Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 23, 2015 | Jun. 30, 2014 | |
Entity Information [Line Items] | |||
Entity Registrant Name | CBL & ASSOCIATES PROPERTIES INC | ||
Entity Central Index Key | 910612 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 170,524,039 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $3,170,146,295 | ||
CBL & Associates Limited Partnership [Member] | |||
Entity Information [Line Items] | |||
Entity Registrant Name | CBL & Associates Limited Partnership | ||
Entity Central Index Key | 915140 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables: | ||
Mortgage and other notes receivable | $19,811 | $30,424 |
Total assets | 6,616,299 | 6,785,971 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | ||
Mortgage and other indebtedness | 4,700,460 | 4,857,523 |
CBL & Associates Properties, Inc. [Member] | ||
Real estate assets: | ||
Land | 847,829 | 858,619 |
Buildings and improvements | 7,221,387 | 7,125,512 |
Real estate investment property, at cost | 8,069,216 | 7,984,131 |
Accumulated depreciation | -2,240,007 | -2,056,357 |
Real estate investment property, net, before developments in progress | 5,829,209 | 5,927,774 |
Developments in progress | 117,966 | 139,383 |
Net investment in real estate assets | 5,947,175 | 6,067,157 |
Cash and cash equivalents | 37,938 | 65,500 |
Receivables: | ||
Tenant, net of allowance for doubtful accounts of $2,368 and $2,379 in 2014 and 2013, respectively | 81,338 | 79,899 |
Other, net of allowance for doubtful accounts of $1,285 and $1,241 in 2014 and 2013, respectively | 22,577 | 23,343 |
Mortgage and other notes receivable | 19,811 | 30,424 |
Investments in unconsolidated affiliates | 281,449 | 277,146 |
Intangible lease assets and other assets | 226,011 | 242,502 |
Total assets | 6,616,299 | 6,785,971 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | ||
Mortgage and other indebtedness | 4,700,460 | 4,857,523 |
Accounts payable and accrued liabilities | 328,352 | 333,875 |
Total liabilities | 5,028,812 | 5,191,398 |
Commitments and contingencies | ||
Redeemable interests: | ||
Redeemable noncontrolling interests | 37,559 | 34,639 |
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | ||
Common stock, $.01 par value, 350,000,000 shares authorized, 170,260,273 and 170,048,144 issued and outstanding in 2014 and 2013, respectively | 1,703 | 1,700 |
Additional paid-in capital | 1,958,198 | 1,967,644 |
Accumulated other comprehensive income | 13,411 | 6,325 |
Dividends in excess of cumulative earnings | -566,785 | -570,781 |
Total shareholders' equity | 1,406,552 | 1,404,913 |
Noncontrolling interests | 143,376 | 155,021 |
Total equity | 1,549,928 | 1,559,934 |
Common units: | ||
Total Liabilities, Redeemable Noncontrolling Interests and Equity/Capital | 6,616,299 | 6,785,971 |
CBL & Associates Properties, Inc. [Member] | Series D Preferred Stock [Member] | ||
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | ||
Preferred stock, value | 18 | 18 |
CBL & Associates Properties, Inc. [Member] | Series E Preferred Stock [Member] | ||
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | ||
Preferred stock, value | 7 | 7 |
CBL & Associates Limited Partnership [Member] | ||
Real estate assets: | ||
Land | 847,829 | 858,619 |
Buildings and improvements | 7,221,387 | 7,125,512 |
Real estate investment property, at cost | 8,069,216 | 7,984,131 |
Accumulated depreciation | -2,240,007 | -2,056,357 |
Real estate investment property, net, before developments in progress | 5,829,209 | 5,927,774 |
Developments in progress | 117,966 | 139,383 |
Net investment in real estate assets | 5,947,175 | 6,067,157 |
Cash and cash equivalents | 37,926 | 65,486 |
Receivables: | ||
Tenant, net of allowance for doubtful accounts of $2,368 and $2,379 in 2014 and 2013, respectively | 81,338 | 79,899 |
Other, net of allowance for doubtful accounts of $1,285 and $1,241 in 2014 and 2013, respectively | 22,577 | 23,343 |
Mortgage and other notes receivable | 19,811 | 30,424 |
Investments in unconsolidated affiliates | 282,009 | 277,701 |
Intangible lease assets and other assets | 225,891 | 242,383 |
Total assets | 6,616,727 | 6,786,393 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | ||
Mortgage and other indebtedness | 4,700,460 | 4,857,523 |
Accounts payable and accrued liabilities | 328,267 | 333,876 |
Total liabilities | 5,028,727 | 5,191,399 |
Commitments and contingencies | ||
Redeemable interests: | ||
Redeemable noncontrolling interests | 6,455 | 5,883 |
Redeemable common units | 31,104 | 28,756 |
Total redeemable interests | 37,559 | 34,639 |
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | ||
Accumulated other comprehensive income | 13,183 | 4,923 |
Partners' capital: | ||
Preferred units | 565,212 | 565,212 |
Common units: | ||
General partner | 9,789 | 9,866 |
Limited partners | 953,349 | 961,175 |
Total partners' capital | 1,541,533 | 1,541,176 |
Noncontrolling interests | 8,908 | 19,179 |
Total capital | 1,550,441 | 1,560,355 |
Total Liabilities, Redeemable Noncontrolling Interests and Equity/Capital | $6,616,727 | $6,786,393 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical - OP) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Tenant receivables allowance for doubtful accounts | $2,368 | $2,379 |
Other receivables allowance for doubtful accounts | 1,285 | 1,241 |
CBL & Associates Limited Partnership [Member] | ||
Tenant receivables allowance for doubtful accounts | 2,368 | 2,379 |
Other receivables allowance for doubtful accounts | $1,285 | $1,241 |
Consolidated_Balance_Sheets_Pa1
Consolidated Balance Sheets (Parenthetical - REIT) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Receivables: | ||
Tenant receivables allowance for doubtful accounts | $2,368 | $2,379 |
Other receivables allowance for doubtful accounts | $1,285 | $1,241 |
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares issued | 170,260,273 | 170,048,144 |
Common stock, shares outstanding | 170,260,273 | 170,048,144 |
Series D Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, dividend rate (percent) | 7.38% | 7.38% |
Preferred stock, shares outstanding | 1,815,000 | 1,815,000 |
Series E Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, dividend rate (percent) | 6.63% | 6.63% |
Preferred stock, shares outstanding | 690,000 | 690,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUES: | |||
Total revenues | $1,060,739 | $1,053,625 | $1,002,843 |
OPERATING EXPENSES: | |||
Depreciation and amortization | 291,273 | 278,911 | 255,460 |
General and administrative | 50,271 | 48,867 | 51,251 |
Loss on impairment | 17,858 | 70,049 | 24,379 |
Other | 32,297 | 28,826 | 25,078 |
Income from operations | 375,143 | 330,765 | |
Interest and other income | 14,121 | 10,825 | 3,953 |
Interest expense | -239,824 | -231,856 | -242,357 |
Gain (loss) on extinguishment of debt | 87,893 | -9,108 | 265 |
Equity in earnings of unconsolidated affiliates | 14,803 | 11,616 | 8,313 |
Income tax provision | -4,499 | -1,305 | -1,404 |
Gain on sales of real estate assets | 5,342 | 1,980 | 2,286 |
Income from continuing operations | 252,979 | 115,317 | 186,049 |
Net income | 253,033 | 110,370 | |
Net income attributable to noncontrolling interests in: | |||
Net income attributable to the Company | 219,150 | 85,204 | |
Net income attributable to common shareholders/unitholders | 174,258 | 40,312 | |
Basic per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends (in dollars per share) | $1.02 | $0.27 | |
Net income attributable to common shareholders/unitholders (in dollars per share) | $1.02 | $0.24 | |
Weighted-average common shares/units outstanding (in shares) | 154,762 | ||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends/distributions (in dollars per share) | $1.02 | $0.27 | |
Net income attributable to common shareholders/unitholders (in dollars per share) | $1.02 | $0.24 | |
Weighted-average common and potential dilutive common shares/units outstanding (in shares) | 154,807 | ||
Amounts attributable to common shareholders/unitholders: | |||
Net income attributable to common shareholders/unitholders | 174,258 | 40,312 | |
CBL & Associates Properties, Inc. [Member] | |||
REVENUES: | |||
Minimum rents | 682,584 | 675,870 | 641,821 |
Percentage rents | 16,876 | 18,572 | 17,728 |
Other rents | 22,314 | 21,974 | 21,914 |
Tenant reimbursements | 290,561 | 290,097 | 279,280 |
Management, development and leasing fees | 12,986 | 12,439 | 10,772 |
Other | 35,418 | 34,673 | 31,328 |
Total revenues | 1,060,739 | 1,053,625 | 1,002,843 |
OPERATING EXPENSES: | |||
Property operating | 149,774 | 151,127 | 138,533 |
Depreciation and amortization | 291,273 | 278,911 | 255,460 |
Real estate taxes | 89,281 | 88,701 | 87,871 |
Maintenance and repairs | 54,842 | 56,379 | 50,350 |
General and administrative | 50,271 | 48,867 | 51,251 |
Loss on impairment | 17,858 | 70,049 | 24,379 |
Other | 32,297 | 28,826 | 25,078 |
Total operating expenses | 685,596 | 722,860 | 632,922 |
Income from operations | 375,143 | 330,765 | 369,921 |
Interest and other income | 14,121 | 10,825 | 3,953 |
Interest expense | -239,824 | -231,856 | -242,357 |
Gain (loss) on extinguishment of debt | 87,893 | -9,108 | 265 |
Gain on investments | 0 | 2,400 | 45,072 |
Equity in earnings of unconsolidated affiliates | 14,803 | 11,616 | 8,313 |
Income tax provision | -4,499 | -1,305 | -1,404 |
Income from continuing operations before gain on sales of real estate assets | 247,637 | 113,337 | 183,763 |
Gain on sales of real estate assets | 5,342 | 1,980 | 2,286 |
Income from continuing operations | 252,979 | 115,317 | 186,049 |
Operating loss of discontinued operations | -222 | -6,091 | -12,468 |
Gain on discontinued operations | 276 | 1,144 | 938 |
Net income | 253,033 | 110,370 | 174,519 |
Net income attributable to noncontrolling interests in: | |||
Operating Partnership | -30,106 | -7,125 | -19,267 |
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | -3,777 | -18,041 | -23,652 |
Net income attributable to the Company | 219,150 | 85,204 | 131,600 |
Preferred dividends/Distributions to preferred unitholders | -44,892 | -44,892 | -47,511 |
Net income attributable to common shareholders/unitholders | 174,258 | 40,312 | 84,089 |
Basic per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends (in dollars per share) | $1.02 | $0.27 | $0.60 |
Discontinued operations (in dollars per share) | $0 | ($0.03) | ($0.06) |
Net income attributable to common shareholders/unitholders (in dollars per share) | $1.02 | $0.24 | $0.54 |
Weighted-average common shares/units outstanding (in shares) | 170,247 | 167,027 | 154,762 |
Diluted per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends/distributions (in dollars per share) | $1.02 | $0.27 | $0.60 |
Discontinued operations (in dollars per share) | $0 | ($0.03) | ($0.06) |
Net income attributable to common shareholders/unitholders (in dollars per share) | $1.02 | $0.24 | $0.54 |
Weighted-average common and potential dilutive common shares/units outstanding (in shares) | 170,247 | 167,027 | 154,807 |
Amounts attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred distributions | 174,212 | 44,515 | 93,469 |
Discontinued operations | 46 | -4,203 | -9,380 |
Net income attributable to common shareholders/unitholders | 174,258 | 40,312 | 84,089 |
CBL & Associates Limited Partnership [Member] | |||
REVENUES: | |||
Minimum rents | 682,584 | 675,870 | 641,821 |
Percentage rents | 16,876 | 18,572 | 17,728 |
Other rents | 22,314 | 21,974 | 21,914 |
Tenant reimbursements | 290,561 | 290,097 | 279,280 |
Management, development and leasing fees | 12,986 | 12,439 | 10,772 |
Other | 35,418 | 34,673 | 31,328 |
Total revenues | 1,060,739 | 1,053,625 | 1,002,843 |
OPERATING EXPENSES: | |||
Property operating | 149,774 | 151,127 | 138,533 |
Depreciation and amortization | 291,273 | 278,911 | 255,460 |
Real estate taxes | 89,281 | 88,701 | 87,871 |
Maintenance and repairs | 54,842 | 56,379 | 50,350 |
General and administrative | 50,271 | 48,867 | 51,251 |
Loss on impairment | 17,858 | 70,049 | 24,379 |
Other | 32,297 | 28,826 | 25,078 |
Total operating expenses | 685,596 | 722,860 | 632,922 |
Income from operations | 375,143 | 330,765 | 369,921 |
Interest and other income | 14,121 | 10,825 | 3,953 |
Interest expense | -239,824 | -231,856 | -242,357 |
Gain (loss) on extinguishment of debt | 87,893 | -9,108 | 265 |
Gain on investments | 0 | 2,400 | 45,072 |
Equity in earnings of unconsolidated affiliates | 14,803 | 11,616 | 8,313 |
Income tax provision | -4,499 | -1,305 | -1,404 |
Income from continuing operations before gain on sales of real estate assets | 247,637 | 113,337 | 183,763 |
Gain on sales of real estate assets | 5,342 | 1,980 | 2,286 |
Income from continuing operations | 252,979 | 115,317 | 186,049 |
Operating loss of discontinued operations | -222 | -6,091 | -12,468 |
Gain on discontinued operations | 276 | 1,144 | 938 |
Net income | 253,033 | 110,370 | 174,519 |
Net income attributable to noncontrolling interests in: | |||
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | -3,777 | -18,041 | -23,652 |
Net income attributable to the Company | 249,256 | 92,329 | 150,867 |
Preferred dividends/Distributions to preferred unitholders | -44,892 | -44,892 | -47,511 |
Net income attributable to common shareholders/unitholders | 204,364 | 47,437 | 103,356 |
Basic per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends (in dollars per share) | $1.02 | $0.26 | $0.59 |
Discontinued operations (in dollars per share) | $0 | ($0.02) | ($0.05) |
Net income attributable to common shareholders/unitholders (in dollars per share) | $1.02 | $0.24 | $0.54 |
Weighted-average common shares/units outstanding (in shares) | 199,660 | 196,572 | 190,223 |
Diluted per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends/distributions (in dollars per share) | $1.02 | $0.26 | $0.59 |
Discontinued operations (in dollars per share) | $0 | ($0.02) | ($0.05) |
Net income attributable to common shareholders/unitholders (in dollars per share) | $1.02 | $0.24 | $0.54 |
Weighted-average common and potential dilutive common shares/units outstanding (in shares) | 199,660 | 196,572 | 190,268 |
Amounts attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred distributions | 204,318 | 51,640 | 112,736 |
Discontinued operations | 46 | -4,203 | -9,380 |
Net income attributable to common shareholders/unitholders | $204,364 | $47,437 | $103,356 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income | $253,033 | $110,370 | |
Other comprehensive income (loss): | |||
Total other comprehensive income (loss) | 8,325 | -768 | 3,995 |
CBL & Associates Properties, Inc. [Member] | |||
Net income | 253,033 | 110,370 | 174,519 |
Other comprehensive income (loss): | |||
Unrealized holding gain (loss) on available-for-sale securities | 6,543 | -2,583 | 4,426 |
Reclassification to net income of realized gain on available-for-sale securities | 0 | 0 | -224 |
Unrealized gain (loss) on hedging instruments | 3,977 | 1,815 | -207 |
Reclassification of hedging effect on earnings | -2,195 | 0 | 0 |
Total other comprehensive income (loss) | 8,325 | -768 | 3,995 |
Comprehensive income | 261,358 | 109,602 | 178,514 |
Comprehensive income attributable to noncontrolling interests in: | |||
Operating Partnership | -31,345 | -7,018 | -19,701 |
Other consolidated subsidiaries | -3,777 | -18,041 | -23,652 |
Comprehensive income attributable to the Company | 226,236 | 84,543 | 135,161 |
CBL & Associates Limited Partnership [Member] | |||
Net income | 253,033 | 110,370 | 174,519 |
Other comprehensive income (loss): | |||
Unrealized holding gain (loss) on available-for-sale securities | 6,543 | -2,583 | 4,426 |
Reclassification to net income of realized gain on available-for-sale securities | 0 | 0 | -224 |
Unrealized gain (loss) on hedging instruments | 3,977 | 1,815 | -207 |
Reclassification of hedging effect on earnings | -2,195 | 0 | 0 |
Total other comprehensive income (loss) | 8,325 | -768 | 3,995 |
Comprehensive income | 261,358 | 109,602 | 178,514 |
Comprehensive income attributable to noncontrolling interests in: | |||
Other consolidated subsidiaries | -3,777 | -18,041 | -23,652 |
Comprehensive income attributable to the Company | $257,581 | $91,561 | $154,862 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity/Capital (USD $) | Total | Series E Preferred Stock [Member] | Preferred Stock [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Properties, Inc. [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] | CBL & Associates Limited Partnership [Member] |
In Thousands, except Share data, unless otherwise specified | USD ($) | Series E Preferred Stock [Member] | USD ($) | Shopping Center Properties [Member] | Redeemable Noncontrolling Partnership Interests [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] | Total Shareholders' Equity [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | USD ($) | Shopping Center Properties [Member] | Series C Preferred Stock [Member] | Series E Preferred Stock [Member] | Preferred Units [Member] | Common Units [Member] | Restricted Common Stock [Member] | Common Units and Restricted Common Units [Member] | Redeemable Partnership Interests [Member] | Redeemable Common Units [Member] | Redeemable Common Units [Member] | Total Redeemable Partnership Interests [Member] | Total Redeemable Partnership Interests [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interests [Member] | Noncontrolling Interests [Member] | Preferred Units [Member] | Preferred Units [Member] | Preferred Units [Member] | Preferred Units [Member] | Common Units [Member] | Common Units [Member] | Common Units [Member] | Common Units [Member] | General Partner [Member] | General Partner [Member] | General Partner [Member] | Limited Partners [Member] | Limited Partners [Member] | Limited Partners [Member] | Limited Partners [Member] | Limited Partners [Member] | Total Partners' Capital [Member] | Total Partners' Capital [Member] | Total Partners' Capital [Member] | Total Partners' Capital [Member] | Total Partners' Capital [Member] | Total Partners' Capital [Member] | Total Partners' Capital [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Shopping Center Properties [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Common Units [Member] | USD ($) | Common Units [Member] | USD ($) | USD ($) | Shopping Center Properties [Member] | USD ($) | Series C Preferred Stock [Member] | Series E Preferred Stock [Member] | USD ($) | Restricted Common Stock [Member] | Common Units and Restricted Common Units [Member] | USD ($) | Series C Preferred Stock [Member] | Common Units [Member] | USD ($) | Series C Preferred Stock [Member] | Common Units [Member] | Restricted Common Stock [Member] | Common Units and Restricted Common Units [Member] | USD ($) | Series C Preferred Stock [Member] | Series E Preferred Stock [Member] | Preferred Units [Member] | Common Units [Member] | Restricted Common Stock [Member] | Common Units and Restricted Common Units [Member] | ||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||
Beginning balance, partners' capital at Dec. 31, 2011 | $1,470,521 | $6,235 | $26,036 | $32,271 | $1,711 | $4,280 | $509,719 | $10,178 | $944,633 | $1,466,241 | |||||||||||||||||||||||||||||||||||||||||||
Beginning balance, shareholders' equity at Dec. 31, 2011 | 1,470,391 | 23 | 1,484 | 1,657,927 | 3,425 | -399,581 | 1,263,278 | 207,113 | |||||||||||||||||||||||||||||||||||||||||||||
Redeemable common units, beginning balance at Dec. 31, 2011 | 32,271 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, partners' capital units (in shares) at Dec. 31, 2011 | 22,750,000 | 190,380,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 149,372 | 4,445 | 131,600 | 131,600 | 17,772 | 149,372 | 3,597 | 848 | 4,445 | -647 | 43,738 | 1,616 | 104,665 | 150,019 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 3,974 | 21 | 3,561 | 3,561 | 413 | 3,974 | 21 | 21 | 3,974 | 3,974 | |||||||||||||||||||||||||||||||||||||||||||
Issuance of shares of stock (in shares) | 690,000 | 6,900,000 | 244,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 690,000 shares of Series E preferred stock in equity offering | 166,720 | 7 | 166,713 | 166,720 | 166,720 | 166,720 | 166,720 | ||||||||||||||||||||||||||||||||||||||||||||||
Redemption of units (in shares) | -224,628 | -4,600,000 | -627,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of units, value | -3,965 | -115,000 | -9,429 | -111,227 | -41 | -3,732 | -9,429 | -115,000 | -9,429 | ||||||||||||||||||||||||||||||||||||||||||||
Redemption of Series C preferred stock | -115,000 | -5 | -111,222 | -3,773 | -115,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common units (in shares) | 42,000 | 855,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common units | 14,730 | 14,730 | 14,730 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common units under deferred compensation arrangement | -615 | -615 | -615 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of 12,466,000 Operating Partnership common units to shares of common stock | 59,738 | 125 | 59,613 | 59,738 | -59,738 | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership | -9,863 | 14,204 | -9,863 | 14,204 | 14,204 | 14,204 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of noncontrolling interest in Operating Partnership | 14,000 | 14,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - common stock | -138,069 | -138,069 | -138,069 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - preferred stock | -43,738 | -43,738 | -43,738 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares of common stock and restricted common stock | 730 | 2 | 728 | 730 | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared | -43,738 | -169,766 | -4,685 | -4,685 | -43,738 | -1,771 | -167,995 | -43,738 | -169,766 | ||||||||||||||||||||||||||||||||||||||||||||
Cancellation of common units and restricted common stock (in shares) | -39,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of restricted common stock, value | -633 | -633 | -633 | -633 | -633 | -633 | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions from CBL related to exercises of stock options | 4,454 | 4,454 | 4,454 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 4,454 | 2 | 4,452 | 4,454 | |||||||||||||||||||||||||||||||||||||||||||||||||
Accrual under deferred compensation arrangements | 44 | 44 | 44 | 44 | 1 | 43 | 44 | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred compensation | 3,863 | 3,863 | 3,863 | 3,831 | 32 | 32 | 41 | 3,790 | 3,831 | ||||||||||||||||||||||||||||||||||||||||||||
Accelerated vesting of share-based compensation | -725 | -725 | -725 | -719 | -6 | -6 | -8 | -711 | -719 | ||||||||||||||||||||||||||||||||||||||||||||
Allocation of partners' capital | -3,171 | 3,171 | 3,171 | -18 | -3,153 | -3,171 | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 42,484 shares of common stock under deferred compensation arrangement | -615 | -615 | -615 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for noncontrolling interests | -3,197 | 3,197 | -3,360 | -3,360 | 163 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | -8,778 | 8,778 | -3,155 | -3,155 | -5,623 | -8,778 | 360 | 8,418 | 8,778 | -94 | -8,684 | -8,778 | |||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | -34,119 | -8,464 | -34,119 | -2,423 | -3,779 | -3,779 | -2,423 | ||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | 7,120 | 7,120 | 7,120 | 7,120 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests in other consolidated subsidiaries | 40,962 | 40,962 | 40,962 | 40,962 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, partners' capital at Dec. 31, 2012 | 1,521,660 | 6,413 | 33,835 | 40,248 | 5,685 | 63,496 | 565,212 | 9,904 | 877,363 | 1,458,164 | |||||||||||||||||||||||||||||||||||||||||||
Ending balance, shareholders' equity at Dec. 31, 2012 | 1,521,097 | 25 | 1,613 | 1,773,630 | 6,986 | -453,561 | 1,328,693 | 192,404 | |||||||||||||||||||||||||||||||||||||||||||||
Redeemable common units, ending balance at Dec. 31, 2012 | 40,248 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, partners' capital units (in shares) at Dec. 31, 2012 | 25,050,000 | 190,855,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 92,792 | 2,941 | 85,204 | 85,204 | 7,588 | 92,792 | 2,565 | 376 | 2,941 | 839 | 44,892 | 491 | 46,570 | 91,953 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | -762 | -6 | -661 | -661 | -101 | -762 | -6 | -6 | -762 | -762 | |||||||||||||||||||||||||||||||||||||||||||
Redemption of redeemable noncontrolling preferred joint venture interest | 10,000 | 10,000 | 10,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares of stock (in shares) | 6,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of redeemable noncontrolling preferred joint venture interest | 10,000 | 104 | 9,896 | 10,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common units (in shares) | 8,780,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common units | 216,588 | 216,588 | 216,588 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of 12,466,000 Operating Partnership common units to shares of common stock | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership | -41,444 | -41,444 | -41,444 | -41,444 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - common stock | -157,532 | -157,532 | -157,532 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - preferred stock | -44,892 | -44,892 | -44,892 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares of common stock and restricted common stock | 216,663 | 87 | 216,576 | 216,663 | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared | -8,861 | -44,892 | -157,531 | -44,892 | -1,851 | -155,680 | -44,892 | -157,531 | |||||||||||||||||||||||||||||||||||||||||||||
Cancellation of common units and restricted common stock (in shares) | -42,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of restricted common stock, value | -720 | -720 | -720 | -720 | -720 | -720 | |||||||||||||||||||||||||||||||||||||||||||||||
Accrual under deferred compensation arrangements | -7,095 | -7,095 | -7,095 | -7,095 | -74 | -7,021 | -7,095 | ||||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred compensation | 2,704 | 2,704 | 2,704 | 2,704 | 28 | 2,676 | 2,704 | ||||||||||||||||||||||||||||||||||||||||||||||
Allocation of partners' capital | -4,676 | 4,589 | 4,589 | 57 | 1,425 | -6,158 | -4,733 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for noncontrolling interests | -4,534 | 4,589 | -33,746 | -33,746 | 29,212 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 7,012 | -7,011 | 6,295 | 6,295 | 717 | 7,086 | -1,545 | -5,467 | -7,012 | 148 | 6,938 | 7,086 | |||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | -39,885 | -6,122 | -39,885 | -39,885 | -1,550 | -4,571 | -6,121 | -10,299 | -309 | -29,277 | -29,586 | ||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | 6,530 | 6,530 | 6,530 | 6,530 | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, partners' capital at Dec. 31, 2013 | 1,560,355 | 5,883 | 28,756 | 34,639 | 4,923 | 19,179 | 565,212 | 9,866 | 961,175 | 1,541,176 | |||||||||||||||||||||||||||||||||||||||||||
Ending balance, shareholders' equity at Dec. 31, 2013 | 1,559,934 | 25 | 1,700 | 1,967,644 | 6,325 | -570,781 | 1,404,913 | 155,021 | |||||||||||||||||||||||||||||||||||||||||||||
Redeemable common units, ending balance at Dec. 31, 2013 | 34,639 | 28,756 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, partners' capital units (in shares) at Dec. 31, 2013 | 25,050,000 | 199,593,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | 249,539 | 3,425 | 219,150 | 219,150 | 30,389 | 249,539 | 1,827 | 1,598 | 3,425 | 1,880 | 44,892 | 2,081 | 200,686 | 247,659 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 8,260 | 65 | 7,086 | 7,086 | 1,174 | 8,260 | 65 | 65 | 8,260 | 8,260 | |||||||||||||||||||||||||||||||||||||||||||
Redemption of units (in shares) | -273,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of units, value | -4,861 | -4,861 | -4,861 | -4,861 | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common units (in shares) | 246,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common units | 683 | 683 | 683 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of 12,466,000 Operating Partnership common units to shares of common stock | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership | -4,861 | -4,861 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - common stock | -170,262 | -170,262 | -170,262 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared - preferred stock | -44,892 | -44,892 | -44,892 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of shares of common stock and restricted common stock | 683 | 3 | 680 | 683 | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared | -44,892 | -201,483 | -4,571 | -4,571 | -44,892 | -1,479 | -200,004 | -44,892 | -201,483 | ||||||||||||||||||||||||||||||||||||||||||||
Cancellation of common units and restricted common stock (in shares) | -34,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of restricted common stock, value | -389 | -389 | -389 | -389 | -389 | -389 | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred compensation | 3,508 | 3,508 | 3,508 | 3,508 | 36 | 3,472 | 3,508 | ||||||||||||||||||||||||||||||||||||||||||||||
Allocation of partners' capital | -2,792 | 2,937 | 2,937 | -660 | -2,132 | -2,792 | |||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for noncontrolling interests | -2,937 | 2,937 | -8,231 | -8,231 | 5,294 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | -5,336 | 5,337 | -5,014 | -5,014 | -322 | -5,336 | 3,017 | 2,319 | 5,336 | -55 | -5,281 | -5,336 | |||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | -44,257 | -8,844 | -44,257 | -13,089 | -4,272 | -4,272 | -13,089 | ||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | 938 | 938 | 938 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, partners' capital at Dec. 31, 2014 | 1,550,441 | 6,455 | 31,104 | 37,559 | 13,183 | 8,908 | 565,212 | 9,789 | 953,349 | 1,541,533 | |||||||||||||||||||||||||||||||||||||||||||
Ending balance, shareholders' equity at Dec. 31, 2014 | 1,549,928 | 25 | 1,703 | 1,958,198 | 13,411 | -566,785 | 1,406,552 | 143,376 | |||||||||||||||||||||||||||||||||||||||||||||
Redeemable common units, ending balance at Dec. 31, 2014 | 37,559 | 31,104 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, partners' capital units (in shares) at Dec. 31, 2014 | 25,050,000 | 199,532,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance, partners' capital at Sep. 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared | -9,314 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, partners' capital at Dec. 31, 2014 | 1,550,441 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, shareholders' equity at Dec. 31, 2014 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable common units, ending balance at Dec. 31, 2014 | $31,104 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | |
Operating Partnership common units converted to shares of common stock (in shares) | 12,466,000 | ||
Series E Preferred Stock [Member] | |||
Issuance of shares of stock (in shares) | 6,900,000 | ||
Preferred Stock [Member] | Series E Preferred Stock [Member] | |||
Issuance of shares of stock (in shares) | 690,000 | ||
Common Stock [Member] | |||
Operating Partnership common units converted to shares of common stock (in shares) | 12,466,000 | ||
Shares of common stock issued under deferred compensation arrangement (in shares) | 42,484 | ||
Common Stock [Member] | Common Stock and Restricted Common Stock [Member] | |||
Issuance of shares of stock (in shares) | 232,560 | 8,772,114 | 246,168 |
Common Stock [Member] | Restricted Common Stock [Member] | |||
Shares of restricted common stock canceled (in shares) | 39,779 | 41,661 | 34,039 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $253,033 | $110,370 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net realized gain on sale of available-for-sale securities | 0 | 0 | -224 |
Loss on impairment | 17,858 | 70,049 | 24,379 |
Equity in earnings of unconsolidated affiliates | -14,803 | -11,616 | -8,313 |
Change in deferred tax accounts | 1,329 | 1,823 | 3,095 |
CBL & Associates Properties, Inc. [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 253,033 | 110,370 | 174,519 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 291,273 | 285,549 | 268,634 |
Amortization of deferred finance costs, debt premiums and discounts | 4,405 | 4,783 | 7,896 |
Net amortization of intangible lease assets and liabilities | 368 | 63 | -1,263 |
Gain on sales of real estate assets | -5,342 | -1,980 | -5,323 |
Gain on discontinued operations | -276 | -1,144 | -938 |
Write-off of development projects | 136 | 334 | -39 |
Share-based compensation expense | 3,979 | 2,725 | 3,740 |
Net realized gain on sale of available-for-sale securities | 0 | 0 | -224 |
Gain on investments | 0 | -2,400 | -45,072 |
Loss on impairment | 17,858 | 70,049 | 24,379 |
Loss on impairment from discontinued operations | 681 | 5,234 | 26,461 |
(Gain) loss on extinguishment of debt | -87,893 | 9,108 | -265 |
Equity in earnings of unconsolidated affiliates | -14,803 | -11,616 | -8,313 |
Distributions of earnings from unconsolidated affiliates | 21,866 | 15,995 | 17,074 |
Provision for doubtful accounts | 2,643 | 1,816 | 1,523 |
Change in deferred tax accounts | 1,329 | 1,824 | 3,095 |
Changes in: | |||
Tenant and other receivables | -4,053 | -12,358 | -2,150 |
Other assets | 1,101 | 5,928 | 2,136 |
Accounts payable and accrued liabilities | -18,244 | -19,529 | 15,645 |
Net cash provided by operating activities | 468,061 | 464,751 | 481,515 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to real estate assets | -277,624 | -314,299 | -217,827 |
Acquisitions of real estate assets | 0 | -41,444 | -96,099 |
(Additions) reductions to restricted cash | 4,880 | -7,592 | -1,063 |
Purchase of partners' interest in unconsolidated affiliates | 0 | 0 | -14,280 |
Proceeds from sales of real estate assets | 16,513 | 240,150 | 76,950 |
Proceeds from sales of investments in unconsolidated affiliates | 0 | 4,875 | 0 |
Additions to mortgage and other notes receivable | 0 | -2,700 | -3,584 |
Payments received on mortgage and other notes receivable | 20,973 | 5,672 | 3,002 |
Proceeds from sale of available-for-sale securities | 0 | 11,002 | 0 |
Additional investments in and advances to unconsolidated affiliates | -30,404 | -34,063 | -8,809 |
Distributions in excess of equity in earnings of unconsolidated affiliates | 39,229 | 11,310 | 43,173 |
Changes in other assets | -8,422 | -13,604 | -13,133 |
Net cash used in investing activities | -234,855 | -125,693 | -246,670 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from mortgage and other indebtedness | 1,061,928 | 2,298,116 | 1,869,140 |
Principal payments on mortgage and other indebtedness | -1,050,647 | -2,179,541 | -1,884,935 |
Additions to deferred financing costs | -2,386 | -7,739 | -7,384 |
Prepayment fees on extinguishment of debt | -1,506 | -8,708 | 0 |
Proceeds from issuances of common stock/units | 175 | 209,547 | 172 |
Proceeds from issuances of preferred stock/units | 0 | 0 | 166,720 |
Purchase of noncontrolling interest in the Operating Partnership | -4,861 | 0 | -9,863 |
Proceeds from exercises of stock options/Contributions from CBL related to exercises of stock options | 0 | 0 | 4,454 |
Redemption of preferred stock/units | 0 | 0 | -115,000 |
Redemption of redeemable noncontrolling preferred joint venture interest | 0 | -408,577 | 0 |
Contributions from noncontrolling interests | 938 | 6,530 | 7,120 |
Distributions to noncontrolling interests | -52,712 | -65,187 | -65,635 |
Dividends paid to holders of preferred stock/Distributions to preferred unitholders | -44,892 | -44,892 | -43,738 |
Dividends paid to common shareholders/unitholders | -166,805 | -151,355 | -133,740 |
Net cash used in financing activities | -260,768 | -351,806 | -212,689 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -27,562 | -12,748 | 22,156 |
CASH AND CASH EQUIVALENTS, beginning of period | 65,500 | 78,248 | 56,092 |
CASH AND CASH EQUIVALENTS, end of period | 37,938 | 65,500 | 78,248 |
CBL & Associates Limited Partnership [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 253,033 | 110,370 | 174,519 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 291,273 | 285,549 | 268,634 |
Amortization of deferred finance costs, debt premiums and discounts | 4,405 | 4,783 | 7,896 |
Net amortization of intangible lease assets and liabilities | 368 | 63 | -1,263 |
Gain on sales of real estate assets | -5,342 | -1,980 | -5,323 |
Gain on discontinued operations | -276 | -1,144 | -938 |
Write-off of development projects | 136 | 334 | -39 |
Share-based compensation expense | 3,979 | 2,725 | 3,740 |
Net realized gain on sale of available-for-sale securities | 0 | 0 | -224 |
Gain on investments | 0 | -2,400 | -45,072 |
Loss on impairment | 17,858 | 70,049 | 24,379 |
Loss on impairment from discontinued operations | 681 | 5,234 | 26,461 |
(Gain) loss on extinguishment of debt | -87,893 | 9,108 | -265 |
Equity in earnings of unconsolidated affiliates | -14,803 | -11,616 | -8,313 |
Distributions of earnings from unconsolidated affiliates | 21,866 | 15,995 | 17,074 |
Provision for doubtful accounts | 2,643 | 1,816 | 1,523 |
Change in deferred tax accounts | 1,329 | 1,824 | 3,095 |
Changes in: | |||
Tenant and other receivables | -4,053 | -12,358 | -2,150 |
Other assets | 1,101 | 5,928 | 1,801 |
Accounts payable and accrued liabilities | -18,242 | -19,539 | 15,646 |
Net cash provided by operating activities | 468,063 | 464,741 | 481,181 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to real estate assets | -277,624 | -314,299 | -217,827 |
Acquisitions of real estate assets | 0 | -41,444 | -96,099 |
(Additions) reductions to restricted cash | 4,880 | -7,592 | -1,063 |
Purchase of partners' interest in unconsolidated affiliates | 0 | 0 | -14,280 |
Proceeds from sales of real estate assets | 16,513 | 240,150 | 76,950 |
Proceeds from sales of investments in unconsolidated affiliates | 0 | 4,875 | 0 |
Additions to mortgage and other notes receivable | 0 | -2,700 | -3,584 |
Payments received on mortgage and other notes receivable | 20,973 | 5,672 | 3,002 |
Proceeds from sale of available-for-sale securities | 0 | 11,002 | 0 |
Additional investments in and advances to unconsolidated affiliates | -30,404 | -34,063 | -8,809 |
Distributions in excess of equity in earnings of unconsolidated affiliates | 39,229 | 11,310 | 43,160 |
Changes in other assets | -8,422 | -13,604 | -13,133 |
Net cash used in investing activities | -234,855 | -125,693 | -246,683 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from mortgage and other indebtedness | 1,061,928 | 2,298,116 | 1,869,140 |
Principal payments on mortgage and other indebtedness | -1,050,647 | -2,179,541 | -1,884,935 |
Additions to deferred financing costs | -2,386 | -7,739 | -7,384 |
Prepayment fees on extinguishment of debt | -1,506 | -8,708 | 0 |
Proceeds from issuances of common stock/units | 175 | 209,547 | 172 |
Proceeds from issuances of preferred stock/units | 0 | 0 | 167,078 |
Redemption of common units | -4,861 | 0 | -9,863 |
Proceeds from exercises of stock options/Contributions from CBL related to exercises of stock options | 0 | 0 | 4,454 |
Redemption of preferred stock/units | 0 | 0 | -115,000 |
Redemption of redeemable noncontrolling preferred joint venture interest | 0 | -408,577 | 0 |
Contributions from noncontrolling interests | 938 | 6,530 | 7,120 |
Distributions to noncontrolling interests | -52,712 | -65,187 | -26,899 |
Dividends paid to holders of preferred stock/Distributions to preferred unitholders | -44,892 | -44,892 | -43,738 |
Dividends paid to common shareholders/unitholders | -166,805 | -151,355 | -172,476 |
Net cash used in financing activities | -260,768 | -351,806 | -212,331 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -27,560 | -12,758 | 22,167 |
CASH AND CASH EQUIVALENTS, beginning of period | 65,486 | 78,244 | 56,077 |
CASH AND CASH EQUIVALENTS, end of period | 37,926 | 65,486 | 78,244 |
Cash Held in Escrow [Member] | CBL & Associates Properties, Inc. [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
(Additions) reductions to restricted cash | 0 | 15,000 | -15,000 |
Cash Held in Escrow [Member] | CBL & Associates Limited Partnership [Member] | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
(Additions) reductions to restricted cash | $0 | $15,000 | ($15,000) |
ORGANIZATION
ORGANIZATION | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||
ORGANIZATION | ORGANIZATION | |||||||||||||||
CBL, a Delaware corporation, is a self-managed, self-administered, fully-integrated REIT that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, open-air centers, outlet centers, associated centers, community centers and office properties. Its Properties are located in 27 states, but are primarily in the southeastern and midwestern United States. | ||||||||||||||||
CBL conducts substantially all of its business through the Operating Partnership. 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, 2014, the Operating Partnership owned interests in the following Properties: | ||||||||||||||||
Malls (1) | Associated | Community | Office | Total | ||||||||||||
Centers | Centers | Buildings (2) | ||||||||||||||
Consolidated Properties | 72 | 25 | 6 | 8 | 111 | |||||||||||
Unconsolidated Properties (3) | 9 | 4 | 5 | 5 | 23 | |||||||||||
Total | 81 | 29 | 11 | 13 | 134 | |||||||||||
-1 | Category consists of regional malls, open-air centers and outlet centers (including one mixed-use center). | |||||||||||||||
-2 | Includes CBL's corporate office building. | |||||||||||||||
-3 | The Operating Partnership accounts for these investments using the equity method because one or more of the other partners have substantive participating rights. | |||||||||||||||
At December 31, 2014, the Operating Partnership had interests in the following Construction Properties: | ||||||||||||||||
Consolidated Properties | Unconsolidated Properties | |||||||||||||||
Malls | Community | Malls | Community | |||||||||||||
Centers | Centers | |||||||||||||||
Development | — | 1 | — | 1 | ||||||||||||
Expansions | 1 | — | — | 2 | ||||||||||||
Redevelopment | 3 | — | 1 | — | ||||||||||||
The Operating Partnership also holds options to acquire certain development properties owned by third parties. | ||||||||||||||||
CBL is the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. At December 31, 2014, CBL Holdings I, Inc., the sole general partner of the Operating Partnership, owned a 1.0% general partner interest in the Operating Partnership and CBL Holdings II, Inc. owned an 84.3% limited partner interest for a combined interest held by CBL of 85.3%. | ||||||||||||||||
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 noncontrolling interest in the Operating Partnership is held by 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. At December 31, 2014, CBL’s Predecessor owned a 9.1% limited partner interest and third parties owned a 5.6% limited partner interest in the Operating Partnership. CBL’s Predecessor also owned 3.4 million shares of the Company's common stock at December 31, 2014, for a total combined effective interest of 10.8% in the Operating Partnership. | ||||||||||||||||
The Operating Partnership conducts the Company's property management and development activities through its wholly-owned subsidiary, the Management Company, to comply with certain requirements of the Internal Revenue Code. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||||||||||
This Form 10-K provides separate consolidated financial statements for the Company and the Operating Partnership. Due to the Company's ability as general partner to control the Operating Partnership, the Company consolidates the Operating Partnership within its consolidated financial statements for financial reporting purposes. The notes to consolidated financial statements apply to both the Company and the Operating Partnership, unless specifically noted otherwise. | ||||||||||||||||||||||||||||
The accompanying consolidated financial statements include the consolidated accounts of the Company, the Operating Partnership and their wholly owned subsidiaries, as well as entities in which the Company has a controlling financial interest or entities where the Company is deemed to be the primary beneficiary of a VIE. For entities in which the Company has less than a controlling financial interest or entities where the Company is not deemed to be the primary beneficiary of a VIE, the entities are accounted for using the equity method of accounting. Accordingly, the Company's share of the net earnings or losses of these entities is included in consolidated net income. The accompanying consolidated financial statements have been prepared in accordance with GAAP. All intercompany transactions have been eliminated. | ||||||||||||||||||||||||||||
The financial results of certain Properties that met the criteria for classification as discontinued operations, prior to the adoption of Accounting Standards Update ("ASU") 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08") in the first quarter of 2014, have been classified as discontinued operations in the consolidated financial statements for all periods presented herein. Except where noted, the information presented in the Notes to Consolidated Financial Statements excludes discontinued operations. | ||||||||||||||||||||||||||||
Accounting Guidance Adopted | ||||||||||||||||||||||||||||
In February 2013, the Financial Accounting Standards Board ("FASB") issued ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date ("ASU 2013-04"). ASU 2013-04 addresses the diversity in practice related to the recognition, measurement and disclosure of certain obligations which are not addressed within existing GAAP guidance. Such obligations under the scope of ASU 2013-04 include debt arrangements, other contractual obligations, settled litigation and judicial rulings. The guidance requires an entity to measure these joint and several obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors as well as any additional amount the reporting entity expects to pay on behalf of its co-obligors. ASU 2013-04 also requires an entity to disclose information about the nature and amount of these obligations. For public companies, ASU 2013-04 was effective on a retrospective basis for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-04 did not have an impact on the Company's consolidated financial statements. | ||||||||||||||||||||||||||||
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2013-11"). The objective of this update is to reduce the diversity in practice related to the presentation of certain unrecognized tax benefits. ASU 2013-11 provides that unrecognized tax benefits are to be presented as a reduction of a deferred tax asset for a net operating loss ("NOL") carryforward, a similar tax loss or a tax credit carryforward when settlement in this manner is available under the governing tax law. To the extent such an NOL carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position or the entity does not intend to use the deferred tax asset for this purpose, the unrecognized tax benefit is to be recorded as a liability in the financial statements and should not be netted with a deferred tax asset. ASU 2013-11 was effective for public companies for fiscal years beginning after December 15, 2013 and interim periods within those years. The guidance is applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application was permitted. The adoption of ASU 2013-11 did not have an impact on the Company's consolidated financial statements. | ||||||||||||||||||||||||||||
In April 2014, the FASB issued ASU 2014-08. This update changes the criteria for reporting discontinued operations and provides enhanced disclosures about the financial effects of discontinued operations. The intent of the guidance is to require an entity to classify disposals as discontinued operations only when they clearly represent a major strategic business shift such as a disposal of a line of business, significant geographical area or major equity method investment. For significant disposals not classified as discontinued operations, ASU 2014-08 requires the disclosure of the pre-tax income or loss attributable to the disposal for the period in which it is disposed of (or is classified as held for sale) and for all prior periods that are presented. If a significant disposal not classified as discontinued operations includes a noncontrolling interest, the pre-tax income or loss attributable to the parent for the period in which it is disposed of or is classified as held for sale is disclosed. For public companies, ASU 2014-08 is effective on a prospective basis for all disposals (or classifications as held for sale) that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company elected to adopt this guidance in the first quarter of 2014. The Company expects the majority of its disposals in the future will not meet the criteria under ASU 2014-08 to be classified as discontinued operations, which will reduce the requirement to reclassify discontinued operations for both the period of disposal (or classification as held for sale) and for comparative periods. | ||||||||||||||||||||||||||||
Accounting Guidance Not Yet Effective | ||||||||||||||||||||||||||||
In May 2014, the FASB and the International Accounting Standards Board jointly issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The objective of this converged standard is to enable financial statement users to better understand and analyze revenue by replacing current transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that the entity expects to be entitled to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other guidance such as lease and insurance contracts. For public companies, ASU 2014-09 is effective for annual periods beginning after December 15, 2016 and interim periods within those years using one of two retrospective application methods. Early adoption is not permitted. The Company is evaluating the impact that this update may have on its consolidated financial statements. | ||||||||||||||||||||||||||||
Real Estate Assets | ||||||||||||||||||||||||||||
The Company capitalizes predevelopment project costs paid to third parties. All previously capitalized predevelopment costs are expensed when it is no longer probable that the project will be completed. Once development of a project commences, all direct costs incurred to construct the project, including interest and real estate taxes, are capitalized. Additionally, certain general and administrative expenses are allocated to the projects and capitalized based on the amount of time applicable personnel work on the development project. Ordinary repairs and maintenance are expensed as incurred. Major replacements and improvements are capitalized and depreciated over their estimated useful lives. | ||||||||||||||||||||||||||||
All acquired real estate assets have been accounted for using the acquisition method of accounting and accordingly, the results of operations are included in the consolidated statements of operations from the respective dates of acquisition. The Company allocates the purchase price to (i) tangible assets, consisting of land, buildings and improvements, as if vacant, and tenant improvements, and (ii) identifiable intangible assets and liabilities, generally consisting of above-market leases, in-place leases and tenant relationships, which are included in other assets, and below-market leases, which are included in accounts payable and accrued liabilities. The Company uses estimates of fair value based on estimated cash flows, using appropriate discount rates, and other valuation techniques to allocate the purchase price to the acquired tangible and intangible assets. Liabilities assumed generally consist of mortgage debt on the real estate assets acquired. Assumed debt is recorded at its fair value based on estimated market interest rates at the date of acquisition. | ||||||||||||||||||||||||||||
Depreciation is computed on a straight-line basis over estimated lives of 40 years for buildings, 10 to 20 years for certain improvements and 7 to 10 years for equipment and fixtures. Tenant improvements are capitalized and depreciated on a straight-line basis over the term of the related lease. Lease-related intangibles from acquisitions of real estate assets are generally amortized over the remaining terms of the related leases. The amortization of above- and below-market leases is recorded as an adjustment to minimum rental revenue, while the amortization of all other lease-related intangibles is recorded as amortization expense. Any difference between the face value of the debt assumed and its fair value is amortized to interest expense over the remaining term of the debt using the effective interest method. | ||||||||||||||||||||||||||||
The Company’s intangibles and their balance sheet classifications as of December 31, 2014 and 2013, are summarized as follows: | ||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Cost | Accumulated | Cost | Accumulated | |||||||||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||||||
Intangible lease assets and other assets: | ||||||||||||||||||||||||||||
Above-market leases | $ | 64,696 | $ | (45,662 | ) | $ | 65,932 | $ | (41,230 | ) | ||||||||||||||||||
In-place leases | 110,211 | (71,272 | ) | 111,769 | (60,243 | ) | ||||||||||||||||||||||
Tenant relationships | 29,664 | (4,917 | ) | 27,381 | (4,004 | ) | ||||||||||||||||||||||
Accounts payable and accrued liabilities: | ||||||||||||||||||||||||||||
Below-market leases | 99,189 | (68,127 | ) | 101,901 | (64,046 | ) | ||||||||||||||||||||||
These intangibles are related to specific tenant leases. Should a termination occur earlier than the date indicated in the lease, the related intangible assets or liabilities, if any, related to the lease are recorded as expense or income, as applicable. The total net amortization expense of the above intangibles was $13,973, $19,030 and $10,558 in 2014, 2013 and 2012, respectively. The estimated total net amortization expense for the next five succeeding years is $10,698 in 2015, $6,519 in 2016, $4,897 in 2017, $2,488 in 2018 and $1,869 in 2019. | ||||||||||||||||||||||||||||
Total interest expense capitalized was $7,122, $4,889 and $2,671 in 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
Carrying Value of Long-Lived Assets | ||||||||||||||||||||||||||||
The Company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances warrant such a review. The carrying value of a long-lived asset is considered impaired when its estimated future undiscounted cash flows are less than its carrying value. The Company estimates fair value using the undiscounted cash flows expected to be generated by each Property, which are based on a number of assumptions such as leasing expectations, operating budgets, estimated useful lives, future maintenance expenditures, intent to hold for use and capitalization rates. If it is determined that impairment has occurred, the amount of the impairment charge is equal to the excess of the asset’s carrying value over its estimated fair value. These assumptions are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates and costs to operate each Property. As these factors are difficult to predict and are subject to future events that may alter the assumptions used, the future cash flows estimated in the Company’s impairment analyses may not be achieved. See Note 4 and Note 15 for information related to the impairment of long-lived assets for 2014, 2013 and 2012. | ||||||||||||||||||||||||||||
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 $40,175 and $46,252 was included in intangible lease assets and other assets at December 31, 2014 and 2013, respectively. Restricted cash consists primarily of cash held in escrow accounts for debt service, insurance, real estate taxes, capital improvements and deferred maintenance as required by the terms of certain mortgage notes payable, as well as contributions from tenants to be used for future marketing activities. | ||||||||||||||||||||||||||||
Allowance for Doubtful Accounts | ||||||||||||||||||||||||||||
The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are realizable based on factors affecting the collectability of those balances. The Company’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income. The Company recorded a provision for doubtful accounts of $2,643, $1,253 and $798 for 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
Investments in Unconsolidated Affiliates | ||||||||||||||||||||||||||||
The Company evaluates its joint venture arrangements to determine whether they should be recorded on a consolidated basis. The percentage of ownership interest in the joint venture, an evaluation of control and whether a VIE exists are all considered in the Company’s consolidation assessment. | ||||||||||||||||||||||||||||
Initial investments in joint ventures that are in economic substance a capital contribution to the joint venture are recorded in an amount equal to the Company’s historical carryover basis in the real estate contributed. Initial investments in joint ventures that are in economic substance the sale of a portion of the Company’s interest in the real estate are accounted for as a contribution of real estate recorded in an amount equal to the Company’s historical carryover basis in the ownership percentage retained and as a sale of real estate with profit recognized to the extent of the other joint venturers’ interests in the joint venture. Profit recognition assumes the Company has no commitment to reinvest with respect to the percentage of the real estate sold and the accounting requirements of the full accrual method are met. | ||||||||||||||||||||||||||||
The Company accounts for its investment in joint ventures where it owns a non-controlling 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 its share of equity in the earnings of the unconsolidated affiliate and reduced by distributions received. Generally, distributions of cash flows from operations and capital events are first made to partners to pay cumulative unpaid preferences on unreturned capital balances and then to the partners in accordance with the terms of the joint venture agreements. | ||||||||||||||||||||||||||||
Any differences between the cost of the Company’s investment in an unconsolidated affiliate and its underlying equity as reflected in the unconsolidated affiliate’s financial statements generally result from costs of the Company’s investment that are not reflected on the unconsolidated affiliate’s financial statements, capitalized interest on its investment and the Company’s share of development and leasing fees that are paid by the unconsolidated affiliate to the Company for development and leasing services provided to the unconsolidated affiliate during any development periods. At December 31, 2014 and 2013, the components of the net difference between the Company’s investment in unconsolidated affiliates and the underlying equity of unconsolidated affiliates, which are amortized over a period equal to the useful life of the unconsolidated affiliates' asset/liability that is related to the basis difference, was $13,390 and $14,650, respectively. | ||||||||||||||||||||||||||||
On a periodic basis, the Company assesses whether there are any indicators that the fair value of the Company's investments in unconsolidated affiliates may be impaired. An investment is impaired only if the Company’s estimate of the fair value of the investment is less than the carrying value of the investment and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Company's estimates of fair value for each investment are based on a number of assumptions that are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter the Company’s assumptions, the fair values estimated in the impairment analyses may not be realized. | ||||||||||||||||||||||||||||
No impairments of investments in unconsolidated affiliates were recorded in 2014, 2013 and 2012. | ||||||||||||||||||||||||||||
Deferred Financing Costs | ||||||||||||||||||||||||||||
Net deferred financing costs of $22,177 and $25,061 were included in intangible lease assets and other assets at December 31, 2014 and 2013, respectively. Deferred financing costs include fees and costs incurred to obtain financing and are amortized on a straight-line basis to interest expense over the terms of the related indebtedness. Amortization expense was $6,910, $7,468 and $10,263 in 2014, 2013 and 2012, respectively. Accumulated amortization was $17,302 and $14,656 as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
Marketable Securities | ||||||||||||||||||||||||||||
Intangible lease assets and other assets include marketable securities consisting of corporate equity securities that are classified as available-for-sale. Unrealized gains and losses on available-for-sale securities that are deemed to be temporary in nature are recorded as a component of accumulated other comprehensive income (loss) ("AOCI/L") in redeemable noncontrolling interests, shareholders’ equity and partners' capital, and noncontrolling interests. Realized gains and losses are recorded in other income. Gains or losses on securities sold are based on the specific identification method. The Company did not recognize any realized gains or losses related to sales of marketable securities in 2014 and 2013. The Company recognized a net realized gain on sales of available-for-sale securities of $224 in 2012. | ||||||||||||||||||||||||||||
If a decline in the value of an investment is deemed to be other than temporary, the investment is written down to fair value and an impairment loss is recognized in the current period to the extent of the decline in value. In determining when a decline in fair value below cost of an investment in marketable securities is other-than-temporary, the following factors, among others, are evaluated: | ||||||||||||||||||||||||||||
• | the probability of recovery; | |||||||||||||||||||||||||||
• | the Company’s ability and intent to retain the security for a sufficient period of time for it to recover; | |||||||||||||||||||||||||||
• | the significance of the decline in value; | |||||||||||||||||||||||||||
• | the time period during which there has been a significant decline in value; | |||||||||||||||||||||||||||
• | current and future business prospects and trends of earnings; | |||||||||||||||||||||||||||
• | relevant industry conditions and trends relative to their historical cycles; and | |||||||||||||||||||||||||||
• | market conditions. | |||||||||||||||||||||||||||
There were no other-than-temporary impairments of marketable securities incurred during 2014, 2013 and 2012. The following is a summary of the marketable securities held by the Company as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
Gross Unrealized | ||||||||||||||||||||||||||||
Adjusted Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||||
December 31, 2014: | ||||||||||||||||||||||||||||
Common stocks (1) | $ | 4,195 | $ | 16,321 | $ | — | $ | 20,516 | ||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||||||
Common stocks | $ | 4,195 | $ | 9,778 | $ | — | $ | 13,973 | ||||||||||||||||||||
(I) | See subsequent event related to sale of marketable securities in Note 19. | |||||||||||||||||||||||||||
Interest Rate Hedging Instruments | ||||||||||||||||||||||||||||
The Company recognizes its derivative financial instruments in either accounts payable and accrued liabilities or intangible lease assets and other assets, as applicable, in the consolidated balance sheets and measures those instruments at fair value. The accounting for changes in the fair value (i.e., gain or loss) of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. To qualify as a hedging instrument, a derivative must pass prescribed effectiveness tests, performed quarterly using both qualitative and quantitative methods. The Company has entered into derivative agreements as of December 31, 2014 and 2013 that qualify as hedging instruments and were designated, based upon the exposure being hedged, as cash flow hedges. The fair value of these cash flow hedges as of December 31, 2014 and 2013 was $2,226 and $4,007, respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. To the extent they are effective, changes in the fair values of cash flow hedges are reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged item affects earnings. The ineffective portion of the hedge, if any, is recognized in current earnings during the period of change in fair value. The gain or loss on the termination of an effective cash flow hedge is reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged item affects earnings. The Company also assesses the credit risk that the counterparty will not perform according to the terms of the contract. | ||||||||||||||||||||||||||||
See Notes 6 and 15 for additional information regarding the Company’s interest rate hedging instruments. | ||||||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||||||
Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms of the related leases. Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements. Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable. | ||||||||||||||||||||||||||||
The Company receives reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses as provided in the lease agreements. Tenant reimbursements are recognized when earned in accordance with the tenant lease agreements. Tenant reimbursements related to certain capital expenditures are billed to tenants over periods of 5 to 15 years and are recognized as revenue in accordance with underlying lease terms. | ||||||||||||||||||||||||||||
The Company receives management, leasing and development fees from third parties and unconsolidated affiliates. Management fees are charged as a percentage of revenues (as defined in the management agreement) and are recognized as revenue when earned. Development fees are recognized as revenue on a pro rata basis over the development period. Leasing fees are charged for newly executed leases and lease renewals and are recognized as revenue when earned. Development and leasing fees received from an unconsolidated affiliate during the development period are recognized as revenue only to the extent of the third-party partner’s ownership interest. Development and leasing fees during the development period, to the extent of the Company’s ownership interest, are recorded as a reduction to the Company’s investment in the unconsolidated affiliate. | ||||||||||||||||||||||||||||
Gain on Sales of Real Estate Assets | ||||||||||||||||||||||||||||
Gain on sales of real estate assets is recognized when it is determined that the sale has been consummated, the buyer’s initial and continuing investment is adequate, the Company’s receivable, if any, is not subject to future subordination, and the buyer has assumed the usual risks and rewards of ownership of the asset. When the Company has an ownership interest in the buyer, gain is recognized to the extent of the third party partner’s ownership interest and the portion of the gain attributable to the Company’s ownership interest is deferred. | ||||||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||||||
The Company is qualified as a REIT under the provisions of the Internal Revenue Code. To maintain qualification as a REIT, the Company is required to distribute at least 90% of its taxable income to shareholders and meet certain other requirements. | ||||||||||||||||||||||||||||
As a REIT, the Company is generally not liable for federal corporate income taxes. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal and state income taxes on its taxable income at regular corporate tax rates. Even if the Company maintains its qualification as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed income. State tax expense was $4,079, $3,570 and $3,530 during 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||||||
The Company has also elected taxable REIT subsidiary status for some of its subsidiaries. This enables the Company to receive income and provide services that would otherwise be impermissible for REITs. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income or expense, as applicable. | ||||||||||||||||||||||||||||
The Company recorded an income tax provision as follows for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Current tax benefit (provision) | $ | (3,170 | ) | $ | 518 | $ | 1,691 | |||||||||||||||||||||
Deferred tax provision | (1,329 | ) | (1,823 | ) | (3,095 | ) | ||||||||||||||||||||||
Income tax provision | $ | (4,499 | ) | (1,305 | ) | (1,404 | ) | |||||||||||||||||||||
The Company had a net deferred tax asset of $394 and $4,893 at December 31, 2014 and 2013, respectively. The net deferred tax asset at December 31, 2014 and 2013 is included in intangible lease assets and other assets and primarily consisted of operating expense accruals and differences between book and tax depreciation. As of December 31, 2014, tax years that generally remain subject to examination by the Company’s major tax jurisdictions include 2011, 2012, 2013 and 2014. | ||||||||||||||||||||||||||||
The Company reports any income tax penalties attributable to its properties as property operating expenses and any corporate-related income tax penalties as general and administrative expenses in its statement of operations. In addition, any interest incurred on tax assessments is reported as interest expense. The Company reported nominal interest and penalty amounts in 2014, 2013 and 2012. | ||||||||||||||||||||||||||||
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 3.4% of the Company’s total revenues in 2014, 2013 or 2012. | ||||||||||||||||||||||||||||
Earnings Per Share and Earnings per Unit | ||||||||||||||||||||||||||||
See Note 7 for information regarding significant CBL equity offerings that affected per share and per unit amounts for each period presented. | ||||||||||||||||||||||||||||
Earnings per Share of the Company | ||||||||||||||||||||||||||||
Basic earnings per share ("EPS") is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS assumes the issuance of common stock for all potential dilutive common shares outstanding. The limited partners’ rights to convert their noncontrolling interests in the Operating Partnership into shares of common stock are not dilutive. There were no potential dilutive common shares and there were no anti-dilutive shares for the years ended December 31, 2014 and 2013. | ||||||||||||||||||||||||||||
The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS for the year ended December 31, 2012: | ||||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
Denominator – basic | 154,762 | |||||||||||||||||||||||||||
Stock options | 3 | |||||||||||||||||||||||||||
Deemed shares related to deferred compensation arrangements | 42 | |||||||||||||||||||||||||||
Denominator – diluted | 154,807 | |||||||||||||||||||||||||||
Earnings per Unit of the Operating Partnership | ||||||||||||||||||||||||||||
Basic earnings per unit ("EPU") is computed by dividing net income attributable to common unitholders by the weighted-average number of common units outstanding for the period. Diluted EPU assumes the issuance of common units for all potential dilutive common units outstanding. There were no potential dilutive common units and there were no anti-dilutive units for the years ended December 31, 2014 and 2013. | ||||||||||||||||||||||||||||
The following summarizes the impact of potential dilutive common units on the denominator used to compute EPU for the year ended December 31, 2012: | ||||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
Denominator – basic | 190,223 | |||||||||||||||||||||||||||
Stock options | 3 | |||||||||||||||||||||||||||
Deemed units related to deferred compensation arrangements | 42 | |||||||||||||||||||||||||||
Denominator – diluted | 190,268 | |||||||||||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income of the Company | ||||||||||||||||||||||||||||
Comprehensive income of the Company includes all changes in redeemable noncontrolling interests and total equity during the period, except those resulting from investments by shareholders and partners, distributions to shareholders and partners and redemption valuation adjustments. Other comprehensive income (loss) (“OCI/L”) includes changes in unrealized gains (losses) on available-for-sale securities and interest rate hedge agreements. | ||||||||||||||||||||||||||||
The changes in the components of AOCI for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||||||||||
Redeemable | The Company | Noncontrolling Interests | ||||||||||||||||||||||||||
Noncontrolling | ||||||||||||||||||||||||||||
Interests | ||||||||||||||||||||||||||||
Unrealized Gains (Losses) | ||||||||||||||||||||||||||||
Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Total | ||||||||||||||||||||||
Beginning balance, January 1, 2012 | $ | 377 | $ | 328 | $ | (2,628 | ) | $ | 6,053 | $ | (3,488 | ) | $ | 1,775 | $ | 2,417 | ||||||||||||
OCI before reclassifications | (4 | ) | 23 | 2,139 | 3,510 | (75 | ) | 445 | 6,038 | |||||||||||||||||||
Amounts reclassified from AOCI (1) | — | 2 | (2,267 | ) | 179 | — | 43 | (2,043 | ) | |||||||||||||||||||
Net year-to-date period OCI | (4 | ) | 25 | (128 | ) | 3,689 | (75 | ) | 488 | 3,995 | ||||||||||||||||||
Ending balance, December 31, 2012 | 373 | 353 | (2,756 | ) | 9,742 | (3,563 | ) | 2,263 | 6,412 | |||||||||||||||||||
OCI before reclassifications | 14 | (20 | ) | 3,839 | (2,203 | ) | 259 | (360 | ) | 1,529 | ||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (2,297 | ) | — | — | — | (2,297 | ) | |||||||||||||||||||
Net year-to-date period OCI | 14 | (20 | ) | 1,542 | (2,203 | ) | 259 | (360 | ) | (768 | ) | |||||||||||||||||
Ending balance, December 31, 2013 | 387 | 333 | (1,214 | ) | 7,539 | (3,304 | ) | 1,903 | 5,644 | |||||||||||||||||||
OCI before reclassifications | 14 | 51 | 3,712 | 5,569 | 251 | 923 | 10,520 | |||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (2,195 | ) | — | — | — | (2,195 | ) | |||||||||||||||||||
Net year-to-date period OCI | 14 | 51 | 1,517 | 5,569 | 251 | 923 | 8,325 | |||||||||||||||||||||
Ending balance, December 31, 2014 | $ | 401 | $ | 384 | $ | 303 | $ | 13,108 | $ | (3,053 | ) | $ | 2,826 | $ | 13,969 | |||||||||||||
-1 | Reclassified $2,195, $2,297 and $2,267 of interest on cash flow hedges to Interest Expense in the consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012, respectively. Reclassified $224 net realized gain on sale of available-for-sale securities to Interest and Other Income in the consolidated statements of operations for the year ended December 31, 2012. | |||||||||||||||||||||||||||
Accumulated Other Comprehensive Income of the Operating Partnership | ||||||||||||||||||||||||||||
Comprehensive income of the Operating Partnership includes all changes in redeemable common units and partners' capital during the period, except those resulting from investments by unitholders, distributions to unitholders and redemption valuation adjustments. OCI/L includes changes in unrealized gains (losses) on available-for-sale securities and interest rate hedge agreements. | ||||||||||||||||||||||||||||
The changes in the components of AOCI for the years ended December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||||||||||
Redeemable | Partners' | |||||||||||||||||||||||||||
Common | Capital | |||||||||||||||||||||||||||
Units | ||||||||||||||||||||||||||||
Unrealized Gains (Losses) | ||||||||||||||||||||||||||||
Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Total | ||||||||||||||||||||||||
Beginning balance, January 1, 2012 | $ | 377 | $ | 328 | $ | (6,116 | ) | $ | 7,828 | $ | 2,417 | |||||||||||||||||
OCI before reclassifications | (4 | ) | 23 | 2,064 | 3,955 | 6,038 | ||||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | 2 | (2,267 | ) | 222 | (2,043 | ) | |||||||||||||||||||||
Net year-to-date period OCI | (4 | ) | 25 | (203 | ) | 4,177 | 3,995 | |||||||||||||||||||||
Ending balance, December 31, 2012 | 373 | 353 | (6,319 | ) | 12,005 | 6,412 | ||||||||||||||||||||||
OCI before reclassifications | 14 | (20 | ) | 4,098 | (2,563 | ) | 1,529 | |||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (2,297 | ) | — | (2,297 | ) | |||||||||||||||||||||
Net year-to-date period OCI | 14 | (20 | ) | 1,801 | (2,563 | ) | (768 | ) | ||||||||||||||||||||
Ending balance, December 31, 2013 | 387 | 333 | (4,518 | ) | 9,442 | 5,644 | ||||||||||||||||||||||
OCI before reclassifications | 14 | 51 | 3,963 | 6,492 | 10,520 | |||||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (2,195 | ) | — | (2,195 | ) | |||||||||||||||||||||
Net year-to-date period OCI | 14 | 51 | 1,768 | 6,492 | 8,325 | |||||||||||||||||||||||
Ending balance, December 31, 2014 | $ | 401 | $ | 384 | $ | (2,750 | ) | $ | 15,934 | $ | 13,969 | |||||||||||||||||
-1 | Reclassified $2,195, $2,297 and $2,267 of interest on cash flow hedges to Interest Expense in the consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012, respectively. Reclassified $224 net realized gain on sale of available-for-sale securities to Interest and Other Income in the consolidated statements of operations for the year ended December 31, 2012. | |||||||||||||||||||||||||||
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. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||
ACQUISITIONS | ACQUISITIONS | ||||||||||||||||||||||||
The Company includes the results of operations of real estate assets acquired in the consolidated statements of operations from the date of the related acquisition. The pro forma effect of these acquisitions was not material. The Company did not acquire any properties during the year ended December 31, 2014. The following is a summary of the Company's acquisitions since January 1, 2012: | |||||||||||||||||||||||||
Purchase Date | Property | Property | Location | Ownership | Cash | Debt | Other | Purchase | |||||||||||||||||
Type | Percentage | Assumed | Price | ||||||||||||||||||||||
Acquired | |||||||||||||||||||||||||
2013 Activity: | |||||||||||||||||||||||||
April | Kirkwood Mall (1) | Mall | Bismarck, ND | 51.00% | $ | 41,378 | $ | 20,587 | $ | — | $ | 61,965 | |||||||||||||
2012 Activity: | |||||||||||||||||||||||||
December | Imperial Valley Mall (2) | Mall | El Centro, CA | 40.00% | $ | 15,500 | $ | 21,018 | $ | — | $ | 36,518 | |||||||||||||
December | Kirkwood Mall (1) | Mall | Bismarck, ND | 49.00% | 39,754 | 19,781 | — | 59,535 | |||||||||||||||||
May | Dakota Square Mall (3) | Mall | Minot, ND | 100.00% | 32,474 | 59,001 | — | 91,475 | |||||||||||||||||
April | The Outlet Shoppes at Gettysburg (4) | Mall | Gettysburg, PA | 50.00% | — | 20,315 | 4,522 | 24,837 | |||||||||||||||||
April | The Outlet Shoppes at El Paso (5) | Mall | El Paso, TX | 75.00% | 35,456 | 50,193 | — | 85,649 | |||||||||||||||||
$ | 123,184 | $ | 170,308 | $ | 4,522 | $ | 298,014 | ||||||||||||||||||
-1 | The Company acquired a 49.0% joint venture interest in Kirkwood Mall in December 2012. The cash paid was based on a total value of $121,500 including a $40,368 non-recourse loan. The Company executed an agreement to acquire the remaining 51.0% interest within 90 days subject to lender approval to assume the loan, which bears interest at a fixed rate of 5.75% and matures in April 2018. As the assumed loan was at an above-market interest rate compared to similar debt instruments at the date of acquisition, the Company recorded a debt premium of $2,970, computed using an estimated market interest rate of 4.25%. In accordance with its executed agreement, the Company acquired the remaining 51.0% interest in Kirkwood Mall in April 2013. As described in Note 8, the Company consolidated this joint venture as of December 31, 2013 and 2012. | ||||||||||||||||||||||||
-2 | The Company acquired the remaining 40% interests in Imperial Valley Mall L.P., Imperial Valley Peripheral L.P. and Imperial Valley Commons L.P. from its joint venture partner. Imperial Valley Commons, L.P. was classified as a VIE and was accounted for on a consolidated basis as the Company was deemed to be the primary beneficiary. Imperial Valley Mall L.P. and Imperial Valley Peripheral L.P. were unconsolidated affiliates accounted for using the equity method of accounting. We recorded a gain on investment of $45,072 related to the acquisition of our joint venture partner's interest and all three joint ventures are accounted for on a consolidated basis as of the purchase date. See Note 5 for additional information. | ||||||||||||||||||||||||
-3 | The $59,001 non-recourse loan bears interest at a fixed rate of 6.23% and matures in November 2016. The Company recorded a debt premium of $3,040, computed using an estimated market rate of 4.75%, since the debt assumed was at an above-market interest rate compared to similar debt instruments at the date of acquisition. | ||||||||||||||||||||||||
-4 | The Company and its noncontrolling interest partner exercised their rights under the terms of a mezzanine loan agreement with the borrower, which owned The Outlet Shoppes at Gettysburg, to convert a $4,522 mezzanine loan into a member interest in the outlet shopping center. The $40,631 of debt assumed, of which the Company's 50.0% share is $20,315, bears interest at a fixed rate of 5.87% and matures in February 2016. | ||||||||||||||||||||||||
-5 | The Company also acquired a 50.0% interest in outparcel land adjacent to the outlet shopping center for $3,864 in addition to the $31,592 paid for the 75.0% share of the outlet shopping center. See Note 5. The amount paid for the Company's 75.0% and 50.0% interests was based on a total value of $116,775 including the assumption of a $66,924 non-recourse loan, which bears interest at a fixed rate of 7.06% and matures in December 2017. The debt assumed was at an above-average interest rate compared to similar debt instruments at the date of acquisition, so the Company recorded a debt premium of $7,700 (of which $5,775 represents the Company's 75.0% share), computed using an estimated market interest rate of 4.75%. The entity that owned The Outlet Shoppes at El Paso used a portion of the cash proceeds to repay a $9,150 mezzanine loan provided by the Company, of which the Company's share was $6,862. After considering the repayment of the mezzanine loan to the Company, the net consideration paid by the Company in connection with this transaction was $28,594. | ||||||||||||||||||||||||
The following table summarizes the final allocations of the estimated fair values of the assets acquired and liabilities assumed as of the respective acquisition dates for the Properties listed above: | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Land | $ | 87,869 | |||||||||||||||||||||||
Buildings and improvements | 379,763 | ||||||||||||||||||||||||
Investments in unconsolidated affiliates | 3,864 | ||||||||||||||||||||||||
Tenant improvements | 15,328 | ||||||||||||||||||||||||
Above-market leases | 15,359 | ||||||||||||||||||||||||
In-place leases | 65,814 | ||||||||||||||||||||||||
Total assets | 567,997 | ||||||||||||||||||||||||
Mortgage note payables assumed | (259,470 | ) | |||||||||||||||||||||||
Debt premium | (15,334 | ) | |||||||||||||||||||||||
Below-market leases | (39,698 | ) | |||||||||||||||||||||||
Noncontrolling interest | (60,295 | ) | |||||||||||||||||||||||
Value of Company's interest in joint ventures | (65,494 | ) | |||||||||||||||||||||||
Net assets acquired | $ | 127,706 | |||||||||||||||||||||||
DISPOSALS_AND_DISCONTINUED_OPE
DISPOSALS AND DISCONTINUED OPERATIONS | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||
DISPOSALS AND DISCONTINUED OPERATIONS | DISPOSALS AND DISCONTINUED OPERATIONS | ||||||||||||||||||
In the first quarter of 2014, the Company adopted ASU 2014-08, which changed the definition and criteria of property disposals classified as discontinued operations, on a prospective basis. As a result of applying this accounting guidance, the 2014 disposals listed below were not reclassified to discontinued operations as the 2013 and 2012 disposals were. | |||||||||||||||||||
2014 Dispositions | |||||||||||||||||||
The results of operations of the Properties described below, as well as any gain on extinguishment of debt and impairment losses related to those Properties, are included in income from continuing operations for all periods presented, as applicable. Net proceeds from these 2014 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 2014 dispositions by sale: | |||||||||||||||||||
Sales Price | Gain | ||||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | ||||||||||||||
2014 Activity: | |||||||||||||||||||
September | Pemberton Plaza (1) | Community Center | Vicksburg, MS | $ | 1,975 | $ | 1,886 | $ | — | ||||||||||
June | Foothills Plaza Expansion | Associated Center | Maryville, TN | 2,640 | 2,387 | 937 | |||||||||||||
May | Lakeshore Mall (2) | Mall | Sebring, FL | 14,000 | 13,613 | — | |||||||||||||
$ | 18,615 | $ | 17,886 | $ | 937 | ||||||||||||||
-1 | The Company recognized a loss on impairment of real estate of $497 in the third quarter of 2014 when it adjusted the book value of Pemberton Plaza to its net sales price. | ||||||||||||||||||
-2 | The gross sales price of $14,000 consisted of a $10,000 promissory note and $4,000 in cash. The note receivable was paid off in the third quarter of 2014. The Company recognized a loss on impairment of real estate of $5,100 in the first quarter of 2014 when it adjusted the book value of Lakeshore Mall to its estimated fair value of $13,780 based on a binding purchase agreement signed in April 2014. The sale closed in May 2014 and the Company recognized an impairment loss of $106 in the second quarter of 2014 as a result of additional closing costs. | ||||||||||||||||||
The Company recognized a gain on extinguishment of debt for each of the Properties listed below, representing the amount by which the outstanding debt balance exceeded the net book value of the Property as of the transfer date. See Note 6 for additional information. The following is a summary of the Company's other 2014 dispositions: | |||||||||||||||||||
Balance of | Gain on Extinguishment of Debt | ||||||||||||||||||
Disposal Date | Property | Property Type | Location | Non-recourse Debt | |||||||||||||||
2014 Activity: | |||||||||||||||||||
October | Columbia Place (1) | Mall | Columbia, SC | $ | 27,265 | $ | 27,171 | ||||||||||||
September | Chapel Hill Mall (2) | Mall | Akron, OH | 68,563 | 18,296 | ||||||||||||||
January | Citadel Mall (3) | Mall | Charleston, SC | 68,169 | 43,932 | ||||||||||||||
$ | 163,997 | $ | 89,399 | ||||||||||||||||
-1 | The Company conveyed the Mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $50,683 was recorded in 2011 to write down the book value of the Mall to its then estimated fair value. The Company also recorded $3,181 of non-cash default interest expense. | ||||||||||||||||||
-2 | The Company conveyed the Mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $12,050 was recorded in 2014 to write down the book value of the Mall to its then estimated fair value. The Company also recorded $1,514 of non-cash default interest expense. | ||||||||||||||||||
-3 | The mortgage lender completed the foreclosure process and received the title to the Mall in satisfaction of the non-recourse debt. A non-cash impairment loss of $20,453 was recorded in 2013 to write down the book value of the Mall to its then estimated fair value. | ||||||||||||||||||
2013 Dispositions | |||||||||||||||||||
The results of operations of the Properties described below, as well as any gains or impairment losses related to those Properties, are included in discontinued operations for all periods presented, as applicable. Net proceeds from these sales were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2013 dispositions: | |||||||||||||||||||
Sales Price | Gain/ | ||||||||||||||||||
(Loss) | |||||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | ||||||||||||||
2013 Activity: | |||||||||||||||||||
August | Georgia Square, Georgia Square Plaza, Panama City Mall, The Shoppes at Panama City, RiverGate Mall, Village at RiverGate (1) | Mall & Associated Center | Athens, GA | $ | 176,000 | $ | 171,977 | $ | (19 | ) | |||||||||
Panama City, FL | |||||||||||||||||||
Nashville, TN | |||||||||||||||||||
March | 1500 Sunday Drive | Office Building | Raleigh, NC | 8,300 | 7,862 | (549 | ) | ||||||||||||
March | Peninsula I & II | Office Building | Newport News, VA | 5,250 | 5,121 | 598 | |||||||||||||
January | Lake Point & SunTrust | Office Building | Greensboro, NC | 30,875 | 30,490 | 823 | |||||||||||||
December 2008 (2) | 706 & 708 Green Valley Road | Office Building | Greensboro, NC | 281 | |||||||||||||||
Various (3) | 10 | ||||||||||||||||||
$ | 220,425 | $ | 215,450 | $ | 1,144 | ||||||||||||||
-1 | A loss on impairment of $5,234 was recorded in the third quarter of 2013 to write down the book value of these six Properties sold in a portfolio sale to the net sales price. Subsequent to December 31, 2013, the Company recognized an additional impairment of $681 on one of these sold Properties. | ||||||||||||||||||
-2 | Recognition of gain that was deferred in December 2008 upon repayment of the notes receivable for a portion of the sales price. | ||||||||||||||||||
-3 | Reflects subsequent true-ups for settlement of estimated expenses based on actual amounts for sales that occurred in prior periods. | ||||||||||||||||||
2012 Dispositions | |||||||||||||||||||
The results of operations of the Properties described below, as well as any gains or impairment losses related to those Properties, are included in discontinued operations for all periods presented, as applicable. Net proceeds from these sales were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2012 dispositions: | |||||||||||||||||||
Sales Price | Gain/ | ||||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | (Loss) | |||||||||||||
2012 Activity: | |||||||||||||||||||
December | Willowbrook Plaza (1) | Community Center | Houston, TX | $ | 24,450 | $ | 24,171 | $ | — | ||||||||||
October | Towne Mall (2) | Mall | Franklin, OH | 950 | 892 | (3 | ) | ||||||||||||
October | Hickory Hollow Mall (3) | Mall | Antioch, TN | 1,000 | 966 | (6 | ) | ||||||||||||
July | Massard Crossing | Community Center | Fort Smith, AR | 7,803 | 7,432 | 98 | |||||||||||||
March | Settlers Ridge - Phase II (4) | Community Center | Robinson Township, PA | 19,144 | 18,951 | 883 | |||||||||||||
January | Oak Hollow Square (5) | Community Center | High Point, NC | 14,247 | 13,796 | (1 | ) | ||||||||||||
Various (6) | (33 | ) | |||||||||||||||||
$ | 67,594 | $ | 66,208 | $ | 938 | ||||||||||||||
-1 | A loss on impairment of $17,743 was recorded in the third quarter of 2012 to write down the book value of this Property to its then estimated fair value. | ||||||||||||||||||
-2 | A loss on impairment of $419 was recorded in the third quarter of 2012 to write down the book value of this Property to its expected sales price. | ||||||||||||||||||
-3 | A loss on impairment of $8,047 was recorded in the third quarter of 2012 to write down the book value of this Property to its expected sales price. | ||||||||||||||||||
-4 | A loss on impairment of $4,457 was recorded in the second quarter of 2011 to write down the book value of this Property to its then estimated fair value. | ||||||||||||||||||
-5 | A loss on impairment of $255 was recorded in the first quarter of 2012 related to the true-up of certain estimated amounts to actual amounts. Additionally, the Company wrote down the depreciated book value of this Property to the estimated sales price and recorded a loss on impairment of $729 in the fourth quarter of 2011. | ||||||||||||||||||
-6 | Reflects subsequent true-ups for settlement of estimated expenses based on actual amounts for sales that occurred in prior periods. | ||||||||||||||||||
Total revenues of the Properties described above that are included in discontinued operations were $15,468 and $43,911 in 2013 and 2012, respectively. The total net investment in real estate assets at the time of sale for the Properties sold during 2013 and 2012 was $219,833 and $51,184, respectively. There were no outstanding loans on any of the Properties sold during 2013 and 2012. Discontinued operations for the years ended December 31, 2014, 2013 and 2012 also include settlements of estimated expense based on actual amounts for Properties sold during previous years. |
UNCONSOLIDATED_AFFILIATES_AND_
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS | UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS | |||||||||||
Unconsolidated Affiliates | ||||||||||||
At December 31, 2014, the Company had investments in the following 19 entities, which are accounted for using the equity method of accounting: | ||||||||||||
Joint Venture | Property Name | Company's | ||||||||||
Interest | ||||||||||||
Ambassador Infrastructure, LLC | Ambassador Town Center - Infrastructure Improvements | 65 | % | |||||||||
Ambassador Town Center JV, LLC | Ambassador Town Center | 65 | % | |||||||||
CBL/T-C, LLC | CoolSprings Galleria, Oak Park Mall and West County Center | 50 | % | |||||||||
CBL-TRS Joint Venture, LLC | Friendly Center, The Shops at Friendly Center and a portfolio of four office buildings | 50 | % | |||||||||
CBL-TRS Joint Venture II, LLC | Renaissance Center | 50 | % | |||||||||
El Paso Outlet Outparcels, LLC | The Outlet Shoppes at El Paso (vacant land) | 50 | % | |||||||||
Fremaux Town Center JV, LLC | Fremaux Town Center | 65 | % | |||||||||
Governor’s Square IB | Governor’s Plaza | 50 | % | |||||||||
Governor’s Square Company | Governor’s Square | 47.5 | % | |||||||||
High Pointe Commons, LP | High Pointe Commons | 50 | % | |||||||||
High Pointe Commons II-HAP, LP | High Pointe Commons - Christmas Tree Shop | 50 | % | |||||||||
JG Gulf Coast Town Center LLC | Gulf Coast Town Center | 50 | % | |||||||||
Kentucky Oaks Mall Company | Kentucky Oaks Mall | 50 | % | |||||||||
Mall of South Carolina L.P. | Coastal Grand—Myrtle Beach | 50 | % | |||||||||
Mall of South Carolina Outparcel L.P. | Coastal Grand—Myrtle Beach (Coastal Grand Crossing and vacant land) | 50 | % | |||||||||
Port Orange I, LLC | The Pavilion at Port Orange Phase I and one office building | 50 | % | |||||||||
Triangle Town Member LLC | Triangle Town Center, Triangle Town Commons and Triangle Town Place | 50 | % | |||||||||
West Melbourne I, LLC | Hammock Landing Phases I and II | 50 | % | |||||||||
York Town Center, LP | York Town Center | 50 | % | |||||||||
Although the Company had majority ownership of certain joint ventures during 2014, 2013 and 2012, 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. | ||||||||||||
Condensed combined financial statement information of these unconsolidated affiliates is as follows: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
ASSETS: | ||||||||||||
Investment in real estate assets | $ | 2,266,252 | $ | 2,167,227 | ||||||||
Accumulated depreciation | (619,558 | ) | (555,174 | ) | ||||||||
1,646,694 | 1,612,053 | |||||||||||
Developments in progress | 75,877 | 103,161 | ||||||||||
Net investment in real estate assets | 1,722,571 | 1,715,214 | ||||||||||
Other assets | 170,554 | 168,799 | ||||||||||
Total assets | $ | 1,893,125 | $ | 1,884,013 | ||||||||
LIABILITIES: | ||||||||||||
Mortgage and other indebtedness | $ | 1,512,826 | $ | 1,468,422 | ||||||||
Other liabilities | 42,517 | 48,203 | ||||||||||
Total liabilities | 1,555,343 | 1,516,625 | ||||||||||
OWNERS' EQUITY: | ||||||||||||
The Company | 198,261 | 213,664 | ||||||||||
Other investors | 139,521 | 153,724 | ||||||||||
Total owners' equity | 337,782 | 367,388 | ||||||||||
Total liabilities and owners’ equity | $ | 1,893,125 | $ | 1,884,013 | ||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Total revenues | $ | 250,248 | $ | 243,215 | $ | 251,628 | ||||||
Depreciation and amortization | (79,059 | ) | (76,323 | ) | (82,534 | ) | ||||||
Other operating expenses | (73,218 | ) | (72,166 | ) | (76,567 | ) | ||||||
Income from operations | 97,971 | 94,726 | 92,527 | |||||||||
Interest income | 1,358 | 1,359 | 1,365 | |||||||||
Interest expense | (74,754 | ) | (76,934 | ) | (84,421 | ) | ||||||
Gain on sales of real estate assets | 1,697 | 102 | 2,063 | |||||||||
Net income | $ | 26,272 | $ | 19,253 | $ | 11,534 | ||||||
2014 Financings | ||||||||||||
The following table presents the loan activity of the Company's unconsolidated affiliates in 2014: | ||||||||||||
Date | Property | Stated | Maturity Date (1) | Amount Financed | ||||||||
Interest | or Extended | |||||||||||
Rate | ||||||||||||
December | Ambassador Town Center (2) | LIBOR + 1.80% | Dec-17 | (3) | $ | 48,200 | ||||||
December | Ambassador Town Center - Infrastructure Improvements (4) | LIBOR + 2.00% | Dec-17 | (3) | 11,700 | |||||||
November | Hammock Landing - Phase II (5) | LIBOR + 2.25% | Nov-15 | (6) | 16,757 | |||||||
August | Fremaux Town Center - Phase I (7) | LIBOR + 2.00% | Aug-16 | (8) | 47,291 | |||||||
August | Fremaux Town Center - Phase II (9) | LIBOR + 2.00% | Aug-16 | (8) | 32,100 | |||||||
July | Coastal Grand - Myrtle Beach (10) | 4.09% | Aug-24 | 126,000 | ||||||||
February | Fremaux Town Center - Phase I (11) | LIBOR + 2.125% | Mar-16 | 47,291 | ||||||||
-1 | Excludes any extension options. | |||||||||||
-2 | The unconsolidated 65/35 joint venture closed on a construction loan for the development of Ambassador Town Center, a community center located in Lafayette, LA. The Operating Partnership has guaranteed 100% of the loan. See Note 14 for information on the Operating Partnership's guaranty of this loan and future guaranty reductions. The construction loan had an outstanding balance of $715 at December 31, 2014. The interest rate will be reduced to LIBOR + 1.60% once certain debt service and operational metrics are met. | |||||||||||
-3 | The loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of December 2019. | |||||||||||
-4 | The unconsolidated 65/35 joint venture was formed to construct certain infrastructure improvements related to the development of Ambassador Town Center. The Operating Partnership has guaranteed 100% of the loan. See Note 14 for information on the Operating Partnership's guaranty of this loan and future guaranty reductions. The infrastructure construction loan had an outstanding balance of $725 at December 31, 2014. Under a PILOT program, in lieu of ad valorem taxes, Ambassador and other contributing landowners will make annual PILOT payments to Ambassador Infrastructure, which will be used to repay the infrastructure construction loan. | |||||||||||
-5 | The $10,757 construction loan was amended and restated to increase the loan by $6,000 to finance the construction of Academy Sports. The interest rate will be reduced to LIBOR + 2.00% once Academy Sports is open and paying contractual rent. See Note 14 for information on the Operating Partnership's guaranty of this loan and future guaranty reductions. | |||||||||||
-6 | The construction loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of November 2017. | |||||||||||
-7 | Fremaux amended and modified its Phase I construction loan to change the maturity date and interest rate. Additionally, the Operating Partnership's guarantee of the loan was reduced from 100% to 50% of the outstanding principal loan amount. See Note 14 for further information on future guarantee reductions. | |||||||||||
-8 | The construction loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of August 2018. | |||||||||||
-9 | The Operating Partnership's guaranty of the construction loan was reduced in the fourth quarter of 2014 from 100% to 50% upon the land closing with Dillard's. See Note 14 for further information on future guaranty reductions. | |||||||||||
-10 | Two subsidiaries of Mall of South Carolina L.P. and Mall of South Carolina Outparcel L.P., closed on a non-recourse loan, secured by Coastal Grand-Myrtle Beach in Myrtle Beach, SC. Net proceeds were used to retire the outstanding borrowings under the previous loan, which had a balance of $75,238 as well as to pay off $18,000 of subordinated notes to the Company and its joint venture partner, each of which held $9,000. See Note 10 for additional information. Excess proceeds were distributed 50/50 to the Company and its partner and the Company's share of excess proceeds was used to reduce balances on its lines of credit. | |||||||||||
-11 | Fremaux amended and restated its March 2013 loan agreement to increase the capacity on its construction loan from $46,000 to $47,291 for additional development costs related to Fremaux Town Center. The Operating Partnership had guaranteed 100% of the loan. The construction loan had two one-year extension options, which were at the joint venture's election, for an outside maturity date of March 2018. See footnote 7 and footnote 8 above for information on the extension and modification of the Phase I loan in August 2014. | |||||||||||
2013 Financings | ||||||||||||
The following table presents the loan activity of the Company's unconsolidated affiliates in 2013: | ||||||||||||
Date | Property | Stated | Maturity Date (1) | Amount Financed | ||||||||
Interest | or Extended | |||||||||||
Rate | ||||||||||||
December | The Pavilion at Port Orange - Phase I (2) | LIBOR + 2.0% | Nov-15 | (3) | $ | 62,600 | ||||||
December | Hammock Landing - Phase I (4) | LIBOR + 2.0% | Nov-15 | (3) | 41,068 | |||||||
December | Hammock Landing - Phase II (5) | LIBOR + 2.25% | Nov-15 | (3) | 10,757 | |||||||
March | Renaissance Center - Phase II (6) | 3.49% | Apr-23 | 16,000 | ||||||||
March | Friendly Center (7) | 3.48% | Apr-23 | 100,000 | ||||||||
March | Fremaux Town Center - Phase I (8) | LIBOR + 2.125% | Mar-16 | 46,000 | ||||||||
-1 | Excludes any extension options. | |||||||||||
-2 | The construction loan was extended and modified to reduce the capacity from $64,950 to $62,600, reduce the interest rate from a variable-rate of LIBOR + 3.5% to a variable-rate of LIBOR + 2.0% and extend the maturity date. The Operating Partnership has guaranteed 25% of the construction loan. | |||||||||||
-3 | The construction loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of November 2017. | |||||||||||
-4 | The loan was amended and restated to extend the maturity date and reduce the interest rate from a variable-rate of LIBOR + 3.5% to a variable-rate of LIBOR + 2.0%. The Operating Partnership has guaranteed 25% of the loan. | |||||||||||
-5 | A construction loan to build a Carmike Cinema has two one-year extension options, which are at the joint venture's election, for an outside maturity date of November 2017. The Operating Partnership's guaranty was reduced from 100% to 25% in the third quarter of 2014 when the Carmike Cinema became operational. See the table above for information on the extension and modification of the Phase II loan in November 2014. | |||||||||||
-6 | Net proceeds from the loan were used to retire a $15,700 loan that was scheduled to mature in April 2013. | |||||||||||
-7 | Net proceeds from the loan were used to retire four loans, scheduled to mature in April 2013 and with an aggregate balance of $100,000, that were secured by Friendly Center, Friendly Center Office Building, First National Bank Building, Green Valley Office Building, First Citizens Bank Building, Wachovia Office Building and Bank of America Building. | |||||||||||
-8 | The construction loan had two one-year extension options, which were at the joint venture's election, for an outside maturity date of March 2018. The Operating Partnership had guaranteed 100% of the construction loan. The loan was amended and restated in February 2014 and August 2014, as described above. | |||||||||||
All of the debt on the Properties owned by the unconsolidated affiliates listed above is non-recourse, except for Ambassador, Ambassador Infrastructure, West Melbourne, Port Orange, Gulf Coast - Phase III and Fremaux. See Note 14 for a description of guarantees the Operating Partnership has issued related to certain unconsolidated affiliates. | ||||||||||||
Ambassador Town Center JV, LLC | ||||||||||||
In December 2014, the Company formed a 65/35 joint venture, Ambassador, to develop, own and operate Ambassador Town Center, a community center development located in Lafayette, LA. Construction began in early 2015 and is expected to be complete in spring 2016. The partners contributed aggregate initial equity of $14,800, of which the Company's contribution was $13,320. Following the initial formation of Ambassador, all required future contributions will be funded on a 65/35 pro rata basis. | ||||||||||||
Fremaux Town Center JV, LLC | ||||||||||||
In January 2013, the Company formed a 65/35 joint venture, Fremaux, to develop, own and operate Fremaux Town Center, a community center development located in Slidell, LA. Construction began in March 2013 and phase one opened in spring 2014. The partners contributed aggregate initial equity of $20,500, of which the Company's contribution was $18,450. Following the initial formation of Fremaux, all required future contributions will be funded on a 65/35 pro rata basis. Phase two is currently under construction with completion expected in fall 2015. | ||||||||||||
Imperial Valley Mall L.P, Imperial Valley Peripheral L.P., Imperial Valley Commons L.P. | ||||||||||||
In December 2012, the Company acquired the remaining 40.0% interests in Imperial Valley Mall L.P. and Imperial Valley Peripheral L.P., which owns vacant land adjacent to Imperial Valley Mall in El Centro, CA, from its joint venture partner. The results of operations of Imperial Valley Mall L.P. and Imperial Valley Peripheral L.P. through the acquisition date are included in the table above using the equity method of accounting. From the date of acquisition, the results of operations of Imperial Valley Mall L.P. and Imperial Valley Peripheral L.P. are accounted for on a consolidated basis. The Company also acquired the joint venture partner's 40.0% interest in Imperial Valley Commons L.P., a VIE that owns land adjacent to Imperial Valley Mall. Imperial Valley Commons L.P. was consolidated as a VIE as of December 31, 2013 and continues to be accounted for on a consolidated basis as a wholly-owned entity as of December 31, 2014. See Note 3 for further information. | ||||||||||||
El Paso Outlet Outparcels, LLC | ||||||||||||
In April 2012, the Company acquired a 50.0% interest in a joint venture, El Paso Outlet Outparcels, LLC, simultaneously with the acquisition of a 75.0% interest in The Outlet Shoppes at El Paso (see Note 3). The Company's investment was $3,864. The remaining 50.0% interest is owned by affiliates of Horizon Group Properties. El Paso Outlet Outparcels, LLC owns land adjacent to The Outlet Shoppes at El Paso. The terms of the joint venture agreement provide that voting rights, capital contributions and distributions of cash flows will be on a pari passu basis in accordance with the ownership percentages. | ||||||||||||
CBL/T-C, LLC | ||||||||||||
CBL/T-C, LLC ("CBL/T-C") and TIAA-CREF each own a 50% interest with respect to the CoolSprings Galleria, Oak Park Mall and West County Center Properties. The terms of the joint venture agreement provide that, with respect to these Properties, voting rights, capital contributions and distributions of cash flows will be on a pari passu basis in accordance with ownership percentages. As of December 31, 2013, the Company and TIAA-CREF owned 88% and 12% interests, respectively, in Pearland Town Center. The Company accounted for the formation of CBL/T-C as the sale of a partial interest in the combined CoolSprings Galleria, Oak Park Mall and West County Center Properties and recognized a gain on sale of real estate of $54,327 in 2011, which included the impact of a reserve for future capital expenditures that the Company must fund related to parking decks at West County Center in the amount of $26,439. The Company recorded its investment in CBL/T-C under the equity method of accounting at $116,397, which represented its combined remaining 50% cost basis in the CoolSprings Galleria, Oak Park Mall and West County Center Properties. The Company determined that CBL/T-C's interest in Pearland Town Center represented an interest in a VIE and accounted for the Pearland Town Center Property separately from the combined CoolSprings Galleria, Oak Park Mall and West County Center Properties. The Company determined that, because it had the option to acquire TIAA-CREF's interest in Pearland Town Center in the future, it did not qualify as a partial sale and therefore, accounted for the $18,264 contributed by TIAA-CREF attributable to Pearland Town Center as a financing. This amount was included in mortgage and other indebtedness in the accompanying consolidated balance sheets as of December 31, 2013. Under the financing method, the Company continued to account for Pearland Town Center on a consolidated basis. In accordance with the terms of the joint venture agreement, the Company elected to purchase TIAA-CREF's 12% interest in Pearland Town Center in the first quarter of 2014 for $17,948. This amount represented the noncontrolling partner's unreturned equity contribution related to Pearland Town Center, which was accounted for as a financing obligation, plus accrued and unpaid preferred return at a rate of 8%. See Note 6 for more information. | ||||||||||||
Cost Method Investments | ||||||||||||
The Company owns a 6.2% noncontrolling interest in subsidiaries of Jinsheng Group (“Jinsheng”), an established mall operating and real estate development company located in Nanjing, China. Jinsheng owns controlling interests in home furnishing shopping malls. | ||||||||||||
Prior to May 2013, the Company also held a secured convertible promissory note secured by 16,565,534 Series 2 Ordinary Shares of Jinsheng (which equated to a 2.275% ownership interest). The secured note was non-interest bearing and was amended by the Company and Jinsheng to extend to May 30, 2013 the Company's right to convert the outstanding amount of the secured note into 16,565,534 Series A-2 Preferred Shares of Jinsheng. The Company exercised its right to demand payment of the note and received payment from Jinsheng in May 2013. | ||||||||||||
The Company accounts for its noncontrolling interest in Jinsheng using the cost method because the Company does not exercise significant influence over Jinsheng and there is no readily determinable market value of Jinsheng’s shares since they are not publicly traded. The noncontrolling interest is reflected as investment in unconsolidated affiliates in the accompanying consolidated balance sheets as of December 31, 2014 and 2013. The secured note was reflected as investment in unconsolidated affiliates in the accompanying consolidated balance sheets as of December 31, 2013, prior to its 2014 redemption. |
MORTGAGE_AND_OTHER_INDEBTEDNES
MORTGAGE AND OTHER INDEBTEDNESS | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||
MORTGAGE AND OTHER INDEBTEDNESS | MORTGAGE AND OTHER INDEBTEDNESS | ||||||||||||||||||||||||||||||||||
Debt of the Company | |||||||||||||||||||||||||||||||||||
CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries, that the Operating Partnership 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 Notes, issued by the Operating Partnership in November 2013 and October 2014, respectively, for losses suffered solely by reason of fraud or willful misrepresentation by the Operating Partnership or its affiliates. The Company also provides a limited guarantee of the Operating Partnership's obligations with respect to its unsecured credit facilities and two unsecured term loans as of December 31, 2014. | |||||||||||||||||||||||||||||||||||
CBL also had guaranteed 100% of the debt secured by The Promenade in D'Iberville, MS. The loan was paid off in the fourth quarter of 2014. See below for further information on this retirement of debt. | |||||||||||||||||||||||||||||||||||
Debt of the Operating Partnership | |||||||||||||||||||||||||||||||||||
Mortgage and other indebtedness consisted of the following: | |||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||
Amount | Weighted | Amount | Weighted | ||||||||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||||||||
Rate (1) | Rate (1) | ||||||||||||||||||||||||||||||||||
Fixed-rate debt: | |||||||||||||||||||||||||||||||||||
Non-recourse loans on operating Properties (2) | $ | 3,252,730 | 5.62% | $ | 3,527,830 | 5.54% | |||||||||||||||||||||||||||||
Senior unsecured notes due 2023 (3) | 445,770 | 5.25% | 445,374 | 5.25% | |||||||||||||||||||||||||||||||
Senior unsecured notes due 2024 (4) | 299,925 | 4.60% | — | —% | |||||||||||||||||||||||||||||||
Other (5) | 5,639 | 3.50% | — | —% | |||||||||||||||||||||||||||||||
Financing obligation (6) | — | —% | 17,570 | 8.00% | |||||||||||||||||||||||||||||||
Total fixed-rate debt | 4,004,064 | 5.50% | 3,990,774 | 5.52% | |||||||||||||||||||||||||||||||
Variable-rate debt: | |||||||||||||||||||||||||||||||||||
Non-recourse term loans on operating Properties | 17,121 | 2.29% | 133,712 | 3.14% | |||||||||||||||||||||||||||||||
Recourse term loans on operating Properties | 7,638 | 2.91% | 51,300 | 1.87% | |||||||||||||||||||||||||||||||
Construction loans | 454 | 2.66% | 2,983 | 2.17% | |||||||||||||||||||||||||||||||
Unsecured lines of credit | 221,183 | 1.56% | 228,754 | 1.57% | |||||||||||||||||||||||||||||||
Unsecured term loans | 450,000 | 1.71% | 450,000 | 1.71% | |||||||||||||||||||||||||||||||
Total variable-rate debt | 696,396 | 1.69% | 866,749 | 1.91% | |||||||||||||||||||||||||||||||
Total | $ | 4,700,460 | 4.93% | $ | 4,857,523 | 4.88% | |||||||||||||||||||||||||||||
-1 | Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs. | ||||||||||||||||||||||||||||||||||
-2 | The Operating Partnership had four interest rate swaps on notional amounts totaling $105,584 as of December 31, 2014 and $109,830 as of December 31, 2013 related to four variable-rate loans on operating Properties to effectively fix the interest rates on the respective loans. Therefore, these amounts are reflected in fixed-rate debt at December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||||
-3 | In November 2013, the Operating Partnership issued $450,000 of senior unsecured notes in a public offering. The balance at December 31, 2014 is net of an unamortized discount of $4,230. See below for additional information. | ||||||||||||||||||||||||||||||||||
-4 | The Operating Partnership issued $300,000 of senior unsecured notes in a public offering in October 2014. The balance at December 31, 2014 includes an unamortized discount of $75. See below for additional information. | ||||||||||||||||||||||||||||||||||
-5 | A subsidiary of the Management Company entered into a term loan in May 2014. | ||||||||||||||||||||||||||||||||||
-6 | This amount represented the noncontrolling partner's unreturned equity contribution related to Pearland Town Center that was accounted for as a financing due to certain terms of the CBL/T-C joint venture agreement. In the first quarter of 2014, the Company purchased the noncontrolling interest as described below. | ||||||||||||||||||||||||||||||||||
Non-recourse and recourse term loans include loans that are secured by Properties owned by the Company that have a net carrying value of $3,916,571 at December 31, 2014. | |||||||||||||||||||||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||||||||||||||||||||
In October 2014, the Operating Partnership issued $300,000 of the 2024 Notes, which bear interest at 4.60% payable semiannually beginning April 15, 2015 and mature on October 15, 2024. The interest rate will be subject to an increase ranging from 0.25% to 1.00% from time to time if, on or after January 1, 2016 and prior to January 1, 2020, the ratio of secured debt to total assets of the Company, as defined, is greater than 40% but less than 45%. The 2024 Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days notice to the holders of the 2024 Notes to be redeemed. The 2024 Notes may be redeemed prior to July 15, 2024 for cash, at a redemption price equal to the greater of (1) 100% of the aggregate principal amount of the 2024 Notes to be redeemed or (2) an amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on the 2024 Notes to be redeemed, discounted to the redemption date on a semi-annual basis at the treasury rate, as defined, plus 0.35%, plus accrued and unpaid interest. CBL is a limited guarantor of the Operating Partnership's obligations under the 2024 Notes, for losses suffered solely by reason of fraud or willful misrepresentation by the Operating Partnership or its affiliates. On or after July 15, 2024, the 2024 Notes are redeemable for cash at a redemption price equal to 100% of the aggregate principal amount of the 2024 Notes to be redeemed plus accrued and unpaid interest. After deducting underwriting and other offering expenses of $2,245 and a discount of $75, the net proceeds from the sale of the 2024 Notes were approximately $297,680, which the Operating Partnership used to reduce the outstanding balances on its credit facilities. | |||||||||||||||||||||||||||||||||||
In November 2013, the Operating Partnership issued $450,000 of the 2023 Notes, which bear interest at 5.25% payable semiannually beginning June 1, 2014 and mature on December 1, 2023. The interest rate will be subject to an increase ranging from 0.25% to 1.00% from time to time if, on or after January 1, 2016 and prior to January 1, 2020, the ratio of secured debt to total assets of the Company, as defined, is greater than 40% but less than 45%. The 2023 Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days notice to the holders of the 2023 Notes to be redeemed. The 2023 Notes may be redeemed prior to September 1, 2023 for cash, at a redemption price equal to the greater of (1) 100% of the aggregate principal amount of the 2023 Notes to be redeemed or (2) an amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on the 2023 Notes to be redeemed, discounted to the redemption date on a semi-annual basis at the treasury rate, as defined, plus 0.40%, plus accrued and unpaid interest. On or after September 1, 2023, the 2023 Notes are redeemable for cash at a redemption price equal to 100% of the aggregate principal amount of the 2023 Notes to be redeemed plus accrued and unpaid interest. After deducting underwriting and other offering expenses of $4,152 and a discount of $4,626, the net proceeds from the sale of the 2023 Notes were $441,222, which the Operating Partnership used to reduce the outstanding balances on its credit facilities. | |||||||||||||||||||||||||||||||||||
Financing Obligation | |||||||||||||||||||||||||||||||||||
In the first quarter of 2014, the Company exercised its right to acquire the 12.0% noncontrolling interest in Pearland Town Center, which was accounted for as a financing obligation upon its sale in October 2011, from its joint venture partner. The $17,948 purchase price represents the partner's unreturned capital plus accrued and unpaid preferred return at a rate of 8.0%. See Note 5 for additional information. | |||||||||||||||||||||||||||||||||||
Unsecured Lines of Credit | |||||||||||||||||||||||||||||||||||
The Company has three unsecured credit facilities that are used for retirement of secured loans, repayment of term loans, working capital, construction and acquisition purposes, as well as issuances of letters of credit. | |||||||||||||||||||||||||||||||||||
Each facility bears interest at LIBOR plus a spread of 100 to 175 basis points based on the Company's credit ratings. As of December 31, 2014, the Company's interest rate, based on its credit ratings of Baa3 from Moody's and BBB- from Fitch, is LIBOR plus 140 basis points. Additionally, the Company pays an annual facility fee that ranges from 0.15% to 0.35% of the total capacity of each facility. As of December 31, 2014, the annual facility fee was 0.30%. The three unsecured lines of credit had a weighted-average interest rate of 1.56% at December 31, 2014. | |||||||||||||||||||||||||||||||||||
The following summarizes certain information about the Company's unsecured lines of credit as of December 31, 2014: | |||||||||||||||||||||||||||||||||||
Total | Total | Maturity | Extended | ||||||||||||||||||||||||||||||||
Capacity | Outstanding | Date | Maturity | ||||||||||||||||||||||||||||||||
Date (1) | |||||||||||||||||||||||||||||||||||
Facility A | $ | 600,000 | $ | 63,716 | (2) | Nov-15 | Nov-16 | ||||||||||||||||||||||||||||
First Tennessee | 100,000 | 2,200 | (3) | Feb-16 | N/A | ||||||||||||||||||||||||||||||
Facility B | 600,000 | 155,267 | (4) | Nov-16 | Nov-17 | ||||||||||||||||||||||||||||||
$ | 1,300,000 | $ | 221,183 | ||||||||||||||||||||||||||||||||
-1 | The extension options on both facilities are at the Company's election, subject to continued compliance with the terms of the facilities, and have a one-time extension fee of 0.20% of the commitment amount of each credit facility. | ||||||||||||||||||||||||||||||||||
-2 | There was an additional $800 outstanding on this facility as of December 31, 2014 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit. | ||||||||||||||||||||||||||||||||||
-3 | There was an additional $113 outstanding on this facility as of December 31, 2014 for letters of credit. Up to $20,000 of the capacity on this facility can be used for letters of credit. | ||||||||||||||||||||||||||||||||||
-4 | There was an additional $6,110 outstanding on this facility as of December 31, 2014 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit. | ||||||||||||||||||||||||||||||||||
Unsecured Term Loans | |||||||||||||||||||||||||||||||||||
In the third quarter of 2013, the Company closed on a five-year $400,000 unsecured term loan. Net proceeds from the term loan were used to reduce outstanding balances on the Company's credit facilities. The loan bears interest at a variable-rate of LIBOR plus 150 basis points based on the Company's current credit ratings and has a maturity date of July 2018. At December 31, 2014, the outstanding borrowings of $400,000 had an interest rate of 1.67%. | |||||||||||||||||||||||||||||||||||
In the first quarter of 2013, under the terms of the Company's amended and restated agreement with First Tennessee Bank, NA, the Company obtained a $50,000 unsecured term loan that bore interest at a variable-rate of LIBOR plus 190 basis points and matures in February 2018. At December 31, 2014, the outstanding borrowings of $50,000 had a weighted-average interest rate of 2.05%. | |||||||||||||||||||||||||||||||||||
See Note 19 for information related to a reduction in the interest rate on the $50,000 unsecured term loan that occurred subsequent to December 31, 2014. | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
In the second quarter of 2014, a consolidated, joint venture subsidiary of the Management Company closed on a $7,000 term loan which bears interest at a fixed rate of 3.50% and matures in May 2017. At December 31, 2014, the loan had an outstanding balance of $5,639. | |||||||||||||||||||||||||||||||||||
In the second quarter of 2014, the subsidiary of the Management Company also obtained a $3,500 revolving line of credit, which bears interest at a variable rate of LIBOR plus 249 basis points and matures in June 2017. At December 31, 2014, the revolver had no amount outstanding. | |||||||||||||||||||||||||||||||||||
Fixed-Rate Debt | |||||||||||||||||||||||||||||||||||
As of December 31, 2014, fixed-rate loans on operating Properties bear interest at stated rates ranging from 4.05% to 8.50%. Outstanding borrowings under fixed-rate loans include net unamortized debt premiums of $7,414 that were recorded when the Company assumed debt to acquire real estate assets that was at a net above-market interest rate compared to similar debt instruments at the date of acquisition. Fixed-rate loans on operating Properties generally provide for monthly payments of principal and/or interest and mature at various dates through December 2024, with a weighted-average maturity of 4.19 years. | |||||||||||||||||||||||||||||||||||
Financings | |||||||||||||||||||||||||||||||||||
The following table presents the fixed-rate loans, secured by the related Properties, that were entered into since January 1, 2013: | |||||||||||||||||||||||||||||||||||
Date | Property (1) | Stated | Maturity Date | Amount | |||||||||||||||||||||||||||||||
Interest | Financed | ||||||||||||||||||||||||||||||||||
Rate | |||||||||||||||||||||||||||||||||||
2014:00:00 | |||||||||||||||||||||||||||||||||||
November | The Outlet Shoppes of the Bluegrass (2) | 4.05% | Dec-24 | $ | 77,500 | ||||||||||||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||||||||||||
October | The Outlet Shoppes at Atlanta (3) | 4.90% | Nov-23 | $ | 80,000 | ||||||||||||||||||||||||||||||
-1 | This Property is owned in a consolidated joint venture and the Company's share of the remaining excess proceeds was used to reduce outstanding balances on the Company's credit facilities. | ||||||||||||||||||||||||||||||||||
-2 | A portion of the net proceeds from the non-recourse mortgage loan was used to retire a $47,931 recourse construction loan. | ||||||||||||||||||||||||||||||||||
-3 | A portion of the net proceeds from the non-recourse mortgage loan was used to repay a $53,080 recourse construction loan. | ||||||||||||||||||||||||||||||||||
Loan Repayments | |||||||||||||||||||||||||||||||||||
The Company repaid the following fixed-rate loans, secured by the related Properties, since January 1, 2013: | |||||||||||||||||||||||||||||||||||
Date | Property | Interest | Scheduled | Principal | |||||||||||||||||||||||||||||||
Rate at | Maturity Date | Balance | |||||||||||||||||||||||||||||||||
Repayment Date | Repaid (1) | ||||||||||||||||||||||||||||||||||
2014:00:00 | |||||||||||||||||||||||||||||||||||
December | Janesville Mall (2) | 8.38% | Apr-16 | $ | 2,473 | ||||||||||||||||||||||||||||||
October | Mall del Norte | 5.04% | Dec-14 | 113,400 | |||||||||||||||||||||||||||||||
January | St. Clair Square (3) | 3.25% | Dec-16 | 122,375 | |||||||||||||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||||||||||||
December | Northpark Mall | 5.75% | Mar-14 | $ | 32,684 | ||||||||||||||||||||||||||||||
June | Mid Rivers Mall (4) | 5.88% | May-21 | 88,410 | |||||||||||||||||||||||||||||||
April | South County Center (5) | 4.96% | Oct-13 | 71,740 | |||||||||||||||||||||||||||||||
January | Westmoreland Mall | 5.05% | Mar-13 | 63,639 | |||||||||||||||||||||||||||||||
-1 | The Company retired the loans with borrowings from its credit facilities. | ||||||||||||||||||||||||||||||||||
-2 | The Company recorded a $257 loss on extinguishment of debt due to a prepayment fee on the early retirement. | ||||||||||||||||||||||||||||||||||
-3 | The Company recorded a $1,249 loss on extinguishment of debt due to a prepayment fee on the early retirement. | ||||||||||||||||||||||||||||||||||
-4 | The Company recorded an $8,936 loss on extinguishment of debt, which consisted of an $8,708 prepayment fee and $228 of unamortized debt issuance costs. | ||||||||||||||||||||||||||||||||||
-5 | The Company recorded a loss on extinguishment of debt of $172 from the write-off of an unamortized discount. | ||||||||||||||||||||||||||||||||||
The following is a summary of the Company's 2014 dispositions for which the Property securing the related fixed-rate debt was transferred to the lender: | |||||||||||||||||||||||||||||||||||
Balance of | Gain on Extinguishment of Debt | ||||||||||||||||||||||||||||||||||
Date | Property | Interest | Scheduled | Non-recourse Debt | |||||||||||||||||||||||||||||||
Rate at | Maturity Date | ||||||||||||||||||||||||||||||||||
Repayment Date | |||||||||||||||||||||||||||||||||||
October | Columbia Place (1) | 5.45% | Sep-13 | $ | 27,265 | $ | 27,171 | ||||||||||||||||||||||||||||
September | Chapel Hill Mall (1) | 6.10% | Aug-16 | 68,563 | 18,296 | ||||||||||||||||||||||||||||||
January | Citadel Mall (2) | 5.68% | Apr-17 | 68,169 | 43,932 | ||||||||||||||||||||||||||||||
$ | 163,997 | $ | 89,399 | ||||||||||||||||||||||||||||||||
-1 | The Company conveyed the Mall to the lender through a deed-in-lieu of foreclosure. | ||||||||||||||||||||||||||||||||||
-2 | The mortgage lender completed the foreclosure process and received the title to the Mall in satisfaction of the non-recourse debt. | ||||||||||||||||||||||||||||||||||
Variable-Rate Debt | |||||||||||||||||||||||||||||||||||
Non-recourse term loans for the Company’s operating Properties bear interest at variable interest rates indexed to the LIBOR rate. At December 31, 2014, interest rates on such non-recourse loans varied from 1.97% to 2.91%. These loans mature at various dates from June 2016 to April 2019, with a weighted-average maturity of 2.47 years, and have extension options of up to two years. | |||||||||||||||||||||||||||||||||||
Financings | |||||||||||||||||||||||||||||||||||
The following table presents the variable-rate loans, secured by the related Properties, that were entered into since January 1, 2013: | |||||||||||||||||||||||||||||||||||
Date | Property | Stated | Maturity Date (1) | Amount Financed (2) | |||||||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||||||||
Rate | |||||||||||||||||||||||||||||||||||
2014:00:00 | |||||||||||||||||||||||||||||||||||
April | The Outlet Shoppes at Oklahoma City - Phase II (3) | LIBOR + 2.75% | Apr-19 | (4) | $ | 6,000 | |||||||||||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||||||||||||
June | Statesboro Crossing | LIBOR + 1.80% | Jun-16 | (5) | $ | 11,400 | |||||||||||||||||||||||||||||
-1 | Excludes any extension options. | ||||||||||||||||||||||||||||||||||
-2 | Proceeds were used to reduce the balances on the Company's credit facilities unless otherwise noted. | ||||||||||||||||||||||||||||||||||
-3 | Proceeds from the operating Property loan for Phase II were distributed to the partners in accordance with the terms of the partnership agreement. | ||||||||||||||||||||||||||||||||||
-4 | The loan has two one-year extension options, which are at the consolidated joint venture's election, for an outside maturity date of April 2021. | ||||||||||||||||||||||||||||||||||
-5 | The non-recourse loan has two one-year extension options, which are at the Company's option, for an outside maturity date of June 2018. | ||||||||||||||||||||||||||||||||||
Loan Repayments | |||||||||||||||||||||||||||||||||||
The Company repaid the following variable-rate loans, secured by the related Properties, since January 1, 2013: | |||||||||||||||||||||||||||||||||||
Date | Property | Interest | Scheduled | Principal | |||||||||||||||||||||||||||||||
Rate at | Maturity Date | Balance | |||||||||||||||||||||||||||||||||
Repayment Date | Repaid (1) | ||||||||||||||||||||||||||||||||||
2014:00:00 | |||||||||||||||||||||||||||||||||||
December | The Promenade | 1.87% | Dec-14 | $ | 47,670 | ||||||||||||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||||||||||||
September | The Forum at Grandview | 3.19% | Sep-13 | $ | 10,200 | ||||||||||||||||||||||||||||||
July | Alamance Crossing West | 3.20% | Dec-13 | 16,000 | |||||||||||||||||||||||||||||||
February | Statesboro Crossing | 1.21% | Feb-13 | 13,460 | |||||||||||||||||||||||||||||||
-1 | The Company retired the loan with borrowings from its credit facilities. | ||||||||||||||||||||||||||||||||||
Construction Loans | |||||||||||||||||||||||||||||||||||
Financings | |||||||||||||||||||||||||||||||||||
The following table presents the construction loans, secured by the related Properties, that were entered into since January 1, 2013: | |||||||||||||||||||||||||||||||||||
Date | Property | Stated | Maturity Date | Amount Financed | |||||||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||||||||
Rate | |||||||||||||||||||||||||||||||||||
2014:00:00 | |||||||||||||||||||||||||||||||||||
December | The Outlet Shoppes at Atlanta - Parcel Development (1) | LIBOR + 2.50% | Dec-19 | $ | 2,435 | ||||||||||||||||||||||||||||||
April | The Outlet Shoppes at Oklahoma City - Phase III (2) | LIBOR + 2.75% | Apr-19 | (3) | 5,400 | ||||||||||||||||||||||||||||||
April | The Outlet Shoppes at El Paso - Phase II (2) | LIBOR + 2.75% | Apr-18 | 7,000 | |||||||||||||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||||||||||||
August | The Outlet Shoppes of the Bluegrass (4) | LIBOR + 2.00% | Aug-16 | $ | 60,200 | ||||||||||||||||||||||||||||||
-1 | The Operating Partnership has guaranteed 100% of the loan, which had an outstanding balance of $454 at December 31, 2014. The guaranty will terminate once construction is complete and certain debt and operational metrics are met. | ||||||||||||||||||||||||||||||||||
-2 | The Operating Partnership has guaranteed 100% of the construction loan for the expansion of the outlet center until certain financial and operational metrics are met. | ||||||||||||||||||||||||||||||||||
-3 | The construction loan has two one-year extension options, which are at the consolidated joint venture's election, for an outside maturity date of April 2021. | ||||||||||||||||||||||||||||||||||
-4 | The Operating Partnership had guaranteed 100% of the recourse construction loan. The loan was retired as described above with the proceeds from a fixed-rate non-recourse mortgage loan in November 2014. The loan had two one-year extension options, which were at the joint venture's election, for an outside maturity date of August 2018. | ||||||||||||||||||||||||||||||||||
Loan Repayments | |||||||||||||||||||||||||||||||||||
The Company repaid the following construction loans, secured by the related Properties, since January 1, 2013: | |||||||||||||||||||||||||||||||||||
Date | Property | Interest | Scheduled | Principal | |||||||||||||||||||||||||||||||
Rate at | Maturity Date | Balance | |||||||||||||||||||||||||||||||||
Repayment Date | Repaid | ||||||||||||||||||||||||||||||||||
2014:00:00 | |||||||||||||||||||||||||||||||||||
November | The Outlet Shoppes of the Bluegrass (1) | 2.15% | Aug-16 | $ | 47,931 | ||||||||||||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||||||||||||
October | The Outlet Shoppes of Atlanta (2) | 2.93% | Aug-15 | $ | 53,080 | ||||||||||||||||||||||||||||||
-1 | The joint venture retired the recourse construction loan with a portion of the proceeds from a $77,500 fixed-rate non-recourse mortgage loan. The Company's share of excess net proceeds was used to reduce the outstanding balances on its lines of credit. | ||||||||||||||||||||||||||||||||||
-2 | The joint venture retired the recourse construction loan with a portion of the proceeds from an $80,000 fixed-rate non-recourse mortgage loan. The Company's share of excess net proceeds was used to reduce the outstanding balances on its lines of credit. | ||||||||||||||||||||||||||||||||||
Covenants and Restrictions | |||||||||||||||||||||||||||||||||||
The agreements for the unsecured lines of credit, the Notes and unsecured term loans contain, among other restrictions, certain financial covenants including the maintenance of certain financial coverage ratios, minimum net worth requirements, minimum unencumbered asset and interest ratios, maximum secured indebtedness ratios, maximum total indebtedness ratios and limitations on cash flow distributions. The Company believes that it was in compliance with all covenants and restrictions at December 31, 2014. | |||||||||||||||||||||||||||||||||||
Unsecured Lines of Credit and Unsecured Term Loans | |||||||||||||||||||||||||||||||||||
The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of December 31, 2014: | |||||||||||||||||||||||||||||||||||
Ratio | Required | Actual | |||||||||||||||||||||||||||||||||
Debt to total asset value | < 60% | 49.10% | |||||||||||||||||||||||||||||||||
Unencumbered asset value to unsecured indebtedness | > 1.60x | 2.5x | |||||||||||||||||||||||||||||||||
Unencumbered NOI to unsecured interest expense | > 1.75x | 4.1x | |||||||||||||||||||||||||||||||||
EBITDA to fixed charges (debt service) | > 1.50x | 2.2x | |||||||||||||||||||||||||||||||||
The agreements for the unsecured credit facilities and unsecured term loans described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 or any non-recourse indebtedness greater than $150,000 (for the Company's ownership share) of CBL, the Operating Partnership or any Subsidiary, as defined, will constitute an event of default under the agreements for the credit facilities. The credit facilities also restrict the Company's ability to enter into any transaction that could result in certain changes in its ownership or structure as described under the heading “Change of Control/Change in Management” in the agreements for the credit facilities. Prior to the Company obtaining an investment grade rating in May 2013, the obligations of the Company under the agreements were unconditionally guaranteed, jointly and severally, by any subsidiary of the Company to the extent such subsidiary was a material subsidiary and was not otherwise an excluded subsidiary, as defined in the agreements. Once the Company obtained an investment grade rating, guarantees by material subsidiaries were no longer required by the agreements. | |||||||||||||||||||||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||||||||||||||||||||
The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of December 31, 2014: | |||||||||||||||||||||||||||||||||||
Ratio | Required | Actual | |||||||||||||||||||||||||||||||||
Total debt to total assets | < 60% | 53.70% | |||||||||||||||||||||||||||||||||
Secured debt to total assets | <45% (1) | 37.00% | |||||||||||||||||||||||||||||||||
Total unencumbered assets to unsecured debt | >150% | 235.80% | |||||||||||||||||||||||||||||||||
Consolidated income available for debt service to annual debt service charge | > 1.50x | 3.1x | |||||||||||||||||||||||||||||||||
-1 | On January 1, 2020 and thereafter, secured debt to total assets must be less than 40%. | ||||||||||||||||||||||||||||||||||
The agreements for the Notes described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 of the Operating Partnership will constitute an event of default under the Notes. | |||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Several of the Company’s malls/open-air centers, associated centers and community centers, in addition to the corporate office building, 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, 2014, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, including construction loans and lines of credit, are as follows: | |||||||||||||||||||||||||||||||||||
2015 | $ | 594,672 | |||||||||||||||||||||||||||||||||
2016 | 763,868 | ||||||||||||||||||||||||||||||||||
2017 | 491,189 | ||||||||||||||||||||||||||||||||||
2018 | 678,512 | ||||||||||||||||||||||||||||||||||
2019 | 114,337 | ||||||||||||||||||||||||||||||||||
Thereafter | 2,054,773 | ||||||||||||||||||||||||||||||||||
4,697,351 | |||||||||||||||||||||||||||||||||||
Net unamortized premiums | 3,109 | ||||||||||||||||||||||||||||||||||
$ | 4,700,460 | ||||||||||||||||||||||||||||||||||
Of the $594,672 of scheduled principal payments in 2015, $464,867 relates to the maturing principal balances of seven operating Property loans, $63,716 relates to an unsecured line of credit and $66,089 represents scheduled principal amortization. | |||||||||||||||||||||||||||||||||||
The Company has extension options available at its election, subject to continued compliance with the terms of the facilities, related to the maturities of its unsecured credit facilities, including a 2016 extension on the unsecured line of credit with a 2015 maturity date. The credit facilities may be used to retire loans maturing in 2015 as well as to provide additional flexibility for liquidity purposes. | |||||||||||||||||||||||||||||||||||
Interest Rate Hedging Instruments | |||||||||||||||||||||||||||||||||||
The Company records its derivative instruments in its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the derivative has been designated as a hedge and, if so, whether the hedge has met the criteria necessary to apply hedge accounting. | |||||||||||||||||||||||||||||||||||
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. | |||||||||||||||||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in AOCI/L and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt. | |||||||||||||||||||||||||||||||||||
As of December 31, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: | |||||||||||||||||||||||||||||||||||
Interest Rate | Number of | Notional | |||||||||||||||||||||||||||||||||
Derivative | Instruments | Amount | |||||||||||||||||||||||||||||||||
Interest Rate Swaps | 4 | $ | 105,584 | ||||||||||||||||||||||||||||||||
The following tables provide further information relating to the Company’s interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||||||||||
Instrument Type | Location in | Notional | Designated | Strike | Fair Value at 12/31/14 | Fair Value at 12/31/13 | Maturity | ||||||||||||||||||||||||||||
Consolidated | Amount | Benchmark | Rate | Date | |||||||||||||||||||||||||||||||
Balance Sheet | Interest | ||||||||||||||||||||||||||||||||||
Rate | |||||||||||||||||||||||||||||||||||
Cap | Intangible lease assets | $ 122,375 | 3-month | 5 | % | N/A | $ | — | Jan-14 | ||||||||||||||||||||||||||
and other assets | (amortizing | LIBOR | |||||||||||||||||||||||||||||||||
to $122,375) | |||||||||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $ 51,037 | 1-month | 2.149 | % | $ | (1,064 | ) | $ | (1,915 | ) | Apr-16 | |||||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||||||||
to $48,337) | |||||||||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $ 31,960 | 1-month | 2.187 | % | (681 | ) | (1,226 | ) | Apr-16 | |||||||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||||||||
to $30,276) | |||||||||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $ 11,946 | 1-month | 2.142 | % | (248 | ) | (446 | ) | Apr-16 | |||||||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||||||||
to $11,313) | |||||||||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $ 10,641 | 1-month | 2.236 | % | (233 | ) | (420 | ) | Apr-16 | |||||||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||||||||
to $10,083) | |||||||||||||||||||||||||||||||||||
$ | (2,226 | ) | $ | (4,007 | ) | ||||||||||||||||||||||||||||||
Hedging Instrument | Gain (Loss) Recognized in OCI/L | Location of Losses Reclassified from AOCI/L into Earnings (Effective Portion) | Loss Recognized in Earnings | Location of Gain (Loss) Recognized in Earnings (Ineffective Portion) | Gain | ||||||||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | Recognized in | |||||||||||||||||||||||||||||||||
Earnings | |||||||||||||||||||||||||||||||||||
(Ineffective Portion) | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Interest rate contracts | $ | 1,782 | $ | 1,815 | $ | (207 | ) | Interest Expense | $ | (2,195 | ) | $ | (2,297 | ) | $ | (2,267 | ) | Interest Expense | $ | — | $ | — | $ | — | |||||||||||
As of December 31, 2014, the Company expects to reclassify approximately $1,923 of losses currently reported in AOCI to interest expense within the next twelve months due to the amortization of its outstanding interest rate contracts. Fluctuations in fair values of these derivatives between December 31, 2014 and the respective dates of termination will vary the projected reclassification amount. | |||||||||||||||||||||||||||||||||||
See Notes 2 and 15 for additional information regarding the Company’s interest rate hedging instruments. |
SHAREHOLDERS_EQUITY_AND_PARTNE
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL | SHAREHOLDERS’ EQUITY AND PARTNERS' CAPITAL | |||||||||||||||
Common Stock and Common Units | ||||||||||||||||
The Company's authorized common stock consists of 350,000,000 shares at $0.01 par value per share. The Company had 170,260,273 and 170,048,144 shares of common stock issued and outstanding as of December 31, 2014 and 2013, respectively. | ||||||||||||||||
Partners in the Operating Partnership hold their ownership through common and special common units of limited partnership interest, hereinafter referred to as "common units." A common unit and a share of CBL's common stock have essentially the same economic characteristics, as they effectively participate equally in the net income and distributions of the Operating Partnership. For each share of common stock issued by CBL, the Operating Partnership has issued a corresponding number of common units to CBL in exchange for the proceeds from the stock issuance. The Operating Partnership had 199,532,908 and 199,593,731 common units outstanding as of December 31, 2014 and 2013, 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 CBL's election, their cash equivalent. When an exchange for common stock occurs, CBL 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 CBL 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 exercise of the shares of common stock that would otherwise have been received by the limited partner in the exchange. Neither the common units nor the shares of common stock of CBL are subject to any right of mandatory redemption. | ||||||||||||||||
At-The-Market Equity Program | ||||||||||||||||
On March 1, 2013, the Company entered into 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 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. | ||||||||||||||||
The Company did not sell any shares under the ATM program during 2014. The following table summarizes issuances of common stock sold through the ATM program since inception through 2013: | ||||||||||||||||
Number of Shares | Gross | Net | Weighted-average | |||||||||||||
Settled | Proceeds | Proceeds | Sales Price | |||||||||||||
First quarter 2013 | 1,889,105 | $ | 44,459 | $ | 43,904 | $ | 23.53 | |||||||||
Second quarter 2013 | 6,530,193 | 167,034 | 165,692 | 25.58 | ||||||||||||
Total | 8,419,298 | $ | 211,493 | $ | 209,596 | $ | 25.12 | |||||||||
The net proceeds from these sales 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. Actual future sales will depend on a variety of factors including but not limited to market conditions, the trading price of CBL's common stock and the Company's capital needs. The Company has no obligation to sell the remaining shares available under the ATM program. | ||||||||||||||||
Common Unit Activity | ||||||||||||||||
During 2014, CBL elected to pay $4,861 in cash to four holders of 272,952 common units of limited partnership interest in the Operating Partnership upon the exercise of their conversion rights. | ||||||||||||||||
During 2013, no holders of common units exercised their conversion rights. | ||||||||||||||||
During 2012, holders of 12,690,628 common units of limited partnership interest in the Operating Partnership exercised their conversion rights. CBL elected to pay cash of $3,965 for 224,628 common units and to issue 12,466,000 shares of common stock in exchange for the remaining common units. | ||||||||||||||||
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 had 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, 2014 and 2013. 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 Company may not redeem the Series E Preferred Stock before October 12, 2017, except in limited circumstances to preserve CBL's REIT status or in connection with a change of control. On or after October 12, 2017, the Company may, at its option, redeem the Series E Preferred Stock in whole at any time or in part from time to time by paying $25.00 per depositary share, plus any accrued and unpaid dividends up to, but not including, the date of redemption. The Series E Preferred Stock generally has no stated maturity and will not be subject to any sinking fund or mandatory redemption. The Series E Preferred Stock is not convertible into any of the Company's securities, 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 had 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, 2014 and 2013. The Series D Preferred Stock has a liquidation preference of $250.00 per share ($25.00 per depositary share). The dividends on the Series D Preferred Stock are cumulative, accrue from the date of issuance and are payable quarterly in arrears at a rate of $18.4375 per share ($1.84375 per depositary share) per annum. The Series D Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption, and is not convertible into any other securities of the Company. The Company may redeem shares, in whole or in part, at any time for a cash redemption price of $250.00 per share ($25.00 per depositary share) plus accrued and unpaid dividends. | ||||||||||||||||
Dividends - CBL | ||||||||||||||||
CBL paid first, second and third quarter 2014 cash dividends on its common stock of $0.245 per share on April 16th, July 15th and October 15th 2014, respectively. On November 13, 2014, CBL's Board of Directors declared a fourth quarter cash dividend of $0.265 per share that was paid on January 15, 2015, to shareholders of record as of December 30, 2014. The dividend declared in the fourth quarter of 2014, totaling $45,119, is included in accounts payable and accrued liabilities at December 31, 2014. The total dividend included in accounts payable and accrued liabilities at December 31, 2013 was $41,662. | ||||||||||||||||
The allocations of dividends declared and paid for income tax purposes are as follows: | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Dividends declared: | ||||||||||||||||
Common stock | $ | 1 | $ | 0.98 | $ | 0.83 | ||||||||||
Series C preferred stock | $ | — | $ | — | $ | 14.53 | (1) | |||||||||
Series D preferred stock | $ | 18.44 | $ | 18.44 | $ | 18.44 | ||||||||||
Series E preferred stock | $ | 16.56 | $ | 16.56 | $ | 3.91 | (2) | |||||||||
Allocations: | ||||||||||||||||
Common stock | ||||||||||||||||
Ordinary income | 100 | % | 100 | % | 100 | % | ||||||||||
Capital gains 25% rate | — | % | — | % | — | % | ||||||||||
Return of capital | — | % | — | % | — | % | ||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||
Preferred stock (3) | ||||||||||||||||
Ordinary income | 100 | % | 100 | % | 100 | % | ||||||||||
Capital gains 25% rate | — | % | — | % | — | % | ||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||
-1 | Represents the three regular quarterly dividends paid in 2012, prior to the redemption on November 5, 2012. | |||||||||||||||
-2 | Represents dividends for the partial quarter covering October 5, 2012 through December 31, 2012. | |||||||||||||||
-3 | The allocations for income tax purposes are the same for each series of preferred stock for each period presented. | |||||||||||||||
Distributions - The Operating Partnership | ||||||||||||||||
The Operating Partnership paid first, second and third quarter 2014 cash distributions on its redeemable common units and common units of $0.7322 and $0.2494 per share, respectively, on April 16th, July 15th and October 15th 2014, respectively. On November 13, 2014, the Operating Partnership declared a fourth quarter cash distribution on its redeemable common units and common units of $0.7322 and $0.2692 per share, respectively, that was paid on January 15, 2015. The distribution declared in the fourth quarter of 2014, totaling $9,314, is included in accounts payable and accrued liabilities at December 31, 2014. The total dividend included in accounts payable and accrued liabilities at December 31, 2013 was $8,861. |
REDEEMABLE_INTERESTS_AND_NONCO
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Redeemable Noncontrolling Interests and Noncontrolling Interests [Abstract] | ||||||
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS | REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS | |||||
Redeemable Noncontrolling Interests and Noncontrolling Interests of the Company | ||||||
Partnership Interests in the Operating Partnership that Are Not Owned by the Company | ||||||
The common units that the Company does not own are reflected in the Company's consolidated balance sheets as redeemable noncontrolling interest and noncontrolling interests in the Operating Partnership. | ||||||
Series S Special Common Units | ||||||
Redeemable noncontrolling interest includes a noncontrolling partnership interest in the Operating Partnership for which the partnership agreement includes redemption provisions that may require the Operating Partnership to redeem the partnership interest for real property. In July 2004, the Operating Partnership issued 1,560,940 Series S special common units (“S-SCUs”), all of which are outstanding as of December 31, 2014, 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, at any time after the seventh anniversary of the issuance of the S-SCUs, 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 the Company’s stock or, at the Company’s election, their cash equivalent. The S-SCUs received a minimum distribution of $2.53825 per unit per year for the first five years, and receive a minimum distribution of $2.92875 per unit per year thereafter. | ||||||
Series L Special Common Units | ||||||
In June 2005, the Operating Partnership issued 571,700 L-SCUs, all of which are outstanding as of December 31, 2014, in connection with the acquisition of Laurel Park Place. The L-SCUs receive a minimum distribution of $0.7572 per unit per quarter ($3.0288 per unit per year). Upon the earlier to occur of June 1, 2020, or when the distribution on the common units exceeds $0.7572 per unit for four consecutive calendar quarters, the L-SCUs will thereafter receive a distribution equal to the amount paid on the common units. In December 2012, the Operating Partnership issued 622,278 common units valued at $14,000 to acquire the remaining 30% noncontrolling interest in Laurel Park Place. The $14,000 value of the noncontrolling interest was recorded as a deferred purchase liability in Accounts Payable and Accrued Liabilities on the Company's consolidated balance sheet upon the original acquisition of Laurel Park Place in 2005. | ||||||
Series K Special Common Units | ||||||
In November 2005, the Operating Partnership issued 1,144,924 K-SCUs, all of which are outstanding as of December 31, 2014, in connection with the acquisition of Oak Park Mall, Eastland Mall and Hickory Point Mall. The K-SCUs received a dividend at a rate of 6.0%, or $2.85 per K-SCU, for the first year following the close of the transaction and receive a dividend at a rate of 6.25%, or $2.96875 per K-SCU, thereafter. 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. At any time following the first anniversary of the closing date, the holders of the K-SCUs may exchange them, on a one-for-one basis, for shares of the Company’s common stock or, at the Company’s election, their cash equivalent. | ||||||
Outstanding rights to convert redeemable noncontrolling interests and noncontrolling interests in the Operating Partnership to common stock were held by the following parties at December 31, 2014 and 2013: | ||||||
December 31, | ||||||
2014 | 2013 | |||||
CBL’s Predecessor | 18,172,690 | 18,172,690 | ||||
Third parties | 11,099,945 | 11,372,897 | ||||
29,272,635 | 29,545,587 | |||||
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, 2014 and 2013. 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, 2014 and 2013 by the total common units outstanding at December 31, 2014 and 2013, respectively. The redeemable noncontrolling interest ownership percentage in assets and liabilities of the Operating Partnership was 0.8% at December 31, 2014 and 2013. The noncontrolling interest ownership percentage in assets and liabilities of the Operating Partnership was 13.9% at December 31, 2014 and 2013. | ||||||
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 interest, 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 2014, 2013 and 2012, the Company allocated $2,937, $4,589 and $3,197, respectively, from shareholders’ equity to redeemable noncontrolling interest. During 2014, the Company allocated $322 from noncontrolling interest to shareholders' equity. During 2013 and 2012, the Company allocated $29,212 and $163, respectively, from shareholders' equity to noncontrolling interest. | ||||||
The total redeemable noncontrolling interest in the Operating Partnership was $31,104 and $28,756 at December 31, 2014 and 2013, respectively. The total noncontrolling interest in the Operating Partnership was $134,468 and $135,843 at December 31, 2014 and 2013, respectively. | ||||||
Redeemable Noncontrolling Interests and Noncontrolling Interests in Other Consolidated Subsidiaries | ||||||
Redeemable noncontrolling interests includes the aggregate noncontrolling ownership interest in four of the Company’s other consolidated subsidiaries that is held by third parties and for which the related partnership agreements contain redemption provisions at the holder’s election that allow for redemption through cash and/or properties. The total redeemable noncontrolling interests in other consolidated subsidiaries was $6,455 and $5,883 at December 31, 2014 and 2013, respectively. | ||||||
The redeemable noncontrolling interests in other consolidated subsidiaries includes the third party interest in the Company’s subsidiary that provides security and maintenance services and also included, prior to their redemption by the Company in September 2013, the perpetual PJV units issued to Westfield for its preferred interest in CWJV, a Company-controlled entity, consisting of four of the Company’s other consolidated subsidiaries. See Note 14 for additional information regarding the PJV units. Activity related to the redeemable noncontrolling preferred joint venture interest represented by the PJV units that the Company redeemed in September 2013 is as follows for the year ended December 31, 2013: | ||||||
Beginning Balance | $ | 423,834 | ||||
Net income attributable to redeemable noncontrolling preferred joint venture interest | 14,637 | |||||
Distributions to redeemable noncontrolling preferred joint venture interest | (19,894 | ) | ||||
Reduction to preferred liquidation value of PJV units | (10,000 | ) | ||||
Redemption of noncontrolling preferred joint venture interest | (408,577 | ) | ||||
Ending Balance | $ | — | ||||
The Company had 21 and 24 other consolidated subsidiaries at December 31, 2014 and 2013, respectively, that had noncontrolling interests held by third parties and for which the related partnership agreements either do not include redemption provisions or are subject to redemption provisions that do not require classification outside of permanent equity. The total noncontrolling interests in other consolidated subsidiaries was $8,908 and $19,179 at December 31, 2014 and 2013, 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, 2014 and 2013. 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 aggregate noncontrolling ownership interest in four of the Company’s other consolidated subsidiaries described above that are reflected as redeemable noncontrolling interest in the Company's consolidated balance sheets is also reflected as redeemable noncontrolling interest in the Operating Partnership's consolidated balance sheets. | ||||||
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 redeemable noncontrolling preferred joint venture interest represented by the PJV units as described above that is reflected as noncontrolling preferred joint venture interest in the Company's consolidated balance sheets is also reflected as redeemable noncontrolling preferred joint venture interest 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 | ||||||
Triangle Town Member LLC | ||||||
The Company holds a 50% ownership interest in this joint venture. In 2013, the Company reconsidered the entity’s status, and determined that its investment in this joint venture represents an interest in a VIE. The entity is under joint control, and therefore the Company accounts for it as an unconsolidated affiliate using the equity method of accounting. At December 31, 2014 and 2013, this joint venture had total assets of $104,397 and $111,865, respectively, and a mortgage note payable of $175,148 and $179,336, respectively. | ||||||
JG Gulf Coast Town Center LLC | ||||||
The Company holds a 50% ownership interest in this joint venture. In 2013, the Company reconsidered the entity’s status, and determined that its investment in this joint venture represents an interest in a VIE. The entity is under joint control, and therefore the Company accounts for it as an unconsolidated affiliate using the equity method of accounting. At December 31, 2014 and 2013, this joint venture had total assets of $149,008 and $156,591, respectively, and total notes payable of $196,494 and $197,058, respectively. | ||||||
West Melbourne I, LLC | ||||||
The Company holds a 50% ownership interest in this joint venture. In 2013, the Company concluded that its investment in this joint venture represents an interest in a VIE. In 2014, the Company reconsidered the entity's status and concluded the entity is no longer a VIE. The entity is under joint control, and therefore the Company accounts for it as an unconsolidated affiliate using the equity method of accounting. At December 31, 2014 and 2013, this joint venture had total assets of $97,274 and $84,423, respectively, and total notes payable of $53,822 and $45,541, respectively. | ||||||
The Promenade D’Iberville, LLC | ||||||
The Company holds an 85% ownership interest in this joint venture. In 2013, the Company determined that its investment in this joint venture represents an interest in a VIE. The Company is the primary beneficiary because of its power to direct the activities of the joint venture that most significantly impact the joint venture’s economic performance as well as the obligation to absorb losses or right to receive benefits from the VIE that could be significant. In 2014, the Company reconsidered the entity's status and concluded the entity is no longer a VIE. The Company has a controlling financial interest in this joint venture. Therefore, the Company continues to account for the entity on a consolidated basis in the accompanying consolidated financial statements with the interests of the third party reflected as a noncontrolling interest. At December 31, 2014 and 2013, this joint venture had total assets of $92,893 and $103,407, respectively, and a mortgage note payable of $47,514 and $58,000, respectively. | ||||||
Louisville Outlet Shoppes, LLC | ||||||
The Company holds a 65% ownership interest in the joint venture. The Company previously determined that its investment in this joint venture represents an interest in a VIE and that the Company was the primary beneficiary because of its power to direct activities of the joint venture that most significantly impacted the joint venture's economic performance as well as the obligation to absorb losses or right to receive benefits from the VIE that could be significant. In 2014, the Company reconsidered the entity's status and concluded the entity is no longer a VIE. The Company has a controlling financial interest in the joint venture. Therefore, the Company continues to account for the entity on a consolidated basis, with the interests of the third party reflected as a noncontrolling interest. At December 31, 2014 and 2013, this joint venture had total assets of $76,113 and $28,112, respectively. This joint venture had a mortgage note payable of $77,398 and a construction loan with an outstanding balance of $2,983 at December 31, 2014 and 2013, respectively. | ||||||
Kirkwood Mall Mezz, LLC | ||||||
In the fourth quarter of 2012, the Company acquired a 49% ownership interest in Kirkwood Mall Mezz, LLC, which owned Kirkwood Mall located in Bismarck, ND. The Company determined that its investment in this joint venture represented an interest in a VIE and that the Company was the primary beneficiary since under the terms of the agreement the Company's equity investment was at risk while the third party had a fixed price for which it would sell its remaining 51% equity interest to the Company. As a result, the joint venture was presented in the accompanying consolidated financial statements as of December 31, 2012 on a consolidated basis, with the interests of the third party reflected as a noncontrolling interest. In accordance with its executed agreement, the Company acquired the remaining 51% interest in April 2013 and assumed $40,368 of non-recourse debt. Following the Company's acquisition of the noncontrolling interest in April 2013, this joint venture is now wholly-owned, and is no longer a VIE. | ||||||
Gettysburg Outlet Holding, LLC | ||||||
In the second quarter of 2012, the Company entered into a joint venture, Gettysburg Outlet Center Holding LLC, with a third party to develop, own, and operate The Outlet Shoppes at Gettysburg. The Company holds a 50% ownership interest in this joint venture. The Company determined that its investment in this joint venture represents an interest in a VIE and that the Company is the primary beneficiary since it has the power to direct activities of the joint venture that most significantly impact the joint venture's economic performance as well as the obligation to absorb losses or right to receive benefits from the VIE that could be significant. As a result, the joint venture is presented in the accompanying consolidated financial statements as of December 31, 2014 and 2013 on a consolidated basis, with the interests of the third party reflected as a noncontrolling interest. At December 31, 2014 and 2013, this joint venture had total assets of $38,988 and $41,582, respectively, and a mortgage note payable of $38,659 and $39,437, respectively. | ||||||
El Paso Outlet Center Holding, LLC | ||||||
In the second quarter of 2012, the Company entered into a joint venture, El Paso Outlet Center Holding, LLC, with a third party to develop, own, and operate The Outlet Shoppes at El Paso. The Company holds a 75% ownership interest in the joint venture. The Company determined that its investment in this joint venture represents an interest in a VIE and that the Company is the primary beneficiary since it has the power to direct activities of the joint venture that most significantly impact the joint venture's economic performance as well as the obligation to absorb losses or the right to receive benefits from the VIE that could be significant. As a result, the joint venture is presented in the accompanying consolidated financial statements as of December 31, 2014 and 2013 on a consolidated basis, with the interests of the third party reflected as a noncontrolling interest. At December 31, 2014 and 2013, this joint venture had total assets of $113,166 and $114,579, respectively, and a mortgage note payable of $64,497 and $65,465, respectively. |
MINIMUM_RENTS
MINIMUM RENTS | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||
MINIMUM RENTS | MINIMUM RENTS | |||
The Company receives rental income by leasing retail shopping center space under operating leases. Future minimum rents are scheduled to be received under non-cancellable tenant leases at December 31, 2014, as follows: | ||||
2015 | $ | 620,874 | ||
2016 | 541,639 | |||
2017 | 469,261 | |||
2018 | 387,445 | |||
2019 | 322,236 | |||
Thereafter | 1,133,974 | |||
$ | 3,475,429 | |||
Future minimum rents do not include percentage rents or tenant reimbursements that may become due. |
MORTGAGE_AND_OTHER_NOTES_RECEI
MORTGAGE AND OTHER NOTES RECEIVABLE | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Mortgage and Other Notes Receivable [Abstract] | |||||||||||||||
MORTGAGE AND OTHER NOTES RECEIVABLE | MORTGAGE AND OTHER NOTES RECEIVABLE | ||||||||||||||
Each of the Company's mortgage notes receivable is collateralized by either a first mortgage, a second mortgage or by an assignment of 100% of the partnership interests that own the real estate assets. Other notes receivable include amounts due from tenants or government sponsored districts and unsecured notes received from third parties as whole or partial consideration for property or investments. The Company reviews its mortgage and other notes receivable to determine if the balances are realizable based on factors affecting the collectability of those balances. Factors may include credit quality, timeliness of required periodic payments, past due status and management discussions with obligors. The Company believes that its mortgage and other notes receivable balance is fully collectible as of December 31, 2014. | |||||||||||||||
Mortgage and other notes receivable consist of the following: | |||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||
Maturity Date | Interest Rate | Balance | Interest Rate | Balance | |||||||||||
Mortgages: | |||||||||||||||
Coastal Grand - Myrtle Beach (1) | Oct-14 | 7.75% | $ | — | 7.75% | $ | 9,000 | ||||||||
Columbia Place Outparcel (2) | Feb-22 | 5.00% | 360 | —% | — | ||||||||||
Park Place | May-22 | 5.00% | 1,566 | 5.00% | 1,738 | ||||||||||
Village Square (3) | Mar-16 | 3.50% | 1,711 | 4.50% | 2,600 | ||||||||||
Other | Dec 2016 - | 2.67% - 9.50% | 5,686 | 2.67% - 9.50% | 5,782 | ||||||||||
Jan-47 | |||||||||||||||
9,323 | 19,120 | ||||||||||||||
Other Notes Receivable: | |||||||||||||||
Horizon Group - The Outlet Shoppes at Atlanta (4) | May-15 | 7.00% | — | 7.00% | 816 | ||||||||||
RED Development Inc. (5) | Nov-23 | 5.00% | 7,429 | 5.00% | 7,429 | ||||||||||
Woodstock land (6) | Feb-15 | 10.00% | 3,059 | 10.00% | 3,059 | ||||||||||
10,488 | 11,304 | ||||||||||||||
$ | 19,811 | $ | 30,424 | ||||||||||||
-1 | In the third quarter of 2014, the subordinated notes were paid off in conjunction with the refinancing of the loan, secured by Coastal Grand-Myrtle Beach. See Note 5 for additional information. | ||||||||||||||
-2 | In the fourth quarter of 2014, Columbia Joint Venture, a subsidiary of the Company, received a $360 promissory note in conjunction with the $400 sale of an outparcel. | ||||||||||||||
-3 | In the third quarter of 2014, the mortgage note was modified to extend the maturity date from March 2015 to March 2016 and reduce the interest rate to 3.50%. | ||||||||||||||
-4 | In the second quarter of 2013, Mortgage Holdings, LLC, a subsidiary of the Company, entered into a $2,700 loan agreement with an affiliate of Horizon Group Properties, Inc., the Company's noncontrolling interest partner in The Outlet Shoppes at Atlanta. The note was paid off in the third quarter of 2014. | ||||||||||||||
-5 | In the fourth quarter of 2013, the Company received a $7,430 promissory note in conjunction with the sale of a land parcel. | ||||||||||||||
-6 | In the first quarter of 2013, Woodstock GA Investments, LLC, a joint venture in which the Company owns a 75.0% interest, received $3,525 of the balance on its $6,581 note receivable with an entity that owns an interest in land in Woodstock, GA, adjacent to the site of The Outlet Shoppes at Atlanta. The loan was made in the second quarter of 2012 and is secured by the entity's interest in the adjacent land. The note receivable was extended from May 2014 to November 2014 in the second quarter of 2014. A second amendment to the note was made in November 2014 to extend the maturity date to February 2015. |
SEGMENT_INFORMATION
SEGMENT INFORMATION | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION | ||||||||||||||||||||
The Company measures performance and allocates resources according to property type, which is determined based on certain criteria such as type of tenants, capital requirements, economic risks, leasing terms, and short- and long-term returns on capital. Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments. The accounting policies of the reportable segments are the same as those described in Note 2. Information on the Company’s reportable segments is presented as follows: | |||||||||||||||||||||
Year Ended December 31, 2014 | Malls | Associated | Community | All | Total | ||||||||||||||||
Centers | Centers | Other (1) | |||||||||||||||||||
Revenues | $ | 933,736 | $ | 41,527 | $ | 18,600 | $ | 66,876 | $ | 1,060,739 | |||||||||||
Property operating expenses (2) | (282,796 | ) | (9,500 | ) | (5,260 | ) | 3,659 | (293,897 | ) | ||||||||||||
Interest expense | (198,758 | ) | (7,959 | ) | (2,510 | ) | (30,597 | ) | (239,824 | ) | |||||||||||
Other expense | (20 | ) | — | — | (32,277 | ) | (32,297 | ) | |||||||||||||
Gain on sales of real estate assets | 3,537 | 937 | 107 | 761 | 5,342 | ||||||||||||||||
Segment profit | $ | 455,699 | $ | 25,005 | $ | 10,937 | $ | 8,422 | 500,063 | ||||||||||||
Depreciation and amortization expense | (291,273 | ) | |||||||||||||||||||
General and administrative expense | (50,271 | ) | |||||||||||||||||||
Interest and other income | 14,121 | ||||||||||||||||||||
Gain on extinguishment of debt | 87,893 | ||||||||||||||||||||
Loss on impairment | (17,858 | ) | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 14,803 | ||||||||||||||||||||
Income tax provision | (4,499 | ) | |||||||||||||||||||
Income from continuing operations | $ | 252,979 | |||||||||||||||||||
Total assets | $ | 5,662,967 | $ | 274,116 | $ | 282,078 | $ | 397,138 | $ | 6,616,299 | |||||||||||
Capital expenditures (3) | $ | 198,205 | $ | 17,157 | $ | 3,160 | $ | 99,273 | $ | 317,795 | |||||||||||
Year Ended December 31, 2013 | Malls | Associated | Community | All | Total | ||||||||||||||||
Centers | Centers | Other (1) | |||||||||||||||||||
Revenues | $ | 930,081 | $ | 41,726 | $ | 17,937 | $ | 63,881 | $ | 1,053,625 | |||||||||||
Property operating expenses (2) | (300,172 | ) | (10,298 | ) | (3,568 | ) | 17,831 | (296,207 | ) | ||||||||||||
Interest expense | (206,779 | ) | (8,148 | ) | (2,397 | ) | (14,532 | ) | (231,856 | ) | |||||||||||
Other expense | — | — | — | (28,826 | ) | (28,826 | ) | ||||||||||||||
Gain on sales of real estate assets | 295 | — | 452 | 1,233 | 1,980 | ||||||||||||||||
Segment profit | $ | 423,425 | $ | 23,280 | $ | 12,424 | $ | 39,587 | 498,716 | ||||||||||||
Depreciation and amortization expense | (278,911 | ) | |||||||||||||||||||
General and administrative expense | (48,867 | ) | |||||||||||||||||||
Interest and other income | 10,825 | ||||||||||||||||||||
Loss on extinguishment of debt | (9,108 | ) | |||||||||||||||||||
Loss on impairment | (70,049 | ) | |||||||||||||||||||
Gain on investment | 2,400 | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 11,616 | ||||||||||||||||||||
Income tax provision | (1,305 | ) | |||||||||||||||||||
Income from continuing operations | $ | 115,317 | |||||||||||||||||||
Total assets | $ | 5,917,437 | $ | 274,234 | $ | 222,576 | $ | 371,724 | $ | 6,785,971 | |||||||||||
Capital expenditures (3) | $ | 203,210 | $ | 10,718 | $ | 8,052 | $ | 126,803 | $ | 348,783 | |||||||||||
Year Ended December 31, 2012 | Malls | Associated | Community | All | Total | ||||||||||||||||
Centers | Centers | Other (1) | |||||||||||||||||||
Revenues | $ | 901,249 | $ | 40,212 | $ | 13,361 | $ | 48,021 | $ | 1,002,843 | |||||||||||
Property operating expenses (2) | (286,919 | ) | (9,933 | ) | (3,219 | ) | 23,317 | (276,754 | ) | ||||||||||||
Interest expense | (214,216 | ) | (8,449 | ) | (2,517 | ) | (17,175 | ) | (242,357 | ) | |||||||||||
Other expense | (12 | ) | — | — | (25,066 | ) | (25,078 | ) | |||||||||||||
Gain on sales of real estate assets | 1,188 | 202 | 608 | 288 | 2,286 | ||||||||||||||||
Segment profit | $ | 401,290 | $ | 22,032 | $ | 8,233 | $ | 29,385 | 460,940 | ||||||||||||
Depreciation and amortization expense | (255,460 | ) | |||||||||||||||||||
General and administrative expense | (51,251 | ) | |||||||||||||||||||
Interest and other income | 3,953 | ||||||||||||||||||||
Gain on extinguishment of debt | 265 | ||||||||||||||||||||
Loss on impairment of real estate | (24,379 | ) | |||||||||||||||||||
Gain on investment | 45,072 | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 8,313 | ||||||||||||||||||||
Income tax provision | (1,404 | ) | |||||||||||||||||||
Income from continuing operations | $ | 186,049 | |||||||||||||||||||
Total assets | $ | 6,213,801 | $ | 302,225 | $ | 203,261 | $ | 370,449 | $ | 7,089,736 | |||||||||||
Capital expenditures (3) | $ | 608,190 | $ | 6,630 | $ | 13,884 | $ | 76,319 | $ | 705,023 | |||||||||||
-1 | The All Other category includes mortgage and other notes receivable, office buildings, the Management Company and the Company’s subsidiary that provides security and maintenance services. | ||||||||||||||||||||
-2 | Property operating expenses include property operating, real estate taxes and maintenance and repairs. | ||||||||||||||||||||
-3 | Amounts include acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category. |
SUPPLEMENTAL_AND_NONCASH_INFOR
SUPPLEMENTAL AND NONCASH INFORMATION | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
SUPPLEMENTAL AND NONCASH INFORMATION | SUPPLEMENTAL AND NONCASH INFORMATION | |||||||||||
The Company paid cash for interest, net of amounts capitalized, in the amount of $238,531, $223,793 and $233,220 during 2014, 2013 and 2012, respectively. | ||||||||||||
The Company’s noncash investing and financing activities for 2014, 2013 and 2012 were as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Accrued dividends and distributions payable | $ | 54,433 | $ | 50,523 | $ | 43,689 | ||||||
Additions to real estate assets accrued but not yet paid | 25,332 | 20,625 | 22,468 | |||||||||
Transfer of real estate assets in settlement of mortgage debt obligations: | ||||||||||||
Decrease in real estate assets | (79,398 | ) | — | — | ||||||||
Decrease in mortgage and other indebtedness | 163,998 | — | — | |||||||||
Decrease in operating assets and liabilities | 4,799 | — | — | |||||||||
Reduction to preferred liquidation value of PJV units | — | 10,000 | — | |||||||||
Discount on issuance of 4.60% Senior Notes due 2024 | 75 | — | — | |||||||||
Discount on issuance of 5.250% Senior Notes due 2023 | — | (4,626 | ) | — | ||||||||
Trade-in allowance - aircraft | — | 2,800 | — | |||||||||
Note receivable from sale of Lakeshore Mall | 10,000 | — | — | |||||||||
Notes receivable from sale of land | 360 | 7,430 | — | |||||||||
Issuance of noncontrolling interests in Operating Partnership | — | — | 14,000 | |||||||||
Conversion of Operating Partnership units to common stock | — | — | 59,738 | |||||||||
Addition to real estate assets from conversion of note receivable | — | — | 4,522 | |||||||||
Assumption of mortgage notes payable in acquisitions | — | — | 220,634 | |||||||||
Consolidation of joint venture: | ||||||||||||
Decrease in investment in unconsolidated affiliates | — | — | (15,643 | ) | ||||||||
Increase in real estate assets | — | — | 111,407 | |||||||||
Increase in intangible lease and other assets | — | — | 18,426 | |||||||||
Increase in mortgage and other indebtedness | — | — | 54,169 | |||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS |
Certain executive officers of the Company and members of the immediate family of Charles B. Lebovitz, Chairman of the Board of the Company, collectively have a significant noncontrolling interest in EMJ, a construction company that the Company engaged to build substantially all of the Company’s development Properties. The Company paid approximately $31,398, $27,106 and $49,153 to EMJ in 2014, 2013 and 2012, respectively, for construction and development activities. The Company had accounts payable to EMJ of $3,139 and $2,345 at December 31, 2014 and 2013, respectively. | |
Certain executive officers of the Company also collectively had a significant noncontrolling interest in Electrical and Mechanical Group, Inc. (“EMG”), a company to which EMJ subcontracted a portion of its services for the Company. EMJ paid approximately $15 to EMG in 2012 for such subcontracted services. EMG was dissolved in 2012. | |
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 $9,444, $7,886 and $7,531 in 2014, 2013 and 2012, respectively. |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||
CONTINGENCIES | CONTINGENCIES | ||||||||||||||||||||||
Litigation | |||||||||||||||||||||||
The Company is currently involved in certain litigation that arises in the ordinary course of business, most of which is expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. The Company does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote or where the estimated loss would not be material. 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. | |||||||||||||||||||||||
On March 11, 2010, TPD, a subsidiary of the Company, filed the Mississippi Case, against M Hanna, Gallet & Associates, Inc., LA Ash, Inc., EMJ and JEA (f/k/a Jacksonville Electric Authority), seeking damages for alleged property damage and related damages occurring at a shopping center development in D'Iberville, Mississippi. EMJ filed an answer and counterclaim denying liability and seeking to recover from TPD the retainage of approximately $327 allegedly owed under the construction contract. Kohl's was granted permission to intervene in the Mississippi Case and, on April 13, 2011, filed a cross-claim against TPD alleging that TPD is liable to Kohl's for unspecified damages resulting from the actions of the defendants and for the failure to perform the obligations of TPD under a Site Development Agreement with Kohl's. Kohl's also made a claim against the Company based on the Company's guarantee of the performance of TPD under the Site Development Agreement. In the fourth quarter of 2014, TPD agreed to a resolution of its claims against defendant EMJ. Pursuant to this agreement, TPD received partial settlements aggregating to $5,970 in the fourth quarter of 2014 from one of EMJ's insurance carriers. Further, EMJ agreed to be responsible for up to a maximum of $6,600 of future costs incurred by TPD in remediating damages to its shopping center site under certain circumstances as set forth in the agreement, and agreed that such limitation would not apply to its potential responsibility for any future remediation required under applicable environmental laws (should such claims arise). The claim made by EMJ against the Company has been dismissed, and based on information currently available, the Company believes the likelihood of an unfavorable outcome related to the claims made by Kohl's against the Company in connection with the Mississippi case is remote. The Company provided disclosure of this litigation due to the related party relationship between the Company and EMJ described below. TPD also received partial settlements of $800 in the first quarter of 2014 and $8,240 in the third quarter of 2013 from certain of the defendants in the Mississippi Case described above. Litigation continues with the other remaining defendants in the matter. The trial for those remaining claims has been continued from its previously scheduled September 2014 setting. See Note 19 for an additional amount received from EMJ's insurance carrier subsequent to December 31, 2014. | |||||||||||||||||||||||
TPD also has filed claims under several insurance policies in connection with this matter, and there are three pending lawsuits relating to insurance coverage. On October 8, 2010, First Mercury filed an action in the United States District Court for the Eastern District of Texas against M Hanna and TPD seeking a declaratory judgment concerning coverage under a liability insurance policy issued by First Mercury to M Hanna. That case was dismissed for lack of federal jurisdiction and refiled in Texas state court. On June 13, 2011, TPD filed the Tennessee Case against National Union and EMJ seeking a declaratory judgment regarding coverage under a liability insurance policy issued by National Union to EMJ and recovery of damages arising out of National Union's breach of its obligations. In March 2012, Zurich American and Zurich American of Illinois, which also have issued liability insurance policies to EMJ, intervened in the Tennessee Case and the case was set for trial on October 29, 2013 but, currently, the trial date has been extended while the parties mediate the case. The first mediation session took place on January 14-15, 2014, and the second session took place on March 18-19, 2014. A third session was held on May 22, 2014. On February 14, 2012, TPD filed claims in the United States District Court for the Southern District of Mississippi against Factory Mutual Insurance Company and Federal Insurance Company seeking a declaratory judgment concerning coverage under certain builders risk and property insurance policies issued by those respective insurers to the Company. The Tennessee Case was dismissed in September 2014, after a resolution of those claims. The remaining claims are still pending. | |||||||||||||||||||||||
Certain executive officers of the Company and members of the immediate family of Charles B. Lebovitz, Chairman of the Board of the Company, collectively have a significant noncontrolling interest in EMJ, a major national construction company that the Company engaged to build a substantial number of the Company's Properties. EMJ is one of the defendants in the Mississippi Case and in the Tennessee Case described above. | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
Other Contingencies | |||||||||||||||||||||||
In September 2013, the Company redeemed all outstanding perpetual PJV units of its joint venture, CWJV with Westfield using borrowings from the Company's lines of credit. The PJV units, originally issued in 2007 as part of the acquisition of four malls in St. Louis, MO by CWJV, were redeemed for $412,986, which consisted of $408,577 for the PJV units and $4,409 for accrued and unpaid preferred returns. In accordance with the joint venture agreement, the redemption amount represented a $10,000 reduction to the preferred liquidation value of the PJV units of $418,577. The $10,000 reduction was recorded as an increase in additional paid-in capital of the Company and as an increase to partners' capital of the Operating Partnership. | |||||||||||||||||||||||
Prior to the September 2013 redemption, the terms of the joint venture agreement required that CWJV pay an annual preferred distribution at a rate of 5.0% on the preferred liquidation value of the PJV units of CWJV that were held by Westfield. Westfield had the right to have all or a portion of the PJV units redeemed by CWJV with either cash or property owned by CWJV, in each case for a net equity amount equal to the preferred liquidation value of the PJV units. At any time after January 1, 2013, Westfield could propose that CWJV acquire certain qualifying property that would be used to redeem the PJV units at their preferred liquidation value. If CWJV did not redeem the PJV units with such qualifying property, then the annual preferred distribution rate on the PJV units would increase to 9.0% beginning July 1, 2013. The Company had the right, but not the obligation, to offer to redeem the PJV units from January 31, 2013 through January 31, 2015 at their preferred liquidation value, plus accrued and unpaid distributions. The Company amended the joint venture agreement with Westfield in September 2012 to provide that, if the Company exercised its right to offer to redeem the PJV units on or before August 1, 2013, then the preferred liquidation value would be reduced by $10,000 so long as Westfield did not reject the offer and the redemption closed on or before September 30, 2013. | |||||||||||||||||||||||
Guarantees | |||||||||||||||||||||||
The Company may guarantee the debt of a joint venture primarily because it allows the joint venture to obtain funding at a lower cost than could be obtained otherwise. This results in a higher return for the joint venture on its investment, and a higher return on the Company’s investment in the joint venture. The Company may receive a fee from the joint venture for providing the guaranty. Additionally, when the Company issues a guaranty, the terms of the joint venture agreement typically provide that the Company 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, 2014 and 2013: | |||||||||||||||||||||||
As of December 31, 2014 | Obligation recorded to reflect guaranty | ||||||||||||||||||||||
Unconsolidated Affiliate | Company's | Outstanding | Percentage | Maximum | Debt | 12/31/14 | |||||||||||||||||
Ownership | Balance | Guaranteed by the | Guaranteed | Maturity | 12/31/13 | ||||||||||||||||||
Interest | Company | Amount | Date (1) | ||||||||||||||||||||
West Melbourne I, LLC - | 50% | $ | 40,243 | 25% | $ | 10,061 | Nov-15 | (2) | $ | 101 | $ | 65 | |||||||||||
Phase I | |||||||||||||||||||||||
West Melbourne I, LLC - | 50% | 13,579 | N/A | (3) | 8,700 | Nov-15 | (2) | 87 | 65 | ||||||||||||||
Phase II | |||||||||||||||||||||||
Port Orange I, LLC | 50% | 60,814 | 25% | 15,204 | Nov-15 | (2) | 153 | 157 | |||||||||||||||
JG Gulf Coast Town Center LLC - Phase III | 50% | 5,694 | 100% | 5,694 | Jul-15 | — | — | ||||||||||||||||
Fremaux Town Center JV, LLC - Phase I | 65% | 41,648 | 50% | (4) | 21,789 | Aug-16 | (5) | 236 | 460 | ||||||||||||||
Fremaux Town Center JV, LLC - Phase II | 65% | 4,041 | 50% | (6) | 16,050 | Aug-16 | (5) | 161 | — | ||||||||||||||
Ambassador Town Center JV, LLC | 65% | 715 | 100% | (7) | 48,200 | Dec-17 | (8) | 482 | — | ||||||||||||||
Ambassador Infrastructure, LLC | 65% | 725 | 100% | (9) | 11,700 | Dec-17 | (8) | 177 | — | ||||||||||||||
Total guaranty liability | $ | 1,397 | $ | 747 | |||||||||||||||||||
-1 | Excludes any extension options. | ||||||||||||||||||||||
-2 | The loan has two one-year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of November 2017. | ||||||||||||||||||||||
-3 | The guaranty was reduced from 100% to 25% in the third quarter of 2014 when Carmike Cinema became operational in the third quarter of 2014. In the fourth quarter of 2014, the loan was amended and restated to add funding for the construction of Academy Sports. The guaranty was also amended to cap the maximum guaranteed amount at $8,700 unless a monetary default event occurs related to Carmike Cinema or Academy Sports. The guaranty will be reduced to 25% once Academy Sports is operational and paying contractual rent. | ||||||||||||||||||||||
-4 | The Company received a 1% fee for this guaranty when the loan was issued in March 2013. In the first quarter of 2014, the loan was modified and extended to increase the capacity to $47,291, which increased the maximum guaranteed amount. The loan was amended and modified in August 2014 to reduce the guaranty from 100% to 50%. The guaranty will be reduced to 25% upon the opening of LA Fitness and payment of contractual rent. The guaranty will be further reduced to 15% when Phase I of the development has been open for one year and the debt service coverage ratio of 1.30 to 1.00 is met. | ||||||||||||||||||||||
-5 | The loan has two one-year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of August 2018. | ||||||||||||||||||||||
-6 | The Company received a 1% fee for this guaranty when the loan was issued in August 2014. The guaranty was reduced to 50% upon the land closing with Dillard's in the fourth quarter of 2014. Upon completion of Phase II of the development and once certain leasing and occupancy metrics have been met, the guaranty will be 25%. The guaranty will be further reduced to 15% when Phase II of the development has been open for one year, the debt service coverage ratio of 1.30 to 1.00 is met and Dillard's is operational. | ||||||||||||||||||||||
-7 | The Company received a 1% fee for this guaranty when the loan was issued in December 2014. Once construction is complete the guaranty will be reduced to 50%. The guaranty will be further reduced from 50% to 15% once the construction of Ambassador Town Center and its related infrastructure improvements is complete as well as upon the attainment of certain debt service and operational metrics. | ||||||||||||||||||||||
-8 | The loan has two one-year extension options, which are the joint venture's election, for an outside maturity date of December 2019. | ||||||||||||||||||||||
-9 | The Company received a 1% fee for this guaranty when the loan was issued in December 2014. The guaranty will be reduced to 50% on March 1st of the year following any calendar year during which the PILOT payments received by Ambassador Infrastructure and delivered to the lender are $1,200 or more, provided no event of default exists. The guaranty will be reduced to 20% when the PILOT payments are $1,400 or more, provided no event of default exists. | ||||||||||||||||||||||
The Company has guaranteed the lease performance of YTC, an unconsolidated affiliate in which it owns a 50% interest, under the terms of an agreement with a third party that owns property as part of York Town Center. Under the terms of that agreement, YTC is obligated to cause performance of the third party’s obligations as landlord under its lease with its sole tenant, including, but not limited to, provisions such as co-tenancy and exclusivity requirements. Should YTC fail to cause performance, then the tenant under the third party landlord’s lease may pursue certain remedies ranging from rights to terminate its lease to receiving reductions in rent. The Company has guaranteed YTC’s performance under this agreement up to a maximum of $22,000, which decreases by $800 annually until the guaranteed amount is reduced to $10,000. The guaranty expires on December 31, 2020. The maximum guaranteed obligation was $15,600 as of December 31, 2014. The Company entered into an agreement with its joint venture partner under which the joint venture partner has agreed to reimburse the Company 50% of any amounts it is obligated to fund under the guaranty. The Company did not record an obligation for this guaranty because it determined that the fair value of the guaranty was not material as of December 31, 2014 and 2013. | |||||||||||||||||||||||
The Company owned a parcel of land in Lee's Summit, MO that it ground leased to a third party development company that developed and operates a shopping center on the land parcel. The Company had guaranteed 27% of the third party’s loans of which the maximum guaranteed amount represented 27% of the loans' capacity. In the fourth quarter of 2013, the Company sold the land parcel to the third party development company for $22,430. The Company received $15,000 in cash and a promissory note of $7,430 from the third party development company's parent. See Note 10 for additional information about the note receivable. In conjunction with the land sale, the Company's ground lease with the third party development company terminated, releasing the Company from its 27% guaranty, and the Company removed the $192 obligation from its consolidated balance sheet as of December 31, 2013. | |||||||||||||||||||||||
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 $20,720 and $23,513 at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||
Ground Leases | |||||||||||||||||||||||
The Company is the lessee of land at certain of its Properties under long-term operating leases, which include scheduled increases in minimum rents. The Company recognizes these scheduled rent increases on a straight-line basis over the initial lease terms. Most leases have initial terms of at least 20 years and contain one or more renewal options, generally for a minimum of 5- or 10-year periods. Lease expense recognized in the consolidated statements of operations for 2014, 2013 and 2012 was $1,290, $1,371 and $1,169, respectively. | |||||||||||||||||||||||
The future obligations under these operating leases at December 31, 2014, are as follows: | |||||||||||||||||||||||
2015 | $ | 859 | |||||||||||||||||||||
2016 | 877 | ||||||||||||||||||||||
2017 | 885 | ||||||||||||||||||||||
2018 | 894 | ||||||||||||||||||||||
2019 | 903 | ||||||||||||||||||||||
Thereafter | 27,810 | ||||||||||||||||||||||
$ | 32,228 | ||||||||||||||||||||||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS | |||||||||||||||||||
The Company has categorized its financial assets and financial liabilities that are recorded at fair value into a hierarchy in accordance with Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosure, ("ASC 820") based on whether the inputs to valuation techniques are observable or unobservable. The fair value hierarchy contains three levels of inputs that may be used to measure fair value as follows: | ||||||||||||||||||||
Level 1 – Inputs represent quoted prices in active markets for identical assets and liabilities as of the measurement date. | ||||||||||||||||||||
Level 2 – Inputs, other than those included in Level 1, represent observable measurements for similar instruments in active markets, or identical or similar instruments in markets that are not active, and observable measurements or market data for instruments with substantially the full term of the asset or liability. | ||||||||||||||||||||
Level 3 – Inputs represent unobservable measurements, supported by little, if any, market activity, and require considerable assumptions that are significant to the fair value of the asset or liability. Market valuations must often be determined using discounted cash flow methodologies, pricing models or similar techniques based on the Company’s assumptions and best judgment. | ||||||||||||||||||||
The asset or liability's fair value within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Under ASC 820, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction at the measurement date. 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 following tables set forth information regarding the Company’s financial instruments that are measured at fair value on a recurring basis in the accompanying consolidated balance sheets as of December 31, 2014 and 2013: | ||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
Fair Value at December 31, 2014 | Quoted Prices in Active Markets | Significant | Significant Unobservable | |||||||||||||||||
for Identical | Other | Inputs (Level 3) | ||||||||||||||||||
Assets (Level 1) | Observable | |||||||||||||||||||
Inputs (Level 2) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Available-for-sale securities | $ | 20,512 | $ | 20,512 | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||
Interest rate swaps | $ | 2,226 | $ | — | $ | 2,226 | $ | — | ||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
Fair Value at December 31, 2013 | Quoted Prices in Active Markets | Significant | Significant Unobservable | |||||||||||||||||
for Identical | Other | Inputs (Level 3) | ||||||||||||||||||
Assets (Level 1) | Observable | |||||||||||||||||||
Inputs (Level 2) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Available-for-sale securities | $ | 13,973 | $ | 13,973 | $ | — | $ | — | ||||||||||||
Interest rate cap | — | — | — | — | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Interest rate swaps | $ | 4,007 | $ | — | $ | 4,007 | $ | — | ||||||||||||
The Company recognizes transfers in and out of every level at the end of each reporting period. There were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2014 and 2013. | ||||||||||||||||||||
Intangible lease assets and other assets in the consolidated balance sheets include marketable securities consisting of corporate equity securities and bonds that are classified as available-for-sale. Net unrealized gains and losses on available-for-sale securities that are deemed to be temporary in nature are recorded as a component of AOCI in redeemable noncontrolling interests, shareholders’ equity and partners' capital, and noncontrolling interests. The Company did not recognize any realized gains or losses related to sales of marketable securities during the years ended December 31, 2014 and 2013. The Company recognized realized gains of $224 related to sales of marketable securities during the year ended December 31, 2012. During the years ended December 31, 2014, 2013 and 2012, the Company did not recognize any write-downs for other-than-temporary impairments. The fair values of the Company’s available-for-sale securities are based on quoted market prices and are classified under Level 1. See Note 2 for a summary of the available-for-sale securities held by the Company. | ||||||||||||||||||||
The Company uses interest rate swaps and caps to mitigate the effect of interest rate movements on its variable-rate debt. The Company had four interest rate swaps as of December 31, 2014 and four interest rate swaps and one interest rate cap as of December 31, 2013, that qualify as hedging instruments and are designated as cash flow hedges. The interest rate cap is included in intangible lease assets and other assets and the interest rate swaps are reflected in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. The swaps and cap have predominantly met the effectiveness test criteria since inception and changes in their fair values are, thus, primarily reported in OCI/L and are reclassified into earnings in the same period or periods during which the hedged item affects earnings. The fair values of the Company’s interest rate hedges, classified under Level 2, are determined based on prevailing market data for contracts with matching durations, current and anticipated LIBOR information, consideration of the Company’s credit standing, credit risk of the counterparties and reasonable estimates about relevant future market conditions. See Notes 2 and 6 for additional information regarding the Company’s interest rate hedging instruments. | ||||||||||||||||||||
The carrying values of cash and cash equivalents, receivables, accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short-term nature of these financial instruments. Based on the interest rates for similar financial instruments, the carrying value of mortgage and other notes receivable is a reasonable estimate of fair value. The estimated fair value of mortgage and other indebtedness was $4,947,026 and $5,126,300 at December 31, 2014 and 2013, respectively. The fair value was calculated using Level 2 inputs by discounting future cash flows for mortgage and other indebtedness using estimated market rates at which similar loans would be made currently. The carrying amount of mortgage and other indebtedness was $4,700,460 and $4,857,523 at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||
Fair Value Measurements on a Nonrecurring Basis | ||||||||||||||||||||
The Company measures the fair value of certain long-lived assets on a nonrecurring basis, through quarterly impairment testing or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company considers both quantitative and qualitative factors in its impairment analysis of long-lived assets. Significant quantitative factors include historical and forecasted information for each Property such as NOI, occupancy statistics and sales levels. Significant qualitative factors used include market conditions, age and condition of the Property and tenant mix. Due to the significant unobservable estimates and assumptions used in the valuation of long-lived assets that experience impairment, the Company classifies such long-lived assets under Level 3 in the fair value hierarchy. The fair value analysis as of December 31, 2014 used various probability-weighted scenarios comparing each Property's net book value to the sum of its estimated fair value. Assumptions included up to a 10-year holding period with a sale at the end of the holding period, capitalization rates ranging from 10% to 12% and an estimated sales cost of 1%. See Note 2 for additional information describing the Company's impairment review process. | ||||||||||||||||||||
The following table sets forth information regarding the Company’s assets that were measured at fair value on a nonrecurring basis and related impairment charges for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
Total | Quoted Prices in Active | Significant | Significant | Total Losses | ||||||||||||||||
Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs (Level 3) | ||||||||||||||||||
Assets (Level 1) | Inputs (Level 2) | |||||||||||||||||||
2014:00:00 | ||||||||||||||||||||
Long-lived assets | $ | 69,103 | $ | — | $ | — | $ | 69,103 | $ | 17,753 | ||||||||||
2013:00:00 | ||||||||||||||||||||
Long-lived assets | $ | 31,900 | $ | — | $ | — | $ | 31,900 | $ | 67,665 | ||||||||||
Long-lived Assets Measured at Fair Value in 2014 | ||||||||||||||||||||
During the year ended December 31, 2014, the Company wrote down three properties to their estimated fair values. These properties were Chapel Hill Mall, Lakeshore Mall and Pemberton Plaza. All three of these properties were disposed of as of December 31, 2014 as described below. | ||||||||||||||||||||
In accordance with the Company's quarterly impairment review process, the Company recorded a non-cash impairment of real estate of $12,050 in the first quarter of 2014 related to Chapel Hill Mall, located in Akron, OH, to write-down the depreciated book value to its estimated fair value of $53,348 as of March 31, 2014. The mall had experienced declining cash flows which were insufficient to cover the debt service on the mortgage secured by the property and the non-recourse loan was in default. In the third quarter of 2014, the Company conveyed Chapel Hill Mall to the lender by a deed-in-lieu of foreclosure. See Note 4 and Note 6 for additional information. | ||||||||||||||||||||
The Company recognized a non-cash impairment of real estate of $5,100 in the first quarter of 2014 when it adjusted the book value of Lakeshore Mall, located in Sebring, FL, to its estimated fair value of $13,780 based on a binding purchase agreement signed in April 2014. The sale closed in May 2014 and the Company recognized an impairment loss of $106 in the second quarter of 2014 as a result of additional closing costs. See Note 4 for further information on this sale. | ||||||||||||||||||||
In the third quarter of 2014, the Company recognized an impairment loss of $497 to write down the book value of Pemberton Plaza, a community center located in Vicksburg, MS, to its sales price. See Note 4 for further information on this sale. | ||||||||||||||||||||
A reconciliation of each Property's carrying values for the year ended December 31, 2014 is as follows: | ||||||||||||||||||||
Chapel Hill Mall (1) | Lakeshore | Pemberton | Total | |||||||||||||||||
Mall (2) | Plaza (3) | |||||||||||||||||||
Beginning carrying value, January 1, 2014 | $ | 66,120 | $ | 19,127 | $ | 2,541 | $ | 87,788 | ||||||||||||
Capital expenditures | — | 12 | 31 | 43 | ||||||||||||||||
Disposals | (33 | ) | — | (125 | ) | (158 | ) | |||||||||||||
Depreciation expense | (1,809 | ) | (320 | ) | (64 | ) | (2,193 | ) | ||||||||||||
Net sales proceeds | — | (13,613 | ) | (1,886 | ) | (15,499 | ) | |||||||||||||
Other | (1,961 | ) | — | — | (1,961 | ) | ||||||||||||||
Non-recourse debt | (68,563 | ) | — | — | (68,563 | ) | ||||||||||||||
Loss on impairment of real estate | (12,050 | ) | (5,206 | ) | (497 | ) | (17,753 | ) | ||||||||||||
Gain on extinguishment of debt | 18,296 | — | — | 18,296 | ||||||||||||||||
Ending carrying value, December 31, 2014 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
(1)The revenues of Chapel Hill Mall accounted for approximately 0.4% of total consolidated revenues for the year ended December 31, 2014. | ||||||||||||||||||||
(2)The revenues of Lakeshore Mall accounted for approximately 0.2% of total consolidated revenues for the year ended December 31, 2014. | ||||||||||||||||||||
(3)The revenues of Pemberton Plaza accounted for approximately 0.0% of total consolidated revenues for the year ended December 31, 2014. | ||||||||||||||||||||
Long-lived Assets Measured at Fair Value in 2013 | ||||||||||||||||||||
During the year ended December 31, 2013, the Company wrote down two Properties to their estimated fair value. As part of the Company's quarterly impairment review process, the Company recorded a non-cash impairment of real estate of $47,212 in the fourth quarter of 2013 to write-down the depreciated book value of Madison Square Mall, located in Huntsville, AL, from $55,212 to an estimated fair value of $8,000 as of December 31, 2013. Additionally, in accordance with the Company's quarterly impairment review process, the Company recorded a non-cash impairment of real estate of $20,453 in the second quarter of 2013 related to Citadel Mall, located in Charleston, SC, to write-down the depreciated book value of $44,353 to its estimated fair value of $23,900 as of June 30, 2013. The Mall experienced declining cash flows which were insufficient to cover the debt service on the mortgage secured by the Property. See Note 4 for information on the foreclosure of Citadel Mall in the first quarter of 2014. | ||||||||||||||||||||
A reconciliation of each Property's carrying values for the year ended December 31, 2013 is as follows: | ||||||||||||||||||||
Madison | Citadel Mall (2) | Total | ||||||||||||||||||
Square (1) | ||||||||||||||||||||
Beginning carrying value, January 1, 2013 | $ | 57,231 | $ | 45,178 | $ | 102,409 | ||||||||||||||
Capital expenditures | 5 | 262 | 267 | |||||||||||||||||
Depreciation expense | (2,024 | ) | (1,380 | ) | (3,404 | ) | ||||||||||||||
Loss on impairment of real estate | (47,212 | ) | (20,453 | ) | (67,665 | ) | ||||||||||||||
Ending carrying value, December 31, 2013 | $ | 8,000 | $ | 23,607 | $ | 31,607 | ||||||||||||||
-1 | The revenues of Madison Square accounted for approximately 0.7% of total consolidated revenues for the year ended December 31, 2013. | |||||||||||||||||||
-2 | The revenues of Citadel Mall accounted for approximately 0.6% of total consolidated revenues for the year ended December 31, 2013. | |||||||||||||||||||
Other Impairment Losses | ||||||||||||||||||||
2014 | ||||||||||||||||||||
During the year ended December 31, 2014, the Company recorded an impairment of real estate of $105 related to the sale an outparcel for total net proceeds after sales costs of $176, which was less than its total carrying amount of $281. | ||||||||||||||||||||
2013 | ||||||||||||||||||||
During the year ended December 31, 2013, the Company recorded an impairment of real estate of $1,799 related to the sale of an outparcel that was sold for net proceeds after sales costs of $4,292, which was less than its carrying amount of $6,091. Additionally, the Company recorded a non-cash impairment of $585 to write-down the depreciated book value of the corporate airplane owned by the Management Company to its fair value at its trade-in date. | ||||||||||||||||||||
2012 | ||||||||||||||||||||
During the year ended December 31, 2012, the Company recorded an impairment of real estate of $1,064 related to the sale of three outparcels for total net proceeds after sales costs of $1,186, which were less than their total carrying amounts of $2,250. Additionally, during 2012, the Company recorded write-downs related to two Properties. In conjunction with the Company's acquisition of the remaining 40.0% interest in Imperial Valley Commons L.P., a joint venture in which the Company held a 60.0% ownership interest, the Company recorded a non-cash impairment of real estate of $20,315 in the fourth quarter of 2012 to write-down the book value of vacant land available for the future expansion of Imperial Valley Commons, located in El Centro, CA, from $25,645 to its estimated fair value of $5,330. Development of this asset was negatively impacted by economic conditions and other competition in the market area that affected pre-development leasing activity. Additionally, in the third quarter of 2012, in accordance with the Company's quarterly impairment review process, the Company recorded a non-cash impairment of real estate of $3,000 related to The Courtyard at Hickory Hollow, an associated center located in Antioch, TN, to write-down the depreciated book value as of September 30, 2012 from $5,843 to an estimated fair value of $2,843 as of the same date. |
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Share-based Compensation [Abstract] | |||||||
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION | ||||||
As of December 31, 2014, there were two share-based compensation plans under which the Company has outstanding awards, the 2012 Plan and the 1993 Plan, as defined below. The Compensation Committee of the Board of Directors (the “Committee”) administers the plans. The Company can elect to make new awards under one of these plans, the CBL & Associates Properties, Inc. 2012 Stock Incentive Plan ("the 2012 Plan"), which was approved by the Company's shareholders in May 2012. The 2012 Plan permits the Company to issue stock options and common stock to selected officers, employees and non-employee directors of the Company up to a total of 10,400,000 shares. The Company did not issue any new awards under the CBL & Associates Properties, Inc. Second Amended and Restated Stock Incentive Plan ("the 1993 Plan"), which was approved by the Company's shareholders in May 2003, between the adoption of the 2012 Plan to replace the 1993 Plan in May 2012 and the termination of the 1993 Plan (as to new awards) on May 5, 2013. As the primary operating subsidiary of the Company, the Operating Partnership participates in and bears the compensation expense associated with the Company's share-based compensation plans. | |||||||
The share-based compensation cost that was charged against income for the plans was $3,442, $2,682 and $3,704 for 2014, 2013 and 2012, 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 $268, $202 and $128 in 2014, 2013 and 2012, respectively. | |||||||
Stock Options | |||||||
Stock options issued under the plans allow for the purchase of common stock at the fair market value of the stock on the date of grant. Stock options granted to officers and employees vest and become exercisable in equal installments on each of the first five anniversaries of the date of grant and expire 10 years after the date of grant. Stock options granted to independent directors are fully vested upon grant; however, the independent directors may not sell, pledge or otherwise transfer their stock options during their board term or for one year thereafter. No stock options have been granted since 2002. | |||||||
There was no activity related to stock options in 2014 and 2013 as all outstanding options were either exercised or canceled during 2012. The total intrinsic value of options exercised during 2012 was $177. | |||||||
Stock Awards | |||||||
Under the plans, common stock may be awarded either alone, in addition to, or in tandem with other stock awards granted under the plans. 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, in equal installments over a period of five years or in one installment at the end of periods up to 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 plans on a deferred basis pursuant to deferred compensation arrangements. The fair value of common stock awarded under the plans is determined based on the market price of the Company’s common stock on the grant date and the related compensation expense is recognized over the vesting period on a straight-line basis. | |||||||
A summary of the status of the Company’s stock awards as of December 31, 2014, and changes during the year ended December 31, 2014, is presented below: | |||||||
Shares | Weighted- | ||||||
Average | |||||||
Grant-Date | |||||||
Fair Value | |||||||
Nonvested at January 1, 2014 | 478,216 | $ | 18.72 | ||||
Granted | 236,450 | $ | 17.11 | ||||
Vested | (199,314 | ) | $ | 17.76 | |||
Forfeited | (16,490 | ) | $ | 18.58 | |||
Nonvested at December 31, 2014 | 498,862 | $ | 18.35 | ||||
The weighted-average grant-date fair value of shares granted during 2014, 2013 and 2012 was $17.11, $20.17 and $19.09, respectively. The total fair value of shares vested during 2014, 2013 and 2012 was $3,484, $4,305 and $4,573, respectively. | |||||||
As of December 31, 2014, there was $7,333 of total unrecognized compensation cost related to nonvested stock awards granted under the plans, which is expected to be recognized over a weighted-average period of 3.4 years. In February 2015, the Company granted 189,035 shares of restricted stock to its employees that will vest over the next five years and 53,375 shares that vested immediately for those employees who were over 70 years of age. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS |
401(k) Plan | |
The Management Company maintains a 401(k) profit sharing plan, which is qualified under Section 401(a) and Section 401(k) of the Code to cover employees of the Management Company. All employees who have attained the age of 21 and have completed at least 60 days of service are eligible to participate in the plan. The plan provides for employer matching contributions on behalf of each participant equal to 50% of the portion of such participant’s contribution that does not exceed 2.5% of such participant’s compensation for the plan year. Additionally, the Management Company has the discretion to make additional profit-sharing-type contributions not related to participant elective contributions. Total contributions by the Management Company were $928, $933 and $929 in 2014, 2013 and 2012, 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 the Company’s common stock. The shares are purchased at the prevailing market price of the stock at the time of purchase. | |
Deferred Compensation Arrangements | |
The Company has entered into an agreement with an officer that allows the officer to defer receipt of selected salary increases and/or bonus compensation for periods ranging from 5 to 10 years. The deferred compensation arrangement provides that bonus compensation is deferred in the form of a note payable to the officer. Interest accumulates on these notes at 5.0%. When an arrangement terminates, the note payable plus accrued interest is paid to the officer in cash. At December 31, 2014 and 2013, the Company had notes payable, including accrued interest, of $39 and $169, respectively, related to this arrangement. |
QUARTERLY_INFORMATION_UNAUDITE
QUARTERLY INFORMATION (UNAUDITED) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
QUARTERLY INFORMATION (UNAUDITED) | QUARTERLY INFORMATION (UNAUDITED) | |||||||||||||||||||
Year Ended December 31, 2014 | First | Second | Third | Fourth | Total | |||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Total revenues | $ | 261,243 | $ | 256,933 | $ | 258,714 | $ | 283,849 | $ | 1,060,739 | ||||||||||
Income from operations (1) | 76,169 | 97,253 | 97,386 | 104,335 | 375,143 | |||||||||||||||
Income from continuing operations (2) | 64,292 | 44,077 | 57,204 | 87,406 | 252,979 | |||||||||||||||
Discontinued operations | (516 | ) | 48 | 76 | 446 | 54 | ||||||||||||||
Net income | 63,776 | 44,125 | 57,280 | 87,852 | 253,033 | |||||||||||||||
Net income attributable to the Company | 55,294 | 37,958 | 49,342 | 76,556 | 219,150 | |||||||||||||||
Net income attributable to common shareholders | 44,071 | 26,735 | 38,119 | 65,333 | 174,258 | |||||||||||||||
Basic per share data attributable to common shareholders: | ||||||||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.26 | $ | 0.16 | $ | 0.22 | $ | 0.38 | $ | 1.02 | ||||||||||
Net income attributable to common shareholders | $ | 0.26 | $ | 0.16 | $ | 0.22 | $ | 0.38 | $ | 1.02 | ||||||||||
Diluted per share data attributable to common shareholders: | ||||||||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.26 | $ | 0.16 | $ | 0.22 | $ | 0.38 | $ | 1.02 | ||||||||||
Net income attributable to common shareholders | $ | 0.26 | $ | 0.16 | $ | 0.22 | $ | 0.38 | $ | 1.02 | ||||||||||
Year Ended December 31, 2013 | First | Second | Third | Fourth | Total (3) | |||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Total revenues | $ | 258,482 | $ | 255,584 | $ | 257,550 | $ | 282,009 | $ | 1,053,625 | ||||||||||
Income from operations (4) | 93,607 | 77,081 | 97,709 | 62,368 | 330,765 | |||||||||||||||
Income from continuing operations (5) | 37,845 | 16,255 | 52,234 | 8,983 | 115,317 | |||||||||||||||
Discontinued operations | 2,040 | 1,984 | (8,057 | ) | (914 | ) | (4,947 | ) | ||||||||||||
Net income | 39,885 | 18,239 | 44,177 | 8,069 | 110,370 | |||||||||||||||
Net income attributable to the Company | 30,313 | 11,724 | 34,324 | 8,843 | 85,204 | |||||||||||||||
Net income (loss) attributable to common shareholders | 19,090 | 501 | 23,101 | (2,380 | ) | 40,312 | ||||||||||||||
Basic per share data attributable to common shareholders: | ||||||||||||||||||||
Income (loss) from continuing operations, net of preferred dividends | $ | 0.11 | $ | (0.01 | ) | $ | 0.18 | $ | (0.01 | ) | $ | 0.27 | ||||||||
Net income (loss) attributable to common shareholders | $ | 0.12 | $ | 0 | $ | 0.14 | $ | (0.01 | ) | $ | 0.24 | |||||||||
Diluted per share data attributable to common shareholders: | ||||||||||||||||||||
Income (loss) from continuing operations, net of preferred dividends | $ | 0.11 | $ | (0.01 | ) | $ | 0.18 | $ | (0.01 | ) | $ | 0.27 | ||||||||
Net income (loss) attributable to common shareholders | $ | 0.12 | $ | 0 | $ | 0.14 | $ | (0.01 | ) | $ | 0.24 | |||||||||
-1 | Income from operations for the quarter ended March 31, 2014 includes a $17,150 loss on impairment of real estate related to Chapel Hill Mall and Lakeshore Mall (see Note 4 and Note 15). | |||||||||||||||||||
-2 | Income from continuing operations for the quarters ended March 31, 2014, September 30, 2014 and December 31, 2014 includes a $43,932, $18,296 and $27,171 gain on extinguishment of debt related to Citadel Mall, Chapel Hill Mall and Columbia Place, respectively (See Note 4 and Note 6). | |||||||||||||||||||
-3 | The sum of quarterly EPS may differ from annual EPS due to rounding. | |||||||||||||||||||
-4 | Income from operations for the quarters ended June 30, 2013 and December 31, 2013 includes a $20,453 and $47,212 loss on impairment of real estate related to Citadel Mall and Madison Square, respectively (see Note 15). | |||||||||||||||||||
-5 | Income from continuing operations for the quarter ended June 30, 2013 includes a $9,108 loss on extinguishment of debt, which was primarily due to a $8,708 prepayment fee, and a $2,400 gain on investment related to the repayment by Jinsheng of a note receivable (see Note 6 and Note 15). Income from continuing operations for the quarter ended September 30, 2013 includes a partial litigation settlement of $8,240 (see Note 14). |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS |
In January 2015, the Company modified the terms of its $50,000 unsecured term loan to reduce the interest rate from a spread of LIBOR plus 190 basis points to LIBOR plus 155 basis points. | |
In January 2015, TPD received $4,875 as a partial legal settlement from one of EMJ's insurance carriers pursuant to an agreement described in Note 14. | |
The Company realized a gain of approximately $16,560 on the sale of all of its available-for-sale securities in January 2015. |
Schedule_II_VALUATION_AND_QUAL
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | Schedule II | |||||||||||
CBL & ASSOCIATES PROPERTIES, INC. | ||||||||||||
CBL & ASSOCIATES LIMITED PARTNERSHIP | ||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||
(In thousands) | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Tenant receivables - allowance for doubtful accounts: | ||||||||||||
Balance, beginning of year | $ | 2,379 | $ | 1,977 | $ | 1,760 | ||||||
Additions in allowance charged to expense | 2,643 | 1,253 | 798 | |||||||||
Bad debts charged against allowance | (2,654 | ) | (851 | ) | (581 | ) | ||||||
Balance, end of year | $ | 2,368 | $ | 2,379 | $ | 1,977 | ||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Other receivables - allowance for doubtful accounts: | ||||||||||||
Balance, beginning of year | $ | 1,241 | $ | 1,270 | $ | 1,400 | ||||||
Additions in allowance charged to expense | 3,689 | — | — | |||||||||
Bad debts charged against allowance | (3,645 | ) | (29 | ) | (130 | ) | ||||||
Balance, end of year | $ | 1,285 | $ | 1,241 | $ | 1,270 | ||||||
Schedule_III_REAL_ESTATE_ASSET
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||
Initial Cost (1) | Gross Amounts at Which Carried at Close of Period | ||||||||||||||||||||||||||||||||||||||
Description /Location | Encumbrances (2) | Land | Buildings and Improvements | Costs | Sales of Outparcel | Land | Buildings and Improvements | Total (3) | Accumulated Depreciation (4) | Date of Construction | |||||||||||||||||||||||||||||
Capitalized Subsequent to Acquisition | Land | / Acquisition | |||||||||||||||||||||||||||||||||||||
MALLS: | |||||||||||||||||||||||||||||||||||||||
Acadiana Mall, Lafayette, LA | $ | 132,068 | $ | 22,511 | $ | 145,769 | $ | 13,633 | $ | — | $ | 19,919 | $ | 161,994 | $ | 181,913 | $ | (64,670 | ) | 2005 | |||||||||||||||||||
Alamance Crossing, Burlington, NC | 48,660 | 20,853 | 63,105 | 38,372 | (2,803 | ) | 18,050 | 101,477 | 119,527 | (23,120 | ) | 2007 | |||||||||||||||||||||||||||
Arbor Place, Douglasville, GA | 117,496 | 7,862 | 95,330 | 25,161 | — | 7,862 | 120,491 | 128,353 | (53,004 | ) | 1998-1999 | ||||||||||||||||||||||||||||
Asheville Mall, Asheville, NC | 73,260 | 7,139 | 58,747 | 52,846 | (805 | ) | 6,334 | 111,593 | 117,927 | (43,955 | ) | 1998 | |||||||||||||||||||||||||||
Bonita Lakes Mall, Meridian, MS | — | 4,924 | 31,933 | 6,964 | (985 | ) | 4,924 | 37,912 | 42,836 | (17,624 | ) | 1997 | |||||||||||||||||||||||||||
Brookfield Square, Brookfield, WI | 87,816 | 8,996 | 84,250 | 47,966 | (18 | ) | 9,170 | 132,024 | 141,194 | (51,316 | ) | 2001 | |||||||||||||||||||||||||||
Burnsville Center, Burnsville, MN | 75,752 | 12,804 | 71,355 | 58,800 | (1,157 | ) | 16,102 | 125,700 | 141,802 | (48,146 | ) | 1998 | |||||||||||||||||||||||||||
Cary Towne Center, Cary, NC | 51,250 | 23,688 | 74,432 | 27,986 | — | 23,701 | 102,405 | 126,106 | (35,729 | ) | 2001 | ||||||||||||||||||||||||||||
CherryVale Mall, Rockford, IL | 78,280 | 11,892 | 63,973 | 56,227 | (1,667 | ) | 11,608 | 118,817 | 130,425 | (39,588 | ) | 2001 | |||||||||||||||||||||||||||
Chesterfield Mall, Chesterfield, MO | 140,000 | 11,083 | 282,140 | 2,407 | — | 11,083 | 284,547 | 295,630 | (64,738 | ) | 2007 | ||||||||||||||||||||||||||||
College Square, Morristown, TN | — | 2,954 | 17,787 | 25,998 | (88 | ) | 2,866 | 43,785 | 46,651 | (20,195 | ) | 1987-1988 | |||||||||||||||||||||||||||
Cross Creek Mall, Fayetteville, NC | 130,600 | 19,155 | 104,353 | 32,973 | — | 20,169 | 136,312 | 156,481 | (37,883 | ) | 2003 | ||||||||||||||||||||||||||||
Dakota Square Mall, Minot, ND | 56,705 | 4,552 | 87,625 | 2,972 | — | 4,552 | 90,597 | 95,149 | (7,290 | ) | 2012 | ||||||||||||||||||||||||||||
Eastland Mall, Bloomington, IL | 59,400 | 5,746 | 75,893 | 7,741 | (753 | ) | 5,304 | 83,323 | 88,627 | (27,256 | ) | 2005 | |||||||||||||||||||||||||||
East Towne Mall, Madison, WI | 66,772 | 4,496 | 63,867 | 45,386 | (366 | ) | 4,130 | 109,253 | 113,383 | (38,587 | ) | 2002 | |||||||||||||||||||||||||||
EastGate Mall, Cincinnati, OH | 39,852 | 13,046 | 44,949 | 27,097 | (1,017 | ) | 12,029 | 72,046 | 84,075 | (26,052 | ) | 2001 | |||||||||||||||||||||||||||
Fashion Square, Saginaw, MI | 39,736 | 15,218 | 64,970 | 11,273 | — | 15,218 | 76,243 | 91,461 | (28,246 | ) | 2001 | ||||||||||||||||||||||||||||
Fayette Mall, Lexington, KY | 171,192 | 25,194 | 84,267 | 98,831 | 11 | 25,205 | 183,098 | 208,303 | (45,714 | ) | 2001 | ||||||||||||||||||||||||||||
Frontier Mall, Cheyenne, WY | — | 2,681 | 15,858 | 19,810 | — | 2,681 | 35,668 | 38,349 | (20,329 | ) | 1984-1985 | ||||||||||||||||||||||||||||
Foothills Mall, Maryville, TN | — | 5,558 | 25,244 | 11,992 | — | 5,558 | 37,236 | 42,794 | (23,234 | ) | 1996 | ||||||||||||||||||||||||||||
Greenbrier Mall, Chesapeake, VA | 73,907 | 3,181 | 107,355 | 13,301 | (626 | ) | 2,555 | 120,656 | 123,211 | (33,545 | ) | 2004 | |||||||||||||||||||||||||||
Hamilton Place, Chattanooga, TN | 101,624 | 3,532 | 42,623 | 40,715 | (441 | ) | 3,091 | 83,338 | 86,429 | (44,607 | ) | 1986-1987 | |||||||||||||||||||||||||||
Hanes Mall, Winston-Salem, NC | 151,584 | 17,176 | 133,376 | 46,402 | (948 | ) | 16,808 | 179,198 | 196,006 | (62,398 | ) | 2001 | |||||||||||||||||||||||||||
Harford Mall, Bel Air, MD | — | 8,699 | 45,704 | 21,495 | — | 8,699 | 67,199 | 75,898 | (21,441 | ) | 2003 | ||||||||||||||||||||||||||||
Hickory Point, Forsyth, IL | 28,338 | 10,731 | 31,728 | 16,208 | (293 | ) | 10,439 | 47,935 | 58,374 | (16,593 | ) | 2005 | |||||||||||||||||||||||||||
Honey Creek Mall, Terre Haute, IN | 28,978 | 3,108 | 83,358 | 13,055 | — | 3,108 | 96,413 | 99,521 | (28,022 | ) | 2004 | ||||||||||||||||||||||||||||
Imperial Valley Mall, El Centro, CA | 49,945 | 35,378 | 70,549 | 170 | — | 35,378 | 70,719 | 106,097 | (4,910 | ) | 2012 | ||||||||||||||||||||||||||||
Janesville Mall, Janesville, WI | — | 8,074 | 26,009 | 8,190 | — | 8,074 | 34,199 | 42,273 | (14,164 | ) | 1998 | ||||||||||||||||||||||||||||
Jefferson Mall, Louisville, KY | 68,470 | 13,125 | 40,234 | 24,578 | (521 | ) | 12,604 | 64,812 | 77,416 | (22,693 | ) | 2001 | |||||||||||||||||||||||||||
Kirkwood Mall , Bismarck ND | 39,196 | 3,368 | 118,945 | 1,577 | — | 3,368 | 120,522 | 123,890 | (7,713 | ) | 2012 | ||||||||||||||||||||||||||||
The Lakes Mall, Muskegon, MI | — | 3,328 | 42,366 | 11,330 | — | 3,328 | 53,696 | 57,024 | (23,387 | ) | 2000-2001 | ||||||||||||||||||||||||||||
Laurel Park Place, Livonia, MI | — | 13,289 | 92,579 | 10,983 | — | 13,289 | 103,562 | 116,851 | (36,139 | ) | 2005 | ||||||||||||||||||||||||||||
Layton Hills Mall, Layton, UT | 94,383 | 20,464 | 99,836 | 13,187 | (275 | ) | 20,189 | 113,023 | 133,212 | (35,589 | ) | 2005 | |||||||||||||||||||||||||||
Initial Cost (1) | Gross Amounts at Which Carried at Close of Period | ||||||||||||||||||||||||||||||||||||||
Description /Location | Encumbrances (2) | Land | Buildings and Improvements | Costs | Sales of Outparcel | Land | Buildings and Improvements | Total (3) | Accumulated Depreciation (4) | Date of Construction | |||||||||||||||||||||||||||||
Capitalized Subsequent to Acquisition | Land | / Acquisition | |||||||||||||||||||||||||||||||||||||
Madison Square, Huntsville, AL | — | 17,596 | 39,186 | (48,797 | ) | — | 2,550 | 5,435 | 7,985 | (289 | ) | 1984 | |||||||||||||||||||||||||||
Mall del Norte, Laredo, TX | — | 21,734 | 142,049 | 49,058 | — | 21,734 | 191,107 | 212,841 | (65,256 | ) | 2004 | ||||||||||||||||||||||||||||
Meridian Mall, Lansing, MI | — | 529 | 103,678 | 72,085 | — | 2,232 | 174,060 | 176,292 | (71,072 | ) | 1998 | ||||||||||||||||||||||||||||
Midland Mall, Midland, MI | 33,179 | 10,321 | 29,429 | 10,817 | — | 10,321 | 40,246 | 50,567 | (15,817 | ) | 2001 | ||||||||||||||||||||||||||||
Mid Rivers Mall, St. Peters, MO | — | 16,384 | 170,582 | 13,846 | — | 16,384 | 184,428 | 200,812 | (43,296 | ) | 2007 | ||||||||||||||||||||||||||||
Monroeville Mall, Pittsburgh, PA | — | 22,195 | 177,214 | 68,866 | — | 24,716 | 243,559 | 268,275 | (63,177 | ) | 2004 | ||||||||||||||||||||||||||||
Northgate Mall, Chattanooga, TN | — | 2,330 | 8,960 | 19,734 | — | 2,330 | 28,694 | 31,024 | (2,562 | ) | 2011 | ||||||||||||||||||||||||||||
Northpark Mall, Joplin, MO | — | 9,977 | 65,481 | 39,750 | — | 10,962 | 104,246 | 115,208 | (34,289 | ) | 2004 | ||||||||||||||||||||||||||||
Northwoods Mall, North Charleston, SC | 70,194 | 14,867 | 49,647 | 22,298 | (2,339 | ) | 12,528 | 71,945 | 84,473 | (24,569 | ) | 2001 | |||||||||||||||||||||||||||
Old Hickory Mall, Jackson, TN | — | 15,527 | 29,413 | 8,219 | — | 15,527 | 37,632 | 53,159 | (14,033 | ) | 2001 | ||||||||||||||||||||||||||||
The Outlet Shoppes at Atlanta, Woodstock, GA | 79,149 | 8,598 | 96,640 | (37,801 | ) | — | 8,598 | 58,839 | 67,437 | (4,788 | ) | 2013 | |||||||||||||||||||||||||||
The Outlet Shoppes at El Paso, El Paso, TX | 69,566 | 9,239 | 96,640 | 11,416 | — | 9,463 | 107,832 | 117,295 | (10,213 | ) | 2012 | ||||||||||||||||||||||||||||
The Outlet Shoppes at Gettysburg, Gettysburg, PA | 38,659 | 20,953 | 22,180 | 744 | — | 20,953 | 22,924 | 43,877 | (3,119 | ) | 2012 | ||||||||||||||||||||||||||||
The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | 65,051 | 8,364 | 50,268 | 14,015 | — | 7,795 | 64,852 | 72,647 | (14,314 | ) | 2011 | ||||||||||||||||||||||||||||
The Outlet Shoppes of the Bluegrass, Simpsonville, KY | 77,398 | 3,146 | 63,365 | 282 | — | 3,146 | 63,647 | 66,793 | (1,190 | ) | 2014 | ||||||||||||||||||||||||||||
Parkdale Mall, Beaumont, TX | 87,961 | 23,850 | 47,390 | 52,786 | (307 | ) | 23,544 | 100,175 | 123,719 | (34,015 | ) | 2001 | |||||||||||||||||||||||||||
Park Plaza Mall, Little Rock, AR | 91,643 | 6,297 | 81,638 | 35,895 | — | 6,304 | 117,526 | 123,830 | (42,871 | ) | 2004 | ||||||||||||||||||||||||||||
Parkway Place, Huntsville, AL | 38,567 | 6,364 | 67,067 | 4,189 | — | 6,364 | 71,256 | 77,620 | (10,961 | ) | 2010 | ||||||||||||||||||||||||||||
Pearland Town Center, Pearland, TX | — | 16,300 | 108,615 | 13,743 | (366 | ) | 15,443 | 122,849 | 138,292 | (32,011 | ) | 2008 | |||||||||||||||||||||||||||
Post Oak Mall, College Station, TX | — | 3,936 | 48,948 | 13,105 | (327 | ) | 3,608 | 62,054 | 65,662 | (29,448 | ) | 1984-1985 | |||||||||||||||||||||||||||
Randolph Mall, Asheboro, NC | — | 4,547 | 13,927 | 12,000 | — | 4,547 | 25,927 | 30,474 | (8,919 | ) | 2001 | ||||||||||||||||||||||||||||
Regency Mall, Racine, WI | — | 3,384 | 36,839 | 15,355 | — | 4,244 | 51,334 | 55,578 | (20,193 | ) | 2001 | ||||||||||||||||||||||||||||
Richland Mall, Waco, TX | — | 9,874 | 34,793 | 16,046 | — | 9,887 | 50,826 | 60,713 | (16,084 | ) | 2002 | ||||||||||||||||||||||||||||
River Ridge Mall, Lynchburg, VA | — | 4,824 | 59,052 | 12,100 | (252 | ) | 4,572 | 71,152 | 75,724 | (18,112 | ) | 2003 | |||||||||||||||||||||||||||
South County Center, St. Louis, MO | — | 15,754 | 159,249 | 15,165 | — | 15,754 | 174,414 | 190,168 | (39,006 | ) | 2007 | ||||||||||||||||||||||||||||
Southaven Towne Center, Southaven, MS | 40,023 | 8,255 | 29,380 | 13,187 | — | 8,478 | 42,344 | 50,822 | (14,741 | ) | 2005 | ||||||||||||||||||||||||||||
Southpark Mall, Colonial Heights, VA | 64,486 | 9,501 | 73,262 | 33,585 | — | 11,282 | 105,066 | 116,348 | (31,929 | ) | 2003 | ||||||||||||||||||||||||||||
Stroud Mall, Stroudsburg, PA | 31,960 | 14,711 | 23,936 | 20,734 | — | 14,711 | 44,670 | 59,381 | (15,768 | ) | 1998 | ||||||||||||||||||||||||||||
St. Clair Square, Fairview Heights, IL | — | 11,027 | 75,620 | 33,955 | — | 11,027 | 109,575 | 120,602 | (46,327 | ) | 1996 | ||||||||||||||||||||||||||||
Sunrise Mall, Brownsville, TX | — | 11,156 | 59,047 | (2,154 | ) | — | 11,156 | 56,893 | 68,049 | (17,906 | ) | 2003 | |||||||||||||||||||||||||||
Turtle Creek Mall , Hattiesburg, MS | — | 2,345 | 26,418 | 18,820 | — | 3,535 | 44,048 | 47,583 | (21,695 | ) | 1993-1995 | ||||||||||||||||||||||||||||
Valley View Mall, Roanoke, VA | 59,688 | 15,985 | 77,771 | 20,191 | — | 15,999 | 97,948 | 113,947 | (28,491 | ) | 2003 | ||||||||||||||||||||||||||||
Volusia Mall, Daytona Beach, FL | 49,849 | 2,526 | 120,242 | 23,156 | — | 6,431 | 139,493 | 145,924 | (36,470 | ) | 2004 | ||||||||||||||||||||||||||||
Initial Cost (1) | Gross Amounts at Which Carried at Close of Period | ||||||||||||||||||||||||||||||||||||||
Description /Location | Encumbrances (2) | Land | Buildings and Improvements | Costs | Sales of Outparcel | Land | Buildings and Improvements | Total (3) | Accumulated Depreciation (4) | Date of Construction | |||||||||||||||||||||||||||||
Capitalized Subsequent to Acquisition | Land | / Acquisition | |||||||||||||||||||||||||||||||||||||
Walnut Square, Dalton, GA | — | 50 | 15,138 | 16,928 | — | 50 | 32,066 | 32,116 | (18,200 | ) | 1984-1985 | ||||||||||||||||||||||||||||
Wausau Center, Wausau, WI | 18,369 | 5,231 | 24,705 | 16,478 | (5,231 | ) | — | 41,183 | 41,183 | (17,157 | ) | 2001 | |||||||||||||||||||||||||||
West Towne Mall, Madison, WI | 94,316 | 9,545 | 83,084 | 45,467 | — | 9,545 | 128,551 | 138,096 | (44,536 | ) | 2002 | ||||||||||||||||||||||||||||
WestGate Mall, Spartanburg, SC | 37,931 | 2,149 | 23,257 | 46,857 | (432 | ) | 1,742 | 70,089 | 71,831 | (34,577 | ) | 1995 | |||||||||||||||||||||||||||
Westmoreland Mall, Greensburg, PA | — | 4,621 | 84,215 | 16,517 | — | 4,621 | 100,732 | 105,353 | (35,014 | ) | 2002 | ||||||||||||||||||||||||||||
York Galleria, York, PA | 51,037 | 5,757 | 63,316 | 9,811 | — | 5,757 | 73,127 | 78,884 | (29,037 | ) | 1995 | ||||||||||||||||||||||||||||
ASSOCIATED CENTERS: | |||||||||||||||||||||||||||||||||||||||
Annex at Monroeville, Monroeville, PA | — | 716 | 29,496 | (685 | ) | — | 716 | 28,811 | 29,527 | (7,611 | ) | 2004 | |||||||||||||||||||||||||||
Bonita Lakes Crossing, Meridian, MS | — | 794 | 4,786 | 8,650 | — | 794 | 13,436 | 14,230 | (5,659 | ) | 1997 | ||||||||||||||||||||||||||||
Chapel Hill Suburban, Akron, OH | — | 925 | 2,520 | 1,900 | — | 925 | 4,420 | 5,345 | (1,204 | ) | 2004 | ||||||||||||||||||||||||||||
CoolSprings Crossing, Nashville, TN | 11,946 | 2,803 | 14,985 | 4,543 | — | 3,554 | 18,777 | 22,331 | (11,135 | ) | 1991-1993 | ||||||||||||||||||||||||||||
Courtyard at Hickory Hollow, Nashville, TN | — | 3,314 | 2,771 | (1,865 | ) | (231 | ) | 1,500 | 2,489 | 3,989 | (327 | ) | 1998 | ||||||||||||||||||||||||||
EastGate Crossing, Cincinnati, OH | 14,707 | 707 | 2,424 | 7,890 | (11 | ) | 696 | 10,314 | 11,010 | (3,824 | ) | 2001 | |||||||||||||||||||||||||||
Foothills Plaza, Maryville, TN | — | 132 | 2,132 | 531 | — | 148 | 2,647 | 2,795 | (1,961 | ) | 1984-1988 | ||||||||||||||||||||||||||||
Frontier Square, Cheyenne, WY | — | 346 | 684 | 374 | (86 | ) | 260 | 1,058 | 1,318 | (636 | ) | 1985 | |||||||||||||||||||||||||||
Gunbarrel Pointe, Chattanooga, TN | 10,641 | 4,170 | 10,874 | 3,455 | — | 4,170 | 14,329 | 18,499 | (4,921 | ) | 2000 | ||||||||||||||||||||||||||||
Hamilton Corner, Chattanooga, TN | 14,965 | 630 | 5,532 | 8,275 | — | 734 | 13,703 | 14,437 | (5,783 | ) | 1986-1987 | ||||||||||||||||||||||||||||
Hamilton Crossing, Chattanooga, TN | 9,853 | 4,014 | 5,906 | 6,736 | (1,370 | ) | 2,644 | 12,642 | 15,286 | (6,146 | ) | 1987 | |||||||||||||||||||||||||||
Harford Annex , Bel Air, MD | — | 2,854 | 9,718 | 1,034 | — | 2,854 | 10,752 | 13,606 | (2,954 | ) | 2003 | ||||||||||||||||||||||||||||
The Landing at Arbor Place, Douglasville, GA | — | 4,993 | 14,330 | 1,511 | (748 | ) | 4,245 | 15,841 | 20,086 | (7,840 | ) | 1998-1999 | |||||||||||||||||||||||||||
Layton Hills Convenience Center, Layton Hills, UT | — | — | 8 | 980 | — | — | 988 | 988 | (336 | ) | 2005 | ||||||||||||||||||||||||||||
Layton Hills Plaza, Layton Hills, UT | — | — | 2 | 299 | — | — | 301 | 301 | (159 | ) | 2005 | ||||||||||||||||||||||||||||
Madison Plaza , Huntsville, AL | — | 473 | 2,888 | 3,828 | — | 473 | 6,716 | 7,189 | (4,397 | ) | 1984 | ||||||||||||||||||||||||||||
The Plaza at Fayette, Lexington, KY | 38,987 | 9,531 | 27,646 | 3,813 | — | 9,531 | 31,459 | 40,990 | (8,918 | ) | 2006 | ||||||||||||||||||||||||||||
Parkdale Crossing, Beaumont, TX | — | 2,994 | 7,408 | 2,113 | (355 | ) | 2,639 | 9,521 | 12,160 | (2,972 | ) | 2002 | |||||||||||||||||||||||||||
The Shoppes At Hamilton Place, Chattanooga, TN | — | 4,894 | 11,700 | 1,424 | — | 4,894 | 13,124 | 18,018 | (3,747 | ) | 2003 | ||||||||||||||||||||||||||||
Sunrise Commons, Brownsville, TX | — | 1,013 | 7,525 | 1,108 | — | 1,013 | 8,633 | 9,646 | (2,637 | ) | 2003 | ||||||||||||||||||||||||||||
The Shoppes at St. Clair Square, Fairview Heights, IL | 19,759 | 8,250 | 23,623 | 163 | (5,044 | ) | 3,206 | 23,786 | 26,992 | (7,045 | ) | 2007 | |||||||||||||||||||||||||||
The Terrace, Chattanooga, TN | 13,683 | 4,166 | 9,929 | 8,097 | — | 6,536 | 15,656 | 22,192 | (4,882 | ) | 1997 | ||||||||||||||||||||||||||||
West Towne Crossing, Madison, WI | — | 1,151 | 2,955 | 7,913 | — | 2,126 | 9,893 | 12,019 | (1,248 | ) | 1998 | ||||||||||||||||||||||||||||
WestGate Crossing, Spartanburg, SC | — | 1,082 | 3,422 | 6,925 | — | 1,082 | 10,347 | 11,429 | (3,934 | ) | 1997 | ||||||||||||||||||||||||||||
Westmoreland Crossing, Greensburg, PA | — | 2,898 | 21,167 | 9,233 | — | 2,898 | 30,400 | 33,298 | (9,163 | ) | 2002 | ||||||||||||||||||||||||||||
Initial Cost (1) | Gross Amounts at Which Carried at Close of Period | ||||||||||||||||||||||||||||||||||||||
Description /Location | Encumbrances (2) | Land | Buildings and Improvements | Costs | Sales of Outparcel | Land | Buildings and Improvements | Total (3) | Accumulated Depreciation (4) | Date of Construction | |||||||||||||||||||||||||||||
Capitalized Subsequent to Acquisition | Land | / Acquisition | |||||||||||||||||||||||||||||||||||||
COMMUNITY CENTERS: | |||||||||||||||||||||||||||||||||||||||
Cobblestone Village, Palm Coast, FL | — | 6,082 | 12,070 | (524 | ) | (220 | ) | 4,296 | 13,112 | 17,408 | (2,482 | ) | 2007 | ||||||||||||||||||||||||||
The Crossings at Marshalls Creek, Marshalls Creek, PA | — | 6,456 | 15,351 | 197 | — | 6,453 | 15,551 | 22,004 | (834 | ) | 2013 | ||||||||||||||||||||||||||||
The Promenade, D'Iberville, MS | — | 16,278 | 48,806 | 24,761 | (706 | ) | 17,953 | 71,186 | 89,139 | (10,716 | ) | 2009 | |||||||||||||||||||||||||||
The Forum at Grand View, Madison , MS | — | 9,234 | 17,285 | 14,710 | (684 | ) | 8,652 | 31,893 | 40,545 | (3,027 | ) | 2010 | |||||||||||||||||||||||||||
Statesboro Crossing, Statesboro, GA | 11,212 | 2,855 | 17,805 | 432 | (235 | ) | 2,840 | 18,017 | 20,857 | (3,576 | ) | 2008 | |||||||||||||||||||||||||||
Waynesville Commons, Waynesville, NC | — | 3,511 | 6,141 | 13 | — | 3,511 | 6,154 | 9,665 | (397 | ) | 2008 | ||||||||||||||||||||||||||||
OFFICE BUILDINGS AND OTHER: | |||||||||||||||||||||||||||||||||||||||
840 Greenbrier Circle, Chesapeake, VA | — | 2,096 | 3,091 | 218 | — | 2,096 | 3,309 | 5,405 | (881 | ) | 2007 | ||||||||||||||||||||||||||||
850 Greenbrier Circle, Chesapeake, VA | — | 3,154 | 6,881 | (303 | ) | — | 3,154 | 6,578 | 9,732 | (1,425 | ) | 2007 | |||||||||||||||||||||||||||
CBL Center, Chattanooga, TN | — | — | 13,648 | 1,422 | — | — | 15,070 | 15,070 | (3,943 | ) | 2008 | ||||||||||||||||||||||||||||
CBL Center II, Chattanooga, TN | 20,485 | 140 | 24,675 | (12 | ) | — | 140 | 24,663 | 24,803 | (12,877 | ) | 2001 | |||||||||||||||||||||||||||
Oak Branch Business Center, Greensboro, NC | — | 535 | 2,192 | (25 | ) | — | 535 | 2,167 | 2,702 | (523 | ) | 2007 | |||||||||||||||||||||||||||
One Oyster Point, Newport News, VA | — | 1,822 | 3,623 | 843 | — | 1,822 | 4,466 | 6,288 | (774 | ) | 2007 | ||||||||||||||||||||||||||||
Pearland Hotel, Pearland, TX | — | — | 16,149 | 389 | — | — | 16,538 | 16,538 | (3,495 | ) | 2008 | ||||||||||||||||||||||||||||
Pearland Office, Pearland, TX | — | — | 7,849 | 1,341 | — | — | 9,190 | 9,190 | (662 | ) | 2009 | ||||||||||||||||||||||||||||
Pearland Residential Mgmt, Pearland, TX | — | — | 9,666 | 9 | — | — | 9,675 | 9,675 | (1,724 | ) | 2008 | ||||||||||||||||||||||||||||
Port Orange Apartments, Daytona Beach, FL | — | — | 3,474 | (182 | ) | — | — | 3,292 | 3,292 | (43 | ) | 2014 | |||||||||||||||||||||||||||
Two Oyster Point, Newport News, VA | — | 1,543 | 3,974 | 460 | — | 1,543 | 4,434 | 5,977 | (1,358 | ) | 2007 | ||||||||||||||||||||||||||||
DISPOSITIONS: | |||||||||||||||||||||||||||||||||||||||
Chapel Hill Mall, Akron, OH | — | 6,578 | 68,043 | (74,621 | ) | — | — | — | — | — | 2004 | ||||||||||||||||||||||||||||
Citadel Mall, Charleston, SC | — | 10,990 | 44,008 | (54,998 | ) | — | — | — | — | — | 2001 | ||||||||||||||||||||||||||||
Columbia Place, Columbia, SC | — | 1,526 | 52,348 | (53,874 | ) | — | — | — | — | — | 2002 | ||||||||||||||||||||||||||||
Foothills Plaza Expansion, Maryville, TN | — | 137 | 1,960 | (2,097 | ) | — | — | — | — | — | 1984-1988 | ||||||||||||||||||||||||||||
Lakeshore Mall, Sebring, FL | — | 1,443 | 28,819 | (30,262 | ) | — | — | — | — | — | 1991-1992 | ||||||||||||||||||||||||||||
Pemberton Plaza, Vicksburg, MS | — | 1,284 | 1,379 | (2,663 | ) | — | — | — | — | — | 2004 | ||||||||||||||||||||||||||||
Initial Cost (1) | Gross Amounts at Which Carried at Close of Period | ||||||||||||||||||||||||||||||||||||||
Description /Location | Encumbrances (2) | Land | Buildings and Improvements | Costs | Sales of Outparcel | Land | Buildings and Improvements | Total (3) | Accumulated Depreciation (4) | Date of Construction | |||||||||||||||||||||||||||||
Capitalized Subsequent to Acquisition | Land | / Acquisition | |||||||||||||||||||||||||||||||||||||
Other (5) | — | 2,024 | 3,458 | 54 | (63 | ) | 1,961 | 3,512 | 5,473 | (2,502 | ) | ||||||||||||||||||||||||||||
Developments in progress consisting of construction | — | — | 117,966 | — | — | — | 117,966 | 117,966 | — | ||||||||||||||||||||||||||||||
and Development Properties | |||||||||||||||||||||||||||||||||||||||
TOTALS | $ | 3,270,528 | $ | 894,092 | $ | 5,827,242 | $ | 1,497,607 | $ | (31,759 | ) | $ | 847,829 | $ | 7,339,353 | $ | 8,187,182 | $ | (2,240,007 | ) | |||||||||||||||||||
-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, 2014, excluding debt premium or discount. | ||||||||||||||||||||||||||||||||||||||
-3 | The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $7.878 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 | Includes non-property mortgages and unsecured credit line mortgages. | ||||||||||||||||||||||||||||||||||||||
The changes in real estate assets and accumulated depreciation for the years ending December 31, 2014, 2013, and 2012 are set forth below (in thousands): | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
REAL ESTATE ASSETS: | |||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 8,123,514 | $ | 8,301,013 | $ | 7,767,819 | |||||||||||||||||||||||||||||||||
Additions during the period: | |||||||||||||||||||||||||||||||||||||||
Additions and improvements | 282,282 | 282,664 | 217,161 | ||||||||||||||||||||||||||||||||||||
Acquisitions of real estate assets | — | 29,912 | 474,623 | ||||||||||||||||||||||||||||||||||||
Deductions during the period: | |||||||||||||||||||||||||||||||||||||||
Disposals, deconsolidations and accumulated depreciation on impairments | (189,373 | ) | (412,976 | ) | (108,554 | ) | |||||||||||||||||||||||||||||||||
Transfers from real estate assets | (11,383 | ) | (8,031 | ) | 808 | ||||||||||||||||||||||||||||||||||
Impairment of real estate assets | (17,858 | ) | (69,068 | ) | (50,844 | ) | |||||||||||||||||||||||||||||||||
Balance at end of period | $ | 8,187,182 | $ | 8,123,514 | $ | 8,301,013 | |||||||||||||||||||||||||||||||||
ACCUMULATED DEPRECIATION: | |||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 2,056,357 | $ | 1,972,031 | $ | 1,762,149 | |||||||||||||||||||||||||||||||||
Depreciation expense | 269,602 | 253,142 | 247,702 | ||||||||||||||||||||||||||||||||||||
Accumulated depreciation on real estate assets sold, retired, impaired or deconsolidated | (85,952 | ) | (168,816 | ) | (37,820 | ) | |||||||||||||||||||||||||||||||||
Balance at end of period | $ | 2,240,007 | $ | 2,056,357 | $ | 1,972,031 | |||||||||||||||||||||||||||||||||
Schedule_IV_MORTGAGE_NOTES_REC
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate [Abstract] | ||||||||||||||||||||||||||||||||
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE | ||||||||||||||||||||||||||||||||
Schedule IV | ||||||||||||||||||||||||||||||||
CBL & ASSOCIATES PROPERTIES, INC. | ||||||||||||||||||||||||||||||||
CBL & ASSOCIATES LIMITED PARTNERSHIP | ||||||||||||||||||||||||||||||||
MORTGAGE NOTES RECEIVABLE ON REAL ESTATE | ||||||||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Name Of Center/Location | Interest | Final Maturity Date | Monthly | Balloon Payment | Prior | Face | Carrying | Principal | ||||||||||||||||||||||||
Rate | Payment | At | Liens | Amount Of | Amount Of | Amount Of | ||||||||||||||||||||||||||
Amount (1) | Maturity | Mortgage | Mortgage (2) | Mortgage | ||||||||||||||||||||||||||||
Subject To | ||||||||||||||||||||||||||||||||
Delinquent | ||||||||||||||||||||||||||||||||
Principal | ||||||||||||||||||||||||||||||||
Or Interest | ||||||||||||||||||||||||||||||||
FIRST MORTGAGES: | ||||||||||||||||||||||||||||||||
Columbia Place Outparcel | 5 | % | 22-Feb | $ | 3 | (3 | ) | $ | 360 | None | $ | 360 | $ | 360 | $ | — | ||||||||||||||||
One Park Place - Chattanooga, TN | 5 | % | May-22 | 21 | — | None | 3,200 | 1,566 | — | |||||||||||||||||||||||
Village Square - Houghton Lake, MI and Village at Wexford - Cadillac, MI | 3.5 | % | Mar-16 | 8 | (3 | ) | 1,711 | None | 2,627 | 1,711 | — | |||||||||||||||||||||
OTHER | 2.67% - | -4 | Dec-2016/ | 20 | 3,340 | 5,751 | 5,686 | — | ||||||||||||||||||||||||
9.50% | Jan-2047 | |||||||||||||||||||||||||||||||
$ | 52 | $ | 5,411 | $ | 11,938 | $ | 9,323 | $ | — | |||||||||||||||||||||||
-1 | Equal monthly installments comprised of principal and interest, unless otherwise noted. | |||||||||||||||||||||||||||||||
-2 | The aggregate carrying value for federal income tax purposes was $9,323 at December 31, 2014. | |||||||||||||||||||||||||||||||
-3 | Payment represents interest only. | |||||||||||||||||||||||||||||||
-4 | Mortgage notes receivable aggregated in Other include a variable-rate note that bears interest at prime plus 2.0%, currently at 5.25%, and a variable-rate note that bears interest at LIBOR plus 2.50%. | |||||||||||||||||||||||||||||||
The changes in mortgage notes receivable were as follows (in thousands): | ||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 19,120 | $ | 19,383 | $ | 34,239 | ||||||||||||||||||||||||||
Additions | 360 | — | — | |||||||||||||||||||||||||||||
Non-cash transfer | — | — | (12,741 | ) | ||||||||||||||||||||||||||||
Payments | (10,157 | ) | (263 | ) | (2,115 | ) | ||||||||||||||||||||||||||
Ending balance | $ | 9,323 | $ | 19,120 | $ | 19,383 | ||||||||||||||||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
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. The accompanying consolidated financial statements have been prepared in accordance with GAAP. All intercompany transactions have been eliminated. | |||||||||||||
The financial results of certain Properties that met the criteria for classification as discontinued operations, prior to the adoption of Accounting Standards Update ("ASU") 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08") in the first quarter of 2014, have been classified as discontinued operations in the consolidated financial statements for all periods presented herein. Except where noted, the information presented in the Notes to Consolidated Financial Statements excludes discontinued operations. | |||||||||||||
Accounting Guidance Adopted and Not Yet Effective | Accounting Guidance Adopted | ||||||||||||
In February 2013, the Financial Accounting Standards Board ("FASB") issued ASU 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date ("ASU 2013-04"). ASU 2013-04 addresses the diversity in practice related to the recognition, measurement and disclosure of certain obligations which are not addressed within existing GAAP guidance. Such obligations under the scope of ASU 2013-04 include debt arrangements, other contractual obligations, settled litigation and judicial rulings. The guidance requires an entity to measure these joint and several obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors as well as any additional amount the reporting entity expects to pay on behalf of its co-obligors. ASU 2013-04 also requires an entity to disclose information about the nature and amount of these obligations. For public companies, ASU 2013-04 was effective on a retrospective basis for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-04 did not have an impact on the Company's consolidated financial statements. | |||||||||||||
In July 2013, the FASB issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2013-11"). The objective of this update is to reduce the diversity in practice related to the presentation of certain unrecognized tax benefits. ASU 2013-11 provides that unrecognized tax benefits are to be presented as a reduction of a deferred tax asset for a net operating loss ("NOL") carryforward, a similar tax loss or a tax credit carryforward when settlement in this manner is available under the governing tax law. To the extent such an NOL carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the governing tax law to settle taxes that would result from the disallowance of the tax position or the entity does not intend to use the deferred tax asset for this purpose, the unrecognized tax benefit is to be recorded as a liability in the financial statements and should not be netted with a deferred tax asset. ASU 2013-11 was effective for public companies for fiscal years beginning after December 15, 2013 and interim periods within those years. The guidance is applied prospectively to all unrecognized tax benefits that exist at the effective date. Retrospective application was permitted. The adoption of ASU 2013-11 did not have an impact on the Company's consolidated financial statements. | |||||||||||||
In April 2014, the FASB issued ASU 2014-08. This update changes the criteria for reporting discontinued operations and provides enhanced disclosures about the financial effects of discontinued operations. The intent of the guidance is to require an entity to classify disposals as discontinued operations only when they clearly represent a major strategic business shift such as a disposal of a line of business, significant geographical area or major equity method investment. For significant disposals not classified as discontinued operations, ASU 2014-08 requires the disclosure of the pre-tax income or loss attributable to the disposal for the period in which it is disposed of (or is classified as held for sale) and for all prior periods that are presented. If a significant disposal not classified as discontinued operations includes a noncontrolling interest, the pre-tax income or loss attributable to the parent for the period in which it is disposed of or is classified as held for sale is disclosed. For public companies, ASU 2014-08 is effective on a prospective basis for all disposals (or classifications as held for sale) that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. The Company elected to adopt this guidance in the first quarter of 2014. The Company expects the majority of its disposals in the future will not meet the criteria under ASU 2014-08 to be classified as discontinued operations, which will reduce the requirement to reclassify discontinued operations for both the period of disposal (or classification as held for sale) and for comparative periods. | |||||||||||||
Accounting Guidance Not Yet Effective | |||||||||||||
In May 2014, the FASB and the International Accounting Standards Board jointly issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The objective of this converged standard is to enable financial statement users to better understand and analyze revenue by replacing current transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that the entity expects to be entitled to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other guidance such as lease and insurance contracts. For public companies, ASU 2014-09 is effective for annual periods beginning after December 15, 2016 and interim periods within those years using one of two retrospective application methods. Early adoption is not permitted. The Company is evaluating the impact that this update may have on its consolidated financial statements. | |||||||||||||
Real Estate Assets | Real Estate Assets | ||||||||||||
The Company capitalizes predevelopment project costs paid to third parties. All previously capitalized predevelopment costs are expensed when it is no longer probable that the project will be completed. Once development of a project commences, all direct costs incurred to construct the project, including interest and real estate taxes, are capitalized. Additionally, certain general and administrative expenses are allocated to the projects and capitalized based on the amount of time applicable personnel work on the development project. Ordinary repairs and maintenance are expensed as incurred. Major replacements and improvements are capitalized and depreciated over their estimated useful lives. | |||||||||||||
All acquired real estate assets have been accounted for using the acquisition method of accounting and accordingly, the results of operations are included in the consolidated statements of operations from the respective dates of acquisition. The Company allocates the purchase price to (i) tangible assets, consisting of land, buildings and improvements, as if vacant, and tenant improvements, and (ii) identifiable intangible assets and liabilities, generally consisting of above-market leases, in-place leases and tenant relationships, which are included in other assets, and below-market leases, which are included in accounts payable and accrued liabilities. The Company uses estimates of fair value based on estimated cash flows, using appropriate discount rates, and other valuation techniques to allocate the purchase price to the acquired tangible and intangible assets. Liabilities assumed generally consist of mortgage debt on the real estate assets acquired. Assumed debt is recorded at its fair value based on estimated market interest rates at the date of acquisition. | |||||||||||||
Depreciation is computed on a straight-line basis over estimated lives of 40 years for buildings, 10 to 20 years for certain improvements and 7 to 10 years for equipment and fixtures. Tenant improvements are capitalized and depreciated on a straight-line basis over the term of the related lease. Lease-related intangibles from acquisitions of real estate assets are generally amortized over the remaining terms of the related leases. The amortization of above- and below-market leases is recorded as an adjustment to minimum rental revenue, while the amortization of all other lease-related intangibles is recorded as amortization expense. Any difference between the face value of the debt assumed and its fair value is amortized to interest expense over the remaining term of the debt using the effective interest method. | |||||||||||||
Carrying Value of Long-Lived Assets | Carrying Value of Long-Lived Assets | ||||||||||||
The Company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances warrant such a review. The carrying value of a long-lived asset is considered impaired when its estimated future undiscounted cash flows are less than its carrying value. The Company estimates fair value using the undiscounted cash flows expected to be generated by each Property, which are based on a number of assumptions such as leasing expectations, operating budgets, estimated useful lives, future maintenance expenditures, intent to hold for use and capitalization rates. If it is determined that impairment has occurred, the amount of the impairment charge is equal to the excess of the asset’s carrying value over its estimated fair value. These assumptions are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates and costs to operate each Property. As these factors are difficult to predict and are subject to future events that may alter the assumptions used, the future cash flows estimated in the Company’s impairment analyses may not be achieved. See Note 4 and Note 15 for information related to the impairment of long-lived assets for 2014, 2013 and 2012. | |||||||||||||
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 $40,175 and $46,252 was included in intangible lease assets and other assets at December 31, 2014 and 2013, respectively. Restricted cash consists primarily of cash held in escrow accounts for debt service, insurance, real estate taxes, capital improvements and deferred maintenance as required by the terms of certain mortgage notes payable, as well as contributions from tenants to be used for future marketing activities. | |||||||||||||
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts | ||||||||||||
The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are realizable based on factors affecting the collectability of those balances. The Company’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income. | |||||||||||||
Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates | ||||||||||||
The Company evaluates its joint venture arrangements to determine whether they should be recorded on a consolidated basis. The percentage of ownership interest in the joint venture, an evaluation of control and whether a VIE exists are all considered in the Company’s consolidation assessment. | |||||||||||||
Initial investments in joint ventures that are in economic substance a capital contribution to the joint venture are recorded in an amount equal to the Company’s historical carryover basis in the real estate contributed. Initial investments in joint ventures that are in economic substance the sale of a portion of the Company’s interest in the real estate are accounted for as a contribution of real estate recorded in an amount equal to the Company’s historical carryover basis in the ownership percentage retained and as a sale of real estate with profit recognized to the extent of the other joint venturers’ interests in the joint venture. Profit recognition assumes the Company has no commitment to reinvest with respect to the percentage of the real estate sold and the accounting requirements of the full accrual method are met. | |||||||||||||
The Company accounts for its investment in joint ventures where it owns a non-controlling 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 its share of equity in the earnings of the unconsolidated affiliate and reduced by distributions received. Generally, distributions of cash flows from operations and capital events are first made to partners to pay cumulative unpaid preferences on unreturned capital balances and then to the partners in accordance with the terms of the joint venture agreements. | |||||||||||||
Any differences between the cost of the Company’s investment in an unconsolidated affiliate and its underlying equity as reflected in the unconsolidated affiliate’s financial statements generally result from costs of the Company’s investment that are not reflected on the unconsolidated affiliate’s financial statements, capitalized interest on its investment and the Company’s share of development and leasing fees that are paid by the unconsolidated affiliate to the Company for development and leasing services provided to the unconsolidated affiliate during any development periods. At December 31, 2014 and 2013, the components of the net difference between the Company’s investment in unconsolidated affiliates and the underlying equity of unconsolidated affiliates, which are amortized over a period equal to the useful life of the unconsolidated affiliates' asset/liability that is related to the basis difference, was $13,390 and $14,650, respectively. | |||||||||||||
On a periodic basis, the Company assesses whether there are any indicators that the fair value of the Company's investments in unconsolidated affiliates may be impaired. An investment is impaired only if the Company’s estimate of the fair value of the investment is less than the carrying value of the investment and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Company's estimates of fair value for each investment are based on a number of assumptions that are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter the Company’s assumptions, the fair values estimated in the impairment analyses may not be realized. | |||||||||||||
Deferred Financing Costs | Deferred Financing Costs | ||||||||||||
Net deferred financing costs of $22,177 and $25,061 were included in intangible lease assets and other assets at December 31, 2014 and 2013, respectively. Deferred financing costs include fees and costs incurred to obtain financing and are amortized on a straight-line basis to interest expense over the terms of the related indebtedness. | |||||||||||||
Marketable Securities | Marketable Securities | ||||||||||||
Intangible lease assets and other assets include marketable securities consisting of corporate equity securities that are classified as available-for-sale. Unrealized gains and losses on available-for-sale securities that are deemed to be temporary in nature are recorded as a component of accumulated other comprehensive income (loss) ("AOCI/L") in redeemable noncontrolling interests, shareholders’ equity and partners' capital, and noncontrolling interests. Realized gains and losses are recorded in other income. Gains or losses on securities sold are based on the specific identification method. The Company did not recognize any realized gains or losses related to sales of marketable securities in 2014 and 2013. The Company recognized a net realized gain on sales of available-for-sale securities of $224 in 2012. | |||||||||||||
If a decline in the value of an investment is deemed to be other than temporary, the investment is written down to fair value and an impairment loss is recognized in the current period to the extent of the decline in value. In determining when a decline in fair value below cost of an investment in marketable securities is other-than-temporary, the following factors, among others, are evaluated: | |||||||||||||
• | the probability of recovery; | ||||||||||||
• | the Company’s ability and intent to retain the security for a sufficient period of time for it to recover; | ||||||||||||
• | the significance of the decline in value; | ||||||||||||
• | the time period during which there has been a significant decline in value; | ||||||||||||
• | current and future business prospects and trends of earnings; | ||||||||||||
• | relevant industry conditions and trends relative to their historical cycles; and | ||||||||||||
• | market conditions. | ||||||||||||
Interest Rate Hedging Instruments | Interest Rate Hedging Instruments | ||||||||||||
The Company recognizes its derivative financial instruments in either accounts payable and accrued liabilities or intangible lease assets and other assets, as applicable, in the consolidated balance sheets and measures those instruments at fair value. The accounting for changes in the fair value (i.e., gain or loss) of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. To qualify as a hedging instrument, a derivative must pass prescribed effectiveness tests, performed quarterly using both qualitative and quantitative methods. The Company has entered into derivative agreements as of December 31, 2014 and 2013 that qualify as hedging instruments and were designated, based upon the exposure being hedged, as cash flow hedges. The fair value of these cash flow hedges as of December 31, 2014 and 2013 was $2,226 and $4,007, respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. To the extent they are effective, changes in the fair values of cash flow hedges are reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged item affects earnings. The ineffective portion of the hedge, if any, is recognized in current earnings during the period of change in fair value. The gain or loss on the termination of an effective cash flow hedge is reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged item affects earnings. The Company also assesses the credit risk that the counterparty will not perform according to the terms of the contract. | |||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||
Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms of the related leases. Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements. Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable. | |||||||||||||
The Company receives reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses as provided in the lease agreements. Tenant reimbursements are recognized when earned in accordance with the tenant lease agreements. Tenant reimbursements related to certain capital expenditures are billed to tenants over periods of 5 to 15 years and are recognized as revenue in accordance with underlying lease terms. | |||||||||||||
The Company receives management, leasing and development fees from third parties and unconsolidated affiliates. Management fees are charged as a percentage of revenues (as defined in the management agreement) and are recognized as revenue when earned. Development fees are recognized as revenue on a pro rata basis over the development period. Leasing fees are charged for newly executed leases and lease renewals and are recognized as revenue when earned. Development and leasing fees received from an unconsolidated affiliate during the development period are recognized as revenue only to the extent of the third-party partner’s ownership interest. Development and leasing fees during the development period, to the extent of the Company’s ownership interest, are recorded as a reduction to the Company’s investment in the unconsolidated affiliate. | |||||||||||||
Gains on Sales of Real Estate Assets | Gain on Sales of Real Estate Assets | ||||||||||||
Gain on sales of real estate assets is recognized when it is determined that the sale has been consummated, the buyer’s initial and continuing investment is adequate, the Company’s receivable, if any, is not subject to future subordination, and the buyer has assumed the usual risks and rewards of ownership of the asset. When the Company has an ownership interest in the buyer, gain is recognized to the extent of the third party partner’s ownership interest and the portion of the gain attributable to the Company’s ownership interest is deferred. | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
The Company is qualified as a REIT under the provisions of the Internal Revenue Code. To maintain qualification as a REIT, the Company is required to distribute at least 90% of its taxable income to shareholders and meet certain other requirements. | |||||||||||||
As a REIT, the Company is generally not liable for federal corporate income taxes. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal and state income taxes on its taxable income at regular corporate tax rates. Even if the Company maintains its qualification as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed income. State tax expense was $4,079, $3,570 and $3,530 during 2014, 2013 and 2012, respectively. | |||||||||||||
The Company has also elected taxable REIT subsidiary status for some of its subsidiaries. This enables the Company to receive income and provide services that would otherwise be impermissible for REITs. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income or expense, as applicable. | |||||||||||||
The Company recorded an income tax provision as follows for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current tax benefit (provision) | $ | (3,170 | ) | $ | 518 | $ | 1,691 | ||||||
Deferred tax provision | (1,329 | ) | (1,823 | ) | (3,095 | ) | |||||||
Income tax provision | $ | (4,499 | ) | (1,305 | ) | (1,404 | ) | ||||||
The Company had a net deferred tax asset of $394 and $4,893 at December 31, 2014 and 2013, respectively. The net deferred tax asset at December 31, 2014 and 2013 is included in intangible lease assets and other assets and primarily consisted of operating expense accruals and differences between book and tax depreciation. As of December 31, 2014, tax years that generally remain subject to examination by the Company’s major tax jurisdictions include 2011, 2012, 2013 and 2014. | |||||||||||||
The Company reports any income tax penalties attributable to its properties as property operating expenses and any corporate-related income tax penalties as general and administrative expenses in its statement of operations. In addition, any interest incurred on tax assessments is reported as interest expense. The Company reported nominal interest and penalty amounts in 2014, 2013 and 2012. | |||||||||||||
Concentration of Credit Risk | Concentration of Credit Risk | ||||||||||||
The Company’s tenants include national, regional and local retailers. Financial instruments that subject the Company to concentrations of credit risk consist primarily of tenant receivables. The Company generally does not obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of tenants. | |||||||||||||
The Company derives a substantial portion of its rental income from various national and regional retail companies | |||||||||||||
Earnings Per Share/Unit | Earnings per Share of the Company | ||||||||||||
Basic earnings per share ("EPS") is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS assumes the issuance of common stock for all potential dilutive common shares outstanding. The limited partners’ rights to convert their noncontrolling interests in the Operating Partnership into shares of common stock are not dilutive. | |||||||||||||
Earnings per Unit of the Operating Partnership | |||||||||||||
Basic earnings per unit ("EPU") is computed by dividing net income attributable to common unitholders by the weighted-average number of common units outstanding for the period. Diluted EPU assumes the issuance of common units for all potential dilutive common units outstanding. | |||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income of the Company | ||||||||||||
Comprehensive income of the Company includes all changes in redeemable noncontrolling interests and total equity during the period, except those resulting from investments by shareholders and partners, distributions to shareholders and partners and redemption valuation adjustments. Other comprehensive income (loss) (“OCI/L”) includes changes in unrealized gains (losses) on available-for-sale securities and interest rate hedge agreements. | |||||||||||||
Accumulated Other Comprehensive Income of the Operating Partnership | |||||||||||||
Comprehensive income of the Operating Partnership includes all changes in redeemable common units and partners' capital during the period, except those resulting from investments by unitholders, distributions to unitholders and redemption valuation adjustments. OCI/L includes changes in unrealized gains (losses) on available-for-sale securities and interest rate hedge agreements. | |||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. |
ORGANIZATION_Tables
ORGANIZATION (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||
Schedule of Real Estate Properties | As of December 31, 2014, the Operating Partnership owned interests in the following Properties: | |||||||||||||||
Malls (1) | Associated | Community | Office | Total | ||||||||||||
Centers | Centers | Buildings (2) | ||||||||||||||
Consolidated Properties | 72 | 25 | 6 | 8 | 111 | |||||||||||
Unconsolidated Properties (3) | 9 | 4 | 5 | 5 | 23 | |||||||||||
Total | 81 | 29 | 11 | 13 | 134 | |||||||||||
-1 | Category consists of regional malls, open-air centers and outlet centers (including one mixed-use center). | |||||||||||||||
-2 | Includes CBL's corporate office building. | |||||||||||||||
-3 | The Operating Partnership accounts for these investments using the equity method because one or more of the other partners have substantive participating rights. | |||||||||||||||
Properties Under Development | At December 31, 2014, the Operating Partnership had interests in the following Construction Properties: | |||||||||||||||
Consolidated Properties | Unconsolidated Properties | |||||||||||||||
Malls | Community | Malls | Community | |||||||||||||
Centers | Centers | |||||||||||||||
Development | — | 1 | — | 1 | ||||||||||||
Expansions | 1 | — | — | 2 | ||||||||||||
Redevelopment | 3 | — | 1 | — | ||||||||||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||
Schedule of Intangible Assets and Balance Sheet Classifications | The Company’s intangibles and their balance sheet classifications as of December 31, 2014 and 2013, are summarized as follows: | |||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||||
Cost | Accumulated | Cost | Accumulated | |||||||||||||||||||||||||
Amortization | Amortization | |||||||||||||||||||||||||||
Intangible lease assets and other assets: | ||||||||||||||||||||||||||||
Above-market leases | $ | 64,696 | $ | (45,662 | ) | $ | 65,932 | $ | (41,230 | ) | ||||||||||||||||||
In-place leases | 110,211 | (71,272 | ) | 111,769 | (60,243 | ) | ||||||||||||||||||||||
Tenant relationships | 29,664 | (4,917 | ) | 27,381 | (4,004 | ) | ||||||||||||||||||||||
Accounts payable and accrued liabilities: | ||||||||||||||||||||||||||||
Below-market leases | 99,189 | (68,127 | ) | 101,901 | (64,046 | ) | ||||||||||||||||||||||
Summary of Equity Securities | The following is a summary of the marketable securities held by the Company as of December 31, 2014 and 2013: | |||||||||||||||||||||||||||
Gross Unrealized | ||||||||||||||||||||||||||||
Adjusted Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||||
December 31, 2014: | ||||||||||||||||||||||||||||
Common stocks (1) | $ | 4,195 | $ | 16,321 | $ | — | $ | 20,516 | ||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||||||
Common stocks | $ | 4,195 | $ | 9,778 | $ | — | $ | 13,973 | ||||||||||||||||||||
(I) | See subsequent event related to sale of marketable securities in Note 19. | |||||||||||||||||||||||||||
Schedule of Income Tax Provision | The Company recorded an income tax provision as follows for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Current tax benefit (provision) | $ | (3,170 | ) | $ | 518 | $ | 1,691 | |||||||||||||||||||||
Deferred tax provision | (1,329 | ) | (1,823 | ) | (3,095 | ) | ||||||||||||||||||||||
Income tax provision | $ | (4,499 | ) | (1,305 | ) | (1,404 | ) | |||||||||||||||||||||
Summary of Impact of Potential Dilutive Common Shares on the Denominator Used to Compute Earnings Per Share | The following summarizes the impact of potential dilutive common units on the denominator used to compute EPU for the year ended December 31, 2012: | |||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
Denominator – basic | 190,223 | |||||||||||||||||||||||||||
Stock options | 3 | |||||||||||||||||||||||||||
Deemed units related to deferred compensation arrangements | 42 | |||||||||||||||||||||||||||
Denominator – diluted | 190,268 | |||||||||||||||||||||||||||
The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS for the year ended December 31, 2012: | ||||||||||||||||||||||||||||
Year Ended | ||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||
Denominator – basic | 154,762 | |||||||||||||||||||||||||||
Stock options | 3 | |||||||||||||||||||||||||||
Deemed shares related to deferred compensation arrangements | 42 | |||||||||||||||||||||||||||
Denominator – diluted | 154,807 | |||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCI for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||
Redeemable | The Company | Noncontrolling Interests | ||||||||||||||||||||||||||
Noncontrolling | ||||||||||||||||||||||||||||
Interests | ||||||||||||||||||||||||||||
Unrealized Gains (Losses) | ||||||||||||||||||||||||||||
Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Total | ||||||||||||||||||||||
Beginning balance, January 1, 2012 | $ | 377 | $ | 328 | $ | (2,628 | ) | $ | 6,053 | $ | (3,488 | ) | $ | 1,775 | $ | 2,417 | ||||||||||||
OCI before reclassifications | (4 | ) | 23 | 2,139 | 3,510 | (75 | ) | 445 | 6,038 | |||||||||||||||||||
Amounts reclassified from AOCI (1) | — | 2 | (2,267 | ) | 179 | — | 43 | (2,043 | ) | |||||||||||||||||||
Net year-to-date period OCI | (4 | ) | 25 | (128 | ) | 3,689 | (75 | ) | 488 | 3,995 | ||||||||||||||||||
Ending balance, December 31, 2012 | 373 | 353 | (2,756 | ) | 9,742 | (3,563 | ) | 2,263 | 6,412 | |||||||||||||||||||
OCI before reclassifications | 14 | (20 | ) | 3,839 | (2,203 | ) | 259 | (360 | ) | 1,529 | ||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (2,297 | ) | — | — | — | (2,297 | ) | |||||||||||||||||||
Net year-to-date period OCI | 14 | (20 | ) | 1,542 | (2,203 | ) | 259 | (360 | ) | (768 | ) | |||||||||||||||||
Ending balance, December 31, 2013 | 387 | 333 | (1,214 | ) | 7,539 | (3,304 | ) | 1,903 | 5,644 | |||||||||||||||||||
OCI before reclassifications | 14 | 51 | 3,712 | 5,569 | 251 | 923 | 10,520 | |||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (2,195 | ) | — | — | — | (2,195 | ) | |||||||||||||||||||
Net year-to-date period OCI | 14 | 51 | 1,517 | 5,569 | 251 | 923 | 8,325 | |||||||||||||||||||||
Ending balance, December 31, 2014 | $ | 401 | $ | 384 | $ | 303 | $ | 13,108 | $ | (3,053 | ) | $ | 2,826 | $ | 13,969 | |||||||||||||
-1 | Reclassified $2,195, $2,297 and $2,267 of interest on cash flow hedges to Interest Expense in the consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012, respectively. Reclassified $224 net realized gain on sale of available-for-sale securities to Interest and Other Income in the consolidated statements of operations for the year ended December 31, 2012. | |||||||||||||||||||||||||||
CBL & Associates Limited Partnership [Member] | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCI for the years ended December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||
Redeemable | Partners' | |||||||||||||||||||||||||||
Common | Capital | |||||||||||||||||||||||||||
Units | ||||||||||||||||||||||||||||
Unrealized Gains (Losses) | ||||||||||||||||||||||||||||
Hedging Agreements | Available-for-Sale Securities | Hedging Agreements | Available-for-Sale Securities | Total | ||||||||||||||||||||||||
Beginning balance, January 1, 2012 | $ | 377 | $ | 328 | $ | (6,116 | ) | $ | 7,828 | $ | 2,417 | |||||||||||||||||
OCI before reclassifications | (4 | ) | 23 | 2,064 | 3,955 | 6,038 | ||||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | 2 | (2,267 | ) | 222 | (2,043 | ) | |||||||||||||||||||||
Net year-to-date period OCI | (4 | ) | 25 | (203 | ) | 4,177 | 3,995 | |||||||||||||||||||||
Ending balance, December 31, 2012 | 373 | 353 | (6,319 | ) | 12,005 | 6,412 | ||||||||||||||||||||||
OCI before reclassifications | 14 | (20 | ) | 4,098 | (2,563 | ) | 1,529 | |||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (2,297 | ) | — | (2,297 | ) | |||||||||||||||||||||
Net year-to-date period OCI | 14 | (20 | ) | 1,801 | (2,563 | ) | (768 | ) | ||||||||||||||||||||
Ending balance, December 31, 2013 | 387 | 333 | (4,518 | ) | 9,442 | 5,644 | ||||||||||||||||||||||
OCI before reclassifications | 14 | 51 | 3,963 | 6,492 | 10,520 | |||||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (2,195 | ) | — | (2,195 | ) | |||||||||||||||||||||
Net year-to-date period OCI | 14 | 51 | 1,768 | 6,492 | 8,325 | |||||||||||||||||||||||
Ending balance, December 31, 2014 | $ | 401 | $ | 384 | $ | (2,750 | ) | $ | 15,934 | $ | 13,969 | |||||||||||||||||
-1 | Reclassified $2,195, $2,297 and $2,267 of interest on cash flow hedges to Interest Expense in the consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012, respectively. Reclassified $224 net realized gain on sale of available-for-sale securities to Interest and Other Income in the consolidated statements of operations for the year ended December 31, 2012. |
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||
Schedule of Business Acquisitions | The following is a summary of the Company's acquisitions since January 1, 2012: | ||||||||||||||||||||||||
Purchase Date | Property | Property | Location | Ownership | Cash | Debt | Other | Purchase | |||||||||||||||||
Type | Percentage | Assumed | Price | ||||||||||||||||||||||
Acquired | |||||||||||||||||||||||||
2013 Activity: | |||||||||||||||||||||||||
April | Kirkwood Mall (1) | Mall | Bismarck, ND | 51.00% | $ | 41,378 | $ | 20,587 | $ | — | $ | 61,965 | |||||||||||||
2012 Activity: | |||||||||||||||||||||||||
December | Imperial Valley Mall (2) | Mall | El Centro, CA | 40.00% | $ | 15,500 | $ | 21,018 | $ | — | $ | 36,518 | |||||||||||||
December | Kirkwood Mall (1) | Mall | Bismarck, ND | 49.00% | 39,754 | 19,781 | — | 59,535 | |||||||||||||||||
May | Dakota Square Mall (3) | Mall | Minot, ND | 100.00% | 32,474 | 59,001 | — | 91,475 | |||||||||||||||||
April | The Outlet Shoppes at Gettysburg (4) | Mall | Gettysburg, PA | 50.00% | — | 20,315 | 4,522 | 24,837 | |||||||||||||||||
April | The Outlet Shoppes at El Paso (5) | Mall | El Paso, TX | 75.00% | 35,456 | 50,193 | — | 85,649 | |||||||||||||||||
$ | 123,184 | $ | 170,308 | $ | 4,522 | $ | 298,014 | ||||||||||||||||||
-1 | The Company acquired a 49.0% joint venture interest in Kirkwood Mall in December 2012. The cash paid was based on a total value of $121,500 including a $40,368 non-recourse loan. The Company executed an agreement to acquire the remaining 51.0% interest within 90 days subject to lender approval to assume the loan, which bears interest at a fixed rate of 5.75% and matures in April 2018. As the assumed loan was at an above-market interest rate compared to similar debt instruments at the date of acquisition, the Company recorded a debt premium of $2,970, computed using an estimated market interest rate of 4.25%. In accordance with its executed agreement, the Company acquired the remaining 51.0% interest in Kirkwood Mall in April 2013. As described in Note 8, the Company consolidated this joint venture as of December 31, 2013 and 2012. | ||||||||||||||||||||||||
-2 | The Company acquired the remaining 40% interests in Imperial Valley Mall L.P., Imperial Valley Peripheral L.P. and Imperial Valley Commons L.P. from its joint venture partner. Imperial Valley Commons, L.P. was classified as a VIE and was accounted for on a consolidated basis as the Company was deemed to be the primary beneficiary. Imperial Valley Mall L.P. and Imperial Valley Peripheral L.P. were unconsolidated affiliates accounted for using the equity method of accounting. We recorded a gain on investment of $45,072 related to the acquisition of our joint venture partner's interest and all three joint ventures are accounted for on a consolidated basis as of the purchase date. See Note 5 for additional information. | ||||||||||||||||||||||||
-3 | The $59,001 non-recourse loan bears interest at a fixed rate of 6.23% and matures in November 2016. The Company recorded a debt premium of $3,040, computed using an estimated market rate of 4.75%, since the debt assumed was at an above-market interest rate compared to similar debt instruments at the date of acquisition. | ||||||||||||||||||||||||
-4 | The Company and its noncontrolling interest partner exercised their rights under the terms of a mezzanine loan agreement with the borrower, which owned The Outlet Shoppes at Gettysburg, to convert a $4,522 mezzanine loan into a member interest in the outlet shopping center. The $40,631 of debt assumed, of which the Company's 50.0% share is $20,315, bears interest at a fixed rate of 5.87% and matures in February 2016. | ||||||||||||||||||||||||
-5 | The Company also acquired a 50.0% interest in outparcel land adjacent to the outlet shopping center for $3,864 in addition to the $31,592 paid for the 75.0% share of the outlet shopping center. See Note 5. The amount paid for the Company's 75.0% and 50.0% interests was based on a total value of $116,775 including the assumption of a $66,924 non-recourse loan, which bears interest at a fixed rate of 7.06% and matures in December 2017. The debt assumed was at an above-average interest rate compared to similar debt instruments at the date of acquisition, so the Company recorded a debt premium of $7,700 (of which $5,775 represents the Company's 75.0% share), computed using an estimated market interest rate of 4.75%. The entity that owned The Outlet Shoppes at El Paso used a portion of the cash proceeds to repay a $9,150 mezzanine loan provided by the Company, of which the Company's share was $6,862. After considering the repayment of the mezzanine loan to the Company, the net consideration paid by the Company in connection with this transaction was $28,594. | ||||||||||||||||||||||||
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the final allocations of the estimated fair values of the assets acquired and liabilities assumed as of the respective acquisition dates for the Properties listed above: | ||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Land | $ | 87,869 | |||||||||||||||||||||||
Buildings and improvements | 379,763 | ||||||||||||||||||||||||
Investments in unconsolidated affiliates | 3,864 | ||||||||||||||||||||||||
Tenant improvements | 15,328 | ||||||||||||||||||||||||
Above-market leases | 15,359 | ||||||||||||||||||||||||
In-place leases | 65,814 | ||||||||||||||||||||||||
Total assets | 567,997 | ||||||||||||||||||||||||
Mortgage note payables assumed | (259,470 | ) | |||||||||||||||||||||||
Debt premium | (15,334 | ) | |||||||||||||||||||||||
Below-market leases | (39,698 | ) | |||||||||||||||||||||||
Noncontrolling interest | (60,295 | ) | |||||||||||||||||||||||
Value of Company's interest in joint ventures | (65,494 | ) | |||||||||||||||||||||||
Net assets acquired | $ | 127,706 | |||||||||||||||||||||||
DISPOSALS_AND_DISCONTINUED_OPE1
DISPOSALS AND DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||
Summary of Dispositions | The following is a summary of the Company's 2013 dispositions: | ||||||||||||||||||
Sales Price | Gain/ | ||||||||||||||||||
(Loss) | |||||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | ||||||||||||||
2013 Activity: | |||||||||||||||||||
August | Georgia Square, Georgia Square Plaza, Panama City Mall, The Shoppes at Panama City, RiverGate Mall, Village at RiverGate (1) | Mall & Associated Center | Athens, GA | $ | 176,000 | $ | 171,977 | $ | (19 | ) | |||||||||
Panama City, FL | |||||||||||||||||||
Nashville, TN | |||||||||||||||||||
March | 1500 Sunday Drive | Office Building | Raleigh, NC | 8,300 | 7,862 | (549 | ) | ||||||||||||
March | Peninsula I & II | Office Building | Newport News, VA | 5,250 | 5,121 | 598 | |||||||||||||
January | Lake Point & SunTrust | Office Building | Greensboro, NC | 30,875 | 30,490 | 823 | |||||||||||||
December 2008 (2) | 706 & 708 Green Valley Road | Office Building | Greensboro, NC | 281 | |||||||||||||||
Various (3) | 10 | ||||||||||||||||||
$ | 220,425 | $ | 215,450 | $ | 1,144 | ||||||||||||||
-1 | A loss on impairment of $5,234 was recorded in the third quarter of 2013 to write down the book value of these six Properties sold in a portfolio sale to the net sales price. Subsequent to December 31, 2013, the Company recognized an additional impairment of $681 on one of these sold Properties. | ||||||||||||||||||
-2 | Recognition of gain that was deferred in December 2008 upon repayment of the notes receivable for a portion of the sales price. | ||||||||||||||||||
-3 | Reflects subsequent true-ups for settlement of estimated expenses based on actual amounts for sales that occurred in prior periods. | ||||||||||||||||||
2012 Dispositions | |||||||||||||||||||
The results of operations of the Properties described below, as well as any gains or impairment losses related to those Properties, are included in discontinued operations for all periods presented, as applicable. Net proceeds from these sales were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2012 dispositions: | |||||||||||||||||||
Sales Price | Gain/ | ||||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | (Loss) | |||||||||||||
2012 Activity: | |||||||||||||||||||
December | Willowbrook Plaza (1) | Community Center | Houston, TX | $ | 24,450 | $ | 24,171 | $ | — | ||||||||||
October | Towne Mall (2) | Mall | Franklin, OH | 950 | 892 | (3 | ) | ||||||||||||
October | Hickory Hollow Mall (3) | Mall | Antioch, TN | 1,000 | 966 | (6 | ) | ||||||||||||
July | Massard Crossing | Community Center | Fort Smith, AR | 7,803 | 7,432 | 98 | |||||||||||||
March | Settlers Ridge - Phase II (4) | Community Center | Robinson Township, PA | 19,144 | 18,951 | 883 | |||||||||||||
January | Oak Hollow Square (5) | Community Center | High Point, NC | 14,247 | 13,796 | (1 | ) | ||||||||||||
Various (6) | (33 | ) | |||||||||||||||||
$ | 67,594 | $ | 66,208 | $ | 938 | ||||||||||||||
-1 | A loss on impairment of $17,743 was recorded in the third quarter of 2012 to write down the book value of this Property to its then estimated fair value. | ||||||||||||||||||
-2 | A loss on impairment of $419 was recorded in the third quarter of 2012 to write down the book value of this Property to its expected sales price. | ||||||||||||||||||
-3 | A loss on impairment of $8,047 was recorded in the third quarter of 2012 to write down the book value of this Property to its expected sales price. | ||||||||||||||||||
-4 | A loss on impairment of $4,457 was recorded in the second quarter of 2011 to write down the book value of this Property to its then estimated fair value. | ||||||||||||||||||
-5 | A loss on impairment of $255 was recorded in the first quarter of 2012 related to the true-up of certain estimated amounts to actual amounts. Additionally, the Company wrote down the depreciated book value of this Property to the estimated sales price and recorded a loss on impairment of $729 in the fourth quarter of 2011. | ||||||||||||||||||
-6 | Reflects subsequent true-ups for settlement of estimated expenses based on actual amounts for sales that occurred in prior periods. | ||||||||||||||||||
The following is a summary of the Company's 2014 dispositions by sale: | |||||||||||||||||||
Sales Price | Gain | ||||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | ||||||||||||||
2014 Activity: | |||||||||||||||||||
September | Pemberton Plaza (1) | Community Center | Vicksburg, MS | $ | 1,975 | $ | 1,886 | $ | — | ||||||||||
June | Foothills Plaza Expansion | Associated Center | Maryville, TN | 2,640 | 2,387 | 937 | |||||||||||||
May | Lakeshore Mall (2) | Mall | Sebring, FL | 14,000 | 13,613 | — | |||||||||||||
$ | 18,615 | $ | 17,886 | $ | 937 | ||||||||||||||
-1 | The Company recognized a loss on impairment of real estate of $497 in the third quarter of 2014 when it adjusted the book value of Pemberton Plaza to its net sales price. | ||||||||||||||||||
-2 | The gross sales price of $14,000 consisted of a $10,000 promissory note and $4,000 in cash. The note receivable was paid off in the third quarter of 2014. The Company recognized a loss on impairment of real estate of $5,100 in the first quarter of 2014 when it adjusted the book value of Lakeshore Mall to its estimated fair value of $13,780 based on a binding purchase agreement signed in April 2014. The sale closed in May 2014 and the Company recognized an impairment loss of $106 in the second quarter of 2014 as a result of additional closing costs. | ||||||||||||||||||
The following is a summary of the Company's other 2014 dispositions: | |||||||||||||||||||
Balance of | Gain on Extinguishment of Debt | ||||||||||||||||||
Disposal Date | Property | Property Type | Location | Non-recourse Debt | |||||||||||||||
2014 Activity: | |||||||||||||||||||
October | Columbia Place (1) | Mall | Columbia, SC | $ | 27,265 | $ | 27,171 | ||||||||||||
September | Chapel Hill Mall (2) | Mall | Akron, OH | 68,563 | 18,296 | ||||||||||||||
January | Citadel Mall (3) | Mall | Charleston, SC | 68,169 | 43,932 | ||||||||||||||
$ | 163,997 | $ | 89,399 | ||||||||||||||||
-1 | The Company conveyed the Mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $50,683 was recorded in 2011 to write down the book value of the Mall to its then estimated fair value. The Company also recorded $3,181 of non-cash default interest expense. | ||||||||||||||||||
-2 | The Company conveyed the Mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $12,050 was recorded in 2014 to write down the book value of the Mall to its then estimated fair value. The Company also recorded $1,514 of non-cash default interest expense. | ||||||||||||||||||
-3 | The mortgage lender completed the foreclosure process and received the title to the Mall in satisfaction of the non-recourse debt. A non-cash impairment loss of $20,453 was recorded in 2013 to write down the book value of the Mall to its then estimated fair value. |
UNCONSOLIDATED_AFFILIATES_AND_1
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||
Investments Accounted for using the Equity method of Accounting | At December 31, 2014, the Company had investments in the following 19 entities, which are accounted for using the equity method of accounting: | |||||||||||
Joint Venture | Property Name | Company's | ||||||||||
Interest | ||||||||||||
Ambassador Infrastructure, LLC | Ambassador Town Center - Infrastructure Improvements | 65 | % | |||||||||
Ambassador Town Center JV, LLC | Ambassador Town Center | 65 | % | |||||||||
CBL/T-C, LLC | CoolSprings Galleria, Oak Park Mall and West County Center | 50 | % | |||||||||
CBL-TRS Joint Venture, LLC | Friendly Center, The Shops at Friendly Center and a portfolio of four office buildings | 50 | % | |||||||||
CBL-TRS Joint Venture II, LLC | Renaissance Center | 50 | % | |||||||||
El Paso Outlet Outparcels, LLC | The Outlet Shoppes at El Paso (vacant land) | 50 | % | |||||||||
Fremaux Town Center JV, LLC | Fremaux Town Center | 65 | % | |||||||||
Governor’s Square IB | Governor’s Plaza | 50 | % | |||||||||
Governor’s Square Company | Governor’s Square | 47.5 | % | |||||||||
High Pointe Commons, LP | High Pointe Commons | 50 | % | |||||||||
High Pointe Commons II-HAP, LP | High Pointe Commons - Christmas Tree Shop | 50 | % | |||||||||
JG Gulf Coast Town Center LLC | Gulf Coast Town Center | 50 | % | |||||||||
Kentucky Oaks Mall Company | Kentucky Oaks Mall | 50 | % | |||||||||
Mall of South Carolina L.P. | Coastal Grand—Myrtle Beach | 50 | % | |||||||||
Mall of South Carolina Outparcel L.P. | Coastal Grand—Myrtle Beach (Coastal Grand Crossing and vacant land) | 50 | % | |||||||||
Port Orange I, LLC | The Pavilion at Port Orange Phase I and one office building | 50 | % | |||||||||
Triangle Town Member LLC | Triangle Town Center, Triangle Town Commons and Triangle Town Place | 50 | % | |||||||||
West Melbourne I, LLC | Hammock Landing Phases I and II | 50 | % | |||||||||
York Town Center, LP | York Town Center | 50 | % | |||||||||
Condensed combined financial statement information - unconsolidated affiliates | Condensed combined financial statement information of these unconsolidated affiliates is as follows: | |||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
ASSETS: | ||||||||||||
Investment in real estate assets | $ | 2,266,252 | $ | 2,167,227 | ||||||||
Accumulated depreciation | (619,558 | ) | (555,174 | ) | ||||||||
1,646,694 | 1,612,053 | |||||||||||
Developments in progress | 75,877 | 103,161 | ||||||||||
Net investment in real estate assets | 1,722,571 | 1,715,214 | ||||||||||
Other assets | 170,554 | 168,799 | ||||||||||
Total assets | $ | 1,893,125 | $ | 1,884,013 | ||||||||
LIABILITIES: | ||||||||||||
Mortgage and other indebtedness | $ | 1,512,826 | $ | 1,468,422 | ||||||||
Other liabilities | 42,517 | 48,203 | ||||||||||
Total liabilities | 1,555,343 | 1,516,625 | ||||||||||
OWNERS' EQUITY: | ||||||||||||
The Company | 198,261 | 213,664 | ||||||||||
Other investors | 139,521 | 153,724 | ||||||||||
Total owners' equity | 337,782 | 367,388 | ||||||||||
Total liabilities and owners’ equity | $ | 1,893,125 | $ | 1,884,013 | ||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Total revenues | $ | 250,248 | $ | 243,215 | $ | 251,628 | ||||||
Depreciation and amortization | (79,059 | ) | (76,323 | ) | (82,534 | ) | ||||||
Other operating expenses | (73,218 | ) | (72,166 | ) | (76,567 | ) | ||||||
Income from operations | 97,971 | 94,726 | 92,527 | |||||||||
Interest income | 1,358 | 1,359 | 1,365 | |||||||||
Interest expense | (74,754 | ) | (76,934 | ) | (84,421 | ) | ||||||
Gain on sales of real estate assets | 1,697 | 102 | 2,063 | |||||||||
Net income | $ | 26,272 | $ | 19,253 | $ | 11,534 | ||||||
2014 Financings | ||||||||||||
The following table presents the loan activity of the Company's unconsolidated affiliates in 2014: | ||||||||||||
Date | Property | Stated | Maturity Date (1) | Amount Financed | ||||||||
Interest | or Extended | |||||||||||
Rate | ||||||||||||
December | Ambassador Town Center (2) | LIBOR + 1.80% | Dec-17 | (3) | $ | 48,200 | ||||||
December | Ambassador Town Center - Infrastructure Improvements (4) | LIBOR + 2.00% | Dec-17 | (3) | 11,700 | |||||||
November | Hammock Landing - Phase II (5) | LIBOR + 2.25% | Nov-15 | (6) | 16,757 | |||||||
August | Fremaux Town Center - Phase I (7) | LIBOR + 2.00% | Aug-16 | (8) | 47,291 | |||||||
August | Fremaux Town Center - Phase II (9) | LIBOR + 2.00% | Aug-16 | (8) | 32,100 | |||||||
July | Coastal Grand - Myrtle Beach (10) | 4.09% | Aug-24 | 126,000 | ||||||||
February | Fremaux Town Center - Phase I (11) | LIBOR + 2.125% | Mar-16 | 47,291 | ||||||||
-1 | Excludes any extension options. | |||||||||||
-2 | The unconsolidated 65/35 joint venture closed on a construction loan for the development of Ambassador Town Center, a community center located in Lafayette, LA. The Operating Partnership has guaranteed 100% of the loan. See Note 14 for information on the Operating Partnership's guaranty of this loan and future guaranty reductions. The construction loan had an outstanding balance of $715 at December 31, 2014. The interest rate will be reduced to LIBOR + 1.60% once certain debt service and operational metrics are met. | |||||||||||
-3 | The loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of December 2019. | |||||||||||
-4 | The unconsolidated 65/35 joint venture was formed to construct certain infrastructure improvements related to the development of Ambassador Town Center. The Operating Partnership has guaranteed 100% of the loan. See Note 14 for information on the Operating Partnership's guaranty of this loan and future guaranty reductions. The infrastructure construction loan had an outstanding balance of $725 at December 31, 2014. Under a PILOT program, in lieu of ad valorem taxes, Ambassador and other contributing landowners will make annual PILOT payments to Ambassador Infrastructure, which will be used to repay the infrastructure construction loan. | |||||||||||
-5 | The $10,757 construction loan was amended and restated to increase the loan by $6,000 to finance the construction of Academy Sports. The interest rate will be reduced to LIBOR + 2.00% once Academy Sports is open and paying contractual rent. See Note 14 for information on the Operating Partnership's guaranty of this loan and future guaranty reductions. | |||||||||||
-6 | The construction loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of November 2017. | |||||||||||
-7 | Fremaux amended and modified its Phase I construction loan to change the maturity date and interest rate. Additionally, the Operating Partnership's guarantee of the loan was reduced from 100% to 50% of the outstanding principal loan amount. See Note 14 for further information on future guarantee reductions. | |||||||||||
-8 | The construction loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of August 2018. | |||||||||||
-9 | The Operating Partnership's guaranty of the construction loan was reduced in the fourth quarter of 2014 from 100% to 50% upon the land closing with Dillard's. See Note 14 for further information on future guaranty reductions. | |||||||||||
-10 | Two subsidiaries of Mall of South Carolina L.P. and Mall of South Carolina Outparcel L.P., closed on a non-recourse loan, secured by Coastal Grand-Myrtle Beach in Myrtle Beach, SC. Net proceeds were used to retire the outstanding borrowings under the previous loan, which had a balance of $75,238 as well as to pay off $18,000 of subordinated notes to the Company and its joint venture partner, each of which held $9,000. See Note 10 for additional information. Excess proceeds were distributed 50/50 to the Company and its partner and the Company's share of excess proceeds was used to reduce balances on its lines of credit. | |||||||||||
-11 | Fremaux amended and restated its March 2013 loan agreement to increase the capacity on its construction loan from $46,000 to $47,291 for additional development costs related to Fremaux Town Center. The Operating Partnership had guaranteed 100% of the loan. The construction loan had two one-year extension options, which were at the joint venture's election, for an outside maturity date of March 2018. See footnote 7 and footnote 8 above for information on the extension and modification of the Phase I loan in August 2014. | |||||||||||
2013 Financings | ||||||||||||
The following table presents the loan activity of the Company's unconsolidated affiliates in 2013: | ||||||||||||
Date | Property | Stated | Maturity Date (1) | Amount Financed | ||||||||
Interest | or Extended | |||||||||||
Rate | ||||||||||||
December | The Pavilion at Port Orange - Phase I (2) | LIBOR + 2.0% | Nov-15 | (3) | $ | 62,600 | ||||||
December | Hammock Landing - Phase I (4) | LIBOR + 2.0% | Nov-15 | (3) | 41,068 | |||||||
December | Hammock Landing - Phase II (5) | LIBOR + 2.25% | Nov-15 | (3) | 10,757 | |||||||
March | Renaissance Center - Phase II (6) | 3.49% | Apr-23 | 16,000 | ||||||||
March | Friendly Center (7) | 3.48% | Apr-23 | 100,000 | ||||||||
March | Fremaux Town Center - Phase I (8) | LIBOR + 2.125% | Mar-16 | 46,000 | ||||||||
-1 | Excludes any extension options. | |||||||||||
-2 | The construction loan was extended and modified to reduce the capacity from $64,950 to $62,600, reduce the interest rate from a variable-rate of LIBOR + 3.5% to a variable-rate of LIBOR + 2.0% and extend the maturity date. The Operating Partnership has guaranteed 25% of the construction loan. | |||||||||||
-3 | The construction loan has two one-year extension options, which are at the joint venture's election, for an outside maturity date of November 2017. | |||||||||||
-4 | The loan was amended and restated to extend the maturity date and reduce the interest rate from a variable-rate of LIBOR + 3.5% to a variable-rate of LIBOR + 2.0%. The Operating Partnership has guaranteed 25% of the loan. | |||||||||||
-5 | A construction loan to build a Carmike Cinema has two one-year extension options, which are at the joint venture's election, for an outside maturity date of November 2017. The Operating Partnership's guaranty was reduced from 100% to 25% in the third quarter of 2014 when the Carmike Cinema became operational. See the table above for information on the extension and modification of the Phase II loan in November 2014. | |||||||||||
-6 | Net proceeds from the loan were used to retire a $15,700 loan that was scheduled to mature in April 2013. | |||||||||||
-7 | Net proceeds from the loan were used to retire four loans, scheduled to mature in April 2013 and with an aggregate balance of $100,000, that were secured by Friendly Center, Friendly Center Office Building, First National Bank Building, Green Valley Office Building, First Citizens Bank Building, Wachovia Office Building and Bank of America Building. | |||||||||||
-8 | The construction loan had two one-year extension options, which were at the joint venture's election, for an outside maturity date of March 2018. The Operating Partnership had guaranteed 100% of the construction loan. The loan was amended and restated in February 2014 and August 2014, as described above. |
MORTGAGE_AND_OTHER_INDEBTEDNES1
MORTGAGE AND OTHER INDEBTEDNESS (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||
Schedule of mortgage and other indebtedness | Mortgage and other indebtedness consisted of the following: | ||||||||||||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||
Amount | Weighted | Amount | Weighted | ||||||||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||||||||
Interest | Interest | ||||||||||||||||||||||||||||||||||
Rate (1) | Rate (1) | ||||||||||||||||||||||||||||||||||
Fixed-rate debt: | |||||||||||||||||||||||||||||||||||
Non-recourse loans on operating Properties (2) | $ | 3,252,730 | 5.62% | $ | 3,527,830 | 5.54% | |||||||||||||||||||||||||||||
Senior unsecured notes due 2023 (3) | 445,770 | 5.25% | 445,374 | 5.25% | |||||||||||||||||||||||||||||||
Senior unsecured notes due 2024 (4) | 299,925 | 4.60% | — | —% | |||||||||||||||||||||||||||||||
Other (5) | 5,639 | 3.50% | — | —% | |||||||||||||||||||||||||||||||
Financing obligation (6) | — | —% | 17,570 | 8.00% | |||||||||||||||||||||||||||||||
Total fixed-rate debt | 4,004,064 | 5.50% | 3,990,774 | 5.52% | |||||||||||||||||||||||||||||||
Variable-rate debt: | |||||||||||||||||||||||||||||||||||
Non-recourse term loans on operating Properties | 17,121 | 2.29% | 133,712 | 3.14% | |||||||||||||||||||||||||||||||
Recourse term loans on operating Properties | 7,638 | 2.91% | 51,300 | 1.87% | |||||||||||||||||||||||||||||||
Construction loans | 454 | 2.66% | 2,983 | 2.17% | |||||||||||||||||||||||||||||||
Unsecured lines of credit | 221,183 | 1.56% | 228,754 | 1.57% | |||||||||||||||||||||||||||||||
Unsecured term loans | 450,000 | 1.71% | 450,000 | 1.71% | |||||||||||||||||||||||||||||||
Total variable-rate debt | 696,396 | 1.69% | 866,749 | 1.91% | |||||||||||||||||||||||||||||||
Total | $ | 4,700,460 | 4.93% | $ | 4,857,523 | 4.88% | |||||||||||||||||||||||||||||
-1 | Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs. | ||||||||||||||||||||||||||||||||||
-2 | The Operating Partnership had four interest rate swaps on notional amounts totaling $105,584 as of December 31, 2014 and $109,830 as of December 31, 2013 related to four variable-rate loans on operating Properties to effectively fix the interest rates on the respective loans. Therefore, these amounts are reflected in fixed-rate debt at December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||||||
-3 | In November 2013, the Operating Partnership issued $450,000 of senior unsecured notes in a public offering. The balance at December 31, 2014 is net of an unamortized discount of $4,230. See below for additional information. | ||||||||||||||||||||||||||||||||||
-4 | The Operating Partnership issued $300,000 of senior unsecured notes in a public offering in October 2014. The balance at December 31, 2014 includes an unamortized discount of $75. See below for additional information. | ||||||||||||||||||||||||||||||||||
-5 | A subsidiary of the Management Company entered into a term loan in May 2014. | ||||||||||||||||||||||||||||||||||
-6 | This amount represented the noncontrolling partner's unreturned equity contribution related to Pearland Town Center that was accounted for as a financing due to certain terms of the CBL/T-C joint venture agreement. In the first quarter of 2014, the Company purchased the noncontrolling interest as described below. | ||||||||||||||||||||||||||||||||||
Schedule of unsecured lines of credit | The following summarizes certain information about the Company's unsecured lines of credit as of December 31, 2014: | ||||||||||||||||||||||||||||||||||
Total | Total | Maturity | Extended | ||||||||||||||||||||||||||||||||
Capacity | Outstanding | Date | Maturity | ||||||||||||||||||||||||||||||||
Date (1) | |||||||||||||||||||||||||||||||||||
Facility A | $ | 600,000 | $ | 63,716 | (2) | Nov-15 | Nov-16 | ||||||||||||||||||||||||||||
First Tennessee | 100,000 | 2,200 | (3) | Feb-16 | N/A | ||||||||||||||||||||||||||||||
Facility B | 600,000 | 155,267 | (4) | Nov-16 | Nov-17 | ||||||||||||||||||||||||||||||
$ | 1,300,000 | $ | 221,183 | ||||||||||||||||||||||||||||||||
-1 | The extension options on both facilities are at the Company's election, subject to continued compliance with the terms of the facilities, and have a one-time extension fee of 0.20% of the commitment amount of each credit facility. | ||||||||||||||||||||||||||||||||||
-2 | There was an additional $800 outstanding on this facility as of December 31, 2014 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit. | ||||||||||||||||||||||||||||||||||
-3 | There was an additional $113 outstanding on this facility as of December 31, 2014 for letters of credit. Up to $20,000 of the capacity on this facility can be used for letters of credit. | ||||||||||||||||||||||||||||||||||
-4 | There was an additional $6,110 outstanding on this facility as of December 31, 2014 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit. | ||||||||||||||||||||||||||||||||||
Schedule of fixed rate loans | The following table presents the fixed-rate loans, secured by the related Properties, that were entered into since January 1, 2013: | ||||||||||||||||||||||||||||||||||
Date | Property (1) | Stated | Maturity Date | Amount | |||||||||||||||||||||||||||||||
Interest | Financed | ||||||||||||||||||||||||||||||||||
Rate | |||||||||||||||||||||||||||||||||||
2014:00:00 | |||||||||||||||||||||||||||||||||||
November | The Outlet Shoppes of the Bluegrass (2) | 4.05% | Dec-24 | $ | 77,500 | ||||||||||||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||||||||||||
October | The Outlet Shoppes at Atlanta (3) | 4.90% | Nov-23 | $ | 80,000 | ||||||||||||||||||||||||||||||
-1 | This Property is owned in a consolidated joint venture and the Company's share of the remaining excess proceeds was used to reduce outstanding balances on the Company's credit facilities. | ||||||||||||||||||||||||||||||||||
-2 | A portion of the net proceeds from the non-recourse mortgage loan was used to retire a $47,931 recourse construction loan. | ||||||||||||||||||||||||||||||||||
-3 | A portion of the net proceeds from the non-recourse mortgage loan was used to repay a $53,080 recourse construction loan. | ||||||||||||||||||||||||||||||||||
Loan Repayments | |||||||||||||||||||||||||||||||||||
The Company repaid the following fixed-rate loans, secured by the related Properties, since January 1, 2013: | |||||||||||||||||||||||||||||||||||
Date | Property | Interest | Scheduled | Principal | |||||||||||||||||||||||||||||||
Rate at | Maturity Date | Balance | |||||||||||||||||||||||||||||||||
Repayment Date | Repaid (1) | ||||||||||||||||||||||||||||||||||
2014:00:00 | |||||||||||||||||||||||||||||||||||
December | Janesville Mall (2) | 8.38% | Apr-16 | $ | 2,473 | ||||||||||||||||||||||||||||||
October | Mall del Norte | 5.04% | Dec-14 | 113,400 | |||||||||||||||||||||||||||||||
January | St. Clair Square (3) | 3.25% | Dec-16 | 122,375 | |||||||||||||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||||||||||||
December | Northpark Mall | 5.75% | Mar-14 | $ | 32,684 | ||||||||||||||||||||||||||||||
June | Mid Rivers Mall (4) | 5.88% | May-21 | 88,410 | |||||||||||||||||||||||||||||||
April | South County Center (5) | 4.96% | Oct-13 | 71,740 | |||||||||||||||||||||||||||||||
January | Westmoreland Mall | 5.05% | Mar-13 | 63,639 | |||||||||||||||||||||||||||||||
-1 | The Company retired the loans with borrowings from its credit facilities. | ||||||||||||||||||||||||||||||||||
-2 | The Company recorded a $257 loss on extinguishment of debt due to a prepayment fee on the early retirement. | ||||||||||||||||||||||||||||||||||
-3 | The Company recorded a $1,249 loss on extinguishment of debt due to a prepayment fee on the early retirement. | ||||||||||||||||||||||||||||||||||
-4 | The Company recorded an $8,936 loss on extinguishment of debt, which consisted of an $8,708 prepayment fee and $228 of unamortized debt issuance costs. | ||||||||||||||||||||||||||||||||||
-5 | The Company recorded a loss on extinguishment of debt of $172 from the write-off of an unamortized discount. | ||||||||||||||||||||||||||||||||||
The following is a summary of the Company's 2014 dispositions for which the Property securing the related fixed-rate debt was transferred to the lender: | |||||||||||||||||||||||||||||||||||
Balance of | Gain on Extinguishment of Debt | ||||||||||||||||||||||||||||||||||
Date | Property | Interest | Scheduled | Non-recourse Debt | |||||||||||||||||||||||||||||||
Rate at | Maturity Date | ||||||||||||||||||||||||||||||||||
Repayment Date | |||||||||||||||||||||||||||||||||||
October | Columbia Place (1) | 5.45% | Sep-13 | $ | 27,265 | $ | 27,171 | ||||||||||||||||||||||||||||
September | Chapel Hill Mall (1) | 6.10% | Aug-16 | 68,563 | 18,296 | ||||||||||||||||||||||||||||||
January | Citadel Mall (2) | 5.68% | Apr-17 | 68,169 | 43,932 | ||||||||||||||||||||||||||||||
$ | 163,997 | $ | 89,399 | ||||||||||||||||||||||||||||||||
-1 | The Company conveyed the Mall to the lender through a deed-in-lieu of foreclosure. | ||||||||||||||||||||||||||||||||||
-2 | The mortgage lender completed the foreclosure process and received the title to the Mall in satisfaction of the non-recourse debt. | ||||||||||||||||||||||||||||||||||
Schedule of variable rate loans | The following table presents the variable-rate loans, secured by the related Properties, that were entered into since January 1, 2013: | ||||||||||||||||||||||||||||||||||
Date | Property | Stated | Maturity Date (1) | Amount Financed (2) | |||||||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||||||||
Rate | |||||||||||||||||||||||||||||||||||
2014:00:00 | |||||||||||||||||||||||||||||||||||
April | The Outlet Shoppes at Oklahoma City - Phase II (3) | LIBOR + 2.75% | Apr-19 | (4) | $ | 6,000 | |||||||||||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||||||||||||
June | Statesboro Crossing | LIBOR + 1.80% | Jun-16 | (5) | $ | 11,400 | |||||||||||||||||||||||||||||
-1 | Excludes any extension options. | ||||||||||||||||||||||||||||||||||
-2 | Proceeds were used to reduce the balances on the Company's credit facilities unless otherwise noted. | ||||||||||||||||||||||||||||||||||
-3 | Proceeds from the operating Property loan for Phase II were distributed to the partners in accordance with the terms of the partnership agreement. | ||||||||||||||||||||||||||||||||||
-4 | The loan has two one-year extension options, which are at the consolidated joint venture's election, for an outside maturity date of April 2021. | ||||||||||||||||||||||||||||||||||
-5 | The non-recourse loan has two one-year extension options, which are at the Company's option, for an outside maturity date of June 2018. | ||||||||||||||||||||||||||||||||||
Loan Repayments | |||||||||||||||||||||||||||||||||||
The Company repaid the following variable-rate loans, secured by the related Properties, since January 1, 2013: | |||||||||||||||||||||||||||||||||||
Date | Property | Interest | Scheduled | Principal | |||||||||||||||||||||||||||||||
Rate at | Maturity Date | Balance | |||||||||||||||||||||||||||||||||
Repayment Date | Repaid (1) | ||||||||||||||||||||||||||||||||||
2014:00:00 | |||||||||||||||||||||||||||||||||||
December | The Promenade | 1.87% | Dec-14 | $ | 47,670 | ||||||||||||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||||||||||||
September | The Forum at Grandview | 3.19% | Sep-13 | $ | 10,200 | ||||||||||||||||||||||||||||||
July | Alamance Crossing West | 3.20% | Dec-13 | 16,000 | |||||||||||||||||||||||||||||||
February | Statesboro Crossing | 1.21% | Feb-13 | 13,460 | |||||||||||||||||||||||||||||||
-1 | The Company retired the loan with borrowings from its credit facilities. | ||||||||||||||||||||||||||||||||||
Schedule of loans secured by real estate | The following table presents the construction loans, secured by the related Properties, that were entered into since January 1, 2013: | ||||||||||||||||||||||||||||||||||
Date | Property | Stated | Maturity Date | Amount Financed | |||||||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||||||||
Rate | |||||||||||||||||||||||||||||||||||
2014:00:00 | |||||||||||||||||||||||||||||||||||
December | The Outlet Shoppes at Atlanta - Parcel Development (1) | LIBOR + 2.50% | Dec-19 | $ | 2,435 | ||||||||||||||||||||||||||||||
April | The Outlet Shoppes at Oklahoma City - Phase III (2) | LIBOR + 2.75% | Apr-19 | (3) | 5,400 | ||||||||||||||||||||||||||||||
April | The Outlet Shoppes at El Paso - Phase II (2) | LIBOR + 2.75% | Apr-18 | 7,000 | |||||||||||||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||||||||||||
August | The Outlet Shoppes of the Bluegrass (4) | LIBOR + 2.00% | Aug-16 | $ | 60,200 | ||||||||||||||||||||||||||||||
-1 | The Operating Partnership has guaranteed 100% of the loan, which had an outstanding balance of $454 at December 31, 2014. The guaranty will terminate once construction is complete and certain debt and operational metrics are met. | ||||||||||||||||||||||||||||||||||
-2 | The Operating Partnership has guaranteed 100% of the construction loan for the expansion of the outlet center until certain financial and operational metrics are met. | ||||||||||||||||||||||||||||||||||
-3 | The construction loan has two one-year extension options, which are at the consolidated joint venture's election, for an outside maturity date of April 2021. | ||||||||||||||||||||||||||||||||||
-4 | The Operating Partnership had guaranteed 100% of the recourse construction loan. The loan was retired as described above with the proceeds from a fixed-rate non-recourse mortgage loan in November 2014. The loan had two one-year extension options, which were at the joint venture's election, for an outside maturity date of August 2018. | ||||||||||||||||||||||||||||||||||
Loan Repayments | |||||||||||||||||||||||||||||||||||
The Company repaid the following construction loans, secured by the related Properties, since January 1, 2013: | |||||||||||||||||||||||||||||||||||
Date | Property | Interest | Scheduled | Principal | |||||||||||||||||||||||||||||||
Rate at | Maturity Date | Balance | |||||||||||||||||||||||||||||||||
Repayment Date | Repaid | ||||||||||||||||||||||||||||||||||
2014:00:00 | |||||||||||||||||||||||||||||||||||
November | The Outlet Shoppes of the Bluegrass (1) | 2.15% | Aug-16 | $ | 47,931 | ||||||||||||||||||||||||||||||
2013:00:00 | |||||||||||||||||||||||||||||||||||
October | The Outlet Shoppes of Atlanta (2) | 2.93% | Aug-15 | $ | 53,080 | ||||||||||||||||||||||||||||||
-1 | The joint venture retired the recourse construction loan with a portion of the proceeds from a $77,500 fixed-rate non-recourse mortgage loan. The Company's share of excess net proceeds was used to reduce the outstanding balances on its lines of credit. | ||||||||||||||||||||||||||||||||||
-2 | The joint venture retired the recourse construction loan with a portion of the proceeds from an $80,000 fixed-rate non-recourse mortgage loan. The Company's share of excess net proceeds was used to reduce the outstanding balances on its lines of credi | ||||||||||||||||||||||||||||||||||
Schedule of covenant compliance | The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of December 31, 2014: | ||||||||||||||||||||||||||||||||||
Ratio | Required | Actual | |||||||||||||||||||||||||||||||||
Total debt to total assets | < 60% | 53.70% | |||||||||||||||||||||||||||||||||
Secured debt to total assets | <45% (1) | 37.00% | |||||||||||||||||||||||||||||||||
Total unencumbered assets to unsecured debt | >150% | 235.80% | |||||||||||||||||||||||||||||||||
Consolidated income available for debt service to annual debt service charge | > 1.50x | 3.1x | |||||||||||||||||||||||||||||||||
-1 | On January 1, 2020 and thereafter, secured debt to total assets must be less than 40%. | ||||||||||||||||||||||||||||||||||
The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of December 31, 2014: | |||||||||||||||||||||||||||||||||||
Ratio | Required | Actual | |||||||||||||||||||||||||||||||||
Debt to total asset value | < 60% | 49.10% | |||||||||||||||||||||||||||||||||
Unencumbered asset value to unsecured indebtedness | > 1.60x | 2.5x | |||||||||||||||||||||||||||||||||
Unencumbered NOI to unsecured interest expense | > 1.75x | 4.1x | |||||||||||||||||||||||||||||||||
EBITDA to fixed charges (debt service) | > 1.50x | 2.2x | |||||||||||||||||||||||||||||||||
Schedule of principal repayments | As of December 31, 2014, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, including construction loans and lines of credit, are as follows: | ||||||||||||||||||||||||||||||||||
2015 | $ | 594,672 | |||||||||||||||||||||||||||||||||
2016 | 763,868 | ||||||||||||||||||||||||||||||||||
2017 | 491,189 | ||||||||||||||||||||||||||||||||||
2018 | 678,512 | ||||||||||||||||||||||||||||||||||
2019 | 114,337 | ||||||||||||||||||||||||||||||||||
Thereafter | 2,054,773 | ||||||||||||||||||||||||||||||||||
4,697,351 | |||||||||||||||||||||||||||||||||||
Net unamortized premiums | 3,109 | ||||||||||||||||||||||||||||||||||
$ | 4,700,460 | ||||||||||||||||||||||||||||||||||
Schedule of interest rate derivatives designated as cash flow hedges of interest rate risk | As of December 31, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: | ||||||||||||||||||||||||||||||||||
Interest Rate | Number of | Notional | |||||||||||||||||||||||||||||||||
Derivative | Instruments | Amount | |||||||||||||||||||||||||||||||||
Interest Rate Swaps | 4 | $ | 105,584 | ||||||||||||||||||||||||||||||||
Schedule of pay fixed/receive variable swap | The following tables provide further information relating to the Company’s interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2014 and 2013: | ||||||||||||||||||||||||||||||||||
Instrument Type | Location in | Notional | Designated | Strike | Fair Value at 12/31/14 | Fair Value at 12/31/13 | Maturity | ||||||||||||||||||||||||||||
Consolidated | Amount | Benchmark | Rate | Date | |||||||||||||||||||||||||||||||
Balance Sheet | Interest | ||||||||||||||||||||||||||||||||||
Rate | |||||||||||||||||||||||||||||||||||
Cap | Intangible lease assets | $ 122,375 | 3-month | 5 | % | N/A | $ | — | Jan-14 | ||||||||||||||||||||||||||
and other assets | (amortizing | LIBOR | |||||||||||||||||||||||||||||||||
to $122,375) | |||||||||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $ 51,037 | 1-month | 2.149 | % | $ | (1,064 | ) | $ | (1,915 | ) | Apr-16 | |||||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||||||||
to $48,337) | |||||||||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $ 31,960 | 1-month | 2.187 | % | (681 | ) | (1,226 | ) | Apr-16 | |||||||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||||||||
to $30,276) | |||||||||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $ 11,946 | 1-month | 2.142 | % | (248 | ) | (446 | ) | Apr-16 | |||||||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||||||||
to $11,313) | |||||||||||||||||||||||||||||||||||
Pay fixed/ Receive | Accounts payable and | $ 10,641 | 1-month | 2.236 | % | (233 | ) | (420 | ) | Apr-16 | |||||||||||||||||||||||||
variable Swap | accrued liabilities | (amortizing | LIBOR | ||||||||||||||||||||||||||||||||
to $10,083) | |||||||||||||||||||||||||||||||||||
$ | (2,226 | ) | $ | (4,007 | ) | ||||||||||||||||||||||||||||||
Schedule of gain (loss) recognized in other comprehensive income (loss) | |||||||||||||||||||||||||||||||||||
Hedging Instrument | Gain (Loss) Recognized in OCI/L | Location of Losses Reclassified from AOCI/L into Earnings (Effective Portion) | Loss Recognized in Earnings | Location of Gain (Loss) Recognized in Earnings (Ineffective Portion) | Gain | ||||||||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | Recognized in | |||||||||||||||||||||||||||||||||
Earnings | |||||||||||||||||||||||||||||||||||
(Ineffective Portion) | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Interest rate contracts | $ | 1,782 | $ | 1,815 | $ | (207 | ) | Interest Expense | $ | (2,195 | ) | $ | (2,297 | ) | $ | (2,267 | ) | Interest Expense | $ | — | $ | — | $ | — | |||||||||||
SHAREHOLDERS_EQUITY_AND_PARTNE1
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Schedule for Issuance of Common Stock Sold | The following table summarizes issuances of common stock sold through the ATM program since inception through 2013: | |||||||||||||||
Number of Shares | Gross | Net | Weighted-average | |||||||||||||
Settled | Proceeds | Proceeds | Sales Price | |||||||||||||
First quarter 2013 | 1,889,105 | $ | 44,459 | $ | 43,904 | $ | 23.53 | |||||||||
Second quarter 2013 | 6,530,193 | 167,034 | 165,692 | 25.58 | ||||||||||||
Total | 8,419,298 | $ | 211,493 | $ | 209,596 | $ | 25.12 | |||||||||
Schedule of Dividends Declared and Paid For Income Tax Purposes | The allocations of dividends declared and paid for income tax purposes are as follows: | |||||||||||||||
Year Ended December 31, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||
Dividends declared: | ||||||||||||||||
Common stock | $ | 1 | $ | 0.98 | $ | 0.83 | ||||||||||
Series C preferred stock | $ | — | $ | — | $ | 14.53 | (1) | |||||||||
Series D preferred stock | $ | 18.44 | $ | 18.44 | $ | 18.44 | ||||||||||
Series E preferred stock | $ | 16.56 | $ | 16.56 | $ | 3.91 | (2) | |||||||||
Allocations: | ||||||||||||||||
Common stock | ||||||||||||||||
Ordinary income | 100 | % | 100 | % | 100 | % | ||||||||||
Capital gains 25% rate | — | % | — | % | — | % | ||||||||||
Return of capital | — | % | — | % | — | % | ||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||
Preferred stock (3) | ||||||||||||||||
Ordinary income | 100 | % | 100 | % | 100 | % | ||||||||||
Capital gains 25% rate | — | % | — | % | — | % | ||||||||||
Total | 100 | % | 100 | % | 100 | % | ||||||||||
-1 | Represents the three regular quarterly dividends paid in 2012, prior to the redemption on November 5, 2012. | |||||||||||||||
-2 | Represents dividends for the partial quarter covering October 5, 2012 through December 31, 2012. | |||||||||||||||
-3 | The allocations for income tax purposes are the same for each series of preferred stock for each period presented. |
REDEEMABLE_INTERESTS_AND_NONCO1
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
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, 2014 and 2013: | |||||
December 31, | ||||||
2014 | 2013 | |||||
CBL’s Predecessor | 18,172,690 | 18,172,690 | ||||
Third parties | 11,099,945 | 11,372,897 | ||||
29,272,635 | 29,545,587 | |||||
Redeemable Noncontrolling Interest | Activity related to the redeemable noncontrolling preferred joint venture interest represented by the PJV units that the Company redeemed in September 2013 is as follows for the year ended December 31, 2013: | |||||
Beginning Balance | $ | 423,834 | ||||
Net income attributable to redeemable noncontrolling preferred joint venture interest | 14,637 | |||||
Distributions to redeemable noncontrolling preferred joint venture interest | (19,894 | ) | ||||
Reduction to preferred liquidation value of PJV units | (10,000 | ) | ||||
Redemption of noncontrolling preferred joint venture interest | (408,577 | ) | ||||
Ending Balance | $ | — | ||||
MINIMUM_RENTS_Tables
MINIMUM RENTS (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ||||
Schedule of Future Minimum Rents Scheduled to be Received Under Noncancellable Tenant Leases | Future minimum rents are scheduled to be received under non-cancellable tenant leases at December 31, 2014, as follows: | |||
2015 | $ | 620,874 | ||
2016 | 541,639 | |||
2017 | 469,261 | |||
2018 | 387,445 | |||
2019 | 322,236 | |||
Thereafter | 1,133,974 | |||
$ | 3,475,429 | |||
MORTGAGE_AND_OTHER_NOTES_RECEI1
MORTGAGE AND OTHER NOTES RECEIVABLE (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Mortgage and Other Notes Receivable [Abstract] | |||||||||||||||
Schedule of mortgage and other notes receivable | Mortgage and other notes receivable consist of the following: | ||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||
Maturity Date | Interest Rate | Balance | Interest Rate | Balance | |||||||||||
Mortgages: | |||||||||||||||
Coastal Grand - Myrtle Beach (1) | Oct-14 | 7.75% | $ | — | 7.75% | $ | 9,000 | ||||||||
Columbia Place Outparcel (2) | Feb-22 | 5.00% | 360 | —% | — | ||||||||||
Park Place | May-22 | 5.00% | 1,566 | 5.00% | 1,738 | ||||||||||
Village Square (3) | Mar-16 | 3.50% | 1,711 | 4.50% | 2,600 | ||||||||||
Other | Dec 2016 - | 2.67% - 9.50% | 5,686 | 2.67% - 9.50% | 5,782 | ||||||||||
Jan-47 | |||||||||||||||
9,323 | 19,120 | ||||||||||||||
Other Notes Receivable: | |||||||||||||||
Horizon Group - The Outlet Shoppes at Atlanta (4) | May-15 | 7.00% | — | 7.00% | 816 | ||||||||||
RED Development Inc. (5) | Nov-23 | 5.00% | 7,429 | 5.00% | 7,429 | ||||||||||
Woodstock land (6) | Feb-15 | 10.00% | 3,059 | 10.00% | 3,059 | ||||||||||
10,488 | 11,304 | ||||||||||||||
$ | 19,811 | $ | 30,424 | ||||||||||||
-1 | In the third quarter of 2014, the subordinated notes were paid off in conjunction with the refinancing of the loan, secured by Coastal Grand-Myrtle Beach. See Note 5 for additional information. | ||||||||||||||
-2 | In the fourth quarter of 2014, Columbia Joint Venture, a subsidiary of the Company, received a $360 promissory note in conjunction with the $400 sale of an outparcel. | ||||||||||||||
-3 | In the third quarter of 2014, the mortgage note was modified to extend the maturity date from March 2015 to March 2016 and reduce the interest rate to 3.50%. | ||||||||||||||
-4 | In the second quarter of 2013, Mortgage Holdings, LLC, a subsidiary of the Company, entered into a $2,700 loan agreement with an affiliate of Horizon Group Properties, Inc., the Company's noncontrolling interest partner in The Outlet Shoppes at Atlanta. The note was paid off in the third quarter of 2014. | ||||||||||||||
-5 | In the fourth quarter of 2013, the Company received a $7,430 promissory note in conjunction with the sale of a land parcel. | ||||||||||||||
-6 | In the first quarter of 2013, Woodstock GA Investments, LLC, a joint venture in which the Company owns a 75.0% interest, received $3,525 of the balance on its $6,581 note receivable with an entity that owns an interest in land in Woodstock, GA, adjacent to the site of The Outlet Shoppes at Atlanta. The loan was made in the second quarter of 2012 and is secured by the entity's interest in the adjacent land. The note receivable was extended from May 2014 to November 2014 in the second quarter of 2014. A second amendment to the note was made in November 2014 to extend the maturity date to February 2015. |
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Information on Reportable Segments | Information on the Company’s reportable segments is presented as follows: | ||||||||||||||||||||
Year Ended December 31, 2014 | Malls | Associated | Community | All | Total | ||||||||||||||||
Centers | Centers | Other (1) | |||||||||||||||||||
Revenues | $ | 933,736 | $ | 41,527 | $ | 18,600 | $ | 66,876 | $ | 1,060,739 | |||||||||||
Property operating expenses (2) | (282,796 | ) | (9,500 | ) | (5,260 | ) | 3,659 | (293,897 | ) | ||||||||||||
Interest expense | (198,758 | ) | (7,959 | ) | (2,510 | ) | (30,597 | ) | (239,824 | ) | |||||||||||
Other expense | (20 | ) | — | — | (32,277 | ) | (32,297 | ) | |||||||||||||
Gain on sales of real estate assets | 3,537 | 937 | 107 | 761 | 5,342 | ||||||||||||||||
Segment profit | $ | 455,699 | $ | 25,005 | $ | 10,937 | $ | 8,422 | 500,063 | ||||||||||||
Depreciation and amortization expense | (291,273 | ) | |||||||||||||||||||
General and administrative expense | (50,271 | ) | |||||||||||||||||||
Interest and other income | 14,121 | ||||||||||||||||||||
Gain on extinguishment of debt | 87,893 | ||||||||||||||||||||
Loss on impairment | (17,858 | ) | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 14,803 | ||||||||||||||||||||
Income tax provision | (4,499 | ) | |||||||||||||||||||
Income from continuing operations | $ | 252,979 | |||||||||||||||||||
Total assets | $ | 5,662,967 | $ | 274,116 | $ | 282,078 | $ | 397,138 | $ | 6,616,299 | |||||||||||
Capital expenditures (3) | $ | 198,205 | $ | 17,157 | $ | 3,160 | $ | 99,273 | $ | 317,795 | |||||||||||
Year Ended December 31, 2013 | Malls | Associated | Community | All | Total | ||||||||||||||||
Centers | Centers | Other (1) | |||||||||||||||||||
Revenues | $ | 930,081 | $ | 41,726 | $ | 17,937 | $ | 63,881 | $ | 1,053,625 | |||||||||||
Property operating expenses (2) | (300,172 | ) | (10,298 | ) | (3,568 | ) | 17,831 | (296,207 | ) | ||||||||||||
Interest expense | (206,779 | ) | (8,148 | ) | (2,397 | ) | (14,532 | ) | (231,856 | ) | |||||||||||
Other expense | — | — | — | (28,826 | ) | (28,826 | ) | ||||||||||||||
Gain on sales of real estate assets | 295 | — | 452 | 1,233 | 1,980 | ||||||||||||||||
Segment profit | $ | 423,425 | $ | 23,280 | $ | 12,424 | $ | 39,587 | 498,716 | ||||||||||||
Depreciation and amortization expense | (278,911 | ) | |||||||||||||||||||
General and administrative expense | (48,867 | ) | |||||||||||||||||||
Interest and other income | 10,825 | ||||||||||||||||||||
Loss on extinguishment of debt | (9,108 | ) | |||||||||||||||||||
Loss on impairment | (70,049 | ) | |||||||||||||||||||
Gain on investment | 2,400 | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 11,616 | ||||||||||||||||||||
Income tax provision | (1,305 | ) | |||||||||||||||||||
Income from continuing operations | $ | 115,317 | |||||||||||||||||||
Total assets | $ | 5,917,437 | $ | 274,234 | $ | 222,576 | $ | 371,724 | $ | 6,785,971 | |||||||||||
Capital expenditures (3) | $ | 203,210 | $ | 10,718 | $ | 8,052 | $ | 126,803 | $ | 348,783 | |||||||||||
Year Ended December 31, 2012 | Malls | Associated | Community | All | Total | ||||||||||||||||
Centers | Centers | Other (1) | |||||||||||||||||||
Revenues | $ | 901,249 | $ | 40,212 | $ | 13,361 | $ | 48,021 | $ | 1,002,843 | |||||||||||
Property operating expenses (2) | (286,919 | ) | (9,933 | ) | (3,219 | ) | 23,317 | (276,754 | ) | ||||||||||||
Interest expense | (214,216 | ) | (8,449 | ) | (2,517 | ) | (17,175 | ) | (242,357 | ) | |||||||||||
Other expense | (12 | ) | — | — | (25,066 | ) | (25,078 | ) | |||||||||||||
Gain on sales of real estate assets | 1,188 | 202 | 608 | 288 | 2,286 | ||||||||||||||||
Segment profit | $ | 401,290 | $ | 22,032 | $ | 8,233 | $ | 29,385 | 460,940 | ||||||||||||
Depreciation and amortization expense | (255,460 | ) | |||||||||||||||||||
General and administrative expense | (51,251 | ) | |||||||||||||||||||
Interest and other income | 3,953 | ||||||||||||||||||||
Gain on extinguishment of debt | 265 | ||||||||||||||||||||
Loss on impairment of real estate | (24,379 | ) | |||||||||||||||||||
Gain on investment | 45,072 | ||||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 8,313 | ||||||||||||||||||||
Income tax provision | (1,404 | ) | |||||||||||||||||||
Income from continuing operations | $ | 186,049 | |||||||||||||||||||
Total assets | $ | 6,213,801 | $ | 302,225 | $ | 203,261 | $ | 370,449 | $ | 7,089,736 | |||||||||||
Capital expenditures (3) | $ | 608,190 | $ | 6,630 | $ | 13,884 | $ | 76,319 | $ | 705,023 | |||||||||||
-1 | The All Other category includes mortgage and other notes receivable, office buildings, the Management Company and the Company’s subsidiary that provides security and maintenance services. | ||||||||||||||||||||
-2 | Property operating expenses include property operating, real estate taxes and maintenance and repairs. | ||||||||||||||||||||
-3 | Amounts include acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category. |
SUPPLEMENTAL_AND_NONCASH_INFOR1
SUPPLEMENTAL AND NONCASH INFORMATION (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Noncash Investing and Financing Activities | The Company’s noncash investing and financing activities for 2014, 2013 and 2012 were as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Accrued dividends and distributions payable | $ | 54,433 | $ | 50,523 | $ | 43,689 | ||||||
Additions to real estate assets accrued but not yet paid | 25,332 | 20,625 | 22,468 | |||||||||
Transfer of real estate assets in settlement of mortgage debt obligations: | ||||||||||||
Decrease in real estate assets | (79,398 | ) | — | — | ||||||||
Decrease in mortgage and other indebtedness | 163,998 | — | — | |||||||||
Decrease in operating assets and liabilities | 4,799 | — | — | |||||||||
Reduction to preferred liquidation value of PJV units | — | 10,000 | — | |||||||||
Discount on issuance of 4.60% Senior Notes due 2024 | 75 | — | — | |||||||||
Discount on issuance of 5.250% Senior Notes due 2023 | — | (4,626 | ) | — | ||||||||
Trade-in allowance - aircraft | — | 2,800 | — | |||||||||
Note receivable from sale of Lakeshore Mall | 10,000 | — | — | |||||||||
Notes receivable from sale of land | 360 | 7,430 | — | |||||||||
Issuance of noncontrolling interests in Operating Partnership | — | — | 14,000 | |||||||||
Conversion of Operating Partnership units to common stock | — | — | 59,738 | |||||||||
Addition to real estate assets from conversion of note receivable | — | — | 4,522 | |||||||||
Assumption of mortgage notes payable in acquisitions | — | — | 220,634 | |||||||||
Consolidation of joint venture: | ||||||||||||
Decrease in investment in unconsolidated affiliates | — | — | (15,643 | ) | ||||||||
Increase in real estate assets | — | — | 111,407 | |||||||||
Increase in intangible lease and other assets | — | — | 18,426 | |||||||||
Increase in mortgage and other indebtedness | — | — | 54,169 | |||||||||
CONTINGENCIES_Tables
CONTINGENCIES (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
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, 2014 and 2013: | ||||||||||||||||||||||
As of December 31, 2014 | Obligation recorded to reflect guaranty | ||||||||||||||||||||||
Unconsolidated Affiliate | Company's | Outstanding | Percentage | Maximum | Debt | 12/31/14 | |||||||||||||||||
Ownership | Balance | Guaranteed by the | Guaranteed | Maturity | 12/31/13 | ||||||||||||||||||
Interest | Company | Amount | Date (1) | ||||||||||||||||||||
West Melbourne I, LLC - | 50% | $ | 40,243 | 25% | $ | 10,061 | Nov-15 | (2) | $ | 101 | $ | 65 | |||||||||||
Phase I | |||||||||||||||||||||||
West Melbourne I, LLC - | 50% | 13,579 | N/A | (3) | 8,700 | Nov-15 | (2) | 87 | 65 | ||||||||||||||
Phase II | |||||||||||||||||||||||
Port Orange I, LLC | 50% | 60,814 | 25% | 15,204 | Nov-15 | (2) | 153 | 157 | |||||||||||||||
JG Gulf Coast Town Center LLC - Phase III | 50% | 5,694 | 100% | 5,694 | Jul-15 | — | — | ||||||||||||||||
Fremaux Town Center JV, LLC - Phase I | 65% | 41,648 | 50% | (4) | 21,789 | Aug-16 | (5) | 236 | 460 | ||||||||||||||
Fremaux Town Center JV, LLC - Phase II | 65% | 4,041 | 50% | (6) | 16,050 | Aug-16 | (5) | 161 | — | ||||||||||||||
Ambassador Town Center JV, LLC | 65% | 715 | 100% | (7) | 48,200 | Dec-17 | (8) | 482 | — | ||||||||||||||
Ambassador Infrastructure, LLC | 65% | 725 | 100% | (9) | 11,700 | Dec-17 | (8) | 177 | — | ||||||||||||||
Total guaranty liability | $ | 1,397 | $ | 747 | |||||||||||||||||||
-1 | Excludes any extension options. | ||||||||||||||||||||||
-2 | The loan has two one-year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of November 2017. | ||||||||||||||||||||||
-3 | The guaranty was reduced from 100% to 25% in the third quarter of 2014 when Carmike Cinema became operational in the third quarter of 2014. In the fourth quarter of 2014, the loan was amended and restated to add funding for the construction of Academy Sports. The guaranty was also amended to cap the maximum guaranteed amount at $8,700 unless a monetary default event occurs related to Carmike Cinema or Academy Sports. The guaranty will be reduced to 25% once Academy Sports is operational and paying contractual rent. | ||||||||||||||||||||||
-4 | The Company received a 1% fee for this guaranty when the loan was issued in March 2013. In the first quarter of 2014, the loan was modified and extended to increase the capacity to $47,291, which increased the maximum guaranteed amount. The loan was amended and modified in August 2014 to reduce the guaranty from 100% to 50%. The guaranty will be reduced to 25% upon the opening of LA Fitness and payment of contractual rent. The guaranty will be further reduced to 15% when Phase I of the development has been open for one year and the debt service coverage ratio of 1.30 to 1.00 is met. | ||||||||||||||||||||||
-5 | The loan has two one-year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of August 2018. | ||||||||||||||||||||||
-6 | The Company received a 1% fee for this guaranty when the loan was issued in August 2014. The guaranty was reduced to 50% upon the land closing with Dillard's in the fourth quarter of 2014. Upon completion of Phase II of the development and once certain leasing and occupancy metrics have been met, the guaranty will be 25%. The guaranty will be further reduced to 15% when Phase II of the development has been open for one year, the debt service coverage ratio of 1.30 to 1.00 is met and Dillard's is operational. | ||||||||||||||||||||||
-7 | The Company received a 1% fee for this guaranty when the loan was issued in December 2014. Once construction is complete the guaranty will be reduced to 50%. The guaranty will be further reduced from 50% to 15% once the construction of Ambassador Town Center and its related infrastructure improvements is complete as well as upon the attainment of certain debt service and operational metrics. | ||||||||||||||||||||||
-8 | The loan has two one-year extension options, which are the joint venture's election, for an outside maturity date of December 2019. | ||||||||||||||||||||||
-9 | The Company received a 1% fee for this guaranty when the loan was issued in December 2014. The guaranty will be reduced to 50% on March 1st of the year following any calendar year during which the PILOT payments received by Ambassador Infrastructure and delivered to the lender are $1,200 or more, provided no event of default exists. The guaranty will be reduced to 20% when the PILOT payments are $1,400 or more, provided no event of default exists. | ||||||||||||||||||||||
Schedule of Future Obligations Under Operating Leases | The future obligations under these operating leases at December 31, 2014, are as follows: | ||||||||||||||||||||||
2015 | $ | 859 | |||||||||||||||||||||
2016 | 877 | ||||||||||||||||||||||
2017 | 885 | ||||||||||||||||||||||
2018 | 894 | ||||||||||||||||||||||
2019 | 903 | ||||||||||||||||||||||
Thereafter | 27,810 | ||||||||||||||||||||||
$ | 32,228 | ||||||||||||||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value Measurements of Assets and Liabilities | The following tables set forth information regarding the Company’s financial instruments that are measured at fair value on a recurring basis in the accompanying consolidated balance sheets as of December 31, 2014 and 2013: | |||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
Fair Value at December 31, 2014 | Quoted Prices in Active Markets | Significant | Significant Unobservable | |||||||||||||||||
for Identical | Other | Inputs (Level 3) | ||||||||||||||||||
Assets (Level 1) | Observable | |||||||||||||||||||
Inputs (Level 2) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Available-for-sale securities | $ | 20,512 | $ | 20,512 | $ | — | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||
Interest rate swaps | $ | 2,226 | $ | — | $ | 2,226 | $ | — | ||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
Fair Value at December 31, 2013 | Quoted Prices in Active Markets | Significant | Significant Unobservable | |||||||||||||||||
for Identical | Other | Inputs (Level 3) | ||||||||||||||||||
Assets (Level 1) | Observable | |||||||||||||||||||
Inputs (Level 2) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Available-for-sale securities | $ | 13,973 | $ | 13,973 | $ | — | $ | — | ||||||||||||
Interest rate cap | — | — | — | — | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Interest rate swaps | $ | 4,007 | $ | — | $ | 4,007 | $ | — | ||||||||||||
Schedule of Assets Measured at Fair Value on Nonrecurring Basis | The following table sets forth information regarding the Company’s assets that were measured at fair value on a nonrecurring basis and related impairment charges for the years ended December 31, 2014 and 2013: | |||||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||||||
Total | Quoted Prices in Active | Significant | Significant | Total Losses | ||||||||||||||||
Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs (Level 3) | ||||||||||||||||||
Assets (Level 1) | Inputs (Level 2) | |||||||||||||||||||
2014:00:00 | ||||||||||||||||||||
Long-lived assets | $ | 69,103 | $ | — | $ | — | $ | 69,103 | $ | 17,753 | ||||||||||
2013:00:00 | ||||||||||||||||||||
Long-lived assets | $ | 31,900 | $ | — | $ | — | $ | 31,900 | $ | 67,665 | ||||||||||
Schedule of Changes in Level 3 | A reconciliation of each Property's carrying values for the year ended December 31, 2013 is as follows: | |||||||||||||||||||
Madison | Citadel Mall (2) | Total | ||||||||||||||||||
Square (1) | ||||||||||||||||||||
Beginning carrying value, January 1, 2013 | $ | 57,231 | $ | 45,178 | $ | 102,409 | ||||||||||||||
Capital expenditures | 5 | 262 | 267 | |||||||||||||||||
Depreciation expense | (2,024 | ) | (1,380 | ) | (3,404 | ) | ||||||||||||||
Loss on impairment of real estate | (47,212 | ) | (20,453 | ) | (67,665 | ) | ||||||||||||||
Ending carrying value, December 31, 2013 | $ | 8,000 | $ | 23,607 | $ | 31,607 | ||||||||||||||
-1 | The revenues of Madison Square accounted for approximately 0.7% of total consolidated revenues for the year ended December 31, 2013. | |||||||||||||||||||
-2 | The revenues of Citadel Mall accounted for approximately 0.6% of total consolidated revenues for the year ended December 31, 2013. | |||||||||||||||||||
A reconciliation of each Property's carrying values for the year ended December 31, 2014 is as follows: | ||||||||||||||||||||
Chapel Hill Mall (1) | Lakeshore | Pemberton | Total | |||||||||||||||||
Mall (2) | Plaza (3) | |||||||||||||||||||
Beginning carrying value, January 1, 2014 | $ | 66,120 | $ | 19,127 | $ | 2,541 | $ | 87,788 | ||||||||||||
Capital expenditures | — | 12 | 31 | 43 | ||||||||||||||||
Disposals | (33 | ) | — | (125 | ) | (158 | ) | |||||||||||||
Depreciation expense | (1,809 | ) | (320 | ) | (64 | ) | (2,193 | ) | ||||||||||||
Net sales proceeds | — | (13,613 | ) | (1,886 | ) | (15,499 | ) | |||||||||||||
Other | (1,961 | ) | — | — | (1,961 | ) | ||||||||||||||
Non-recourse debt | (68,563 | ) | — | — | (68,563 | ) | ||||||||||||||
Loss on impairment of real estate | (12,050 | ) | (5,206 | ) | (497 | ) | (17,753 | ) | ||||||||||||
Gain on extinguishment of debt | 18,296 | — | — | 18,296 | ||||||||||||||||
Ending carrying value, December 31, 2014 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
(1)The revenues of Chapel Hill Mall accounted for approximately 0.4% of total consolidated revenues for the year ended December 31, 2014. | ||||||||||||||||||||
(2)The revenues of Lakeshore Mall accounted for approximately 0.2% of total consolidated revenues for the year ended December 31, 2014. | ||||||||||||||||||||
(3)The revenues of Pemberton Plaza accounted for approximately 0.0% of total consolidated revenues for the year ended December 31, 2014. |
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Share-based Compensation [Abstract] | |||||||
Summary of Company Stock Awards | A summary of the status of the Company’s stock awards as of December 31, 2014, and changes during the year ended December 31, 2014, is presented below: | ||||||
Shares | Weighted- | ||||||
Average | |||||||
Grant-Date | |||||||
Fair Value | |||||||
Nonvested at January 1, 2014 | 478,216 | $ | 18.72 | ||||
Granted | 236,450 | $ | 17.11 | ||||
Vested | (199,314 | ) | $ | 17.76 | |||
Forfeited | (16,490 | ) | $ | 18.58 | |||
Nonvested at December 31, 2014 | 498,862 | $ | 18.35 | ||||
QUARTERLY_INFORMATION_UNAUDITE1
QUARTERLY INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Quarterly Information | ||||||||||||||||||||
Year Ended December 31, 2014 | First | Second | Third | Fourth | Total | |||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Total revenues | $ | 261,243 | $ | 256,933 | $ | 258,714 | $ | 283,849 | $ | 1,060,739 | ||||||||||
Income from operations (1) | 76,169 | 97,253 | 97,386 | 104,335 | 375,143 | |||||||||||||||
Income from continuing operations (2) | 64,292 | 44,077 | 57,204 | 87,406 | 252,979 | |||||||||||||||
Discontinued operations | (516 | ) | 48 | 76 | 446 | 54 | ||||||||||||||
Net income | 63,776 | 44,125 | 57,280 | 87,852 | 253,033 | |||||||||||||||
Net income attributable to the Company | 55,294 | 37,958 | 49,342 | 76,556 | 219,150 | |||||||||||||||
Net income attributable to common shareholders | 44,071 | 26,735 | 38,119 | 65,333 | 174,258 | |||||||||||||||
Basic per share data attributable to common shareholders: | ||||||||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.26 | $ | 0.16 | $ | 0.22 | $ | 0.38 | $ | 1.02 | ||||||||||
Net income attributable to common shareholders | $ | 0.26 | $ | 0.16 | $ | 0.22 | $ | 0.38 | $ | 1.02 | ||||||||||
Diluted per share data attributable to common shareholders: | ||||||||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.26 | $ | 0.16 | $ | 0.22 | $ | 0.38 | $ | 1.02 | ||||||||||
Net income attributable to common shareholders | $ | 0.26 | $ | 0.16 | $ | 0.22 | $ | 0.38 | $ | 1.02 | ||||||||||
Year Ended December 31, 2013 | First | Second | Third | Fourth | Total (3) | |||||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||||||
Total revenues | $ | 258,482 | $ | 255,584 | $ | 257,550 | $ | 282,009 | $ | 1,053,625 | ||||||||||
Income from operations (4) | 93,607 | 77,081 | 97,709 | 62,368 | 330,765 | |||||||||||||||
Income from continuing operations (5) | 37,845 | 16,255 | 52,234 | 8,983 | 115,317 | |||||||||||||||
Discontinued operations | 2,040 | 1,984 | (8,057 | ) | (914 | ) | (4,947 | ) | ||||||||||||
Net income | 39,885 | 18,239 | 44,177 | 8,069 | 110,370 | |||||||||||||||
Net income attributable to the Company | 30,313 | 11,724 | 34,324 | 8,843 | 85,204 | |||||||||||||||
Net income (loss) attributable to common shareholders | 19,090 | 501 | 23,101 | (2,380 | ) | 40,312 | ||||||||||||||
Basic per share data attributable to common shareholders: | ||||||||||||||||||||
Income (loss) from continuing operations, net of preferred dividends | $ | 0.11 | $ | (0.01 | ) | $ | 0.18 | $ | (0.01 | ) | $ | 0.27 | ||||||||
Net income (loss) attributable to common shareholders | $ | 0.12 | $ | 0 | $ | 0.14 | $ | (0.01 | ) | $ | 0.24 | |||||||||
Diluted per share data attributable to common shareholders: | ||||||||||||||||||||
Income (loss) from continuing operations, net of preferred dividends | $ | 0.11 | $ | (0.01 | ) | $ | 0.18 | $ | (0.01 | ) | $ | 0.27 | ||||||||
Net income (loss) attributable to common shareholders | $ | 0.12 | $ | 0 | $ | 0.14 | $ | (0.01 | ) | $ | 0.24 | |||||||||
-1 | Income from operations for the quarter ended March 31, 2014 includes a $17,150 loss on impairment of real estate related to Chapel Hill Mall and Lakeshore Mall (see Note 4 and Note 15). | |||||||||||||||||||
-2 | Income from continuing operations for the quarters ended March 31, 2014, September 30, 2014 and December 31, 2014 includes a $43,932, $18,296 and $27,171 gain on extinguishment of debt related to Citadel Mall, Chapel Hill Mall and Columbia Place, respectively (See Note 4 and Note 6). | |||||||||||||||||||
-3 | The sum of quarterly EPS may differ from annual EPS due to rounding. | |||||||||||||||||||
-4 | Income from operations for the quarters ended June 30, 2013 and December 31, 2013 includes a $20,453 and $47,212 loss on impairment of real estate related to Citadel Mall and Madison Square, respectively (see Note 15). | |||||||||||||||||||
-5 | Income from continuing operations for the quarter ended June 30, 2013 includes a $9,108 loss on extinguishment of debt, which was primarily due to a $8,708 prepayment fee, and a $2,400 gain on investment related to the repayment by Jinsheng of a note receivable (see Note 6 and Note 15). Income from continuing operations for the quarter ended September 30, 2013 includes a partial litigation settlement of $8,240 (see Note 14). |
ORGANIZATION_Details
ORGANIZATION (Details) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
state | property | |
subsidiary | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of regional malls/open-air centers in which interest is owned by the partnership | 81 | |
Number of associated centers in which interest is owned by the partnership | 29 | |
Number of community centers in which interest is owned by the partnership | 11 | |
Number of office buildings in which interest is owned by the partnership | 13 | |
Number of Real Estate Properties | 134 | 2 |
Subsidiaries [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of states in which entity operates | 27 | |
Percentage ownership interest in qualified subsidiaries (in hundredths) | 100.00% | |
Number of subsidiaries owned by the company | 2 | |
Percentage ownership of the sole general partner in partnership (in hundredths) | 1.00% | |
Percentage of limited partnership interest owned by CBL Holdings II, Inc. in the operating partnership (in hundredths) | 84.30% | |
Combined percentage ownership by the subsidiaries in operating partnership (in hundredths) | 85.30% | |
Parent [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Percentage ownership of the sole general partner in partnership (in hundredths) | 9.10% | |
Percentage of non controlling limited partner interest of third parties in Operating partnership (in hundredth) | 5.60% | |
Number of company's common stock owned by CBL's Predecessor (in shares) | 3.4 | |
Total combined effective interest of CBL's Predecessor in Operating Partnership (in hundredths) | 10.80% | |
Consolidated Properties [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of regional malls/open-air centers in which interest is owned by the partnership | 72 | |
Number of associated centers in which interest is owned by the partnership | 25 | |
Number of community centers in which interest is owned by the partnership | 6 | |
Number of office buildings in which interest is owned by the partnership | 8 | |
Number of Real Estate Properties | 111 | |
Number of Community Centers Under Development In Which Interest Is Owned By the Partnership | 1,000 | |
Number of Malls Under Expansion | 1,000 | |
Number of mall redevelopments under construction | 3,000 | |
Unconsolidated Properties [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of regional malls/open-air centers in which interest is owned by the partnership | 9 | |
Number of associated centers in which interest is owned by the partnership | 4 | |
Number of community centers in which interest is owned by the partnership | 5 | |
Number of office buildings in which interest is owned by the partnership | 5 | |
Number of Real Estate Properties | 23 | |
Number of Community Centers Under Development In Which Interest Is Owned By the Partnership | 1,000 | |
Number Of Community Center Expansions | 2,000 | |
Number of mall redevelopments under construction | 1,000 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Real Estate Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | |||
Net amortization expense of acquired intangibles | $13,973 | $19,030 | $10,558 |
Future amortization expense, 2015 | 10,698 | ||
Future amortization expense, 2016 | 6,519 | ||
Future amortization expense, 2017 | 4,897 | ||
Future amortization expense, 2018 | 2,488 | ||
Future amortization expense, 2019 | 1,869 | ||
Interest expense capitalized | 7,122 | 4,889 | 2,671 |
Intangible lease assets and other assets [Member] | Intangible Leases, Acquired-in-Place, Market Adjustment [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 64,696 | 65,932 | |
Intangible lease assets and liabilities, Accumulated Amortization | -45,662 | -41,230 | |
Intangible lease assets and other assets [Member] | Intangible Leases, Acquired-in-Place [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 110,211 | 111,769 | |
Intangible lease assets and liabilities, Accumulated Amortization | -71,272 | -60,243 | |
Intangible lease assets and other assets [Member] | Intangible Leases, Tenant Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 29,664 | 27,381 | |
Intangible lease assets and liabilities, Accumulated Amortization | -4,917 | -4,004 | |
Accounts payable and accrued liabilities [Member] | Intangible Leases, Acquired-in-Place, Market Adjustment [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 99,189 | 101,901 | |
Intangible lease assets and liabilities, Accumulated Amortization | ($68,127) | ($64,046) | |
Buildings [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 40 years | ||
Certain Improvements [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 10 years | ||
Certain Improvements [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 20 years | ||
Equipment and Fixtures [Member] | Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 7 years | ||
Equipment and Fixtures [Member] | Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 10 years |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Restricted Cash) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Restricted cash | $40,175 | $46,252 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Allowance for Doubtful Accounts) (Details) (Allowance for Tenant Receivables [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Tenant Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for doubtful accounts | $2,643 | $1,253 | $798 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Investments in Unconsolidated Affiliates) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ||
Net difference between investment and underlying equity in unconsolidated affiliates | $13,390 | $14,650 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Deferred Financing Costs) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | |||
Deferred financing costs | $22,177 | $25,061 | |
Amortization expense | 6,910 | 7,468 | 10,263 |
Accumulated amortization | $17,302 | $14,656 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Marketable Securities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | |||
Net realized gain on sale of available-for-sale securities | $0 | $0 | ($224) |
Fair Value | 20,512 | 13,973 | |
Common Stocks [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Adjusted Cost | 4,195 | 4,195 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 16,321 | 9,778 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | $20,516 | $13,973 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Interest Rate Hedging Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Fair value of cash flow hedges | $2,226 | $4,007 |
Recovered_Sheet1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Tenant reimbursements period related to certain capital expenditures, minimum (in years) | 5 years |
Tenant reimbursements period related to certain capital expenditures, maximum (in years) | 15 years |
Recovered_Sheet2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | |||
Percentage of taxable income required to be distributed to shareholders | 90.00% | ||
State tax expense | $4,079 | $3,570 | $3,530 |
Current tax benefit (provision) | -3,170 | 518 | 1,691 |
Deferred tax provision | -1,329 | -1,823 | -3,095 |
Income tax provision | -4,499 | -1,305 | -1,404 |
Net deferred tax asset | $394 | $4,893 |
Recovered_Sheet3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concentration of Credit Risk) (Details) (Customer Concentration Risk [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 3.40% | 3.40% | 3.40% |
Recovered_Sheet4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Earnings Per Share) (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Denominator b basic (in shares) | 154,762 | ||
Stock options (in shares) | 3 | ||
Deemed shares related to deferred compensation arrangements | 42 | ||
Denominator b diluted (in shares) | 154,807 | ||
CBL & Associates Limited Partnership [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Denominator b basic (in shares) | 199,660 | 196,572 | 190,223 |
Stock options (in shares) | 3 | ||
Deemed shares related to deferred compensation arrangements | 42 | ||
Denominator b diluted (in shares) | 199,660 | 196,572 | 190,268 |
Recovered_Sheet5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Components of AOCI) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
OCI before reclassifications | $10,520 | $1,529 | $6,038 | |
Amounts reclassified from AOCI | -2,195 | -2,297 | -2,043 | |
Accumulated other comprehensive income (loss), Total | 13,969 | 5,644 | 6,412 | 2,417 |
Net year-to-date period OCI, Total | 8,325 | -768 | 3,995 | |
Realized gain on available-for-sale securities, reclassified | 0 | 0 | 224 | |
Redeemable Noncontrolling Interest, Unrealized Gains (Losses), Hedging Agreements [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | 387 | 373 | 377 | |
OCI before reclassifications | 14 | 14 | -4 | |
Amounts reclassified from AOCI | 0 | 0 | 0 | |
Net year-to-date period OCI | 14 | 14 | -4 | |
Accumulated other comprehensive income (loss), ending balance | 401 | 387 | 373 | |
Redeemable Noncontrolling Interest, Unrealized Gains (Losses), Available-for-Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | 333 | 353 | 328 | |
OCI before reclassifications | 51 | -20 | 23 | |
Amounts reclassified from AOCI | 0 | 0 | 2 | |
Net year-to-date period OCI | 51 | -20 | 25 | |
Accumulated other comprehensive income (loss), ending balance | 384 | 333 | 353 | |
The Company, Unrealized Gains (Losses), Hedging Agreements [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | -1,214 | -2,756 | -2,628 | |
OCI before reclassifications | 3,712 | 3,839 | 2,139 | |
Amounts reclassified from AOCI | -2,195 | -2,297 | -2,267 | |
Net year-to-date period OCI | 1,517 | 1,542 | -128 | |
Accumulated other comprehensive income (loss), ending balance | 303 | -1,214 | -2,756 | |
The Company, Unrealized Gains (Losses), Available-for-Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | 7,539 | 9,742 | 6,053 | |
OCI before reclassifications | 5,569 | -2,203 | 3,510 | |
Amounts reclassified from AOCI | 0 | 0 | 179 | |
Net year-to-date period OCI | 5,569 | -2,203 | 3,689 | |
Accumulated other comprehensive income (loss), ending balance | 13,108 | 7,539 | 9,742 | |
Noncontrolling Interests, Unrealized Gains (Losses), Hedging Agreements [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | -3,304 | -3,563 | -3,488 | |
OCI before reclassifications | 251 | 259 | -75 | |
Amounts reclassified from AOCI | 0 | 0 | 0 | |
Net year-to-date period OCI | 251 | 259 | -75 | |
Accumulated other comprehensive income (loss), ending balance | -3,053 | -3,304 | -3,563 | |
Noncontrolling Interests, Unrealized Gains (Losses), Available-for-Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | 1,903 | 2,263 | 1,775 | |
OCI before reclassifications | 923 | -360 | 445 | |
Amounts reclassified from AOCI | 0 | 0 | 43 | |
Net year-to-date period OCI | 923 | -360 | 488 | |
Accumulated other comprehensive income (loss), ending balance | 2,826 | 1,903 | 2,263 | |
CBL & Associates Limited Partnership [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | 4,923 | |||
OCI before reclassifications | 10,520 | 1,529 | 6,038 | |
Amounts reclassified from AOCI | -2,195 | -2,297 | -2,043 | |
Net year-to-date period OCI | 8,260 | -762 | 3,974 | |
Accumulated other comprehensive income (loss), ending balance | 13,183 | 4,923 | ||
Accumulated other comprehensive income (loss), Total | 13,969 | 5,644 | 6,412 | 2,417 |
Net year-to-date period OCI, Total | 8,325 | -768 | 3,995 | |
Realized gain on available-for-sale securities, reclassified | 0 | 0 | 224 | |
CBL & Associates Limited Partnership [Member] | The Company, Unrealized Gains (Losses), Hedging Agreements [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Amounts reclassified from AOCI | -2,297 | -2,267 | ||
CBL & Associates Limited Partnership [Member] | Redeemable Common Units, Unrealized Gains (Losses), Hedging Agreements [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | 387 | 373 | 377 | |
OCI before reclassifications | 14 | 14 | -4 | |
Amounts reclassified from AOCI | 0 | 0 | 0 | |
Net year-to-date period OCI | 14 | 14 | -4 | |
Accumulated other comprehensive income (loss), ending balance | 401 | 387 | 373 | |
CBL & Associates Limited Partnership [Member] | Redeemable Common Units, Unrealized Gains (Losses), Available-for-Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | 333 | 353 | 328 | |
OCI before reclassifications | 51 | -20 | 23 | |
Amounts reclassified from AOCI | 0 | 0 | 2 | |
Net year-to-date period OCI | 51 | -20 | 25 | |
Accumulated other comprehensive income (loss), ending balance | 384 | 333 | 353 | |
CBL & Associates Limited Partnership [Member] | Partners' Capital, Unrealized Gains (Losses), Hedging Agreements [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | -4,518 | -6,319 | -6,116 | |
OCI before reclassifications | 3,963 | 4,098 | 2,064 | |
Amounts reclassified from AOCI | -2,195 | -2,297 | -2,267 | |
Net year-to-date period OCI | 1,768 | 1,801 | -203 | |
Accumulated other comprehensive income (loss), ending balance | -2,750 | -4,518 | -6,319 | |
CBL & Associates Limited Partnership [Member] | Partners' Capital, Unrealized Gains (Losses), Available-for-Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | 9,442 | 12,005 | 7,828 | |
OCI before reclassifications | 6,492 | -2,563 | 3,955 | |
Amounts reclassified from AOCI | 0 | 0 | 222 | |
Net year-to-date period OCI | 6,492 | -2,563 | 4,177 | |
Accumulated other comprehensive income (loss), ending balance | $15,934 | $9,442 | $12,005 |
ACQUISITIONS_Summary_Details
ACQUISITIONS (Summary) (Details) (USD $) | 1 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Apr. 30, 2012 | Dec. 31, 2014 | Apr. 30, 2013 | 31-May-12 |
joint_venture | |||||
Business Acquisition [Line Items] | |||||
Business combination, cash paid | $123,184 | ||||
Business combination, debt assumed | 170,308 | ||||
Business combination, other | 4,522 | ||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 298,014 | ||||
Business combination, purchase price | 127,706 | ||||
Mortgage note payables assumed | 259,470 | ||||
Debt Instrument, Unamortized Discount (Premium), Net | -3,109 | ||||
Kirkwood Mall [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, ownership percentage | 49.00% | 51.00% | |||
Business combination, cash paid | 39,754 | 41,378 | |||
Business combination, debt assumed | 19,781 | 20,587 | |||
Business combination, other | 0 | 0 | |||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 59,535 | 61,965 | |||
Fixed interest, percentage rate | 5.75% | ||||
Debt Instrument, Unamortized Discount (Premium), Net | 2,970 | ||||
Business Acquisition Mortgage Notes Payable Fair Value Interest Rate Assumed Percentage | 4.25% | ||||
Imperial Valley Mall [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, ownership percentage | 40.00% | ||||
Business combination, cash paid | 15,500 | ||||
Business combination, debt assumed | 21,018 | ||||
Business combination, other | 0 | ||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 36,518 | ||||
Business combination, remeasurement gain recognized on interest owned prior to acquisition | 45,072 | ||||
Number of joint ventures | 3 | ||||
Dakota Square Mall [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, ownership percentage | 100.00% | ||||
Business combination, cash paid | 32,474 | ||||
Business combination, debt assumed | 59,001 | ||||
Business combination, other | 0 | ||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 91,475 | ||||
Fixed interest, percentage rate | 6.23% | ||||
Business Acquisition Mortgage Notes Payable Fair Value Interest Rate Assumed Percentage | 4.75% | ||||
Business Acquisition, Purchase Price Allocation, Mortgage Notes Payable Premium | 3,040 | ||||
Outlet Shoppes at Gettysburg [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, ownership percentage | 50.00% | ||||
Business combination, cash paid | 0 | ||||
Business combination, debt assumed | 20,315 | ||||
Business combination, other | 4,522 | ||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 24,837 | ||||
Fixed interest, percentage rate | 5.87% | ||||
El Paso Outlet Outparcel Land [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, ownership percentage | 50.00% | ||||
Business combination, cash paid | 3,864 | ||||
Outlet Shoppes at El Paso [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, ownership percentage | 75.00% | ||||
Business combination, cash paid | 35,456 | ||||
Business combination, debt assumed | 50,193 | ||||
Business combination, other | 0 | ||||
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | 85,649 | ||||
Mortgage note payables assumed | 5,775 | ||||
Business Acquisition Mortgage Notes Payable Fair Value Interest Rate Assumed Percentage | 4.75% | ||||
Proceeds from loan repaid by acquiree | 6,862 | ||||
Payments to acquire entity, net of cash acquired | 28,594 | ||||
Outlet Shoppes at El Paso and El Paso Outparcels [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, purchase price | 116,775 | ||||
Mortgage note payables assumed | 66,924 | ||||
Fixed interest, percentage rate | 7.06% | ||||
Debt Instrument, Unamortized Discount (Premium), Net | 7,700 | ||||
El Paso Outlet Shopping Center [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, cash paid | 31,592 | ||||
Kirkwood Mall Mezz, LLC [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, ownership percentage | 49.00% | ||||
Business combination, purchase price | 121,500 | ||||
Mortgage note payables assumed | 40,368 | ||||
Kirkwood Mall Mezz, LLC [Member] | Outlet Shoppes at El Paso [Member] | |||||
Business Acquisition [Line Items] | |||||
Proceeds from loan repaid by acquiree | 9,150 | ||||
Noncontrolling Interest Partner And The Company [Member] | Outlet Shoppes at Gettysburg [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, debt assumed | $40,631 | ||||
Outlet Shoppes at El Paso [Member] | |||||
Business Acquisition [Line Items] | |||||
Business combination, ownership percentage | 75.00% |
ACQUISITIONS_Assets_Acquired_L
ACQUISITIONS (Assets Acquired Liabilities Assumed) (Details) (USD $) | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |
Land | $87,869 |
Buildings and improvements | 379,763 |
Investments in unconsolidated affiliates | 3,864 |
Tenant improvements | 15,328 |
Above-market leases | 15,359 |
In-place leases | 65,814 |
Total assets | 567,997 |
Mortgage note payables assumed | -259,470 |
Debt premium | -15,334 |
Below-market leases | -39,698 |
Noncontrolling interest | -60,295 |
Value of Company's interest in joint ventures | -65,494 |
Net assets acquired | $127,706 |
DISPOSALS_AND_DISCONTINUED_OPE2
DISPOSALS AND DISCONTINUED OPERATIONS (Summary) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | 31-May-14 | Jun. 30, 2014 | Mar. 31, 2014 | Oct. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2011 | Jan. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Oct. 31, 2012 | Jul. 31, 2012 | Mar. 31, 2012 | Jun. 30, 2011 | Jan. 31, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Apr. 30, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Sales Price, Gross | $18,615 | $220,425 | $67,594 | ||||||||||||||||||||||||||
Sales Price, Net | 17,886 | 215,450 | 66,208 | ||||||||||||||||||||||||||
Gains/(Loss) | 937 | 1,144 | 938 | ||||||||||||||||||||||||||
Loss on impairment | 17,858 | 70,049 | 24,379 | ||||||||||||||||||||||||||
Note receivable from sale of mall | 19,811 | 30,424 | 19,811 | ||||||||||||||||||||||||||
Fair value of long-lived assets | 69,103 | 31,900 | 69,103 | ||||||||||||||||||||||||||
Balance of Non-recourse Debt | 68,563 | ||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | -9,108 | 87,893 | -9,108 | 265 | |||||||||||||||||||||||||
Loss on discontinued operations | 681 | ||||||||||||||||||||||||||||
Pemberton Plaza [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Sales Price, Gross | 1,975 | ||||||||||||||||||||||||||||
Sales Price, Net | 1,886 | ||||||||||||||||||||||||||||
Gains/(Loss) | 0 | ||||||||||||||||||||||||||||
Loss on impairment | 497 | ||||||||||||||||||||||||||||
Foothills Plaza Expansion [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Sales Price, Gross | 2,640 | ||||||||||||||||||||||||||||
Sales Price, Net | 2,387 | ||||||||||||||||||||||||||||
Gains/(Loss) | 937 | ||||||||||||||||||||||||||||
Lakeshore Mall [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Sales Price, Gross | 14,000 | ||||||||||||||||||||||||||||
Sales Price, Net | 13,613 | ||||||||||||||||||||||||||||
Gains/(Loss) | 0 | ||||||||||||||||||||||||||||
Loss on impairment | 106 | 5,100 | |||||||||||||||||||||||||||
Columbia Place [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Loss on impairment | 50,683 | ||||||||||||||||||||||||||||
Balance of Non-recourse Debt | 27,265 | ||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | 27,171 | 27,171 | |||||||||||||||||||||||||||
Non-cash default interest expense | 3,181 | ||||||||||||||||||||||||||||
Chapel Hill Mall [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Loss on impairment | 12,050 | ||||||||||||||||||||||||||||
Balance of Non-recourse Debt | 68,563 | ||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | 18,296 | 18,296 | |||||||||||||||||||||||||||
Non-cash default interest expense | 1,514 | ||||||||||||||||||||||||||||
Citadel Mall [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Loss on impairment | 20,453 | ||||||||||||||||||||||||||||
Balance of Non-recourse Debt | 68,169 | ||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | 43,932 | 43,932 | |||||||||||||||||||||||||||
Georgia Square, Panama City, and Rivergate [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Sales Price, Gross | 176,000 | ||||||||||||||||||||||||||||
Sales Price, Net | 171,977 | ||||||||||||||||||||||||||||
Gains/(Loss) | -19 | ||||||||||||||||||||||||||||
Loss on discontinued operations | 5,234 | ||||||||||||||||||||||||||||
1500 Sunday Drive [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Sales Price, Gross | 8,300 | ||||||||||||||||||||||||||||
Sales Price, Net | 7,862 | ||||||||||||||||||||||||||||
Gains/(Loss) | -549 | ||||||||||||||||||||||||||||
Peninsula Business Center I and II [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Sales Price, Gross | 5,250 | ||||||||||||||||||||||||||||
Sales Price, Net | 5,121 | ||||||||||||||||||||||||||||
Gains/(Loss) | 598 | ||||||||||||||||||||||||||||
Lake Point and SunTrust Office [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Sales Price, Gross | 30,875 | ||||||||||||||||||||||||||||
Sales Price, Net | 30,490 | ||||||||||||||||||||||||||||
Gains/(Loss) | 823 | ||||||||||||||||||||||||||||
706 and 708 Green Valley Road [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Gains/(Loss) | 281 | ||||||||||||||||||||||||||||
Various [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Gains/(Loss) | 10 | -33 | |||||||||||||||||||||||||||
Willowbrook Plaza [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Sales Price, Gross | 24,450 | ||||||||||||||||||||||||||||
Sales Price, Net | 24,171 | ||||||||||||||||||||||||||||
Gains/(Loss) | 0 | ||||||||||||||||||||||||||||
Loss on discontinued operations | 17,743 | ||||||||||||||||||||||||||||
Towne Mall [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Sales Price, Gross | 950 | ||||||||||||||||||||||||||||
Sales Price, Net | 892 | ||||||||||||||||||||||||||||
Gains/(Loss) | -3 | ||||||||||||||||||||||||||||
Loss on discontinued operations | 419 | ||||||||||||||||||||||||||||
Hickory Hollow Mall [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Sales Price, Gross | 1,000 | ||||||||||||||||||||||||||||
Sales Price, Net | 966 | ||||||||||||||||||||||||||||
Gains/(Loss) | -6 | ||||||||||||||||||||||||||||
Loss on discontinued operations | 8,047 | ||||||||||||||||||||||||||||
Massard Crossing [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Sales Price, Gross | 7,803 | ||||||||||||||||||||||||||||
Sales Price, Net | 7,432 | ||||||||||||||||||||||||||||
Gains/(Loss) | 98 | ||||||||||||||||||||||||||||
Settlers Ridge Phase II [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Sales Price, Gross | 19,144 | ||||||||||||||||||||||||||||
Sales Price, Net | 18,951 | ||||||||||||||||||||||||||||
Gains/(Loss) | 883 | ||||||||||||||||||||||||||||
Loss on discontinued operations | 4,457 | ||||||||||||||||||||||||||||
Oak Hollow Square [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Sales Price, Gross | 14,247 | ||||||||||||||||||||||||||||
Sales Price, Net | 13,796 | ||||||||||||||||||||||||||||
Gains/(Loss) | -1 | ||||||||||||||||||||||||||||
Loss on discontinued operations | 255 | 729 | |||||||||||||||||||||||||||
Notes Receivable [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Note receivable from sale of mall | 10,488 | 11,304 | 10,488 | ||||||||||||||||||||||||||
Notes Receivable [Member] | Lakeshore Mall [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Note receivable from sale of mall | 10,000 | ||||||||||||||||||||||||||||
Cash [Member] | Lakeshore Mall [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Sales Price, Net | 4,000 | ||||||||||||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Fair value of long-lived assets | 69,103 | 31,900 | 69,103 | ||||||||||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Lakeshore Mall [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Fair value of long-lived assets | 13,780 | ||||||||||||||||||||||||||||
Columbia Place Chapel Hill and Citadel [Member] | |||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||
Balance of Non-recourse Debt | 163,997 | ||||||||||||||||||||||||||||
Gain (loss) on extinguishment of debt | $89,399 |
DISPOSALS_AND_DISCONTINUED_OPE3
DISPOSALS AND DISCONTINUED OPERATIONS (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues of discontinued operations | $15,468 | $43,911 |
Sold Centers in 2012 [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Real estate investment property, net | $219,833 | $51,184 |
UNCONSOLIDATED_AFFILIATES_AND_2
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS (Details) | Dec. 31, 2014 | Jan. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ||
Number of entities - equity method of accounting | 19 | |
Joint venture, ownership percentage | 35.00% | |
Ambassador Town Center JV, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 35.00% | |
Fremaux Town Center JV, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 35.00% | |
Parent Company [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 65.00% | 65.00% |
Parent Company [Member] | Ambassador Infrastructure, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 65.00% | |
Parent Company [Member] | Ambassador Town Center JV, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 65.00% | |
Parent Company [Member] | CBL TC LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 50.00% | |
Parent Company [Member] | CBL-TRS Joint Venture LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 50.00% | |
Parent Company [Member] | CBL-TRS Joint Venture II LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 50.00% | |
Parent Company [Member] | El Paso Outlet Outparcels, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 50.00% | |
Parent Company [Member] | Fremaux Town Center JV, LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 65.00% | |
Parent Company [Member] | Governors Square Ib [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 50.00% | |
Parent Company [Member] | Governors Square Company [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 47.50% | |
Parent Company [Member] | High Pointe Commons Lp [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 50.00% | |
Parent Company [Member] | High Pointe Commons Ii Hap Lp [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 50.00% | |
Parent Company [Member] | JG Gulf Coast Town Center LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 50.00% | |
Parent Company [Member] | Kentucky Oaks Mall Company [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 50.00% | |
Parent Company [Member] | Mall Of South Carolina L P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 50.00% | |
Parent Company [Member] | Mall Of South Carolina Outparcel L P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 50.00% | |
Parent Company [Member] | Port Orange I LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 50.00% | |
Parent Company [Member] | Triangle Town Member LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 50.00% | |
Parent Company [Member] | West Melbourne I LLC [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 50.00% | |
Parent Company [Member] | York Town Center LP [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Joint venture, ownership percentage | 50.00% |
UNCONSOLIDATED_AFFILIATES_AND_3
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS (Summarized Financial Information) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract] | |||
Investment in real estate assets | $2,266,252 | $2,167,227 | |
Accumulated depreciation | -619,558 | -555,174 | |
Investment in real estate, net | 1,646,694 | 1,612,053 | |
Developments in progress | 75,877 | 103,161 | |
Net investment in real estate assets | 1,722,571 | 1,715,214 | |
Other assets | 170,554 | 168,799 | |
Total assets | 1,893,125 | 1,884,013 | |
Mortgage and other indebtedness | 1,512,826 | 1,468,422 | |
Other liabilities | 42,517 | 48,203 | |
Total liabilities | 1,555,343 | 1,516,625 | |
The Company | 198,261 | 213,664 | |
Other investors | 139,521 | 153,724 | |
Total owners' equity | 337,782 | 367,388 | |
Total liabilities and ownersb equity | 1,893,125 | 1,884,013 | |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||
Total revenues | 250,248 | 243,215 | 251,628 |
Depreciation and amortization | -79,059 | -76,323 | -82,534 |
Other operating expenses | -73,218 | -72,166 | -76,567 |
Income from operations | 97,971 | 94,726 | 92,527 |
Interest income | 1,358 | 1,359 | 1,365 |
Interest expense | -74,754 | -76,934 | -84,421 |
Gain on sales of real estate assets | 1,697 | 102 | 2,063 |
Net income | $26,272 | $19,253 | $11,534 |
UNCONSOLIDATED_AFFILIATES_AND_4
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS (Joint Venture Financings) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 7 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 11 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Nov. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | Aug. 31, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | Mar. 31, 2013 | Jul. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jul. 31, 2014 | Nov. 30, 2013 | Jan. 31, 2013 |
extension_option | extension_option | extension_option | extension_option | |||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | $360 | $0 | $0 | |||||||||||||||
Joint venture, ownership percentage | 35.00% | 35.00% | 35.00% | |||||||||||||||
Ambassador Town Center JV, LLC [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | 48,200 | |||||||||||||||||
Joint venture, ownership percentage | 35.00% | 35.00% | 35.00% | |||||||||||||||
Debt guaranteed by Company (percent) | 100.00% | |||||||||||||||||
Extension option, term (years) | 1 year | |||||||||||||||||
Ambassador Town Center JV, LLC [Member] | LIBOR [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated Interest Rate (percent) | 1.80% | 1.80% | 1.80% | |||||||||||||||
Ambassador Town Center - Infrastructure Improvements [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | 11,700 | |||||||||||||||||
Debt guaranteed by Company (percent) | 100.00% | |||||||||||||||||
Number of one-year extension options available | 2 | 2 | 2 | |||||||||||||||
Extension option, term (years) | 1 year | |||||||||||||||||
Ambassador Town Center - Infrastructure Improvements [Member] | LIBOR [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated Interest Rate (percent) | 2.00% | 2.00% | 2.00% | |||||||||||||||
Hammock Landing - Phase II [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | 16,757 | 10,757 | ||||||||||||||||
Debt guaranteed by Company (percent) | 25.00% | 100.00% | ||||||||||||||||
Number of one-year extension options available | 2 | 2 | 2 | |||||||||||||||
Extension option, term (years) | 1 year | 1 year | ||||||||||||||||
Increase in construction loan | 6,000 | |||||||||||||||||
Hammock Landing - Phase II [Member] | LIBOR [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated Interest Rate (percent) | 2.00% | 2.00% | 2.25% | 2.00% | ||||||||||||||
Basis spread on variable rate (percent) | 2.25% | |||||||||||||||||
Fremaux Town Center - Phase I [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | 47,291 | 47,291 | 46,000 | 46,000 | ||||||||||||||
Debt guaranteed by Company (percent) | 50.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||
Number of one-year extension options available | 2 | 2 | ||||||||||||||||
Extension option, term (years) | 1 year | 1 year | ||||||||||||||||
Fremaux Town Center - Phase I [Member] | LIBOR [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated Interest Rate (percent) | 2.00% | 2.13% | ||||||||||||||||
Basis spread on variable rate (percent) | 2.13% | |||||||||||||||||
The Pavilion at Port Orange [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | 64,950 | |||||||||||||||||
Fremaux Town Center Phase II [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | 32,100 | |||||||||||||||||
Debt guaranteed by Company (percent) | 50.00% | 100.00% | ||||||||||||||||
Number of one-year extension options available | 2 | |||||||||||||||||
Extension option, term (years) | 1 year | |||||||||||||||||
Fremaux Town Center Phase II [Member] | LIBOR [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated Interest Rate (percent) | 2.00% | |||||||||||||||||
Coastal Grand - MyrtleBeach [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | 126,000 | |||||||||||||||||
Coastal Grand - MyrtleBeach [Member] | LIBOR [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated Interest Rate (percent) | 4.09% | 4.09% | ||||||||||||||||
The Pavilion at Port Orange - Phase I [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | 62,600 | |||||||||||||||||
Debt guaranteed by Company (percent) | 25.00% | |||||||||||||||||
Number of one-year extension options available | 2 | 2 | ||||||||||||||||
Extension option, term (years) | 1 year | |||||||||||||||||
The Pavilion at Port Orange - Phase I [Member] | LIBOR [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on variable rate (percent) | 2.00% | 3.50% | ||||||||||||||||
Hammock Landing - Phase I [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | 41,068 | |||||||||||||||||
Debt guaranteed by Company (percent) | 25.00% | |||||||||||||||||
Number of one-year extension options available | 2 | 2 | ||||||||||||||||
Extension option, term (years) | 1 year | |||||||||||||||||
Hammock Landing - Phase I [Member] | LIBOR [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Basis spread on variable rate (percent) | 2.00% | 3.50% | ||||||||||||||||
Renaissance Center - Phase II [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated Interest Rate (percent) | 3.49% | |||||||||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | 16,000 | |||||||||||||||||
Retirement of loan | 15,700 | |||||||||||||||||
Friendly Center [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated Interest Rate (percent) | 3.48% | |||||||||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | 100,000 | |||||||||||||||||
Retirement of loan | 100,000 | |||||||||||||||||
Number of loans retired | 4 | |||||||||||||||||
Parent Company [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Joint venture, ownership percentage | 65.00% | 65.00% | 65.00% | 65.00% | ||||||||||||||
Construction Loans [Member] | Ambassador Town Center JV, LLC [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | 715 | |||||||||||||||||
Construction Loans [Member] | Ambassador Town Center - Infrastructure Improvements [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Mortgage Loans on Real Estate, New Mortgage Loans | 725 | |||||||||||||||||
Non Recourse Loans On Operating Properties [Member] | Mall of South Carolina LP and Mall of South Carolina Outparcel LP [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Repayments of long-term debt | 75,238 | |||||||||||||||||
Subordinated Debt [Member] | Mall of South Carolina LP and Mall of South Carolina Outparcel LP [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Repayments of long-term debt | 18,000 | |||||||||||||||||
Joint Venture Partners [Member] | Subordinated Debt [Member] | Mall of South Carolina LP and Mall of South Carolina Outparcel LP [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Repayments of long-term debt | $9,000 | |||||||||||||||||
Debt Instrument Rate Contingency [Member] | Ambassador Town Center JV, LLC [Member] | LIBOR [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated Interest Rate (percent) | 1.60% | 1.60% | 1.60% |
UNCONSOLIDATED_AFFILIATES_AND_5
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS (Joint Ventures) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Jan. 31, 2013 | Dec. 31, 2011 | Mar. 31, 2014 | Apr. 30, 2012 |
Schedule of Equity Method Investments [Line Items] | ||||||||
Joint venture, ownership percentage | 35.00% | 35.00% | ||||||
Business combination, purchase price | $127,706 | |||||||
Gain on sales of real estate assets | 5,342 | 1,980 | 2,286 | |||||
Parent Company [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Joint venture, ownership percentage | 65.00% | 65.00% | 65.00% | |||||
Outlet Shoppes at El Paso [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Business acquisition, ownership percentage acquired | 75.00% | |||||||
Imperial Valley Mall [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Joint venture, ownership percentage | 60.00% | |||||||
Business acquisition, ownership percentage acquired | 40.00% | |||||||
Outlet Shoppes at El Paso [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Business acquisition, ownership percentage acquired | 75.00% | |||||||
Outlet Shoppes at El Paso [Member] | Outlet Shoppes at El Paso [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Joint venture, ownership percentage | 75.00% | |||||||
Ambassador Town Center JV, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Joint venture, ownership percentage | 35.00% | 35.00% | ||||||
Contributions from CBL related to exercises of stock options | 14,800 | |||||||
Ambassador Town Center JV, LLC [Member] | Parent Company [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Joint venture, ownership percentage | 65.00% | 65.00% | ||||||
Contributions from CBL related to exercises of stock options | 13,320 | |||||||
Fremaux Town Center JV, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Joint venture, ownership percentage | 35.00% | |||||||
Fremaux Town Center JV, LLC [Member] | Parent Company [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Joint venture, ownership percentage | 65.00% | 65.00% | ||||||
Fremaux Town Center [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Contributions from CBL related to exercises of stock options | 20,500 | |||||||
Fremaux Town Center [Member] | Parent Company [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Contributions from CBL related to exercises of stock options | 18,450 | |||||||
El Paso Outlet Outparcels, LLC [Member] | Parent Company [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Joint venture, ownership percentage | 50.00% | 50.00% | ||||||
El Paso Outlet Outparcels, LLC [Member] | The Outlet Shoppes at El Paso vacant land [Member] | El Paso Outlet Outparcels, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Business acquisition, ownership percentage acquired | 50.00% | |||||||
Business combination, purchase price | 3,864 | |||||||
El Paso Outlet Outparcels, LLC [Member] | The Outlet Shoppes at El Paso vacant land [Member] | Horizon Group Properties [Member] | El Paso Outlet Outparcels, LLC [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Joint venture, ownership percentage | 50.00% | |||||||
CBL TC LLC [Member] | Parent Company [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Joint venture, ownership percentage | 50.00% | 50.00% | ||||||
CBL TC LLC [Member] | CoolSprings Galleria, Oak Park Mall and West County Center Interest [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Joint venture, ownership percentage | 50.00% | 50.00% | 50.00% | |||||
Gain on sales of real estate assets | 54,327 | |||||||
Capital expenditures incurred but not yet paid | 26,439 | |||||||
Investments in unconsolidated affiliates | 116,397 | |||||||
CBL TC LLC [Member] | Pearland Town Center [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Joint venture, ownership percentage | 88.00% | |||||||
CBL TC LLC [Member] | Pearland Town Center [Member] | TIAA-CREF [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Contributions from noncontrolling interests | 18,264 | |||||||
Preferred return percentage | 8.00% | |||||||
Pearland Town Center [Member] | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Business acquisition, ownership percentage acquired | 12.00% | 12.00% | ||||||
Contributions from CBL related to exercises of stock options | 17,948 |
UNCONSOLIDATED_AFFILIATES_AND_6
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS (Cost Method Investments) (Details) (Jinsheng [Member]) | 0 Months Ended | |
Apr. 30, 2013 | Dec. 31, 2014 | |
Jinsheng [Member] | ||
Cost Method Investments [Abstract] | ||
Percentage of ownership interest in Jinsheng (in hundredths) | 6.20% | |
Number of series 2 ordinary shares secured against convertible security notes (shares) | 16,565,534 | |
Noncontrolling interest, increase in ownership percentage | 2.28% |
MORTGAGE_AND_OTHER_INDEBTEDNES2
MORTGAGE AND OTHER INDEBTEDNESS (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2013 | Oct. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | |
Debt Instrument [Line Items] | ||||||
Loan, outstanding amount | $4,004,064,000 | $3,990,774,000 | ||||
Mortgage and other indebtedness, variable-rate debt | 696,396,000 | 866,749,000 | ||||
Mortgage and other indebtedness | 4,700,460,000 | 4,857,523,000 | ||||
Weighted Average Interest Rate (percent) | 4.93% | 4.88% | ||||
Non Recourse Loans On Operating Properties [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan, outstanding amount | 3,252,730,000 | 3,527,830,000 | ||||
Mortgage and other indebtedness, variable-rate debt | 17,121,000 | 133,712,000 | ||||
5.250% Senior Notes Due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan, outstanding amount | 445,770,000 | 445,374,000 | ||||
Debt instrument, face value | 450,000,000 | |||||
Debt Instrument, Unamortized Discount | 4,626,000 | |||||
Notice Required to Redeem Debt, Term (days) | 30 days | |||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||
Debt Issuance Cost | 4,152,000 | |||||
Proceeds from Debt, Net of Issuance Costs | 441,222,000 | |||||
4.60% Senior Notes Due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan, outstanding amount | 299,925,000 | 0 | ||||
Debt instrument, face value | 300,000,000 | |||||
Debt Instrument, Unamortized Discount | 75,000 | |||||
Notice Required to Redeem Debt, Term (days) | 30 days | |||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||
Debt Issuance Cost | 2,245,000 | |||||
Proceeds from Debt, Net of Issuance Costs | 297,680,000 | |||||
Unsecured Term Loan 1 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan, outstanding amount | 5,639,000 | 0 | ||||
Financing method obligation [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Loan, outstanding amount | 0 | 17,570,000 | ||||
Recourse Term Loans on Operating Properties [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Property loan obligation guaranteed by Company (percent) | 100.00% | |||||
Mortgage and other indebtedness, variable-rate debt | 7,638,000 | 51,300,000 | ||||
Construction Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness, variable-rate debt | 454,000 | 2,983,000 | ||||
Unsecured lines of credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness, variable-rate debt | 221,183,000 | 228,754,000 | ||||
Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of debt instruments | 2 | |||||
Mortgage and other indebtedness, variable-rate debt | 450,000,000 | 450,000,000 | ||||
Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unamortized Discount | 4,230,000 | |||||
Recourse and Nonrecourse Term Loans Member [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured non-recourse and recourse term loans | 3,916,571,000 | |||||
Fixed Rate Interest [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 5.50% | 5.52% | ||||
Fixed Rate Interest [Member] | Non Recourse Loans On Operating Properties [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 5.62% | 5.54% | ||||
Fixed Rate Interest [Member] | 5.250% Senior Notes Due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 5.25% | 5.25% | 5.25% | |||
Fixed Rate Interest [Member] | 4.60% Senior Notes Due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 4.60% | 4.60% | 0.00% | |||
Fixed Rate Interest [Member] | Unsecured Term Loan 1 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 0.00% | 3.50% | ||||
Fixed Rate Interest [Member] | Financing method obligation [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 0.00% | 8.00% | ||||
Variable Rate Interest Member [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 1.69% | 1.91% | ||||
Variable Rate Interest Member [Member] | Non Recourse Loans On Operating Properties [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 2.29% | 3.14% | ||||
Variable Rate Interest Member [Member] | Recourse Term Loans on Operating Properties [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 2.91% | 1.87% | ||||
Variable Rate Interest Member [Member] | Construction Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 2.66% | 2.17% | ||||
Variable Rate Interest Member [Member] | Unsecured lines of credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 1.56% | 1.57% | ||||
Variable Rate Interest Member [Member] | Unsecured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 1.71% | 1.71% | ||||
Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of debt instruments | 4 | |||||
Number of instruments held | 4 | |||||
Notional amount of interest rate swaps held | 105,584,000 | 109,830,000 | ||||
Minimum [Member] | 5.250% Senior Notes Due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (percent) | 40.00% | |||||
Minimum [Member] | 4.60% Senior Notes Due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (percent) | 40.00% | |||||
Minimum [Member] | Senior Unsecured Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (percent) | 40.00% | |||||
Minimum [Member] | Fixed Rate Interest [Member] | 5.250% Senior Notes Due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Increase in variable interest rate basis | 0.25% | |||||
Minimum [Member] | Fixed Rate Interest [Member] | 4.60% Senior Notes Due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Increase in variable interest rate basis | 0.25% | |||||
Maximum [Member] | 5.250% Senior Notes Due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (percent) | 45.00% | |||||
Maximum [Member] | 4.60% Senior Notes Due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (percent) | 45.00% | |||||
Maximum [Member] | Fixed Rate Interest [Member] | 5.250% Senior Notes Due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Increase in variable interest rate basis | 1.00% | |||||
Maximum [Member] | Fixed Rate Interest [Member] | 4.60% Senior Notes Due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Increase in variable interest rate basis | 1.00% | |||||
Treasury Rate [Member] | 5.250% Senior Notes Due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable interest rate (percent) | 0.40% | |||||
Treasury Rate [Member] | 4.60% Senior Notes Due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable interest rate (percent) | 0.35% | |||||
Pearland Town Center [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Joint venture, ownership percentage | 12.00% | 12.00% | ||||
Contributions from CBL related to exercises of stock options | $17,948,000 | |||||
Preferred return percentage | 8.00% |
MORTGAGE_AND_OTHER_INDEBTEDNES3
MORTGAGE AND OTHER INDEBTEDNESS (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2013 | |
Debt Instrument [Line Items] | |||||
Mortgage and other indebtedness, variable-rate debt | 696,396,000 | $866,749,000 | |||
Mortgage and other indebtedness | 4,700,460,000 | 4,857,523,000 | |||
Weighted Average Interest Rate (percent) | 4.93% | 4.88% | |||
Loan, outstanding amount | 4,004,064,000 | 3,990,774,000 | |||
Unsecured lines of credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of debt instruments | 3 | ||||
Credit facility, facility fee percentage | 0.30% | ||||
Weighted-average interest rate | 1.56% | ||||
Secured credit facility, borrowing capacity | 1,300,000,000 | ||||
Mortgage and other indebtedness, variable-rate debt | 221,183,000 | ||||
Unsecured Line of Credit 1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured credit facility, borrowing capacity | 600,000,000 | ||||
Mortgage and other indebtedness, variable-rate debt | 63,716,000 | ||||
Amount outstanding on letter of credit | 800,000 | ||||
Unsecured Line of Credit, First Tennessee [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured credit facility, borrowing capacity | 100,000,000 | ||||
Mortgage and other indebtedness, variable-rate debt | 2,200,000 | ||||
Amount outstanding on letter of credit | 113,000 | ||||
Additional secured and unsecured lines of credit with commitment | 20,000,000 | ||||
Unsecured Line of Credit 2 [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured credit facility, borrowing capacity | 600,000,000 | ||||
Mortgage and other indebtedness, variable-rate debt | 155,267,000 | ||||
Amount outstanding on letter of credit | 6,110,000 | ||||
Unsecured Line of Credit, Facilities A and B [Member] | |||||
Debt Instrument [Line Items] | |||||
Additional secured and unsecured lines of credit with commitment | 50,000,000 | ||||
Unsecured Term Loan 1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Term (years) | 5 years | ||||
Debt instrument, face value | 400,000,000 | 7,000,000 | |||
Mortgage and other indebtedness | 400,000,000 | ||||
Interest rate at repayment date (percent) | 1.67% | ||||
Weighted Average Interest Rate (percent) | 2.05% | ||||
Unsecured Term Loan 2 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face value | 50,000,000 | ||||
Mortgage and other indebtedness | 50,000,000 | ||||
Unsecured Term Loan 1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan, outstanding amount | 5,639,000 | 0 | |||
Other Variable Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured credit facility, borrowing capacity | $3,500,000 | ||||
Minimum [Member] | Unsecured lines of credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, commitment fee percentage | 0.15% | ||||
Maximum [Member] | Unsecured lines of credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, commitment fee percentage | 0.35% | ||||
Wells Fargo Bank [Member] | Unsecured lines of credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Credit facility, extension fee percentage | 0.20% | ||||
Fixed Rate Interest [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted Average Interest Rate (percent) | 5.50% | 5.52% | |||
Fixed Rate Interest [Member] | Unsecured Term Loan 1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted Average Interest Rate (percent) | 0.00% | 3.50% | |||
LIBOR [Member] | Unsecured lines of credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 1.40% | ||||
LIBOR [Member] | Unsecured Term Loan 1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 1.50% | ||||
LIBOR [Member] | Unsecured Term Loan 2 [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 1.90% | ||||
LIBOR [Member] | Other Variable Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 2.49% | ||||
LIBOR [Member] | Minimum [Member] | Unsecured lines of credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 1.00% | ||||
LIBOR [Member] | Maximum [Member] | Unsecured lines of credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 1.75% |
MORTGAGE_AND_OTHER_INDEBTEDNES4
MORTGAGE AND OTHER INDEBTEDNESS (Fixed Rate Loans Financed) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Nov. 30, 2014 | Oct. 31, 2013 |
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium), Net | ($3,109) | ||
Fixed Rate Operating Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount (Premium), Net | -7,414 | ||
Weighted average remaining term to maturity (years) | 4 years 1 month 39 days | ||
Outlet Shoppes of the Bluegrass [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate (percent) | 4.05% | ||
Amount Financed | 77,500 | ||
Outlet Shoppes of the Bluegrass [Member] | Recourse Term Loans on Operating Properties [Member] | |||
Debt Instrument [Line Items] | |||
Principal balance repaid | 47,931 | ||
Outlet Shoppes at Atlanta LLC [Member] | |||
Debt Instrument [Line Items] | |||
Stated Interest Rate (percent) | 4.90% | ||
Amount Financed | 80,000 | ||
Outlet Shoppes at Atlanta LLC [Member] | Recourse Term Loans on Operating Properties [Member] | |||
Debt Instrument [Line Items] | |||
Principal balance repaid | $53,080 | ||
Minimum [Member] | Fixed Rate Operating Loans [Member] | |||
Debt Instrument [Line Items] | |||
Fixed interest, percentage rate | 4.05% | ||
Maximum [Member] | Fixed Rate Operating Loans [Member] | |||
Debt Instrument [Line Items] | |||
Fixed interest, percentage rate | 8.50% |
MORTGAGE_AND_OTHER_INDEBTEDNES5
MORTGAGE AND OTHER INDEBTEDNESS (Fixed Rate Loans Repaid) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Oct. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 |
Debt Instrument [Line Items] | |||||||||||||||
Gain (loss) on extinguishment of debt | ($9,108) | $87,893 | ($9,108) | $265 | |||||||||||
Prepayment fee | 8,708 | ||||||||||||||
Balance of Non-recourse Debt | 68,563 | ||||||||||||||
Columbia Place Chapel Hill and Citadel [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Gain (loss) on extinguishment of debt | 89,399 | ||||||||||||||
Balance of Non-recourse Debt | 163,997 | ||||||||||||||
Janesville Mall [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate at repayment date (percent) | 8.38% | 8.38% | 8.38% | ||||||||||||
Principal balance repaid | 2,473 | ||||||||||||||
Gain (loss) on extinguishment of debt | -257 | ||||||||||||||
Mall Del Norte [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate at repayment date (percent) | 5.04% | ||||||||||||||
Principal balance repaid | 113,400 | ||||||||||||||
St. Clair Square [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate at repayment date (percent) | 3.25% | ||||||||||||||
Principal balance repaid | 122,375 | ||||||||||||||
Gain (loss) on extinguishment of debt | -1,249 | ||||||||||||||
Northpark Mall [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate at repayment date (percent) | 5.75% | 5.75% | |||||||||||||
Principal balance repaid | 32,684 | ||||||||||||||
Mid Rivers Mall [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate at repayment date (percent) | 5.88% | 5.88% | |||||||||||||
Principal balance repaid | 88,410 | ||||||||||||||
Gain (loss) on extinguishment of debt | -8,936 | ||||||||||||||
Prepayment fee | 8,708 | ||||||||||||||
Unamortized debt issuance costs | 228 | 228 | |||||||||||||
South Country Center [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate at repayment date (percent) | 4.96% | ||||||||||||||
Principal balance repaid | 71,740 | ||||||||||||||
Gain (loss) on extinguishment of debt | -172 | ||||||||||||||
Westmoreland Mall [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate at repayment date (percent) | 5.05% | ||||||||||||||
Principal balance repaid | 63,639 | ||||||||||||||
Columbia Place [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Gain (loss) on extinguishment of debt | 27,171 | 27,171 | |||||||||||||
Balance of Non-recourse Debt | 27,265 | ||||||||||||||
Columbia Place [Member] | Financing method obligation [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate at repayment date (percent) | 5.45% | ||||||||||||||
Chapel Hill Mall [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Gain (loss) on extinguishment of debt | 18,296 | 18,296 | |||||||||||||
Balance of Non-recourse Debt | 68,563 | ||||||||||||||
Chapel Hill Mall [Member] | Financing method obligation [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate at repayment date (percent) | 6.10% | 6.10% | |||||||||||||
Citadel Mall [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Gain (loss) on extinguishment of debt | 43,932 | 43,932 | |||||||||||||
Balance of Non-recourse Debt | $68,169 | ||||||||||||||
Citadel Mall [Member] | Financing method obligation [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest rate at repayment date (percent) | 5.68% |
MORTGAGE_AND_OTHER_INDEBTEDNES6
MORTGAGE AND OTHER INDEBTEDNESS (Variable Rate Loans Financed) (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Apr. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2014 |
extension_option | extension_option | ||
Outlet Shoppes at Oklahoma City, Phase II [Member] | |||
Debt Instrument [Line Items] | |||
Extension option, term (years) | 1 year | ||
Amount Financed | $6,000 | ||
Number of one-year extension options available | 2 | ||
Outlet Shoppes at Oklahoma City, Phase II [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | 2.75% | ||
Statesboro Crossing [Member] | |||
Debt Instrument [Line Items] | |||
Extension option, term (years) | 1 year | ||
Amount Financed | $11,400 | ||
Number of one-year extension options available | 2 | ||
Statesboro Crossing [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | 1.80% | ||
Variable Rate Debt [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average remaining term to maturity (years) | 2 years 4 months 49 days | ||
Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Number of one-year extension options available | 1 | ||
Minimum [Member] | Variable Rate Debt [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest, percentage rate | 1.97% | ||
Maximum [Member] | Variable Rate Debt [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest, percentage rate | 2.91% | ||
Extension option, term (years) | 2 years |
MORTGAGE_AND_OTHER_INDEBTEDNES7
MORTGAGE AND OTHER INDEBTEDNESS (Variable Rate Loans Repaid) (Details) (USD $) | 1 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2013 | Jul. 31, 2013 | Feb. 28, 2013 |
The Promenade at Dlberville [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate at repayment date (percent) | 1.87% | |||
Principal balance repaid | $47,670 | |||
Forum at Grandview [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate at repayment date (percent) | 3.19% | |||
Principal balance repaid | 10,200 | |||
Alamance Crossing West [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate at repayment date (percent) | 3.20% | |||
Principal balance repaid | 16,000 | |||
Statesboro Crossing [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate at repayment date (percent) | 1.21% | |||
Principal balance repaid | $13,460 |
MORTGAGE_AND_OTHER_INDEBTEDNES8
MORTGAGE AND OTHER INDEBTEDNESS (Construction Loans Financed) (Details) (USD $) | 1 Months Ended | |||
Dec. 31, 2014 | Oct. 31, 2013 | Apr. 30, 2014 | Aug. 31, 2013 | |
extension_option | ||||
Outlet Shoppes at Atlanta [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount Financed | $2,435,000 | $80,000,000 | ||
Property loan obligation guaranteed by Company (percent) | 100.00% | |||
Debt instrument, face value | 454,000 | |||
Outlet Shoppes at Atlanta [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 2.50% | |||
Outlet Shoppes at Oklahoma City, Phase III [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount Financed | 5,400,000 | |||
Property loan obligation guaranteed by Company (percent) | 100.00% | |||
Outlet Shoppes at Oklahoma City, Phase III [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 2.75% | |||
Outlet Shoppes at El Paso - Phase II [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount Financed | 7,000,000 | |||
Outlet Shoppes at El Paso - Phase II [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 2.75% | |||
Louisville Outlet Shoppes [Member] | ||||
Debt Instrument [Line Items] | ||||
Amount Financed | $60,200,000 | |||
Property loan obligation guaranteed by Company (percent) | 100.00% | |||
Number of one-year extension options available | 2 | |||
Extension option, term (years) | 1 year | |||
Louisville Outlet Shoppes [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 2.00% |
MORTGAGE_AND_OTHER_INDEBTEDNES9
MORTGAGE AND OTHER INDEBTEDNESS (Construction Loan Repaid) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Oct. 31, 2013 | Nov. 30, 2014 |
Louisville Outlet Shoppes [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate at repayment date (percent) | 2.15% | ||||
Principal balance repaid | $47,931 | ||||
Amount Financed | 60,200 | ||||
Outlet Shoppes at Atlanta [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate at repayment date (percent) | 2.93% | ||||
Principal balance repaid | 53,080 | ||||
Amount Financed | $2,435 | $80,000 |
Recovered_Sheet6
MORTGAGE AND OTHER INDEBTEDNESS (Covenants) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Non Recourse Loans On Operating Properties [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, debt default threshold, minimum loan amount (greater than) | $50,000,000 |
Recourse Term Loans on Operating Properties [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, debt default threshold, minimum loan amount (greater than) | $150,000,000 |
Senior Unsecured Notes [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Secured debt to total assets (percent) (less than) | 40.00% |
Debt Covenant Requirement [Member] | Unsecured Credit Facility and Term Loan [Member] | |
Debt Instrument [Line Items] | |
Total debt to total assets (percent) | 60.00% |
Total unencumbered assets to unsecured debt (percent) | 160.00% |
Unencumbered NOI to unsecured interest expense (percent) | 175.00% |
EBITDA to Fixed Charged (Debt Service) | 150.00% |
Debt Covenant Requirement [Member] | Senior Unsecured Notes [Member] | |
Debt Instrument [Line Items] | |
Total debt to total assets (percent) | 60.00% |
Total unencumbered assets to unsecured debt (percent) | 150.00% |
Secured debt to total assets (percent) (less than) | 45.00% |
Consolidated income available for debt service to annual debt service charge (percent) | 150.00% |
Debt Covenant Ratios Actual [Member] | Unsecured Credit Facility and Term Loan [Member] | |
Debt Instrument [Line Items] | |
Total debt to total assets (percent) | 49.10% |
Total unencumbered assets to unsecured debt (percent) | 250.00% |
Unencumbered NOI to unsecured interest expense (percent) | 410.00% |
EBITDA to Fixed Charged (Debt Service) | 220.00% |
Debt Covenant Ratios Actual [Member] | Senior Unsecured Notes [Member] | |
Debt Instrument [Line Items] | |
Total debt to total assets (percent) | 53.70% |
Total unencumbered assets to unsecured debt (percent) | 235.80% |
Secured debt to total assets (percent) (less than) | 37.00% |
Consolidated income available for debt service to annual debt service charge (percent) | 310.00% |
Recovered_Sheet7
MORTGAGE AND OTHER INDEBTEDNESS (Scheduled Principal Payments) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
loan | ||
Maturities of Long-term Debt [Abstract] | ||
2015 | $594,672 | |
2016 | 763,868 | |
2017 | 491,189 | |
2018 | 678,512 | |
2019 | 114,337 | |
Thereafter | 2,054,773 | |
Total | 4,697,351 | |
Net unamortized premiums | 3,109 | |
Mortgage and other indebtedness | 4,700,460 | 4,857,523 |
Mortgage and other indebtedness, variable-rate debt | 696,396 | 866,749 |
Operating Property Loan [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
2015 | 464,867 | |
Number of operating property loans | 7 | |
Unsecured Line of Credit 1 [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
Mortgage and other indebtedness, variable-rate debt | 63,716 | |
Principal Amortization [Member] | ||
Maturities of Long-term Debt [Abstract] | ||
2015 | $66,089 |
Recovered_Sheet8
MORTGAGE AND OTHER INDEBTEDNESS (Derivative Instrument Risk) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value | ($2,226) | ($4,007) | |
Reclassification of losses currently reported in accumulated other comprehensive income to interest expense in the next twelve months | 1,923 | ||
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of instruments held | 4 | ||
Notional amount of interest rate swaps held | 105,584 | 109,830 | |
Interest Rate Cap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swaps held | 122,375 | ||
Amortizing interest rate swap | 122,375 | ||
Strike rate (percent) | 5.00% | ||
Fair value | 0 | ||
Pay fixed and receive variable swap 1 [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swaps held | 51,037 | ||
Amortizing interest rate swap | 48,337 | ||
Strike rate (percent) | 2.15% | ||
Fair value | -1,064 | -1,915 | |
Pay fixed and receive variable swap 2 [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swaps held | 31,960 | ||
Amortizing interest rate swap | 30,276 | ||
Strike rate (percent) | 2.19% | ||
Fair value | -681 | -1,226 | |
Pay fixed and receive variable swap 3 [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swaps held | 11,946 | ||
Amortizing interest rate swap | 11,313 | ||
Strike rate (percent) | 2.14% | ||
Fair value | -248 | -446 | |
Pay fixed and receive variable swap 4 [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swaps held | 10,641 | ||
Amortizing interest rate swap | 10,083 | ||
Strike rate (percent) | 2.24% | ||
Fair value | -233 | -420 | |
Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI/L (Effective Portion) | 1,782 | 1,815 | -207 |
Interest Rate Contract [Member] | Interest Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss Recognized in Earnings (Effective Portion) | -2,195 | -2,297 | -2,267 |
Gain Recognized in Earnings (Ineffective Portion) | $0 | $0 | $0 |
SHAREHOLDERS_EQUITY_AND_PARTNE2
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Oct. 31, 2012 |
unitholder | ||||||
Common Stock [Abstract] | ||||||
Common stock, shares authorized | 350,000,000 | 350,000,000 | ||||
Common stock, par value (in dollars per share) | $0.01 | 0.01 | ||||
Common stock, shares outstanding | 170,260,273 | 170,048,144 | ||||
Stock Repurchased During Period, Value | $4,861 | $3,965 | ||||
Number of holders of common units who received cash for their units | 4 | |||||
Redeemable noncontrolling interest, units exercised for conversion (shares) | 272,952 | 12,690,628 | ||||
Stock Repurchased During Period, Shares | 224,628 | |||||
Stock issued following conversion of convertible securities | 12,466,000 | |||||
Preferred Stock [Abstract] | ||||||
Preferred stock, shares authorized | 15,000,000 | 15,000,000 | ||||
Preferred stock, par value (in dollars per share) | $0.01 | 0.01 | ||||
Common Stock [Member] | ||||||
Common Stock [Abstract] | ||||||
Common stock, shares authorized | 350,000,000 | |||||
Common stock, par value (in dollars per share) | $0.01 | |||||
Common stock, shares outstanding | 170,260,273 | 170,048,144 | ||||
Preferred Stock [Abstract] | ||||||
Public offering, shares issued | 6,530,193 | 1,889,105 | 8,419,298 | |||
Series E Preferred Stock [Member] | ||||||
Preferred Stock [Abstract] | ||||||
Preferred stock, par value (in dollars per share) | $0.01 | 0.01 | ||||
Public offering, shares issued | 6,900,000 | 6,900,000 | ||||
Preferred stock represented by one depository share (in shares) | 0.1 | 0.1 | ||||
Dividend rate (in thousandths) | 6.63% | 6.63% | 6.63% | |||
Preferred stock, liquidation preference per share | $250 | |||||
Depositary shares, liquidation preference (in dollars per share) | $25 | |||||
Dividends in arrears per depositary share (in dollars per share) | $1.66 | |||||
Dividends in arrears per share (in dollars per share) | $16.56 | |||||
7.375% Series D Cumulative Redeemable Preferred Stock [Member] | ||||||
Preferred Stock [Abstract] | ||||||
Preferred stock, par value (in dollars per share) | $0.01 | 0.01 | ||||
Preferred stock represented by one depository share (in shares) | 0.1 | 0.1 | ||||
Dividend rate (in thousandths) | 7.38% | 7.38% | ||||
Preferred stock, liquidation preference per share | $250 | |||||
Depositary shares, liquidation preference (in dollars per share) | $25 | |||||
Dividends in arrears per depositary share (in dollars per share) | $1.84 | |||||
Depositary shares outstanding | 18,150,000 | 18,150,000 | ||||
Dividends in arrears per share (in dollars per share) | $18.44 | |||||
Operating Partnership [Member] | ||||||
Common Stock [Abstract] | ||||||
Common units outstanding | 199,532,908 | 199,593,731 | ||||
Common Units [Member] | Operating Partnership [Member] | ||||||
Common Stock [Abstract] | ||||||
Noncontrolling interest conversion, calculation of trailing average of trading price, term (days) | 5 days |
SHAREHOLDERS_EQUITY_AND_PARTNE3
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Common Stock Sold) (Details) (Common Stock [Member], USD $) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 01, 2013 | |
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock offering, maximum aggregate price | $300,000,000 | |||
Common stock offering, maximum commission fee (percent) | 2.00% | |||
Number of Shares Settled | 6,530,193 | 1,889,105 | 8,419,298 | |
Gross Proceeds | 167,034,000 | 44,459,000 | 211,493,000 | |
Net Proceeds | 165,692,000 | 43,904,000 | 209,596,000 | |
Weighted-average Sales Price | $25.58 | $23.53 | $25.12 | |
Common stock offering, maximum remaining aggregate price | $88,507,000 |
SHAREHOLDERS_EQUITY_AND_PARTNE4
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Allocations of Dividends and Declared and Paid For Income Tax Purposes) (Details) (USD $) | 0 Months Ended | 10 Months Ended | 12 Months Ended | 0 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Oct. 15, 2014 | Jul. 15, 2014 | Apr. 16, 2014 | Nov. 04, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 15, 2015 |
quarterly_dividend_payment | ||||||||
Shareholders Equity [Line Items] | ||||||||
Common stock cash dividends per share (in dollars per share) | $0.25 | $0.25 | $0.25 | |||||
Dividends payable | $45,119 | $41,662 | ||||||
Number of quarterly dividend payments | 3 | |||||||
Common Stock [Member] | ||||||||
Shareholders Equity [Line Items] | ||||||||
Dividends declared (in usd per share) | $1 | $0.98 | $0.83 | |||||
Allocations (percent) | 100.00% | 100.00% | 100.00% | |||||
Series C Preferred Stock [Member] | ||||||||
Shareholders Equity [Line Items] | ||||||||
Dividends declared (in usd per share) | $0 | $0 | $14.53 | |||||
Series D Preferred Stock [Member] | ||||||||
Shareholders Equity [Line Items] | ||||||||
Dividends declared (in usd per share) | $18.44 | $18.44 | $18.44 | |||||
Series E Preferred Stock [Member] | ||||||||
Shareholders Equity [Line Items] | ||||||||
Dividends declared (in usd per share) | $16.56 | $16.56 | $3.91 | |||||
Preferred Stock [Member] | ||||||||
Shareholders Equity [Line Items] | ||||||||
Allocations (percent) | 100.00% | 100.00% | 100.00% | |||||
Ordinary Income [Member] | Common Stock [Member] | ||||||||
Shareholders Equity [Line Items] | ||||||||
Allocations (percent) | 100.00% | 100.00% | 100.00% | |||||
Ordinary Income [Member] | Preferred Stock [Member] | ||||||||
Shareholders Equity [Line Items] | ||||||||
Allocations (percent) | 100.00% | 100.00% | 100.00% | |||||
Capital Gains 25% rate [Member] | Common Stock [Member] | ||||||||
Shareholders Equity [Line Items] | ||||||||
Allocations (percent) | 0.00% | 0.00% | 0.00% | |||||
Capital Gains 25% rate [Member] | Preferred Stock [Member] | ||||||||
Shareholders Equity [Line Items] | ||||||||
Allocations (percent) | 0.00% | 0.00% | 0.00% | |||||
Return of Captial [Member] | Common Stock [Member] | ||||||||
Shareholders Equity [Line Items] | ||||||||
Allocations (percent) | 0.00% | 0.00% | 0.00% | |||||
Subsequent Event [Member] | ||||||||
Shareholders Equity [Line Items] | ||||||||
Common stock cash dividends per share (in dollars per share) | $0.27 |
SHAREHOLDERS_EQUITY_AND_PARTNE5
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Distributions - Operating Partnership) (Details) (CBL & Associates Limited Partnership [Member], USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Nov. 13, 2014 | Oct. 15, 2014 | Jul. 15, 2014 | Apr. 16, 2014 |
Distribution Made to Limited Partner [Line Items] | ||||||||
Cash distributions paid | $9,314 | $8,861 | ||||||
Redeemable Common Units [Member] | ||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||
Distributions declared, amount (in usd per share) | $0.73 | $0.73 | $0.73 | $0.73 | ||||
Common Units [Member] | ||||||||
Distribution Made to Limited Partner [Line Items] | ||||||||
Distributions declared, amount (in usd per share) | $0.27 | $0.25 | $0.25 | $0.25 | ||||
Cash distributions paid | $157,531 | $201,483 | $169,766 |
REDEEMABLE_INTERESTS_AND_NONCO2
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS Operating Partnership (Details) (Operating Partnership [Member], USD $) | 12 Months Ended | 1 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2004 | Nov. 30, 2005 | Jun. 30, 2005 |
quarter | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Units of partnership interest (shares) | 29,272,635,000 | 29,545,587,000 | ||||
Redeemable noncontrolling interest, ownership percentage by noncontrolling owners | 0.80% | 0.80% | ||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 13.90% | 13.90% | ||||
Redeemable noncontrolling interest, allocation from (to) shareholders' equity, adjustment | $2,937 | $4,589 | $3,197 | |||
Noncontrolling interest, allocation from (to) Shareholders' Equity, adjustment | 322 | 29,212 | 163 | |||
CBL's Predecessor [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Units of partnership interest (shares) | 18,172,690,000 | 18,172,690,000 | ||||
Third Parties [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Units of partnership interest (shares) | 11,099,945,000 | 11,372,897,000 | ||||
The Company [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Redeemable noncontrolling interests | 31,104 | 28,756 | ||||
Partners' capital attributable to noncontrolling interest | 134,468 | 135,843 | ||||
S-SCUs [Member] | ||||||
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 | |||||
L-SCUs [Member] | ||||||
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 (years) | 4 | |||||
Common Units [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Units of partnership interest (shares) | 622,278 | |||||
Partnership units, value | $14,000 | |||||
Business acquisition, ownership percentage acquired | 30.00% | |||||
K-SCUs [Member] | ||||||
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 (years) | 4 | |||||
First Five Years [Member] | S-SCUs [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Limited partnership agreement, annual distribution term, amount per unit (in usd per unit) | $2.54 | |||||
Limited partnership agreement, annual distribution term (years) | 5 years | |||||
After Five Years [Member] | S-SCUs [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Limited partnership agreement, annual distribution term, amount per unit (in usd per unit) | $2.93 | |||||
Earlier of June 1, 2020 Or When Distribution Exceeds Minimum [Member] | L-SCUs [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Limited partnership agreement, annual distribution term, amount per unit (in usd per unit) | 3.0288 | |||||
Limited partnership agreement, quarterly distribution term, amount per unit (in usd per unit) | 0.7572 | |||||
First Year [Member] | K-SCUs [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Partnership unit, dividend rate (percentage) | 6.00% | |||||
Partnership unit, dividends (in dollars per unit) | $2.85 | |||||
After First Year [Member] | K-SCUs [Member] | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Partnership unit, dividend rate (percentage) | 6.25% | |||||
Partnership unit, dividends (in dollars per unit) | $2.97 | |||||
Limited partnership agreement, redemption right, conversion rate to common stock, per share (shares) | 1 |
REDEEMABLE_INTERESTS_AND_NONCO3
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS Other Consolidated Subsidiaries and Variable Interest Entities (Details) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Aug. 31, 2013 | Jan. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2012 | Apr. 30, 2012 |
subsidiary | subsidiary | ||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Number of other consolidated subsidiaries | 24 | 21 | 4 | ||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, ownership percentage | 35.00% | ||||||
Other Consolidated Subsidiaries [Member] | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Redeemable noncontrolling interests | $5,883 | 6,455 | |||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Noncontrolling interests in other consolidated subsidiaries | 19,179 | 8,908 | |||||
Parent Company [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, ownership percentage | 65.00% | 65.00% | |||||
Contain Redemption Provisions [Member] | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Number of other consolidated subsidiaries | 4 | ||||||
Triangle Town Member LLC [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, total assets | 111,865 | 104,397 | |||||
Triangle Town Member LLC [Member] | Mortgage Note Payable [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, debt | 179,336 | 175,148 | |||||
JG Gulf Coast Town Center LLC [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, total assets | 156,591 | 149,008 | |||||
JG Gulf Coast Town Center LLC [Member] | Notes Payable [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, debt | 197,058 | 196,494 | |||||
West Melbourne I LLC [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, total assets | 84,423 | 97,274 | |||||
West Melbourne I LLC [Member] | Notes Payable [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, debt | 45,541 | 53,822 | |||||
The Promenade D'iberville, LLC [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, ownership percentage | 85.00% | ||||||
Joint venture, total assets | 103,407 | 92,893 | |||||
The Promenade D'iberville, LLC [Member] | Mortgage Note Payable [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, debt | 58,000 | 47,514 | |||||
Louisville Outlet Shoppes [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, ownership percentage | 65.00% | ||||||
Joint venture, total assets | 28,112 | 76,113 | |||||
Louisville Outlet Shoppes [Member] | Mortgage Note Payable [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, debt | 77,398 | ||||||
Louisville Outlet Shoppes [Member] | Construction Loan [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, debt | 2,983 | 2,983 | |||||
Kirkwood Mall Mezz, LLC [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Business acquisition, ownership percentage acquired | 49.00% | ||||||
Joint venture partner interest, ownership percentage | 51.00% | 51.00% | |||||
Kirkwood Mall Mezz, LLC [Member] | Non-Recourse Debt [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, debt | 40,368 | ||||||
Gettysburg Outlet Holding, LLC [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, total assets | 41,582 | 38,988 | |||||
Gettysburg Outlet Holding, LLC [Member] | Mortgage Note Payable [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, debt | 39,437 | 38,659 | |||||
El Paso Outlet Center Holding, LLC [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, total assets | 114,579 | 113,166 | |||||
El Paso Outlet Center Holding, LLC [Member] | Mortgage Note Payable [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, debt | 65,465 | 64,497 | |||||
PJV Units [Member] | Other Consolidated Subsidiaries [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Redeemable noncontrolling preferred joint venture interest, beginning balance | 423,834 | ||||||
Net income attributable to redeemable noncontrolling preferred joint venture interest | 14,637 | ||||||
Distributions to redeemable noncontrolling preferred joint venture interest | -19,894 | ||||||
Reduction to preferred liquidation value of PJV units | -10,000 | ||||||
Redemption of noncontrolling preferred joint venture interest | -408,577 | ||||||
Redeemable noncontrolling preferred joint venture interest, ending balance | $0 | ||||||
Outlet Shoppes at Gettysburg [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, ownership percentage | 50.00% | ||||||
Outlet Shoppes at El Paso [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Business acquisition, ownership percentage acquired | 75.00% | ||||||
Outlet Shoppes at El Paso [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Business acquisition, ownership percentage acquired | 75.00% | ||||||
Outlet Shoppes at El Paso [Member] | Outlet Shoppes at El Paso [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, ownership percentage | 75.00% | ||||||
JG Gulf Coast Town Center LLC [Member] | Parent Company [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, ownership percentage | 50.00% | ||||||
Triangle Town Member LLC [Member] | Parent Company [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, ownership percentage | 50.00% | ||||||
West Melbourne I LLC [Member] | Parent Company [Member] | |||||||
Increase (Decrease) in Redeemable Noncontrolling Interest [Roll Forward] | |||||||
Joint venture, ownership percentage | 50.00% |
MINIMUM_RENTS_Details
MINIMUM RENTS (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2015 | $620,874 |
2016 | 541,639 |
2017 | 469,261 |
2018 | 387,445 |
2019 | 322,236 |
Thereafter | 1,133,974 |
Total | $3,475,429 |
MORTGAGE_AND_OTHER_NOTES_RECEI2
MORTGAGE AND OTHER NOTES RECEIVABLE (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2013 |
Mortgage and Other Notes Receivable [Line Items] | |||||||
Percentage of assignment of the partnership interest | 100.00% | ||||||
Mortgage and other notes receivable balance, fully collectible | $19,811 | $30,424 | $19,811 | ||||
Notes receivable from sale of land | 360 | 7,430 | 0 | ||||
Joint venture, ownership percentage | 35.00% | 35.00% | |||||
Coastal Grand - MyrtleBeach [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Interest rate (percent) | 7.75% | 7.75% | |||||
Columbia Place Outparcel [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Interest rate (percent) | 5.00% | 0.00% | |||||
Net proceeds from sale of real estate | 400 | ||||||
One Park Place [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Interest rate (percent) | 5.00% | 5.00% | |||||
Village Square, Houghton Lake and Cadillac [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Interest rate (percent) | 3.50% | 4.50% | 3.50% | ||||
Outlet Shoppes at Atlanta LLC [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Interest rate (percent) | 7.00% | 7.00% | |||||
Lees Summit Land [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Interest rate (percent) | 5.00% | 5.00% | |||||
Woodstock GA Investments LLC [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Interest rate (percent) | 10.00% | 10.00% | |||||
Mortgage Receivable [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Mortgage and other notes receivable balance, fully collectible | 9,323 | 19,120 | 9,323 | ||||
Mortgage Receivable [Member] | Coastal Grand - MyrtleBeach [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Mortgage and other notes receivable balance, fully collectible | 0 | 9,000 | 0 | ||||
Mortgage Receivable [Member] | Columbia Place Outparcel [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Mortgage and other notes receivable balance, fully collectible | 360 | 0 | 360 | ||||
Mortgage Receivable [Member] | One Park Place [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Mortgage and other notes receivable balance, fully collectible | 1,566 | 1,738 | 1,566 | ||||
Mortgage Receivable [Member] | Village Square, Houghton Lake and Cadillac [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Mortgage and other notes receivable balance, fully collectible | 1,711 | 2,600 | 1,711 | ||||
Mortgage Receivable [Member] | Other Entities [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Mortgage and other notes receivable balance, fully collectible | 5,686 | 5,782 | 5,686 | ||||
Notes Receivable [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Mortgage and other notes receivable balance, fully collectible | 10,488 | 11,304 | 10,488 | ||||
Notes Receivable [Member] | Columbia Place Outparcel [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Notes receivable from sale of land | 360 | ||||||
Notes Receivable [Member] | Outlet Shoppes at Atlanta LLC [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Mortgage and other notes receivable balance, fully collectible | 0 | 816 | 0 | 2,700 | |||
Notes Receivable [Member] | Lees Summit Land [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Mortgage and other notes receivable balance, fully collectible | 7,429 | 7,429 | 7,429 | ||||
Notes receivable from sale of land | 7,430 | ||||||
Notes Receivable [Member] | Woodstock GA Investments LLC [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Mortgage and other notes receivable balance, fully collectible | 3,059 | 3,059 | 3,059 | 6,581 | |||
Joint venture, ownership percentage | 75.00% | ||||||
Amount received in period | $3,525 | ||||||
Minimum [Member] | Other Entities [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Interest rate (percent) | 2.67% | 2.67% | |||||
Maximum [Member] | Other Entities [Member] | |||||||
Mortgage and Other Notes Receivable [Line Items] | |||||||
Interest rate (percent) | 9.50% | 9.50% |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $283,849 | $258,714 | $256,933 | $261,243 | $282,009 | $257,550 | $255,584 | $258,482 | $1,060,739 | $1,053,625 | $1,002,843 |
Property operating expenses | -293,897 | -296,207 | -276,754 | ||||||||
Interest expense | -239,824 | -231,856 | -242,357 | ||||||||
Other expense | -32,297 | -28,826 | -25,078 | ||||||||
Gain on sales of real estate assets | 5,342 | 1,980 | 2,286 | ||||||||
Segment profit | 500,063 | 498,716 | 460,940 | ||||||||
Depreciation and amortization expense | -291,273 | -278,911 | -255,460 | ||||||||
General and administrative expense | -50,271 | -48,867 | -51,251 | ||||||||
Interest and other income | 14,121 | 10,825 | 3,953 | ||||||||
Gain (loss) on extinguishment of debt | -9,108 | 87,893 | -9,108 | 265 | |||||||
Loss on impairment | -17,858 | -70,049 | -24,379 | ||||||||
Gain on investment | 2,400 | 45,072 | |||||||||
Equity in earnings of unconsolidated affiliates | 14,803 | 11,616 | 8,313 | ||||||||
Income tax provision | -4,499 | -1,305 | -1,404 | ||||||||
Income from continuing operations | 87,406 | 57,204 | 44,077 | 64,292 | 8,983 | 52,234 | 16,255 | 37,845 | 252,979 | 115,317 | 186,049 |
Total assets | 6,616,299 | 6,785,971 | 6,616,299 | 6,785,971 | 7,089,736 | ||||||
Capital expenditures | 317,795 | 348,783 | 705,023 | ||||||||
Malls [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 933,736 | 930,081 | 901,249 | ||||||||
Property operating expenses | -282,796 | -300,172 | -286,919 | ||||||||
Interest expense | -198,758 | -206,779 | -214,216 | ||||||||
Other expense | -20 | 0 | -12 | ||||||||
Gain on sales of real estate assets | 3,537 | 295 | 1,188 | ||||||||
Segment profit | 455,699 | 423,425 | 401,290 | ||||||||
Total assets | 5,662,967 | 5,917,437 | 5,662,967 | 5,917,437 | 6,213,801 | ||||||
Capital expenditures | 198,205 | 203,210 | 608,190 | ||||||||
Associated Centers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 41,527 | 41,726 | 40,212 | ||||||||
Property operating expenses | -9,500 | -10,298 | -9,933 | ||||||||
Interest expense | -7,959 | -8,148 | -8,449 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Gain on sales of real estate assets | 937 | 0 | 202 | ||||||||
Segment profit | 25,005 | 23,280 | 22,032 | ||||||||
Total assets | 274,116 | 274,234 | 274,116 | 274,234 | 302,225 | ||||||
Capital expenditures | 17,157 | 10,718 | 6,630 | ||||||||
Community Centers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 18,600 | 17,937 | 13,361 | ||||||||
Property operating expenses | -5,260 | -3,568 | -3,219 | ||||||||
Interest expense | -2,510 | -2,397 | -2,517 | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Gain on sales of real estate assets | 107 | 452 | 608 | ||||||||
Segment profit | 10,937 | 12,424 | 8,233 | ||||||||
Total assets | 282,078 | 222,576 | 282,078 | 222,576 | 203,261 | ||||||
Capital expenditures | 3,160 | 8,052 | 13,884 | ||||||||
All Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 66,876 | 63,881 | 48,021 | ||||||||
Property operating expenses | 3,659 | 17,831 | 23,317 | ||||||||
Interest expense | -30,597 | -14,532 | -17,175 | ||||||||
Other expense | -32,277 | -28,826 | -25,066 | ||||||||
Gain on sales of real estate assets | 761 | 1,233 | 288 | ||||||||
Segment profit | 8,422 | 39,587 | 29,385 | ||||||||
Total assets | 397,138 | 371,724 | 397,138 | 371,724 | 370,449 | ||||||
Capital expenditures | $99,273 | $126,803 | $76,319 |
SUPPLEMENTAL_AND_NONCASH_INFOR2
SUPPLEMENTAL AND NONCASH INFORMATION (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Significant Noncash Transactions [Line Items] | |||
Cash paid for interest, net of amounts capitalized | $238,531 | $223,793 | $233,220 |
Accrued dividends and distributions payable | 54,433 | 50,523 | 43,689 |
Additions to real estate assets accrued but not yet paid | 25,332 | 20,625 | 22,468 |
Reduction to preferred liquidation value of PJV units | 0 | 10,000 | 0 |
Trade-in allowance - aircraft | 0 | 2,800 | 0 |
Notes receivable from sale of land | 360 | 7,430 | 0 |
Issuance of noncontrolling interests in Operating Partnership | 0 | 0 | 14,000 |
Conversion of Operating Partnership units to common stock | 0 | 0 | 59,738 |
Addition to real estate assets from conversion of note receivable | 0 | 0 | 4,522 |
Assumption of mortgage notes payable in acquisitions | 0 | 0 | 220,634 |
Weighted Average Interest Rate (percent) | 4.93% | 4.88% | |
Partnership Interest [Member] | Consolidation of Joint Venture [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Increase in real estate assets | 0 | 0 | 111,407 |
Assumption of mortgage notes payable in acquisitions | 0 | 0 | 54,169 |
Decrease in investment in unconsolidated affiliates | 0 | 0 | -15,643 |
Increase in intangible lease and other assets | 0 | 0 | 18,426 |
Columbia Place Chapel Hill and Citadel [Member] | Transfer of Real Estate Assets in Settlement of Mortgage Debt Obligations [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Increase in real estate assets | -79,398 | 0 | 0 |
Decrease in mortgage and other indebtedness | 163,998 | 0 | 0 |
Decrease in operating assets and liabilities | 4,799 | 0 | 0 |
Lakeshore Mall [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Note receivable from sale of Lakeshore Mall | 10,000 | 0 | 0 |
4.60% Senior Notes Due 2024 [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Discount on issuance of 5.250% Senior Notes due 2023 | 75 | 0 | 0 |
5.250% Senior Notes Due 2023 [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Discount on issuance of 5.250% Senior Notes due 2023 | $0 | ($4,626) | $0 |
Senior Unsecured Notes [Member] | 4.60% Senior Notes Due 2024 [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Weighted Average Interest Rate (percent) | 4.60% | ||
Senior Unsecured Notes [Member] | 5.250% Senior Notes Due 2023 [Member] | |||
Other Significant Noncash Transactions [Line Items] | |||
Weighted Average Interest Rate (percent) | 5.25% |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Predecessor and Certain Officers [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts paid in transaction | $31,398 | $27,106 | $49,153 |
Accounts payable to related party | 3,139 | 2,345 | |
Electrical And Mechanical Supplier Subcontractor [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts paid in transaction | 15 | ||
Unconsolidated Afflilate and Other Affliliated Partnerships [Member] | |||
Related Party Transaction [Line Items] | |||
Revenues recognized, from related party transactions | $9,444 | $7,886 | $7,531 |
CONTINGENCIES_Details
CONTINGENCIES (Details) (USD $) | 12 Months Ended | 1 Months Ended | 8 Months Ended | 3 Months Ended | 7 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Aug. 31, 2013 | Sep. 30, 2014 | Jul. 31, 2014 | Aug. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2007 | Jan. 31, 2013 | |
lawsuit | mall | |||||||||||||||
Guarantor Obligations [Line Items] | ||||||||||||||||
Maximum amount of future costs covered under agreement | $6,600,000 | |||||||||||||||
Number of pending lawsuits | 3 | |||||||||||||||
Environmental liability insurance, maximum coverage per incident | 10,000,000 | |||||||||||||||
Environmental liability insurance, aggregate coverage limit | 50,000,000 | |||||||||||||||
Reduction to preferred liquidation value of PJV units | 0 | 10,000,000 | 0 | |||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Joint venture, ownership percentage | 35.00% | 35.00% | 35.00% | |||||||||||||
Guarantees, Fair Value Disclosure | 1,397,000 | 747,000 | 1,397,000 | 1,397,000 | 747,000 | |||||||||||
Debt Coverage Service Ratio for Construction Loan | 130.00% | |||||||||||||||
Proceeds from sale of land | 15,499,000 | |||||||||||||||
Performance Bonds [Abstract] | ||||||||||||||||
Malpractice Loss Contingency, Letters of Credit and Surety Bonds | 20,720,000 | 23,513,000 | 20,720,000 | 20,720,000 | 23,513,000 | |||||||||||
Initial term of lease (years) | 20 years | |||||||||||||||
Lease expense | 1,290,000 | 1,371,000 | 1,169,000 | |||||||||||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||||||||||||
2015 | 859,000 | 859,000 | 859,000 | |||||||||||||
2016 | 877,000 | 877,000 | 877,000 | |||||||||||||
2017 | 885,000 | 885,000 | 885,000 | |||||||||||||
2018 | 894,000 | 894,000 | 894,000 | |||||||||||||
2019 | 903,000 | 903,000 | 903,000 | |||||||||||||
Thereafter | 27,810,000 | 27,810,000 | 27,810,000 | |||||||||||||
Total lease payments due | 32,228,000 | 32,228,000 | 32,228,000 | |||||||||||||
Minimum [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Number of one-year extension options available | 1 | 1 | 1 | |||||||||||||
Performance Bonds [Abstract] | ||||||||||||||||
Term of renewal option (years) | 5 years | |||||||||||||||
Maximum [Member] | ||||||||||||||||
Performance Bonds [Abstract] | ||||||||||||||||
Term of renewal option (years) | 10 years | |||||||||||||||
CW Joint Venture [Member] | ||||||||||||||||
Guarantor Obligations [Line Items] | ||||||||||||||||
Number of malls owned by subsidiary | 4 | |||||||||||||||
Payments for repurchase of redeemable noncontrolling interest | 412,986,000 | |||||||||||||||
Reduction to preferred liquidation value of PJV units | 10,000,000 | |||||||||||||||
Excess added to aggregate preferred liquidation value on PJV units, maximum | 418,577,000 | 418,577,000 | 418,577,000 | |||||||||||||
Annual preferred distribution (percent) | 5.00% | |||||||||||||||
Annual preferred distribution rate on PJV units increase (percent) | 9.00% | |||||||||||||||
West Melbourne I LLC - Phase I [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Joint venture, ownership percentage | 50.00% | 50.00% | 50.00% | |||||||||||||
Total amount outstanding on the loans | 40,243,000 | 40,243,000 | 40,243,000 | |||||||||||||
Guaranteed percentage of the third party's construction loan and bond line of credit (the loans) (in hundredths) | 25.00% | |||||||||||||||
Maximum guarantee obligation after loans partially paid down | 10,061,000 | |||||||||||||||
Guarantees, Fair Value Disclosure | 101,000 | 65,000 | 101,000 | 101,000 | 65,000 | |||||||||||
West Melbourne I LLC - Phase II [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Joint venture, ownership percentage | 50.00% | 50.00% | 50.00% | |||||||||||||
Total amount outstanding on the loans | 13,579,000 | 13,579,000 | 13,579,000 | |||||||||||||
Maximum guarantee obligation after loans partially paid down | 8,700,000 | |||||||||||||||
Guarantees, Fair Value Disclosure | 87,000 | 65,000 | 87,000 | 87,000 | 65,000 | |||||||||||
Guarantors Percentage Obligation for Land Loan | 25.00% | 100.00% | ||||||||||||||
Port Orange I LLC [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Joint venture, ownership percentage | 50.00% | 50.00% | 50.00% | |||||||||||||
Total amount outstanding on the loans | 60,814,000 | 60,814,000 | 60,814,000 | |||||||||||||
Guaranteed percentage of the third party's construction loan and bond line of credit (the loans) (in hundredths) | 25.00% | |||||||||||||||
Maximum guarantee obligation after loans partially paid down | 15,204,000 | |||||||||||||||
Guarantees, Fair Value Disclosure | 153,000 | 157,000 | 153,000 | 153,000 | 157,000 | |||||||||||
Gulf Coast Town Center Phase III [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Joint venture, ownership percentage | 50.00% | 50.00% | 50.00% | |||||||||||||
Total amount outstanding on the loans | 5,694,000 | 5,694,000 | 5,694,000 | |||||||||||||
Guaranteed percentage of the third party's construction loan and bond line of credit (the loans) (in hundredths) | 100.00% | |||||||||||||||
Maximum guarantee obligation after loans partially paid down | 5,694,000 | |||||||||||||||
Guarantees, Fair Value Disclosure | 0 | 0 | 0 | 0 | 0 | |||||||||||
Fremaux Town Center - Phase I [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Joint venture, ownership percentage | 65.00% | 65.00% | 65.00% | |||||||||||||
Total amount outstanding on the loans | 41,648,000 | 41,648,000 | 41,648,000 | |||||||||||||
Guaranteed percentage of the third party's construction loan and bond line of credit (the loans) (in hundredths) | 50.00% | 100.00% | 50.00% | |||||||||||||
Maximum guarantee obligation after loans partially paid down | 21,789,000 | |||||||||||||||
Guarantees, Fair Value Disclosure | 236,000 | 460,000 | 236,000 | 236,000 | 460,000 | |||||||||||
Loan guaranty, fee income (percent) | 1.00% | |||||||||||||||
Fremaux Town Center Phase II [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Joint venture, ownership percentage | 65.00% | 65.00% | 65.00% | |||||||||||||
Total amount outstanding on the loans | 4,041,000 | 4,041,000 | 4,041,000 | |||||||||||||
Guaranteed percentage of the third party's construction loan and bond line of credit (the loans) (in hundredths) | 50.00% | |||||||||||||||
Maximum guarantee obligation after loans partially paid down | 16,050,000 | |||||||||||||||
Guarantees, Fair Value Disclosure | 161,000 | 0 | 161,000 | 161,000 | 0 | |||||||||||
Loan guaranty, fee income (percent) | 1.00% | |||||||||||||||
Debt Coverage Service Ratio for Construction Loan | 130.00% | |||||||||||||||
Guarantors Percentage Obligation for Construction Loan, Expected | 50.00% | |||||||||||||||
Ambassador Town Center JV, LLC [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Joint venture, ownership percentage | 65.00% | 65.00% | 65.00% | |||||||||||||
Total amount outstanding on the loans | 715,000 | 715,000 | 715,000 | |||||||||||||
Guaranteed percentage of the third party's construction loan and bond line of credit (the loans) (in hundredths) | 100.00% | |||||||||||||||
Maximum guarantee obligation after loans partially paid down | 48,200,000 | |||||||||||||||
Guarantees, Fair Value Disclosure | 482,000 | 0 | 482,000 | 482,000 | 0 | |||||||||||
Loan guaranty, fee income (percent) | 1.00% | |||||||||||||||
West Melbourne I, II and Port Orange I [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Number of one-year extension options available | 2 | 2 | 2 | |||||||||||||
Extension option, term (years) | 1 year | |||||||||||||||
West Melbourne I, upon payment of contractual rent [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Guaranteed percentage of the third party's construction loan and bond line of credit (the loans) (in hundredths) | 25.00% | |||||||||||||||
Fremaux Town Center Phase I, upon full payment of rent [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Guaranteed percentage of the third party's construction loan and bond line of credit (the loans) (in hundredths) | 25.00% | |||||||||||||||
Fremaux Town Center Phase I, after one year of completion [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Guaranteed percentage of the third party's construction loan and bond line of credit (the loans) (in hundredths) | 15.00% | |||||||||||||||
Fremaux Town Center JV, LLC [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Number of one-year extension options available | 2 | 2 | 2 | |||||||||||||
Extension option, term (years) | 1 year | |||||||||||||||
Fremaux Town Center Phase II, upon completion [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Guaranteed percentage of the third party's construction loan and bond line of credit (the loans) (in hundredths) | 25.00% | |||||||||||||||
Fremaux Town Center Phase II, after one year of completion [Member] [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Guaranteed percentage of the third party's construction loan and bond line of credit (the loans) (in hundredths) | 15.00% | |||||||||||||||
Ambassador Town Center, upon completion [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Guarantors Percentage Obligation for Construction Loan, Expected | 50.00% | |||||||||||||||
Ambassador Town Center, upon completion and attainment of certain debt service and operational metrics [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Guarantors Percentage Obligation for Construction Loan, Expected | 15.00% | |||||||||||||||
Ambassador Town Center JV, LLC and Ambassador Infrastructure, LLC [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Number of one-year extension options available | 2 | 2 | 2 | |||||||||||||
Extension option, term (years) | 1 year | |||||||||||||||
Ambassador Infrastructure, following any calendar year in which PILOT payments received are $1,200 or more [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Guaranteed percentage of the third party's construction loan and bond line of credit (the loans) (in hundredths) | 50.00% | |||||||||||||||
PILOT Payment threshold for change in guarantor percentage | 1,200,000 | |||||||||||||||
Ambassador Infrastructure, following any calendar year in which PILOT payments received are $1,400 or more [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Guaranteed percentage of the third party's construction loan and bond line of credit (the loans) (in hundredths) | 20.00% | |||||||||||||||
PILOT Payment threshold for change in guarantor percentage | 1,400,000 | |||||||||||||||
York Town Center LP [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | 50.00% | 50.00% | |||||||||||||
Initial maximum guaranteed amount of third party's construction loan | 22,000,000 | 22,000,000 | 22,000,000 | |||||||||||||
Annual reductions to the guarantor's obligations | 800,000 | 800,000 | 800,000 | |||||||||||||
Guaranteed minimum exposure amount | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||||||
Guaranteed amount of the outstanding loan | 15,600,000 | 15,600,000 | 15,600,000 | |||||||||||||
Percentage of guaranty obligation agreed to be reimbursed by joint venture partner (in hundredths) | 50.00% | 50.00% | 50.00% | |||||||||||||
Lee Summit [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Guaranteed percentage of the third party's construction loan and bond line of credit (the loans) (in hundredths) | 27.00% | |||||||||||||||
Land disposed, sale price | 22,430,000 | |||||||||||||||
Proceeds from sale of land | 15,000,000 | |||||||||||||||
Decrease in investment in unconsolidated affiliates | 7,430,000 | |||||||||||||||
Estimated fair value of guaranty | 192,000 | 192,000 | ||||||||||||||
Ambassador Infrastructure, LLC [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Joint venture, ownership percentage | 65.00% | 65.00% | 65.00% | |||||||||||||
Total amount outstanding on the loans | 725,000 | 725,000 | 725,000 | |||||||||||||
Guaranteed percentage of the third party's construction loan and bond line of credit (the loans) (in hundredths) | 100.00% | |||||||||||||||
Maximum guarantee obligation after loans partially paid down | 11,700,000 | |||||||||||||||
Guarantees, Fair Value Disclosure | 177,000 | 0 | 177,000 | 177,000 | 0 | |||||||||||
Loan guaranty, fee income (percent) | 1.00% | |||||||||||||||
Shopping Center, D'Iberville, Mississippi [Member] | The Promenade D'iberville, LLC [Member] | ||||||||||||||||
Guarantor Obligations [Line Items] | ||||||||||||||||
Retainage allegedly owed under the construction contract | 327,000 | |||||||||||||||
Proceeds from legal settlements | 5,970,000 | 800,000 | 8,240,000 | |||||||||||||
PJV Units [Member] | CW Joint Venture [Member] | ||||||||||||||||
Guarantor Obligations [Line Items] | ||||||||||||||||
Payments for repurchase of redeemable noncontrolling interest | 408,577,000 | |||||||||||||||
Accrued and Unpaid Preferred Returns [Member] | CW Joint Venture [Member] | ||||||||||||||||
Guarantor Obligations [Line Items] | ||||||||||||||||
Payments for repurchase of redeemable noncontrolling interest | 4,409,000 | |||||||||||||||
Fremaux Town Center JV, LLC [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Joint venture, ownership percentage | 35.00% | |||||||||||||||
Ambassador Town Center JV, LLC [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Joint venture, ownership percentage | 35.00% | 35.00% | 35.00% | |||||||||||||
Extension option, term (years) | 1 year | |||||||||||||||
Fremaux Town Center - Phase I [Member] | ||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||
Number of one-year extension options available | 2 | 2 | ||||||||||||||
Extension option, term (years) | 1 year | 1 year | ||||||||||||||
Loans Payable | $47,291,000 |
FAIR_VALUE_MEASUREMENTS_Recurr
FAIR VALUE MEASUREMENTS - Recurring Basis (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | |||
Available-for-sale securities | $20,512 | $13,973 | |
Interest rate cap | 0 | ||
Liabilities: | |||
Interest rate swaps | 2,226 | 4,007 | |
Net realized gains and losses on sale of available-for-sale securities | 0 | 0 | 224 |
Fair value of mortgage and other indebtedness | 4,947,026 | 5,126,300 | |
Mortgage and other indebtedness | 4,700,460 | 4,857,523 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets: | |||
Available-for-sale securities | 20,512 | 13,973 | |
Interest rate cap | 0 | ||
Liabilities: | |||
Interest rate swaps | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Assets: | |||
Available-for-sale securities | 0 | 0 | |
Interest rate cap | 0 | ||
Liabilities: | |||
Interest rate swaps | 2,226 | 4,007 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Assets: | |||
Available-for-sale securities | 0 | 0 | |
Interest rate cap | 0 | ||
Liabilities: | |||
Interest rate swaps | $0 | $0 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Liabilities: | |||
Number of instruments held | 4 | 4 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Cap [Member] | |||
Liabilities: | |||
Number of instruments held | 1 |
FAIR_VALUE_MEASUREMENTS_Nonrec
FAIR VALUE MEASUREMENTS - Nonrecurring Basis (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value assumptions, expected holding period (years) | 10 years | ||
Fair value assumptions, estimated cost of sale (percent) | 1.00% | ||
Fair value of long-lived assets | $69,103 | $31,900 | |
Loss on impairment | 17,858 | 70,049 | 24,379 |
Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, cap rate (percent) | 10.00% | ||
Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value inputs, cap rate (percent) | 12.00% | ||
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of long-lived assets | 69,103 | 31,900 | |
Lakeshore Mall Pemberton Plaza and Chapel Hill [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss on impairment | 17,753 | ||
Madison Square and Citadel Mall [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss on impairment | $67,665 |
FAIR_VALUE_MEASUREMENTS_LongLi
FAIR VALUE MEASUREMENTS - Long-Lived Assets Measure at Fair Value (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Apr. 30, 2014 |
property | property | ||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Number of properties disposed of | 3 | ||||||||||||
Loss on impairment | $17,858 | $70,049 | $24,379 | ||||||||||
Fair value of long-lived assets | 69,103 | 31,900 | 31,900 | ||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||
Long-lived assets, beginning carrying value | 87,788 | 87,788 | |||||||||||
Capital expenditures | 43 | ||||||||||||
Disposals | -158 | ||||||||||||
Depreciation expense | -291,273 | -278,911 | -255,460 | ||||||||||
Net sales proceeds | -15,499 | ||||||||||||
Other | -1,961 | ||||||||||||
Non-recourse debt | -68,563 | ||||||||||||
Loss on impairment of real estate | -17,753 | ||||||||||||
Gain on extinguishment of debt | -9,108 | 87,893 | -9,108 | 265 | |||||||||
Long-lived assets, ending carrying value | 0 | 87,788 | 87,788 | ||||||||||
Number of properties written down | 134 | 2 | 2 | ||||||||||
Joint venture, ownership percentage | 35.00% | ||||||||||||
Fair Value, Inputs, Level 3 [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Fair value of long-lived assets | 69,103 | 31,900 | 31,900 | ||||||||||
Chapel Hill Mall [Member] | |||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||
Long-lived assets, beginning carrying value | 66,120 | 66,120 | |||||||||||
Capital expenditures | 0 | ||||||||||||
Disposals | -33 | ||||||||||||
Depreciation expense | -1,809 | ||||||||||||
Net sales proceeds | 0 | ||||||||||||
Other | -1,961 | ||||||||||||
Non-recourse debt | -68,563 | ||||||||||||
Loss on impairment of real estate | -12,050 | ||||||||||||
Gain on extinguishment of debt | 18,296 | ||||||||||||
Long-lived assets, ending carrying value | 0 | ||||||||||||
Concentration risk, percent of total revenue | 0.40% | ||||||||||||
Lakeshore Mall [Member] | |||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||
Long-lived assets, beginning carrying value | 19,127 | 19,127 | |||||||||||
Capital expenditures | 12 | ||||||||||||
Disposals | 0 | ||||||||||||
Depreciation expense | -320 | ||||||||||||
Net sales proceeds | -13,613 | ||||||||||||
Other | 0 | ||||||||||||
Non-recourse debt | 0 | ||||||||||||
Loss on impairment of real estate | -5,206 | ||||||||||||
Gain on extinguishment of debt | 0 | ||||||||||||
Long-lived assets, ending carrying value | 0 | ||||||||||||
Concentration risk, percent of total revenue | 0.20% | ||||||||||||
Pemberton Plaza [Member] | |||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||
Long-lived assets, beginning carrying value | 2,541 | 2,541 | |||||||||||
Capital expenditures | 31 | ||||||||||||
Disposals | -125 | ||||||||||||
Depreciation expense | -64 | ||||||||||||
Net sales proceeds | -1,886 | ||||||||||||
Other | 0 | ||||||||||||
Non-recourse debt | 0 | ||||||||||||
Loss on impairment of real estate | -497 | ||||||||||||
Gain on extinguishment of debt | 0 | ||||||||||||
Long-lived assets, ending carrying value | 0 | ||||||||||||
Concentration risk, percent of total revenue | 0.00% | ||||||||||||
Madison Square [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Loss on impairment | 47,212 | ||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||
Long-lived assets, beginning carrying value | 57,231 | ||||||||||||
Capital expenditures | 5 | ||||||||||||
Depreciation expense | -2,024 | ||||||||||||
Loss on impairment of real estate | -47,212 | ||||||||||||
Long-lived assets, ending carrying value | 8,000 | 8,000 | |||||||||||
Concentration risk, percent of total revenue | 0.70% | ||||||||||||
Real estate investment property, net | 8,000 | 8,000 | 55,212 | ||||||||||
Citadel Mall [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Loss on impairment | 20,453 | ||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||
Long-lived assets, beginning carrying value | 45,178 | ||||||||||||
Capital expenditures | 262 | ||||||||||||
Depreciation expense | -1,380 | ||||||||||||
Loss on impairment of real estate | -20,453 | ||||||||||||
Long-lived assets, ending carrying value | 23,607 | 23,607 | |||||||||||
Concentration risk, percent of total revenue | 0.60% | ||||||||||||
Real estate investment property, net | 23,900 | 44,353 | |||||||||||
Madison Square and Citadel Mall [Member] | |||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||
Long-lived assets, beginning carrying value | 102,409 | ||||||||||||
Capital expenditures | 267 | ||||||||||||
Depreciation expense | -3,404 | ||||||||||||
Loss on impairment of real estate | -67,665 | ||||||||||||
Long-lived assets, ending carrying value | 31,607 | 31,607 | |||||||||||
Outparcel Sale [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Number of properties disposed of | 3 | ||||||||||||
Loss on impairment | 1,064 | ||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||
Number of properties written down | 2 | 2 | |||||||||||
Real estate investment property, net | 2,250 | 2,250 | |||||||||||
Net proceeds from sale of real estate | 1,186 | ||||||||||||
Imperial Valley Commons, L.P. [Member] | |||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||
Loss on impairment of real estate | -20,315 | ||||||||||||
Long-lived assets fair value disclosure | 5,330 | 25,645 | 5,330 | ||||||||||
Courtyard at Hickory Hollow [Member] | |||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||
Loss on impairment of real estate | -3,000 | ||||||||||||
Courtyard at Hickory Hollow [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||
Loss on impairment of real estate | -5,843 | -2,843 | |||||||||||
Air Transportation Equipment [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Loss on impairment | 1,799 | 105 | |||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||
Real estate investment property, net | 6,091 | 281 | 6,091 | 281 | |||||||||
Net proceeds from sale of real estate | 4,292 | 176 | |||||||||||
Non-cash impairment of long-lived asset | 585 | ||||||||||||
Imperial Valley Mall [Member] | |||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||
Business combination, ownership percentage | 40.00% | 40.00% | |||||||||||
Joint venture, ownership percentage | 60.00% | 60.00% | |||||||||||
Lakeshore Mall Pemberton Plaza and Chapel Hill [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Loss on impairment | 17,753 | ||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||
Depreciation expense | -2,193 | ||||||||||||
Gain on extinguishment of debt | 18,296 | ||||||||||||
Chapel Hill Mall [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Loss on impairment | 12,050 | ||||||||||||
Chapel Hill Mall [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Fair value of long-lived assets | 53,348 | ||||||||||||
Lakeshore Mall [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Loss on impairment | 5,100 | 106 | |||||||||||
Lakeshore Mall [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Fair value of long-lived assets | 13,780 | ||||||||||||
Pemberton Plaza [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Loss on impairment | $497 |
SHAREBASED_COMPENSATION_Detail
SHARE-BASED COMPENSATION (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2015 | |
installment | ||||
plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share-based compensation plans | 2 | |||
Number of shares authorized | 10,400,000 | |||
Share-based compensation expense | $3,442,000 | $2,682,000 | $3,704,000 | |
Share-based compensation cost capitalized as part of real estate assets | 268,000 | 202,000 | 128,000 | |
Share-based compensation award, term to expiration (years) | 10 years | |||
Share-based compensation award, term in which stock options may not be sold, pledged, or otherwise transferred (years) | 1 year | |||
Award vesting period (years) | 5 years | |||
Number of installments, at the end of award period | 1 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Unrecognized compensation cost related to nonvested stock awards | 7,333,000 | |||
Compensation cost to be recognized over a weighted average period | 3 years 5 months | |||
Defined contribution plan, age of eligibility (years) | 21 years | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total intrinsic value | 0 | 0 | 177,000 | |
Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Nonvested, beginning of period (in shares) | 478,216 | |||
Granted (in shares) | 236,450 | |||
Vested (in shares) | -199,314 | |||
Forfeited (in shares) | -16,490 | |||
Nonvested, end of period (in shares) | 498,862 | 478,216 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Weighted average grant-date fair value, nonvested, beginning of period (in dollars per share) | $18.72 | |||
Weighted average grant-date fair value, granted (in dollars per share) | $17.11 | $20.17 | $19.09 | |
Weighted average grant-date fair value, vested (in dollars per share) | $17.76 | |||
Weighted average grant-date fair value, forfeited (in dollars per share) | $18.58 | |||
Weighted average grant-date fair value, nonvested, ending of period (in dollars per share) | $18.35 | $18.72 | ||
Total fair value of shares vested | $3,484,000 | $4,305,000 | $4,573,000 | |
Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period (years) | 5 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Defined contribution plan, age of eligibility (years) | 70 years | |||
Vests over 5 Years [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Stock grants during the period | 189,035 | |||
Vests Immediately [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Stock grants during the period | 53,375 |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan, age of eligibility (years) | 21 years | ||
Defined contribution plan, required service period prior to plan participation (days) | 0 years 0 months 60 days | ||
Defined contribution plan, employer matching contribution (percent) | 50.00% | ||
Defined contribution plan, maximum annual contribution per employee (percent) | 2.50% | ||
Defined contribution plan, employer discretionary contribution amount | $928 | $933 | $929 |
Deferred compensation arrangement with individual, interest rate on notes payable (percent) | 5.00% | ||
Deferred compensation arrangement with individual, notes payable plus accrued interest | $39 | $169 | |
Minimum [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation arrangement with individual, requisite service period (years) | 5 years | ||
Maximum [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation arrangement with individual, requisite service period (years) | 10 years |
QUARTERLY_INFORMATION_UNAUDITE2
QUARTERLY INFORMATION (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jan. 31, 2014 | Oct. 31, 2014 | Dec. 31, 2011 |
Real Estate Properties [Line Items] | |||||||||||||||
Total revenues | $283,849 | $258,714 | $256,933 | $261,243 | $282,009 | $257,550 | $255,584 | $258,482 | $1,060,739 | $1,053,625 | $1,002,843 | ||||
Income from operations (4) | 104,335 | 97,386 | 97,253 | 76,169 | 62,368 | 97,709 | 77,081 | 93,607 | 375,143 | 330,765 | |||||
Income from continuing operations | 87,406 | 57,204 | 44,077 | 64,292 | 8,983 | 52,234 | 16,255 | 37,845 | 252,979 | 115,317 | 186,049 | ||||
Discontinued operations | 446 | 76 | 48 | -516 | -914 | -8,057 | 1,984 | 2,040 | 54 | -4,947 | |||||
Net income | 87,852 | 57,280 | 44,125 | 63,776 | 8,069 | 44,177 | 18,239 | 39,885 | 253,033 | 110,370 | |||||
Net income attributable to the Company | 76,556 | 49,342 | 37,958 | 55,294 | 8,843 | 34,324 | 11,724 | 30,313 | 219,150 | 85,204 | |||||
Net income attributable to common shareholders | 65,333 | 38,119 | 26,735 | 44,071 | -2,380 | 23,101 | 501 | 19,090 | 174,258 | 40,312 | |||||
Basic per share/unit data attributable to common shareholders/unitholders: | |||||||||||||||
Income from continuing operations, net of preferred dividends (in usd per share) | $0.38 | $0.22 | $0.16 | $0.26 | ($0.01) | $0.18 | ($0.01) | $0.11 | $1.02 | $0.27 | |||||
Net income (loss) attributable to common shareholders (in usd per share) | $0.38 | $0.22 | $0.16 | $0.26 | ($0.01) | $0.14 | $0 | $0.12 | $1.02 | $0.24 | |||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||||
Income from continuing operations, net of preferred dividends (in usd per share) | $0.38 | $0.22 | $0.16 | $0.26 | ($0.01) | $0.18 | ($0.01) | $0.11 | $1.02 | $0.27 | |||||
Net income (loss) attributable to common shareholders (in usd per share) | $0.38 | $0.22 | $0.16 | $0.26 | ($0.01) | $0.14 | $0 | $0.12 | $1.02 | $0.24 | |||||
Loss on impairment of real estate | 17,858 | 70,049 | 24,379 | ||||||||||||
Gain (loss) on extinguishment of debt | -9,108 | 87,893 | -9,108 | 265 | |||||||||||
Prepayment fee | 8,708 | ||||||||||||||
Shopping Center, D'Iberville, Mississippi [Member] | The Promenade D'iberville, LLC [Member] | |||||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||||
Proceeds from legal settlements | 5,970 | 800 | 8,240 | ||||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||||
Realized gain recorded in earnings | 2,400 | ||||||||||||||
Citadel Mall [Member] | |||||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||||
Loss on impairment of real estate | 20,453 | ||||||||||||||
Madison Square [Member] | |||||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||||
Loss on impairment of real estate | 47,212 | ||||||||||||||
Chapel Hill Mall and Lakeshore Mall [Member] | |||||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||||
Loss on impairment of real estate | 17,150 | ||||||||||||||
Chapel Hill Mall [Member] | |||||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||||
Loss on impairment of real estate | 12,050 | ||||||||||||||
Gain (loss) on extinguishment of debt | 18,296 | 18,296 | |||||||||||||
Citadel Mall [Member] | |||||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||||
Loss on impairment of real estate | 20,453 | ||||||||||||||
Gain (loss) on extinguishment of debt | 43,932 | 43,932 | |||||||||||||
Columbia Place [Member] | |||||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||||
Loss on impairment of real estate | 50,683 | ||||||||||||||
Gain (loss) on extinguishment of debt | $27,171 | $27,171 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2013 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Realized gain on sale of available-for-sale securities | $16,560,000 | ||
Unsecured Term Loan 2 [Member] | |||
Subsequent Event [Line Items] | |||
Debt instrument, face value | 50,000,000 | ||
Unsecured Term Loan 2 [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Debt instrument, face value | 50,000,000 | ||
LIBOR [Member] | Unsecured Term Loan 2 [Member] | |||
Subsequent Event [Line Items] | |||
Basis spread on variable rate (percent) | 1.90% | ||
LIBOR [Member] | Unsecured Term Loan 2 [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Basis spread on variable rate (percent) | 1.55% | ||
EMJ Corporation [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Proceeds from legal settlements | $4,875,000 |
Schedule_II_VALUATION_AND_QUAL1
Schedule II - VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Tenant Receivables [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, beginning of year | $2,379 | $1,977 | $1,760 |
Additions in allowance charged to expense | 2,643 | 1,253 | 798 |
Bad debts charged against allowance | -2,654 | -851 | -581 |
Balance, end of year | 2,368 | 2,379 | 1,977 |
Allowance for Other Receivables [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, beginning of year | 1,241 | 1,270 | 1,400 |
Additions in allowance charged to expense | 3,689 | 0 | 0 |
Bad debts charged against allowance | -3,645 | -29 | -130 |
Balance, end of year | $1,285 | $1,241 | $1,270 |
Schedule_III_REAL_ESTATE_ASSET1
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | $3,270,528,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 894,092,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,827,242,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,497,607,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -31,759,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 847,829,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 7,339,353,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 8,187,182,000 | 8,123,514,000 | 8,301,013,000 | 7,767,819,000 |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -2,240,007,000 | -2,056,357,000 | -1,972,031,000 | -1,762,149,000 |
Land and buildings and improvements, gross | 7,878,000,000 | |||
Buildings [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 40 years | |||
Certain Improvements [Member] | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 20 years | |||
Certain Improvements [Member] | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 10 years | |||
Equipment and Fixtures [Member] | Maximum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 10 years | |||
Equipment and Fixtures [Member] | Minimum [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 7 years | |||
Acadiana Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 132,068,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 22,511,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 145,769,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 13,633,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 19,919,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 161,994,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 181,913,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -64,670,000 | |||
Alamance Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 48,660,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 20,853,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,105,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 38,372,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -2,803,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 18,050,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 101,477,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 119,527,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -23,120,000 | |||
Arbor Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 117,496,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,862,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 95,330,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 25,161,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,862,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 120,491,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 128,353,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -53,004,000 | |||
Asheville Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 73,260,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,139,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 58,747,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 52,846,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -805,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,334,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 111,593,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 117,927,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -43,955,000 | |||
Bonita Lakes Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,924,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,933,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 6,964,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -985,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,924,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 37,912,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 42,836,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -17,624,000 | |||
Brookfield Square [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 87,816,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,996,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 84,250,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 47,966,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -18,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,170,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 132,024,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 141,194,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -51,316,000 | |||
Burnsville Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 75,752,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 12,804,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 71,355,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 58,800,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -1,157,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 16,102,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 125,700,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 141,802,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -48,146,000 | |||
Cary Towne Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 51,250,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 23,688,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 74,432,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 27,986,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 23,701,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 102,405,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 126,106,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -35,729,000 | |||
Cherryvale Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 78,280,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 11,892,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,973,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 56,227,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -1,667,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 11,608,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 118,817,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 130,425,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -39,588,000 | |||
Chesterfield Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 140,000,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 11,083,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 282,140,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 2,407,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 11,083,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 284,547,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 295,630,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -64,738,000 | |||
College Square [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,954,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 17,787,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 25,998,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -88,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,866,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 43,785,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 46,651,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -20,195,000 | |||
Cross Creek Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 130,600,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 19,155,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 104,353,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 32,973,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 20,169,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 136,312,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 156,481,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -37,883,000 | |||
Dakota Square Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 56,705,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,552,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 87,625,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 2,972,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,552,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 90,597,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 95,149,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -7,290,000 | |||
Eastland Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 59,400,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,746,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 75,893,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 7,741,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -753,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,304,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 83,323,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 88,627,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -27,256,000 | |||
East Towne Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 66,772,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,496,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,867,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 45,386,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -366,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,130,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 109,253,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 113,383,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -38,587,000 | |||
Eastgate Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 39,852,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 13,046,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,949,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 27,097,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -1,017,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 12,029,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 72,046,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 84,075,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -26,052,000 | |||
Fashion Square [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 39,736,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 15,218,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 64,970,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 11,273,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 15,218,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 76,243,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 91,461,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -28,246,000 | |||
Fayette Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 171,192,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 25,194,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 84,267,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 98,831,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 11,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 25,205,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 183,098,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 208,303,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -45,714,000 | |||
Frontier Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,681,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,858,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 19,810,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,681,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 35,668,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 38,349,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -20,329,000 | |||
Foothills Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,558,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,244,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 11,992,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,558,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 37,236,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 42,794,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -23,234,000 | |||
Greenbriar Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 73,907,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,181,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 107,355,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 13,301,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -626,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,555,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 120,656,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 123,211,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -33,545,000 | |||
Hamilton Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 101,624,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,532,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,623,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 40,715,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -441,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,091,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 83,338,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 86,429,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -44,607,000 | |||
Hanes Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 151,584,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 17,176,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 133,376,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 46,402,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -948,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 16,808,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 179,198,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 196,006,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -62,398,000 | |||
Harford Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,699,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 45,704,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 21,495,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,699,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 67,199,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 75,898,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -21,441,000 | |||
Hickory Point [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 28,338,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,731,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,728,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 16,208,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -293,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,439,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 47,935,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 58,374,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -16,593,000 | |||
Honey Creek Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 28,978,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,108,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 83,358,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 13,055,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,108,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 96,413,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 99,521,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -28,022,000 | |||
Imperial Valley Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 49,945,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 35,378,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 70,549,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 170,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 35,378,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 70,719,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 106,097,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -4,910,000 | |||
Janesville Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,074,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,009,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 8,190,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,074,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 34,199,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 42,273,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -14,164,000 | |||
Jefferson Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 68,470,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 13,125,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,234,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 24,578,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -521,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 12,604,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 64,812,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 77,416,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -22,693,000 | |||
Kirkwood Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 39,196,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,368,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 118,945,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,577,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,368,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 120,522,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 123,890,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -7,713,000 | |||
The Lakes Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,328,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,366,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 11,330,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,328,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 53,696,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 57,024,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -23,387,000 | |||
Laurel Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 13,289,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 92,579,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 10,983,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 13,289,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 103,562,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 116,851,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -36,139,000 | |||
Layton Hills Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 94,383,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 20,464,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 99,836,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 13,187,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -275,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 20,189,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 113,023,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 133,212,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -35,589,000 | |||
Madison Square [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 17,596,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 39,186,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -48,797,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,550,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 5,435,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 7,985,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -289,000 | |||
Mall Del Norte [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 21,734,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 142,049,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 49,058,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 21,734,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 191,107,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 212,841,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -65,256,000 | |||
Meridian Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 529,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 103,678,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 72,085,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,232,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 174,060,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 176,292,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -71,072,000 | |||
Midland Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 33,179,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,321,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,429,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 10,817,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,321,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 40,246,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 50,567,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -15,817,000 | |||
Mid Rivers Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 16,384,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 170,582,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 13,846,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 16,384,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 184,428,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 200,812,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -43,296,000 | |||
Monroeville Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 22,195,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 177,214,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 68,866,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 24,716,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 243,559,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 268,275,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -63,177,000 | |||
Northgate Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,330,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 8,960,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 19,734,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,330,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 28,694,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 31,024,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -2,562,000 | |||
Northpark Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,977,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 65,481,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 39,750,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,962,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 104,246,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 115,208,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -34,289,000 | |||
Northwoods Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 70,194,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 14,867,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 49,647,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 22,298,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -2,339,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 12,528,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 71,945,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 84,473,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -24,569,000 | |||
Old Hickory Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 15,527,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,413,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 8,219,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 15,527,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 37,632,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 53,159,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -14,033,000 | |||
Outlet Shoppes at Atlanta [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 79,149,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,598,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 96,640,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -37,801,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,598,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 58,839,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 67,437,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -4,788,000 | |||
Outlet Shoppes at El Paso [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 69,566,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,239,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 96,640,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 11,416,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,463,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 107,832,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 117,295,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -10,213,000 | |||
Outlet Shoppes at Gettysburg [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 38,659,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 20,953,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,180,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 744,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 20,953,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 22,924,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 43,877,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -3,119,000 | |||
Outlet Shoppes at Oklahoma City [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 65,051,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,364,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 50,268,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 14,015,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,795,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 64,852,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 72,647,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -14,314,000 | |||
Outlet Shoppes of the Bluegrass [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 77,398,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,146,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,365,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 282,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,146,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 63,647,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 66,793,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -1,190,000 | |||
Parkdale Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 87,961,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 23,850,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 47,390,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 52,786,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -307,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 23,544,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 100,175,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 123,719,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -34,015,000 | |||
Park Plaza Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 91,643,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,297,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 81,638,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 35,895,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,304,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 117,526,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 123,830,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -42,871,000 | |||
Parkway Place Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 38,567,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,364,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 67,067,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 4,189,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,364,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 71,256,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 77,620,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -10,961,000 | |||
Pearland Town Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 16,300,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 108,615,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 13,743,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -366,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 15,443,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 122,849,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 138,292,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -32,011,000 | |||
Post Oak Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,936,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 48,948,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 13,105,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -327,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,608,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 62,054,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 65,662,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -29,448,000 | |||
Randolph Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,547,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 13,927,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 12,000,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,547,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 25,927,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 30,474,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -8,919,000 | |||
Regency Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,384,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,839,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 15,355,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,244,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 51,334,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 55,578,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -20,193,000 | |||
Richland Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,874,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,793,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 16,046,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,887,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 50,826,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 60,713,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -16,084,000 | |||
River Ridge Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,824,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 59,052,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 12,100,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -252,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,572,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 71,152,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 75,724,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -18,112,000 | |||
South Country Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 15,754,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 159,249,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 15,165,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 15,754,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 174,414,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 190,168,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -39,006,000 | |||
South Haven Town Ctr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 40,023,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,255,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,380,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 13,187,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,478,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 42,344,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 50,822,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -14,741,000 | |||
Southpark Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 64,486,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,501,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 73,262,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 33,585,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 11,282,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 105,066,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 116,348,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -31,929,000 | |||
Stroud Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 31,960,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 14,711,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,936,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 20,734,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 14,711,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 44,670,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 59,381,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -15,768,000 | |||
St. Clair Square [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 11,027,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 75,620,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 33,955,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 11,027,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 109,575,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 120,602,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -46,327,000 | |||
Sunrise Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 11,156,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 59,047,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -2,154,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 11,156,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 56,893,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 68,049,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -17,906,000 | |||
Turtle Creek Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,345,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,418,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 18,820,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,535,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 44,048,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 47,583,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -21,695,000 | |||
Valley View [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 59,688,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 15,985,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 77,771,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 20,191,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 15,999,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 97,948,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 113,947,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -28,491,000 | |||
Volusia Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 49,849,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,526,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 120,242,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 23,156,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,431,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 139,493,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 145,924,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -36,470,000 | |||
Walnut Square [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 50,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,138,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 16,928,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 50,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 32,066,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 32,116,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -18,200,000 | |||
Wasau Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 18,369,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,231,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,705,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 16,478,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -5,231,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 41,183,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 41,183,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -17,157,000 | |||
West Towne Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 94,316,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,545,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 83,084,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 45,467,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,545,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 128,551,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 138,096,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -44,536,000 | |||
Westgate Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 37,931,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,149,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,257,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 46,857,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -432,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,742,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 70,089,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 71,831,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -34,577,000 | |||
Westmoreland Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,621,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 84,215,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 16,517,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,621,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 100,732,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 105,353,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -35,014,000 | |||
York Galleria [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 51,037,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,757,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,316,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 9,811,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,757,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 73,127,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 78,884,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -29,037,000 | |||
Annex at Monroeville Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 716,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 29,496,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -685,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 716,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 28,811,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 29,527,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -7,611,000 | |||
Bonita Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 794,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 4,786,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 8,650,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 794,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 13,436,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 14,230,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -5,659,000 | |||
Chapel Hill Surban [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 925,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,520,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,900,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 925,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 4,420,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 5,345,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -1,204,000 | |||
Coolsprings Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 11,946,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,803,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,985,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 4,543,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,554,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 18,777,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 22,331,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -11,135,000 | |||
Courtyard at Hickory Hollow [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,314,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,771,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -1,865,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -231,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,500,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 2,489,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 3,989,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -327,000 | |||
Eastgate Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 14,707,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 707,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,424,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 7,890,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -11,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 696,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 10,314,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 11,010,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -3,824,000 | |||
Foothills Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 132,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,132,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 531,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 148,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 2,647,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 2,795,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -1,961,000 | |||
Frontier Square [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 346,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 684,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 374,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -86,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 260,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 1,058,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 1,318,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -636,000 | |||
Gunbarrel Pointe [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 10,641,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,170,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 10,874,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 3,455,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,170,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 14,329,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 18,499,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -4,921,000 | |||
Hamilton Corner [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 14,965,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 630,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,532,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 8,275,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 734,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 13,703,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 14,437,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -5,783,000 | |||
Hamilton Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 9,853,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,014,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,906,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 6,736,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -1,370,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,644,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 12,642,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 15,286,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -6,146,000 | |||
Harford Annex [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,854,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,718,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,034,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,854,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 10,752,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 13,606,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -2,954,000 | |||
The Landing at Arbor Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,993,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 14,330,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,511,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -748,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,245,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 15,841,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 20,086,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -7,840,000 | |||
Layton Convenience Ctr [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 8,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 980,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 988,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 988,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -336,000 | |||
Layton Hills Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 299,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 301,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 301,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -159,000 | |||
Madison Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 473,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,888,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 3,828,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 473,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 6,716,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 7,189,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -4,397,000 | |||
The Plaza at Fayette Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 38,987,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,531,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,646,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 3,813,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,531,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 31,459,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 40,990,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -8,918,000 | |||
Parkdale Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,994,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,408,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 2,113,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -355,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,639,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 9,521,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 12,160,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -2,972,000 | |||
The Shoppes at Hamilton Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,894,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 11,700,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,424,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,894,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 13,124,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 18,018,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -3,747,000 | |||
Sunrise Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,013,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,525,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,108,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,013,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 8,633,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 9,646,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -2,637,000 | |||
The Shoppes at St Clair [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 19,759,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,250,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 23,623,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 163,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -5,044,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,206,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 23,786,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 26,992,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -7,045,000 | |||
The Terrace [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 13,683,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,166,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,929,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 8,097,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,536,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 15,656,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 22,192,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -4,882,000 | |||
West Towne Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,151,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,955,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 7,913,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,126,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 9,893,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 12,019,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -1,248,000 | |||
WestGate Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,082,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,422,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 6,925,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,082,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 10,347,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 11,429,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -3,934,000 | |||
Westmoreland South [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,898,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,167,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 9,233,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,898,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 30,400,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 33,298,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -9,163,000 | |||
Cobblestone Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,082,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,070,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -524,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -220,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,296,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 13,112,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 17,408,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -2,482,000 | |||
Marshalls Creek [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,456,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,351,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 197,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,453,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 15,551,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 22,004,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -834,000 | |||
The Promenade at Dlberville [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 16,278,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 48,806,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 24,761,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -706,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 17,953,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 71,186,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 89,139,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -10,716,000 | |||
Forum at Grandview [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,234,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 17,285,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 14,710,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -684,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,652,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 31,893,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 40,545,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -3,027,000 | |||
Statesboro Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 11,212,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,855,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 17,805,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 432,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -235,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,840,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 18,017,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 20,857,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -3,576,000 | |||
Waynesville Commons [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,511,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 6,141,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 13,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,511,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 6,154,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 9,665,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -397,000 | |||
840 Greenbrier Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,096,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,091,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 218,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,096,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 3,309,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 5,405,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -881,000 | |||
850 Greenbrier Circle [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,154,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 6,881,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -303,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,154,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 6,578,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 9,732,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -1,425,000 | |||
CBL Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 13,648,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,422,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 15,070,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 15,070,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -3,943,000 | |||
CBL Center II [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 20,485,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 140,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,675,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -12,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 140,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 24,663,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 24,803,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -12,877,000 | |||
Oak Branch Business Center [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 535,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 2,192,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -25,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 535,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 2,167,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 2,702,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -523,000 | |||
One Oyster Point [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,822,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,623,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 843,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,822,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 4,466,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 6,288,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -774,000 | |||
Pearland Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,149,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 389,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 16,538,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 16,538,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -3,495,000 | |||
Pearland Office [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,849,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 1,341,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 9,190,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 9,190,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -662,000 | |||
Pearland Residential Mgmt [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,666,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 9,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 9,675,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 9,675,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -1,724,000 | |||
Port Orange Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,474,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -182,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 3,292,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 3,292,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -43,000 | |||
Two Oyster Point [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,543,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,974,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 460,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,543,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 4,434,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 5,977,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -1,358,000 | |||
Chapel Hill Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,578,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 68,043,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -74,621,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Citadel Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,990,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 44,008,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -54,998,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Columbia Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,526,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 52,348,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -53,874,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Foothills Plaza Expansion [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 137,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,960,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -2,097,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Lakeshore Mall [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,443,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,819,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -30,262,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Pemberton Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,284,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,379,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | -2,663,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 0 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |||
Other Land [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,024,000 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,458,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 54,000 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | -63,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,961,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 3,512,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 5,473,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | -2,502,000 | |||
Development in Progress Consisting of Construction and Development Properties [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Real Estate and Accumulated Depreciation, Encumbrances | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | |||
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 117,966,000 | |||
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition | 0 | |||
Real Estate and Accumulated Depreciation, Sale of Outparcel Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 117,966,000 | |||
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 117,966,000 | |||
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $0 |
Schedule_III_REAL_ESTATE_ASSET2
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION Activity (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Carrying Amount of Real Estate Investments and Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of period | $8,123,514 | $8,301,013 | $7,767,819 |
Additions and improvements | 282,282 | 282,664 | 217,161 |
Acquisitions of real estate assets | 0 | 29,912 | 474,623 |
Disposals, deconsolidations and accumulated depreciation on impairments | -189,373 | -412,976 | -108,554 |
Transfers from real estate assets | -11,383 | -8,031 | 808 |
Impairment of real estate assets | -17,858 | -69,068 | -50,844 |
Balance at end of period | 8,187,182 | 8,123,514 | 8,301,013 |
Accumulated depreciation, beginning of period | 2,056,357 | 1,972,031 | 1,762,149 |
Depreciation expense | 269,602 | 253,142 | 247,702 |
Accumulated depreciation on real estate assets sold, retired, impaired or deconsolidated | -85,952 | -168,816 | -37,820 |
Accumulated depreciation, end of period | $2,240,007 | $2,056,357 | $1,972,031 |
Schedule_IV_MORTGAGE_NOTES_REC1
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Mortgage Loans on Real Estate [Line Items] | |||
Monthly payment amount | $52 | ||
Balloon payment at maturity | 5,411 | ||
Face amount of mortgages | 11,938 | ||
Federal income tax basis | 9,323 | ||
Principal amount of mortgage subject to delinquent principal or interest | 0 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Beginning balance | 19,120 | 19,383 | 34,239 |
Additions | 360 | 0 | 0 |
Non-cash transfer | 0 | 0 | -12,741 |
Payments | -10,157 | -263 | -2,115 |
Ending balance | 9,323 | 19,120 | 19,383 |
Other Mortgage, Type [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Minimum interest rate in range (percent) | 2.67% | ||
Maximum interest rate in range (percent) | 9.50% | ||
Monthly payment amount | 20 | ||
Balloon payment at maturity | 3,340 | ||
Face amount of mortgages | 5,751 | ||
Federal income tax basis | 5,686 | ||
Principal amount of mortgage subject to delinquent principal or interest | 0 | ||
Basis spread on variable rate (percent) | 2.00% | ||
Interest rate, current variable rate (percent) | 5.25% | ||
Columbia Place [Member] | First Mortgage [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 5.00% | ||
Monthly payment amount | 3 | ||
Balloon payment at maturity | 360 | ||
Face amount of mortgages | 360 | ||
Federal income tax basis | 360 | ||
Principal amount of mortgage subject to delinquent principal or interest | 0 | ||
One Park Place [Member] | First Mortgage [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 5.00% | ||
Monthly payment amount | 21 | ||
Balloon payment at maturity | 0 | ||
Face amount of mortgages | 3,200 | ||
Federal income tax basis | 1,566 | ||
Principal amount of mortgage subject to delinquent principal or interest | 0 | ||
Village Square, Houghton Lake and Cadillac [Member] | First Mortgage [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 3.50% | ||
Monthly payment amount | 8 | ||
Balloon payment at maturity | 1,711 | ||
Face amount of mortgages | 2,627 | ||
Federal income tax basis | 1,711 | ||
Principal amount of mortgage subject to delinquent principal or interest | $0 | ||
New Garden Crossing [Member] | First Mortgage [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Basis spread on variable rate (percent) | 2.50% |