,771 ) (13,881 ) (230,652 ) Interest expense (86,152 ) (120,109 ) (206,261 ) Other expense — (91 ) (91 ) Gain on sales of real estate assets 1,226 15,048 16,274 Segment profit (loss) $ 398,001 $ (50,035 ) 347,966 Depreciation and amortization (257,746 ) General and administrative expense (64,181 ) Litigation settlement (61,754 ) Interest and other income 2,764 Gain on extinguishment of debt 71,722 Loss on impairment (239,521 ) Gain on investment/deconsolidation 67,242 Income tax provision (3,153 ) Equity in earnings of unconsolidated affiliates 4,940 Net loss $ (131,721 ) Total assets $ 4,180,515 $ 441,831 $ 4,622,346 Capital expenditures (4) $ 130,502 $ 11,057 $ 141,559 Year Ended December 31, 2018 Malls All Other (1) Total Revenues (2) $ 783,194 $ 75,363 $ 858,557 Property operating expenses (3) (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 (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 (4) $ 132,187 $ 12,772 $ 144,959 (1) The All Other category includes associated centers, community centers, mortgage and other notes receivable, office buildings, self-storage facilities, corporate-level debt and the Management Company. (2) Management, development and leasing fees are included in All Other category. See Note 4 ( 3 ) Property operating expenses include property operating, real estate taxes and maintenance and repairs. ( 4 ) Includes additions to and 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, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL AND NONCASH INFORMATION | NOTE 14. SUPPLEMENTAL AND NONCASH INFORMATION The Company’s noncash investing and financing activities for 2020, 2019 and 2018 were as follows: Year Ended December 31, 2020 2019 2018 Additions to real estate assets accrued but not yet paid $ 5,945 $ 24,642 $ 22,791 Accrued dividends and distributions payable — — 17,130 Deconsolidation upon contribution/assignment of interest in joint venture (1) Decrease in real estate assets — (200,343 ) (8,221 ) Increase in investment in unconsolidated affiliates — 39,708 8,174 Decrease in mortgage and other indebtedness — 228,627 — Increase in operating assets and liabilities — 857 — Decrease in intangible lease and other assets — (4,815 ) — Increase in noncontrolling interest and joint venture interest — (12,013 ) — Transfer of real estate assets in settlement of mortgage debt obligations (2) Decrease in real estate assets (57,001 ) (60,059 ) — Decrease in mortgage and other indebtedness 85,371 124,111 — Decrease in operating assets and liabilities 4,288 9,333 — Decrease in intangible lease and other assets (137 ) (1,663 ) — Conversion of Operating Partnership units to common stock 21,163 730 3,059 ( 1 ) See Note 8 for more information. (2) See Note 9 for more information. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 15. 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 $4,940, $6,878 and $7,607 in 2020, 2019 and 2018, respectively. |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
CONTINGENCIES | NOTE 16. CONTINGENCIES Litigation In April 2019, the Company entered into a settlement agreement and release with respect to the class action lawsuit filed on March 16, 2016 in the United States District Court for the Middle District of Florida by Wave Lengths Hair Salons of Florida, Inc. d/b/a Salon Adrian. Pursuant to the settlement agreement the Company set aside a common fund with a monetary and non-monetary value of $90,000 to be disbursed to class members in accordance with an agreed-upon formula that was based upon aggregate damages of $60,000. The Court granted final approval to the proposed settlement on August 22, 2019. The class members were comprised of past and current tenants at certain of the Company's shopping centers that it owns or formerly owned during the class period, which extended from January 1, 2011 through the date of preliminary court approval. Class members who are past tenants and made a valid claim pursuant to the Court's order received payment of their claims in cash. Class members who are current tenants began receiving monthly credits against rents and future charges during the three months ended June 30, 2020 and, under the terms of the settlement agreement, will continue for the following five years. Any amounts under the settlement allocated to tenants with outstanding amounts payable to the Company, including tenants which have declared bankruptcy or declare bankruptcy over the relevant period, will first be deducted from the amounts owed to the Company. All attorney’s fees and associated costs to class counsel (up to a maximum of $27,000), the incentive award to the class representative (up to a maximum of $50), and class administration costs (which are expected to not exceed $100), have been or will be funded by the common fund, which has been approved by the Court. Under the terms of the settlement agreement, the Company did not pay any dividends to holders of its common shares payable in the third and fourth quarters of 2019. The settlement agreement did not restrict the Company's ability to declare dividends payable in 2020 or in subsequent years. The Company recorded an accrued liability and corresponding litigation settlement expense of $88,150 in the three months ended March 31, 2019 related to the settlement agreement. During the year ended December 31, 2019, the Company reduced the accrued liability by an aggregate $26,396, a majority of which was related to past tenants that did not submit a claim pursuant to the terms of the settlement agreement with the remainder relating to tenants that either opted out of the lawsuit or waived their rights to their respective settlement amounts. Additionally, the Company reduced the accrued liability during the three months ended December 31, 2019 by $23,050 related to attorney and administrative fees that were paid pursuant to the settlement agreement. During the year ended December 31, 2020, the Company reduced the accrued liability by $25,157. Of this amount, $8,348 was related to monthly credits against rents and other charges for current tenants, $4,915 was paid to past tenants, $4,039 was paid to plaintiff’s counsel and the claims administrator, and $7,855 represents amounts the Company was released from pursuant to the terms of the settlement agreement. A notice of suggestion of bankruptcy was filed by the Company in this litigation on November 3, 2020. The Company received document requests in the third quarter of 2019, in the form of subpoenas, from the Securities and Exchange Commission and the Department of Justice regarding the Wave Lengths Hair Salons of Florida, Inc. litigation and other related matters. The Company continues to cooperate in these matters. Securities Litigation The Company and certain of its officers and directors were named as defendants in three putative securities class action lawsuits (collectively, the “Securities Class Action Litigation”), each filed in the United States District Court for the Eastern District of Tennessee, on behalf of all persons who purchased or otherwise acquired the Company’s securities during a specified period of time. Those cases were consolidated on July 17, 2019, under the caption In re CBL & Associates Properties, Inc. Securities Litigation The complaints filed in the Securities Class Action Litigation allege violations of the securities laws, including, among other things, that the defendants made certain materially false and misleading statements and omissions regarding the Company’s contingent liabilities, business, operations, and prospects during the periods of time specified above. The plaintiffs seek compensatory damages and attorneys’ fees and costs, among other relief, but have not specified the amount of damages sought. The outcome of these legal proceedings cannot be predicted with certainty. A notice of suggestion of bankruptcy was filed by the Company in this litigation on November 9, 2020. Certain of the Company’s current and former directors and officers were named as defendants in nine shareholder derivative lawsuits (collectively, the “Derivative Litigation”). On June 4, 2019, a shareholder filed a putative derivative complaint captioned Robert Garfield v. Stephen D. Lebovitz et al. Garfield Robert Cohen v. Stephen D. Lebovitz et al. Cohen Travis Lore v. Stephen D. Lebovitz et al. Lore City of Gainesville Cons. Police Officers’ and Firefighters Retirement Plan v. Stephen D. Lebovitz et al. , 1:19-cv-01800 (the “ Gainesville Derivative Action”), each asserting substantially similar claims purportedly on behalf of the Company against similar defendants. The Court consolidated the Garfield Derivative Action and the Cohen Derivative Action on July 17, 2019, under the caption In re CBL & Associates Properties, Inc. Derivative Litigation , 1:19-cv-01038-LPS (the " Consolidated Derivative Action"). On July 25, 2019, the Court stayed proceedings in the Consolidated Derivative Action pending resolution of an eventual motion to dismiss in the Securities Class Action Litigation. On October 14, 2019, the parties to the Gainesville Derivative Action and the Lore Derivative Action filed a joint stipulation and proposed order confirming that each of those cases is subject to the consolidation order previously entered by the Court in the Consolidated Derivative Action and that further proceedings in those cases are stayed pending resolution of an eventual motion to dismiss in the Securities Class Action Litigation. On July 22, 2019, a shareholder filed a putative derivative complaint captioned Shebitz v. Lebovitz et al. , 1:19-cv-00213, in the United States District Court for the Eastern District of Tennessee (the “ Shebitz Derivative Action”); on January 10, 2020, a shareholder filed a putative derivative complaint captioned Chatman v. Lebovitz, et al., 2020-0011-JTL, in the Delaware Chancery Court (the “Chatman Derivative Action”); on February 12, 2020, a shareholder filed a putative derivative complaint captioned Kurup v. Lebovitz, et al., 2020-0070-JTL, in the Delaware Chancery Court (the “ Kurup Derivative Action”); on February 26, 2020, a shareholder filed a putative derivative complaint captioned Kemmer v. Lebovitz, et al., 1:20-cv-00052, in the United States District Court for the Eastern District of Tennessee (the “ Kemmer Derivative Action”); and on April 14, 2020, a shareholder filed a putative derivative complaint captioned Hebig v. Lebovitz, et al., 1:19-cv-00149-JRG-CHS, in the United States District Court for the Eastern District of Tennessee (the “ Hebig Derivative Action”), each asserting substantially similar claims purportedly on behalf of the Company against similar defendants. The actions pending in Delaware Chancery Court have been consolidated into one case, and likewise, the actions pending in Delaware federal court have been consolidated into one case. The Tennessee actions have not been consolidated. On October 7, 2019, the Court stayed the Shebitz Derivative Action, pending resolution of an eventual motion to dismiss in the related Securities Class Action Litigation; the Company expects the other Derivative Actions to be stayed as well. The complaints filed in the Derivative Litigation allege, among other things, breaches of fiduciary duties, unjust enrichment, waste of corporate assets, and violations of the federal securities laws. The factual allegations upon which these claims are based are similar to the factual allegations made in the Securities Class Action Litigation, described above. The complaints filed in the Derivative Litigation seek, among other things, unspecified damages and restitution for the Company from the individual defendants, the payment of costs and attorneys’ fees, and that the Company be directed to reform certain governance and internal procedures. The outcome of these legal proceedings cannot be predicted with certainty. A notice of suggestion of bankruptcy was filed by the Company in this litigation on November 9, 2020. The Company's insurance carriers have been placed on notice of these matters. 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. See Note 2 for a discussion of the Company’s adversarial proceeding with its Bank Lenders, which has been stayed pending the confirmation of the Company’s Plan by the Bankruptcy Court. 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. At certain locations, individual policies are in place. Guarantees The Operating Partnership may guaranty 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, 2020 and 2019: As of December 31, 2020 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) December 31, 2020 December 31, 2019 West Melbourne I, LLC - Phase I 50% $ 40,177 50% $ 20,089 Feb-2021 (2) $ 201 $ 199 West Melbourne I, LLC - Phase II 50% 14,423 50% 7,212 Feb-2021 (2) 72 78 Port Orange I, LLC 50% 53,233 50% 26,617 Feb-2021 (2) 266 270 Ambassador Infrastructure, LLC 65% 9,360 100% 9,360 Jan-2021 (3) 94 101 Shoppes at Eagle Point, LLC 50% 34,585 35% (4) 12,740 Oct-2021 (5) 127 127 EastGate Storage, LLC 50% 6,500 50% (6) 3,250 Dec-2022 33 33 Self Storage at Mid Rivers, LLC 50% 5,896 50% (6) 2,994 Apr-2023 30 30 Parkdale Self Storage, LLC 50% 6,160 100% (7) 6,500 Jul-2024 65 65 Hamilton Place Self Storage, LLC 54% 6,564 50% (6) 3,501 Sep-2024 35 70 Atlanta Outlet JV, LLC 50% 4,601 100% 4,601 Nov-2023 — — Louisville Outlet Shoppes, LLC 50% 8,872 100% 8,872 Oct-2021 — — Total guaranty liability $ 923 $ 973 (1) Excludes any extension options. ( 2 ) The loan has two one-year Note 20 ). ( 3 ) Subsequent to December 31, 2020, the loan was extended (see Note 20 ). ( 4 ) The guarantee is for a fixed amount of $12,740 throughout the term of the loan, including any extensions. ( 5 ) The loan has one one-year ( 6 ) The guarantee may be reduced to 25% once certain debt and operational metrics are met. ( 7 ) The guarantee was increased to 100% as a result of the Chapter 11 Cases filed by the Company. As described in Note 2 , the filing of the Chapter 11 Cases also constituted an event of default with respect to certain property-level debt of the Operating Partnership’s subsidiaries, which may have resulted in automatic acceleration of certain monetary obligations or may give the applicable lender the right to accelerate such amounts. There was a default under each of the guaranteed loans above as a result of the filing of the Chapter 11 Cases, except for Shoppes at Eagle Point, LLC and Louisville Outlet Shoppes, LLC. 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 maximum guaranteed obligation was $10,800 as of December 31, 2020. 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 a credit loss related to this guarantee as of December 31, 2020. For the year ended December 31, 2020, the Company evaluated each guarantee, listed in the table above, individually by looking at the debt service ratio, cash flow forecasts, the performance of each loan and, where applicable, the collateral value in relation to the outstanding amount of the loan. The result of the analysis was that each loan is current, performing and, where applicable, the collateral value was greater than the outstanding amount of the loan. The Company did not record a credit loss related to these guarantee as of December 31, 2020. 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 $412 and $13,660 at December 31, 2020 and 2019, respectively. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 17. 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 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 $1,091,745 and $2,970,246 at December 31, 2020 and 2019, respectively. The estimated fair value of liabilities subject to compromise was $1,606,959 at December 31, 2020. 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. During March 2020, the Company purchased U.S. Treasury securities that are scheduled to mature between April 2021 and June 2021. The Company has designated these securities as available-for-sale (“AFS”). The fair value of these securities was calculated based on quoted market prices in active markets and are included in the Level 1 fair value hierarchy. The Company believes the market for U.S. Treasury securities is an actively traded market given the high level of daily trading volume. In December 2020, the Company purchased additional U.S Treasury securities. The U.S. Treasury securities purchased in December 2020 matured between January 2021 and March 2021, and the Company subsequently reinvested in additional U.S. Treasury securities (see Note 20 ). The Company has also designated these as AFS. The following table sets forth information regarding the Company’s AFS securities that were measured at fair value for the year ended December 31, 2020: AFS Security Amortized Cost Allowance for credit losses (1) Total unrealized gains/(losses) Fair Value U.S. Treasury securities $ 233,053 $ — $ 18 $ 233,071 (1) U.S Treasury securities have a long history with no credit losses. Additionally, the Company notes that U.S Treasury securities are explicitly fully guaranteed by a sovereign entity that can print its own currency and that the sovereign entity’s currency is routinely held by central banks and other major financial institutions, is used in international commerce, and commonly viewed as a reserve currency, all of which qualitatively indicate that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Therefore, the Company did not record expected credit losses for its U.S Treasury securities for the year ended December 31 , 2020. 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’s evaluation of the recoverability of long-lived assets involves the comparison of undiscounted future cash flows expected to be generated by each property over the Company’s expected remaining holding period to the respective carrying amount. The determination of whether the carrying value is recoverable also requires management to make estimates related to probability weighted scenarios impacting undiscounted cash flow models. 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. The quantitative and qualitative factors impact the selection of the terminal capitalization rate which is used in both an undiscounted and discounted cash flow model and the discount rate used in a discounted cash flow model. 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 3 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, 2020 and 2019: 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 Loss on Impairment 2020: Long-lived assets $ 268,830 $ — $ — $ 268,830 $ 213,358 2019: Long-lived assets $ 199,740 $ — $ — $ 199,740 $ 239,521 Long-lived Assets Measured at Fair Value in 2020 During the year ended December 31, 2020, the Company recognized impairments of real estate of $213,358 related to six malls and one vacant land parcel. The Properties were classified for segment reporting purposes as listed below (see section below for information on outparcels). See Note 13 for segment information. Impairment Date Property Location Segment Classification Loss on Impairment Fair Value March Burnsville Center (1) Burnsville, MN Malls $ 26,562 $ 47,300 March Monroeville Mall (2) Pittsburgh, PA Malls 107,082 67,000 June Asheville Mall (3) Asheville, NC Malls 13,274 52,600 July Vacant land Pittsburgh, PA Malls 46 — December EastGate Mall (4) Cincinnati, OH Malls 5,980 16,530 December Greenbrier Mall (5) Chesapeake, VA Malls 8,923 42,500 December The Outlet Shoppes at Laredo (6) Laredo, TX Malls 51,491 42,900 $ 213,358 $ 268,830 (1) 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 $47,300. The mall had experienced a decline in cash flows due to store closures and rent reductions. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. Management determined the fair value of Burnsville Center 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 14.5 % and a discount rate of 15.5 %. (2) 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 $67,000. The mall had experienced a decline in cash flows due to store closures and rent reductions. Management determined the fair value of Monroeville 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 14.0% and a discount rate of 14.5%. (3) 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 $52,600. The mall had experienced a decline in cash flows due to store closures and rent reductions. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. Management determined the fair value of Asheville 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 13.25% and a discount rate of 14.0%. ( 4 ) 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 $16,530. The mall had experienced a decline in cash flows due to store closures and rent reductions. The Company expects to convey the property to the lender. Management determined the fair value of EastGate 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 17.0% and a discount rate of 18.0%. ( 5 ) 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 $42,500. The mall had experienced a decline in cash flows due to store closures and rent reductions. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. Management determined the fair value of Greenbrier 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 12.5% and a discount rate of 13.0% . ( 6 ) 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 $42,900. The mall had experienced a decline in cash flows due to store closures and rent reductions. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. Management determined the fair value of The Outlet Shoppes at Laredo 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 8.5% and a discount rate of 9.0% . Long-lived Assets Measured at Fair Value in 2019 During the year ended December 31, 2019, the Company recognized impairments of real estate of $239,521 primarily related to six malls and one community center. The Properties were classified for segment reporting purposes as listed below (see section below for information on outparcels). See Note 13 for segment information. Impairment Date Property Location Segment Classification Loss on Impairment Fair Value March Greenbrier Mall (1) Chesapeake, VA Malls $ 22,770 $ 56,300 March/April Honey Creek Mall (2) Terre Haute, IN Malls 2,045 — June The Forum at Grandview (3) Madison, MS All Other 8,582 — June EastGate Mall (4) Cincinnati, OH Malls 33,265 25,100 September Mid Rivers Mall (5) St. Peters, MO Malls 83,621 53,340 September Laurel Park Place (6) Livonia, MI Malls 52,067 26,000 December Park Plaza Mall (7) Little Rock, AR Malls 37,400 39,000 January/March Other adjustments (8) Various Malls (229 ) — $ 239,521 $ 199,740 (1) 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 $56,300. The mall has experienced a decline in cash flows due to store closures and rent reductions. Additionally, one anchor was vacant as of the date of impairment. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. Management determined the fair value of Greenbrier 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 11.5% and a discount rate of 11.5%. (2) The Company adjusted the book value of the mall to the net sales price of $14,360 based on a signed contract with a third-party buyer, adjusted to reflect estimated disposition costs. The mall was sold in April 2019. See Note 7 (3) The Company adjusted the book value to the net sales price of $31,559 Note 7 (4) 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 $25,100. The mall had experienced a decline in cash flows due to store closures and rent reductions. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. Management determined the fair value of EastGate 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 14.5% and a discount rate of 15.0%. (5) 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 $53,340. The mall has experienced a decline in cash flows due to store closures and rent reductions. Management determined the fair value of Mid Rivers 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 12.5 % and a discount rate of 13.25 %. (6) 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 $26,000. The mall had experienced a decline in cash flows due to store closures and rent reductions. Management determined the fair value of Laurel Park Place 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 13.5% and a discount rate of 14.0%. (7) 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 $39,000. The mall had experienced a decline of NOI due to store closures and rent reductions. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. Management determined the fair value of Park Plaza 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 13.0% and a discount rate of 14.0%. (8) Related to true-ups of estimated expenses to actual expenses for properties sold in prior periods. 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 primarily related to five malls and undeveloped land . Note 13 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 for disposition costs. The mall was sold in July 2018. See Note 7 (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 9 (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) 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 had experienced a deterioration in 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 of 17.0%. (7) 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 had experienced a decline in cash flows 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 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 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 8 for more information. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2020 | |
Share Based Compensation [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 18. SHARE-BASED COMPENSATION As of December 31, 2020, the 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. 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 $2,239, $3,396 and $3,744 for 2020, 2019 and 2018, 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 $20, $66 and $287 in 2020, 2019 and 2018, respectively. A summary of the status of the Company’s nonvested restricted stock awards as of December 31, 2020, and changes during the year ended December 31, 2020, is presented below: Shares Weighted- Average Grant-Date Fair Value Nonvested at January 1, 2020 971,846 $ 5.16 Granted 1,628,397 $ 0.86 Vested (1,052,161 ) $ 2.86 Forfeited (28,476 ) $ 4.67 Nonvested at December 31, 2020 1,519,606 $ 2.15 The weighted-average grant-date fair value of shares granted during 2020, 2019 and 2018 was $0.86, $2.20 and $4.55, respectively. The total fair value of shares vested during 2020, 2019 and 2018 was $951, $3,869 and $2,189, respectively. As of December 31, 2020, there was $1,944 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 2.2 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 Beginning with the 2018 PSUs, two-thirds of the quantitative portion of the award over the performance period is based on the achievement of TSR relative to the NAREIT Retail Index while the remaining one-third is based on the achievement of absolute TSR metrics for the Company. Beginning with the 2018 PSU grant, to maintain compliance with a 200,000 share annual equity grant limit (the “Section 162(m) Grant Limit”) that was included in the 2012 Plan to satisfy the “qualified performance-based compensation” exception to the deduction limits for certain executive compensation under Section 162(m) of the Code, to the extent that a grant of PSUs 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 granted in the same year the PSUs were granted, would exceed such limit, any such excess will be 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 CBL's common stock on the date such shares would otherwise have been issuable. In conjunction with the February 2020 approval of the 2020 LTIP grants for the named executive officers, the 2012 Stock Incentive Plan was amended to remove the Section 162(m) Grant Limit, which no longer served its original purpose because the “qualified performance-based compensation” exception to the Section 162(m) deduction limits was repealed by the 2017 tax reform legislation. However, NYSE rules also include an annual equity grant limit which effectively limits the number of shares that can be subject to stock awards to any individual named executive officer, without additional shareholder approval, to one percent (1%) of the total number of outstanding shares of the Company’s Common Stock (the “NYSE Annual Grant Limit”). To maintain NYSE compliance following elimination of the Section 162(m) Grant Limit, the Company’s Compensation Committee revised PSU awards under the LTIP, beginning in 2020, to provide that if a grant of PSUs could result in the issuance of a number of shares to a named executive officer at the conclusion of the 3-year performance period that would exceed the NYSE Annual Grant Limit, when coupled with the number of shares subject to other stock awards (e.g., the time-vesting restricted stock component of the LTIP) issued in the same year that such PSUs were issued, any such excess will instead be converted to a cash bonus award, while remaining subject to vesting conditions as described below. In August 2020, in connection with the execution of the Original RSA that is described in Note 2 , the 2020 PSUs were canceled. Based on the Company’s TSR relative to the NAREIT Retail Index for the three year performance period ended December 31, 2020, as well as the Company’s absolute TSR for such period, none of the 2018 PSUs were earned as of December 31, 2020. Any such portion of the value of the 2019 PSUs earned payable as a cash bonus will be subject to the same vesting provisions as the issuance of common stock pursuant to the PSUs. In addition, to the extent any cash is to be paid, the cash will be paid first relative to the vesting schedule, ahead of the issuance of shares of common stock with respect to the balance of PSUs earned. Annual Restricted Stock Awards Under the LTIP, annual restricted stock awards consist of shares of time-vested restricted stock awarded based on a qualitative evaluation of the performance of the Company and the named executive officer during the fiscal year. Annual restricted stock awards under the LTIP, which are included in the totals reflected in the preceding table, vest 20% on the date of grant with the remainder vesting in four equal annual installments. Outstanding restricted stock, and related grant/vesting/forfeiture activity during 2020 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, 2020, and changes during the year ended December 31, 2020, is presented below: PSUs Weighted-Average Grant Date Fair Value 2018 PSUs granted 741,977 $ 2.63 2019 PSUs granted (1) 1,103,537 $ 2.40 Forfeited (78,934 ) $ 2.63 Outstanding at January 1, 2020 1,766,580 $ 2.96 2020 PSUs granted (2) 3,408,083 $ 0.84 2018 PSUs canceled (3) (663,043 ) $ 2.63 2020 PSUs canceled (3,408,083 ) $ 0.84 Outstanding at December 31, 2020 (4) 1,103,537 $ 3.16 (1) Includes 566,862 shares classified as a liability due to the potential cash component described above. (2) Includes 1,247,098 shares classified as a liability due to the potential cash component described above. (3) Based on the Company’s TSR relative to the NAREIT Retail Index for the three-year (4) None of the PSUs outstanding at December 31, 2020 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 2019 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, 2020 with an adjustment to compensation expense. If the performance criterion is not satisfied at the end of the performance period for the 2019 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 $3,185, $1,564 and $1,364 in 2020, 2019 and 2018, respectively. Share-based compensation expense in 2020 included $2,052 of expense related to the cancellation of the 2020 PSUs. Unrecognized compensation costs related to the PSUs was $567 as of December 31, 2020, which is expected to be recognized over a weighted-average period of 1.8 years. The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the PSUs: 2020 PSUs 2019 PSUs 2018 PSUs Grant date February 10, 2020 (1) February 11, 2019 February 12, 2018 (2) Fair value per share on valuation date (3) $ 0.84 $ 4.74 $ 4.76 Risk-free interest rate (4) 1.39 % 2.54 % 2.36 % Expected share price volatility (5) 57.98 % 60.99 % 42.02 % (1) The 2020 PSU awards were cancelled in August 2020. (2) Based on the Company’s TSR relative to the NAREIT Retail Index for the three-year performance period ended December 31, 2020, none of the 2018 PSUs were earned as of December 31, 2020. ( 3 ) 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 ( 4 ) 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. ( 5 ) 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 five-year period for the 2020 PSUs and a three-year period for the 2019 and 2018 PSUs 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, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | NOTE 19. 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. The Company temporarily suspended the employer matching contribution in April 2020 through August 2020 due to cost reduction measures in connection with the COVID-19 pandemic. 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 $650, $921 and $1,003 in 2020, 2019 and 2018, 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. In connection with the Chapter 11 Cases, the employee stock purchase plan has been suspended indefinitely. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 20. SUBSEQUENT EVENTS In March 2021, the Company entered into the Amended RSA with its credit facility lenders and unsecured noteholders that provides for a fully consensual comprehensive restructuring. The Amended RSA was entered into by the Company, the Bank Lenders representing more than 96% (including joinders) of the outstanding balance of its secured credit facility and the Consenting Noteholders representing in excess of 69% (including joinders) of the aggregate principal amount of the Notes. The Amended RSA represents a comprehensive settlement between the parties of substantially all key issues relating to the Chapter 11 Cases, including the ongoing litigation between the Company and the Bank Lenders arising from the prepetition enforcement actions taken by the Bank Lenders. The terms of the Amended RSA outline a revised plan for restructuring the Company’s balance sheet that provides for the elimination of more than $1,681,900 of debt and preferred obligations as well as a significant reduction in interest expense. In exchange for their approximately $1,375,000 in principal amount of senior unsecured notes and $133,000 in principal amount of the secured credit facility, Consenting Noteholders will receive, in the aggregate, $95,000 in cash, $555,000 of new senior secured notes, of which up to $100,000, upon election by the Consenting Noteholders, may be received in the form of new convertible secured notes and 89% in common equity of the newly reorganized Company. Certain Consenting Noteholders will also provide up to $50,000 of new money in exchange for additional convertible secured notes. The Amended RSA provides that the remaining Bank Lenders, holding $983,700 in principal amount under the secured credit facility, will receive $100,000 in cash and a new $883,700 secured term loan. Existing common and preferred stakeholders are expected to receive up to 11% of common equity in the newly reorganized company. The Amended RSA is subject to Bankruptcy Court approval, which the Company will seek in accordance with the terms of the Amended RSA. During January 2021, the Company purchased $21,999 in U.S. Treasury securities that matured in February 2021 March 2021 June 2021 In March 2021, the Company reached agreements with the lenders to modify the loans secured by Hammock Landing Phases I & II and The Pavilion at Port Orange. Each agreement provides an additional four-year one-year February 2026 In March 2021, the Company reached an agreement with the lender to modify the loan secured by Ambassador Infrastructure. The agreement provides an additional four - year term with a fixed interest rate of 3.0% . The extended loan, maturing in March 2025 , has an outstanding balance of $8,250 , as $ 1,110 was paid down in conjunction with the modification. In January 2021, Asheville Mall was turned over to a receiver to manage the property. In March 2021, Park Plaza was turned over to a receiver to manage the property. |
Schedule III - REAL ESTATE ASSE
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | Schedule III CBL & ASSOCIATES PROPERTIES, INC. CBL & ASSOCIATES LIMITED PARTNERSHIP (Debtors-In-Possession) REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION At December 31, 2020 (In thousands) 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: Alamance Crossing Burlington, NC $ 43,563 $ 20,853 $ 62,852 $ 39,749 $ (3,373 ) $ 17,481 $ 102,600 $ 120,081 $ (42,961 ) 2007 Arbor Place Atlanta (Douglasville), GA 104,384 8,508 95,088 27,420 — 8,508 122,508 131,016 (75,710 ) 1998-1999 Asheville Mall Asheville, NC 62,121 7,139 58,386 (13,213 ) (805 ) 6,334 45,173 51,507 (1,893 ) 1998 Brookfield Square Brookfield, WI 27,461 8,996 78,533 110,138 (5,208 ) 20,202 172,257 192,459 (79,852 ) 2001 CherryVale Mall Rockford, IL — (5) 11,892 64,117 56,907 (1,667 ) 11,608 119,641 131,249 (59,158 ) 2001 Cross Creek Mall Fayetteville, NC 106,883 19,155 104,378 45,271 — 31,539 137,265 168,804 (67,235 ) 2003 Dakota Square Mall Minot, ND — 4,552 87,625 34,819 — 4,472 122,524 126,996 (34,325 ) 2012 East Towne Mall Madison, WI — (5) 4,496 63,867 66,768 (909 ) 4,387 129,835 134,222 (59,036 ) 2002 Eastland Mall Bloomington, IL — 5,746 75,893 (54,375 ) (753 ) 3,150 23,361 26,511 (2,687 ) 2005 EastGate Mall Cincinnati, OH 31,181 13,046 44,949 (39,420 ) (1,017 ) 4,959 12,599 17,558 (436 ) 2001 Fayette Mall Lexington, KY 141,393 25,205 84,256 107,287 — 25,205 191,543 216,748 (78,821 ) 2001 Frontier Mall Cheyenne, WY — (5) 2,681 15,858 21,254 (83 ) 2,598 37,112 39,710 (27,582 ) 1984-1985 Greenbrier Mall Chesapeake, VA 61,647 3,181 107,355 (68,295 ) (626 ) 2,555 39,060 41,615 — 2004 Hamilton Place Chattanooga, TN 98,396 3,532 42,619 95,161 (2,384 ) 7,315 131,613 138,928 (69,660 ) 1986-1987 Hanes Mall Winston-Salem, NC — (5) 17,176 133,376 55,187 (1,767 ) 17,810 186,162 203,972 (94,334 ) 2001 Harford Mall Bel Air, MD — 8,699 45,704 21,309 — 8,699 67,013 75,712 (33,133 ) 2003 Imperial Valley Mall El Centro, CA — (5) 35,378 71,753 7,451 — 40,579 74,003 114,582 (20,155 ) 2012 Jefferson Mall Louisville, KY 60,852 13,125 40,234 45,255 (521 ) 17,850 80,243 98,093 (42,686 ) 2001 Kirkwood Mall Bismarck, ND — (5) 3,368 118,945 29,480 — 3,448 148,345 151,793 (37,489 ) 2012 Laurel Park Place Livonia, MI — 13,289 92,579 (79,562 ) — 7,500 18,806 26,306 (1,652 ) 2005 Layton Hills Mall Layton, UT — (5) 20,464 99,836 (4,315 ) (1,165 ) 13,060 101,760 114,820 (42,701 ) 2005 Mall del Norte Laredo, TX — (5) 21,734 142,049 59,011 (149 ) 21,667 200,978 222,645 (98,183 ) 2004 Schedule III CBL & ASSOCIATES PROPERTIES, INC. CBL & ASSOCIATES LIMITED PARTNERSHIP (Debtors-In-Possession) REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION At December 31, 2020 (In thousands) Initial Cost (1) Gross Amounts at Which Carried at Close of Period Description /Location Encumbrances (2) Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Sales of Outparcel Land Land Buildings and Improvements Total (3) Accumulated Depreciation (4) Date of Construction / Acquisition Mayfaire Town Center Wilmington, NC — (5) 26,333 101,087 20,349 — 26,444 121,325 147,769 (20,084 ) 2015 Meridian Mall Lansing, MI — 2,797 103,678 69,329 — 4,501 171,303 175,804 (94,761 ) 1998 Mid Rivers Mall St. Peters, MO — 16,384 170,582 (130,358 ) (4,174 ) 11,840 40,594 52,434 (2,480 ) 2007 Monroeville Mall Pittsburgh, PA — 22,911 177,214 (134,699 ) — 15,251 50,175 65,426 (2,252 ) 2004 Northgate Mall Chattanooga, TN — (5) 2,330 8,960 26,034 (492 ) 3,000 33,832 36,832 (15,647 ) 2011 Northpark Mall Joplin, MO — 9,977 65,481 43,375 — 11,071 107,762 118,833 (55,171 ) 2004 Northwoods Mall North Charleston, SC 62,284 14,867 49,647 28,963 (2,339 ) 12,528 78,610 91,138 (38,332 ) 2001 Old Hickory Mall Jackson, TN — 15,527 29,413 8,155 (362 ) 15,169 37,564 52,733 (20,106 ) 2001 The Outlet Shoppes at Gettysburg Gettysburg, PA 36,774 20,779 22,180 2,781 — 21,032 24,708 45,740 (7,402 ) 2012 The Outlet Shoppes at Laredo Laredo, TX 40,600 11,000 97,353 (66,620 ) — 5,000 36,733 41,733 — 2017 Park Plaza Little Rock, AR 76,805 6,297 81,638 (49,910 ) — 6,304 31,721 38,025 (2,224 ) 2004 Parkdale Mall Beaumont, TX 74,406 23,850 47,390 75,315 (874 ) 24,814 120,867 145,681 (51,711 ) 2001 Parkway Place Huntsville, AL — 6,364 67,067 6,327 — 6,364 73,394 79,758 (25,084 ) 2010 Pearland Town Center Pearland, TX — (5) 16,300 108,615 17,838 (857 ) 15,252 126,644 141,896 (52,253 ) 2008 Post Oak Mall College Station, TX — (5) 3,936 48,948 17,593 (327 ) 3,852 66,298 70,150 (44,216 ) 1984-1985 Richland Mall Waco, TX — (5) 9,874 34,793 23,044 (1,225 ) 8,662 57,824 66,486 (28,548 ) 2002 South County Center St. Louis, MO — 15,754 159,249 15,424 — 15,791 174,636 190,427 (66,751 ) 2007 Southaven Towne Center Southaven, MS — 8,255 29,380 10,005 — 11,384 36,256 47,640 (16,315 ) 2005 Southpark Mall Colonial Heights, VA 57,039 9,501 73,262 40,713 — 11,282 112,194 123,476 (54,047 ) 2003 St. Clair Square Fairview Heights, IL — 11,027 75,620 41,889 — 11,027 117,509 128,536 (65,327 ) 1996 Stroud Mall Stroudsburg, PA — 14,711 23,936 22,445 — 14,711 46,381 61,092 (22,977 ) 1998 Sunrise Mall Brownsville, TX — (5) 11,156 59,047 14,214 — 11,156 73,261 84,417 (33,050 ) 2003 Turtle Creek Mall Hattiesburg, MS — (5) 2,345 26,418 17,669 — 3,535 42,897 46,432 (28,666 ) 1993-1995 Valley View Mall Roanoke, VA — 15,985 77,771 24,217 — 15,999 101,974 117,973 (47,400 ) 2003 Schedule III CBL & ASSOCIATES PROPERTIES, INC. CBL & ASSOCIATES LIMITED PARTNERSHIP (Debtors-In-Possession) REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION At December 31, 2020 (In thousands) 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 Volusia Mall Daytona Beach, FL 46,510 2,526 120,242 37,360 — 8,945 151,183 160,128 (64,533 ) 2004 West Towne Mall Madison, WI — (5) 8,912 83,084 44,600 — 8,912 127,684 136,596 (63,262 ) 2002 WestGate Mall Spartanburg, SC 31,578 2,149 23,257 51,611 (432 ) 1,742 74,843 76,585 (46,349 ) 1995 Westmoreland Mall Greensburg, PA — (5) 4,621 84,215 35,650 (1,240 ) 3,381 119,865 123,246 (54,171 ) 2002 York Galleria York, PA — 5,757 63,316 19,637 — 5,757 82,953 88,710 (43,555 ) 1995 OTHER PROPERTIES: 840 Greenbrier Circle Chesapeake, VA — 2,096 3,091 1,151 — 2,096 4,242 6,338 (1,778 ) 2007 Annex at Monroeville Pittsburgh, PA — — 29,496 1,626 — — 31,122 31,122 (12,254 ) 2004 CBL Center Chattanooga, TN 16,182 1,332 24,675 1,337 — 1,864 25,480 27,344 (16,047 ) 2001 CBL Center II Chattanooga, TN — 22 13,648 759 — 358 14,071 14,429 (5,383 ) 2008 CoolSprings Crossing Nashville, TN — 2,803 14,985 5,961 — 3,554 20,195 23,749 (15,265 ) 1991-1993 Courtyard at Hickory Hollow Nashville, TN — 3,314 2,771 472 (231 ) 1,500 4,826 6,326 (2,096 ) 1998 Frontier Square Cheyenne, WY — 346 684 439 (86 ) 260 1,123 1,383 (871 ) 1985 Gunbarrel Pointe Chattanooga, TN — 4,170 10,874 3,650 — 4,170 14,524 18,694 (7,545 ) 2000 Hamilton Corner Chattanooga, TN — 630 5,532 8,628 — 734 14,056 14,790 (8,914 ) 1986-1987 Hamilton Crossing Chattanooga, TN 8,205 4,014 5,906 6,942 (1,370 ) 2,644 12,848 15,492 (8,309 ) 1987 Harford Annex Bel Air, MD — 2,854 9,718 1,278 — 2,854 10,996 13,850 (5,019 ) 2003 The Landing at Arbor Place Atlanta (Douglasville), GA — 7,238 14,330 3,276 (2,242 ) 4,996 17,606 22,602 (11,735 ) 1998-1999 Layton Convenience Center Layton, UT (5) — — 8 5,728 — 2,795 2,941 5,736 (1,903 ) 2005 Layton Hills Plaza Layton, UT — (5) — 2 1,049 — 673 378 1,051 (279 ) 2005 Parkdale Crossing Beaumont, TX — 2,994 7,408 2,769 (355 ) 2,639 10,177 12,816 (4,504 ) 2002 Pearland Office Pearland, TX — (5) — 7,849 2,677 — — 10,526 10,526 (4,496 ) 2009 Pearland Residential Pearland, TX — — 9,666 9 — — 9,675 9,675 (3,331 ) 2008 The Plaza at Fayette Lexington, KY — 9,531 27,646 1,215 — 9,531 28,861 38,392 (11,159 ) 2006 Schedule III CBL & ASSOCIATES PROPERTIES, INC. CBL & ASSOCIATES LIMITED PARTNERSHIP (Debtors-In-Possession) REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION At December 31, 2020 (In thousands) 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 The Promenade D'lberville D'lberville, MS — 16,278 48,806 27,803 (706 ) 17,953 74,228 92,181 (26,739 ) 2009 The Shoppes at Hamilton Place Chattanooga, TN — 4,894 11,700 2,205 — 2,811 15,988 18,799 (6,157 ) 2003 The Shoppes at St. Clair Square Fairview Heights, IL — 8,250 23,623 910 (5,044 ) 4,436 23,303 27,739 (11,322 ) 2007 Sunrise Commons Brownsville, TX — 1,013 7,525 1,799 — 1,013 9,324 10,337 (4,430 ) 2003 The Terrace Chattanooga, TN — 4,166 9,929 7,995 — 6,536 15,554 22,090 (7,975 ) 1997 West Towne Crossing Madison, WI — 1,784 2,955 12,095 — 2,759 14,075 16,834 (6,683 ) 1998 WestGate Crossing Spartanburg, SC — 1,082 3,422 8,228 — 1,082 11,650 12,732 (6,589 ) 1997 Westmoreland Crossing Greensburg, PA — (5) 2,898 21,167 9,267 — 2,898 30,434 33,332 (14,137 ) 2002 DISPOSITIONS: Burnsville Center Burnsville, MN — 12,804 71,748 (84,552 ) — — — — — 1998 Hickory Point Mall (Forsyth) Decatur, IL — 10,731 31,728 (42,459 ) — — — — — 2005 Other — 21,559 4,002 (4,157 ) — 19,923 1,481 21,404 (138 ) Developments in progress consisting of construction and Development Properties — — — 28,327 — — 28,327 28,327 — TOTALS $ 1,188,264 $ 721,243 $ 4,267,989 $ 912,664 $ (42,783 ) $ 695,711 $ 5,163,402 $ 5,859,113 $ (2,241,421 ) (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, 2020, excluding debt premium or discount, if applicable. (3) The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $6.921 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. ( 5 ) Property is pledged as collateral on the secured credit facility. Schedul e III CBL & ASSOCIATES PROPERTIES, INC. CBL & ASSOCIATES LIMITED PARTNERSHIP (Debtors-In-Possession) REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION At December 31, 2020 (In thousands) The changes in real estate assets and accumulated depreciation for the years ending December 31, 2020, 2019, and 2018 are set forth below (in thousands): As of December 31, 2020 2019 2018 REAL ESTATE ASSETS: Balance at beginning of period $ 6,411,400 $ 7,278,608 $ 7,621,930 Additions during the period: Additions and improvements 36,337 129,923 144,256 Acquisitions of real estate assets — 5,700 3,301 Deductions during the period: Disposals, deconsolidations and accumulated depreciation on impairments (377,165 ) (786,889 ) (305,813 ) Transfers to (from) real estate assets 332 22,573 (11,531 ) Impairment of real estate assets (211,791 ) (238,515 ) (173,535 ) Balance at end of period $ 5,859,113 $ 6,411,400 $ 7,278,608 ACCUMULATED DEPRECIATION: Balance at beginning of period $ 2,349,404 $ 2,493,082 $ 2,465,095 Depreciation expense 205,671 241,631 261,838 Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired (313,654 ) (385,309 ) (233,851 ) Balance at end of period $ 2,241,421 $ 2,349,404 $ 2,493,082 |
Schedule IV - MORTGAGE NOTES RE
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2020 | |
Mortgage Loans On Real Estate [Abstract] | |
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE | Schedule IV CBL & ASSOCIATES PROPERTIES, INC. CBL & ASSOCIATES LIMITED PARTNERSHIP (Debtors-In-Possession) MORTGAGE NOTES RECEIVABLE ON REAL ESTATE At December 31, 2020 (In thousands) 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: D'Iberville Promenade, LLC 2.64% (3) Dec-2016 $ — $ 1,100 None $ 1,100 $ 1,100 $ 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 $1,100 at December 31, 2020. ( 3 ) This loan bears interest at LIBOR plus 2.50% and is in default at December 31, 2020. See Note 12 to the consolidated financial statements for additional information. The changes in mortgage notes receivable were as follows (in thousands): As of December 31, 2020 2019 2018 Beginning balance $ 2,637 $ 4,884 $ 5,418 Payments (307 ) (2,247 ) (534 ) Write-Offs (1,230 ) — — Ending balance $ 1,100 $ 2,637 $ 4,884 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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 Adopted | Accounting Guidance Adopted Description Expected Adoption Date & Application Method Financial Statement Effect and Other Information Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments January 1, 2020 - Modified Retrospective The guidance replaced 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 has determined that its available-for-sale debt securities, guarantees, mortgage and other notes receivable and receivables within the scope of ASC 606 fall under the scope of this standard. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements or disclosures. ASU 2018-13, Fair Value Measurement January 1, 2020 - Prospective The guidance eliminates, adds and modifies certain disclosure requirements for fair value measurements. Entities no longer are required to disclose the amount of and reasons for transfers between Level 1 and 2 of the fair value hierarchy, but public companies are required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements or 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 adoption of this guidance did not have a material impact on the Company’s consolidated financial statements or disclosures. Lease Modification Q&A April 1, 2020 – Prospective In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance related to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under Topic 842, Leases The Company has elected to apply the relief provided under the Lease Modification Q&A and will avail itself of the election to avoid performing a lease by lease analysis for the lease concessions that were (1) granted as relief due to the COVID-19 pandemic and (2) result in the cash flows remaining substantially the same or less than the original contract. The Lease Modification Q&A had a material impact on the Company’s consolidated financial statements as of and for the year ended December 31, 2020. However, its future impact to the Company is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering such concessions. The Lease Modification Q&A allows the Company to determine accounting policy elections at a disaggregated level, and the elections should be applied consistently by either the type of concession, underlying asset class or on another reasonable basis. As a result, the Company has made the following policy elections based on the type of concession agreed to with the respective tenant. Rent Deferrals The Company will account for rental deferrals using the receivables model as described within the Lease Modification Q&A. Under the receivables model, the Company will continue to recognize lease revenue in a manner that is unchanged from the original lease agreement and continue to recognize lease receivables and rental revenue during the deferral period. Rent Abatements The Company will account for rental abatements using the negative variable income model as described within the Lease Modification Q&A. Under the negative variable income model, the Company will recognize negative variable rent for the current period reduction of rental revenue associated with any lease concessions it provide s . At December 31, 2020, the Company’s receivables included $18,526 related to receivables that had been deferred and are to be repaid generally throughout 2021, and extending for a portion of 2022. The Company granted abatements of $25,439 during the year ended December 31, 2020. The Company continues to assess rent relief requests from its tenants but is unable to predict the resolution or impact of these discussions. For agreements that are currently under negotiation, the Company does not expect the impact to be material. Accounting Guidance Not Yet Adopted Description Financial Statement Effect and Other Information ASU 2020-04, Reference Rate Reform On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
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 intangible lease assets and 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 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, 2020 and 2019, are summarized as follows: December 31, 2020 December 31, 2019 Cost Accumulated Amortization Cost Accumulated Amortization Intangible lease assets and other assets: Above-market leases $ 18,416 $ (16,395 ) $ 21,098 $ (18,559 ) In-place leases 59,472 (53,790 ) 66,309 (58,559 ) Tenant relationships 34,630 (7,909 ) 38,880 (10,834 ) Accounts payable and accrued liabilities: Below-market leases 42,274 (36,224 ) 46,554 (38,052 ) 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 $1,460, $4,506 and $13,282 in 2020, 2019 and 2018, respectively. The estimated total net amortization expense for the next five succeeding years is $1,326 in 2021, $1,071 in 2022, $872 in 2023, $854 in 2024 and $817 in 2025. Total interest expense capitalized was $1,640, $2,504 and $3,225 in 2020, 2019 and 2018, respectively. |
Accounts Receivable | Accounts Receivable Receivables include amounts billed and currently due from tenants pursuant to lease agreements and receivables attributable to straight-line rents associated with those lease agreements. Individual leases where the collection of rents is in dispute are assessed for collectability based on management’s best estimate of collection considering the anticipated outcome of the dispute. Individual leases that are not in dispute are assessed for collectability and upon the determination that the collection of rents over the remaining lease term is not probable, accounts receivable are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, management assesses whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. An allowance for the uncollectable portion of the portfolio is recorded as an adjustment to rental revenues. Management’s estimate of the collectability of accounts receivable from tenants is based on the best information available to management at the time of evaluation. The duration of the COVID-19 pandemic and its impact on the Company’s tenants’ ability to pay rents has caused uncertainty in the Company’s ongoing ability to collect rents when due. Considering the potential impact of these uncertainties, management’s collection assessment also took into consideration the type of retailer, billing disputes, lease negotiation status and executed deferral or abatement agreements, as well as recent rent collection experience and tenant bankruptcies based on the best information available to management at the time of evaluation. For the year ended December 31, 2020 and 2019, the Company recorded $48,240 and $3,463, respectively, associated with uncollectable revenues, which includes $5,603 for straight line rent receivables for the year ended December 31, 2020. The following table sets forth the activity for the Company’s allowance for doubtful accounts: Year Ended December 31, 2019 2018 (1) Tenant receivables - allowance for doubtful accounts: Balance, beginning of year $ 2,337 $ 2,011 Additions in allowance charged to expense — 4,817 Bad debts charged against allowance (2,337 ) (4,491 ) Balance, end of year $ — $ 2,337 Year Ended December 31, 2019 2018 (1) Other receivables - allowance for doubtful accounts: Balance, beginning of year $ — $ 838 Additions in allowance charged to expense — — Bad debts charged against allowance — (838 ) Balance, end of year $ — $ — (1) Note 5 . |
Carrying Value of Long-Lived Assets | Carrying Value of Long-Lived Assets The Company evaluates its real estate assets for impairment indicators whenever events or changes in circumstances indicate that the carrying value of any of its long-lived assets may not be recoverable. Furthermore, this evaluation is conducted no less frequently than quarterly, irrespective of changes in circumstances. The prolonged outbreak of the COVID-19 pandemic resulted in sustained closure of the Company’s properties for a period of time, as well as the cessation of the operations of certain of its tenants, which has resulted and will likely continue to result in a reduction in the revenues and cash flows of many of its properties due to the adverse financial impacts on its tenants, as well as reductions in other sources of income generated by its properties. In addition to reduced revenues, the Company’s ability to obtain sufficient financing for such properties may be impaired as well as its ability to lease or re-lease properties as a result of worsening market and economic conditions resulting from the COVID-19 pandemic. As of December 31, 2020, the Company’s evaluation of impairment of real estate assets considered its estimate of cash flow declines caused by the COVID-19 pandemic, but its other assumptions, including estimated hold period, were generally unchanged given the highly uncertain environment. The worsening of estimated future cash flows due to a change in the Company’s plans, policies, or views of market and economic conditions as it relates to one or more of its properties adversely impacted by the COVID-19 pandemic could result in the recognition of substantial impairment charges on its assets, which could adversely impact its financial results. For the year ended December 31, 2020, the Company recorded impairment charges of $213,358 related to six of its malls. As of December 31, 2020, seven other properties had impairment indicators; however, based on the Company’s plans with respect to those properties and the economic environment as of December 31, 2020, no additional impairment charges were recorded. |
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 $59,941 and $26,242 was included in intangible lease assets and other assets at December 31, 2020 and 2019, respectively. The $59,941 in restricted cash at December 31, 2020 related to 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, as well as amount s related to cash management agreements with the Company’s lenders that are designated for debt service and operating expense obligations . |
Investments in Unconsolidated Affiliates | 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 cash contributed by the Company and the fair value of any 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 fair value of the ownership interest retained and as a sale of real estate with profit recognized to the extent of the other joint venture partners’ 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. The Company evaluates its investment in unconsolidated affiliates for impairment indicators whenever events or changes in circumstances indicate that the carrying value of its investment may not be recoverable. The Company’s evaluation of whether an investment in an unconsolidated affiliate has incurred a loss in value that is other than temporary includes an assessment of the expected return generated from the property or properties held within the investment, and the Company’s intent and ability to retain the investment for a period of time to allow for full recovery. Furthermore, this evaluation is conducted no less frequently than quarterly, irrespective of changes in circumstances. The prolonged outbreak of the COVID-19 pandemic resulted in sustained closure of the Company’s properties for a period of time, as well as the cessation of the operations of certain of its tenants, which has resulted and will likely continue to result in a reduction in the revenues and cash flows of many of its properties due to the adverse financial impacts on its tenants, as well as reductions in other sources of income generated by its properties. In addition to reduced revenues, the Company’s ability to obtain sufficient financing for such properties may be impaired as well as its ability to lease or re-lease properties as a result of worsening market and economic conditions resulting from the COVID-19 pandemic. As of December 31, 2020 and 2019, no impairment charges were recorded. In 2018, the Company recorded an impairment of $1,022 as its share of the loss on impairment recognized by an unconsolidated joint venture. The Company recorded a gain on deconsolidation of investments of $67,242 in 2019. See Note 8 |
Deferred Financing Costs | Deferred Financing Costs During 2020, as a result of the Chapter 11 Cases, unamortized financing costs of $16,779 related to the Company's secured credit facility and senior unsecured notes were charged to expense and were recorded as “Reorganization items” within the Company’s consolidated statements of operations. Unamortized financing costs related to the secured line of credit of |
Revenue Recognition | Revenue Recognition See Note 4 for a description of the Company's revenue streams. |
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 $2,882, $3,682 and $4,147 during 2020, 2019 and 2018, 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 the Company’s judgment about the realizability of the related deferred tax asset is included in income or expense, as applicable. The Company recorded an income tax benefit (provision) as follows for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Current tax provision $ (2,278 ) $ (485 ) $ (1,354 ) Deferred tax benefit (provision) (14,558 ) (2,668 ) 2,905 Income tax benefit (provision) $ (16,836 ) $ (3,153 ) $ 1,551 In 2020, the Company recorded a full deferred tax asset valuation allowance of $16,206, which left a balance of zero as a net deferred tax asset at December 31, 2020. The Company had a net deferred tax asset of $15,117 at December 31, 2019. In 2018, the Company recorded a cumulative effect adjustment in the amount of $11,433 related to the January 1, 2018 adoption of ASU 2016-16. The net deferred tax asset at December 31, 2019 is included in intangible lease assets and other assets. These deferred tax balances primarily consist of differences between book and tax related to the basis of real estate assets, depreciation expense and operating expenses, as well as net operating loss carryforwards. As of December 31, 2020, tax years that generally remain subject to examination by the Company’s major tax jurisdictions include 2020, 2019, 2018 and 2017. 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 statements of operations. In addition, any interest incurred on tax assessments is reported as interest expense. The Company incurred nominal interest and penalty amounts in 2020, 2019 and 2018. |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s tenants include national, regional and local retailers. Financial instruments that subject the Company to concentrations of credit risk consist primarily of tenant receivables. The Company generally does not obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of tenants. The Company derives a substantial portion of its rental income from various national and regional retail companies; however, no single tenant collectively accounted for more than 4.5% of the Company’s total consolidated revenues in 2020. |
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. Performance stock units ("PSUs") are contingently issuable common shares and are included in earnings per share if the effect is dilutive. See Note 18 for a description of the long-term incentive program that these units relate to. There were no potential dilutive common shares and no anti-dilutive shares for the year ended December 31, 2020. The effect of 102,820 contingently issuable common shares related to PSUs for the year ended December 31, 2018 were excluded from the computation of diluted EPS because the effect would have been anti-dilutive. Earnings per Unit of the Operating Partnership Basic earnings per unit (“EPU”) is computed using the two-class method. The two-class method is required when either (i) participating securities or (ii) multiple classes of common stock exists. The Operating Partnership’s special common units, and common units issued upon the conversion or redemption of special common units, meet the definition of participating securities as these units have the contractual right and obligation to share in the Operating Partnership’s net income (loss) and distributions. Under this approach net income (loss) attributable to common unitholders is reduced by the amount of distributions made (declared) to all common unitholders and by the amount of distributions that are required to be made (declared and undeclared) to special common unitholders. Distributed and undistributed earnings is subsequently divided by the weighted-average number of common and special common units outstanding for the period to compute basic EPU for each unit. Undistributed losses are allocated 100 percent to common units, other than common units issued upon the conversion or redemption of special common units. The special common units, and common units issued upon the conversion or redemption of special common units, only participate in undistributed losses in the event of a liquidation. Diluted EPU is computed by considering either the two-class method or the if-converted method, whichever results in more dilution. The if-converted method assumes the issuance of common units for all potential dilutive special common units outstanding. Due to the loss position (negative earnings) of the Operating Partnership for the years ended December 31, 2020 and 2019 all special common units, and common units issued upon the conversion or redemption of special common units, are antidilutive. The calculation of diluted EPU through the if-converted method would reduce the loss per share (as a result of an increase number of shares in the denominator) for the common units. Therefore in a loss position diluted EPU is equal to basic EPU. There were no potential dilutive common units and there were no anti-dilutive units other than the special common units, and common units issued upon the conversion or redemption of special common units, outstanding for the years ended December 31, 2020, 2019 and 2018. |
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. |
ORGANIZATION (Tables)
ORGANIZATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Properties Owned by Operating Partnership | As of December 31, 2020, 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 51 20 1 4 (2) 76 Unconsolidated Properties (3) 10 3 5 4 22 Total 61 23 6 8 98 (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. |
CHAPTER 11 CASES AND ABILITY _2
CHAPTER 11 CASES AND ABILITY TO CONTINUE AS A GOING CONCERN (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Chapter Eleven Cases And Ability To Continue As Going Concern [Abstract] | |
Summary of Condensed Combined Financial Statement Information Debtors | Condensed combined financial statement information of the Debtors is as follows: Condensed Combined Financial Statements – Debtors (Debtors-In-Possession) Condensed Combined Balance Sheet December 31, 2020 ASSETS: Investment in real estate assets $ 4,056,257 Accumulated depreciation (1,544,800 ) 2,511,457 Developments in progress 27,853 Net investment in real estate assets 2,539,310 Available-for-sale securities - at fair value (amortized cost of $233,052) 233,071 Cash and cash equivalents 46,346 Restricted Cash 29,834 Intercompany due from non-debtor entities 76,095 Other assets 140,241 Total assets $ 3,064,897 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY: Other liabilities $ 102,910 Intercompany due to non-debtor entities 5,062 Total liabilities not subject to compromise 107,972 Liabilities subject to compromise 2,551,490 Redeemable noncontrolling interests (2,786 ) Shareholders' equity 411,605 Noncontrolling interests (3,384 ) Total liabilities and owners’ equity $ 3,064,897 Condensed Combined Statement of Operations For the Period November 1, 2020 to December 31, 2020 Total revenues $ 70,845 Depreciation and amortization (23,064 ) Operating expenses (22,040 ) Interest and other income 1,705 Interest expense (unrecognized contractual interest expense was $30,084 for the year ended December 31, 2020) (760 ) Reorganization items (35,977 ) Gain on sales of real estate assets 1,988 Income tax benefit 354 Net loss $ (6,949 ) Condensed Combined Statement of Cash Flows CASH FLOWS FROM OPERATING ACTIVITIES: For the Period November 1, 2020 to December 31, 2020 Net loss $ (6,949 ) Adjustments to reconcile net loss to net cash provided by operating activities: Reorganization items (non-cash) 25,294 Other assets and liabilities, net 26,885 Net cash provided by operating activities 45,230 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of available-for-sale securities (81,276 ) Changes in other assets 2,506 Net cash used in investing activities (78,770 ) CASH FLOWS FROM FINANCING ACTIVITIES: Net distributions from non-Debtor subsidiaries 8,621 Other financing activities 104 Net cash provided by financing activities 8,725 NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (24,815 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 100,995 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period $ 76,180 Reconciliation from consolidated statement of cash flows to consolidated balance sheet: Cash and cash equivalents $ 46,346 Restricted cash 29,834 CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period $ 76,180 SUPPLEMENTAL INFORMATION Cash paid for reorganization items $ 301 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Accounting Guidance Adopted Description Expected Adoption Date & Application Method Financial Statement Effect and Other Information Accounting Standards Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments January 1, 2020 - Modified Retrospective The guidance replaced 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 has determined that its available-for-sale debt securities, guarantees, mortgage and other notes receivable and receivables within the scope of ASC 606 fall under the scope of this standard. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements or disclosures. ASU 2018-13, Fair Value Measurement January 1, 2020 - Prospective The guidance eliminates, adds and modifies certain disclosure requirements for fair value measurements. Entities no longer are required to disclose the amount of and reasons for transfers between Level 1 and 2 of the fair value hierarchy, but public companies are required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements or 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 adoption of this guidance did not have a material impact on the Company’s consolidated financial statements or disclosures. Lease Modification Q&A April 1, 2020 – Prospective In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance related to lease concessions provided as a result of COVID-19. Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated within the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under Topic 842, Leases The Company has elected to apply the relief provided under the Lease Modification Q&A and will avail itself of the election to avoid performing a lease by lease analysis for the lease concessions that were (1) granted as relief due to the COVID-19 pandemic and (2) result in the cash flows remaining substantially the same or less than the original contract. The Lease Modification Q&A had a material impact on the Company’s consolidated financial statements as of and for the year ended December 31, 2020. However, its future impact to the Company is dependent upon the extent of lease concessions granted to tenants as a result of the COVID-19 pandemic in future periods and the elections made by the Company at the time of entering such concessions. The Lease Modification Q&A allows the Company to determine accounting policy elections at a disaggregated level, and the elections should be applied consistently by either the type of concession, underlying asset class or on another reasonable basis. As a result, the Company has made the following policy elections based on the type of concession agreed to with the respective tenant. Rent Deferrals The Company will account for rental deferrals using the receivables model as described within the Lease Modification Q&A. Under the receivables model, the Company will continue to recognize lease revenue in a manner that is unchanged from the original lease agreement and continue to recognize lease receivables and rental revenue during the deferral period. Rent Abatements The Company will account for rental abatements using the negative variable income model as described within the Lease Modification Q&A. Under the negative variable income model, the Company will recognize negative variable rent for the current period reduction of rental revenue associated with any lease concessions it provide s . At December 31, 2020, the Company’s receivables included $18,526 related to receivables that had been deferred and are to be repaid generally throughout 2021, and extending for a portion of 2022. The Company granted abatements of $25,439 during the year ended December 31, 2020. The Company continues to assess rent relief requests from its tenants but is unable to predict the resolution or impact of these discussions. For agreements that are currently under negotiation, the Company does not expect the impact to be material. Accounting Guidance Not Yet Adopted Description Financial Statement Effect and Other Information ASU 2020-04, Reference Rate Reform On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Schedule of Intangible Assets and Balance Sheet Classifications | The Company’s intangibles and their balance sheet classifications as of December 31, 2020 and 2019, are summarized as follows: December 31, 2020 December 31, 2019 Cost Accumulated Amortization Cost Accumulated Amortization Intangible lease assets and other assets: Above-market leases $ 18,416 $ (16,395 ) $ 21,098 $ (18,559 ) In-place leases 59,472 (53,790 ) 66,309 (58,559 ) Tenant relationships 34,630 (7,909 ) 38,880 (10,834 ) Accounts payable and accrued liabilities: Below-market leases 42,274 (36,224 ) 46,554 (38,052 ) |
Summary of Allowance for Doubtful Accounts | The following table sets forth the activity for the Company’s allowance for doubtful accounts: Year Ended December 31, 2019 2018 (1) Tenant receivables - allowance for doubtful accounts: Balance, beginning of year $ 2,337 $ 2,011 Additions in allowance charged to expense — 4,817 Bad debts charged against allowance (2,337 ) (4,491 ) Balance, end of year $ — $ 2,337 Year Ended December 31, 2019 2018 (1) Other receivables - allowance for doubtful accounts: Balance, beginning of year $ — $ 838 Additions in allowance charged to expense — — Bad debts charged against allowance — (838 ) Balance, end of year $ — $ — (1) Note 5 . |
Schedule of Income Tax Provision | The Company recorded an income tax benefit (provision) as follows for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Current tax provision $ (2,278 ) $ (485 ) $ (1,354 ) Deferred tax benefit (provision) (14,558 ) (2,668 ) 2,905 Income tax benefit (provision) $ (16,836 ) $ (3,153 ) $ 1,551 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table presents the Company's revenues disaggregated by revenue source: Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Rental revenues (1) $ 554,064 $ 736,878 $ 829,113 Revenues from contracts with customers (ASC 606): Operating expense reimbursements (2) 9,025 9,783 8,434 Management, development and leasing fees (3) 6,800 9,350 10,542 Marketing revenues (4) 2,716 6,059 6,286 18,541 25,192 25,262 Other revenues 3,256 6,626 4,182 Total revenues (5) $ 575,861 $ 768,696 $ 858,557 (1) Revenues from leases that commenced subsequent to December 31, 2018 are accounted for in accordance with ASC 842, Leases Note 5 . (2) Includes $8,638 in the Malls segment and $387 in the All Other segment for the year ended December 31, 2020. Includes $9,404 in the Malls segment and $379 in the All Other segment for the year ended December 31, 2019. Includes $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) Marketing revenues solely relate to the Malls segment for all years presented. (5) Sales taxes are excluded from revenues. |
Schedule of Expected Recognition of Remaining Performance Obligation | As of December 31, 2020, 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 Fixed operating expense reimbursements $ 24,400 $ 47,186 $ 41,715 $ 113,301 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Components of Lease Revenue | The components of rental revenues are as follows: Year Ended December 31, 2020 2019 2018 Fixed lease payments $ 459,958 $ 607,259 $ 684,634 Variable lease payments 94,106 129,619 144,479 Total rental revenues $ 554,064 $ 736,878 $ 829,113 |
Schedule of Undiscounted Future Lease Payments to be Received | The undiscounted future fixed lease payments to be received under the Company's operating leases as of December 31, 2020, are as follows: Years Ending December 31, Operating Leases 2021 $ 401,573 2022 344,777 2023 288,775 2024 232,399 2025 175,956 Thereafter 412,502 Total undiscounted lease payments $ 1,855,982 |
Schedule of Right-of-Use Asset and Lease Liability Activity | A summary of the Company's ROU asset and lease liability activity during the year ended December 31, 2020 and 2019 is presented below: ROU Asset Lease Liability Balance as of January 1, 2019 $ 4,160 $ 4,074 Cash reduction (557 ) (557 ) Noncash decrease 201 320 Balance as of January 1, 2020 3,804 3,837 Cash reduction (373 ) (373 ) Noncash decrease (128 ) (134 ) Balance as of December 31, 2020 $ 3,303 $ 3,330 |
Schedule of Lease Expense | The components of lease expense are presented below: Year Ended December 31, 2020 Year Ended December 31, 2019 Lease expense: Operating lease expense $ 462 $ 547 Variable lease expense 223 348 Total lease expense $ 685 $ 895 |
Schedule of Undiscounted Future Lease Payments under Operating Leases | The undiscounted future lease payments to be paid under the Company's operating leases as of December 31, 2020, are as follows: Year Ending December 31, Operating Leases 2021 $ 379 2022 299 2023 284 2024 264 2025 269 Thereafter 11,747 Total undiscounted lease payments 13,242 Less imputed interest (9,912 ) Lease liability $ 3,330 |
DISPOSITIONS AND HELD FOR SALE
DISPOSITIONS AND HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Dispositions and Held-for-Sale | The Company recognized a gain on extinguishment of debt for the propert ies 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. See Note 9 for more information . Sale/Transfer Date Property Property Type Location Balance of Non-recourse Debt Gain on Extinguishment of Debt August Hickory Point Mall (1) Malls Forsyth, IL $ 27,446 $ 15,446 December Burnsville Center (1) Malls Burnsville, MN 64,233 17,075 $ 91,679 $ 32,521 (1) The Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property. Sales Price Sales Date Property Property Type Location Gross Net Gain January Cary Towne Center (1) Malls Cary, NC $ 31,500 $ 31,068 $ — April Honey Creek Mall (2) Malls Terre Haute, IN 14,600 14,360 — April The Shoppes at Hickory Point Malls Forsyth, IL 2,508 2,407 1,326 June Courtyard by Marriott at Pearland Town Center All Other Pearland, TX 15,100 14,795 1,910 July 850 Greenbrier Circle All Other Chesapeake, VA 10,500 10,332 96 July Kroger at Foothills Plaza All Other Maryville, TN 2,350 2,267 1,139 July The Forum at Grandview (3) All Other Madison, MS 31,750 31,606 47 July Barnes & Noble parcel All Other High Point, NC 2,000 1,899 821 September Dick's Sporting Goods at Hanes Mall All Other Winston-Salem, NC 10,000 9,649 2,907 $ 120,308 $ 118,383 $ 8,246 (1) See below for more information regarding the sale of Cary Towne Center. (2) The Company recognized a loss on impairment of $2,284 in March 2019 when it adjusted the book value of the mall to the net sales price based on a signed contract with a third-party buyer and recognized $(239) in April 2019 related to a true-up of closing costs. See Note 17 for additional information. (3) The Company recognized a loss of impairment of $8,582 in June 2019 when it adjusted the book value to the net sales price based on a signed contract with a third-party buyer, adjusted to reflect the estimated disposition costs. See Note 17 Note 9 Sale/Transfer Date Property Property Type Location Balance of Non-recourse Debt Gain on Extinguishment of Debt January Acadiana Mall (1) Malls Lafayette, LA $ 119,760 $ 61,795 January Cary Towne Center (2) Malls Cary, NC 43,716 9,927 $ 163,476 $ 71,722 (1) The Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property. (2) The Company sold the mall for $31,500 and the net proceeds from the sale were used to satisfy a portion of the loan secured by the mall. The remaining principal balance was forgiven. Sales Price Sales Date Property Property Type Location Gross Net Gain March Gulf Coast Town Center - Phase III All Other Ft. Myers, FL $ 9,000 $ 8,769 $ 2,236 July Janesville Mall (1) Malls 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) Malls Morristown, TN — — 742 Various Prior Sales Adjustments 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 17 (2) In conjunction with the sale of this 50/50 consolidated joint venture, the loan secured by the community center was retired. 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. |
UNCONSOLIDATED AFFILIATES (Tabl
UNCONSOLIDATED AFFILIATES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 December 31, 2019 ASSETS: Investment in real estate assets $ 2,346,124 $ 2,293,438 Accumulated depreciation (862,435 ) (803,909 ) 1,483,689 1,489,529 Developments in progress 28,138 46,503 Net investment in real estate assets 1,511,827 1,536,032 Other assets 174,966 154,427 Total assets $ 1,686,793 $ 1,690,459 LIABILITIES: Mortgage and other indebtedness, net $ 1,439,454 $ 1,417,644 Other liabilities 45,280 41,007 Total liabilities 1,484,734 1,458,651 OWNERS' EQUITY: The Company 132,350 149,376 Other investors 69,709 82,432 Total owners' equity 202,059 231,808 Total liabilities and owners’ equity $ 1,686,793 $ 1,690,459 Year Ended December 31, 2020 2019 2018 Total revenues $ 213,319 $ 221,512 $ 225,073 Net income (loss) (1) $ (12,659 ) $ 96,628 $ (63,315 ) (1) The Company’s pro rata share of net income (loss) is ($14,854), $4,940 and 14,677 for the years ended December 31, 2020, 2019 and 2018, respectively, and is included in equity in earnings (losses) of unconsolidated affiliates in the accompanying consolidated statements of operations. |
MORTGAGE AND OTHER INDEBTEDNE_2
MORTGAGE AND OTHER INDEBTEDNESS, NET (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Mortgage and Other Indebtedness, Net | Mortgage and other indebtedness, net, consisted of the following: December 31, 2020 December 31, 2019 Amount Weighted- Average Interest Rate (1) Amount Weighted- Average Interest Rate (1) Fixed-rate debt: Non-recourse loans on operating Properties $ 1,120,203 5.12 % $ 1,330,561 5.27 % Senior unsecured notes due 2023 (2) — — 447,894 5.25 % Senior unsecured notes due 2024 (3) — — 299,960 4.60 % Senior unsecured notes due 2026 (4) — — 617,473 5.95 % Total fixed-rate debt 1,120,203 5.12 % 2,695,888 5.35 % Variable-rate debt: Recourse loans on operating Properties 68,061 4.69 % 41,950 4.34 % Construction loan — — 29,400 4.60 % Secured line of credit — — 310,925 3.94 % Secured term loan — — 465,000 3.94 % Total variable-rate debt 68,061 4.69 % 847,275 3.98 % Total fixed-rate and variable-rate debt 1,188,264 5.10 % 3,543,163 5.02 % Unamortized deferred financing costs (5) (3,433 ) (16,148 ) Total mortgage and other indebtedness, net $ 1,184,831 $ 3,527,015 Mortgage and other indebtedness included in liabilities subject to compromise consisted of the following: December 31, 2020 December 31, 2019 Amount Weighted- Average Interest Rate (1) Amount Weighted- Average Interest Rate (1) Fixed-rate debt: Senior unsecured notes due 2023 (6) $ 450,000 5.25 % $ — — Senior unsecured notes due 2024 (6) 300,000 4.60 % — — Senior unsecured notes due 2026 (6) 625,000 5.95 % — — Total fixed-rate debt 1,375,000 5.43 % — — Variable-rate debt: Secured line of credit (7) 675,926 9.50 % — — Secured term loan (7) 438,750 9.50 % — — Total variable-rate debt 1,114,676 9.50 % — — Total fixed-rate and variable-rate debt 2,489,676 7.25 % — — Unpaid accrued interest (8) 57,644 — Prepetition unsecured or under secured liabilities 4,170 Total liabilities subject to compromise $ 2,551,490 $ — (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 $2,106 as of December 31, 2019. (3) The balance is net of an unamortized discount of $40 as of December 31, 2019. (4) The balance is net of an unamortized discount of $7,527 as of December 31, 2019. ( 5 ) Unamortized deferred financing costs amounting to $3,106 for certain property-level, non-recourse mortgage loans may be required to be written off in the event that a waiver or restructuring of terms cannot be negotiated and the debt is either redeemed or otherwise extinguished. ( 6 ) In accordance with ASC 852, which limits the recognition of interest expense during a bankruptcy proceeding to only amounts that will be paid during the bankruptcy proceeding or that are probable of becoming allowed claims, interest has not been accrued on the senior unsecured notes subsequent to the filing of the Chapter 11 Cases. In accordance with ASC 852, unamortized deferred financing costs and debt discounts of $14,231, previously included in mortgage and other indebtedness, net in the Company’s consolidated balance sheets, related to the senior unsecured notes were charged to reorganization items in the accompanying consolidated statement of operations as part of the Company’s reorganization. ( 7 ) The administrative agent informed the Company that interest will accrue on all outstanding obligations at the post-default rate, which is equal to the rate that otherwise would be in effect plus 5.0% . The post-default interest rate at December 31, 2020 was 9.50 %. In accordance with ASC 852, which limits the recognition of interest expense during a bankruptcy proceeding to only amounts that will be paid during the bankruptcy proceeding or that are probable of becoming allowed claims, interest has not been accrued on the secured credit facility subsequent to the filing of the Chapter 11 Cases. In accordance with ASC 852, unamortized deferred financing costs of $ 4,098 , previously included in mortgage and other indebtedness, net in the Company’s consolidated balance sheets, related to the secured term loan were charged to reorganization items in the accompanying consolidated statement of operations as part of the Company’s reorganization. Additionally, unamortized deferred financing costs amounting to $ 6,965 , previously included in intangible lease assets and other assets in the Company’s consolidated balance sheets, related to the secured line of credit were charged to reorganization items in the accompanying consolidated statement of operations as part of the Company’s reorganization . The outstanding amount of the secured credit facility is included in liabilities subject to compromise in the accompanying consolidated balance sheets as of December 31, 2020. ( 8 ) Represents interest accrued on the secured credit facility and senior unsecured notes prior to the filing of the Chapter 11 Cases. Description Issued (2) Amount Interest Rate Maturity Date 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 625,000 5.95 % December 2026 (1) Subsequent to December 31, 2020, the Company entered into an amended and restated Restructuring Support Agreement with its credit facility lenders and unsecured noteholders that provides for a fully consensual comprehensive restructuring. See Note 20 for additional information. ( 2 ) Issued by the Operating Partnership. CBL is a limited guarantor of the Operating Partnership's obligations under the Notes as described above. |
Schedule of Loan Repayments | The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2020 and 2019: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) 2020: February Parkway Place 6.50% July 2020 $ 33,186 February Valley View Mall 6.50% July 2020 51,360 $ 84,546 2019: April Honey Creek Mall (2) 8.00% July 2019 $ 23,539 December The Terrace 7.25% June 2020 11,931 $ 35,470 (1) The Company retired the loans with borrowings from its credit facilities unless otherwise noted. (2) The Company retired the loan using proceeds from the refinancing of the loan secured by Volusia Mall as well as proceeds from the sale of Honey Creek Mall. |
Summary of Dispositions | The following is a summary of the Company's dispositions for which the fixed-rate loan secured by the mall was extinguished: Sale/Transfer Date Property Interest Rate at Repayment Date Scheduled Maturity Date Balance of Non-recourse Debt Gain on Extinguishment of Debt 2020: August Hickory Point Mall (1) 5.85% December 2019 $ 27,446 $ 15,446 December Burnsville Mall (1) 6.00% July 2020 64,233 17,075 $ 91,679 $ 32,521 2019: January Acadiana Mall (1) 5.67% April 2017 $ 119,760 $ 61,795 January Cary Towne Center (2) 4.00% June 2018 43,716 9,927 $ 163,476 $ 71,722 (1) The Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the Property. (2) The Company sold the mall for $31,500 and the net proceeds from the sale were used to satisfy a portion of the loan secured by the mall. The remaining principal balance was forgiven. |
Summary of Non Recourse Loans | The non-recourse loans that are in default at December 31, 2020 are as follows: Property Location Interest Rate Scheduled Maturity Date Loan Amount Greenbrier Mall Chesapeake, VA 5.41% Dec-19 $ 61,647 EastGate Mall Cincinnati, OH 5.83% Apr-21 31,181 Park Plaza Little Rock, AR 5.28% Apr-21 76,805 Asheville Mall Asheville, NC 5.80% Sep-21 62,121 |
Schedule of Principal Repayments | As of December 31, 2020, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, are as follows: 2021 $ 560,128 2022 407,638 2023 1,502,276 2024 343,571 2025 38,355 Thereafter 764,325 Total (1) 3,616,293 Principal balance of loan with a maturity date prior to December 31, 2020 (2) 61,647 Total mortgage and other indebtedness, net $ 3,677,940 (1) Includes $2,489,676 of liabilities subject to compromise in the accompanying consolidated balance sheets as of December 31, 2020, and as the expected maturity date is subject to the outcome of the Chapter 11 Cases, the original, legal maturity dates are reflected in this table. ( 2 ) Represents the aggregate principal balance as of December 31, 2020 of one non-recourse loan, secured by Greenbrier Mall which was in default. The loan secured by Greenbrier Mall matured in December 2019. |
SHAREHOLDERS' EQUITY AND PART_2
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Basic and Diluted EPU for Common and Special Common Units | The following table presents basic and diluted EPU for common and special common units for the years ended December 31, 2020, 2019 and 2018 (in thousands, except per unit data): Year Ended December 31, 2020 2019 2018 Net Loss Attributable to Common Unitholders $ (352,256 ) $ (177,352 ) $ (143,148 ) Distributions to Common Unitholders - Declared Only — (14,638 ) (131,256 ) Distributions to Special Common Unitholders - Declared and Undeclared Common units issued on conversion of SCUs — (133 ) (1,249 ) S-SCUs (3,810 ) (4,572 ) (4,572 ) L-SCUs (433 ) (1,732 ) (1,732 ) K-SCUs (2,746 ) (3,375 ) (3,393 ) Total Undistributed Losses Available to Common and Special Common Unitholders $ (359,245 ) $ (201,802 ) $ (285,350 ) Distributed Earnings: Common units issued on conversion of SCUs $ — $ 133 $ 1,249 S-SCUs 3,810 4,572 4,572 L-SCUs 433 1,732 1,732 K-SCUs 2,746 3,375 3,393 Common Units — 14,639 131,257 Undistributed Losses: Common units issued on conversion of SCUs $ — $ — $ — S-SCUs — — — L-SCUs — — — K-SCUs — — — Common Units (359,245 ) (201,802 ) (285,350 ) Weighted Average: Common units issued on conversion of SCUs 1,534 1,758 1,872 S-SCUs 1,561 1,561 1,561 L-SCUs 572 572 572 K-SCUs 1,069 1,137 1,144 Common Units 196,850 195,142 194,430 Basic EPU: Common units issued on conversion of SCUs $ — $ 0.08 $ 0.67 S-SCUs 2.44 2.93 2.93 L-SCUs 0.76 3.03 3.03 K-SCUs 2.57 2.97 2.96 Common Units (1.82 ) (0.96 ) (0.79 ) Total Basic EPU $ (1.75 ) $ (0.89 ) $ (0.72 ) Diluted EPU: Common units issued on conversion of SCUs $ — $ 0.08 $ 0.67 S-SCUs 2.44 2.93 2.93 L-SCUs 0.76 3.03 3.03 K-SCUs 2.57 2.97 2.96 Common Units (1.82 ) (0.96 ) (0.79 ) Total Diluted EPU $ (1.75 ) $ (0.89 ) $ (0.72 ) |
Schedule of Dividends Declared and Paid for Income Tax Purposes | The allocations of dividends declared and paid for income tax purposes are as follows (income tax allocations are not applicable in 2020 due to the Company not paying any dividends in 2020): Year Ended December 31, 2019 2018 Dividends declared: Common stock $ 0.15 $ 0.80 (1) Series D preferred stock $ 13.83 $ 18.44 Series E preferred stock $ 12.42 $ 16.56 Allocations: Common stock Ordinary income — % 82.83 % Capital gains 25% rate — % — % Return of capital 100.00 % 17.17 % Total 100.00 % 100.00 % Preferred stock (2) Ordinary income — % 100.00 % Capital gains 25% rate — % — % Return of capital 100.00 % — % Total 100.00 % 100.00 % (1) Of the $0.075 per share dividend declared on October 29, 2018 and paid January 16, 2019, $0.075 was reported and is taxable in 2019. ( 2 ) 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, 2020 | |
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, 2020 and 2019: December 31, 2020 2019 CBL’s Predecessor — 18,117,350 Third parties 5,117,856 7,956,616 5,117,856 26,073,966 |
Schedule of Variable Interest Entities | The table below lists the Company's consolidated VIEs as of December 31, 2020 and 2019, which do not reflect the elimination of any internal debt the consolidated VIE has with the Operating Partnership: As of December 31, 2020 2019 Assets Liabilities (1) Assets Liabilities (1) Consolidated VIEs: Atlanta Outlet Outparcels, LLC $ 851 $ — $ 862 $ — CBL Terrace LP 14,608 12,578 15,012 12,595 Gettysburg Outlet Center Holding, LLC 33,199 38,334 34,399 38,268 Gettysburg Outlet Center, LLC 7,737 — 7,690 (69 ) High Point Development LP II — — (22 ) — Jarnigan Road LP 17,974 572 18,631 641 Jarnigan Road II, LLC 22,623 17,134 23,424 17,704 Laredo Outlet JV, LLC 44,378 43,788 103,375 45,360 Lebcon Associates 46,692 116,085 80,081 121,493 Lebcon I, Ltd 8,305 8,672 8,386 8,906 Louisville Outlet Outparcels, LLC 173 — 174 — Madison Grandview Forum, LLC — — 338 83 The Promenade at D'Iberville 75,975 48,964 78,066 48,270 Statesboro Crossing, LLC 227 — 213 (10 ) $ 272,742 $ 286,127 $ 370,629 $ 293,241 ( 1 ) Includes $40,600 and $41,950 related to Laredo Outlet JV, LLC, which is guaranteed by the Operating Partnership, as of December 31, 2020 and 2019, respectively. Also, due to the filing of the Chapter 11 Cases, the loan held by Gettysburg Outlet Center Holding, LLC became guaranteed by the Operating Partnership, and amounts to $36,774 as of December 31, 2020. The table below lists the Company's unconsolidated VIEs as of December 31, 20 20 : Unconsolidated VIEs: Investment in Real Estate Joint Ventures and Partnerships Maximum Risk of Loss Ambassador Infrastructure, LLC (1) $ — $ 9,360 Atlanta Outlet JV, LLC (1) 26,958 31,559 CBL-T/C, LLC 72,927 72,927 CBL-TRS Joint Venture, LLC 20,419 20,419 Continental 425 Fund LLC 5,031 5,031 EastGate Storage, LLC (1) 534 3,784 El Paso Outlet Center Holding, LLC 11,738 11,738 Fremaux Town Center JV, LLC 7,796 7,796 Hamilton Place Self Storage (1) 1,218 4,719 Louisville Outlet Shoppes, LLC (1) (10,384 ) 8,872 Mall of South Carolina L.P. (13,563 ) — Mall of South Carolina Outparcel L.P. (2,295 ) — Parkdale Self Storage, LLC (1) 864 7,364 PHG-CBL Lexington, LLC 35 35 Port Orange I, LLC (1) 28,012 54,629 Self Storage at Mid Rivers, LLC (1) 532 3,526 Shoppes at Eagle Point, LLC (1) 17,285 30,025 Vision - CBL Hamilton Place, LLC 3,796 3,796 West Melbourne I, LLC (1) 17,708 45,009 $ 188,611 $ 320,589 (1) See Note 16 for information on guarantees of debt. |
MORTGAGE AND OTHER NOTES RECE_2
MORTGAGE AND OTHER NOTES RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | |
Schedule of Mortgage and Other Notes Receivable | Mortgage and other notes receivable consist of the following: As of December 31, 2020 As of December 31, 2019 Maturity Date Interest Rate Balance Interest Rate Balance Mortgage Dec 2016 (1) 2.64% $ 1,100 4.28% - 9.50% $ 2,637 Other Notes Receivable Sep 2021- Apr 2026 4.00% - 5.00% 1,237 4.00% - 5.00% 2,025 $ 2,337 $ 4,662 ( 1 ) Represents a $1,100 note with D'Iberville Promenade, LLC with a maturity date of December 2016, that is in default. This is secured by the joint venture partner’s interest in the joint venture. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Information on Reportable Segments | Information on the Company’s reportable segments is presented as follows: Year Ended December 31, 2020 Malls All Other (1) Total Revenues (2) $ 520,643 $ 55,218 $ 575,861 Property operating expenses (3) (177,531 ) (10,348 ) (187,879 ) Interest expense (79,380 ) (121,283 ) (200,663 ) Other expense — (953 ) (953 ) Gain (loss) on sales of real estate assets (25 ) 4,721 4,696 Segment profit (loss) $ 263,707 $ (72,645 ) 191,062 Depreciation and amortization (215,030 ) General and administrative expense (53,425 ) Litigation settlement 7,855 Interest and other income 6,396 Gain on extinguishment of debt 32,521 Loss on impairment (213,358 ) Prepetition charges (23,883 ) Reorganization items (35,977 ) Income tax provision (16,836 ) Equity in losses of unconsolidated affiliates (14,854 ) Net loss $ (335,529 ) Total assets $ 3,702,523 $ 741,217 $ 4,443,740 Capital expenditures (4) $ 36,425 $ 5,683 $ 42,108 Year Ended December 31, 2019 Malls All Other (1) Total Revenues (2) $ 699,698 $ 68,998 $ 768,696 Property operating expenses (3) (216,771 ) (13,881 ) (230,652 ) Interest expense (86,152 ) (120,109 ) (206,261 ) Other expense — (91 ) (91 ) Gain on sales of real estate assets 1,226 15,048 16,274 Segment profit (loss) $ 398,001 $ (50,035 ) 347,966 Depreciation and amortization (257,746 ) General and administrative expense (64,181 ) Litigation settlement (61,754 ) Interest and other income 2,764 Gain on extinguishment of debt 71,722 Loss on impairment (239,521 ) Gain on investment/deconsolidation 67,242 Income tax provision (3,153 ) Equity in earnings of unconsolidated affiliates 4,940 Net loss $ (131,721 ) Total assets $ 4,180,515 $ 441,831 $ 4,622,346 Capital expenditures (4) $ 130,502 $ 11,057 $ 141,559 Year Ended December 31, 2018 Malls All Other (1) Total Revenues (2) $ 783,194 $ 75,363 $ 858,557 Property operating expenses (3) (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 (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 (4) $ 132,187 $ 12,772 $ 144,959 (1) The All Other category includes associated centers, community centers, mortgage and other notes receivable, office buildings, self-storage facilities, corporate-level debt and the Management Company. (2) Management, development and leasing fees are included in All Other category. See Note 4 ( 3 ) Property operating expenses include property operating, real estate taxes and maintenance and repairs. ( 4 ) Includes additions to and 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, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Noncash Investing and Financing Activities | The Company’s noncash investing and financing activities for 2020, 2019 and 2018 were as follows: Year Ended December 31, 2020 2019 2018 Additions to real estate assets accrued but not yet paid $ 5,945 $ 24,642 $ 22,791 Accrued dividends and distributions payable — — 17,130 Deconsolidation upon contribution/assignment of interest in joint venture (1) Decrease in real estate assets — (200,343 ) (8,221 ) Increase in investment in unconsolidated affiliates — 39,708 8,174 Decrease in mortgage and other indebtedness — 228,627 — Increase in operating assets and liabilities — 857 — Decrease in intangible lease and other assets — (4,815 ) — Increase in noncontrolling interest and joint venture interest — (12,013 ) — Transfer of real estate assets in settlement of mortgage debt obligations (2) Decrease in real estate assets (57,001 ) (60,059 ) — Decrease in mortgage and other indebtedness 85,371 124,111 — Decrease in operating assets and liabilities 4,288 9,333 — Decrease in intangible lease and other assets (137 ) (1,663 ) — Conversion of Operating Partnership units to common stock 21,163 730 3,059 ( 1 ) See Note 8 for more information. (2) See Note 9 for more information. |
CONTINGENCIES (Tables)
CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019: As of December 31, 2020 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) December 31, 2020 December 31, 2019 West Melbourne I, LLC - Phase I 50% $ 40,177 50% $ 20,089 Feb-2021 (2) $ 201 $ 199 West Melbourne I, LLC - Phase II 50% 14,423 50% 7,212 Feb-2021 (2) 72 78 Port Orange I, LLC 50% 53,233 50% 26,617 Feb-2021 (2) 266 270 Ambassador Infrastructure, LLC 65% 9,360 100% 9,360 Jan-2021 (3) 94 101 Shoppes at Eagle Point, LLC 50% 34,585 35% (4) 12,740 Oct-2021 (5) 127 127 EastGate Storage, LLC 50% 6,500 50% (6) 3,250 Dec-2022 33 33 Self Storage at Mid Rivers, LLC 50% 5,896 50% (6) 2,994 Apr-2023 30 30 Parkdale Self Storage, LLC 50% 6,160 100% (7) 6,500 Jul-2024 65 65 Hamilton Place Self Storage, LLC 54% 6,564 50% (6) 3,501 Sep-2024 35 70 Atlanta Outlet JV, LLC 50% 4,601 100% 4,601 Nov-2023 — — Louisville Outlet Shoppes, LLC 50% 8,872 100% 8,872 Oct-2021 — — Total guaranty liability $ 923 $ 973 (1) Excludes any extension options. ( 2 ) The loan has two one-year Note 20 ). ( 3 ) Subsequent to December 31, 2020, the loan was extended (see Note 20 ). ( 4 ) The guarantee is for a fixed amount of $12,740 throughout the term of the loan, including any extensions. ( 5 ) The loan has one one-year ( 6 ) The guarantee may be reduced to 25% once certain debt and operational metrics are met. ( 7 ) The guarantee was increased to 100% as a result of the Chapter 11 Cases filed by the Company. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Debt Securities, Available-for-sale Measured at Fair Value | The following table sets forth information regarding the Company’s AFS securities that were measured at fair value for the year ended December 31, 2020: AFS Security Amortized Cost Allowance for credit losses (1) Total unrealized gains/(losses) Fair Value U.S. Treasury securities $ 233,053 $ — $ 18 $ 233,071 (1) U.S Treasury securities have a long history with no credit losses. Additionally, the Company notes that U.S Treasury securities are explicitly fully guaranteed by a sovereign entity that can print its own currency and that the sovereign entity’s currency is routinely held by central banks and other major financial institutions, is used in international commerce, and commonly viewed as a reserve currency, all of which qualitatively indicate that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Therefore, the Company did not record expected credit losses for its U.S Treasury securities for the year ended December 31 , 2020. |
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, 2020 and 2019: 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 Loss on Impairment 2020: Long-lived assets $ 268,830 $ — $ — $ 268,830 $ 213,358 2019: Long-lived assets $ 199,740 $ — $ — $ 199,740 $ 239,521 |
Schedule of Impairment on Real Estate Properties | During the year ended December 31, 2020, the Company recognized impairments of real estate of $213,358 related to six malls and one vacant land parcel. The Properties were classified for segment reporting purposes as listed below (see section below for information on outparcels). See Note 13 for segment information. Impairment Date Property Location Segment Classification Loss on Impairment Fair Value March Burnsville Center (1) Burnsville, MN Malls $ 26,562 $ 47,300 March Monroeville Mall (2) Pittsburgh, PA Malls 107,082 67,000 June Asheville Mall (3) Asheville, NC Malls 13,274 52,600 July Vacant land Pittsburgh, PA Malls 46 — December EastGate Mall (4) Cincinnati, OH Malls 5,980 16,530 December Greenbrier Mall (5) Chesapeake, VA Malls 8,923 42,500 December The Outlet Shoppes at Laredo (6) Laredo, TX Malls 51,491 42,900 $ 213,358 $ 268,830 (1) 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 $47,300. The mall had experienced a decline in cash flows due to store closures and rent reductions. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. Management determined the fair value of Burnsville Center 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 14.5 % and a discount rate of 15.5 %. (2) 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 $67,000. The mall had experienced a decline in cash flows due to store closures and rent reductions. Management determined the fair value of Monroeville 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 14.0% and a discount rate of 14.5%. (3) 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 $52,600. The mall had experienced a decline in cash flows due to store closures and rent reductions. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. Management determined the fair value of Asheville 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 13.25% and a discount rate of 14.0%. ( 4 ) 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 $16,530. The mall had experienced a decline in cash flows due to store closures and rent reductions. The Company expects to convey the property to the lender. Management determined the fair value of EastGate 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 17.0% and a discount rate of 18.0%. ( 5 ) 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 $42,500. The mall had experienced a decline in cash flows due to store closures and rent reductions. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. Management determined the fair value of Greenbrier 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 12.5% and a discount rate of 13.0% . ( 6 ) 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 $42,900. The mall had experienced a decline in cash flows due to store closures and rent reductions. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. Management determined the fair value of The Outlet Shoppes at Laredo 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 8.5% and a discount rate of 9.0% . Long-lived Assets Measured at Fair Value in 2019 During the year ended December 31, 2019, the Company recognized impairments of real estate of $239,521 primarily related to six malls and one community center. The Properties were classified for segment reporting purposes as listed below (see section below for information on outparcels). See Note 13 for segment information. Impairment Date Property Location Segment Classification Loss on Impairment Fair Value March Greenbrier Mall (1) Chesapeake, VA Malls $ 22,770 $ 56,300 March/April Honey Creek Mall (2) Terre Haute, IN Malls 2,045 — June The Forum at Grandview (3) Madison, MS All Other 8,582 — June EastGate Mall (4) Cincinnati, OH Malls 33,265 25,100 September Mid Rivers Mall (5) St. Peters, MO Malls 83,621 53,340 September Laurel Park Place (6) Livonia, MI Malls 52,067 26,000 December Park Plaza Mall (7) Little Rock, AR Malls 37,400 39,000 January/March Other adjustments (8) Various Malls (229 ) — $ 239,521 $ 199,740 (1) 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 $56,300. The mall has experienced a decline in cash flows due to store closures and rent reductions. Additionally, one anchor was vacant as of the date of impairment. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. Management determined the fair value of Greenbrier 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 11.5% and a discount rate of 11.5%. (2) The Company adjusted the book value of the mall to the net sales price of $14,360 based on a signed contract with a third-party buyer, adjusted to reflect estimated disposition costs. The mall was sold in April 2019. See Note 7 (3) The Company adjusted the book value to the net sales price of $31,559 Note 7 (4) 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 $25,100. The mall had experienced a decline in cash flows due to store closures and rent reductions. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. Management determined the fair value of EastGate 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 14.5% and a discount rate of 15.0%. (5) 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 $53,340. The mall has experienced a decline in cash flows due to store closures and rent reductions. Management determined the fair value of Mid Rivers 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 12.5 % and a discount rate of 13.25 %. (6) 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 $26,000. The mall had experienced a decline in cash flows due to store closures and rent reductions. Management determined the fair value of Laurel Park Place 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 13.5% and a discount rate of 14.0%. (7) 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 $39,000. The mall had experienced a decline of NOI due to store closures and rent reductions. These factors resulted in a reduction of the expected hold period for this asset based on Management’s assessment that there was an increased likelihood that the loan secured by the mall may not be successfully restructured or refinanced. Management determined the fair value of Park Plaza 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 13.0% and a discount rate of 14.0%. (8) Related to true-ups of estimated expenses to actual expenses for properties sold in prior periods. 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 primarily related to five malls and undeveloped land . Note 13 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 for disposition costs. The mall was sold in July 2018. See Note 7 (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 9 (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) 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 had experienced a deterioration in 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 of 17.0%. (7) 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 had experienced a decline in cash flows 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 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 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 8 for more information. |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, and changes during the year ended December 31, 2020, is presented below: Shares Weighted- Average Grant-Date Fair Value Nonvested at January 1, 2020 971,846 $ 5.16 Granted 1,628,397 $ 0.86 Vested (1,052,161 ) $ 2.86 Forfeited (28,476 ) $ 4.67 Nonvested at December 31, 2020 1,519,606 $ 2.15 |
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, 2020, and changes during the year ended December 31, 2020, is presented below: PSUs Weighted-Average Grant Date Fair Value 2018 PSUs granted 741,977 $ 2.63 2019 PSUs granted (1) 1,103,537 $ 2.40 Forfeited (78,934 ) $ 2.63 Outstanding at January 1, 2020 1,766,580 $ 2.96 2020 PSUs granted (2) 3,408,083 $ 0.84 2018 PSUs canceled (3) (663,043 ) $ 2.63 2020 PSUs canceled (3,408,083 ) $ 0.84 Outstanding at December 31, 2020 (4) 1,103,537 $ 3.16 (1) Includes 566,862 shares classified as a liability due to the potential cash component described above. (2) Includes 1,247,098 shares classified as a liability due to the potential cash component described above. (3) Based on the Company’s TSR relative to the NAREIT Retail Index for the three-year (4) None of the PSUs outstanding at December 31, 2020 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 PSUs: 2020 PSUs 2019 PSUs 2018 PSUs Grant date February 10, 2020 (1) February 11, 2019 February 12, 2018 (2) Fair value per share on valuation date (3) $ 0.84 $ 4.74 $ 4.76 Risk-free interest rate (4) 1.39 % 2.54 % 2.36 % Expected share price volatility (5) 57.98 % 60.99 % 42.02 % (1) The 2020 PSU awards were cancelled in August 2020. (2) Based on the Company’s TSR relative to the NAREIT Retail Index for the three-year performance period ended December 31, 2020, none of the 2018 PSUs were earned as of December 31, 2020. ( 3 ) 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 ( 4 ) 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. ( 5 ) 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 five-year period for the 2020 PSUs and a three-year period for the 2019 and 2018 PSUs 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. |
ORGANIZATION - Narrative (Detai
ORGANIZATION - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2020statesubsidiaryunitholdershares | Dec. 31, 2019unitholdershares | Dec. 31, 2018unitholdershares | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Number of states in which entity operates | state | 24 | ||
Number of wholly owned subsidiaries | subsidiary | 36 | ||
Number of holders of common units who received cash for their units (unitholder) | unitholder | 1 | 2 | |
Redeemable noncontrolling interest, units exercised for conversion (shares) | 72,592 | 526,510 | |
Operating Partnership | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Redeemable noncontrolling interest, shares issued upon exercise of common units (shares) | 20,956,110 | 611,847 | 915,338 |
Number of holders of common units who received cash for their units (unitholder) | unitholder | 31 | 2 | 1 |
Redeemable noncontrolling interest, units exercised for conversion (shares) | 20,956,110 | 611,847 | 915,338 |
Consolidated Properties | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Non-controlling limited partner interest ownership of CBL's Predecessor in the Operating Partnership (as a percent) | 2.50% | ||
Common stock owned by CBL's Predecessor (shares) | 20,100,000 | ||
Interest of CBL's Predecessor in Operating Partnership (as a percent) | 10.20% | ||
Consolidated Properties | CBL Holdings | |||
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% | ||
CBL & Associates Limited Partnership | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Number of wholly owned subsidiaries | subsidiary | 2 | ||
Combined ownership by the subsidiaries in operating partnership (as a percent) | 97.50% | ||
CBL & Associates Limited Partnership | CBL Associates Properties Inc | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||
Ownership 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) | 96.50% |
ORGANIZATION - Properties Owned
ORGANIZATION - Properties Owned by Operating Partnership (Details) | Dec. 31, 2020mallassociated_centercommunity_centeroffice_buildingproperty |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Malls | mall | 61 |
Associated Centers | associated_center | 23 |
Community Centers | community_center | 6 |
Office Buildings/Other | 8 |
Total Properties | property | 98 |
Consolidated Properties | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Malls | mall | 51 |
Associated Centers | associated_center | 20 |
Community Centers | community_center | 1 |
Office Buildings/Other | 4 |
Total Properties | property | 76 |
Consolidated Properties | CBL & Associates Limited Partnership | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Office Buildings/Other | 2 |
Unconsolidated Properties | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Malls | mall | 10 |
Associated Centers | associated_center | 3 |
Community Centers | community_center | 5 |
Office Buildings/Other | 4 |
Total Properties | property | 22 |
CHAPTER 11 CASES AND ABILITY _3
CHAPTER 11 CASES AND ABILITY TO CONTINUE AS A GOING CONCERN - Narrative (Details) - USD ($) $ in Thousands | Mar. 21, 2021 | Nov. 02, 2020 | Oct. 31, 2020 | Aug. 18, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Secured credit facility | $ 3,616,293 | ||||||
Prepetition charges | $ 23,883 | 23,883 | |||||
Reorganization items | $ 35,977 | 35,977 | |||||
Professional fees | 10,347 | ||||||
Unamortized deferred financing costs and debt discounts | 25,294 | ||||||
U.S. Trustee fees | $ 336 | ||||||
Liabilities subject to compromise | 2,551,490 | ||||||
Interest expense | $ 30,084 | ||||||
Series D Preferred Stock | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Dividend rate of preferred stock (as a percent) | 7.375% | 7.375% | 7.375% | ||||
Series E Preferred Stock | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Dividend rate of preferred stock (as a percent) | 6.625% | 6.625% | 6.625% | ||||
Senior Unsecured Notes | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Liabilities subject to compromise | $ 1,375,000 | ||||||
Secured Line of Credit | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Liabilities subject to compromise | 675,926 | ||||||
Secured Term Loan | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Liabilities subject to compromise | 438,750 | ||||||
Unpaid Accrued Interest | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Liabilities subject to compromise | 57,644 | ||||||
Prepetition Unsecured Or Under Secured Liabilities | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Liabilities subject to compromise | $ 4,170 | ||||||
Restructuring Support Agreement | Subsequent Event | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Aggregate outstanding principal amount of debt | 96.00% | ||||||
Elimination of debt as result of implementation of plan | $ 1,681,900 | $ 1,681,900 | |||||
Principal amount of unsecured notes | 1,375,000 | 1,375,000 | |||||
New senior secured notes | 555,000 | 555,000 | |||||
Cash | 95,000 | 95,000 | |||||
Convertible secured notes | $ 100,000 | $ 100,000 | |||||
Percentage of issuance of new common equity to holders of unsecured notes | 89.00% | 89.00% | |||||
Restructuring Support Agreement | Subsequent Event | Secured Credit Facility | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Secured credit facility | $ 133,000 | $ 133,000 | |||||
Restructuring Support Agreement | Subscription Option | Subsequent Event | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Cash | 100,000 | 100,000 | |||||
Convertible secured notes | $ 50,000 | $ 50,000 | |||||
Percentage of issuance of new common equity to holders of unsecured notes | 11.00% | 11.00% | |||||
Restructuring Support Agreement | Subscription Option | Subsequent Event | Secured Credit Facility | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Secured credit facility | $ 983,700 | $ 983,700 | |||||
Restructuring Support Agreement | Subscription Option | Subsequent Event | Secured Term Loan | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Secured credit facility | $ 883,700 | $ 883,700 | |||||
Restructuring Support Agreement | Senior Unsecured Notes | 2023 Notes | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Aggregate principal amount of senior unsecured notes | $ 450,000 | ||||||
Interest rate percentage | 5.25% | ||||||
Debt instrument, maturity date | Dec. 1, 2023 | ||||||
Restructuring Support Agreement | Senior Unsecured Notes | 2024 Notes | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Aggregate principal amount of senior unsecured notes | $ 300,000 | ||||||
Interest rate percentage | 4.60% | ||||||
Debt instrument, maturity date | Oct. 15, 2024 | ||||||
Restructuring Support Agreement | Senior Unsecured Notes | 2026 Notes | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Aggregate principal amount of senior unsecured notes | $ 625,000 | ||||||
Interest rate percentage | 5.95% | ||||||
Debt instrument, maturity date | Dec. 15, 2026 | ||||||
Minimum | Restructuring Support Agreement | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Aggregate principal amount of operating partnership | 62.00% | ||||||
Minimum | Restructuring Support Agreement | Subsequent Event | |||||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |||||||
Aggregate principal amount of operating partnership | 69.00% |
CHAPTER 11 CASES AND ABILITY _4
CHAPTER 11 CASES AND ABILITY TO CONTINUE AS A GOING CONCERN - Summary of Condensed Combined Financial Statement Information Debtors (Details) $ in Thousands | 2 Months Ended | 12 Months Ended |
Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
ASSETS: | ||
Investment in real estate assets | $ 4,056,257 | $ 4,056,257 |
Accumulated depreciation | (1,544,800) | (1,544,800) |
Investment in real estate assets, net | 2,511,457 | 2,511,457 |
Developments in progress | 27,853 | 27,853 |
Net investment in real estate assets | 2,539,310 | 2,539,310 |
Available-for-sale securities - at fair value | 233,071 | 233,071 |
Cash and cash equivalents | 46,346 | 46,346 |
Restricted Cash | 29,834 | 29,834 |
Intercompany due from non-debtor entities | 76,095 | 76,095 |
Other assets | 140,241 | 140,241 |
Total assets | 3,064,897 | 3,064,897 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY: | ||
Other liabilities | 102,910 | 102,910 |
Intercompany due to non-debtor entities | 5,062 | 5,062 |
Total liabilities not subject to compromise | 107,972 | 107,972 |
Liabilities subject to compromise | 2,551,490 | 2,551,490 |
Redeemable noncontrolling interests | (2,786) | (2,786) |
Shareholders' equity | 411,605 | 411,605 |
Noncontrolling interests | (3,384) | (3,384) |
Total liabilities and owners’ equity | 3,064,897 | 3,064,897 |
Total revenues | 70,845 | |
Depreciation and amortization | (23,064) | |
Operating expenses | (22,040) | |
Interest and other income | 1,705 | |
Interest expense (unrecognized contractual interest expense was $30,084 for the year ended December 31, 2020) | (760) | |
Reorganization items | (35,977) | |
Gain on sales of real estate assets | 1,988 | |
Income tax benefit | 354 | |
Net loss | (6,949) | |
Unrecognized contractual interest expense | 30,084 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | (6,949) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Reorganization items (non-cash) | 25,294 | |
Other assets and liabilities, net | 26,885 | |
Net cash provided by operating activities | 45,230 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of available-for-sale securities | (81,276) | |
Changes in other assets | 2,506 | |
Net cash used in investing activities | (78,770) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net distributions from non-Debtor subsidiaries | 8,621 | |
Other financing activities | 104 | |
Net cash provided by financing activities | 8,725 | |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (24,815) | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 100,995 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 76,180 | 76,180 |
Reconciliation from consolidated statement of cash flows to consolidated balance sheet: | ||
Cash and cash equivalents | 46,346 | 46,346 |
Restricted Cash | 29,834 | 29,834 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 76,180 | 76,180 |
SUPPLEMENTAL INFORMATION | ||
Cash paid for reorganization items | $ 301 | $ 301 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of New Accounting Pronouncements and Changes in Accounting Principles (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Accounting Policies [Abstract] | |
Deferred rent included in receivables | $ 18,526 |
Rent abatements | $ 25,439 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Real Estate Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite Lived Intangible Assets [Line Items] | |||
Net amortization expense of acquired intangibles | $ 1,460 | $ 4,506 | $ 13,282 |
Future amortization expense, 2021 | 1,326 | ||
Future amortization expense, 2022 | 1,071 | ||
Future amortization expense, 2023 | 872 | ||
Future amortization expense, 2024 | 854 | ||
Future amortization expense, 2025 | 817 | ||
Interest expense capitalized | 1,640 | 2,504 | $ 3,225 |
Intangible Lease Assets And Other Assets | Above-market/Below-market leases | |||
Finite Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 18,416 | 21,098 | |
Intangible lease assets and liabilities, Accumulated Amortization | (16,395) | (18,559) | |
Intangible Lease Assets And Other Assets | In-place leases | |||
Finite Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 59,472 | 66,309 | |
Intangible lease assets and liabilities, Accumulated Amortization | (53,790) | (58,559) | |
Intangible Lease Assets And Other Assets | Tenant relationships | |||
Finite Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 34,630 | 38,880 | |
Intangible lease assets and liabilities, Accumulated Amortization | (7,909) | (10,834) | |
Accounts Payable and Accrued Liabilities | Above-market/Below-market leases | |||
Finite Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 42,274 | 46,554 | |
Intangible lease assets and liabilities, Accumulated Amortization | $ (36,224) | $ (38,052) | |
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_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Change in estimate of uncollectable revenues | $ 49,329 | $ 3,463 | $ 4,817 |
Accounts Receivable | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Change in estimate of uncollectable revenues | 48,240 | $ 3,463 | |
Straight line rent receivables | $ 5,603 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -Summary of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for Tenant Receivables | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Balance, beginning of year | $ 2,337 | $ 2,011 |
Additions in allowance charged to expense | 0 | 4,817 |
Bad debts charged against allowance | (2,337) | (4,491) |
Balance, end of year | 0 | 2,337 |
Allowance for Other Receivables | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Balance, beginning of year | 0 | 838 |
Additions in allowance charged to expense | 0 | 0 |
Bad debts charged against allowance | 0 | (838) |
Balance, end of year | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Carrying Value of Long-Lived Assets (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)mallother_property | Dec. 31, 2019USD ($)mall | Dec. 31, 2018USD ($)mall | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Impairment charges of real estate | $ 213,358,000 | $ 239,521,000 | $ 174,529,000 |
Number of malls with impairment | mall | 6 | 6 | 5 |
Malls | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Impairment charges of real estate | $ 213,358,000 | ||
Number of malls with impairment | mall | 6 | ||
Other Properties | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Impairment charges of real estate | $ 0 | ||
Number of other properties with impairment | other_property | 7 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Cash And Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 59,941 | $ 26,242 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments in Unconsolidated Affiliates (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Impairment charges | $ 0 | $ 0 | $ 1,022 |
Gain on investments/deconsolidation | $ 67,242,000 |
SUMMARY OF SIGNIFICANT ACCOU_11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Financing Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Unamortized deferred financing costs | $ 3,433 | $ 16,148 | |
Amortization expense | 5,476 | 7,000 | $ 6,120 |
Accumulated amortization | 7,354 | 17,175 | |
Reorganization Items | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Unamortized deferred financing costs | 16,779 | ||
Intangible Lease Assets And Other Assets | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Unamortized deferred financing costs | 9,062 | ||
Mortgage and Other Indebtedness, Net | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Unamortized deferred financing costs | $ 3,433 | $ 16,148 |
SUMMARY OF SIGNIFICANT ACCOU_12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||
State tax expense | $ 2,882 | $ 3,682 | $ 4,147 | ||
Current tax provision | (2,278) | (485) | (1,354) | ||
Deferred tax benefit (provision) | (14,558) | (2,668) | 2,905 | ||
Income tax benefit (provision) | (16,836) | (3,153) | 1,551 | ||
Deferred tax asset valuation allowance | 16,206 | ||||
Net deferred tax asset | 0 | 15,117 | |||
Cumulative effect of accounting change | $ 534,297 | $ 861,865 | $ 1,032,165 | $ 1,236,478 | |
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_13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration risk (as a percent) | 4.50% |
SUMMARY OF SIGNIFICANT ACCOU_14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Potentially dilutive securities excluded from the computation of EPS (shares) | 0 | ||
Antidilutive securities excluded from the computation of EPS (shares) | 0 | ||
CBL & Associates Limited Partnership | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Undistributed losses allocated to participating common units percent | 100.00% | ||
CBL & Associates Limited Partnership | Common Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Potentially dilutive securities excluded from the computation of EPS (shares) | 0 | 0 | |
Antidilutive securities excluded from the computation of EPS (shares) | 0 | 0 | |
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 |
REVENUES - Disaggregation of Re
REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disaggregation Of Revenue [Line Items] | ||||
Rental revenues | $ 554,064 | $ 736,878 | $ 829,113 | |
Revenues from contracts with customers (ASC 606): | 18,541 | 25,192 | 25,262 | |
Total revenues | [1] | 575,861 | 768,696 | 858,557 |
Malls | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | [1] | 520,643 | 699,698 | 783,194 |
Operating expense reimbursements | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues from contracts with customers (ASC 606): | 9,025 | 9,783 | 8,434 | |
Operating expense reimbursements | Malls | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues from contracts with customers (ASC 606): | 8,638 | 9,404 | 5,873 | |
Operating expense reimbursements | All Other Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues from contracts with customers (ASC 606): | 387 | 379 | 2,561 | |
Management, development and leasing fees | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues from contracts with customers (ASC 606): | 6,800 | 9,350 | 10,542 | |
Marketing Revenues | ||||
Disaggregation Of Revenue [Line Items] | ||||
Revenues from contracts with customers (ASC 606): | 2,716 | 6,059 | 6,286 | |
Other revenues | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 3,256 | $ 6,626 | $ 4,182 | |
[1] | Management, development and leasing fees are included in All Other category. See Note 4 |
REVENUES - Narrative (Details)
REVENUES - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Lease commission recognized upon lease execution (as a percent) | 50.00% |
REVENUES - Remaining Performanc
REVENUES - Remaining Performance Obligations (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligation | $ 113,301 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligation | $ 24,400 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 5 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligation | $ 47,186 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 15 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2041-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligation | $ 41,715 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 20 years |
REVENUES - Remaining Performa_2
REVENUES - Remaining Performance Obligations (Details1) $ in Thousands | Dec. 31, 2020USD ($) |
Revenue From Contract With Customer [Abstract] | |
Remaining performance obligation | $ 113,301 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020ground_leaseoffice_lease | |
Lessee, Lease, Description [Line Items] | |
Tenant reimbursements period related to certain capital expenditure minimum | 5 years |
Tenant reimbursements period related to certain capital expenditure maximum | 15 years |
Number of ground leases | ground_lease | 8 |
Number of office leases | office_lease | 1 |
Weighted-average remaining term of operating leases | 42 years 9 months 18 days |
Weighted-average discount rate of operating leases (as a percent) | 8.30% |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease renewal term | 5 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease renewal term | 10 years |
Leases - Components of Rental R
Leases - Components of Rental Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Fixed lease payments | $ 459,958 | $ 607,259 | $ 684,634 |
Variable lease payments | 94,106 | 129,619 | 144,479 |
Total rental revenues | $ 554,064 | $ 736,878 | $ 829,113 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments to be Received (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Operating Leases | |
Operating lease payments, Year one | $ 401,573 |
Operating lease payments, Year two | 344,777 |
Operating lease payments, Year three | 288,775 |
Operating lease payments, Year four | 232,399 |
Operating lease payments, Year five | 175,956 |
Thereafter | 412,502 |
Total undiscounted lease payments | $ 1,855,982 |
Leases - Right-of-Use Asset and
Leases - Right-of-Use Asset and Lease Liability Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
ROU Asset | ||
Balance at beginning of period | $ 3,804 | $ 4,160 |
Cash reduction | (373) | (557) |
Noncash decrease | (128) | 201 |
Balance at end of period | $ 3,303 | $ 3,804 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Intangible lease assets and other assets | Intangible lease assets and other assets |
Lease Liability | ||
Balance at beginning of period | $ 3,837 | $ 4,074 |
Cash reduction | (373) | (557) |
Noncash decrease | (134) | 320 |
Balance at end of period | $ 3,330 | $ 3,837 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accounts payable and accrued liabilities | Accounts payable and accrued liabilities |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease expense: | ||
Operating lease expense | $ 462 | $ 547 |
Variable lease expense | 223 | 348 |
Total lease expense | $ 685 | $ 895 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Undiscounted Future Operating Lease Payments after Adoption of ASC 842 | |||
Operating lease payments, Year one | $ 379 | ||
Operating lease payments, Year two | 299 | ||
Operating lease payments, Year three | 284 | ||
Operating lease payments, Year four | 264 | ||
Operating lease payments, Year five | 269 | ||
Thereafter | 11,747 | ||
Total undiscounted lease payments | 13,242 | ||
Less imputed interest | (9,912) | ||
Lease liability | $ 3,330 | $ 3,837 | $ 4,074 |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2019 | Feb. 28, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||||
Payments to acquire real estate | $ 5,700 | $ 3,301 | ||
West Towne Mall Boston | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire real estate | $ 5,700 | |||
Westmoreland Mall - Bon-Ton Location | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire real estate | $ 3,250 |
DISPOSITIONS AND HELD FOR SAL_2
DISPOSITIONS AND HELD FOR SALE - Summary (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2019USD ($) | Apr. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Jan. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 31, 2018USD ($) | Dec. 31, 2020USD ($)outparcel | Dec. 31, 2019USD ($)outparceljoint_venture | Dec. 31, 2018USD ($)outparcel | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain on sales of real estate assets | $ 4,696 | $ 16,274 | $ 19,001 | ||||||
Gross Sales Price | 120,308 | ||||||||
Net Sales Price | 118,383 | ||||||||
Gain | $ 7,471 | 8,246 | |||||||
Loss on impairment | 213,358 | $ 239,521 | 174,529 | ||||||
Number of joint venture | joint_venture | 3 | ||||||||
Gain (loss) on sale of outparcels | $ 33 | ||||||||
Net Sales Price | 53,402 | ||||||||
Gross Sales Price | 65,000 | ||||||||
Acadiana Mall | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Loss on impairment | 1,593 | ||||||||
Net Sales Price | $ 4,000 | ||||||||
Honey Creek Mall | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Loss on impairment | $ (239) | $ 2,284 | |||||||
The Forum at Grandview | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Loss on impairment | $ 8,582 | ||||||||
Janesville Mall | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Loss on impairment | $ 18,061 | ||||||||
Statesboro Crossing | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Percentage of net proceeds from sale | 100.00% | ||||||||
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 | Consolidated Properties | |||||||||
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% | ||||||||
Malls | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Loss on impairment | 213,358 | ||||||||
Malls | Cary Towne Center | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sales Price | 31,500 | ||||||||
Net Sales Price | 31,068 | ||||||||
Malls | Honey Creek Mall | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sales Price | 14,600 | ||||||||
Net Sales Price | 14,360 | ||||||||
Malls | Shopsat Hickory Point | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sales Price | 2,508 | ||||||||
Net Sales Price | 2,407 | ||||||||
Gain | 1,326 | ||||||||
Malls | Janesville Mall | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Net Sales Price | 17,783 | ||||||||
Gross Sales Price | 18,000 | ||||||||
Malls | College Square Mall | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain | 742 | ||||||||
All Other | Courtyardby Marriottat Pearland Town Center | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sales Price | 15,100 | ||||||||
Net Sales Price | 14,795 | ||||||||
Gain | 1,910 | ||||||||
All Other | A850 Greenbriar Circle | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sales Price | 10,500 | ||||||||
Net Sales Price | 10,332 | ||||||||
Gain | 96 | ||||||||
All Other | Krogerat Foothill Plaza | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sales Price | 2,350 | ||||||||
Net Sales Price | 2,267 | ||||||||
Gain | 1,139 | ||||||||
All Other | The Forum at Grandview | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sales Price | 31,750 | ||||||||
Net Sales Price | 31,606 | ||||||||
Gain | 47 | ||||||||
All Other | Barnes Nobleat High Point | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sales Price | 2,000 | ||||||||
Net Sales Price | 1,899 | ||||||||
Gain | 821 | ||||||||
All Other | Dicks Sporting Goodsat Hanes Mall | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Sales Price | 10,000 | ||||||||
Net Sales Price | 9,649 | ||||||||
Gain | 2,907 | ||||||||
All Other | Gulf Coast Town Center Phase I I I | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain | 2,236 | ||||||||
Net Sales Price | 8,769 | ||||||||
Gross Sales Price | 9,000 | ||||||||
All Other | Statesboro Crossing | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain | 3,215 | ||||||||
Net Sales Price | 10,532 | ||||||||
Gross Sales Price | 21,500 | ||||||||
All Other | Parkway Plaza | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain | 1,419 | ||||||||
Net Sales Price | 16,318 | ||||||||
Gross Sales Price | 16,500 | ||||||||
All Other | Prior Sales Adjustment | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain | $ (141) | ||||||||
Outparcel Sale | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain on sales of real estate assets | $ 4,696 | $ 6,434 | $ 11,530 | ||||||
Number of stores sold (outparcel) | outparcel | 8 | 5 | 12 | ||||||
Parkdale Self Storage L L C | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gain (loss) related to land contributed | $ 1,627 |
DISPOSITIONS AND HELD FOR SAL_3
DISPOSITIONS AND HELD FOR SALE - Gain on Extinguishment of Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Aug. 31, 2020 | Jan. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Balance of Non-recourse Debt | $ 91,679 | $ 163,476 | |||
Gain on Extinguishment of Debt | $ 32,521 | $ 71,722 | |||
Hickory Point Mall | Malls | Forsyth, IL | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Balance of Non-recourse Debt | $ 27,446 | ||||
Gain on Extinguishment of Debt | $ 15,446 | ||||
Burnsville Center | Malls | Burnsville, MN | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Balance of Non-recourse Debt | $ 64,233 | ||||
Gain on Extinguishment of Debt | $ 17,075 | ||||
Acadiana Mall | Malls | Lafayette, LA | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Balance of Non-recourse Debt | $ 119,760 | ||||
Gain on Extinguishment of Debt | 61,795 | ||||
Cary Towne Center | Malls | Cary, NC | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Balance of Non-recourse Debt | 43,716 | ||||
Gain on Extinguishment of Debt | $ 9,927 |
DISPOSITIONS AND HELD FOR SAL_4
DISPOSITIONS AND HELD FOR SALE - Gain on Extinguishment of Debt (Parenthetical) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of real estate | $ 53,402 | ||
Cary Towne Center | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of real estate | $ 31,500 | $ 31,500 |
UNCONSOLIDATED AFFILIATES - Com
UNCONSOLIDATED AFFILIATES - Company Investments (Details) | Dec. 31, 2020entity |
Schedule Of Equity Method Investments [Line Items] | |
Number of entities - equity method of accounting (entity) | 29 |
Number of 50/50 joint ventures | 17 |
Minimum | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership interest in joint venture (as a percent) | 20.00% |
Maximum | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership interest in joint venture (as a percent) | 65.00% |
UNCONSOLIDATED AFFILIATES - Joi
UNCONSOLIDATED AFFILIATES - Joint Ventures (Details) | 1 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Feb. 29, 2020USD ($) | Nov. 30, 2019USD ($) | Oct. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Aug. 31, 2019USD ($) | May 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($)yr | May 31, 2018USD ($) | Apr. 30, 2018USD ($) | Jun. 30, 2020 | Sep. 30, 2018USD ($)yr | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jul. 31, 2019USD ($) | Nov. 30, 2018 | Sep. 29, 2018USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Gain on sales of real estate assets | $ 4,696,000 | $ 16,274,000 | $ 19,001,000 | |||||||||||||||
Loss on impairment | $ 213,358,000 | $ 239,521,000 | 174,529,000 | |||||||||||||||
Number of loans in default | loan | 14 | |||||||||||||||||
Loans in default, aggregate outstanding balance | $ 833,444,000 | |||||||||||||||||
Minimum | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest in joint venture (as a percent) | 20.00% | |||||||||||||||||
Maximum | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest in joint venture (as a percent) | 65.00% | |||||||||||||||||
G&I VIII CBL Triangle LLC | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Real estate investments | $ 0 | $ 0 | ||||||||||||||||
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 | |||||||||||||||
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 | ||||||||||||||||
Atlanta Outlet JV, LLC | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | 50.00% | ||||||||||||||||
Amount | $ 4,680,000 | |||||||||||||||||
Debt instrument, maturity date | Nov. 30, 2023 | |||||||||||||||||
Maximum guarantee (as a percent) | 100.00% | |||||||||||||||||
Proportion of ownership in variable interest entity sold (as a percent) | 25.00% | |||||||||||||||||
Proceeds from sale of land | $ 20,778,000 | |||||||||||||||||
Related debt as part of proceeds from sale of land | 11,440,000 | |||||||||||||||||
Gain (loss) on investment/deconsolidation | 56,067,000 | |||||||||||||||||
Gain on sales of real estate assets | $ 12,939,000 | |||||||||||||||||
Proportion of ownership in variable interest entity sold (as a percent) | 25.00% | |||||||||||||||||
Gain (loss) related to marking investment to fair value | $ 43,128,000 | |||||||||||||||||
Atlanta Outlet JV, LLC | LIBOR | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Basis spread on variable rate (as a percent) | 2.50% | |||||||||||||||||
BI Development II, LLC | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership in variable interest entity (as a percent) | 20.00% | |||||||||||||||||
BI Development, LLC | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership in variable interest entity (as a percent) | 20.00% | |||||||||||||||||
Bullseye, LLC | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership in variable interest entity (as a percent) | 20.00% | |||||||||||||||||
El Paso Outlet Center Holding, LLC and El Paso Outlet Outparcels, LLC | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | |||||||||||||||||
Proportion of ownership in variable interest entity sold (as a percent) | 25.00% | |||||||||||||||||
Proceeds from sale of land | $ 27,750,000 | |||||||||||||||||
Related debt as part of proceeds from sale of land | 18,525,000 | |||||||||||||||||
Gain (loss) on investment/deconsolidation | 11,174,000 | |||||||||||||||||
Gain on sales of real estate assets | 3,884,000 | |||||||||||||||||
Gain (loss) related to marking investment to fair value | $ 7,290,000 | |||||||||||||||||
G&I VIII CBL Triangle LLC | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest in joint venture (as a percent) | 90.00% | |||||||||||||||||
Real estate investments | $ 0 | |||||||||||||||||
Hamilton Place Self Storage, LLC | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest in joint venture (as a percent) | 54.00% | |||||||||||||||||
Amount | $ 7,002,000 | |||||||||||||||||
Maximum guarantee (as a percent) | 100.00% | |||||||||||||||||
Gain on sales of real estate assets | $ 187,000 | |||||||||||||||||
Maximum guarantee, backup guaranty (as a percent) | 50.00% | |||||||||||||||||
Hamilton Place Self Storage, LLC | LIBOR | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Basis spread on variable rate (as a percent) | 2.75% | |||||||||||||||||
Mall of South Carolina L.P. | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Amount | $ 7,959,000 | |||||||||||||||||
Debt instrument, maturity date | Nov. 30, 2024 | |||||||||||||||||
Debt Fixed Interest Rate | 5.05% | |||||||||||||||||
Parkdale Self Storage, LLC | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | |||||||||||||||||
Amount | $ 6,500,000 | |||||||||||||||||
Debt instrument, maturity date | Jul. 31, 2024 | |||||||||||||||||
Maximum guarantee (as a percent) | 100.00% | |||||||||||||||||
Gain on sales of real estate assets | $ 433,000 | |||||||||||||||||
Interest rate percentage | 5.25% | |||||||||||||||||
Parkdale Self Storage, LLC | LIBOR | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Basis spread on variable rate (as a percent) | 2.80% | |||||||||||||||||
Vision-CBL Hamilton Place, LLC | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | |||||||||||||||||
Amount | $ 16,800,000 | |||||||||||||||||
Debt instrument, maturity date | Nov. 30, 2024 | |||||||||||||||||
Gain on sales of real estate assets | $ 1,381,000 | |||||||||||||||||
Vision-CBL Hamilton Place, LLC | LIBOR | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Basis spread on variable rate (as a percent) | 2.45% | |||||||||||||||||
CBL/T-C, LLC | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Debt Fixed Interest Rate | 4.84% | |||||||||||||||||
Proceeds from the loan were used to retire | $ 97,732,000 | |||||||||||||||||
Debt Instrument, Interest Rate | 6.98% | |||||||||||||||||
CBL/T-C, LLC | CoolSprings Galleria | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Ownership interest in joint venture (as a percent) | 50.00% | |||||||||||||||||
Non-recourse loan secured | $ 155,000,000 | |||||||||||||||||
Continental 425 Fund LLC | Total Shareholders' Equity | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Amount | $ 36,990,000 | $ 36,990,000 | ||||||||||||||||
Debt instrument, maturity date | Dec. 31, 2021 | |||||||||||||||||
Capital contribution, land | $ 6,000,000 | |||||||||||||||||
Cash contributed | $ 7,000 | |||||||||||||||||
Membership units owned (as a percent) | 43.50% | |||||||||||||||||
Continental 425 Fund LLC | LIBOR | Total Shareholders' Equity | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Basis spread on variable rate (as a percent) | 2.35% | |||||||||||||||||
Pavilion at Port Orange | Total Shareholders' Equity | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Secured Loan | $ 56,738,000 | |||||||||||||||||
Hammock Landing – Phase I | Total Shareholders' Equity | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Secured Loan | 41,997,000 | |||||||||||||||||
Hammock Landing – Phase II | Total Shareholders' Equity | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Secured Loan | $ 16,217,000 | |||||||||||||||||
Port Orange Town Center LLC, West Melbourne Town Center LLC and West Melbourne Holdings II, LLC | Total Shareholders' Equity | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Maximum guarantee (as a percent) | 50.00% | |||||||||||||||||
Port Orange Town Center LLC, West Melbourne Town Center LLC and West Melbourne Holdings II, LLC | LIBOR | Total Shareholders' Equity | Minimum | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Basis spread on variable rate (as a percent) | 2.00% | |||||||||||||||||
Port Orange Town Center LLC, West Melbourne Town Center LLC and West Melbourne Holdings II, LLC | LIBOR | Total Shareholders' Equity | Maximum | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Basis spread on variable rate (as a percent) | 2.25% | |||||||||||||||||
G&l Vlll CBL Triangle | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Amount | 5,987,000 | |||||||||||||||||
Gain (loss) on investment/deconsolidation | $ 387,000 | |||||||||||||||||
Number of loans in default | loan | 21 | |||||||||||||||||
Loans in default, aggregate outstanding balance | $ 982,032,000 | |||||||||||||||||
G&l Vlll CBL Triangle | LIBOR | ||||||||||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||||||||||
Basis spread on variable rate (as a percent) | 2.75% |
UNCONSOLIDATED AFFILIATES - Sum
UNCONSOLIDATED AFFILIATES - Summarized Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
ASSETS: | |||||
Investment in real estate assets | $ 5,830,785 | $ 6,362,049 | |||
Accumulated depreciation | (2,241,421) | (2,349,404) | |||
Net investment in real estate assets | 3,617,691 | 4,061,996 | |||
Developments in progress | 28,327 | 49,351 | |||
Total assets | 4,443,740 | 4,622,346 | $ 5,340,853 | ||
LIABILITIES: | |||||
Mortgage and other indebtedness, net | 1,184,831 | 3,527,015 | |||
Shareholders' equity: | |||||
The Company | 531,843 | 806,312 | |||
Noncontrolling interests | 2,454 | 55,553 | |||
Total equity | 534,297 | 861,865 | 1,032,165 | $ 1,236,478 | |
Total liabilities, redeemable noncontrolling interests and equity | 4,443,740 | 4,622,346 | |||
Total revenues | [1] | 575,861 | 768,696 | 858,557 | |
Net loss | (335,529) | (131,721) | (99,229) | ||
BI Development II, LLC | |||||
ASSETS: | |||||
Investment in real estate assets | 2,346,124 | 2,293,438 | |||
Accumulated depreciation | (862,435) | (803,909) | |||
Net investment in real estate assets | 1,483,689 | 1,489,529 | |||
Developments in progress | 28,138 | 46,503 | |||
Net investment in real estate assets | 1,511,827 | 1,536,032 | |||
Other assets | 174,966 | 154,427 | |||
Total assets | 1,686,793 | 1,690,459 | |||
LIABILITIES: | |||||
Mortgage and other indebtedness, net | 1,439,454 | 1,417,644 | |||
Other liabilities | 45,280 | 41,007 | |||
Total liabilities | 1,484,734 | 1,458,651 | |||
Shareholders' equity: | |||||
The Company | 132,350 | 149,376 | |||
Noncontrolling interests | 69,709 | 82,432 | |||
Total equity | 202,059 | 231,808 | |||
Total liabilities, redeemable noncontrolling interests and equity | 1,686,793 | 1,690,459 | |||
Total revenues | 213,319 | 221,512 | 225,073 | ||
Net loss | $ (12,659) | $ 96,628 | $ (63,315) | ||
[1] | Management, development and leasing fees are included in All Other category. See Note 4 |
UNCONSOLIDATED AFFILIATES - S_2
UNCONSOLIDATED AFFILIATES - Summarized Financial Information (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Equity Method Investments [Line Items] | |||
Equity in earnings (losses) of unconsolidated affiliates | $ (14,854) | $ 4,940 | $ 14,677 |
BI Development II, LLC | |||
Schedule Of Equity Method Investments [Line Items] | |||
Equity in earnings (losses) of unconsolidated affiliates | $ (14,854) | $ 4,940 | $ 14,677 |
MORTGAGE AND OTHER INDEBTEDNE_3
MORTGAGE AND OTHER INDEBTEDNESS, NET - Debt of Operating Partnership (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Aug. 06, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||
Mortgage notes payable | $ 1,120,203 | $ 2,695,888 | |
Mortgage and other indebtedness, variable-rate debt | 68,061 | 847,275 | |
Total fixed-rate and variable-rate debt | 1,188,264 | 3,543,163 | |
Unamortized deferred financing costs | (3,433) | (16,148) | |
Total mortgage and other indebtedness, net | $ 1,184,831 | $ 3,527,015 | |
Weighted average interest rate (as a percent) | 5.10% | 5.02% | |
Mortgage notes payable subject to compromise | $ 1,375,000 | ||
Mortgage and other indebtedness, variable-rate debt, subject to compromise | 1,114,676 | ||
Total fixed-rate and variable-rate debt | 2,489,676 | ||
Unpaid accrued interest | 57,644 | ||
Total liabilities subject to compromise | $ 2,551,490 | ||
Weighted average interest rate subject to compromise (as a percent) | 7.25% | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.00% | ||
Senior Secured Facility | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 5.00% | ||
Mortgage and Other Indebtedness, Net | |||
Debt Instrument [Line Items] | |||
Unamortized deferred financing costs | $ (3,433) | $ (16,148) | |
Intangible Lease Assets And Other Assets | |||
Debt Instrument [Line Items] | |||
Unamortized deferred financing costs | $ (9,062) | ||
Fixed Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 5.12% | 5.35% | |
Weighted average interest rate subject to compromise (as a percent) | 5.43% | ||
Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 4.69% | 3.98% | |
Weighted average interest rate subject to compromise (as a percent) | 9.50% | ||
Post-Default Rate | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 9.50% | ||
Post-Default Rate | Senior Secured Facility | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 9.50% | ||
Non-Recourse Loans on Operating Properties | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable | $ 1,120,203 | $ 1,330,561 | |
Non-Recourse Loans on Operating Properties | Fixed Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 5.12% | 5.27% | |
Senior Unsecured Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable | $ 447,894 | ||
Mortgage notes payable subject to compromise | $ 450,000 | ||
Debt instrument, unamortized discount | $ 2,106 | ||
Senior Unsecured Notes Due 2023 | Fixed Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 5.25% | 5.25% | |
Weighted average interest rate subject to compromise (as a percent) | 5.25% | ||
Senior Unsecured Notes Due 2024 | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable | $ 299,960 | ||
Mortgage notes payable subject to compromise | $ 300,000 | ||
Debt instrument, unamortized discount | $ 40 | ||
Senior Unsecured Notes Due 2024 | Fixed Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 4.60% | 4.60% | |
Weighted average interest rate subject to compromise (as a percent) | 4.60% | ||
Senior Unsecured Notes Due 2026 | |||
Debt Instrument [Line Items] | |||
Mortgage notes payable | $ 617,473 | ||
Mortgage notes payable subject to compromise | $ 625,000 | ||
Debt instrument, unamortized discount | $ 7,527 | ||
Senior Unsecured Notes Due 2026 | Fixed Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 5.95% | 5.95% | |
Weighted average interest rate subject to compromise (as a percent) | 5.95% | ||
Recourse loans on operating Properties | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, variable-rate debt | $ 68,061 | $ 41,950 | |
Recourse loans on operating Properties | Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 4.69% | 4.34% | |
Construction loan | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, variable-rate debt | $ 29,400 | ||
Construction loan | Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 4.60% | ||
Secured Line of Credit | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, variable-rate debt | $ 675,926 | $ 310,925 | |
Mortgage and other indebtedness, variable-rate debt, subject to compromise | 675,926 | ||
Total liabilities subject to compromise | 675,926 | ||
Secured Line of Credit | Intangible Lease Assets And Other Assets | |||
Debt Instrument [Line Items] | |||
Unamortized deferred financing costs | $ 6,965 | ||
Secured Line of Credit | Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 3.94% | ||
Weighted average interest rate subject to compromise (as a percent) | 9.50% | ||
Secured Term Loan | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, variable-rate debt | $ 465,000 | ||
Mortgage and other indebtedness, variable-rate debt, subject to compromise | $ 438,750 | ||
Total liabilities subject to compromise | 438,750 | ||
Secured Term Loan | Mortgage and Other Indebtedness, Net | |||
Debt Instrument [Line Items] | |||
Unamortized deferred financing costs | $ 4,098 | ||
Secured Term Loan | Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (as a percent) | 3.94% | ||
Weighted average interest rate subject to compromise (as a percent) | 9.50% | ||
Prepetition Unsecured Or Under Secured Liabilities | |||
Debt Instrument [Line Items] | |||
Total liabilities subject to compromise | $ 4,170 | ||
Certain Property-level, Non-recourse Mortgage Loans | |||
Debt Instrument [Line Items] | |||
Unamortized deferred financing costs | 3,106 | ||
Senior Unsecured Notes | Mortgage and Other Indebtedness, Net | |||
Debt Instrument [Line Items] | |||
Unamortized deferred financing costs | 14,231 | ||
Debt instrument, unamortized debt discounts | 14,231 | ||
Recourse and Nonrecourse Term Loans | |||
Debt Instrument [Line Items] | |||
Secured non-recourse and recourse term loans | $ 2,197,979 |
MORTGAGE AND OTHER INDEBTEDNE_4
MORTGAGE AND OTHER INDEBTEDNESS, NET - Senior Unsecured Notes, Unsecured Lines of Credit and Unsecured Term Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 5.10% | 5.02% |
Fixed Rate Interest | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 5.12% | 5.35% |
Senior Unsecured Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Balance of non-recourse debt | $ 450,000 | |
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] | ||
Balance of non-recourse debt | $ 300,000 | |
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] | ||
Balance of non-recourse debt | $ 625,000 | |
Senior Unsecured Notes Due 2026 | Fixed Rate Interest | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate (as a percent) | 5.95% | 5.95% |
MORTGAGE AND OTHER INDEBTEDNE_5
MORTGAGE AND OTHER INDEBTEDNESS, NET - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
May 31, 2019USD ($) | Dec. 31, 2020USD ($)mallassociated_centersubsidiaryloanmortgage_note_receivable | Mar. 31, 2021USD ($) | Aug. 06, 2020 | Dec. 31, 2019USD ($) | Apr. 30, 2019USD ($) | |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.00% | |||||
Mortgage and other indebtedness, variable-rate debt | $ 68,061 | $ 847,275 | ||||
Secured credit facility, impact of uncertainty | $ 107,833 | |||||
Number of Malls Securing Credit Facility, Collateral | mall | 17 | |||||
Number of Associated Centers Securing Credit Facility, Collateral | associated_center | 3 | |||||
Number of wholly owned subsidiaries | subsidiary | 36 | |||||
Line of credit facility payment restrictions | 150,000 | |||||
Number of loans in default | loan | 14 | |||||
Loans in default, aggregate outstanding balance | $ 833,444 | |||||
Guarantor Subsidiaries | ||||||
Debt Instrument [Line Items] | ||||||
Number of malls not classified as collateral for the secured credit facility | mall | 4 | |||||
Number of associated centers not classified as collateral for the secured credit facility | associated_center | 2 | |||||
Number of Mortgage Notes Receivable not Classified as Collateral | mortgage_note_receivable | 4 | |||||
COVID-19 | ||||||
Debt Instrument [Line Items] | ||||||
Secured credit facility, impact of uncertainty | $ 280,000 | |||||
Post-Default Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 9.50% | |||||
Senior Unsecured Notes Due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Interest payment | $ 6,900 | |||||
Debt Instrument, Face Amount | $ 300,000 | |||||
Line of Credit | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 4.50% | |||||
Line of Credit | Prime Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 1.25% | |||||
Line of Credit | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,185,000 | |||||
Debt instrument, maturity date | Jul. 31, 2023 | |||||
Payment for loan | $ 4,812 | |||||
Quarterly Installment Payments on Debt | $ 35,000 | |||||
Line of Credit | Secured Debt | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||||
Line of Credit | Secured Debt | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.35% | |||||
Line of Credit | Secured Debt | LIBOR Market Index Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 2.25% | |||||
Line of Credit | Secured Debt | LIBOR Market Index Rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 1.00% | |||||
Line of Credit | Secured Debt | LIBOR Market Index Rate | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 1.25% | |||||
Line of Credit | Secured Debt | Federal Funds Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 0.50% | |||||
Unsecured Term Loan | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 438,750 | |||||
Revolving Credit Facility | Secured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 675,926 | |||||
Secured Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness, variable-rate debt | 675,926 | 310,925 | ||||
Non-Recourse Loans on Operating Properties | ||||||
Debt Instrument [Line Items] | ||||||
Debt default threshold, minimum loan amount (greater than) | $ 50,000 | |||||
Fixed Rate Operating Loans | ||||||
Debt Instrument [Line Items] | ||||||
Weighted-average remaining term to maturity | 1 year 7 months 6 days | |||||
Fixed Rate Operating Loans | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate of debt bearing fixed interest (as a percent) | 4.36% | |||||
Fixed Rate Operating Loans | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate of debt bearing fixed interest (as a percent) | 5.99% | |||||
Mortgages | ||||||
Debt Instrument [Line Items] | ||||||
Loans in default, aggregate outstanding balance | $ 91,679 | 163,476 | ||||
Mortgages | Volusia Mall | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 41,000 | $ 50,000 | ||||
Interest rate percentage | 4.56% | 8.00% | ||||
Mortgages | Laredo Outlet Shoppes L L C | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Commitment Fee Percentage | 35.00% | |||||
Letters of Credit Outstanding, Amount | $ 10,800 | |||||
Debt available balance | $ 43,000 |
MORTGAGE AND OTHER INDEBTEDNE_6
MORTGAGE AND OTHER INDEBTEDNESS, NET - Fixed Rate Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Feb. 29, 2020 | Dec. 31, 2019 | Apr. 30, 2019 | Aug. 06, 2020 |
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 5.00% | ||||
Principal Balance Repaid | $ 35,470 | $ 84,546 | |||
Parkway Place | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 6.50% | ||||
Principal Balance Repaid | $ 33,186 | ||||
Valley View Mall | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 6.50% | ||||
Principal Balance Repaid | $ 51,360 | ||||
Honey Creek Mall | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 8.00% | ||||
Principal Balance Repaid | $ 23,539 | ||||
The Terrace | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 7.25% | 7.25% | |||
Principal Balance Repaid | $ 11,931 |
MORTGAGE AND OTHER INDEBTEDNE_7
MORTGAGE AND OTHER INDEBTEDNESS, NET - Dispositions (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 06, 2020 | |
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 5.00% | ||||
Balance of Non-recourse Debt | $ 833,444 | ||||
Gain on extinguishment of debt | 32,521 | $ 71,722 | |||
Net Sales Price | $ 53,402 | ||||
Cary Towne Center | |||||
Debt Instrument [Line Items] | |||||
Net Sales Price | $ 31,500 | 31,500 | |||
Mortgages | |||||
Debt Instrument [Line Items] | |||||
Balance of Non-recourse Debt | 91,679 | 163,476 | |||
Gain on extinguishment of debt | $ 32,521 | $ 71,722 | |||
Mortgages | Hickory Point Mall | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 5.85% | ||||
Balance of Non-recourse Debt | $ 27,446 | ||||
Gain on extinguishment of debt | $ 15,446 | ||||
Mortgages | Cary Towne Center | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 6.00% | ||||
Balance of Non-recourse Debt | $ 64,233 | ||||
Gain on extinguishment of debt | $ 17,075 | ||||
Mortgages | Acadiana Mall | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 5.67% | ||||
Balance of Non-recourse Debt | $ 119,760 | ||||
Gain on extinguishment of debt | $ 61,795 | ||||
Mortgages | Cary Towne Center | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.00% | ||||
Balance of Non-recourse Debt | $ 43,716 | ||||
Gain on extinguishment of debt | $ 9,927 |
MORTGAGE AND OTHER INDEBTEDNE_8
MORTGAGE AND OTHER INDEBTEDNESS, NET - Variable Rate Debt (Details) | 12 Months Ended |
Dec. 31, 2020extension_option | |
Construction loan | |
Debt Instrument [Line Items] | |
Fixed interest rate (as a percent) | 3.10% |
Brookfield Square Anchor Redevelopment | |
Debt Instrument [Line Items] | |
Number Of Extension Options Available | 1 |
Debt Instrument Period Of Extension Option | 12 months |
Variable Rate Debt | Minimum | |
Debt Instrument [Line Items] | |
Variable interest rate (as a percent) | 3.05% |
Variable Rate Debt | Maximum | |
Debt Instrument [Line Items] | |
Variable interest rate (as a percent) | 5.80% |
MORTGAGE AND OTHER INDEBTEDNE_9
MORTGAGE AND OTHER INDEBTEDNESS, NET - Summary of Non-recourse Loans (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Greenbrier Mall | Chesapeake, VA | |
Debt Instrument [Line Items] | |
Interest Rate | 5.41% |
Loan Amount | $ 61,647 |
EastGate Mall | Cincinnati, OH | |
Debt Instrument [Line Items] | |
Interest Rate | 5.83% |
Loan Amount | $ 31,181 |
Park Plaza Mall | Little Rock, AR | |
Debt Instrument [Line Items] | |
Interest Rate | 5.28% |
Loan Amount | $ 76,805 |
Asheville Mall | Asheville, NC | |
Debt Instrument [Line Items] | |
Interest Rate | 5.80% |
Loan Amount | $ 62,121 |
MORTGAGE AND OTHER INDEBTEDN_10
MORTGAGE AND OTHER INDEBTEDNESS, NET - Scheduled Principal Payments (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | ||
2021 | $ 560,128 | |
2022 | 407,638 | |
2023 | 1,502,276 | |
2024 | 343,571 | |
2025 | 38,355 | |
Thereafter | 764,325 | |
Total | 3,616,293 | |
Mortgage and other indebtedness, net | 1,184,831 | $ 3,527,015 |
Liabilities subject to compromise | 2,489,676 | |
Mortgages | ||
Debt Instrument [Line Items] | ||
Mortgage and other indebtedness, net | 3,677,940 | |
Operating Property Loan | ||
Debt Instrument [Line Items] | ||
2021 | $ 505,735 | |
Number of operating property loans (loan) | loan | 9 | |
Operating Property Loan | Mortgages | ||
Debt Instrument [Line Items] | ||
Mortgage and other indebtedness, net | $ 61,647 |
SHAREHOLDERS' EQUITY AND PART_3
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL - Common Stock and Common Units (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Shareholders Equity [Line Items] | ||
Common stock authorized (shares) | 350,000,000 | 350,000,000 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock issued (shares) | 196,569,917 | 174,115,111 |
Common stock outstanding (shares) | 196,569,917 | 174,115,111 |
Operating Partnership | ||
Shareholders Equity [Line Items] | ||
Common units outstanding (shares) | 201,687,773 | 200,189,077 |
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 issued (shares) | 196,569,917 | 174,115,111 |
Common stock outstanding (shares) | 196,569,917 | 174,115,111 |
SHAREHOLDERS' EQUITY AND PART_4
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL - Schedule of Basic and Diluted EPU for Common and Special Common Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net Loss Attributable to Common Unitholders | $ (332,494) | $ (153,669) | $ (123,460) |
Weighted Average: | |||
Weighted-average common and potential dilutive common shares/units outstanding | 190,277 | 173,445 | 172,486 |
CBL & Associates Limited Partnership | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Net Loss Attributable to Common Unitholders | $ (352,256) | $ (177,352) | $ (143,148) |
Distributions to Common Unitholders - Declared Only | (14,638) | (131,256) | |
Total Undistributed Losses Available to Common and Special Common Unitholders | $ (359,245) | $ (201,802) | $ (285,350) |
Weighted Average: | |||
Weighted-average common and potential dilutive common shares/units outstanding | 201,586 | 200,169 | 199,580 |
Basic EPU: | |||
Total Basic EPU | $ (1.75) | $ (0.89) | $ (0.72) |
Diluted EPU: | |||
Total Diluted EPU | $ (1.75) | $ (0.89) | $ (0.72) |
CBL & Associates Limited Partnership | Common Units Issued On Conversion Of Special Common Units | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Total Undistributed Losses Available to Common and Special Common Unitholders | $ (133) | $ (1,249) | |
Distributed Earnings: | |||
Distributed Earnings | $ 133 | $ 1,249 | |
Weighted Average: | |||
Weighted-average common and potential dilutive common shares/units outstanding | 1,534 | 1,758 | 1,872 |
Basic EPU: | |||
Total Basic EPU | $ 0.08 | $ 0.67 | |
Diluted EPU: | |||
Total Diluted EPU | $ 0.08 | $ 0.67 | |
CBL & Associates Limited Partnership | S-SCUs | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Total Undistributed Losses Available to Common and Special Common Unitholders | $ (3,810) | $ (4,572) | $ (4,572) |
Distributed Earnings: | |||
Distributed Earnings | $ 3,810 | $ 4,572 | $ 4,572 |
Weighted Average: | |||
Weighted-average common and potential dilutive common shares/units outstanding | 1,561 | 1,561 | 1,561 |
Basic EPU: | |||
Total Basic EPU | $ 2.44 | $ 2.93 | $ 2.93 |
Diluted EPU: | |||
Total Diluted EPU | $ 2.44 | $ 2.93 | $ 2.93 |
CBL & Associates Limited Partnership | L-SCUs | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Total Undistributed Losses Available to Common and Special Common Unitholders | $ (433) | $ (1,732) | $ (1,732) |
Distributed Earnings: | |||
Distributed Earnings | $ 433 | $ 1,732 | $ 1,732 |
Weighted Average: | |||
Weighted-average common and potential dilutive common shares/units outstanding | 572 | 572 | 572 |
Basic EPU: | |||
Total Basic EPU | $ 0.76 | $ 3.03 | $ 3.03 |
Diluted EPU: | |||
Total Diluted EPU | $ 0.76 | $ 3.03 | $ 3.03 |
CBL & Associates Limited Partnership | K-SCUs | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Total Undistributed Losses Available to Common and Special Common Unitholders | $ (2,746) | $ (3,375) | $ (3,393) |
Distributed Earnings: | |||
Distributed Earnings | $ 2,746 | $ 3,375 | $ 3,393 |
Weighted Average: | |||
Weighted-average common and potential dilutive common shares/units outstanding | 1,069 | 1,137 | 1,144 |
Basic EPU: | |||
Total Basic EPU | $ 2.57 | $ 2.97 | $ 2.96 |
Diluted EPU: | |||
Total Diluted EPU | $ 2.57 | $ 2.97 | $ 2.96 |
CBL & Associates Limited Partnership | Common Units | |||
Distributed Earnings: | |||
Distributed Earnings | $ 14,639 | $ 131,257 | |
Undistributed Losses: | |||
Undistributed Losses | $ (359,245) | $ (201,802) | $ (285,350) |
Weighted Average: | |||
Weighted-average common and potential dilutive common shares/units outstanding | 196,850 | 195,142 | 194,430 |
Basic EPU: | |||
Total Basic EPU | $ (1.82) | $ (0.96) | $ (0.79) |
Diluted EPU: | |||
Total Diluted EPU | $ (1.82) | $ (0.96) | $ (0.79) |
SHAREHOLDERS' EQUITY AND PART_5
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL - At-the-Market Equity Program (Details) - USD ($) | 12 Months Ended | 94 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | 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) | 1,639,236 | 915,226 | 727,812 | ||
Common stock offering, maximum remaining aggregate price | $ 88,507,000 | $ 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_6
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL - Common Stock Repurchase Program (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020unitholdershares | Dec. 31, 2019USD ($)unitholdershares | Dec. 31, 2018USD ($)unitholdershares | |
Class Of Stock [Line Items] | |||
Value of redemption of units | $ | $ 96 | $ 2,246 | |
Number of holders of common units who received cash for their units (unitholder) | unitholder | 1 | 2 | |
Redeemable noncontrolling interest, units exercised for conversion (shares) | 72,592 | 526,510 | |
Operating Partnership | |||
Class Of Stock [Line Items] | |||
Number of holders of common units who received cash for their units (unitholder) | unitholder | 31 | 2 | 1 |
Redeemable noncontrolling interest, units exercised for conversion (shares) | 20,956,110 | 611,847 | 915,338 |
Redeemable noncontrolling interest, shares issued upon exercise of common units (shares) | 20,956,110 | 611,847 | 915,338 |
SHAREHOLDERS' EQUITY AND PART_7
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL - Preferred Stock and Preferred Units (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 02, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Shareholders Equity [Line Items] | |||
Preferred stock authorized (shares) | 15,000,000 | 15,000,000 | |
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 | |
Description of preferred stock dividend | In December 2019, the Company announced the suspension of all future dividends on its 7.375% Series D Cumulative Redeemable Preferred Stock and 6.625% Series E Cumulative Redeemable Preferred Stock. | ||
Unpaid dividends of preferred stock accrued without interest | $ 37,410 | $ 11,223 | |
Series E Preferred Stock | |||
Shareholders Equity [Line Items] | |||
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 | |
Depositary shares outstanding (shares) | 6,900,000 | 6,900,000 | |
Preferred stock dividend rate (as a percent) | 6.625% | 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 | ||
Cary Towne Center | |||
Shareholders Equity [Line Items] | |||
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 | |
Depositary shares outstanding (shares) | 18,150,000 | 18,150,000 | |
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 |
SHAREHOLDERS' EQUITY AND PART_8
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL - Allocations of Dividends and Declared and Paid for Income Tax Purposes (Details) - $ / shares | Apr. 16, 2019 | Jan. 16, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Shareholders Equity [Line Items] | ||||||
Common stock cash dividends per share | $ 0.075 | |||||
Tax Year 2019 | ||||||
Shareholders Equity [Line Items] | ||||||
Common stock cash dividends per share | $ 0.075 | |||||
Common Stock | ||||||
Shareholders Equity [Line Items] | ||||||
Dividends declared | $ 0.15 | $ 0.80 | [1] | |||
Allocations | 100.00% | 100.00% | ||||
Common Stock | Ordinary income | ||||||
Shareholders Equity [Line Items] | ||||||
Allocations | 82.83% | |||||
Common Stock | Return of capital | ||||||
Shareholders Equity [Line Items] | ||||||
Allocations | 100.00% | 17.17% | ||||
Preferred Stock | ||||||
Shareholders Equity [Line Items] | ||||||
Allocations | [2] | 100.00% | 100.00% | |||
Preferred Stock | Ordinary income | ||||||
Shareholders Equity [Line Items] | ||||||
Allocations | [2] | 100.00% | ||||
Preferred Stock | Return of capital | ||||||
Shareholders Equity [Line Items] | ||||||
Allocations | [2] | 100.00% | ||||
Series D Preferred Stock | ||||||
Shareholders Equity [Line Items] | ||||||
Dividends declared | $ 13.83 | $ 18.44 | ||||
Series E Preferred Stock | ||||||
Shareholders Equity [Line Items] | ||||||
Dividends declared | $ 12.42 | $ 16.56 | ||||
[1] | Of the $0.075 per share dividend declared on October 29, 2018 and paid January 16, 2019, $0.075 was reported and is taxable in 2019. | |||||
[2] | The allocations for income tax purposes are the same for each series of preferred stock for each period presented. |
SHAREHOLDERS' EQUITY AND PART_9
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL - Distributions - Operating Partnership (Details) - CBL & Associates Limited Partnership - $ / shares | Oct. 16, 2019 | Jul. 16, 2019 | Apr. 16, 2019 |
Redeemable Common Units | |||
Distribution Made To Limited Partner [Line Items] | |||
Distributions declared | $ 0.7322 | $ 0.7322 | $ 0.7322 |
Common Units | |||
Distribution Made To Limited Partner [Line Items] | |||
Distributions declared | $ 0.075 |
REDEEMABLE INTERESTS AND NONC_3
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS - Operating Partnership (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2020unitholdershares | Dec. 31, 2018USD ($)shares | Nov. 30, 2005quarter$ / sharesshares | Dec. 31, 2020USD ($)unitholdershares | Dec. 31, 2019USD ($)unitholdershares | Dec. 31, 2018USD ($)unitholdershares | Dec. 31, 2012USD ($)shares | Jun. 30, 2005quarter$ / sharesshares | Jul. 31, 2004USD ($)$ / sharesshares | |
Redeemable Noncontrolling Interest [Line Items] | |||||||||
Value of redemption of units | $ | $ 96 | $ 2,246 | |||||||
Redeemable noncontrolling interest, units exercised for conversion (shares) | 72,592 | 526,510 | |||||||
Number of holders of common units who received cash for their units (unitholder) | unitholder | 1 | 2 | |||||||
Operating Partnership | |||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||
Redeemable noncontrolling interest, ownership interest of noncontrolling owners (as a percent) | 0.80% | 0.80% | |||||||
Noncontrolling interest, ownership interest of noncontrolling owners (as a percent) | 1.80% | 12.20% | |||||||
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) | 5,117,856 | 26,073,966 | |||||||
Redeemable noncontrolling interest, units exercised for conversion (shares) | 20,956,110 | 611,847 | 915,338 | ||||||
Redeemable noncontrolling interest, shares issued upon exercise of common units (shares) | 20,956,110 | 611,847 | 915,338 | ||||||
Number of holders of common units who received cash for their units (unitholder) | unitholder | 31 | 2 | 1 | ||||||
Redeemable noncontrolling interest, allocation from (to) shareholder's equity, adjustment | $ | $ | $ 302 | $ 3,398 | $ 4,065 | ||||||
Noncontrolling interest, allocation from (to) Shareholder's Equity, Adjustment | $ | $ | $ 6,002 | $ 4,392 | $ 13,642 | ||||||
Operating Partnership | CBL's Predecessor | |||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||
Units of partnership interest (shares) | 18,117,350 | ||||||||
Operating Partnership | Third Parties | |||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||
Units of partnership interest (shares) | 5,117,856 | 7,956,616 | |||||||
Operating Partnership | The Company | |||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||
Redeemable noncontrolling interests | $ | $ | $ (265) | $ 2,160 | |||||||
Noncontrolling interests | $ | $ (604) | $ 31,592 | |||||||
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 | ||||||||
Redeemable noncontrolling interest, units exercised for conversion (shares) | 267,983 | ||||||||
Redeemable noncontrolling interest, shares issued upon exercise of common units (shares) | 267,983 | ||||||||
Number of holders of common units who received cash for their units (unitholder) | unitholder | 1 | ||||||||
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 |
REDEEMABLE INTERESTS AND NONC_4
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS - Other Consolidated Subsidiaries and Variable Interest Entities (Details) $ in Thousands | Dec. 31, 2020USD ($)subsidiary | Dec. 31, 2019USD ($)subsidiary |
Redeemable Noncontrolling Interest [Line Items] | ||
Number of other consolidated subsidiaries | subsidiary | 12 | 12 |
Other Consolidated Subsidiaries | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Other non controlling interests | $ | $ 3,058 | $ 23,961 |
REDEEMABLE INTERESTS AND NONC_5
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS - Variable Interest Entities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | $ 4,443,740,000 | $ 4,622,346,000 | $ 5,340,853,000 | |
Assets, Consolidated/Unconsolidated | (4,443,740,000) | (4,622,346,000) | $ (5,340,853,000) | |
Variable Interest Entity Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 272,742,000 | 370,629,000 | ||
Variable interest liability entities | [1] | 286,127,000 | 293,241,000 | |
Assets, Consolidated/Unconsolidated | (272,742,000) | (370,629,000) | ||
Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 188,611,000 | |||
Assets, Consolidated/Unconsolidated | (188,611,000) | |||
Maximum Risk of Loss, Unconsolidated | 320,589,000 | |||
Atlanta Outlet Outparcels, LLC | Variable Interest Entity Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 851,000 | 862,000 | ||
Assets, Consolidated/Unconsolidated | (851,000) | (862,000) | ||
CBL Terrace LP | Variable Interest Entity Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 14,608,000 | 15,012,000 | ||
Variable interest liability entities | [1] | 12,578,000 | 12,595,000 | |
Assets, Consolidated/Unconsolidated | (14,608,000) | (15,012,000) | ||
Gettysburg Outlet Center Holding, LLC | ||||
Variable Interest Entity [Line Items] | ||||
Guaranteed amount | 36,774,000 | |||
Gettysburg Outlet Center Holding, LLC | Variable Interest Entity Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 33,199,000 | 34,399,000 | ||
Variable interest liability entities | [1] | 38,334,000 | 38,268,000 | |
Assets, Consolidated/Unconsolidated | (33,199,000) | (34,399,000) | ||
Gettysburg Outlet Center, LLC | Variable Interest Entity Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 7,737,000 | 7,690,000 | ||
Variable interest liability entities | [1] | 69,000 | ||
Assets, Consolidated/Unconsolidated | (7,737,000) | (7,690,000) | ||
High Point Development LP II | Variable Interest Entity Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 22,000 | |||
Assets, Consolidated/Unconsolidated | (22,000) | |||
Jarnigan Road LP | Variable Interest Entity Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 17,974,000 | 18,631,000 | ||
Variable interest liability entities | [1] | 572,000 | 641,000 | |
Assets, Consolidated/Unconsolidated | (17,974,000) | (18,631,000) | ||
Jarnigan Road II, LLC | Variable Interest Entity Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 22,623,000 | 23,424,000 | ||
Variable interest liability entities | [1] | 17,134,000 | 17,704,000 | |
Assets, Consolidated/Unconsolidated | (22,623,000) | (23,424,000) | ||
Laredo Outlet JV, LLC | ||||
Variable Interest Entity [Line Items] | ||||
Guaranteed amount | 40,600,000 | 41,950,000 | ||
Laredo Outlet JV, LLC | Variable Interest Entity Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 44,378,000 | 103,375,000 | ||
Variable interest liability entities | [1] | 43,788,000 | 45,360,000 | |
Assets, Consolidated/Unconsolidated | (44,378,000) | (103,375,000) | ||
Lebcon Associates | Variable Interest Entity Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 46,692,000 | 80,081,000 | ||
Variable interest liability entities | [1] | 116,085,000 | 121,493,000 | |
Assets, Consolidated/Unconsolidated | (46,692,000) | (80,081,000) | ||
Lebcon I, Ltd | Variable Interest Entity Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 8,305,000 | 8,386,000 | ||
Variable interest liability entities | [1] | 8,672,000 | 8,906,000 | |
Assets, Consolidated/Unconsolidated | (8,305,000) | (8,386,000) | ||
Louisville Outlet Outparcels, LLC | Variable Interest Entity Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 173,000 | 174,000 | ||
Assets, Consolidated/Unconsolidated | (173,000) | (174,000) | ||
Madison Grandview Forum, LLC | Variable Interest Entity Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 338,000 | |||
Variable interest liability entities | [1] | 83,000 | ||
Assets, Consolidated/Unconsolidated | (338,000) | |||
The Promenade at D'Iberville | Variable Interest Entity Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 75,975,000 | 78,066,000 | ||
Variable interest liability entities | [1] | 48,964,000 | 48,270,000 | |
Assets, Consolidated/Unconsolidated | (75,975,000) | (78,066,000) | ||
Statesboro Crossing | Variable Interest Entity Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 227,000 | 213,000 | ||
Variable interest liability entities | [1] | 10,000 | ||
Assets, Consolidated/Unconsolidated | (227,000) | $ (213,000) | ||
Ambassador Infrastructure, LLC | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Maximum Risk of Loss, Unconsolidated | [2] | 9,360,000 | ||
Atlanta Outlet JV, LLC | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | [2] | 26,958,000 | ||
Assets, Consolidated/Unconsolidated | [2] | (26,958,000) | ||
Maximum Risk of Loss, Unconsolidated | [2] | 31,559,000 | ||
CBL/T-C, LLC | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 72,927,000 | |||
Assets, Consolidated/Unconsolidated | (72,927,000) | |||
Maximum Risk of Loss, Unconsolidated | 72,927,000 | |||
CBL-TRS Joint Venture, LLC | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 20,419,000 | |||
Assets, Consolidated/Unconsolidated | (20,419,000) | |||
Maximum Risk of Loss, Unconsolidated | 20,419,000 | |||
Continental 425 Fund LLC | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 5,031,000 | |||
Assets, Consolidated/Unconsolidated | (5,031,000) | |||
Maximum Risk of Loss, Unconsolidated | 5,031,000 | |||
EastGate Storage, LLC | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | [2] | 534,000 | ||
Assets, Consolidated/Unconsolidated | [2] | (534,000) | ||
Maximum Risk of Loss, Unconsolidated | [2] | 3,784,000 | ||
El Paso Outlet Center Holding, LLC | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 11,738,000 | |||
Assets, Consolidated/Unconsolidated | (11,738,000) | |||
Maximum Risk of Loss, Unconsolidated | 11,738,000 | |||
Fremaux Town Center JV, LLC | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 7,796,000 | |||
Assets, Consolidated/Unconsolidated | (7,796,000) | |||
Maximum Risk of Loss, Unconsolidated | 7,796,000 | |||
Hamilton Place Self Storage, LLC | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | [2] | 1,218,000 | ||
Assets, Consolidated/Unconsolidated | [2] | (1,218,000) | ||
Maximum Risk of Loss, Unconsolidated | [2] | 4,719,000 | ||
Louisville Outlet Shoppes, LLC | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | [2] | 10,384,000 | ||
Assets, Consolidated/Unconsolidated | [2] | (10,384,000) | ||
Maximum Risk of Loss, Unconsolidated | [2] | 8,872,000 | ||
Mall of South Carolina L.P. | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 13,563,000 | |||
Assets, Consolidated/Unconsolidated | (13,563,000) | |||
Mall of South Carolina Outparcel L.P. | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 2,295,000 | |||
Assets, Consolidated/Unconsolidated | (2,295,000) | |||
Parkdale Self Storage L L C | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | [2] | 864,000 | ||
Assets, Consolidated/Unconsolidated | [2] | (864,000) | ||
Maximum Risk of Loss, Unconsolidated | [2] | 7,364,000 | ||
PHG-CBL Lexington, LLC | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 35,000 | |||
Assets, Consolidated/Unconsolidated | (35,000) | |||
Maximum Risk of Loss, Unconsolidated | 35,000 | |||
Port Orange I, LLC | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | [2] | 28,012,000 | ||
Assets, Consolidated/Unconsolidated | [2] | (28,012,000) | ||
Maximum Risk of Loss, Unconsolidated | [2] | 54,629,000 | ||
Self Storage at Mid Rivers, LLC | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | [2] | 532,000 | ||
Assets, Consolidated/Unconsolidated | [2] | (532,000) | ||
Maximum Risk of Loss, Unconsolidated | [2] | 3,526,000 | ||
Shoppes at Eagle Point, LLC | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | [2] | 17,285,000 | ||
Assets, Consolidated/Unconsolidated | [2] | (17,285,000) | ||
Maximum Risk of Loss, Unconsolidated | [2] | 30,025,000 | ||
Vision-CBL Hamilton Place, LLC | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | 3,796,000 | |||
Assets, Consolidated/Unconsolidated | (3,796,000) | |||
Maximum Risk of Loss, Unconsolidated | 3,796,000 | |||
West Melbourne I, LLC | Unconsolidated VIEs | ||||
Variable Interest Entity [Line Items] | ||||
Variable interest asset entities | [2] | 17,708,000 | ||
Assets, Consolidated/Unconsolidated | [2] | (17,708,000) | ||
Maximum Risk of Loss, Unconsolidated | [2] | $ 45,009,000 | ||
[1] | Includes $40,600 and $41,950 related to Laredo Outlet JV, LLC, which is guaranteed by the Operating Partnership, as of December 31, 2020 and 2019, respectively. Also, due to the filing of the Chapter 11 Cases, the loan held by Gettysburg Outlet Center Holding, LLC became guaranteed by the Operating Partnership, and amounts to $36,774 as of December 31, 2020. | |||
[2] | See Note 16 for information on guarantees of debt. |
MORTGAGE AND OTHER NOTES RECE_3
MORTGAGE AND OTHER NOTES RECEIVABLE - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Mortgage And Other Notes Receivable [Line Items] | ||
Assignment of the partnership interest (as a percent) | 100.00% | |
Mortgage and other notes receivable | $ 2,337 | $ 4,662 |
Mortgage Receivable | ||
Mortgage And Other Notes Receivable [Line Items] | ||
Interest Rate (as a percent) | 2.64% | |
Mortgage and other notes receivable | $ 1,100 | $ 2,637 |
Mortgage Receivable | D'Iberville Promenade, LLC | ||
Mortgage And Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable | 1,100 | |
Mortgage Receivable | Minimum | ||
Mortgage And Other Notes Receivable [Line Items] | ||
Interest Rate (as a percent) | 4.28% | |
Mortgage Receivable | Maximum | ||
Mortgage And Other Notes Receivable [Line Items] | ||
Interest Rate (as a percent) | 9.50% | |
Other Notes Receivable | ||
Mortgage And Other Notes Receivable [Line Items] | ||
Mortgage and other notes receivable | 1,237 | $ 2,025 |
Other Notes Receivable | The Shoppes At St Clair Square | ||
Mortgage And Other Notes Receivable [Line Items] | ||
Writing off for tenant receivables | $ 1,230 | |
Other Notes Receivable | Minimum | ||
Mortgage And Other Notes Receivable [Line Items] | ||
Interest Rate (as a percent) | 4.00% | 4.00% |
Other Notes Receivable | Maximum | ||
Mortgage And Other Notes Receivable [Line Items] | ||
Interest Rate (as a percent) | 5.00% | 5.00% |
SEGMENT INFORMATION - Summary (
SEGMENT INFORMATION - Summary (Details) - USD ($) $ in Thousands | Nov. 02, 2020 | Oct. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||||||
Total revenues | [1] | $ 575,861 | $ 768,696 | $ 858,557 | ||
Property operating expenses | [2] | (187,879) | (230,652) | (252,612) | ||
Interest expense | (200,663) | (206,261) | (220,038) | |||
Other | (953) | (91) | (787) | |||
Gain (loss) on sales of real estate assets | 4,696 | 16,274 | 19,001 | |||
Segment profit (loss) | 191,062 | 347,966 | 404,121 | |||
Depreciation and amortization | (215,030) | (257,746) | (285,401) | |||
General and administrative | (53,425) | (64,181) | (61,506) | |||
Litigation settlement | 7,855 | (61,754) | ||||
Interest and other income | 6,396 | 2,764 | 1,858 | |||
Gain on extinguishment of debt | 32,521 | 71,722 | ||||
Loss on impairment | (213,358) | (239,521) | (174,529) | |||
Prepetition charges | $ (23,883) | (23,883) | ||||
Reorganization items | $ (35,977) | (35,977) | ||||
Gain on investment/deconsolidation | 67,242 | |||||
Income tax benefit (provision) | (16,836) | (3,153) | 1,551 | |||
Equity in earnings (losses) of unconsolidated affiliates | (14,854) | 4,940 | 14,677 | |||
Net loss | (335,529) | (131,721) | (99,229) | |||
Total assets | 4,443,740 | 4,622,346 | 5,340,853 | |||
Capital expenditures | [3] | 42,108 | 141,559 | 144,959 | ||
Malls | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | [1] | 520,643 | 699,698 | 783,194 | ||
Property operating expenses | [2] | (177,531) | (216,771) | (236,807) | ||
Interest expense | (79,380) | (86,152) | (103,162) | |||
Other | (85) | |||||
Gain (loss) on sales of real estate assets | (25) | 1,226 | 799 | |||
Segment profit (loss) | 263,707 | 398,001 | 443,939 | |||
Total assets | 3,702,523 | 4,180,515 | 4,868,141 | |||
Capital expenditures | [3] | 36,425 | 130,502 | 132,187 | ||
All Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | [1],[4] | 55,218 | 68,998 | 75,363 | ||
Property operating expenses | [2],[4] | (10,348) | (13,881) | (15,805) | ||
Interest expense | [4] | (121,283) | (120,109) | (116,876) | ||
Other | [4] | (953) | (91) | (702) | ||
Gain (loss) on sales of real estate assets | [4] | 4,721 | 15,048 | 18,202 | ||
Segment profit (loss) | [4] | (72,645) | (50,035) | (39,818) | ||
Total assets | [4] | 741,217 | 441,831 | 472,712 | ||
Capital expenditures | [3],[4] | $ 5,683 | $ 11,057 | $ 12,772 | ||
[1] | Management, development and leasing fees are included in All Other category. See Note 4 | |||||
[2] | Property operating expenses include property operating, real estate taxes and maintenance and repairs. | |||||
[3] | Includes additions to and acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category. | |||||
[4] | The All Other category includes associated centers, community centers, mortgage and other notes receivable, office buildings, self-storage facilities, corporate-level debt and the Management Company. |
SUPPLEMENTAL AND NONCASH INFO_3
SUPPLEMENTAL AND NONCASH INFORMATION - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Significant Noncash Transactions [Line Items] | |||
Additions to real estate assets accrued but not yet paid | $ 5,945 | $ 24,642 | $ 22,791 |
Accrued dividends and distributions payable | 17,130 | ||
Decrease in real estate assets | (57,001) | (60,059) | |
Decrease in mortgage and other indebtedness | 85,371 | 124,111 | |
Increase (decrease) in operating assets and liabilities | 4,288 | 9,333 | |
Decrease in intangible lease and other assets | (137) | (1,663) | |
Conversion of Operating Partnership common units into shares of common stock | $ 21,163 | 730 | 3,059 |
Deconsolidation upon contribution/assignment of interest in joint venture | |||
Other Significant Noncash Transactions [Line Items] | |||
Decrease in real estate assets | (200,343) | (8,221) | |
Increase in investment in unconsolidated affiliates | 39,708 | $ 8,174 | |
Decrease in mortgage and other indebtedness | 228,627 | ||
Increase (decrease) in operating assets and liabilities | 857 | ||
Decrease in intangible lease and other assets | (4,815) | ||
Increase in noncontrolling interest and joint venture interest | $ (12,013) |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unconsolidated Affiliate and Other Affiliated Partnerships | |||
Related Party Transaction [Line Items] | |||
Revenues recognized, from related party transactions | $ 4,940 | $ 6,878 | $ 7,607 |
CONTINGENCIES - Litigation (Det
CONTINGENCIES - Litigation (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Wave Lengths Hair Salons of Florida Inc | ||||
Loss Contingencies [Line Items] | ||||
Required amount reserved | $ 90,000 | |||
Amount awarded to other party | 60,000 | |||
Loss contingency accrual | 88,150 | |||
Litigation settlement expense | $ 23,050 | |||
Reduction in accrued liability | $ 25,157 | $ 26,396 | ||
Notice of suggestion of bankruptcy filed date | Nov. 3, 2020 | |||
Wave Lengths Hair Salons of Florida Inc | Maximum | ||||
Loss Contingencies [Line Items] | ||||
Attorney fees and associated costs | 27,000 | |||
Incentive award costs | 50 | |||
Class administration costs | $ 100 | |||
Wave Lengths Hair Salons of Florida Inc | Settlement Agreement | ||||
Loss Contingencies [Line Items] | ||||
Period of settlement payments of monthly rent credits | 5 years | |||
Reduction in accrued liability | $ 7,855 | |||
Wave Lengths Hair Salons of Florida Inc | Past Tenants | ||||
Loss Contingencies [Line Items] | ||||
Reduction in accrued liability | 4,915 | |||
Wave Lengths Hair Salons of Florida Inc | Plaintiff's Counsel and Claims Administrator | ||||
Loss Contingencies [Line Items] | ||||
Reduction in accrued liability | 4,039 | |||
Wave Lengths Hair Salons of Florida Inc | Rents and Other Charges for Current Tenants | ||||
Loss Contingencies [Line Items] | ||||
Reduction in accrued liability | $ 8,348 | |||
Securities Class Action Litigation | ||||
Loss Contingencies [Line Items] | ||||
Notice of suggestion of bankruptcy filed date | Nov. 9, 2020 | |||
Derivative Litigation | ||||
Loss Contingencies [Line Items] | ||||
Notice of suggestion of bankruptcy filed date | Nov. 9, 2020 |
CONTINGENCIES - Environmental C
CONTINGENCIES - Environmental Contingencies (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | |
Environmental liability insurance, maximum coverage per incident (up to) | $ 10,000 |
Environmental liability insurance, annual coverage limit (up to) | $ 50,000 |
CONTINGENCIES - Guarantees (Det
CONTINGENCIES - Guarantees (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)extension_option | Dec. 31, 2019USD ($) | |
Guarantor Obligations [Line Items] | ||
Obligation Recorded to Reflect Guaranty | $ 923,000 | $ 973,000 |
Shoppes at Eagle Point, LLC | ||
Guarantor Obligations [Line Items] | ||
Maximum Guaranteed Amount | $ 12,740,000 | |
Ambassador Infrastructure, LLC | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 65.00% | |
Outstanding Balance | $ 9,360,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 100.00% | |
Maximum Guaranteed Amount | $ 9,360,000 | |
Obligation Recorded to Reflect Guaranty | $ 94,000 | 101,000 |
Hamilton Place Self Storage, LLC | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 54.00% | |
Outstanding Balance | $ 6,564,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 50.00% | |
Maximum Guaranteed Amount | $ 3,501,000 | |
Obligation Recorded to Reflect Guaranty | $ 35,000 | 70,000 |
West Melbourne I, LLC - Phase I | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 50.00% | |
Outstanding Balance | $ 40,177,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 50.00% | |
Maximum Guaranteed Amount | $ 20,089,000 | |
Obligation Recorded to Reflect Guaranty | $ 201,000 | 199,000 |
West Melbourne I, LLC - Phase II | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 50.00% | |
Outstanding Balance | $ 14,423,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 50.00% | |
Maximum Guaranteed Amount | $ 7,212,000 | |
Obligation Recorded to Reflect Guaranty | $ 72,000 | 78,000 |
Port Orange I, LLC | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 50.00% | |
Outstanding Balance | $ 53,233,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 50.00% | |
Maximum Guaranteed Amount | $ 26,617,000 | |
Obligation Recorded to Reflect Guaranty | $ 266,000 | 270,000 |
Shoppes at Eagle Point, LLC | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 50.00% | |
Outstanding Balance | $ 34,585,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 35.00% | |
Maximum Guaranteed Amount | $ 12,740,000 | |
Obligation Recorded to Reflect Guaranty | $ 127,000 | 127,000 |
Number of extension options available | extension_option | 1 | |
Option extension term of debt instrument | 1 year | |
EastGate Storage, LLC | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 50.00% | |
Outstanding Balance | $ 6,500,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 50.00% | |
Maximum Guaranteed Amount | $ 3,250,000 | |
Obligation Recorded to Reflect Guaranty | $ 33,000 | 33,000 |
Reduction of guarantor obligations once certain debt and operational metrics are met (as a percent) | 25.00% | |
Self Storage at Mid Rivers, LLC | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 50.00% | |
Outstanding Balance | $ 5,896,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 50.00% | |
Maximum Guaranteed Amount | $ 2,994,000 | |
Obligation Recorded to Reflect Guaranty | $ 30,000 | 30,000 |
Atlanta Outlet Outparcels, LLC | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 50.00% | |
Outstanding Balance | $ 4,601,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 100.00% | |
Maximum Guaranteed Amount | $ 4,601,000 | |
Louisville Outlet Shoppes Member | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 50.00% | |
Outstanding Balance | $ 8,872,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 100.00% | |
Maximum Guaranteed Amount | $ 8,872,000 | |
West Melbourne I LLC Phase I, West Melbourne I LLC Phase II and Port Orange I, LLC | ||
Guarantor Obligations [Line Items] | ||
Number of extension options available | extension_option | 2 | |
Option extension term of debt instrument | 1 year | |
Parkdale Self Storage L L C | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 50.00% | |
Outstanding Balance | $ 6,160,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 100.00% | |
Maximum Guaranteed Amount | $ 6,500,000 | |
Obligation Recorded to Reflect Guaranty | $ 65,000 | $ 65,000 |
Increased guarantee as result of filed chapter 11 case | 100.00% | |
York Town Center Lp | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 50.00% | |
Undiscounted maximum exposure | $ 22,000,000 | |
Annual reductions to guarantors obligations | 800,000 | |
Guaranteed minimum exposure amount | 10,000,000 | |
Guaranteed amount of the outstanding loan based on percentage | $ 10,800,000 | |
Guarantor obligations recoverable (as a percent) | 50.00% |
CONTINGENCIES - Performance Bon
CONTINGENCIES - Performance Bonds (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
Malpractice loss contingency, letters of credit and surety bonds | $ 412 | $ 13,660 |
FAIR VALUE MEASUREMENTS - Recur
FAIR VALUE MEASUREMENTS - Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of mortgage and other indebtedness | $ 1,091,745 | $ 2,970,246 |
Estimated fair value of liabilities subject to compromise | 1,606,959 | |
Available-For-Sale Securities Held, Amortized Cost | 233,053 | |
Available-For-Sale Securities Held, Fair Value | 233,071 | |
U.S Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-For-Sale Securities Held, Amortized Cost | 233,053 | |
Available-For-Sale Securities Held, unrealized gains/(losses) | 18 | |
Available-For-Sale Securities Held, Fair Value | $ 233,071 |
FAIR VALUE MEASUREMENTS - Nonre
FAIR VALUE MEASUREMENTS - Nonrecurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Long-lived assets | $ 268,830 | $ 199,740 | $ 91,841 |
Loss on impairment | 213,358 | 239,521 | $ 174,529 |
Significant Unobservable Inputs (Level 3) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Long-lived assets | $ 268,830 | $ 199,740 |
FAIR VALUE MEASUREMENTS - Long-
FAIR VALUE MEASUREMENTS - Long-Lived Assets Measured at Fair Value (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)mallvacantlandparcel | Dec. 31, 2019USD ($)mallcommunity_center | Dec. 31, 2018USD ($)mall | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 213,358 | $ 239,521 | $ 174,529 |
Number of malls with impairment | mall | 6 | 6 | 5 |
Number of vacant land parcel | vacantlandparcel | 1 | ||
Long-lived assets | $ 268,830 | $ 199,740 | $ 91,841 |
Number of community center with impairment | community_center | 1 | ||
Malls | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 213,358 | ||
Number of malls with impairment | mall | 6 | ||
Long-lived assets | $ 268,830 | ||
Burnsville Center | Malls | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | 26,562 | ||
Long-lived assets | $ 47,300 | ||
Burnsville Center | Malls | Measurement Input, Expected Term | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Holding period | 10 years | ||
Burnsville Center | Malls | Cap Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 14.5 | ||
Burnsville Center | Malls | Discount Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 15.5 | ||
Monroeville Mall | Malls | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 107,082 | ||
Long-lived assets | $ 67,000 | ||
Monroeville Mall | Malls | Measurement Input, Expected Term | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Holding period | 10 years | ||
Monroeville Mall | Malls | Cap Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 14 | ||
Monroeville Mall | Malls | Discount Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 14.5 | ||
Asheville Mall | Malls | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 13,274 | ||
Long-lived assets | $ 52,600 | ||
Asheville Mall | Malls | Measurement Input, Expected Term | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Holding period | 10 years | ||
Asheville Mall | Malls | Cap Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 13.25 | ||
Asheville Mall | Malls | Discount Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 14 | ||
Vacant Land | Malls | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 46 | ||
EastGate Mall | Malls | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | 5,980 | $ 33,265 | |
Long-lived assets | $ 16,530 | $ 25,100 | |
EastGate Mall | Malls | Measurement Input, Expected Term | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Holding period | 10 years | 10 years | |
EastGate Mall | Malls | Cap Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 17 | 14.5 | |
EastGate Mall | Malls | Discount Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 18 | 15 | |
Greenbrier Mall | Malls | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 8,923 | $ 22,770 | |
Long-lived assets | $ 42,500 | $ 56,300 | |
Greenbrier Mall | Malls | Measurement Input, Expected Term | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Holding period | 10 years | 10 years | |
Greenbrier Mall | Malls | Cap Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 12.5 | 11.5 | |
Greenbrier Mall | Malls | Discount Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 13 | 11.5 | |
The Outlet Shoppes at Laredo | Malls | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 51,491 | ||
Long-lived assets | $ 42,900 | ||
The Outlet Shoppes at Laredo | Malls | Measurement Input, Expected Term | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Holding period | 10 years | ||
The Outlet Shoppes at Laredo | Malls | Cap Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 8.5 | ||
The Outlet Shoppes at Laredo | Malls | Discount Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 9 | ||
Honey Creek Mall | Malls | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 2,045 | 48,640 | |
Long-lived assets | $ 16,400 | ||
Assets book value | 14,360 | ||
Honey Creek Mall | Malls | Measurement Input, Expected Term | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Holding period | 10 years | ||
Honey Creek Mall | Malls | Cap Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 18 | ||
Honey Creek Mall | Malls | Discount Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 20 | ||
The Forum at Grandview | All Other | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | 8,582 | ||
Assets book value | 31,559 | ||
Mid Rivers Mall | Malls | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | 83,621 | ||
Long-lived assets | $ 53,340 | ||
Mid Rivers Mall | Malls | Measurement Input, Expected Term | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Holding period | 10 years | ||
Mid Rivers Mall | Malls | Cap Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 12.5 | ||
Mid Rivers Mall | Malls | Discount Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 13.25 | ||
Laurel Park Place | Malls | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 52,067 | ||
Long-lived assets | $ 26,000 | ||
Laurel Park Place | Malls | Measurement Input, Expected Term | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Holding period | 10 years | ||
Laurel Park Place | Malls | Cap Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 13.5 | ||
Laurel Park Place | Malls | Discount Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 14 | ||
Park Plaza Mall | Malls | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 37,400 | ||
Long-lived assets | $ 39,000 | ||
Park Plaza Mall | Malls | Measurement Input, Expected Term | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Holding period | 10 years | ||
Park Plaza Mall | Malls | Cap Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 13 | ||
Park Plaza Mall | Malls | Discount Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 14 | ||
Prior Sales Adjustment | Malls | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ (229) | ||
Janesville Mall | Malls | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 18,061 | ||
Assets book value | 17,640 | ||
Cary Towne Center | Malls | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | 54,678 | ||
Long-lived assets | $ 30,971 | ||
Cary Towne Center | Malls | Measurement Input, Expected Term | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Holding period | 10 years | ||
Cary Towne Center | Malls | Cap Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 12 | ||
Cary Towne Center | Malls | Discount Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 13 | ||
D'Ibervilee, MS - Land | All Other | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 14,598 | ||
Long-lived assets | 8,100 | ||
Assets book value | 8,100 | ||
Acadania Mall - Macy's & Land | Malls And All Other | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | 1,593 | ||
Long-lived assets | 3,920 | ||
Assets book value | 3,920 | ||
Eastland Mall | Malls | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | 36,525 | ||
Long-lived assets | $ 26,450 | ||
Eastland Mall | Malls | Measurement Input, Expected Term | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Holding period | 10 years | ||
Eastland Mall | Malls | Cap Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 15 | ||
Eastland Mall | Malls | Discount Rate (as a percent) | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value measurement input (as a percent) | 17 | ||
Pavilion at Port Orange - Land | All Other | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 434 | ||
Long-lived assets | $ 6,000 |
SHARE-BASED COMPENSATION - Summ
SHARE-BASED COMPENSATION - Summary (Details) $ / shares in Units, $ in Thousands | Feb. 10, 2020$ / sharesshares | Feb. 11, 2019$ / sharesshares | Feb. 12, 2018$ / sharesshares | Dec. 31, 2020USD ($)installment$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares authorized (shares) | 10,400,000 | |||||
Share-based compensation cost capitalized as part of real estate assets | $ | $ 20 | $ 66 | $ 287 | |||
Weighted-Average Grant Date Fair Value | ||||||
Unrecognized compensation cost related to nonvested stock awards | $ | $ 1,944 | |||||
Compensation cost to be recognized over a weighted-average period | 2 years 2 months 12 days | |||||
Performance period | 3 years | |||||
Vesting rate based on achievement of TSR relative to the NAREIT retail index (as a percent) | 33.33% | |||||
Share based Compensation Arrangement by Share based Payment Award Award Vesting Rights Absolute Total Stockholder Return Metrics Percentage | 66.66% | |||||
Number of granted annually shares removed as per amendment | 200,000 | |||||
Vested each year for the first two anniversaries after conclusion of performance period | ||||||
Weighted-Average Grant Date Fair Value | ||||||
Vesting rate | 20.00% | |||||
Executive Officer | Maximum | ||||||
Weighted-Average Grant Date Fair Value | ||||||
Percentage released stock awards granted | 1.00% | |||||
Restricted Common Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation cost | $ | $ 2,239 | $ 3,396 | $ 3,744 | |||
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) | 971,846 | |||||
Granted (shares) | 1,628,397 | |||||
Vested (shares) | (1,052,161) | |||||
Forfeited (shares) | (28,476) | |||||
Nonvested, end of period (shares) | 1,519,606 | 971,846 | ||||
Weighted-Average Grant Date Fair Value | ||||||
Weighted average grant-date fair value, nonvested, beginning of period (USD per share) | $ / shares | $ 5.16 | |||||
Weighted average grant-date fair value, granted (USD per share) | $ / shares | 0.86 | $ 2.20 | $ 4.55 | |||
Weighted average grant-date fair value, vested (USD per share) | $ / shares | 2.86 | |||||
Weighted average grant-date fair value, forfeited (USD per share) | $ / shares | 4.67 | |||||
Weighted average grant-date fair value, nonvested, ending of period (USD per share) | $ / shares | $ 2.15 | $ 5.16 | ||||
Total fair value of shares vested | $ | $ 951 | $ 3,869 | $ 2,189 | |||
Number of annual installment for awards to vest | installment | 4 | |||||
Shares | ||||||
Granted (shares) | 1,628,397 | |||||
Forfeited (shares) | (28,476) | |||||
Nonvested, beginning of period (shares) | 971,846 | |||||
Nonvested, end of period (shares) | 1,519,606 | 971,846 | ||||
Weighted average grant-date fair value, granted (USD per share) | $ / shares | $ 0.86 | $ 2.20 | $ 4.55 | |||
Weighted average grant-date fair value, forfeited (USD per share) | $ / shares | $ 4.67 | |||||
Total fair value of shares vested | 1,052,161 | |||||
Weighted average grant-date fair value, nonvested, ending of period (USD per share) | $ / shares | $ 2.15 | $ 5.16 | ||||
Granted (shares) | 1,628,397 | |||||
Performance Shares | ||||||
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) | 1,766,580 | |||||
Granted (shares) | 3,408,083 | 1,103,537 | 741,977 | |||
Vested (shares) | 0 | |||||
Forfeited (shares) | (3,408,083) | (78,934) | (663,043) | |||
Nonvested, end of period (shares) | 1,103,537 | 1,766,580 | ||||
Weighted-Average Grant Date Fair Value | ||||||
Weighted average grant-date fair value, nonvested, beginning of period (USD per share) | $ / shares | $ 2.96 | |||||
Weighted average grant-date fair value, granted (USD per share) | $ / shares | 0.84 | $ 2.40 | $ 2.63 | |||
Weighted average grant-date fair value, forfeited (USD per share) | $ / shares | 0.84 | 2.63 | $ 2.63 | |||
Weighted average grant-date fair value, nonvested, ending of period (USD per share) | $ / shares | $ 0.84 | $ 4.74 | $ 4.76 | $ 3.16 | $ 2.96 | |
Unrecognized compensation cost related to nonvested stock awards | $ | $ 567 | |||||
Performance period | 3 years | |||||
Total fair value of shares earned | 0 | |||||
Shares | ||||||
Granted (shares) | 3,408,083 | 1,103,537 | 741,977 | |||
Forfeited (shares) | (3,408,083) | (78,934) | (663,043) | |||
Nonvested, beginning of period (shares) | 1,766,580 | |||||
Nonvested, end of period (shares) | 1,103,537 | 1,766,580 | ||||
Weighted average grant-date fair value, granted (USD per share) | $ / shares | $ 0.84 | $ 2.40 | $ 2.63 | |||
Weighted average grant-date fair value, forfeited (USD per share) | $ / shares | $ 0.84 | $ 2.63 | $ 2.63 | |||
Shares granted in period classified as liabilities (shares) | 1,247,098 | 566,862 | ||||
Total fair value of shares vested | 0 | |||||
Weighted average grant-date fair value, nonvested, ending of period (USD per share) | $ / shares | $ 0.84 | $ 4.74 | $ 4.76 | $ 3.16 | $ 2.96 | |
Risk-free interest rate (as a percent) | 1.39% | 2.54% | 2.36% | |||
Expected share price volatility (as a percent) | 57.98% | 60.99% | 42.02% | |||
Granted (shares) | 3,408,083 | 1,103,537 | 741,977 | |||
Performance Shares | Vested each year for the first two anniversaries after conclusion of performance period | ||||||
Weighted-Average Grant Date Fair Value | ||||||
Vesting rate | 20.00% | |||||
Performance Shares | Vested at conclusion of performance period | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation cost | $ | $ 3,185 | $ 1,564 | $ 1,364 | |||
Share-based compensation expense related to cancellation of the 2020 PSUs | $ | $ 2,052 | |||||
Weighted-Average Grant Date Fair Value | ||||||
Vesting rate | 60.00% | |||||
Performance Shares | Remaining percentage after performance period | ||||||
Weighted-Average Grant Date Fair Value | ||||||
Compensation cost to be recognized over a weighted-average period | 1 year 9 months 18 days | |||||
Vesting rate | 40.00% | |||||
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) | 2,131,245 | 357,800 | 240,164 | |||
Weighted-Average Grant Date Fair Value | ||||||
Weighted average grant-date fair value, nonvested, ending of period (USD per share) | $ / shares | $ 0.88 | $ 2.45 | $ 3.13 | |||
Shares | ||||||
Granted (shares) | 2,131,245 | 357,800 | 240,164 | |||
Weighted average grant-date fair value, nonvested, ending of period (USD per share) | $ / shares | $ 0.88 | $ 2.45 | $ 3.13 | |||
Granted (shares) | 2,131,245 | 357,800 | 240,164 | |||
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) | 1,065,463 | 178,875 | 120,064 | |||
Weighted-Average Grant Date Fair Value | ||||||
Weighted average grant-date fair value, nonvested, ending of period (USD per share) | $ / shares | $ 0.75 | $ 2.29 | $ 1.63 | |||
Shares | ||||||
Granted (shares) | 1,065,463 | 178,875 | 120,064 | |||
Weighted average grant-date fair value, nonvested, ending of period (USD per share) | $ / shares | $ 0.75 | $ 2.29 | $ 1.63 | |||
Granted (shares) | 1,065,463 | 178,875 | 120,064 |
EMPLOYEE BENEFIT PLANS - Narrat
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation And Retirement Disclosure [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 | $ 650 | $ 921 | $ 1,003 |
SUBSEQUENT EVENTS - Narrative (
SUBSEQUENT EVENTS - Narrative (Details) - USD ($) $ in Thousands | Mar. 21, 2021 | Mar. 31, 2021 | Feb. 28, 2021 | Jan. 31, 2021 | Dec. 31, 2020 |
Subsequent Event [Line Items] | |||||
Secured credit facility | $ 3,616,293 | ||||
Secured credit facility, impact of uncertainty | $ 107,833 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Loan maturity date | Feb. 28, 2026 | ||||
Loan agreement term | 4 years | ||||
Loan term of extension option | 1 year | ||||
Subsequent Event | Ambassador Infrastructure, LLC | |||||
Subsequent Event [Line Items] | |||||
Secured credit facility, impact of uncertainty | $ 8,250 | ||||
Loan maturity date | Mar. 31, 2025 | ||||
Loan agreement term | 4 years | ||||
Line of credit fixed interest rate | 3.00% | ||||
Amount paid in conjunction with modification | $ 1,110 | ||||
Restructuring Support Agreement | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Percentage of bank lenders representing outstanding balance of secured credit facility | 96.00% | ||||
Aggregate principal amount of secured credit facility | 69.00% | ||||
Elimination of debt as result of implementation of plan | $ 1,681,900 | $ 1,681,900 | |||
Principal amount of unsecured notes | 1,375,000 | 1,375,000 | |||
New senior secured notes | 555,000 | 555,000 | |||
Cash | 95,000 | 95,000 | |||
Convertible secured notes | $ 100,000 | $ 100,000 | |||
Percentage of issuance of new common equity to holders of unsecured notes | 89.00% | 89.00% | |||
Restructuring Support Agreement | Subsequent Event | Subscription Option | |||||
Subsequent Event [Line Items] | |||||
Cash | $ 100,000 | $ 100,000 | |||
Convertible secured notes | $ 50,000 | $ 50,000 | |||
Percentage of issuance of new common equity to holders of unsecured notes | 11.00% | 11.00% | |||
Restructuring Support Agreement | Subsequent Event | Secured Credit Facility | |||||
Subsequent Event [Line Items] | |||||
Secured credit facility | $ 133,000 | $ 133,000 | |||
Restructuring Support Agreement | Subsequent Event | Secured Credit Facility | Subscription Option | |||||
Subsequent Event [Line Items] | |||||
Secured credit facility | 983,700 | 983,700 | |||
Restructuring Support Agreement | Subsequent Event | Secured Term Loan | Subscription Option | |||||
Subsequent Event [Line Items] | |||||
Secured credit facility | $ 883,700 | 883,700 | |||
U.S Treasury Securities | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
U.S. Treasury securities, purchased | $ 82,393 | $ 31,999 | $ 21,999 | ||
Debt instrument, maturity date | Jun. 30, 2021 | Mar. 31, 2021 | Feb. 28, 2021 |
Schedule III - REAL ESTATE AS_2
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,188,264 | |||
Initial Cost, Land | 721,243 | |||
Initial Cost, Buildings and Improvements | 4,267,989 | |||
Costs Capitalized Subsequent to Acquisition | 912,664 | |||
Sales of Outparcel Land | (42,783) | |||
Gross Amounts at Which Carried at Close of Period, Land | 695,711 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 5,163,402 | |||
Gross Amounts at Which Carried at Close of Period, Total | 5,859,113 | $ 6,411,400 | $ 7,278,608 | $ 7,621,930 |
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,241,421) | $ (2,349,404) | $ (2,493,082) | $ (2,465,095) |
Land and buildings and improvements, gross | $ 6,921,000 | |||
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 | |||
Alamance Crossing, Burlington, NC | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 43,563 | |||
Initial Cost, Land | 20,853 | |||
Initial Cost, Buildings and Improvements | 62,852 | |||
Costs Capitalized Subsequent to Acquisition | 39,749 | |||
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 | 102,600 | |||
Gross Amounts at Which Carried at Close of Period, Total | 120,081 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (42,961) | |||
Arbor Place Atlanta (Douglasville), GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 104,384 | |||
Initial Cost, Land | 8,508 | |||
Initial Cost, Buildings and Improvements | 95,088 | |||
Costs Capitalized Subsequent to Acquisition | 27,420 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,508 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 122,508 | |||
Gross Amounts at Which Carried at Close of Period, Total | 131,016 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (75,710) | |||
Asheville Mall, Asheville, NC | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 62,121 | |||
Initial Cost, Land | 7,139 | |||
Initial Cost, Buildings and Improvements | 58,386 | |||
Costs Capitalized Subsequent to Acquisition | (13,213) | |||
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 | 45,173 | |||
Gross Amounts at Which Carried at Close of Period, Total | 51,507 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,893) | |||
Brookfield Square Anchor Redevelopment | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 27,461 | |||
Initial Cost, Land | 8,996 | |||
Initial Cost, Buildings and Improvements | 78,533 | |||
Costs Capitalized Subsequent to Acquisition | 110,138 | |||
Sales of Outparcel Land | (5,208) | |||
Gross Amounts at Which Carried at Close of Period, Land | 20,202 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 172,257 | |||
Gross Amounts at Which Carried at Close of Period, Total | 192,459 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (79,852) | |||
CherryVale Mall, Rockford, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 11,892 | |||
Initial Cost, Buildings and Improvements | 64,117 | |||
Costs Capitalized Subsequent to Acquisition | 56,907 | |||
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 | 119,641 | |||
Gross Amounts at Which Carried at Close of Period, Total | 131,249 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (59,158) | |||
Cross Creek Mall, Fayetteville, NC | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 106,883 | |||
Initial Cost, Land | 19,155 | |||
Initial Cost, Buildings and Improvements | 104,378 | |||
Costs Capitalized Subsequent to Acquisition | 45,271 | |||
Gross Amounts at Which Carried at Close of Period, Land | 31,539 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 137,265 | |||
Gross Amounts at Which Carried at Close of Period, Total | 168,804 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (67,235) | |||
Dakota Square Mall, Minot, ND | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 4,552 | |||
Initial Cost, Buildings and Improvements | 87,625 | |||
Costs Capitalized Subsequent to Acquisition | 34,819 | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,472 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 122,524 | |||
Gross Amounts at Which Carried at Close of Period, Total | 126,996 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (34,325) | |||
East Towne Mall, Madison, WI | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 4,496 | |||
Initial Cost, Buildings and Improvements | 63,867 | |||
Costs Capitalized Subsequent to Acquisition | 66,768 | |||
Sales of Outparcel Land | (909) | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,387 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 129,835 | |||
Gross Amounts at Which Carried at Close of Period, Total | 134,222 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (59,036) | |||
Eastland Mall, Bloomington, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 5,746 | |||
Initial Cost, Buildings and Improvements | 75,893 | |||
Costs Capitalized Subsequent to Acquisition | (54,375) | |||
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 | 23,361 | |||
Gross Amounts at Which Carried at Close of Period, Total | 26,511 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,687) | |||
EastGate Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 31,181 | |||
Initial Cost, Land | 13,046 | |||
Initial Cost, Buildings and Improvements | 44,949 | |||
Costs Capitalized Subsequent to Acquisition | (39,420) | |||
Sales of Outparcel Land | (1,017) | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,959 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 12,599 | |||
Gross Amounts at Which Carried at Close of Period, Total | 17,558 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (436) | |||
Greenbrier Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 61,647 | |||
Initial Cost, Land | 3,181 | |||
Initial Cost, Buildings and Improvements | 107,355 | |||
Costs Capitalized Subsequent to Acquisition | (68,295) | |||
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 | 39,060 | |||
Gross Amounts at Which Carried at Close of Period, Total | 41,615 | |||
Fayette Mall, Lexington, KY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 141,393 | |||
Initial Cost, Land | 25,205 | |||
Initial Cost, Buildings and Improvements | 84,256 | |||
Costs Capitalized Subsequent to Acquisition | 107,287 | |||
Gross Amounts at Which Carried at Close of Period, Land | 25,205 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 191,543 | |||
Gross Amounts at Which Carried at Close of Period, Total | 216,748 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (78,821) | |||
Frontier Mall, Cheyenne, WY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 2,681 | |||
Initial Cost, Buildings and Improvements | 15,858 | |||
Costs Capitalized Subsequent to Acquisition | 21,254 | |||
Sales of Outparcel Land | (83) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,598 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 37,112 | |||
Gross Amounts at Which Carried at Close of Period, Total | 39,710 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (27,582) | |||
Hamilton Place, Chattanooga, TN | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 98,396 | |||
Initial Cost, Land | 3,532 | |||
Initial Cost, Buildings and Improvements | 42,619 | |||
Costs Capitalized Subsequent to Acquisition | 95,161 | |||
Sales of Outparcel Land | (2,384) | |||
Gross Amounts at Which Carried at Close of Period, Land | 7,315 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 131,613 | |||
Gross Amounts at Which Carried at Close of Period, Total | 138,928 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (69,660) | |||
Hanes Mall, Winston-Salem, NC | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 17,176 | |||
Initial Cost, Buildings and Improvements | 133,376 | |||
Costs Capitalized Subsequent to Acquisition | 55,187 | |||
Sales of Outparcel Land | (1,767) | |||
Gross Amounts at Which Carried at Close of Period, Land | 17,810 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 186,162 | |||
Gross Amounts at Which Carried at Close of Period, Total | 203,972 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (94,334) | |||
Harford Mall, Bel Air, MD | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 8,699 | |||
Initial Cost, Buildings and Improvements | 45,704 | |||
Costs Capitalized Subsequent to Acquisition | 21,309 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,699 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 67,013 | |||
Gross Amounts at Which Carried at Close of Period, Total | 75,712 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (33,133) | |||
Laurel Park Place Livonia, MI | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 13,289 | |||
Initial Cost, Buildings and Improvements | 92,579 | |||
Costs Capitalized Subsequent to Acquisition | (79,562) | |||
Gross Amounts at Which Carried at Close of Period, Land | 7,500 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 18,806 | |||
Gross Amounts at Which Carried at Close of Period, Total | 26,306 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,652) | |||
Imperial Valley Mall, El Centro, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 35,378 | |||
Initial Cost, Buildings and Improvements | 71,753 | |||
Costs Capitalized Subsequent to Acquisition | 7,451 | |||
Gross Amounts at Which Carried at Close of Period, Land | 40,579 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 74,003 | |||
Gross Amounts at Which Carried at Close of Period, Total | 114,582 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (20,155) | |||
Kirkwood Mall, Bismarck, ND | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 3,368 | |||
Initial Cost, Buildings and Improvements | 118,945 | |||
Costs Capitalized Subsequent to Acquisition | 29,480 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,448 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 148,345 | |||
Gross Amounts at Which Carried at Close of Period, Total | 151,793 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (37,489) | |||
Jefferson Mall, Louisville, KY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 60,852 | |||
Initial Cost, Land | 13,125 | |||
Initial Cost, Buildings and Improvements | 40,234 | |||
Costs Capitalized Subsequent to Acquisition | 45,255 | |||
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 | 80,243 | |||
Gross Amounts at Which Carried at Close of Period, Total | 98,093 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (42,686) | |||
Layton Hills Mall, Layton, UT | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 20,464 | |||
Initial Cost, Buildings and Improvements | 99,836 | |||
Costs Capitalized Subsequent to Acquisition | (4,315) | |||
Sales of Outparcel Land | (1,165) | |||
Gross Amounts at Which Carried at Close of Period, Land | 13,060 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 101,760 | |||
Gross Amounts at Which Carried at Close of Period, Total | 114,820 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (42,701) | |||
Mall Del Norte, Laredo, TX | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 21,734 | |||
Initial Cost, Buildings and Improvements | 142,049 | |||
Costs Capitalized Subsequent to Acquisition | 59,011 | |||
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 | 200,978 | |||
Gross Amounts at Which Carried at Close of Period, Total | 222,645 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (98,183) | |||
Mayfaire Town Centerand Community Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 26,333 | |||
Initial Cost, Buildings and Improvements | 101,087 | |||
Costs Capitalized Subsequent to Acquisition | 20,349 | |||
Gross Amounts at Which Carried at Close of Period, Land | 26,444 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 121,325 | |||
Gross Amounts at Which Carried at Close of Period, Total | 147,769 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (20,084) | |||
Meridian Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 2,797 | |||
Initial Cost, Buildings and Improvements | 103,678 | |||
Costs Capitalized Subsequent to Acquisition | 69,329 | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,501 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 171,303 | |||
Gross Amounts at Which Carried at Close of Period, Total | 175,804 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (94,761) | |||
Mid Rivers Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 16,384 | |||
Initial Cost, Buildings and Improvements | 170,582 | |||
Costs Capitalized Subsequent to Acquisition | (130,358) | |||
Sales of Outparcel Land | (4,174) | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,840 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 40,594 | |||
Gross Amounts at Which Carried at Close of Period, Total | 52,434 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,480) | |||
Monroeville Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 22,911 | |||
Initial Cost, Buildings and Improvements | 177,214 | |||
Costs Capitalized Subsequent to Acquisition | (134,699) | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,251 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 50,175 | |||
Gross Amounts at Which Carried at Close of Period, Total | 65,426 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,252) | |||
Northgate Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 2,330 | |||
Initial Cost, Buildings and Improvements | 8,960 | |||
Costs Capitalized Subsequent to Acquisition | 26,034 | |||
Sales of Outparcel Land | (492) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,000 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 33,832 | |||
Gross Amounts at Which Carried at Close of Period, Total | 36,832 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (15,647) | |||
Northpark Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 9,977 | |||
Initial Cost, Buildings and Improvements | 65,481 | |||
Costs Capitalized Subsequent to Acquisition | 43,375 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,071 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 107,762 | |||
Gross Amounts at Which Carried at Close of Period, Total | 118,833 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (55,171) | |||
Old Hickory Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 15,527 | |||
Initial Cost, Buildings and Improvements | 29,413 | |||
Costs Capitalized Subsequent to Acquisition | 8,155 | |||
Sales of Outparcel Land | (362) | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,169 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 37,564 | |||
Gross Amounts at Which Carried at Close of Period, Total | 52,733 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (20,106) | |||
The Outlet Shoppes at Laredo | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 40,600 | |||
Initial Cost, Land | 11,000 | |||
Initial Cost, Buildings and Improvements | 97,353 | |||
Costs Capitalized Subsequent to Acquisition | (66,620) | |||
Gross Amounts at Which Carried at Close of Period, Land | 5,000 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 36,733 | |||
Gross Amounts at Which Carried at Close of Period, Total | 41,733 | |||
Parkdale Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 74,406 | |||
Initial Cost, Land | 23,850 | |||
Initial Cost, Buildings and Improvements | 47,390 | |||
Costs Capitalized Subsequent to Acquisition | 75,315 | |||
Sales of Outparcel Land | (874) | |||
Gross Amounts at Which Carried at Close of Period, Land | 24,814 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 120,867 | |||
Gross Amounts at Which Carried at Close of Period, Total | 145,681 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (51,711) | |||
Pearland Town Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 16,300 | |||
Initial Cost, Buildings and Improvements | 108,615 | |||
Costs Capitalized Subsequent to Acquisition | 17,838 | |||
Sales of Outparcel Land | (857) | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,252 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 126,644 | |||
Gross Amounts at Which Carried at Close of Period, Total | 141,896 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (52,253) | |||
Northwoods Mall Northwoods Mall North Charleston, SC | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 62,284 | |||
Initial Cost, Land | 14,867 | |||
Initial Cost, Buildings and Improvements | 49,647 | |||
Costs Capitalized Subsequent to Acquisition | 28,963 | |||
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 | 78,610 | |||
Gross Amounts at Which Carried at Close of Period, Total | 91,138 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (38,332) | |||
Post Oak Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 3,936 | |||
Initial Cost, Buildings and Improvements | 48,948 | |||
Costs Capitalized Subsequent to Acquisition | 17,593 | |||
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 | 66,298 | |||
Gross Amounts at Which Carried at Close of Period, Total | 70,150 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (44,216) | |||
Richland Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 9,874 | |||
Initial Cost, Buildings and Improvements | 34,793 | |||
Costs Capitalized Subsequent to Acquisition | 23,044 | |||
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 | 57,824 | |||
Gross Amounts at Which Carried at Close of Period, Total | 66,486 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (28,548) | |||
The Outlet Shoppes at Gettysburg Gettysburg, PA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 36,774 | |||
Initial Cost, Land | 20,779 | |||
Initial Cost, Buildings and Improvements | 22,180 | |||
Costs Capitalized Subsequent to Acquisition | 2,781 | |||
Gross Amounts at Which Carried at Close of Period, Land | 21,032 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 24,708 | |||
Gross Amounts at Which Carried at Close of Period, Total | 45,740 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (7,402) | |||
Park Plaza Little Rock, AR | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 76,805 | |||
Initial Cost, Land | 6,297 | |||
Initial Cost, Buildings and Improvements | 81,638 | |||
Costs Capitalized Subsequent to Acquisition | (49,910) | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,304 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 31,721 | |||
Gross Amounts at Which Carried at Close of Period, Total | 38,025 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,224) | |||
Southpark Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 57,039 | |||
Initial Cost, Land | 9,501 | |||
Initial Cost, Buildings and Improvements | 73,262 | |||
Costs Capitalized Subsequent to Acquisition | 40,713 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,282 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 112,194 | |||
Gross Amounts at Which Carried at Close of Period, Total | 123,476 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (54,047) | |||
St Clair Square | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 11,027 | |||
Initial Cost, Buildings and Improvements | 75,620 | |||
Costs Capitalized Subsequent to Acquisition | 41,889 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,027 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 117,509 | |||
Gross Amounts at Which Carried at Close of Period, Total | 128,536 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (65,327) | |||
Parkway Place | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 6,364 | |||
Initial Cost, Buildings and Improvements | 67,067 | |||
Costs Capitalized Subsequent to Acquisition | 6,327 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,364 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 73,394 | |||
Gross Amounts at Which Carried at Close of Period, Total | 79,758 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (25,084) | |||
Stroud Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 14,711 | |||
Initial Cost, Buildings and Improvements | 23,936 | |||
Costs Capitalized Subsequent to Acquisition | 22,445 | |||
Gross Amounts at Which Carried at Close of Period, Land | 14,711 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 46,381 | |||
Gross Amounts at Which Carried at Close of Period, Total | 61,092 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (22,977) | |||
Sunrise Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 11,156 | |||
Initial Cost, Buildings and Improvements | 59,047 | |||
Costs Capitalized Subsequent to Acquisition | 14,214 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,156 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 73,261 | |||
Gross Amounts at Which Carried at Close of Period, Total | 84,417 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (33,050) | |||
Turtle Creek Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 2,345 | |||
Initial Cost, Buildings and Improvements | 26,418 | |||
Costs Capitalized Subsequent to Acquisition | 17,669 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,535 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 42,897 | |||
Gross Amounts at Which Carried at Close of Period, Total | 46,432 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (28,666) | |||
South County Center St. Louis, MO | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 15,754 | |||
Initial Cost, Buildings and Improvements | 159,249 | |||
Costs Capitalized Subsequent to Acquisition | 15,424 | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,791 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 174,636 | |||
Gross Amounts at Which Carried at Close of Period, Total | 190,427 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (66,751) | |||
Southaven Towne Center Southaven, MS | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 8,255 | |||
Initial Cost, Buildings and Improvements | 29,380 | |||
Costs Capitalized Subsequent to Acquisition | 10,005 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,384 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 36,256 | |||
Gross Amounts at Which Carried at Close of Period, Total | 47,640 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (16,315) | |||
Valley View Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 15,985 | |||
Initial Cost, Buildings and Improvements | 77,771 | |||
Costs Capitalized Subsequent to Acquisition | 24,217 | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,999 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 101,974 | |||
Gross Amounts at Which Carried at Close of Period, Total | 117,973 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (47,400) | |||
Volusia Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 46,510 | |||
Initial Cost, Land | 2,526 | |||
Initial Cost, Buildings and Improvements | 120,242 | |||
Costs Capitalized Subsequent to Acquisition | 37,360 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,945 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 151,183 | |||
Gross Amounts at Which Carried at Close of Period, Total | 160,128 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (64,533) | |||
West Towne Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 8,912 | |||
Initial Cost, Buildings and Improvements | 83,084 | |||
Costs Capitalized Subsequent to Acquisition | 44,600 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,912 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 127,684 | |||
Gross Amounts at Which Carried at Close of Period, Total | 136,596 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (63,262) | |||
Westgate Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 31,578 | |||
Initial Cost, Land | 2,149 | |||
Initial Cost, Buildings and Improvements | 23,257 | |||
Costs Capitalized Subsequent to Acquisition | 51,611 | |||
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 | 74,843 | |||
Gross Amounts at Which Carried at Close of Period, Total | 76,585 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (46,349) | |||
Westmoreland Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 4,621 | |||
Initial Cost, Buildings and Improvements | 84,215 | |||
Costs Capitalized Subsequent to Acquisition | 35,650 | |||
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 | 119,865 | |||
Gross Amounts at Which Carried at Close of Period, Total | 123,246 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (54,171) | |||
York Galleria | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 5,757 | |||
Initial Cost, Buildings and Improvements | 63,316 | |||
Costs Capitalized Subsequent to Acquisition | 19,637 | |||
Gross Amounts at Which Carried at Close of Period, Land | 5,757 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 82,953 | |||
Gross Amounts at Which Carried at Close of Period, Total | 88,710 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (43,555) | |||
A840 Greenbrier Circle | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 2,096 | |||
Initial Cost, Buildings and Improvements | 3,091 | |||
Costs Capitalized Subsequent to Acquisition | 1,151 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,096 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 4,242 | |||
Gross Amounts at Which Carried at Close of Period, Total | 6,338 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,778) | |||
Annex at Monroeville Pittsburgh, PA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Buildings and Improvements | 29,496 | |||
Costs Capitalized Subsequent to Acquisition | 1,626 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 31,122 | |||
Gross Amounts at Which Carried at Close of Period, Total | 31,122 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (12,254) | |||
Cbl Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,182 | |||
Initial Cost, Land | 1,332 | |||
Initial Cost, Buildings and Improvements | 24,675 | |||
Costs Capitalized Subsequent to Acquisition | 1,337 | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,864 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 25,480 | |||
Gross Amounts at Which Carried at Close of Period, Total | 27,344 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (16,047) | |||
Cbl Center Ii | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 22 | |||
Initial Cost, Buildings and Improvements | 13,648 | |||
Costs Capitalized Subsequent to Acquisition | 759 | |||
Gross Amounts at Which Carried at Close of Period, Land | 358 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 14,071 | |||
Gross Amounts at Which Carried at Close of Period, Total | 14,429 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,383) | |||
Cool Springs Crossing | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 2,803 | |||
Initial Cost, Buildings and Improvements | 14,985 | |||
Costs Capitalized Subsequent to Acquisition | 5,961 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,554 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 20,195 | |||
Gross Amounts at Which Carried at Close of Period, Total | 23,749 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (15,265) | |||
Courtyard At Hickory Hollow | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 3,314 | |||
Initial Cost, Buildings and Improvements | 2,771 | |||
Costs Capitalized Subsequent to Acquisition | 472 | |||
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 | 4,826 | |||
Gross Amounts at Which Carried at Close of Period, Total | 6,326 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,096) | |||
Frontier Square | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 346 | |||
Initial Cost, Buildings and Improvements | 684 | |||
Costs Capitalized Subsequent to Acquisition | 439 | |||
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 | 1,123 | |||
Gross Amounts at Which Carried at Close of Period, Total | 1,383 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (871) | |||
Gunbarrel Pointe | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 4,170 | |||
Initial Cost, Buildings and Improvements | 10,874 | |||
Costs Capitalized Subsequent to Acquisition | 3,650 | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,170 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 14,524 | |||
Gross Amounts at Which Carried at Close of Period, Total | 18,694 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (7,545) | |||
Hamilton Corner | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 630 | |||
Initial Cost, Buildings and Improvements | 5,532 | |||
Costs Capitalized Subsequent to Acquisition | 8,628 | |||
Gross Amounts at Which Carried at Close of Period, Land | 734 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 14,056 | |||
Gross Amounts at Which Carried at Close of Period, Total | 14,790 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (8,914) | |||
Hamilton Crossing | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,205 | |||
Initial Cost, Land | 4,014 | |||
Initial Cost, Buildings and Improvements | 5,906 | |||
Costs Capitalized Subsequent to Acquisition | 6,942 | |||
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 | 12,848 | |||
Gross Amounts at Which Carried at Close of Period, Total | 15,492 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (8,309) | |||
Harford Annex | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 2,854 | |||
Initial Cost, Buildings and Improvements | 9,718 | |||
Costs Capitalized Subsequent to Acquisition | 1,278 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,854 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 10,996 | |||
Gross Amounts at Which Carried at Close of Period, Total | 13,850 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,019) | |||
The Landing at Arbor Place Atlanta (Douglasville), GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 7,238 | |||
Initial Cost, Buildings and Improvements | 14,330 | |||
Costs Capitalized Subsequent to Acquisition | 3,276 | |||
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 | 17,606 | |||
Gross Amounts at Which Carried at Close of Period, Total | 22,602 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (11,735) | |||
Layton Convenience Center Layton, UT | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Buildings and Improvements | 8 | |||
Costs Capitalized Subsequent to Acquisition | 5,728 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,795 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 2,941 | |||
Gross Amounts at Which Carried at Close of Period, Total | 5,736 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,903) | |||
Layton Hills Plaza Layton, UT | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Buildings and Improvements | 2 | |||
Costs Capitalized Subsequent to Acquisition | 1,049 | |||
Gross Amounts at Which Carried at Close of Period, Land | 673 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 378 | |||
Gross Amounts at Which Carried at Close of Period, Total | 1,051 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (279) | |||
Parkdale Crossing | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 2,994 | |||
Initial Cost, Buildings and Improvements | 7,408 | |||
Costs Capitalized Subsequent to Acquisition | 2,769 | |||
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 | 10,177 | |||
Gross Amounts at Which Carried at Close of Period, Total | 12,816 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,504) | |||
Pearland Office | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Buildings and Improvements | 7,849 | |||
Costs Capitalized Subsequent to Acquisition | 2,677 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 10,526 | |||
Gross Amounts at Which Carried at Close of Period, Total | 10,526 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,496) | |||
Pearland Residential Mgmt | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Buildings and Improvements | 9,666 | |||
Costs Capitalized Subsequent to Acquisition | 9 | |||
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 | (3,331) | |||
The Plaza at Fayette Lexington, KY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 9,531 | |||
Initial Cost, Buildings and Improvements | 27,646 | |||
Costs Capitalized Subsequent to Acquisition | 1,215 | |||
Gross Amounts at Which Carried at Close of Period, Land | 9,531 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 28,861 | |||
Gross Amounts at Which Carried at Close of Period, Total | 38,392 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (11,159) | |||
The Promenade D'lberville D'lberville, MS | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 16,278 | |||
Initial Cost, Buildings and Improvements | 48,806 | |||
Costs Capitalized Subsequent to Acquisition | 27,803 | |||
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 | 74,228 | |||
Gross Amounts at Which Carried at Close of Period, Total | 92,181 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (26,739) | |||
The Shoppes At St Clair Square | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 8,250 | |||
Initial Cost, Buildings and Improvements | 23,623 | |||
Costs Capitalized Subsequent to Acquisition | 910 | |||
Sales of Outparcel Land | (5,044) | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,436 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 23,303 | |||
Gross Amounts at Which Carried at Close of Period, Total | 27,739 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (11,322) | |||
Shoppes At Hamilton Place | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 4,894 | |||
Initial Cost, Buildings and Improvements | 11,700 | |||
Costs Capitalized Subsequent to Acquisition | 2,205 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,811 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 15,988 | |||
Gross Amounts at Which Carried at Close of Period, Total | 18,799 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,157) | |||
Burnsville Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 12,804 | |||
Initial Cost, Buildings and Improvements | 71,748 | |||
Costs Capitalized Subsequent to Acquisition | (84,552) | |||
Sunrise Commons | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 1,013 | |||
Initial Cost, Buildings and Improvements | 7,525 | |||
Costs Capitalized Subsequent to Acquisition | 1,799 | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,013 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 9,324 | |||
Gross Amounts at Which Carried at Close of Period, Total | 10,337 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,430) | |||
Hickory Point Mall | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 10,731 | |||
Initial Cost, Buildings and Improvements | 31,728 | |||
Costs Capitalized Subsequent to Acquisition | (42,459) | |||
Terrace | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 4,166 | |||
Initial Cost, Buildings and Improvements | 9,929 | |||
Costs Capitalized Subsequent to Acquisition | 7,995 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,536 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 15,554 | |||
Gross Amounts at Which Carried at Close of Period, Total | 22,090 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (7,975) | |||
West Towne Crossing | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 1,784 | |||
Initial Cost, Buildings and Improvements | 2,955 | |||
Costs Capitalized Subsequent to Acquisition | 12,095 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,759 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 14,075 | |||
Gross Amounts at Which Carried at Close of Period, Total | 16,834 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,683) | |||
Westgate Crossing | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 1,082 | |||
Initial Cost, Buildings and Improvements | 3,422 | |||
Costs Capitalized Subsequent to Acquisition | 8,228 | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,082 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 11,650 | |||
Gross Amounts at Which Carried at Close of Period, Total | 12,732 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,589) | |||
Westmoreland South | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 2,898 | |||
Initial Cost, Buildings and Improvements | 21,167 | |||
Costs Capitalized Subsequent to Acquisition | 9,267 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,898 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 30,434 | |||
Gross Amounts at Which Carried at Close of Period, Total | 33,332 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (14,137) | |||
Other Land | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | 21,559 | |||
Initial Cost, Buildings and Improvements | 4,002 | |||
Costs Capitalized Subsequent to Acquisition | (4,157) | |||
Gross Amounts at Which Carried at Close of Period, Land | 19,923 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 1,481 | |||
Gross Amounts at Which Carried at Close of Period, Total | 21,404 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (138) | |||
Development In Progress Consisting Of Construction And Development Properties | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Costs Capitalized Subsequent to Acquisition | 28,327 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 28,327 | |||
Gross Amounts at Which Carried at Close of Period, Total | $ 28,327 |
Schedule III - REAL ESTATE AS_3
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION - Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Carrying Amount of Real Estate Investments and Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of period | $ 6,411,400 | $ 7,278,608 | $ 7,621,930 |
Additions and improvements | 36,337 | 129,923 | 144,256 |
Acquisitions of real estate assets | 5,700 | 3,301 | |
Disposals, deconsolidations and accumulated depreciation on impairments | (377,165) | (786,889) | (305,813) |
Transfers to (from) real estate assets | 332 | 22,573 | (11,531) |
Impairment of real estate assets | (211,791) | (238,515) | (173,535) |
Balance at end of period | 5,859,113 | 6,411,400 | 7,278,608 |
Accumulated depreciation, beginning of period | 2,349,404 | 2,493,082 | 2,465,095 |
Depreciation expense | 205,671 | 241,631 | 261,838 |
Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired | (313,654) | (385,309) | (233,851) |
Accumulated depreciation, end of period | $ 2,241,421 | $ 2,349,404 | $ 2,493,082 |
Schedule IV - MORTGAGE NOTES _2
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Mortgage Loans On Real Estate [Line Items] | |||
Carrying Amount of Mortgage | $ 1,100 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Beginning balance | 2,637 | $ 4,884 | $ 5,418 |
Payments | (307) | (2,247) | (534) |
Write-Offs | (1,230) | ||
Ending balance | $ 1,100 | $ 2,637 | $ 4,884 |
D'Iberville Promenade LLC | First Mortgage | |||
Mortgage Loans On Real Estate [Line Items] | |||
Interest rate (as a percent) | 2.64% | ||
Balloon Payment At Maturity | $ 1,100 | ||
Face Amount Of Mortgage | 1,100 | ||
Carrying Amount of Mortgage | 1,100 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 1,100 | ||
New Garden Crossing | First Mortgage | LIBOR | |||
Mortgage Loans On Real Estate [Line Items] | |||
Basis spread on variable rate (as a percent) | 2.50% |