Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
Entity Registrant Name | CBL & ASSOCIATES PROPERTIES INC | ||
Entity Central Index Key | 910,612 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 170,517,199 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,704,959,133 | ||
CBL & Associates Limited Partnership | |||
Entity Information [Line Items] | |||
Entity Registrant Name | CBL & Associates Limited Partnership | ||
Entity Central Index Key | 915,140 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Receivables: | ||
Mortgage and other notes receivable | $ 18,238 | $ 19,811 |
Total assets | 6,479,991 | 6,599,172 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | ||
Mortgage and other indebtedness | 4,710,628 | 4,683,333 |
CBL & Associates Properties, Inc. | ||
Real estate assets: | ||
Land | 876,668 | 847,829 |
Buildings and improvements | 7,287,862 | 7,221,387 |
Real estate investment property, at cost | 8,164,530 | 8,069,216 |
Accumulated depreciation | (2,382,568) | (2,240,007) |
Real estate investment property, net, before developments in progress | 5,781,962 | 5,829,209 |
Developments in progress | 75,991 | 117,966 |
Net investment in real estate assets | 5,857,953 | 5,947,175 |
Cash and cash equivalents | 36,892 | 37,938 |
Receivables: | ||
Tenant, net of allowance for doubtful accounts of $1,923 and $2,368 in 2015 and 2014, respectively | 87,286 | 81,338 |
Other, net of allowance for doubtful accounts of $1,276 and $1,285 in 2015 and 2014, respectively | 17,958 | 22,577 |
Mortgage and other notes receivable | 18,238 | 19,811 |
Investments in unconsolidated affiliates | 276,383 | 281,449 |
Intangible lease assets and other assets | 185,281 | 208,884 |
Total assets | 6,479,991 | 6,599,172 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | ||
Mortgage and other indebtedness | 4,710,628 | 4,683,333 |
Accounts payable and accrued liabilities | 344,434 | 328,352 |
Total liabilities | $ 5,055,062 | $ 5,011,685 |
Commitments and contingencies (Note 14) | ||
Redeemable interests: | ||
Redeemable noncontrolling interests | $ 25,330 | $ 37,559 |
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | ||
Common stock, $.01 par value, 350,000,000 shares authorized, 170,490,948 and 170,260,273 issued and outstanding in 2015 and 2014, respectively | 1,705 | 1,703 |
Additional paid-in capital | 1,970,333 | 1,958,198 |
Accumulated other comprehensive income | 1,935 | 13,411 |
Dividends in excess of cumulative earnings | (689,028) | (566,785) |
Total shareholders' equity | 1,284,970 | 1,406,552 |
Noncontrolling interests | 114,629 | 143,376 |
Total equity | 1,399,599 | 1,549,928 |
Common units: | ||
Total Liabilities, Redeemable Noncontrolling Interests and Equity/Capital | 6,479,991 | 6,599,172 |
CBL & Associates Properties, Inc. | Series D preferred stock | ||
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | ||
Preferred stock, value | 18 | 18 |
CBL & Associates Properties, Inc. | Series E preferred stock | ||
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | ||
Preferred stock, value | 7 | 7 |
CBL & Associates Limited Partnership | ||
Real estate assets: | ||
Land | 876,668 | 847,829 |
Buildings and improvements | 7,287,862 | 7,221,387 |
Real estate investment property, at cost | 8,164,530 | 8,069,216 |
Accumulated depreciation | (2,382,568) | (2,240,007) |
Real estate investment property, net, before developments in progress | 5,781,962 | 5,829,209 |
Developments in progress | 75,991 | 117,966 |
Net investment in real estate assets | 5,857,953 | 5,947,175 |
Cash and cash equivalents | 36,887 | 37,926 |
Receivables: | ||
Tenant, net of allowance for doubtful accounts of $1,923 and $2,368 in 2015 and 2014, respectively | 87,286 | 81,338 |
Other, net of allowance for doubtful accounts of $1,276 and $1,285 in 2015 and 2014, respectively | 17,958 | 22,577 |
Mortgage and other notes receivable | 18,238 | 19,811 |
Investments in unconsolidated affiliates | 276,946 | 282,009 |
Intangible lease assets and other assets | 185,162 | 208,764 |
Total assets | 6,480,430 | 6,599,600 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY/CAPITAL | ||
Mortgage and other indebtedness | 4,710,628 | 4,683,333 |
Accounts payable and accrued liabilities | 344,434 | 328,267 |
Total liabilities | $ 5,055,062 | $ 5,011,600 |
Commitments and contingencies (Note 14) | ||
Redeemable interests: | ||
Redeemable noncontrolling interests | $ 5,586 | $ 6,455 |
Redeemable common units | 19,744 | 31,104 |
Total redeemable interests | 25,330 | 37,559 |
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | ||
Accumulated other comprehensive income | (868) | 13,183 |
Partners' capital: | ||
Preferred units | 565,212 | 565,212 |
Common units: | ||
General partner | 8,435 | 9,789 |
Limited partners | 822,383 | 953,349 |
Total partners' capital | 1,395,162 | 1,541,533 |
Noncontrolling interests | 4,876 | 8,908 |
Total capital | 1,400,038 | 1,550,441 |
Total Liabilities, Redeemable Noncontrolling Interests and Equity/Capital | $ 6,480,430 | $ 6,599,600 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical - OP) - CBL & Associates Limited Partnership - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Tenant receivables allowance for doubtful accounts | $ 1,923 | $ 2,368 |
Other receivables allowance for doubtful accounts | $ 1,276 | $ 1,285 |
Consolidated Balance Sheets (P4
Consolidated Balance Sheets (Parenthetical - REIT) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 15,000,000 | |
Series E preferred stock | ||
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, dividend rate (percent) | 6.625% | 6.625% |
CBL & Associates Properties, Inc. | ||
Receivables: | ||
Tenant receivables allowance for doubtful accounts | $ 1,923 | $ 2,368 |
Other receivables allowance for doubtful accounts | $ 1,276 | $ 1,285 |
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, shares issued (in shares) | 170,490,948 | 170,260,273 |
Common stock, shares outstanding (in shares) | 170,490,948 | 170,260,273 |
CBL & Associates Properties, Inc. | Series D preferred stock | ||
Shareholders' equity: | ||
Preferred stock, dividend rate (percent) | 7.375% | 7.375% |
Preferred stock, shares outstanding (in shares) | 1,815,000 | 1,815,000 |
CBL & Associates Properties, Inc. | Series E preferred stock | ||
Shareholders' equity: | ||
Preferred stock, dividend rate (percent) | 6.625% | 6.625% |
Preferred stock, shares outstanding (in shares) | 690,000 | 690,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUES: | |||
Total revenues | $ 1,055,018 | $ 1,060,739 | $ 1,053,625 |
OPERATING EXPENSES: | |||
Depreciation and amortization | 299,069 | 291,273 | 278,911 |
General and administrative | 62,118 | 50,271 | 48,867 |
Loss on impairment | 105,945 | 17,858 | 70,049 |
Other | 26,957 | 32,297 | 28,826 |
Income from operations | 277,584 | 375,143 | |
Interest and other income | 6,467 | 14,121 | 10,825 |
Interest expense | (229,343) | (239,824) | (231,856) |
Gain (loss) on extinguishment of debt | 256 | 87,893 | (9,108) |
Gain on investments | 16,560 | 2,400 | |
Equity in earnings of unconsolidated affiliates | 18,200 | 14,803 | 11,616 |
Income tax provision | (2,941) | (4,499) | (1,305) |
Gain on sales of real estate assets | 32,232 | 5,342 | 1,980 |
Income from continuing operations | 119,015 | 252,979 | 115,317 |
Gain on discontinued operations | (681) | ||
Net income | 119,015 | 253,033 | |
Net income attributable to noncontrolling interests in: | |||
Net income attributable to the Company | 103,371 | 219,150 | |
Net income attributable to common shareholders/unitholders | $ 58,479 | $ 174,258 | |
Basic per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends (in dollars per share) | $ 0.34 | $ 1.02 | |
Net income attributable to common shareholders/unitholders (in dollars per share) | 0.34 | 1.02 | |
Diluted per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends/distributions (in dollars per share) | 0.34 | 1.02 | |
Net income attributable to common shareholders/unitholders (in dollars per share) | $ 0.34 | $ 1.02 | |
Amounts attributable to common shareholders/unitholders: | |||
Net income attributable to common shareholders/unitholders | $ 58,479 | $ 174,258 | |
CBL & Associates Properties, Inc. | |||
REVENUES: | |||
Minimum rents | 684,309 | 682,584 | 675,870 |
Percentage rents | 18,063 | 16,876 | 18,572 |
Other rents | 21,934 | 22,314 | 21,974 |
Tenant reimbursements | 288,279 | 290,561 | 290,097 |
Management, development and leasing fees | 10,953 | 12,986 | 12,439 |
Other | 31,480 | 35,418 | 34,673 |
Total revenues | 1,055,018 | 1,060,739 | 1,053,625 |
OPERATING EXPENSES: | |||
Property operating | 141,030 | 149,774 | 151,127 |
Depreciation and amortization | 299,069 | 291,273 | 278,911 |
Real estate taxes | 90,799 | 89,281 | 88,701 |
Maintenance and repairs | 51,516 | 54,842 | 56,379 |
General and administrative | 62,118 | 50,271 | 48,867 |
Loss on impairment | 105,945 | 17,858 | 70,049 |
Other | 26,957 | 32,297 | 28,826 |
Total operating expenses | 777,434 | 685,596 | 722,860 |
Income from operations | 277,584 | 375,143 | 330,765 |
Interest and other income | 6,467 | 14,121 | 10,825 |
Interest expense | (229,343) | (239,824) | (231,856) |
Gain (loss) on extinguishment of debt | 256 | 87,893 | (9,108) |
Gain on investments | 16,560 | 0 | 2,400 |
Equity in earnings of unconsolidated affiliates | 18,200 | 14,803 | 11,616 |
Income tax provision | (2,941) | (4,499) | (1,305) |
Income from continuing operations before gain on sales of real estate assets | 86,783 | 247,637 | 113,337 |
Gain on sales of real estate assets | 32,232 | 5,342 | 1,980 |
Income from continuing operations | 119,015 | 252,979 | 115,317 |
Operating loss of discontinued operations | 0 | (222) | (6,091) |
Gain on discontinued operations | 0 | 276 | 1,144 |
Net income | 119,015 | 253,033 | 110,370 |
Net income attributable to noncontrolling interests in: | |||
Operating Partnership | (10,171) | (30,106) | (7,125) |
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | (5,473) | (3,777) | (18,041) |
Net income attributable to the Company | 103,371 | 219,150 | 85,204 |
Preferred dividends/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) |
Net income attributable to common shareholders/unitholders | $ 58,479 | $ 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) | $ 0.34 | $ 1.02 | $ 0.27 |
Discontinued operations (in dollars per share) | 0 | 0 | (0.03) |
Net income attributable to common shareholders/unitholders (in dollars per share) | $ 0.34 | $ 1.02 | $ 0.24 |
Weighted-average common shares/units outstanding (in shares) | 170,476 | 170,247 | 167,027 |
Diluted per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends/distributions (in dollars per share) | $ 0.34 | $ 1.02 | $ 0.27 |
Discontinued operations (in dollars per share) | 0 | 0 | (0.03) |
Net income attributable to common shareholders/unitholders (in dollars per share) | $ 0.34 | $ 1.02 | $ 0.24 |
Weighted-average common and potential dilutive common shares/units outstanding (in shares) | 170,499 | 170,247 | 167,027 |
Amounts attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred distributions | $ 58,479 | $ 174,212 | $ 44,515 |
Discontinued operations | 0 | 46 | (4,203) |
Net income attributable to common shareholders/unitholders | 58,479 | 174,258 | 40,312 |
CBL & Associates Limited Partnership | |||
REVENUES: | |||
Minimum rents | 684,309 | 682,584 | 675,870 |
Percentage rents | 18,063 | 16,876 | 18,572 |
Other rents | 21,934 | 22,314 | 21,974 |
Tenant reimbursements | 288,279 | 290,561 | 290,097 |
Management, development and leasing fees | 10,953 | 12,986 | 12,439 |
Other | 31,480 | 35,418 | 34,673 |
Total revenues | 1,055,018 | 1,060,739 | 1,053,625 |
OPERATING EXPENSES: | |||
Property operating | 141,030 | 149,774 | 151,127 |
Depreciation and amortization | 299,069 | 291,273 | 278,911 |
Real estate taxes | 90,799 | 89,281 | 88,701 |
Maintenance and repairs | 51,516 | 54,842 | 56,379 |
General and administrative | 62,118 | 50,271 | 48,867 |
Loss on impairment | 105,945 | 17,858 | 70,049 |
Other | 26,957 | 32,297 | 28,826 |
Total operating expenses | 777,434 | 685,596 | 722,860 |
Income from operations | 277,584 | 375,143 | 330,765 |
Interest and other income | 6,467 | 14,121 | 10,825 |
Interest expense | (229,343) | (239,824) | (231,856) |
Gain (loss) on extinguishment of debt | 256 | 87,893 | (9,108) |
Gain on investments | 16,560 | 0 | 2,400 |
Equity in earnings of unconsolidated affiliates | 18,200 | 14,803 | 11,616 |
Income tax provision | (2,941) | (4,499) | (1,305) |
Income from continuing operations before gain on sales of real estate assets | 86,783 | 247,637 | 113,337 |
Gain on sales of real estate assets | 32,232 | 5,342 | 1,980 |
Income from continuing operations | 119,015 | 252,979 | 115,317 |
Operating loss of discontinued operations | 0 | (222) | (6,091) |
Gain on discontinued operations | 0 | 276 | 1,144 |
Net income | 119,015 | 253,033 | 110,370 |
Net income attributable to noncontrolling interests in: | |||
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | (5,473) | (3,777) | (18,041) |
Net income attributable to the Company | 113,542 | 249,256 | 92,329 |
Preferred dividends/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) |
Net income attributable to common shareholders/unitholders | $ 68,650 | $ 204,364 | $ 47,437 |
Basic per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends (in dollars per share) | $ 0.34 | $ 1.02 | $ 0.26 |
Discontinued operations (in dollars per share) | 0 | 0 | (0.02) |
Net income attributable to common shareholders/unitholders (in dollars per share) | $ 0.34 | $ 1.02 | $ 0.24 |
Weighted-average common shares/units outstanding (in shares) | 199,734 | 199,660 | 196,572 |
Diluted per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends/distributions (in dollars per share) | $ 0.34 | $ 1.02 | $ 0.26 |
Discontinued operations (in dollars per share) | 0 | 0 | (0.02) |
Net income attributable to common shareholders/unitholders (in dollars per share) | $ 0.34 | $ 1.02 | $ 0.24 |
Weighted-average common and potential dilutive common shares/units outstanding (in shares) | 199,757 | 199,660 | 196,572 |
Amounts attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred distributions | $ 68,650 | $ 204,318 | $ 51,640 |
Discontinued operations | 0 | 46 | (4,203) |
Net income attributable to common shareholders/unitholders | $ 68,650 | $ 204,364 | $ 47,437 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income | $ 119,015 | $ 253,033 | |
Other comprehensive income (loss): | |||
Total other comprehensive income (loss) | (14,403) | 8,325 | $ (768) |
CBL & Associates Properties, Inc. | |||
Net income | 119,015 | 253,033 | 110,370 |
Other comprehensive income (loss): | |||
Unrealized holding gain (loss) on available-for-sale securities | 242 | 6,543 | (2,583) |
Reclassification to net income of realized gain on available-for-sale securities | (16,560) | 0 | 0 |
Unrealized gain on hedging instruments | 4,111 | 3,977 | 1,815 |
Reclassification of hedging effect on earnings | (2,196) | (2,195) | 0 |
Total other comprehensive income (loss) | (14,403) | 8,325 | (768) |
Comprehensive income | 104,612 | 261,358 | 109,602 |
Comprehensive income attributable to noncontrolling interests in: | |||
Operating Partnership | (7,244) | (31,345) | (7,018) |
Other consolidated subsidiaries | (5,473) | (3,777) | (18,041) |
Comprehensive income attributable to the Company | 91,895 | 226,236 | 84,543 |
CBL & Associates Limited Partnership | |||
Net income | 119,015 | 253,033 | 110,370 |
Other comprehensive income (loss): | |||
Unrealized holding gain (loss) on available-for-sale securities | 242 | 6,543 | (2,583) |
Reclassification to net income of realized gain on available-for-sale securities | (16,560) | 0 | 0 |
Unrealized gain on hedging instruments | 4,111 | 3,977 | 1,815 |
Reclassification of hedging effect on earnings | (2,196) | (2,195) | 0 |
Total other comprehensive income (loss) | (14,403) | 8,325 | (768) |
Comprehensive income | 104,612 | 261,358 | 109,602 |
Comprehensive income attributable to noncontrolling interests in: | |||
Other consolidated subsidiaries | (5,473) | (3,777) | (18,041) |
Comprehensive income attributable to the Company | $ 99,139 | $ 257,581 | $ 91,561 |
Consolidated Statements of Equi
Consolidated Statements of Equity/Capital - USD ($) $ in Thousands | Total | CBL & Associates Properties, Inc. | CBL & Associates Properties, Inc.Preferred Stock | CBL & Associates Properties, Inc.Common Stock | CBL & Associates Properties, Inc.Additional Paid-in Capital | CBL & Associates Properties, Inc.Accumulated Other Comprehensive Income | CBL & Associates Properties, Inc.Dividends in Excess of Cumulative Earnings | CBL & Associates Properties, Inc.Total Shareholders' Equity | CBL & Associates Properties, Inc.Noncontrolling Interests | CBL & Associates Properties, Inc.Redeemable Noncontrolling Interests | CBL & Associates Limited Partnership | CBL & Associates Limited PartnershipShopping Center Properties | CBL & Associates Limited PartnershipAccumulated Other Comprehensive Income | CBL & Associates Limited PartnershipNoncontrolling Interests | CBL & Associates Limited PartnershipNoncontrolling InterestsShopping Center Properties | CBL & Associates Limited PartnershipPreferred Units | CBL & Associates Limited PartnershipCommon Units | CBL & Associates Limited PartnershipGeneral Partner | CBL & Associates Limited PartnershipLimited Partners | CBL & Associates Limited PartnershipTotal Partner's Capital | CBL & Associates Limited PartnershipRedeemable Partnership Interests | CBL & Associates Limited PartnershipRedeemable Common Units | CBL & Associates Limited PartnershipTotal Redeemable Interests |
Redeemable common units, beginning balance at Dec. 31, 2012 | $ 40,248 | ||||||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||||
Net income | 2,941 | ||||||||||||||||||||||
Other comprehensive income (loss) | $ (762) | $ (661) | $ (661) | $ (101) | (6) | $ (762) | $ (762) | $ (762) | $ (6) | $ (6) | |||||||||||||
Adjustment for noncontrolling interests | (4,534) | $ (33,746) | (33,746) | 29,212 | 4,589 | ||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 7,012 | 6,295 | 6,295 | 717 | (7,011) | 7,086 | $ 148 | $ 6,938 | 7,086 | $ (1,545) | (5,467) | (7,012) | |||||||||||
Distributions to noncontrolling interests | (39,885) | (39,885) | (6,122) | (39,885) | $ (10,299) | (309) | (29,277) | (29,586) | (1,550) | (4,571) | (6,121) | ||||||||||||
Redeemable common units, ending balance at Dec. 31, 2013 | 34,639 | ||||||||||||||||||||||
Beginning 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 | |||||||||||||||
Beginning balance, partners' capital at Dec. 31, 2012 | 1,521,660 | 5,685 | 63,496 | $ 565,212 | 9,904 | 877,363 | 1,458,164 | 6,413 | 33,835 | 40,248 | |||||||||||||
Beginning balance, partners' capital units (in shares) at Dec. 31, 2012 | 25,050,000 | 190,855,000 | |||||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||||
Net income (loss) | 92,792 | 85,204 | 85,204 | 7,588 | 92,792 | 839 | $ 44,892 | 491 | 46,570 | 91,953 | 2,565 | 376 | 2,941 | ||||||||||
Other comprehensive income (loss) | (762) | (661) | (661) | (101) | (6) | (762) | (762) | (762) | (6) | (6) | |||||||||||||
Purchase of noncontrolling interests in Operating Partnership/Acquire controlling interest in shopping center property | (41,444) | (41,444) | $ (41,444) | $ (41,444) | |||||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership | 10,000 | 10,000 | 10,000 | ||||||||||||||||||||
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 | ||||||||||||||||||||
Dividends/distributions declared - common stock/units | (157,532) | (157,532) | (157,532) | (157,531) | (1,851) | (155,680) | (157,531) | ||||||||||||||||
Dividends declared/distributions - preferred stock/units | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | |||||||||||||||||
Issuance of shares of common stock and restricted common stock | 216,663 | 87 | 216,576 | 216,663 | |||||||||||||||||||
Cancellation of 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) | 57 | 1,425 | (6,158) | (4,733) | 4,589 | 4,589 | ||||||||||||||||
Adjustment for noncontrolling interests | (4,534) | (33,746) | (33,746) | 29,212 | 4,589 | ||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 7,012 | 6,295 | 6,295 | 717 | (7,011) | 7,086 | 148 | 6,938 | 7,086 | (1,545) | (5,467) | (7,012) | |||||||||||
Distributions to noncontrolling interests | (39,885) | (39,885) | (6,122) | (39,885) | (10,299) | (309) | (29,277) | (29,586) | (1,550) | (4,571) | (6,121) | ||||||||||||
Contributions from noncontrolling interests | 6,530 | 6,530 | 6,530 | 6,530 | |||||||||||||||||||
Issuance of shares of stock (in shares) | 8,772,114 | ||||||||||||||||||||||
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 | |||||||||||||||
Ending balance, partners' capital at Dec. 31, 2013 | 1,560,355 | 4,923 | 19,179 | $ 565,212 | 9,866 | 961,175 | 1,541,176 | 5,883 | 28,756 | 34,639 | |||||||||||||
Ending balance, partners' capital units (in shares) at Dec. 31, 2013 | 25,050,000 | 199,593,000 | |||||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||||
Net income | 3,425 | ||||||||||||||||||||||
Other comprehensive income (loss) | 8,260 | 7,086 | 7,086 | 1,174 | 65 | 8,260 | 8,260 | 8,260 | 65 | 65 | |||||||||||||
Adjustment for noncontrolling interests | (2,937) | (8,231) | (8,231) | 5,294 | 2,937 | ||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (5,336) | (5,014) | (5,014) | (322) | 5,337 | (5,336) | (55) | (5,281) | (5,336) | 3,017 | 2,319 | 5,336 | |||||||||||
Distributions to noncontrolling interests | (44,257) | (44,257) | (8,844) | (13,089) | (13,089) | (4,272) | (4,272) | ||||||||||||||||
Redeemable common units, ending balance at Dec. 31, 2014 | 37,559 | 31,104 | |||||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||||
Net income (loss) | 249,539 | 219,150 | 219,150 | 30,389 | 249,539 | 1,880 | $ 44,892 | 2,081 | 200,686 | 247,659 | 1,827 | 1,598 | 3,425 | ||||||||||
Other comprehensive income (loss) | 8,260 | 7,086 | 7,086 | 1,174 | 65 | 8,260 | 8,260 | 8,260 | 65 | 65 | |||||||||||||
Purchase of noncontrolling interests in Operating Partnership/Acquire controlling interest in shopping center property | (4,861) | (4,861) | |||||||||||||||||||||
Redemption of common units (in shares) | 0 | (273,000) | |||||||||||||||||||||
Redemption of common units | (4,861) | (4,861) | (4,861) | ||||||||||||||||||||
Issuance of common units (in shares) | 246,000 | ||||||||||||||||||||||
Issuance of common units | 683 | 683 | 683 | ||||||||||||||||||||
Dividends/distributions declared - common stock/units | (170,262) | (170,262) | (170,262) | (201,483) | (1,479) | (200,004) | (201,483) | (4,571) | (4,571) | ||||||||||||||
Dividends declared/distributions - preferred stock/units | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | |||||||||||||||||
Issuance of shares of common stock and restricted common stock | 683 | 3 | 680 | 683 | |||||||||||||||||||
Cancellation of 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) | (660) | (2,132) | (2,792) | 2,937 | 2,937 | |||||||||||||||||
Adjustment for noncontrolling interests | (2,937) | (8,231) | (8,231) | 5,294 | 2,937 | ||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (5,336) | (5,014) | (5,014) | (322) | 5,337 | (5,336) | (55) | (5,281) | (5,336) | 3,017 | 2,319 | 5,336 | |||||||||||
Distributions to noncontrolling interests | (44,257) | (44,257) | (8,844) | (13,089) | (13,089) | (4,272) | (4,272) | ||||||||||||||||
Contributions from noncontrolling interests | 938 | 938 | 938 | 938 | |||||||||||||||||||
Issuance of shares of stock (in shares) | 246,168 | ||||||||||||||||||||||
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 | |||||||||||||||
Ending balance, partners' capital at Dec. 31, 2014 | 1,550,441 | 13,183 | 8,908 | $ 565,212 | 9,789 | 953,349 | 1,541,533 | 6,455 | 31,104 | 37,559 | |||||||||||||
Ending balance, partners' capital units (in shares) at Dec. 31, 2014 | 25,050,000 | 199,532,000 | |||||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||||
Net income | 3,902 | ||||||||||||||||||||||
Other comprehensive income (loss) | (14,051) | (11,476) | (11,476) | (2,575) | (352) | (14,051) | (14,051) | (14,051) | (352) | (352) | |||||||||||||
Adjustment for noncontrolling interests | (2,980) | (2,773) | (2,773) | (207) | 2,981 | ||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 11,617 | 10,225 | 10,225 | 1,392 | (11,617) | 11,617 | 119 | 11,498 | 11,617 | (1,658) | (9,959) | (11,617) | |||||||||||
Distributions to noncontrolling interests | (40,534) | (40,534) | (7,143) | (7,866) | (7,866) | (2,571) | (2,571) | ||||||||||||||||
Redeemable common units, ending balance at Dec. 31, 2015 | 25,330 | 19,744 | |||||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||||
Net income (loss) | 115,113 | 103,371 | 103,371 | 11,742 | 115,113 | 2,113 | $ 44,892 | 699 | 67,409 | 113,000 | 3,360 | 542 | 3,902 | ||||||||||
Other comprehensive income (loss) | (14,051) | (11,476) | (11,476) | (2,575) | (352) | (14,051) | (14,051) | (14,051) | (352) | (352) | |||||||||||||
Purchase of noncontrolling interests in Operating Partnership/Acquire controlling interest in shopping center property | 286 | 286 | |||||||||||||||||||||
Redemption of common units (in shares) | (15,000) | ||||||||||||||||||||||
Redemption of common units | $ (4,861) | (286) | (286) | (286) | |||||||||||||||||||
Issuance of common units (in shares) | 278,000 | ||||||||||||||||||||||
Issuance of common units | 679 | 679 | 679 | ||||||||||||||||||||
Dividends/distributions declared - common stock/units | (180,722) | (180,722) | (180,722) | (213,391) | (2,133) | (211,258) | (213,391) | (4,572) | (4,572) | ||||||||||||||
Dividends declared/distributions - preferred stock/units | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | |||||||||||||||||
Issuance of shares of common stock and restricted common stock | 679 | 3 | 676 | 679 | |||||||||||||||||||
Cancellation of restricted common stock (in shares) | (47,000) | ||||||||||||||||||||||
Cancellation of restricted common stock, value | (770) | (1) | (769) | (770) | (770) | (770) | (770) | ||||||||||||||||
Performance stock units | 624 | 624 | 624 | 624 | 6 | 618 | 624 | ||||||||||||||||
Amortization of deferred compensation | 4,152 | 4,152 | 4,152 | 4,152 | 43 | 4,109 | 4,152 | ||||||||||||||||
Allocation of partners' capital | (3,053) | (88) | (2,965) | (3,053) | 2,981 | 2,981 | |||||||||||||||||
Adjustment for noncontrolling interests | (2,980) | (2,773) | (2,773) | (207) | 2,981 | ||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 11,617 | 10,225 | 10,225 | 1,392 | (11,617) | 11,617 | 119 | 11,498 | 11,617 | (1,658) | (9,959) | (11,617) | |||||||||||
Distributions to noncontrolling interests | (40,534) | (40,534) | $ (7,143) | (7,866) | (7,866) | (2,571) | (2,571) | ||||||||||||||||
Contributions from noncontrolling interests | 1,721 | 1,721 | 1,721 | 1,721 | |||||||||||||||||||
Issuance of shares of stock (in shares) | 278,093 | ||||||||||||||||||||||
Ending balance, shareholders' equity at Dec. 31, 2015 | $ 1,399,599 | $ 25 | $ 1,705 | $ 1,970,333 | $ 1,935 | $ (689,028) | $ 1,284,970 | $ 114,629 | |||||||||||||||
Ending balance, partners' capital at Dec. 31, 2015 | $ 1,400,038 | $ (868) | $ 4,876 | $ 565,212 | $ 8,435 | $ 822,383 | $ 1,395,162 | $ 5,586 | $ 19,744 | $ 25,330 | |||||||||||||
Ending balance, partners' capital units (in shares) at Dec. 31, 2015 | 25,050,000 | 199,748,000 |
Consolidated Statements of Equ8
Consolidated Statements of Equity (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance of shares of stock (in shares) | 278,093 | 246,168 | 8,772,114 |
Shares of restricted common stock canceled (in shares) | 47,418 | 34,039 | 41,661 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 119,015 | $ 253,033 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Gain on discontinued operations | 681 | ||
Loss on impairment | 105,945 | 17,858 | $ 70,049 |
Equity in earnings of unconsolidated affiliates | (18,200) | (14,803) | (11,616) |
Change in deferred tax accounts | (152) | 1,329 | 1,823 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sale of available-for-sale securities | 20,755 | ||
CBL & Associates Properties, Inc. | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 119,015 | 253,033 | 110,370 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 299,069 | 291,273 | 285,549 |
Amortization of deferred financing costs, debt premiums and discounts | 4,948 | 4,405 | 4,783 |
Net amortization of intangible lease assets and liabilities | (1,487) | 368 | 63 |
Gain on sales of real estate assets | (32,232) | (5,342) | (1,980) |
Gain on discontinued operations | 0 | (276) | (1,144) |
Write-off of development projects | 2,373 | 136 | 334 |
Share-based compensation expense | 5,218 | 3,979 | 2,725 |
Gain on investments | (16,560) | 0 | (2,400) |
Loss on impairment | 105,945 | 17,858 | 70,049 |
Loss on impairment from discontinued operations | 0 | 681 | 5,234 |
(Gain) loss on extinguishment of debt | (256) | (87,893) | 9,108 |
Equity in earnings of unconsolidated affiliates | (18,200) | (14,803) | (11,616) |
Distributions of earnings from unconsolidated affiliates | 21,095 | 21,866 | 15,995 |
Provision for doubtful accounts | 2,254 | 2,643 | 1,816 |
Change in deferred tax accounts | (153) | 1,329 | 1,824 |
Changes in: | |||
Tenant and other receivables | (5,455) | (4,053) | (12,358) |
Other assets | 1,803 | 1,101 | 5,928 |
Accounts payable and accrued liabilities | 7,638 | (18,244) | (19,529) |
Net cash provided by operating activities | 495,015 | 468,061 | 464,751 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to real estate assets | (218,891) | (277,624) | (314,299) |
Acquisitions of real estate assets | (191,988) | 0 | (41,444) |
(Additions) reductions to restricted cash | 5,491 | 4,880 | (7,592) |
Reductions to cash held in escrow | 0 | 0 | 15,000 |
Proceeds from sales of real estate assets | 132,231 | 16,513 | 240,150 |
Proceeds from sales of investments in unconsolidated affiliates | 0 | 0 | 4,875 |
Additions to mortgage and other notes receivable | (3,096) | 0 | (2,700) |
Payments received on mortgage and other notes receivable | 1,610 | 20,973 | 5,672 |
Proceeds from sale of available-for-sale securities | 20,755 | 0 | 11,002 |
Additional investments in and advances to unconsolidated affiliates | (15,200) | (30,404) | (34,063) |
Distributions in excess of equity in earnings of unconsolidated affiliates | 20,807 | 39,229 | 11,310 |
Changes in other assets | (11,534) | (8,422) | (13,604) |
Net cash used in investing activities | (259,815) | (234,855) | (125,693) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from mortgage and other indebtedness | 1,358,296 | 1,061,928 | 2,298,116 |
Principal payments on mortgage and other indebtedness | (1,315,094) | (1,050,647) | (2,179,541) |
Additions to deferred financing costs | (6,796) | (2,386) | (7,739) |
Prepayment fees on extinguishment of debt | 0 | (1,506) | (8,708) |
Proceeds from issuances of common stock/units | 188 | 175 | 209,547 |
Purchases of noncontrolling interests in the Operating Partnership | (286) | (4,861) | 0 |
Redemption of redeemable noncontrolling preferred joint venture interest | 0 | 0 | (408,577) |
Contributions from noncontrolling interests | 682 | 938 | 6,530 |
Distributions to noncontrolling interests | (47,682) | (52,712) | (65,187) |
Dividends paid to holders of preferred stock/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) |
Dividends paid to common shareholders/unitholders | (180,662) | (166,805) | (151,355) |
Net cash used in financing activities | (236,246) | (260,768) | (351,806) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (1,046) | (27,562) | (12,748) |
CASH AND CASH EQUIVALENTS, beginning of period | 37,938 | 65,500 | 78,248 |
CASH AND CASH EQUIVALENTS, end of period | 36,892 | 37,938 | 65,500 |
CBL & Associates Limited Partnership | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | 119,015 | 253,033 | 110,370 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 299,069 | 291,273 | 285,549 |
Amortization of deferred financing costs, debt premiums and discounts | 4,948 | 4,405 | 4,783 |
Net amortization of intangible lease assets and liabilities | (1,487) | 368 | 63 |
Gain on sales of real estate assets | (32,232) | (5,342) | (1,980) |
Gain on discontinued operations | 0 | (276) | (1,144) |
Write-off of development projects | 2,373 | 136 | 334 |
Share-based compensation expense | 5,218 | 3,979 | 2,725 |
Gain on investments | (16,560) | 0 | (2,400) |
Loss on impairment | 105,945 | 17,858 | 70,049 |
Loss on impairment from discontinued operations | 0 | 681 | 5,234 |
(Gain) loss on extinguishment of debt | (256) | (87,893) | 9,108 |
Equity in earnings of unconsolidated affiliates | (18,200) | (14,803) | (11,616) |
Distributions of earnings from unconsolidated affiliates | 21,092 | 21,866 | 15,995 |
Provision for doubtful accounts | 2,254 | 2,643 | 1,816 |
Change in deferred tax accounts | (153) | 1,329 | 1,824 |
Changes in: | |||
Tenant and other receivables | (5,455) | (4,053) | (12,358) |
Other assets | 1,803 | 1,101 | 5,928 |
Accounts payable and accrued liabilities | 7,648 | (18,242) | (19,539) |
Net cash provided by operating activities | 495,022 | 468,063 | 464,741 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Additions to real estate assets | (218,891) | (277,624) | (314,299) |
Acquisitions of real estate assets | (191,988) | 0 | (41,444) |
(Additions) reductions to restricted cash | 5,491 | 4,880 | (7,592) |
Reductions to cash held in escrow | 0 | 0 | 15,000 |
Proceeds from sales of real estate assets | 132,231 | 16,513 | 240,150 |
Proceeds from sales of investments in unconsolidated affiliates | 0 | 0 | 4,875 |
Additions to mortgage and other notes receivable | (3,096) | 0 | (2,700) |
Payments received on mortgage and other notes receivable | 1,610 | 20,973 | 5,672 |
Proceeds from sale of available-for-sale securities | 20,755 | 0 | 11,002 |
Additional investments in and advances to unconsolidated affiliates | (15,200) | (30,404) | (34,063) |
Distributions in excess of equity in earnings of unconsolidated affiliates | 20,807 | 39,229 | 11,310 |
Changes in other assets | (11,534) | (8,422) | (13,604) |
Net cash used in investing activities | (259,815) | (234,855) | (125,693) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from mortgage and other indebtedness | 1,358,296 | 1,061,928 | 2,298,116 |
Principal payments on mortgage and other indebtedness | (1,315,094) | (1,050,647) | (2,179,541) |
Additions to deferred financing costs | (6,796) | (2,386) | (7,739) |
Prepayment fees on extinguishment of debt | 0 | (1,506) | (8,708) |
Proceeds from issuances of common stock/units | 188 | 175 | 209,547 |
Redemption of common units | (286) | (4,861) | 0 |
Redemption of redeemable noncontrolling preferred joint venture interest | 0 | 0 | (408,577) |
Contributions from noncontrolling interests | 682 | 938 | 6,530 |
Distributions to noncontrolling interests | (17,084) | (52,712) | (65,187) |
Dividends paid to holders of preferred stock/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) |
Dividends paid to common shareholders/unitholders | (211,260) | (166,805) | (151,355) |
Net cash used in financing activities | (236,246) | (260,768) | (351,806) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (1,039) | (27,560) | (12,758) |
CASH AND CASH EQUIVALENTS, beginning of period | 37,926 | 65,486 | 78,244 |
CASH AND CASH EQUIVALENTS, end of period | $ 36,887 | $ 37,926 | $ 65,486 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2015 | |
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 and mixed-use 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, 2015 , the Operating Partnership owned interests in the following Properties: Malls (1) Associated Centers Community Centers Office Buildings (2) Total Consolidated Properties 72 21 6 8 107 Unconsolidated Properties (3) 10 4 4 5 23 Total 82 25 10 13 130 (1) Category consists of regional malls, open-air centers and outlet centers (including one mixed-use center). (2) Includes CBL's corporate office buildings. (3) The Operating Partnership accounts for these investments using the equity method because one or more of the other partners have substantive participating rights. At December 31, 2015 , the Operating Partnership had interests in the following Construction Properties: Consolidated Unconsolidated Malls Malls Community Development — — 1 Expansions 1 — 1 Redevelopments 2 2 — 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, 2015 , 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, 2015 , 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 3.5 million shares of the Company's common stock at December 31, 2015 , for a total combined effective interest of 10.9% 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 ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
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. Accounting Guidance Adopted In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"), which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability to which they relate, consistent with the presentation of debt discounts, in contrast to being presented as an asset on the balance sheet under current GAAP. The guidance only changes presentation and does not change the recognition and measurement of debt issuance costs. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements ("ASU 2015-15") which addresses the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line of credit arrangements. Under ASU 2015-15, debt issuance costs related to line of credit arrangements can continue to be presented as an asset on the balance sheet and be subsequently amortized over the term of the arrangement. For public companies, ASU 2015-03 is effective on a retrospective basis for annual periods beginning after December 15, 2015 and interim periods within those years. The Company adopted ASU 2015-03 and ASU 2015-15 in the fourth quarter of 2015. As a result, prior period amounts in the accompanying consolidated balance sheets related to debt issuance costs, other than those related to line of credit arrangements, have been reclassified to present debt issuance costs as a direct deduction from the carrying amount of the recognized debt liability for all periods presented herein. As a result, unamortized debt issuance costs of $16,059 and $17,127 , for the years ended December 31, 2015 and 2014 , respectively, were reclassified from intangible lease assets and other assets to mortgage and other indebtedness in the accompanying consolidated balance sheets. Accounting Guidance Not Yet Effective In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"). The guidance modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the evaluation of fee arrangements and related party relationships in the primary beneficiary determination. For public companies, ASU 2015-02 is effective for annual periods beginning after December 15, 2015 and interim periods within those years using either a retrospective or a modified retrospective approach. Early adoption is permitted. The Company does not expect the provisions of ASU 2015-02 to have a material impact on its consolidated financial statements. 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date, which allows an additional one year deferral of ASU 2014-09. As a result, ASU 2014-09 is effective for annual periods beginning after December 15, 2017 and interim periods within those years using one of two retrospective application methods. Early adoption would be permitted only for annual reporting periods beginning after December 15, 2016 and interim periods within those years. 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, 2015 and 2014 , are summarized as follows: December 31, 2015 December 31, 2014 Cost Accumulated Amortization Cost Accumulated Amortization Intangible lease assets and other assets: Above-market leases $ 54,080 $ (39,228 ) $ 64,696 $ (45,662 ) In-place leases 113,335 (71,460 ) 110,211 (71,272 ) Tenant relationships 29,742 (5,868 ) 29,664 (4,917 ) Accounts payable and accrued liabilities: Below-market leases 89,182 (54,999 ) 99,189 (68,127 ) These intangibles are related to specific tenant leases. Should a termination occur earlier than the date indicated in the lease, the related unamortized intangible assets or liabilities, if any, related to the lease are recorded as expense or income, as applicable. The total net amortization expense of the above intangibles was $12,939 , $13,973 and $19,030 in 2015 , 2014 and 2013 , respectively. The estimated total net amortization expense for the next five succeeding years is $8,204 in 2016 , $6,439 in 2017 , $3,593 in 2018 , $2,504 in 2019 and $1,924 in 2020 . Total interest expense capitalized was $3,697 , $7,122 and $4,889 in 2015 , 2014 and 2013 , respectively. Carrying Value of Long-Lived Assets The Company monitors events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of a long-lived asset may not be recoverable, the Company assesses the recoverability of the asset by determining whether the asset’s carrying value will be recovered through the estimated undiscounted future cash flows expected from the Company’s probability weighted use of the asset and its eventual disposition. In the event that such undiscounted future cash flows do not exceed the carrying value, the Company adjusts the carrying value of the long-lived asset to its estimated fair value and recognizes an impairment loss. The estimated fair value is calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value. Certain of the Company’s long-lived assets may be carried at more than an amount that could be realized in a current disposition transaction. Projections of expected future operating cash flows require that the Company estimates future market rental income amounts subsequent to expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the Property, and the number of years the Property is held for investment, among other factors. As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management’s estimates of future possible outcomes. Therefore, the future cash flows estimated in the Company’s impairment analyses may not be achieved. See Note 4 and Note 15 for information related to the impairment of long-lived assets for 2015 , 2014 and 2013 . 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 $34,684 and $40,175 was included in intangible lease assets and other assets at December 31, 2015 and 2014 , respectively. Restricted cash consists primarily of cash held in escrow accounts for debt service, insurance, real estate taxes, capital improvements and deferred maintenance as required by the terms of certain mortgage notes payable. Allowance for Doubtful Accounts The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are realizable based on factors affecting the collectability of those balances. The Company’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income. The Company recorded a provision for doubtful accounts of $2,254 , $2,643 and $1,253 for 2015 , 2014 and 2013 , 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, 2015 and 2014 , 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 $13,334 and $13,390 , 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 2015 , 2014 and 2013 . Deferred Financing Costs Net deferred financing costs related to the Company's lines of credit of $6,431 and $5,050 were included in intangible lease assets and other assets at December 31, 2015 and 2014 , respectively. Net deferred financing costs related to the Company's other indebtedness of $16,059 and $17,127 were included in mortgage and other indebtedness at December 31, 2015 and 2014 , respectively. As noted above under Accounting Guidance Adopted , the Company adopted ASU 2015-03 and ASU 2015-15 in the fourth quarter of 2015, resulting in the reclassification of $16,059 and $17,127 at December 31, 2015 and 2014 , respectively in the accompanying consolidated balance sheets. 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 $7,116 , $6,910 and $7,468 in 2015 , 2014 and 2013 , respectively. Accumulated amortization was $12,413 and $17,302 as of December 31, 2015 and 2014 , respectively. Marketable Securities Intangible lease assets and other assets included marketable securities consisting of corporate equity securities that were classified as available-for-sale. The Company recognized a realized gain of $16,560 , for the difference between the net proceeds of $20,755 less the adjusted cost of $4,195 related to the sale of all its marketable securities in 2015 . The Company did not recognize any realized gains or losses related to sales of marketable securities in 2014 or 2013. Unrealized gains and losses on available-for-sale securities that are deemed to be temporary in nature are recorded as a component of accumulated other comprehensive income (loss) ("AOCI/L") in redeemable noncontrolling interests, shareholders’ equity and partners' capital, and noncontrolling interests. Realized gains are recorded in gain on investments. Gains or losses on securities sold are based on the specific identification method. 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 2015 , 2014 and 2013 . The following is a summary of the marketable securities held by the Company as of December 31, 2014 : Gross Unrealized Adjusted Cost Gains Losses Fair Value December 31, 2014: Common stocks $ 4,195 $ 16,321 $ — $ 20,516 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, 2015 and 2014 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, 2015 and 2014 was $434 and $2,226 , 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 the underlying lease terms. The Company receives management, leasing and development fees from third parties and unconsolidated affiliates. Management fees are charged as a percentage of revenues (as defined in the management agreement) and are recognized as revenue when earned. Development fees are recognized as revenue on a pro rata basis over the development period. Leasing fees are charged for newly executed leases and lease renewals and are recognized as revenue when earned. Development and leasing fees received from an unconsolidated affiliate during the development period are recognized as revenue only to the extent of the third-party partner’s ownership interest. Development and leasing fees during the development period, to the extent of the Company’s ownership interest, are recorded as a reduction to the Company’s investment in the unconsolidated affiliate. Gain on Sales of Real Estate Assets Gain on sales of real estate assets is recognized when it is determined that the sale has been consummated, the buyer’s initial and continuing investment is adequate, the Company’s receivable, if any, is not subject to future subordination, and the buyer has assumed the usual risks and rewards of ownership of the asset. When the Company has an ownership interest in the buyer, gain is recognized to the extent of the third party partner’s ownership interest 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 $3,460 , $4,079 and $3,570 during 2015 , 2014 and 2013 , 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, 2015 , 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Current tax benefit (provision) $ (3,093 ) $ (3,170 ) $ 518 Deferred tax benefit (provision) 152 (1,329 ) (1,823 ) Income tax provision $ (2,941 ) $ (4,499 ) $ (1,305 ) The Company had a net deferred tax liability of $672 at December 31, 2015 and a net deferred tax asset of $394 at December 31, 2014 , respectively. The net deferred tax liability at December 31, 2015 is included in accounts payable and accrued liabilities. The net deferred tax asset at December 31, 2014 is included in intangible lease assets and other assets. These balances primarily consisted of operating expense accruals and differences between book and tax depreciation. As of December 31, 2015 , tax years that generally remain subject to examination by the Company’s major tax jurisdictions include 2012, 2013, 2014 and 2015. The Company reports any income tax penalties attributable to its Properties as property operating expenses and any corporate-related income tax penalties as general and administrative expenses in its consolidated statement of operations. In addition, any interest incurred on tax assessments is reported as interest expense. The Company reported nominal interest and penalty amounts in 2015 , 2014 and 2013 . 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 2015 , 2014 or 2013 . 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 anti-dilutive shares for the year ended December 31, 2015 . 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, 2015 : Year Ended December 31, 2015 Denominator – basic 170,476 Effect of performance stock units (1) 23 Denominator – diluted 170,499 (1) Performance stock units are contingently issuable common shares and are included in earnings per share if the effect is dilutive. See Note 16 for a description of the long-term incentive program, which was adopted in 2015, that these units relate to. 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 anti-dilutive units for the year ended December 31, 2015 . 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, 2015 : Year Ended December 31, 2015 Denominator – basic 199,734 Effect of performance stock units (1) 23 Denominator – diluted 199,757 (1) Performance stock units are contingently issuable common shares and are included in earnings per unit if the effect is dilutive. See Note 16 for a description of the long-term incentive program, which was adopted in 2015, that these units relate to. Comprehensive Income Accumulated Other Comprehensive Income (Loss) of the Company Comprehensive income (loss) of the Company includes all changes in redeemable noncontrolling interests and total equity during the period, except those resulting from investments by shareholders and partners, distributions to shareholders and partners and redemption valuation adjustments. Other comprehensive income (loss) (“OCI/L”) 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, 2015 , 2014 and 2013 are as follows: Redeemable Noncontrolling Interests The Company Noncontrolling Interests Unrealized Gains (Losses) Hedging Agreements Available-for-Sale Securities Hedging Agreements Available-for-Sale Securities Hedging Agreements Available-for-Sale Securities Total Beginning balance, January 1, 2013 $ 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/L 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 OCI before reclassifications 32 10 3,828 160 251 72 4,353 Amounts reclassified from AOCI (1) — (394 ) (2,196 ) (13,268 ) — (2,898 ) (18,756 ) Net year-to-date period OCI/L 32 (384 ) 1,632 (13,108 ) 251 (2,826 ) (14,403 ) Ending balance, December 31, 2015 $ 433 $ — $ 1,935 $ — $ (2,802 ) $ — $ (434 ) (1) Reclassified $2,196 , $2,195 and $2,297 of interest on cash flow hedges to Interest Expense in the consolidated statement of operations for the years ended December 31, 2015 , 2014 and 2013 , respectively. Reclassified $16,560 realized gain on sale of available-for-sale securities to Gain on Investment in the consolidated statement of operations for the year ended December 31, 2015. Accumulated Other Comprehensive Income (Loss) of the Operating Partnership Comprehensive income (loss) of the Operating Partnership includes all changes in redeemable common units and partners' capital during the period, except those resulting from investments by unitholders, distributions to unitholders and redemption valuation adjustments. OCI/L includes changes in unrealized gains (losses) on available-for-sale securities and in |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2015 | |
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, 2013: Purchase Date Property Property Type Location Ownership Percentage Acquired Cash Debt Assumed Purchase Price 2015 Activity: June Mayfaire Town Center and Community Center (1) Mall Wilmington, NC 100% $ 191,988 $ — $ 191,988 2013 Activity: April Kirkwood Mall (2) Mall Bismarck, ND 51% $ 41,378 $ 20,587 $ 61,965 (1) The Company acquired Mayfaire Town Center and Community Center on June 18, 2015 for $191,988 utilizing availability on its lines of credit. Since the acquisition date, $8,982 of revenue and $410 in income related to Mayfaire Town Center and Community Center is included in the consolidated financial statements for the year ended December 31, 2015. The Company subsequently sold Mayfaire Community Center in December 2015. See Note 4 for more information. (2) 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. The Company consolidated this joint venture as of December 31, 2013. The following table summarizes the final allocation of the estimated fair values of the assets acquired and liabilities assumed as of the June 2015 acquisition date for Mayfaire Town Center and Community Center: 2015 Land $ 39,598 Buildings and improvements 139,818 Tenant improvements 3,331 Above-market leases 393 In-place leases 22,673 Total assets 205,813 Below-market leases (13,825 ) Net assets acquired $ 191,988 |
DISPOSITIONS AND DISCONTINUED O
DISPOSITIONS AND DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSALS AND DISCONTINUED OPERATIONS | DISPOSITIONS AND DISCONTINUED OPERATIONS In the first quarter of 2014, the Company adopted ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , 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 2015 and 2014 dispositions listed below were not reclassified to discontinued operations as the 2013 dispositions were. 2015 Dispositions The results of operations of the shopping center Properties described below, as well as any related impairment loss, are included in income from continuing operations for all periods presented, as applicable. Net proceeds from the 2015 dispositions were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2015 dispositions by sale: Sales Price Gain Sales Date Property Property Type Location Gross Net December Mayfaire Community Center (1) Community Center (2) Wilmington, NC $ 56,300 $ 55,955 $ — December Chapel Hill Crossing (3) Associated Center Akron, OH 2,300 2,178 — November Waynesville Commons Community Center Waynesville, NC 14,500 14,289 5,071 July Madison Plaza Associated Center Huntsville, AL 5,700 5,472 2,769 June EastGate Crossing (4) Associated Center Cincinnati, OH 21,060 20,688 13,491 April Madison Square (5) Mall Huntsville, AL 5,000 4,955 — $ 104,860 $ 103,537 $ 21,331 (1) The Company recognized a loss on impairment of real estate of $397 in the fourth quarter of 2015 when it adjusted the book value of Mayfaire Community Center to its net sales price. (2) This Property was combined with Mayfaire Town Center in the Malls category for segment reporting purposes. (3) The Company recognized a loss on impairment of real estate of $1,914 in the fourth quarter of 2015 when it adjusted the book value of Chapel Hill Crossing to its net sales price. (4) In the fourth quarter of 2015, the Company earned $625 of the potential $1,740 of contingent consideration related to the sale of EastGate Crossing and received $574 of net proceeds for the lease of a tenant space. The Company has until September 2016 to lease one additional specified tenant space to earn the remaining consideration. Additionally, the buyer assumed the mortgage loan on the property, which had a balance of $14,570 at the time of the sale. (5) The Company recognized a loss on impairment of real estate of $2,620 in the second quarter of 2015 when it adjusted the book value of Madison Square to its net sales price. 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 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 Non-recourse Debt Gain on Extinguishment of Debt Disposal Date Property Property Type Location 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 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 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 Panama City, FL Nashville, TN $ 176,000 $ 171,977 $ (19 ) 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. Total revenues of the Properties described above that are included in discontinued operations were $15,468 in 2013. The total net investment in real estate assets at the time of sale for the Properties sold during 2013 was $219,833 . There were no outstanding loans on any of the Properties sold during 2013. Discontinued operations for the year ended December 31, 2013 also includes settlements of estimated expense based on actual amounts for Properties sold during previous years. |
UNCONSOLIDATED AFFILIATES AND C
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS | UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS Unconsolidated Affiliates At December 31, 2015 , 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 65.0 % Ambassador Town Center JV, LLC Ambassador Town Center 65.0 % CBL/T-C, LLC CoolSprings Galleria, Oak Park Mall and West County Center 50.0 % CBL-TRS Joint Venture, LLC Friendly Center, The Shops at Friendly Center and a portfolio of four office buildings 50.0 % CBL-TRS Joint Venture II, LLC Renaissance Center 50.0 % El Paso Outlet Outparcels, LLC The Outlet Shoppes at El Paso (vacant land) 50.0 % Fremaux Town Center JV, LLC Fremaux Town Center Phases I and II 65.0 % Governor’s Square IB Governor’s Plaza 50.0 % Governor’s Square Company Governor’s Square 47.5 % High Pointe Commons, LP High Pointe Commons 50.0 % High Pointe Commons II-HAP, LP High Pointe Commons - Christmas Tree Shop 50.0 % JG Gulf Coast Town Center LLC Gulf Coast Town Center Phase I, II and III 50.0 % Kentucky Oaks Mall Company Kentucky Oaks Mall 50.0 % Mall of South Carolina L.P. Coastal Grand 50.0 % Mall of South Carolina Outparcel L.P. Coastal Grand Crossing and vacant land 50.0 % Port Orange I, LLC The Pavilion at Port Orange Phase I and one office building 50.0 % Triangle Town Member LLC Triangle Town Center, Triangle Town Commons and Triangle Town Place 50.0 % West Melbourne I, LLC Hammock Landing Phases I and II 50.0 % York Town Center, LP York Town Center 50.0 % Although the Company had majority ownership of certain joint ventures during 2015 , 2014 and 2013 , 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. Gulf Coast Town Center In the third quarter of 2015, the lender of the non-recourse mortgage loan secured by Phases I and II of Gulf Coast Town Center in Ft. Myers, FL sent a formal notice of default and initiated foreclosure proceedings. Gulf Coast Town Center generates insufficient cash flow to cover the debt service on the mortgage, which had a balance of $190,800 (of which the Company's 50.0% share was $95,400 ) at December 31, 2015 and a contractual maturity date of July 2017. In the third quarter of 2015, the lender on the loan began receiving the net operating cash flows of the Property each month in lieu of scheduled monthly mortgage payments. Renaissance Center In December 2015, the Company and its 50 / 50 joint venture partner entered into a binding agreement to sell Renaissance Center, a community center located in Durham, NC, for a gross sales price of $129,200 of which $64,600 represents each partner's share. The sale is expected to close in the second quarter of 2016, subject to customary closing conditions, the assumption of the $16,000 loan secured by the Property's second phase and defeasance of the loan secured by the first phase, which had a balance of $31,678 as of December 31, 2015 . Triangle Town Center and Triangle Town Commons Subsequent to December 31, 2015 , the Company's 50.0% interest was sold to a newly formed joint venture. See Note 19 for more information. Condensed combined financial statement information of these unconsolidated affiliates is as follows: December 31, 2015 2014 ASSETS: Investment in real estate assets $ 2,357,902 $ 2,266,252 Accumulated depreciation (677,448 ) (619,558 ) 1,680,454 1,646,694 Developments in progress 59,592 75,877 Net investment in real estate assets 1,740,046 1,722,571 Other assets (1) 168,540 166,391 Total assets $ 1,908,586 $ 1,888,962 LIABILITIES: Mortgage and other indebtedness (1) $ 1,546,272 $ 1,508,663 Other liabilities 51,357 42,517 Total liabilities 1,597,629 1,551,180 OWNERS' EQUITY: The Company 184,868 198,261 Other investors 126,089 139,521 Total owners' equity 310,957 337,782 Total liabilities and owners’ equity $ 1,908,586 $ 1,888,962 (1) In accordance with the adoption in the fourth quarter of 2015 of ASU 2015-03 and ASU 2015-15, unamortized deferred financing costs were reclassified from other assets to mortgage and other indebtedness. These reclassifications consisted of $2,884 and $4,163 as of December 31, 2015 and 2014, respectively. Year Ended December 31, 2015 2014 2013 Total revenues $ 253,399 $ 250,248 $ 243,215 Depreciation and amortization (79,870 ) (79,059 ) (76,323 ) Other operating expenses (75,875 ) (73,218 ) (72,166 ) Income from operations 97,654 97,971 94,726 Interest and other income 1,337 1,358 1,359 Interest expense (75,485 ) (74,754 ) (76,934 ) Gain on sales of real estate assets 2,551 1,697 102 Net income $ 26,057 $ 26,272 $ 19,253 2015 Financings The following table presents the loan activity of the Company's unconsolidated affiliates in 2015: Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended December Hammock Landing - Phase I (2) LIBOR + 2.00% February 2016 (3) $ 39,475 December Hammock Landing - Phase II (2) LIBOR + 2.00% February 2016 (3) 16,757 December The Pavilion at Port Orange (2) LIBOR + 2.00% February 2016 (3) 58,820 October Oak Park Mall (4) 3.97% October 2025 276,000 July Gulf Coast Town Center - Phase III (5) LIBOR + 2.00% July 2017 5,352 (1) Excludes any extension options. (2) The loan was amended and modified to extend its initial maturity date and interest rate. (3) Subsequent to December 31, 2015, the loan was extended to February 2018 with a one -year extension option. See Note 19 for more information. (4) CBL/T-C, a 50% owned subsidiary of the Company, closed on a non-recourse loan, secured by Oak Park Mall in Overland Park, KS. Net proceeds were used to retire the outstanding borrowings of $275,700 under the previous loan which bore interest at 5.85% and had a December 2015 maturity date. (5) The loan was amended and modified to extend its maturity date. As part of the refinancing agreement, the loan is no longer guaranteed by the Operating Partnership. See Note 14 for more information. See Note 19 for information related to an unconsolidated affiliate's mortgage loan, which was modified and restructured subsequent to December 31, 2015 . 2014 Financings The following table presents the loan activity of the Company's unconsolidated affiliates in 2014: Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended December Ambassador Town Center (2) LIBOR + 1.80% December 2017 (3) $ 48,200 December Ambassador Town Center - Infrastructure Improvements (4) LIBOR + 2.00% December 2017 (3) 11,700 November Hammock Landing - Phase II (5) LIBOR + 2.25% November 2015 (6) 16,757 August Fremaux Town Center - Phase I (7) LIBOR + 2.00% August 2016 (8) 47,291 August Fremaux Town Center - Phase II (9) LIBOR + 2.00% August 2016 (8) 32,100 July Coastal Grand - Myrtle Beach (10) 4.09% August 2024 126,000 February Fremaux Town Center - Phase I (11) LIBOR + 2.125% March 2016 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 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. 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 was reduced to LIBOR + 2.00% in the fourth quarter of 2015 as Academy Sports is open and paying contractual rent. See Note 14 for information on the Operating Partnership's guaranty of this loan. The loan was subsequently amended and modified in 2015. See above. (6) The construction loan had two one -year extension options, which were 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. In the second quarter of 2015, the guaranty was reduced from 50% to 15% . See Note 14 for further information. (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 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 . Excess proceeds were distributed 50/50 to the Company and its partner and the Company's share of excess proceeds was used to reduce outstanding 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. All of the debt on the Properties owned by the unconsolidated affiliates listed above is non-recourse, except for Ambassador, Ambassador Infrastructure, Fremaux Phase I and II, Hammock Landing and Port Orange. 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. 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. 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, 2015 and 2014 . |
MORTGAGE AND OTHER INDEBTEDNESS
MORTGAGE AND OTHER INDEBTEDNESS | 12 Months Ended |
Dec. 31, 2015 | |
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 it has a direct or indirect ownership interest in, is the borrower on all of the Company's debt. CBL is a limited guarantor of the 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 similar limited guarantee of the Operating Partnership's obligations with respect to its unsecured credit facilities and three unsecured term loans as of December 31, 2015 . 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, 2015 December 31, 2014 Amount Weighted Average Interest Rate (1) Amount Weighted Average Interest Rate (1) Fixed-rate debt: Non-recourse loans on operating Properties (2) $ 2,736,538 5.68% $ 3,252,730 5.62% Senior unsecured notes due 2023 (3) 446,151 5.25% 445,770 5.25% Senior unsecured notes due 2024 (4) 299,933 4.60% 299,925 4.60% Other 2,686 3.50% 5,639 3.50% Total fixed-rate debt 3,485,308 5.53% 4,004,064 5.50% Variable-rate debt: Non-recourse term loans on operating Properties 16,840 2.49% 17,121 2.29% Recourse term loans on operating Properties 25,635 2.97% 7,638 2.91% Construction loans — —% 454 2.66% Unsecured lines of credit (5) 398,904 1.54% 221,183 1.56% Unsecured term loans (6) 800,000 1.82% 450,000 1.71% Total variable-rate debt 1,241,379 1.76% 696,396 1.69% Total fixed-rate and variable-rate debt 4,726,687 4.54% 4,700,460 4.93% Unamortized deferred financing costs (7) (16,059 ) (17,127 ) Total mortgage and other indebtedness $ 4,710,628 $ 4,683,333 (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 $101,151 as of December 31, 2015 and $105,584 as of December 31, 2014 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, 2015 and 2014 . (3) The balance is net of an unamortized discount of $3,849 and $4,230 , as of December 31, 2015 and 2014 , respectively. (4) The balance is net of an unamortized discount of $67 and $75 , as of December 31, 2015 and 2014 , respectively. (5) The Company extended and modified its three unsecured credit facilities in October 2015. See below for additional information. (6) The Company closed on a new $350,000 unsecured term loan in October 2015. See below for further information. (7) See Note 2 for information related to the adoption of new accounting pronouncements in the fourth quarter of 2015 that have been retrospectively applied, resulting in reclassification of certain debt issuance costs from total assets to total mortgage and other indebtedness in the above tables and consisted of $16,059 and $17,127 and for the years ending December 31, 2015 and 2014, respectively. Non-recourse and recourse term loans include loans that are secured by Properties owned by the Company that have a net carrying value of $3,055,376 at December 31, 2015 . Senior Unsecured Notes In the fourth quarter of 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 . In the fourth quarter of 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 respective interest rate on each of the Notes 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 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 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. 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. 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 $2,245 and a discount of $75 , the net proceeds from the sale of the 2024 Notes were $297,680 . 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 . The Operating Partnership used the net proceeds from the issuance of the Notes 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% 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% . 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. In October 2015, the Company closed on the extension and modification of its three unsecured credit facilities. The $1,100,000 of total capacity consists of two $500,000 credit facilities and a $100,000 credit facility. One of the $500,000 facilities matures in October 2019 and has a one -year extension option. The second $500,000 facility matures in October 2020. The $100,000 facility matures in October 2019 and has a one -year extension option. Each facility bears interest at LIBOR plus a spread of 87.5 to 155 basis points based on the Company's credit ratings. The former credit facilities bore interest at LIBOR plus a spread of 100 to 175 basis points based on the Company's credit ratings. Additionally, the annual facility fee for the aggregate $1,100,000 facility was reduced to a range of 0.125% to 0.300% , based on the Company's credit ratings. The annual facility fee on the former credit facilities ranged from 0.15% to 0.35% of the total capacity of each facility. As of December 31, 2015 , the Company's interest rate, based on its credit ratings of Baa3 from Moody's and BBB- from S&P and Fitch, is LIBOR plus 120 basis points. As of December 31, 2015 , the annual facility fee was 0.25% . The three unsecured lines of credit had a weighted-average interest rate of 1.54% at December 31, 2015 . The following summarizes certain information about the Company's unsecured lines of credit as of December 31, 2015 : Total Capacity Total Outstanding Maturity Date Extended Maturity Date Facility A $ 500,000 $ — (1) October 2019 October 2020 (2) First Tennessee 100,000 6,700 (3) October 2019 October 2020 (4) Facility B 500,000 392,204 (5) October 2020 $ 1,100,000 $ 398,904 (1) There was $350 outstanding on this facility as of December 31, 2015 for letters of credit. Up to $30,000 of the capacity on this facility can be used for letters of credit. (2) The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.15% of the commitment amount of the credit facility. (3) There was an additional $113 outstanding on this facility as of December 31, 2015 for letters of credit. Up to $20,000 of the capacity on this facility can be used for letters of credit. (4) The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.20% of the commitment amount of the credit facility. (5) There was an additional $5,464 outstanding on this facility as of December 31, 2015 for letters of credit. Up to $30,000 of the capacity on this facility can be used for letters of credit. Unsecured Term Loans In October 2015, the Company closed on a $350,000 unsecured term loan. Net proceeds from the term loan were used to reduce outstanding balances on the Company's credit facilities. The term loan bears interest at LIBOR plus a spread of 90 to 175 basis points based on the Company's credit ratings. Based on the Company's current credit ratings, the term loan bears interest at LIBOR plus 135 basis points. The loan matures in October 2017 and has two one -year extension options for an outside maturity date of October 2019. At December 31, 2015 , the outstanding borrowings of $350,000 had an interest rate of 1.69% . The Company has a $400,000 unsecured term loan, that 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, 2015 , the outstanding borrowings of $400,000 had an interest rate of 1.92% . The Company also has a $50,000 unsecured term loan that matures in February 2018 . In the first quarter of 2015, the Company modified the terms of the term loan to reduce the variable interest rate from LIBOR plus 190 basis points to LIBOR plus 155 basis points . At December 31, 2015 , the outstanding borrowings of $50,000 had a weighted-average interest rate of 1.79% . Other In the second quarter of 2014, a consolidated, joint venture subsidiary of the Management Company closed on a $7,000 term loan that bears interest at a fixed rate of 3.50% and matures in May 2017 . At December 31, 2015 , the loan had an outstanding balance of $2,686 . In the second quarter of 2014, the subsidiary of the Management Company also obtained a $3,500 revolving line of credit that bears interest at a variable rate of LIBOR plus 249 basis points and matures in June 2017 . At December 31, 2015 , the revolver had no amount outstanding. Fixed-Rate Debt As of December 31, 2015 , 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 $4,583 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 October 2025, with a weighted-average maturity of 3.9 years . Financings The following table presents the fixed-rate loans, secured by the related consolidated Properties, that were entered into in 2015 and 2014: Date Property Stated Interest Rate Maturity Date Amount Financed 2015: September The Outlet Shoppes at Gettysburg (1) 4.80% October 2025 $ 38,450 2014: November The Outlet Shoppes of the Bluegrass (2) 4.045% December 2024 $ 77,500 (1) Proceeds from the non-recourse loan were used to retire a $38,112 fixed-rate loan that was due to mature in February 2016. (2) A portion of the net proceeds from the non-recourse loan was used to retire a $47,931 recourse construction loan. 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. Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2015 and 2014: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) 2015: September The Outlet Shoppes at Gettysburg (2) 5.87% February 2016 $ 38,112 September Eastland Mall 5.85% December 2015 59,400 July Brookfield Square 5.08% November 2015 86,621 July CherryVale Mall 5.00% October 2015 77,198 July East Towne Mall 5.00% November 2015 65,856 July West Towne Mall 5.00% November 2015 93,021 May Imperial Valley Mall 4.99% September 2015 49,486 2014: December Janesville Mall (3) 8.38% April 2016 $ 2,473 October Mall del Norte 5.04% December 2014 113,400 January St. Clair Square (4) 3.25% December 2016 122,375 (1) The Company retired the loans with borrowings from its credit facilities unless otherwise noted. (2) The joint venture retired the loan with proceeds from a $38,450 fixed-rate non-recourse loan. (3) The Company recorded a $257 loss on extinguishment of debt due to a prepayment fee on the early retirement. (4) The Company recorded a $1,249 loss on extinguishment of debt due to a prepayment fee on the early retirement. The following is a summary of the Company's 2014 dispositions for which the consolidated Property securing the related fixed-rate debt was transferred to the lender: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Balance of Non-recourse Debt Gain on Extinguishment of Debt October Columbia Place (1) 5.45% September 2013 $ 27,265 $ 27,171 September Chapel Hill Mall (1) 6.10% August 2016 68,563 18,296 January Citadel Mall (2) 5.68% April 2017 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 Term loans for the Company’s operating Properties bear interest at variable interest rates indexed to the LIBOR rate. At December 31, 2015 , interest rates on such variable-rate loans varied from 2.22% to 3.15% . These loans mature at various dates from June 2016 to July 2020, with a weighted-average maturity of 3.2 years, and have extension options of up to two years. Financing The following table presents the variable-rate loan, secured by the related consolidated Property, that was entered into in 2014: Date Property Stated Interest Rate Maturity Date Amount Financed April The Outlet Shoppes at Oklahoma City - Phase II (1) LIBOR + 2.75% April 2019 (2) $ 6,000 (1) Proceeds from the operating Property loan for Phase II were distributed to the partners in accordance with the terms of the partnership agreement. (2) 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. Loan Repayment The Company repaid the following variable-rate loan, secured by the related consolidated Property, in 2014: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) December The Promenade 1.87% December 2014 $ 47,670 (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 consolidated Properties, that were entered into in 2015 and 2014: Date Property Stated Interest Rate Maturity Date Amount Financed 2015: July The Outlet Shoppes of the Bluegrass - Phase II (1) LIBOR + 2.50% July 2020 $ 11,320 May The Outlet Shoppes at Atlanta - Phase II (2) LIBOR + 2.50% December 2019 6,200 2014: December The Outlet Shoppes at Atlanta - Parcel Development (3) LIBOR + 2.50% December 2019 $ 2,435 April The Outlet Shoppes at Oklahoma City - Phase III (4) LIBOR + 2.75% April 2019 (5) 5,400 April The Outlet Shoppes at El Paso - Phase II (4) LIBOR + 2.75% April 2018 7,000 (1) The Operating Partnership has guaranteed 100% of the loan of this 65 / 35 joint venture, which had an outstanding balance of $10,076 at December 31, 2015. The guaranty will terminate once construction is complete and certain debt and operational metrics are met on this expansion. The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt service and operational metrics are met. (2) The Operating Partnership has guaranteed 100% of the loan of this 75 / 25 joint venture, which had an outstanding balance of $4,034 at December 31, 2015. The guaranty will terminate once construction is complete and certain debt and operational metrics are met on this expansion as well as the parcel development project at The Outlet Shoppes at Atlanta as both loans are cross-collateralized. The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt service and operational metrics are met. (3) The Operating Partnership has guaranteed 100% of the loan. The guaranty will terminate once construction is complete and certain debt and operational metrics are met. (4) 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. (5) 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. Loan Repayment The Company repaid the following construction loan, secured by the related consolidated Property, in 2014: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid November The Outlet Shoppes of the Bluegrass (1) 2.15% August 2016 $ 47,931 (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. Covenants and Restrictions The agreements for the unsecured lines of credit, the Notes and unsecured term loans contain, among other restrictions, certain financial covenants including the maintenance of certain financial coverage ratios, minimum unencumbered asset and interest ratios, maximum secured indebtedness ratios, maximum total indebtedness ratios and limitations on cash flow distributions. The Company believes that it was in compliance with all covenants and restrictions at December 31, 2015 . 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, 2015 : Ratio Required Actual Debt to total asset value < 60% 50% Unencumbered asset value to unsecured indebtedness > 1.60x 2.3x Unencumbered NOI to unsecured interest expense > 1.75x 5.2x EBITDA to fixed charges (debt service) > 1.50x 2.3x 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, 2015 : Ratio Required Actual Total debt to total assets < 60% 54% Secured debt to total assets <45% (1) 31% Total unencumbered assets to unsecured debt >150% 220% Consolidated income available for debt service to annual debt service charge > 1.50x 3.3x (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 buildings, 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, 2015 , 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: 2016 $ 596,244 2017 827,523 2018 681,200 2019 127,601 2020 600,961 Thereafter 1,892,491 4,726,020 Net unamortized premiums 667 $ 4,726,687 Of the $596,244 of scheduled principal payments in 2016, $511,763 relates to the maturing principal balances of ten operating Property loans, $56,912 represents scheduled principal amortization and $27,569 is related to the principal balance of an operating Property loan secured by Hickory Point Mall with a maturity date of December 2015. The Company is in active negotiation with the lender to restructure the terms of the Hickory Point loan, including the maturity date. An operating Property loan with a principal balance of $11,087 as of December 31, 2015 has two one -year extensions, which are at the Company's option, leaving approximately $500,676 of loan maturities in 2016 that must be retired or refinanced. This balance includes a $140,000 loan secured by Chesterfield Mall, which we intend to work with the lender to exit this investment when the loan matures later in 2016. The Company is in the process of restructuring and refinancing certain loans. The Company's credit facilities may be used to retire loans maturing in 2016 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 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. 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, 2015 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount Interest Rate Swaps 4 $ 101,151 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, 2015 and 2014 : Instrument Type Location in Consolidated Balance Sheet Notional Amount Designated Benchmark Interest Rate Strike Rate Fair Value at 12/31/15 Fair Value at 12/31/14 Maturity Date Pay fixed/ Receive Accounts payable and $ 48,891 1-month 2.149 % $ (208 ) $ (1,064 ) April 2016 Pay fixed/ Receive Accounts payable and $ 30,620 1-month 2.187 % (133 ) (681 ) April 2016 Pay fixed/ Receive Accounts payable and $ 11,443 1-month 2.142 % (48 ) (248 ) April 2016 Pay fixed/ Receive Accounts payable and $ 10,197 1-month 2.236 % (45 ) (233 ) April 2016 $ (434 ) $ (2,226 ) Hedging Instrument Gain Recognized in OCI/L (Effective Portion) Location of Losses Reclassified from AOCI/L into Earnings (Effective Portion) Loss Recognized in Earnings (Effective Portion) Location of Gain (Loss) Recognized in Earnings (Ineffective Portion) Gain Recognized in Earnings (Ineffective Portion) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Interest rate contracts $ 1,915 $ 1,782 $ 1,815 Interest Expense $ (2,196 ) $ (2,195 ) $ (2,297 ) Interest Expense $ — $ — $ — As of December 31, 2015 , the Company expects to reclassify approximately $434 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, 2015 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, 2015 | |
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 170,490,948 and 170,260,273 shares of common stock issued and outstanding as of December 31, 2015 and 2014 , 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 199,748,131 and 199,532,908 common units outstanding as of December 31, 2015 and 2014 , 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 2015 or 2014. The following table summarizes issuances of common stock sold through the ATM program since inception: Number of Shares Gross Net Weighted-average 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 under this program, if any, will depend on a variety of factors including but not limited to market conditions, the trading price of CBL's common stock and the Company's capital needs. The Company has no obligation to sell the remaining shares available under the ATM program. Common Stock Repurchase Program In the third quarter of 2015, CBL's Board of Directors authorized a common stock repurchase program. Under the program, the Company may purchase up to $200,000 of CBL's common stock from time to time, in the open market, in privately negotiated transactions or otherwise, depending on market prices and other conditions, through August 31, 2016. The Company expects to utilize a portion of excess proceeds from asset dispositions to fund repurchases. The Company is not obligated to repurchase any shares of stock under the program and it may terminate the program at any time. As of December 31, 2015 , no shares were repurchased under the program. Common Unit Activity During 2015, no holders of common units exercised their conversion rights. 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. 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 1/10 th of a share of CBL's 6.625% Series E Preferred Stock with a par value of $0.01 per share, outstanding as of December 31, 2015 and 2014 . 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 1/10 th of a share of CBL's 7.375% Series D Preferred Stock with a par value of $0.01 per share, outstanding as of December 31, 2015 and 2014 . 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 2015 cash dividends on its common stock of $0.265 per share on April 15 th , July 16 th and October 15 th 2015 , respectively. On November 13, 2015, CBL's Board of Directors declared a fourth quarter cash dividend of $0.265 per share that was paid on January 15, 2016, to shareholders of record as of December 30, 2015. The dividend declared in the fourth quarter of 2015 , totaling $45,179 , is included in accounts payable and accrued liabilities at December 31, 2015 . The total dividend included in accounts payable and accrued liabilities at December 31, 2014 was $45,119 . The allocations of dividends declared and paid for income tax purposes are as follows: Year Ended December 31, 2015 2014 2013 Dividends declared: Common stock $ 1.06 $ 1.00 $ 0.98 Series D preferred stock $ 18.44 $ 18.44 $ 18.44 Series E preferred stock $ 16.56 $ 16.56 $ 16.56 Allocations: Common stock Ordinary income 100.00 % 100.00 % 100.00 % Capital gains 25% rate — % — % — % Return of capital — % — % — % Total 100.00 % 100.00 % 100.00 % Preferred stock (1) Ordinary income 100.00 % 100.00 % 100.00 % Capital gains 25% rate — % — % — % Total 100.00 % 100.00 % 100.00 % (1) 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 2015 cash distributions on its redeemable common units and common units of $0.7322 and $0.2692 per share, respectively, on April 15 th , July 16 th and October 15 th 2015 , respectively. On November 13, 2015, 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, 2016. The distribution declared in the fourth quarter of 2015 , totaling $9,310 , is included in accounts payable and accrued liabilities at December 31, 2015 . The total dividend included in accounts payable and accrued liabilities at December 31, 2014 was $9,314 . |
REDEEMABLE INTERESTS AND NONCON
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , 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, 2015 , in connection with the acquisition of Laurel Park Place. The L-SCUs receive a minimum distribution of $0.7572 per unit per quarter ( $3.0288 per unit per year). Upon the earlier to occur of June 1, 2020, or when the distribution on the common units exceeds $0.7572 per unit for four consecutive calendar quarters, the L-SCUs will thereafter receive a distribution equal to the amount paid on the common units. In December 2012, the Operating Partnership issued 622,278 common units valued at $14,000 to acquire the remaining 30% noncontrolling interest in Laurel Park Place. Series K Special Common Units In November 2005, the Operating Partnership issued 1,144,924 K-SCUs, all of which are outstanding as of December 31, 2015 , 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, 2015 and 2014 : December 31, 2015 2014 CBL’s Predecessor 18,172,690 18,172,690 Third parties 11,084,493 11,099,945 29,257,183 29,272,635 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, 2015 and 2014 . 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, 2015 and 2014 by the total common units outstanding at December 31, 2015 and 2014 , respectively. The redeemable noncontrolling interest ownership percentage in assets and liabilities of the Operating Partnership was 0.8% at December 31, 2015 and 2014 . The noncontrolling interest ownership percentage in assets and liabilities of the Operating Partnership was 14.3% and 13.9% at December 31, 2015 and 2014 , respectively. Income is allocated to the Operating Partnership’s redeemable noncontrolling interest and noncontrolling interests based on their weighted-average ownership during the year. The ownership percentages are determined by dividing the weighted-average number of common units held by each of the redeemable noncontrolling interest and noncontrolling interests by the total weighted-average number of common units outstanding during the year. A change in the number of shares of common stock or common units changes the percentage ownership of all partners of the Operating Partnership. A common unit is considered to be equivalent to a share of common stock since it generally is exchangeable for shares of the Company’s common stock or, at the Company’s election, their cash equivalent. As a result, an allocation is made between redeemable noncontrolling interests, shareholders’ equity and noncontrolling interests in the Operating Partnership in the Company's accompanying balance sheets to reflect the change in ownership of the Operating Partnership’s underlying equity when there is a change in the number of shares and/or common units outstanding. During 2015 , 2014 and 2013 , the Company allocated $2,981 , $2,937 and $4,589 , respectively, from shareholders’ equity to redeemable noncontrolling interest. During 2015 and 2014, the Company allocated $207 and $322 , respectively, from noncontrolling interest to shareholders' equity. During 2013, the Company allocated $29,212 from shareholders' equity to noncontrolling interest. The total redeemable noncontrolling interest in the Operating Partnership was $19,744 and $31,104 at December 31, 2015 and 2014 , respectively. The total noncontrolling interest in the Operating Partnership was $109,753 and $134,468 at December 31, 2015 and 2014 , 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 were $5,586 and $6,455 at December 31, 2015 and 2014 , 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. The Company had 23 and 21 other consolidated subsidiaries at December 31, 2015 and 2014 , respectively, that had noncontrolling interests held by third parties and for which the related partnership agreements either do not include redemption provisions or are subject to redemption provisions that do not require classification outside of permanent equity. The total noncontrolling interests in other consolidated subsidiaries were $4,876 and $8,908 at December 31, 2015 and 2014 , 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, 2015 and 2014 . 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 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, 2015 and 2014 , this joint venture had total assets of $98,408 and $104,397 , respectively, and a mortgage note payable of $171,092 and $175,148 , respectively. See Note 19 for information related to the sale of the Company's 50% interest and the formation of a new joint venture subsequent to December 31, 2015. 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, 2015 and 2014 , this joint venture had total assets of $142,021 and $149,008 , respectively, and total notes payable of $195,892 and $196,494 , respectively. 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, 2015 and 2014 on a consolidated basis, with the interests of the third party reflected as a noncontrolling interest. At December 31, 2015 and 2014 , this joint venture had total assets of $37,463 and $38,988 , respectively, and a mortgage note payable of $38,450 and $38,659 , 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, 2015 and 2014 on a consolidated basis, with the interests of the third party reflected as a noncontrolling interest. At December 31, 2015 and 2014 , this joint venture had total assets of $107,337 and $113,166 , respectively, and a mortgage note payable of $63,458 and $64,497 , respectively. |
MINIMUM RENTS
MINIMUM RENTS | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , as follows: 2016 $ 597,112 2017 514,557 2018 434,895 2019 367,663 2020 305,622 Thereafter 940,054 $ 3,159,903 Future minimum rents do not include percentage rents or tenant reimbursements that may become due. |
MORTGAGE AND OTHER NOTES RECEIV
MORTGAGE AND OTHER NOTES RECEIVABLE | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 . Mortgage and other notes receivable consist of the following: As of December 31, 2015 As of December 31, 2014 Maturity Date Interest Rate Balance Interest Rate Balance Mortgages: Columbia Place Outparcel (1) Feb 2022 5.00% $ 342 5.00% $ 360 Park Place May 2022 5.00% 1,369 5.00% 1,566 Village Square Mar 2016 3.50% 1,685 3.50% 1,711 Other Dec 2016 - 2.93% - 9.50% 4,380 2.67% - 9.50% 5,686 7,776 9,323 Other Notes Receivable: Horizon Group (2) Nov 2016 7.00% 3,096 —% — RED Development Inc. Nov 2023 5.00% 7,366 5.00% 7,429 Woodstock land (3) Feb 2016 10.00% — 10.00% 3,059 10,462 10,488 $ 18,238 $ 19,811 (1) 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. (2) In the fourth quarter of 2015, Mortgage Holdings, LLC, a subsidiary of the Company, entered into a $5,280 loan agreement, with an affiliate of Horizon Group Properties, Inc., the Company's noncontrolling interest partner in an outlet center project. The loan is secured by a pledge of Horizon Group Properties' interest in another outlet center project owned in a joint venture with the Company. (3) In the fourth quarter of 2015, Woodstock GA Investments, LLC, a joint venture in which the Company owns a 75.0% interest, and other partners, sold their interests and closed on a $2,600 loan, which was used to repay the loan secured by an interest in land in Woodstock, GA, adjacent to the site of The Outlet Shoppes at Atlanta. The note receivable had previously been extended through several amendments in 2014 and 2015. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 Malls Associated Centers Community Centers All Other (1) Total Revenues $ 944,553 $ 40,392 $ 19,944 $ 50,129 $ 1,055,018 Property operating expenses (2) (274,288 ) (9,364 ) (4,500 ) 4,807 (283,345 ) Interest expense (166,922 ) (7,285 ) (4,236 ) (50,900 ) (229,343 ) Other expense (19 ) — — (26,938 ) (26,957 ) Gain on sales of real estate assets 264 16,260 5,071 10,637 32,232 Segment profit (loss) $ 503,588 $ 40,003 $ 16,279 $ (12,265 ) 547,605 Depreciation and amortization expense (299,069 ) General and administrative expense (62,118 ) Interest and other income 6,467 Gain on extinguishment of debt 256 Loss on impairment (105,945 ) Gain on investment 16,560 Equity in earnings of unconsolidated affiliates 18,200 Income tax provision (2,941 ) Income from continuing operations $ 119,015 Total assets $ 5,766,084 $ 252,188 $ 263,614 $ 198,105 $ 6,479,991 Capital expenditures (3) $ 393,194 $ 5,186 $ 2,299 $ 24,134 $ 424,813 Year Ended December 31, 2014 Malls Associated Centers Community Centers All Other (1) Total 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 (4) $ 5,655,621 $ 273,506 $ 282,011 $ 388,034 $ 6,599,172 Capital expenditures (3) $ 198,205 $ 17,157 $ 3,160 $ 99,273 $ 317,795 Year Ended December 31, 2013 Malls Associated Centers Community Centers All Other (1) Total 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 (4) $ 5,907,813 $ 273,392 $ 222,462 $ 366,020 $ 6,769,687 Capital expenditures (3) $ 203,210 $ 10,718 $ 8,052 $ 126,803 $ 348,783 (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. (4) See Note 2 for information related to the adoption of new accounting pronouncements in the fourth quarter of 2015 that have been retrospectively applied, resulting in reclassification of certain debt issuance costs from total assets to total mortgage and other indebtedness in the above tables and consisted of $17,127 and $16,284 for the years ending December 31, 2014 and 2013, respectively. |
SUPPLEMENTAL AND NONCASH INFORM
SUPPLEMENTAL AND NONCASH INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
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 $226,233 , $238,531 and $223,793 during 2015 , 2014 and 2013 , respectively. The Company’s noncash investing and financing activities for 2015 , 2014 and 2013 were as follows: 2015 2014 2013 Accrued dividends and distributions payable $ 54,489 $ 54,433 $ 50,523 Additions to real estate assets accrued but not yet paid 26,345 25,332 20,625 Disposition of real estate by assignment of mortgage debt 14,570 — — 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 — Note receivable from sale of land — 360 7,430 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Certain executive officers of the Company and members of the immediate family of Charles B. Lebovitz, Chairman of the Board of the Company, collectively had a significant noncontrolling interest in EMJ Corporation ("EMJ"), a construction company that the Company engaged to build substantially all of the Company’s development Properties. See Note 14 for information related to the disposition of this noncontrolling interest in the third quarter of 2015. The Company paid approximately $26,993 , $31,398 and $27,106 to EMJ in 2015 , 2014 and 2013 , respectively, for construction and development activities. The Company had accounts payable to EMJ of $4,121 and $3,139 at December 31, 2015 and 2014 , respectively. The Management Company provides management, development and leasing services to the Company’s unconsolidated affiliates and other affiliated partnerships. Revenues recognized for these services amounted to $7,748 , $9,444 and $7,886 in 2015 , 2014 and 2013 , respectively. |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
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. In January 2015, The Promenade D'Ilberville, LLC ("TPD"), a subsidiary of the Company, received a final settlement of $4,875 from EMJ related to the litigation described in Note 14 of our Annual Report on Form 10-K for the year ended December 31, 2014. We provided disclosure of this litigation due to the related party relationship between us and EMJ. Litigation with the other remaining defendants in the matter is not expected to be material. There have been no other material developments during the year ended December 31, 2015 related to this litigation. 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 EMJ. 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. Certain executive officers of the Company and members of the immediate family of Charles B. Lebovitz, Chairman of the Board of the Company, collectively had a significant noncontrolling interest in EMJ, a major national construction company that the Company engaged to build a substantial number of the Company's Properties. This noncontrolling interest was sold in the third quarter of 2015. See Note 13 for additional information. EMJ was one of the defendants in the cases 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. 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, 2015 and 2014 : As of December 31, 2015 Obligation recorded to reflect guaranty Unconsolidated Affiliate Company's Ownership Interest Outstanding Balance Percentage Guaranteed by the Company Maximum Guaranteed Amount Debt Maturity Date (1) 12/31/15 West Melbourne I, LLC - 50% $ 39,475 25% $ 9,869 Feb-2016 (2) $ 99 $ 101 West Melbourne I, LLC - 50% 16,757 25% (3) 4,189 Feb-2016 (2) 87 87 Port Orange I, LLC 50% 58,820 25% 14,705 Feb-2016 (2) 148 153 JG Gulf Coast Town Center LLC - Phase III 50% 5,092 —% (4) — Jul-2017 — — Fremaux Town Center JV, LLC - Phase I 65% 40,530 15% (5) 6,207 Aug-2016 (6) 62 236 Fremaux Town Center JV, LLC - Phase II 65% 27,404 50% (7) 16,050 Aug-2016 (6) 161 161 Ambassador Town Center JV, LLC 65% 21,418 100% (8) 45,307 Dec-2017 (9) 462 482 Ambassador Infrastructure, LLC 65% 8,629 100% (10) 11,700 Dec-2017 (9) 177 177 Total guaranty liability $ 1,196 $ 1,397 (1) Excludes any extension options. (2) Subsequent to December 31, 2015, the loan was modified and extended to February 2018 with a one -year extension option. See Note 19 for more information. (3) The guaranty was reduced to 25% in the fourth quarter of 2015 as Academy Sports is operational and paying contractual rent. (4) The guaranty was removed when the loan was refinanced in the third quarter of 2015. See Note 5 for more information. (5) The Company received a 1% fee for this guaranty when the loan was issued in March 2013. In the second quarter of 2015, the guaranty was reduced to 15% as the requirement for being open for one year was met, LA Fitness opened and began paying contractual rent and a debt service coverage ratio of 1.30 to 1.00 was achieved. (6) The loan has two one -year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of August 2018. (7) The Company received a 1% fee for this guaranty when the loan was issued in August 2014. Upon completion of Phase II of the development and once certain leasing and occupancy metrics have been met, the guaranty will be reduced to 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. (8) 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. (9) The loan has two one -year extension options, which are the joint venture's election, for an outside maturity date of December 2019 . (10) 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 such year as PILOT payments received and attributed to the prior calendar year 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 $21,200 , 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 $14,800 as of December 31, 2015 . 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, 2015 and 2014 . Performance Bonds The Company has issued various bonds that it would have to satisfy in the event of non-performance. The total amount outstanding on these bonds was $16,452 and $20,720 at December 31, 2015 and 2014 , 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 2015 , 2014 and 2013 was $1,215 , $1,290 and $1,371 , respectively. The future obligations under these operating leases at December 31, 2015 , are as follows: 2016 $ 877 2017 885 2018 894 2019 903 2020 913 Thereafter 26,814 $ 31,286 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 : Fair Value Measurements at Reporting Date Using Fair Value at December 31, 2015 Quoted Prices in Active Markets Significant Significant Unobservable Liabilities: Interest rate swaps $ 434 $ — $ 434 $ — Fair Value Measurements at Reporting Date Using Fair Value at December 31, 2014 Quoted Prices in Active Markets Significant Significant Unobservable Assets: Available-for-sale securities $ 20,512 $ 20,512 $ — $ — Liabilities: Interest rate swaps $ 2,226 $ — $ 2,226 $ — 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, 2015 and 2014 . Intangible lease assets and other assets in the consolidated balance sheets included marketable securities consisting of corporate equity securities that were 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 sold all of its marketable securities during 2015 and realized a gain of $16,560 for the difference between the net proceeds of $20,755 less the adjusted cost of $4,195 . The Company did not recognize any realized gains or losses related to sales of marketable securities during 2014 and 2013 . During the years ended December 31, 2015 , 2014 and 2013 , 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 to mitigate the effect of interest rate movements on its variable-rate debt. The Company had four interest rate swaps as of December 31, 2015 and 2014 , that qualify as hedging instruments and are designated as cash flow hedges. The interest rate swaps are reflected in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. The swaps 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 $4,945,622 and $4,947,026 at December 31, 2015 and 2014 , 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 $4,710,628 and $4,683,333 at December 31, 2015 and 2014 , 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 for Chesterfield Mall as of December 31, 2015 used assumptions including an 11 -year holding period with a sale at the end of the holding period, a capitalization rate of 8.25% and a discount rate of 8.25% . 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, 2015 and 2014 : Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses 2015: Long-lived assets $ 125,000 $ — $ — $ 125,000 $ 104,900 2014: Long-lived assets $ 69,103 $ — $ — $ 69,103 $ 17,753 Long-lived Assets Measured at Fair Value in 2015 During the year ended December 31, 2015, the Company wrote down four properties to their estimated fair values. These Properties were Chesterfield Mall, Mayfaire Community Center, Chapel Hill Crossing and Madison Square. Of these four Properties, all but Chesterfield Mall were disposed of as of December 31, 2015 as described below. In accordance with the Company's quarterly impairment review process, the Company recorded a non-cash impairment of real estate of $99,969 in the fourth quarter of 2015 related to Chesterfield Mall, located in Chesterfield, MO, to write-down the depreciated book value to its estimated fair value of $125,000 as of December 31, 2015. The mall had experienced declining cash flows as competition from several new outlet shopping centers in the area impacted its sales. The Company wrote down the book values of Chapel Hill Crossing and Mayfaire Community Center to their net sales prices and recognized a non-cash impairment of real estate of $1,914 and $397 , respectively, in the fourth quarter of 2015. Chapel Hill Crossing, an associated center located in Akron, OH was sold for $2,300 and Mayfaire Community Center located in Wilmington, NC was sold for $56,300 . See Note 4 for additional information related to these sales. The Company also recognized a non-cash impairment of real estate of $2,620 in the second quarter of 2015 when it adjusted the book value of Madison Square, a mall located in Huntsville, AL, to its net sales price of $5,000 based on its sale in April in 2015. See Note 4 for further information on this sale. A reconciliation of Chesterfield Mall's carrying value for the year ended December 31, 2015 is as follows: Chesterfield Mall (1) Beginning carrying value, January 1, 2015 $ 234,422 Capital expenditures 552 Depreciation expense (10,005 ) Loss on impairment of real estate (99,969 ) Ending carrying value, December 31, 2015 $ 125,000 (1) The revenues of Chesterfield Mall accounted for approximately 1.5% of total consolidated revenues for the year ended December 31, 2015. 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 Mall (2) Pemberton Plaza (3) Total 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 Square (1) Citadel Mall (2) Total 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 2015 During 2015, the Company recorded an impairment of real estate of $161 related to the sale of a building at a formerly owned Mall for total net proceeds after sales costs of $750 , which was less than its carrying amount of $911 . We also recognized $884 of impairment from the sale of two outparcels. 2014 During 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 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. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION As of December 31, 2015 , there were two share-based compensation plans under which the Company has outstanding awards, the CBL & Associates Properties, Inc. 2012 Stock Incentive Plan ("the 2012 Plan") and CBL & Associates Properties, Inc. Second Amended and Restated Stock Incentive Plan ("the 1993 Plan"). The Company can only make new awards under 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 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 Compensation Committee of the Board of Directors (the “Committee”) administers the plans. 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 or in equal installments over a period of five years. Stock awarded to independent directors is fully vested upon grant; however, the independent directors may not transfer such shares during their board term. The Committee may also provide for the issuance of common stock under the 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 CBL’s common stock on the grant date and the related compensation expense is recognized over the vesting period on a straight-line basis. The Company may make restricted stock awards to independent directors, officers and its employees under the 2012 Plan. These awards are generally granted based on the performance of the Company and its employees. None of these awards have performance requirements other than a service condition of continued employment, unless otherwise provided. Compensation expense is recognized on a straight-line basis over the requisite service period. The share-based compensation cost related to the restricted stock awards was $4,287 , $3,442 and $2,682 for 2015 , 2014 and 2013 , 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 $274 , $268 and $202 in 2015 , 2014 and 2013 , respectively. A summary of the status of the Company’s nonvested restricted stock awards as of December 31, 2015 , and changes during the year ended December 31, 2015 , is presented below: Shares Weighted- Average Grant-Date Fair Value Nonvested at January 1, 2015 498,862 $ 18.35 Granted 267,410 $ 20.30 Vested (220,568 ) $ 18.62 Forfeited (12,300 ) $ 19.41 Nonvested at December 31, 2015 533,404 $ 19.19 The weighted-average grant-date fair value of shares granted during 2015 , 2014 and 2013 was $20.30 , $17.11 and $20.17 , respectively. The total fair value of shares vested during 2015 , 2014 and 2013 was $4,298 , $3,484 and $4,305 , respectively. As of December 31, 2015 , there was $7,927 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 3.2 years. Long-Term Incentive Program In 2015, the Company adopted a long-term incentive program ("LTIP") for its named executive officers, which consists of performance stock unit ("PSU") awards and annual restricted stock awards, that may be issued under the 2012 Plan. The number of shares related to the PSU awards that each named executive officer may receive upon the conclusion of a three -year performance period is determined based on the Company's achievement of specified levels of long-term total stockholder return ("TSR") performance relative to the NAREIT Retail Index, provided that at least a "Threshold" level must be attained for any shares to be earned. Under the LTIP, annual restricted stock awards consist of shares of time-vested restricted stock awarded based on a qualitative evaluation of the performance of the Company and the named executive officer during the fiscal year. Annual Restricted Stock Awards Annual restricted stock awards for the Company's named executive officers under its LTIP vest in five annual equal installments with the initial installment vesting on the grant date and the remainder vesting in four annual equal installments, regardless of the named executive officer's age and years of service. Performance Stock Units In March 2015, the Company granted 138,680 PSUs at a grant-date fair value of $15.52 per PSU. Shares earned pursuant to the PSU awards vest 60% at the conclusion of the performance period while the remaining 40% of the PSU award vests 20% on each of the first two anniversaries thereafter. The fair value of the PSU awards was estimated on the date of grant using a Monte Carlo Simulation model. The valuation consisted of computing the fair value using CBL's simulated stock price as well as TSR over the performance period from January 1, 2015 through December 31, 2017. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. Compensation cost is recognized on a tranche-by-tranche basis using the accelerated attribution method. The resulting expense is recorded regardless of whether any PSU awards are earned as long as the required service period is met. Share-based compensation expense related to the PSUs was $624 for 2015 . Unrecognized compensation costs related to the PSUs was $1,528 as of December 31, 2015 . |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2015 | |
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 $997 , $928 and $933 in 2015 , 2014 and 2013 , 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, 2015 and 2014 , the Company had notes payable, including accrued interest, of $81 and $39 , respectively, related to this arrangement. |
QUARTERLY INFORMATION (UNAUDITE
QUARTERLY INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY INFORMATION (UNAUDITED) | QUARTERLY INFORMATION (UNAUDITED) Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total (1) Total revenues $ 260,909 $ 253,843 $ 262,636 $ 277,630 $ 1,055,018 Income from operations (2) 85,032 89,858 94,007 8,687 277,584 Income (loss) from continuing operations (3) 53,205 48,331 44,432 (26,953 ) 119,015 Net income (loss) 53,205 48,331 44,432 (26,953 ) 119,015 Net income (loss) attributable to the Company 46,164 41,895 37,569 (22,257 ) 103,371 Net income (loss) attributable to common shareholders 34,941 30,672 26,346 (33,480 ) 58,479 Basic per share data attributable to common shareholders: Income (loss) from continuing operations, net of preferred dividends $ 0.21 $ 0.18 $ 0.15 $ (0.20 ) $ 0.34 Net income (loss) attributable to common shareholders $ 0.21 $ 0.18 $ 0.15 $ (0.20 ) $ 0.34 Diluted per share data attributable to common shareholders: Income (loss) from continuing operations, net of preferred dividends $ 0.20 $ 0.18 $ 0.15 $ (0.20 ) $ 0.34 Net income (loss) attributable to common shareholders $ 0.20 $ 0.18 $ 0.15 $ (0.20 ) $ 0.34 Year Ended December 31, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 261,243 $ 256,933 $ 258,714 $ 283,849 $ 1,060,739 Income from operations (4) 76,169 97,253 97,386 104,335 375,143 Income from continuing operations (5) 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 (1) The sum of quarterly EPS may differ from annual EPS due to rounding. (2) Income from operations for the quarter ended December 31, 2015 includes a $102,280 loss on impairment of real estate primarily related to Chesterfield Mall (see Note 15 ). (3) Income from continuing operations for the quarter ended March 31, 2015 includes $16,560 gain on investment related to the sale of available-for-sale securities (see Note 2 ) and also includes $14,173 and $14,065 related to gain on sales of real estate assets for the quarters ended June 30, 2015 and December 31, 2015, respectively. (4) 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 ). (5) 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 ). |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS In February 2016, a newly formed 10 / 90 joint venture between the Company and DRA Advisors acquired Triangle Town Center and Triangle Town Commons from an existing 50 / 50 joint venture between the Company and Jacobs Group for $174,000 , including the assumption of the $171,092 loan, of which each partner's share was $85,546 as of December 31, 2015 . Concurrent with the formation of the new joint venture, the new entity closed on a modification and restructuring of the loan, which matured in December 2015 and is secured by Triangle Town Center and Triangle Town Commons. The modified loan matures in December 2018 and has two one -year extension options, for an outside maturity date of December 2020. The interest rate was reduced from a fixed-rate of 5.74% to 4.00% interest-only payments. The Company will continue to lease and manage the Properties. In February 2016, the loan secured by Port Orange was modified and extended to February 2018 with a one -year extension option. The $58,628 loan bears interest at LIBOR plus 2% . In February 2016, the loans secured by Hammock Landing - Phase I and II were both modified and extended to February 2018 with one -year extension options. The loan on Phase I increased to $43,347 from $39,475 while the loan on Phase II remained at $16,757 . The interest rate on both loans remains unchanged at LIBOR plus 2% . |
Schedule II - VALUATION AND QUA
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 2013 Tenant receivables - allowance for doubtful accounts: Balance, beginning of year $ 2,368 $ 2,379 $ 1,977 Additions in allowance charged to expense 2,254 2,643 1,253 Bad debts charged against allowance (2,699 ) (2,654 ) (851 ) Balance, end of year $ 1,923 $ 2,368 $ 2,379 Year Ended December 31, 2015 2014 2013 Other receivables - allowance for doubtful accounts: Balance, beginning of year $ 1,285 $ 1,241 $ 1,270 Additions in allowance charged to expense 277 3,689 — Bad debts charged against allowance (286 ) (3,645 ) (29 ) Balance, end of year $ 1,276 $ 1,285 $ 1,241 |
Schedule III - REAL ESTATE ASSE
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION | Initial Cost (1) Gross Amounts at Which Carried at Close of Period Description /Location Encumbrances (2) Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Sales of Outparcel Land Land Buildings and Improvements Total (3) Accumulated Depreciation (4) Date of Construction / Acquisition MALLS: Acadiana Mall, Lafayette, LA $ 129,037 $ 22,511 $ 145,769 $ 10,168 $ — $ 19,919 $ 158,529 $ 178,448 $ (66,175 ) 2005 Alamance Crossing, Burlington, NC 47,928 20,853 63,105 39,653 (2,803 ) 18,050 102,758 120,808 (26,849 ) 2007 Arbor Place, Douglasville, GA 115,578 7,862 95,330 26,960 — 7,862 122,290 130,152 (57,196 ) 1998-1999 Asheville Mall, Asheville, NC 71,607 7,139 58,747 55,550 (805 ) 6,334 114,297 120,631 (47,104 ) 1998 Bonita Lakes Mall, Meridian, MS — 4,924 31,933 6,671 (985 ) 4,924 37,619 42,543 (18,086 ) 1997 Brookfield Square, Brookfield, WI — 8,996 84,250 54,603 (18 ) 9,170 138,661 147,831 (56,903 ) 2001 Burnsville Center, Burnsville, MN 73,828 12,804 71,355 58,585 (1,157 ) 16,102 125,485 141,587 (52,179 ) 1998 Cary Towne Center, Cary, NC 48,607 23,688 74,432 31,081 — 23,701 105,500 129,201 (38,886 ) 2001 CherryVale Mall, Rockford, IL — 11,892 63,973 57,288 (1,667 ) 11,608 119,878 131,486 (43,561 ) 2001 Chesterfield Mall, Chesterfield, MO 140,000 11,083 282,140 (172,841 ) — 11,083 109,299 120,382 — 2007 College Square, Morristown, TN — 2,954 17,787 25,832 (88 ) 2,866 43,619 46,485 (21,615 ) 1987-1988 Cross Creek Mall, Fayetteville, NC 127,081 19,155 104,353 35,785 — 20,169 139,124 159,293 (43,052 ) 2003 Dakota Square Mall, Minot, ND 55,711 4,552 87,625 16,421 — 4,552 104,046 108,598 (10,953 ) 2012 Eastland Mall, Bloomington, IL — 5,746 75,893 7,007 (753 ) 5,304 82,589 87,893 (28,648 ) 2005 East Towne Mall, Madison, WI — 4,496 63,867 47,046 (366 ) 4,130 110,913 115,043 (42,178 ) 2002 EastGate Mall, Cincinnati, OH 38,527 13,046 44,949 28,819 (1,017 ) 12,029 73,768 85,797 (26,166 ) 2001 Fashion Square, Saginaw, MI 38,749 15,218 64,970 11,405 — 15,218 76,375 91,593 (30,429 ) 2001 Fayette Mall, Lexington, KY 166,837 25,194 84,267 103,748 11 25,205 188,015 213,220 (51,212 ) 2001 Frontier Mall, Cheyenne, WY — 2,681 15,858 20,184 — 2,681 36,042 38,723 (21,660 ) 1984-1985 Foothills Mall, Maryville, TN — 6,376 27,376 11,692 — 6,392 39,052 45,444 (24,850 ) 1996 Greenbrier Mall, Chesapeake, VA 72,171 3,181 107,355 14,001 (626 ) 2,555 121,356 123,911 (37,009 ) 2004 Hamilton Place, Chattanooga, TN 99,224 3,532 42,643 41,215 (441 ) 3,091 83,838 86,929 (47,699 ) 1986-1987 Hanes Mall, Winston-Salem, NC 149,019 17,176 133,376 50,988 (948 ) 18,618 181,974 200,592 (67,472 ) 2001 Harford Mall, Bel Air, MD — 8,699 45,704 22,070 — 8,699 67,774 76,473 (23,484 ) 2003 Hickory Point Mall, Forsyth, IL 27,569 10,731 31,728 16,867 (293 ) 10,439 48,594 59,033 (16,932 ) 2005 Honey Creek Mall, Terre Haute, IN 27,884 3,108 83,358 13,158 — 3,108 96,516 99,624 (31,234 ) 2004 Imperial Valley Mall, El Centro, CA — 35,378 70,549 2,342 — 35,378 72,891 108,269 (7,426 ) 2012 Janesville Mall, Janesville, WI — 8,074 26,009 21,062 — 8,074 47,071 55,145 (15,685 ) 1998 Jefferson Mall, Louisville, KY 67,285 13,125 40,234 28,694 (521 ) 12,604 68,928 81,532 (24,801 ) 2001 Kirkwood Mall, Bismarck, ND 38,579 3,368 118,945 7,645 — 3,368 126,590 129,958 (11,541 ) 2012 The Lakes Mall, Muskegon, MI — 3,328 42,366 12,858 — 3,328 55,224 58,552 (24,634 ) 2000-2001 Laurel Park Place, Livonia, MI — 13,289 92,579 19,473 — 13,289 112,052 125,341 (39,089 ) 2005 Initial Cost (1) Gross Amounts at Which Carried at Close of Period Description /Location Encumbrances (2) Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Sales of Outparcel Land Land Buildings and Improvements Total (3) Accumulated Depreciation (4) Date of Construction / Acquisition Layton Hills Mall, Layton, UT 92,215 20,464 99,836 9,726 (275 ) 20,189 109,562 129,751 (35,330 ) 2005 Mall del Norte, Laredo, TX — 21,734 142,049 49,073 — 21,734 191,122 212,856 (71,302 ) 2004 Mayfaire Town Center, Wilmington, NC — 26,333 101,087 — — 26,333 101,087 127,420 (1,667 ) 2004 - 2015 Meridian Mall, Lansing, MI — 529 103,678 81,188 — 2,232 183,163 185,395 (76,860 ) 1998 Midland Mall, Midland, MI 32,418 10,321 29,429 11,569 — 10,321 40,998 51,319 (17,130 ) 2001 Mid Rivers Mall, St. Peters, MO — 16,384 170,582 16,717 — 16,384 187,299 203,683 (48,989 ) 2007 Monroeville Mall, Pittsburgh, PA — 22,911 177,214 74,427 — 25,432 249,120 274,552 (70,212 ) 2004 Northgate Mall, Chattanooga, TN — 2,330 8,960 23,159 — 2,330 32,119 34,449 (4,782 ) 2011 Northpark Mall, Joplin, MO — 9,977 65,481 40,840 — 10,962 105,336 116,298 (38,003 ) 2004 Northwoods Mall, North Charleston, SC 69,036 14,867 49,647 24,405 (2,339 ) 12,528 74,052 86,580 (26,958 ) 2001 Old Hickory Mall, Jackson, TN — 15,527 29,413 8,271 — 15,527 37,684 53,211 (15,176 ) 2001 The Outlet Shoppes at Atlanta, Woodstock, GA 83,247 8,598 100,613 (27,176 ) — 17,167 64,868 82,035 (8,687 ) 2013 The Outlet Shoppes at El Paso, El Paso, TX 70,335 7,345 98,602 11,432 — 7,569 109,810 117,379 (14,098 ) 2012 The Outlet Shoppes at Gettysburg, Gettysburg, PA 38,450 20,779 22,180 1,173 — 20,779 23,353 44,132 (4,004 ) 2012 The Outlet Shoppes at Oklahoma City, Oklahoma City, OK 63,875 7,402 50,268 12,727 — 6,833 63,564 70,397 (17,711 ) 2011 The Outlet Shoppes of the Bluegrass, Simpsonville, KY 86,221 3,193 72,962 1,887 — 3,193 74,849 78,042 (5,109 ) 2014 Parkdale Mall, Beaumont, TX 85,808 23,850 47,390 56,407 (307 ) 23,544 103,796 127,340 (37,557 ) 2001 Park Plaza Mall, Little Rock, AR 89,255 6,297 81,638 34,867 — 6,304 116,498 122,802 (46,325 ) 2004 Parkway Place, Huntsville, AL 37,644 6,364 67,067 4,396 — 6,364 71,463 77,827 (13,521 ) 2010 Pearland Town Center, Pearland, TX — 16,300 108,615 16,234 (366 ) 15,443 125,340 140,783 (36,465 ) 2008 Post Oak Mall, College Station, TX — 3,936 48,948 13,452 (327 ) 3,608 62,401 66,009 (32,127 ) 1984-1985 Randolph Mall, Asheboro, NC — 4,547 13,927 12,117 — 4,547 26,044 30,591 (9,902 ) 2001 Regency Mall, Racine, WI — 3,539 36,839 18,190 — 4,399 54,169 58,568 (21,836 ) 2001 Richland Mall, Waco, TX — 9,874 34,793 16,233 — 9,887 51,013 60,900 (18,114 ) 2002 River Ridge Mall, Lynchburg, VA — 4,824 59,052 13,393 (252 ) 4,572 72,445 77,017 (20,618 ) 2003 South County Center, St. Louis, MO — 15,754 159,249 14,798 — 15,754 174,047 189,801 (44,133 ) 2007 Southaven Towne Center, Southaven, MS 39,066 8,255 29,380 13,365 — 8,478 42,522 51,000 (16,728 ) 2005 Southpark Mall, Colonial Heights, VA 63,389 9,501 73,262 35,226 — 11,282 106,707 117,989 (35,872 ) 2003 Stroud Mall, Stroudsburg, PA 30,621 14,711 23,936 20,799 — 14,711 44,735 59,446 (17,206 ) 1998 St. Clair Square, Fairview Heights, IL — 11,027 75,620 34,952 — 11,027 110,572 121,599 (49,515 ) 1996 Sunrise Mall, Brownsville, TX — 11,156 59,047 11,980 — 11,156 71,027 82,183 (20,025 ) 2003 Turtle Creek Mall, Hattiesburg, MS — 2,345 26,418 17,506 — 3,535 42,734 46,269 (21,801 ) 1993-1995 Valley View Mall, Roanoke, VA 58,259 15,985 77,771 21,699 — 15,999 99,456 115,455 (31,818 ) 2003 Initial Cost (1) Gross Amounts at Which Carried at Close of Period Description /Location Encumbrances (2) Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Sales of Outparcel Land Land Buildings and Improvements Total (3) Accumulated Depreciation (4) Date of Construction / Acquisition Volusia Mall, Daytona Beach, FL 47,967 2,526 120,242 28,071 — 6,431 144,408 150,839 (40,988 ) 2004 Walnut Square, Dalton, GA — 50 15,138 17,347 — 50 32,485 32,535 (19,168 ) 1984-1985 Wausau Center, Wausau, WI 17,923 5,231 24,705 16,463 (5,231 ) — 41,168 41,168 (18,636 ) 2001 West Towne Mall, Madison, WI — 9,545 83,084 51,282 — 9,545 134,366 143,911 (48,193 ) 2002 WestGate Mall, Spartanburg, SC 37,000 2,149 23,257 47,215 (432 ) 1,742 70,447 72,189 (36,682 ) 1995 Westmoreland Mall, Greensburg, PA — 4,621 84,215 23,152 — 4,621 107,367 111,988 (38,028 ) 2002 York Galleria, York, PA 48,891 5,757 63,316 9,995 — 5,757 73,311 79,068 (31,135 ) 1995 ASSOCIATED CENTERS: Annex at Monroeville, Pittsburgh, PA — — 29,496 (685 ) — — 28,811 28,811 (8,375 ) 2004 Bonita Lakes Crossing, Meridian, MS — 794 4,786 8,729 — 794 13,515 14,309 (6,073 ) 1997 CoolSprings Crossing, Nashville, TN 11,443 2,803 14,985 5,561 — 3,554 19,795 23,349 (11,722 ) 1991-1993 Courtyard at Hickory Hollow, Nashville, TN — 3,314 2,771 (1,816 ) (231 ) 1,500 2,538 4,038 (536 ) 1998 Frontier Square, Cheyenne, WY — 346 684 350 (86 ) 260 1,034 1,294 (627 ) 1985 Gunbarrel Pointe, Chattanooga, TN 10,197 4,170 10,874 3,469 — 4,170 14,343 18,513 (5,400 ) 2000 Hamilton Corner, Chattanooga, TN 14,621 630 5,532 8,548 — 734 13,976 14,710 (6,549 ) 1986-1987 Hamilton Crossing, Chattanooga, TN 9,618 4,014 5,906 6,819 (1,370 ) 2,644 12,725 15,369 (6,526 ) 1987 Harford Annex, Bel Air, MD — 2,854 9,718 1,084 — 2,854 10,802 13,656 (3,287 ) 2003 The Landing at Arbor Place, Douglasville, GA — 4,993 14,330 1,511 (748 ) 4,245 15,841 20,086 (8,432 ) 1998-1999 Layton Hills Convenience Center, Layton, UT — — 8 2,799 — — 2,807 2,807 (471 ) 2005 Layton Hills Plaza, Layton, UT — — 2 299 — — 301 301 (186 ) 2005 The Plaza at Fayette, Lexington, KY 38,092 9,531 27,646 3,810 — 9,531 31,456 40,987 (9,892 ) 2006 Parkdale Crossing, Beaumont, TX — 2,994 7,408 2,282 (355 ) 2,639 9,690 12,329 (3,182 ) 2002 The Shoppes At Hamilton Place, Chattanooga, TN — 4,894 11,700 1,592 — 4,894 13,292 18,186 (4,134 ) 2003 Sunrise Commons, Brownsville, TX — 1,013 7,525 1,063 — 1,013 8,588 9,601 (2,918 ) 2003 The Shoppes at St. Clair Square, Fairview Heights, IL 19,305 8,250 23,623 597 (5,044 ) 3,206 24,220 27,426 (7,996 ) 2007 The Terrace, Chattanooga, TN 13,381 4,166 9,929 8,102 — 6,536 15,661 22,197 (5,444 ) 1997 West Towne Crossing, Madison, WI — 1,151 2,955 7,940 — 2,126 9,920 12,046 (1,948 ) 1998 WestGate Crossing, Spartanburg, SC — 1,082 3,422 6,722 — 1,082 10,144 11,226 (4,197 ) 1997 Westmoreland Crossing, Greensburg, PA — 2,898 21,167 9,262 — 2,898 30,429 33,327 (10,040 ) 2002 COMMUNITY CENTERS: Cobblestone Village at Palm Coast, Palm Coast, FL — 6,082 12,070 (524 ) (220 ) 4,296 13,112 17,408 (2,840 ) 2007 The Crossings at Marshalls Creek, Middle Smithfield, PA — 6,456 15,351 (1,744 ) — 6,453 13,610 20,063 (1,377 ) 2013 Initial Cost (1) Gross Amounts at Which Carried at Close of Period Description /Location Encumbrances (2) Land Buildings and Improvements Costs Capitalized Subsequent to Acquisition Sales of Outparcel Land Land Buildings and Improvements Total (3) Accumulated Depreciation (4) Date of Construction / Acquisition The Forum at Grand View, Madison, MS — 9,234 17,285 14,710 (684 ) 8,652 31,893 40,545 (3,905 ) 2010 Parkway Plaza, Fort Oglethorpe, GA — 2,675 13,435 — — 2,675 13,435 16,110 (365 ) 2015 The Promenade, D'Iberville, MS — 16,278 48,806 24,400 (706 ) 17,953 70,825 88,778 (13,341 ) 2009 Statesboro Crossing, Statesboro, GA 11,087 2,855 17,805 2,234 (235 ) 2,840 19,819 22,659 (4,200 ) 2008 OFFICE BUILDINGS AND OTHER: 840 Greenbrier Circle, Chesapeake, VA — 2,096 3,091 173 — 2,096 3,264 5,360 (1,021 ) 2007 850 Greenbrier Circle, Chesapeake, VA — 3,154 6,881 (289 ) — 3,154 6,592 9,746 (1,625 ) 2007 CBL Center, Chattanooga, TN — — 13,648 1,101 — — 14,749 14,749 (4,036 ) 2008 CBL Center II, Chattanooga, TN 19,844 140 24,675 45 — 140 24,720 24,860 (13,479 ) 2001 Oak Branch Business Center, Greensboro, NC — 535 2,192 210 — 535 2,402 2,937 (621 ) 2007 One Oyster Point, Newport News, VA — 1,822 3,623 853 — 1,822 4,476 6,298 (965 ) 2007 Pearland Hotel, Pearland, TX — — 16,149 503 — — 16,652 16,652 (3,978 ) 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 (1,993 ) 2008 Two Oyster Point, Newport News, VA — 1,543 3,974 542 — 1,543 4,516 6,059 (1,467 ) 2007 DISPOSITIONS: Chapel Hill Suburban, Akron, OH — 925 2,520 (3,445 ) — — — — — 2004 EastGate Crossing, Cincinnati, OH — 11 2,424 (2,424 ) (11 ) — — — — 2001 Madison Plaza, Huntsville, AL — 473 2,888 (3,361 ) — — — — — 1984 Madison Square, Huntsville, AL — 17,596 39,186 (56,782 ) — — — — — 1984 Waynesville Commons, Waynesville, NC — 3,511 6,141 (9,652 ) — — — — — 2008 Other — 2,058 3,458 75,616 (1,561 ) 1,710 1,870 3,580 (1,639 ) Developments in progress consisting of construction — — — 75,991 — — 75,991 75,991 — TOTALS $ 2,774,429 $ 898,338 $ 5,639,319 $ 1,812,132 $ (33,257 ) $ 876,668 $ 7,363,853 $ 8,240,521 $ (2,382,568 ) (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, 2015 , excluding debt premium or discount. (3) The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $8.036 billion . (4) Depreciation for all Properties is computed over the useful life which is generally 40 years for buildings, 10 - 20 years for certain improvements and 7 - 10 years for equipment and fixtures. The changes in real estate assets and accumulated depreciation for the years ending December 31, 2015 , 2014 , and 2013 are set forth below (in thousands): Year Ended December 31, 2015 2014 2013 REAL ESTATE ASSETS: Balance at beginning of period $ 8,187,183 $ 8,123,514 $ 8,301,013 Additions during the period: Additions and improvements 230,990 282,282 282,664 Acquisitions of real estate assets 182,747 — 29,912 Deductions during the period: Disposals and accumulated depreciation on impairments (249,716 ) (189,372 ) (412,976 ) Transfers from real estate assets (4,738 ) (11,383 ) (8,031 ) Impairment of real estate assets (105,945 ) (17,858 ) (69,068 ) Balance at end of period $ 8,240,521 $ 8,187,183 $ 8,123,514 ACCUMULATED DEPRECIATION: Balance at beginning of period $ 2,240,007 $ 2,056,357 $ 1,972,031 Depreciation expense 274,544 269,602 253,142 Accumulated depreciation on real estate assets sold, retired or impaired (131,983 ) (85,952 ) (168,816 ) Balance at end of period $ 2,382,568 $ 2,240,007 $ 2,056,357 |
Schedule IV - MORTGAGE NOTES RE
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2015 | |
Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE | Schedule IV CBL & ASSOCIATES PROPERTIES, INC. MORTGAGE NOTES RECEIVABLE ON REAL ESTATE Name Of Center/Location Interest Rate Final Maturity Date Monthly Payment Amount (1) Balloon Payment At Maturity Prior Liens Face Amount Of Mortgage Carrying Amount Of Mortgage (2) Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest FIRST MORTGAGES: Columbia Place Outparcel 5.00 % Feb-22 $ 3 (3 ) $ 342 None $ 360 $ 342 $ — One Park Place - Chattanooga, TN 5.00 % May-2022 21 — None 3,200 1,369 — Village Square - Houghton Lake, MI and Village at Wexford - Cadillac, MI 3.50 % Mar-2016 8 (3 ) 1,685 None 2,627 1,685 — OTHER 2.93% - (4) Dec-2016/ 20 4,380 4,656 4,380 — $ 52 $ 6,407 $ 10,843 $ 7,776 $ — (1) Equal monthly installments comprised of principal and interest, unless otherwise noted. (2) The aggregate carrying value for federal income tax purposes was $7,776 at December 31, 2015 . (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, 2015 2014 2013 Beginning balance $ 9,323 $ 19,120 $ 19,383 Additions — 360 — Payments (1,547 ) (10,157 ) (263 ) Ending balance $ 7,776 $ 9,323 $ 19,120 |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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. |
Accounting Guidance Adopted and Not Yet Effective | Accounting Guidance Adopted In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, Simplifying the Presentation of Debt Issuance Costs ("ASU 2015-03"), which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability to which they relate, consistent with the presentation of debt discounts, in contrast to being presented as an asset on the balance sheet under current GAAP. The guidance only changes presentation and does not change the recognition and measurement of debt issuance costs. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements ("ASU 2015-15") which addresses the absence of authoritative guidance within ASU 2015-03 for debt issuance costs related to line of credit arrangements. Under ASU 2015-15, debt issuance costs related to line of credit arrangements can continue to be presented as an asset on the balance sheet and be subsequently amortized over the term of the arrangement. For public companies, ASU 2015-03 is effective on a retrospective basis for annual periods beginning after December 15, 2015 and interim periods within those years. The Company adopted ASU 2015-03 and ASU 2015-15 in the fourth quarter of 2015. As a result, prior period amounts in the accompanying consolidated balance sheets related to debt issuance costs, other than those related to line of credit arrangements, have been reclassified to present debt issuance costs as a direct deduction from the carrying amount of the recognized debt liability for all periods presented herein. As a result, unamortized debt issuance costs of $16,059 and $17,127 , for the years ended December 31, 2015 and 2014 , respectively, were reclassified from intangible lease assets and other assets to mortgage and other indebtedness in the accompanying consolidated balance sheets. Accounting Guidance Not Yet Effective In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"). The guidance modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership and affects the evaluation of fee arrangements and related party relationships in the primary beneficiary determination. For public companies, ASU 2015-02 is effective for annual periods beginning after December 15, 2015 and interim periods within those years using either a retrospective or a modified retrospective approach. Early adoption is permitted. The Company does not expect the provisions of ASU 2015-02 to have a material impact on its consolidated financial statements. 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. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date, which allows an additional one year deferral of ASU 2014-09. As a result, ASU 2014-09 is effective for annual periods beginning after December 15, 2017 and interim periods within those years using one of two retrospective application methods. Early adoption would be permitted only for annual reporting periods beginning after December 15, 2016 and interim periods within those years. 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 monitors events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of a long-lived asset may not be recoverable, the Company assesses the recoverability of the asset by determining whether the asset’s carrying value will be recovered through the estimated undiscounted future cash flows expected from the Company’s probability weighted use of the asset and its eventual disposition. In the event that such undiscounted future cash flows do not exceed the carrying value, the Company adjusts the carrying value of the long-lived asset to its estimated fair value and recognizes an impairment loss. The estimated fair value is calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value. Certain of the Company’s long-lived assets may be carried at more than an amount that could be realized in a current disposition transaction. Projections of expected future operating cash flows require that the Company estimates future market rental income amounts subsequent to expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the Property, and the number of years the Property is held for investment, among other factors. As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management’s estimates of future possible outcomes. Therefore, the future cash flows estimated in the Company’s impairment analyses may not be achieved. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less as cash equivalents. |
Restricted Cash | Restricted Cash Restricted cash of $34,684 and $40,175 was included in intangible lease assets and other assets at December 31, 2015 and 2014 , respectively. Restricted cash consists primarily of cash held in escrow accounts for debt service, insurance, real estate taxes, capital improvements and deferred maintenance as required by the terms of certain mortgage notes payable. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are realizable based on factors affecting the collectability of those balances. The Company’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income. |
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, 2015 and 2014 , 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 $13,334 and $13,390 , 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 related to the Company's lines of credit of $6,431 and $5,050 were included in intangible lease assets and other assets at December 31, 2015 and 2014 , respectively. Net deferred financing costs related to the Company's other indebtedness of $16,059 and $17,127 were included in mortgage and other indebtedness at December 31, 2015 and 2014 , respectively. As noted above under Accounting Guidance Adopted , the Company adopted ASU 2015-03 and ASU 2015-15 in the fourth quarter of 2015, resulting in the reclassification of $16,059 and $17,127 at December 31, 2015 and 2014 , respectively in the accompanying consolidated balance sheets. 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 included marketable securities consisting of corporate equity securities that were classified as available-for-sale. The Company recognized a realized gain of $16,560 , for the difference between the net proceeds of $20,755 less the adjusted cost of $4,195 related to the sale of all its marketable securities in 2015 . The Company did not recognize any realized gains or losses related to sales of marketable securities in 2014 or 2013. Unrealized gains and losses on available-for-sale securities that are deemed to be temporary in nature are recorded as a component of accumulated other comprehensive income (loss) ("AOCI/L") in redeemable noncontrolling interests, shareholders’ equity and partners' capital, and noncontrolling interests. Realized gains are recorded in gain on investments. Gains or losses on securities sold are based on the specific identification method. 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, 2015 and 2014 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, 2015 and 2014 was $434 and $2,226 , 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 the underlying lease terms. The Company receives management, leasing and development fees from third parties and unconsolidated affiliates. Management fees are charged as a percentage of revenues (as defined in the management agreement) and are recognized as revenue when earned. Development fees are recognized as revenue on a pro rata basis over the development period. Leasing fees are charged for newly executed leases and lease renewals and are recognized as revenue when earned. Development and leasing fees received from an unconsolidated affiliate during the development period are recognized as revenue only to the extent of the third-party partner’s ownership interest. Development and leasing fees during the development period, to the extent of the Company’s ownership interest, are recorded as a reduction to the Company’s investment in the unconsolidated affiliate. |
Gain on Sales of Real Estate Assets | Gain on Sales of Real Estate Assets Gain on sales of real estate assets is recognized when it is determined that the sale has been consummated, the buyer’s initial and continuing investment is adequate, the Company’s receivable, if any, is not subject to future subordination, and the buyer has assumed the usual risks and rewards of ownership of the asset. When the Company has an ownership interest in the buyer, gain is recognized to the extent of the third party partner’s ownership interest 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 $3,460 , $4,079 and $3,570 during 2015 , 2014 and 2013 , 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, 2015 , 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Current tax benefit (provision) $ (3,093 ) $ (3,170 ) $ 518 Deferred tax benefit (provision) 152 (1,329 ) (1,823 ) Income tax provision $ (2,941 ) $ (4,499 ) $ (1,305 ) The Company had a net deferred tax liability of $672 at December 31, 2015 and a net deferred tax asset of $394 at December 31, 2014 , respectively. The net deferred tax liability at December 31, 2015 is included in accounts payable and accrued liabilities. The net deferred tax asset at December 31, 2014 is included in intangible lease assets and other assets. These balances primarily consisted of operating expense accruals and differences between book and tax depreciation. As of December 31, 2015 , tax years that generally remain subject to examination by the Company’s major tax jurisdictions include 2012, 2013, 2014 and 2015. The Company reports any income tax penalties attributable to its Properties as property operating expenses and any corporate-related income tax penalties as general and administrative expenses in its consolidated statement of operations. In addition, any interest incurred on tax assessments is reported as interest expense. |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s tenants include national, regional and local retailers. Financial instruments that subject the Company to concentrations of credit risk consist primarily of tenant receivables. The Company generally does not obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of tenants. The Company derives a substantial portion of its rental income from various national and regional retail companies |
Earnings per Share and Earnings per Unit | Earnings per Share of the Company Basic earnings per share ("EPS") is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS assumes the issuance of common stock for all potential dilutive common shares outstanding. The limited partners’ rights to convert their noncontrolling interests in the Operating Partnership into shares of common stock are not dilutive. Earnings per Unit of the Operating Partnership Basic earnings per unit ("EPU") is computed by dividing net income attributable to common unitholders by the weighted-average number of common units outstanding for the period. Diluted EPU assumes the issuance of common units for all potential dilutive common units outstanding. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) of the Company Comprehensive income (loss) of the Company includes all changes in redeemable noncontrolling interests and total equity during the period, except those resulting from investments by shareholders and partners, distributions to shareholders and partners and redemption valuation adjustments. Other comprehensive income (loss) (“OCI/L”) includes changes in unrealized gains (losses) on available-for-sale securities and interest rate hedge agreements. Accumulated Other Comprehensive Income (Loss) of the Operating Partnership Comprehensive income (loss) of the Operating Partnership includes all changes in redeemable common units and partners' capital during the period, except those resulting from investments by unitholders, distributions to unitholders and redemption valuation adjustments. OCI/L includes changes in unrealized gains (losses) on available-for-sale securities and interest rate hedge agreements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. |
ORGANIZATION (Tables)
ORGANIZATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Real Estate Properties | As of December 31, 2015 , the Operating Partnership owned interests in the following Properties: Malls (1) Associated Centers Community Centers Office Buildings (2) Total Consolidated Properties 72 21 6 8 107 Unconsolidated Properties (3) 10 4 4 5 23 Total 82 25 10 13 130 (1) Category consists of regional malls, open-air centers and outlet centers (including one mixed-use center). (2) Includes CBL's corporate office buildings. (3) The Operating Partnership accounts for these investments using the equity method because one or more of the other partners have substantive participating rights. |
Properties Under Development | At December 31, 2015 , the Operating Partnership had interests in the following Construction Properties: Consolidated Unconsolidated Malls Malls Community Development — — 1 Expansions 1 — 1 Redevelopments 2 2 — |
SUMMARY OF SIGNIFICANT ACCOUN34
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 , are summarized as follows: December 31, 2015 December 31, 2014 Cost Accumulated Amortization Cost Accumulated Amortization Intangible lease assets and other assets: Above-market leases $ 54,080 $ (39,228 ) $ 64,696 $ (45,662 ) In-place leases 113,335 (71,460 ) 110,211 (71,272 ) Tenant relationships 29,742 (5,868 ) 29,664 (4,917 ) Accounts payable and accrued liabilities: Below-market leases 89,182 (54,999 ) 99,189 (68,127 ) |
Summary of Equity Securities | The following is a summary of the marketable securities held by the Company as of December 31, 2014 : Gross Unrealized Adjusted Cost Gains Losses Fair Value December 31, 2014: Common stocks $ 4,195 $ 16,321 $ — $ 20,516 |
Schedule of Income Tax Provision | The Company recorded an income tax provision as follows for the years ended December 31, 2015 , 2014 and 2013 : Year Ended December 31, 2015 2014 2013 Current tax benefit (provision) $ (3,093 ) $ (3,170 ) $ 518 Deferred tax benefit (provision) 152 (1,329 ) (1,823 ) Income tax provision $ (2,941 ) $ (4,499 ) $ (1,305 ) |
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, 2015 : Year Ended December 31, 2015 Denominator – basic 199,734 Effect of performance stock units (1) 23 Denominator – diluted 199,757 (1) Performance stock units are contingently issuable common shares and are included in earnings per unit if the effect is dilutive. See Note 16 for a description of the long-term incentive program, which was adopted in 2015, that these units relate to. The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS for the year ended December 31, 2015 : Year Ended December 31, 2015 Denominator – basic 170,476 Effect of performance stock units (1) 23 Denominator – diluted 170,499 (1) Performance stock units are contingently issuable common shares and are included in earnings per share if the effect is dilutive. See Note 16 for a description of the long-term incentive program, which was adopted in 2015, that these units relate to. |
Components of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCI for the years ended December 31, 2015 , 2014 and 2013 are as follows: Redeemable Noncontrolling Interests The Company Noncontrolling Interests Unrealized Gains (Losses) Hedging Agreements Available-for-Sale Securities Hedging Agreements Available-for-Sale Securities Hedging Agreements Available-for-Sale Securities Total Beginning balance, January 1, 2013 $ 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/L 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 OCI before reclassifications 32 10 3,828 160 251 72 4,353 Amounts reclassified from AOCI (1) — (394 ) (2,196 ) (13,268 ) — (2,898 ) (18,756 ) Net year-to-date period OCI/L 32 (384 ) 1,632 (13,108 ) 251 (2,826 ) (14,403 ) Ending balance, December 31, 2015 $ 433 $ — $ 1,935 $ — $ (2,802 ) $ — $ (434 ) (1) Reclassified $2,196 , $2,195 and $2,297 of interest on cash flow hedges to Interest Expense in the consolidated statement of operations for the years ended December 31, 2015 , 2014 and 2013 , respectively. Reclassified $16,560 realized gain on sale of available-for-sale securities to Gain on Investment in the consolidated statement of operations for the year ended December 31, 2015. |
CBL & Associates Limited Partnership | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Components of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCI for the years ended December 31, 2015 , 2014 and 2013 are as follows: Redeemable Common Units Partners' Capital Unrealized Gains (Losses) Hedging Agreements Available-for-Sale Securities Hedging Agreements Available-for-Sale Securities Total Beginning balance, January 1, 2013 $ 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 OCI before reclassifications 33 10 4,078 232 4,353 Amounts reclassified from AOCI (1) — (394 ) (2,196 ) (16,166 ) (18,756 ) Net year-to-date period OCI 33 (384 ) 1,882 (15,934 ) (14,403 ) Ending balance, December 31, 2015 $ 434 $ — $ (868 ) $ — $ (434 ) (1) Reclassified $2,196 , $2,195 and $2,297 of interest on cash flow hedges to Interest Expense in the consolidated statement of operations for the years ended December 31, 2015 , 2014 and 2013 , respectively. Reclassified $16,560 realized gain on sale of available-for-sale securities to Gain on Investment in the consolidated statement of operations for the year ended December 31, 2015. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions | The following is a summary of the Company's acquisitions since January 1, 2013: Purchase Date Property Property Type Location Ownership Percentage Acquired Cash Debt Assumed Purchase Price 2015 Activity: June Mayfaire Town Center and Community Center (1) Mall Wilmington, NC 100% $ 191,988 $ — $ 191,988 2013 Activity: April Kirkwood Mall (2) Mall Bismarck, ND 51% $ 41,378 $ 20,587 $ 61,965 (1) The Company acquired Mayfaire Town Center and Community Center on June 18, 2015 for $191,988 utilizing availability on its lines of credit. Since the acquisition date, $8,982 of revenue and $410 in income related to Mayfaire Town Center and Community Center is included in the consolidated financial statements for the year ended December 31, 2015. The Company subsequently sold Mayfaire Community Center in December 2015. See Note 4 for more information. (2) 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. The Company consolidated this joint venture as of December 31, 2013. |
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the final allocation of the estimated fair values of the assets acquired and liabilities assumed as of the June 2015 acquisition date for Mayfaire Town Center and Community Center: 2015 Land $ 39,598 Buildings and improvements 139,818 Tenant improvements 3,331 Above-market leases 393 In-place leases 22,673 Total assets 205,813 Below-market leases (13,825 ) Net assets acquired $ 191,988 |
DISPOSITIONS AND DISCONTINUED36
DISPOSITIONS AND DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Dispositions | The following is a summary of the Company's 2014 dispositions by sale: Sales Price Gain Sales Date Property Property Type Location Gross Net 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 Non-recourse Debt Gain on Extinguishment of Debt Disposal Date Property Property Type Location 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 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. The following is a summary of the Company's 2015 dispositions by sale: Sales Price Gain Sales Date Property Property Type Location Gross Net December Mayfaire Community Center (1) Community Center (2) Wilmington, NC $ 56,300 $ 55,955 $ — December Chapel Hill Crossing (3) Associated Center Akron, OH 2,300 2,178 — November Waynesville Commons Community Center Waynesville, NC 14,500 14,289 5,071 July Madison Plaza Associated Center Huntsville, AL 5,700 5,472 2,769 June EastGate Crossing (4) Associated Center Cincinnati, OH 21,060 20,688 13,491 April Madison Square (5) Mall Huntsville, AL 5,000 4,955 — $ 104,860 $ 103,537 $ 21,331 (1) The Company recognized a loss on impairment of real estate of $397 in the fourth quarter of 2015 when it adjusted the book value of Mayfaire Community Center to its net sales price. (2) This Property was combined with Mayfaire Town Center in the Malls category for segment reporting purposes. (3) The Company recognized a loss on impairment of real estate of $1,914 in the fourth quarter of 2015 when it adjusted the book value of Chapel Hill Crossing to its net sales price. (4) In the fourth quarter of 2015, the Company earned $625 of the potential $1,740 of contingent consideration related to the sale of EastGate Crossing and received $574 of net proceeds for the lease of a tenant space. The Company has until September 2016 to lease one additional specified tenant space to earn the remaining consideration. Additionally, the buyer assumed the mortgage loan on the property, which had a balance of $14,570 at the time of the sale. (5) The Company recognized a loss on impairment of real estate of $2,620 in the second quarter of 2015 when it adjusted the book value of Madison Square to its net sales price. The following is a summary of the Company's 2013 dispositions: Sales Price Gain/ (Loss) Sales Date Property Property Type Location Gross Net 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 Panama City, FL Nashville, TN $ 176,000 $ 171,977 $ (19 ) 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. |
UNCONSOLIDATED AFFILIATES AND37
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments Accounted for using the Equity method of Accounting | At December 31, 2015 , 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 65.0 % Ambassador Town Center JV, LLC Ambassador Town Center 65.0 % CBL/T-C, LLC CoolSprings Galleria, Oak Park Mall and West County Center 50.0 % CBL-TRS Joint Venture, LLC Friendly Center, The Shops at Friendly Center and a portfolio of four office buildings 50.0 % CBL-TRS Joint Venture II, LLC Renaissance Center 50.0 % El Paso Outlet Outparcels, LLC The Outlet Shoppes at El Paso (vacant land) 50.0 % Fremaux Town Center JV, LLC Fremaux Town Center Phases I and II 65.0 % Governor’s Square IB Governor’s Plaza 50.0 % Governor’s Square Company Governor’s Square 47.5 % High Pointe Commons, LP High Pointe Commons 50.0 % High Pointe Commons II-HAP, LP High Pointe Commons - Christmas Tree Shop 50.0 % JG Gulf Coast Town Center LLC Gulf Coast Town Center Phase I, II and III 50.0 % Kentucky Oaks Mall Company Kentucky Oaks Mall 50.0 % Mall of South Carolina L.P. Coastal Grand 50.0 % Mall of South Carolina Outparcel L.P. Coastal Grand Crossing and vacant land 50.0 % Port Orange I, LLC The Pavilion at Port Orange Phase I and one office building 50.0 % Triangle Town Member LLC Triangle Town Center, Triangle Town Commons and Triangle Town Place 50.0 % West Melbourne I, LLC Hammock Landing Phases I and II 50.0 % York Town Center, LP York Town Center 50.0 % |
Condensed combined financial statement information - unconsolidated affiliates | Condensed combined financial statement information of these unconsolidated affiliates is as follows: December 31, 2015 2014 ASSETS: Investment in real estate assets $ 2,357,902 $ 2,266,252 Accumulated depreciation (677,448 ) (619,558 ) 1,680,454 1,646,694 Developments in progress 59,592 75,877 Net investment in real estate assets 1,740,046 1,722,571 Other assets (1) 168,540 166,391 Total assets $ 1,908,586 $ 1,888,962 LIABILITIES: Mortgage and other indebtedness (1) $ 1,546,272 $ 1,508,663 Other liabilities 51,357 42,517 Total liabilities 1,597,629 1,551,180 OWNERS' EQUITY: The Company 184,868 198,261 Other investors 126,089 139,521 Total owners' equity 310,957 337,782 Total liabilities and owners’ equity $ 1,908,586 $ 1,888,962 (1) In accordance with the adoption in the fourth quarter of 2015 of ASU 2015-03 and ASU 2015-15, unamortized deferred financing costs were reclassified from other assets to mortgage and other indebtedness. These reclassifications consisted of $2,884 and $4,163 as of December 31, 2015 and 2014, respectively. Year Ended December 31, 2015 2014 2013 Total revenues $ 253,399 $ 250,248 $ 243,215 Depreciation and amortization (79,870 ) (79,059 ) (76,323 ) Other operating expenses (75,875 ) (73,218 ) (72,166 ) Income from operations 97,654 97,971 94,726 Interest and other income 1,337 1,358 1,359 Interest expense (75,485 ) (74,754 ) (76,934 ) Gain on sales of real estate assets 2,551 1,697 102 Net income $ 26,057 $ 26,272 $ 19,253 2015 Financings The following table presents the loan activity of the Company's unconsolidated affiliates in 2015: Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended December Hammock Landing - Phase I (2) LIBOR + 2.00% February 2016 (3) $ 39,475 December Hammock Landing - Phase II (2) LIBOR + 2.00% February 2016 (3) 16,757 December The Pavilion at Port Orange (2) LIBOR + 2.00% February 2016 (3) 58,820 October Oak Park Mall (4) 3.97% October 2025 276,000 July Gulf Coast Town Center - Phase III (5) LIBOR + 2.00% July 2017 5,352 (1) Excludes any extension options. (2) The loan was amended and modified to extend its initial maturity date and interest rate. (3) Subsequent to December 31, 2015, the loan was extended to February 2018 with a one -year extension option. See Note 19 for more information. (4) CBL/T-C, a 50% owned subsidiary of the Company, closed on a non-recourse loan, secured by Oak Park Mall in Overland Park, KS. Net proceeds were used to retire the outstanding borrowings of $275,700 under the previous loan which bore interest at 5.85% and had a December 2015 maturity date. (5) The loan was amended and modified to extend its maturity date. As part of the refinancing agreement, the loan is no longer guaranteed by the Operating Partnership. See Note 14 for more information. See Note 19 for information related to an unconsolidated affiliate's mortgage loan, which was modified and restructured subsequent to December 31, 2015 . 2014 Financings The following table presents the loan activity of the Company's unconsolidated affiliates in 2014: Date Property Stated Interest Rate Maturity Date (1) Amount Financed or Extended December Ambassador Town Center (2) LIBOR + 1.80% December 2017 (3) $ 48,200 December Ambassador Town Center - Infrastructure Improvements (4) LIBOR + 2.00% December 2017 (3) 11,700 November Hammock Landing - Phase II (5) LIBOR + 2.25% November 2015 (6) 16,757 August Fremaux Town Center - Phase I (7) LIBOR + 2.00% August 2016 (8) 47,291 August Fremaux Town Center - Phase II (9) LIBOR + 2.00% August 2016 (8) 32,100 July Coastal Grand - Myrtle Beach (10) 4.09% August 2024 126,000 February Fremaux Town Center - Phase I (11) LIBOR + 2.125% March 2016 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 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. 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 was reduced to LIBOR + 2.00% in the fourth quarter of 2015 as Academy Sports is open and paying contractual rent. See Note 14 for information on the Operating Partnership's guaranty of this loan. The loan was subsequently amended and modified in 2015. See above. (6) The construction loan had two one -year extension options, which were 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. In the second quarter of 2015, the guaranty was reduced from 50% to 15% . See Note 14 for further information. (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 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 . Excess proceeds were distributed 50/50 to the Company and its partner and the Company's share of excess proceeds was used to reduce outstanding 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. |
MORTGAGE AND OTHER INDEBTEDNE38
MORTGAGE AND OTHER INDEBTEDNESS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of mortgage and other indebtedness | Mortgage and other indebtedness consisted of the following: December 31, 2015 December 31, 2014 Amount Weighted Average Interest Rate (1) Amount Weighted Average Interest Rate (1) Fixed-rate debt: Non-recourse loans on operating Properties (2) $ 2,736,538 5.68% $ 3,252,730 5.62% Senior unsecured notes due 2023 (3) 446,151 5.25% 445,770 5.25% Senior unsecured notes due 2024 (4) 299,933 4.60% 299,925 4.60% Other 2,686 3.50% 5,639 3.50% Total fixed-rate debt 3,485,308 5.53% 4,004,064 5.50% Variable-rate debt: Non-recourse term loans on operating Properties 16,840 2.49% 17,121 2.29% Recourse term loans on operating Properties 25,635 2.97% 7,638 2.91% Construction loans — —% 454 2.66% Unsecured lines of credit (5) 398,904 1.54% 221,183 1.56% Unsecured term loans (6) 800,000 1.82% 450,000 1.71% Total variable-rate debt 1,241,379 1.76% 696,396 1.69% Total fixed-rate and variable-rate debt 4,726,687 4.54% 4,700,460 4.93% Unamortized deferred financing costs (7) (16,059 ) (17,127 ) Total mortgage and other indebtedness $ 4,710,628 $ 4,683,333 (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 $101,151 as of December 31, 2015 and $105,584 as of December 31, 2014 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, 2015 and 2014 . (3) The balance is net of an unamortized discount of $3,849 and $4,230 , as of December 31, 2015 and 2014 , respectively. (4) The balance is net of an unamortized discount of $67 and $75 , as of December 31, 2015 and 2014 , respectively. (5) The Company extended and modified its three unsecured credit facilities in October 2015. See below for additional information. (6) The Company closed on a new $350,000 unsecured term loan in October 2015. See below for further information. (7) See Note 2 for information related to the adoption of new accounting pronouncements in the fourth quarter of 2015 that have been retrospectively applied, resulting in reclassification of certain debt issuance costs from total assets to total mortgage and other indebtedness in the above tables and consisted of $16,059 and $17,127 and for the years ending December 31, 2015 and 2014, respectively. |
Schedule of unsecured lines of credit | The following summarizes certain information about the Company's unsecured lines of credit as of December 31, 2015 : Total Capacity Total Outstanding Maturity Date Extended Maturity Date Facility A $ 500,000 $ — (1) October 2019 October 2020 (2) First Tennessee 100,000 6,700 (3) October 2019 October 2020 (4) Facility B 500,000 392,204 (5) October 2020 $ 1,100,000 $ 398,904 (1) There was $350 outstanding on this facility as of December 31, 2015 for letters of credit. Up to $30,000 of the capacity on this facility can be used for letters of credit. (2) The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.15% of the commitment amount of the credit facility. (3) There was an additional $113 outstanding on this facility as of December 31, 2015 for letters of credit. Up to $20,000 of the capacity on this facility can be used for letters of credit. (4) The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.20% of the commitment amount of the credit facility. (5) There was an additional $5,464 outstanding on this facility as of December 31, 2015 for letters of credit. Up to $30,000 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 consolidated Properties, that were entered into in 2015 and 2014: Date Property Stated Interest Rate Maturity Date Amount Financed 2015: September The Outlet Shoppes at Gettysburg (1) 4.80% October 2025 $ 38,450 2014: November The Outlet Shoppes of the Bluegrass (2) 4.045% December 2024 $ 77,500 (1) Proceeds from the non-recourse loan were used to retire a $38,112 fixed-rate loan that was due to mature in February 2016. (2) A portion of the net proceeds from the non-recourse loan was used to retire a $47,931 recourse construction loan. 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. Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2015 and 2014: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) 2015: September The Outlet Shoppes at Gettysburg (2) 5.87% February 2016 $ 38,112 September Eastland Mall 5.85% December 2015 59,400 July Brookfield Square 5.08% November 2015 86,621 July CherryVale Mall 5.00% October 2015 77,198 July East Towne Mall 5.00% November 2015 65,856 July West Towne Mall 5.00% November 2015 93,021 May Imperial Valley Mall 4.99% September 2015 49,486 2014: December Janesville Mall (3) 8.38% April 2016 $ 2,473 October Mall del Norte 5.04% December 2014 113,400 January St. Clair Square (4) 3.25% December 2016 122,375 (1) The Company retired the loans with borrowings from its credit facilities unless otherwise noted. (2) The joint venture retired the loan with proceeds from a $38,450 fixed-rate non-recourse loan. (3) The Company recorded a $257 loss on extinguishment of debt due to a prepayment fee on the early retirement. (4) The Company recorded a $1,249 loss on extinguishment of debt due to a prepayment fee on the early retirement. The following is a summary of the Company's 2014 dispositions for which the consolidated Property securing the related fixed-rate debt was transferred to the lender: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Balance of Non-recourse Debt Gain on Extinguishment of Debt October Columbia Place (1) 5.45% September 2013 $ 27,265 $ 27,171 September Chapel Hill Mall (1) 6.10% August 2016 68,563 18,296 January Citadel Mall (2) 5.68% April 2017 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 loan, secured by the related consolidated Property, that was entered into in 2014: Date Property Stated Interest Rate Maturity Date Amount Financed April The Outlet Shoppes at Oklahoma City - Phase II (1) LIBOR + 2.75% April 2019 (2) $ 6,000 (1) Proceeds from the operating Property loan for Phase II were distributed to the partners in accordance with the terms of the partnership agreement. (2) 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. Loan Repayment The Company repaid the following variable-rate loan, secured by the related consolidated Property, in 2014: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid (1) December The Promenade 1.87% December 2014 $ 47,670 (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 consolidated Properties, that were entered into in 2015 and 2014: Date Property Stated Interest Rate Maturity Date Amount Financed 2015: July The Outlet Shoppes of the Bluegrass - Phase II (1) LIBOR + 2.50% July 2020 $ 11,320 May The Outlet Shoppes at Atlanta - Phase II (2) LIBOR + 2.50% December 2019 6,200 2014: December The Outlet Shoppes at Atlanta - Parcel Development (3) LIBOR + 2.50% December 2019 $ 2,435 April The Outlet Shoppes at Oklahoma City - Phase III (4) LIBOR + 2.75% April 2019 (5) 5,400 April The Outlet Shoppes at El Paso - Phase II (4) LIBOR + 2.75% April 2018 7,000 (1) The Operating Partnership has guaranteed 100% of the loan of this 65 / 35 joint venture, which had an outstanding balance of $10,076 at December 31, 2015. The guaranty will terminate once construction is complete and certain debt and operational metrics are met on this expansion. The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt service and operational metrics are met. (2) The Operating Partnership has guaranteed 100% of the loan of this 75 / 25 joint venture, which had an outstanding balance of $4,034 at December 31, 2015. The guaranty will terminate once construction is complete and certain debt and operational metrics are met on this expansion as well as the parcel development project at The Outlet Shoppes at Atlanta as both loans are cross-collateralized. The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt service and operational metrics are met. (3) The Operating Partnership has guaranteed 100% of the loan. The guaranty will terminate once construction is complete and certain debt and operational metrics are met. (4) 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. (5) 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. Loan Repayment The Company repaid the following construction loan, secured by the related consolidated Property, in 2014: Date Property Interest Rate at Repayment Date Scheduled Maturity Date Principal Balance Repaid November The Outlet Shoppes of the Bluegrass (1) 2.15% August 2016 $ 47,931 (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. |
Schedule of covenant compliance | The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of December 31, 2015 : Ratio Required Actual Debt to total asset value < 60% 50% Unencumbered asset value to unsecured indebtedness > 1.60x 2.3x Unencumbered NOI to unsecured interest expense > 1.75x 5.2x EBITDA to fixed charges (debt service) > 1.50x 2.3x The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of December 31, 2015 : Ratio Required Actual Total debt to total assets < 60% 54% Secured debt to total assets <45% (1) 31% Total unencumbered assets to unsecured debt >150% 220% Consolidated income available for debt service to annual debt service charge > 1.50x 3.3x (1) On January 1, 2020 and thereafter, secured debt to total assets must be less than 40% . |
Schedule of principal repayments | As of December 31, 2015 , 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: 2016 $ 596,244 2017 827,523 2018 681,200 2019 127,601 2020 600,961 Thereafter 1,892,491 4,726,020 Net unamortized premiums 667 $ 4,726,687 |
Schedule of interest rate derivatives designated as cash flow hedges of interest rate risk | As of December 31, 2015 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: Interest Rate Derivative Number of Instruments Notional Amount Interest Rate Swaps 4 $ 101,151 |
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, 2015 and 2014 : Instrument Type Location in Consolidated Balance Sheet Notional Amount Designated Benchmark Interest Rate Strike Rate Fair Value at 12/31/15 Fair Value at 12/31/14 Maturity Date Pay fixed/ Receive Accounts payable and $ 48,891 1-month 2.149 % $ (208 ) $ (1,064 ) April 2016 Pay fixed/ Receive Accounts payable and $ 30,620 1-month 2.187 % (133 ) (681 ) April 2016 Pay fixed/ Receive Accounts payable and $ 11,443 1-month 2.142 % (48 ) (248 ) April 2016 Pay fixed/ Receive Accounts payable and $ 10,197 1-month 2.236 % (45 ) (233 ) April 2016 $ (434 ) $ (2,226 ) |
Schedule of gain (loss) recognized in other comprehensive income (loss) | Hedging Instrument Gain Recognized in OCI/L (Effective Portion) Location of Losses Reclassified from AOCI/L into Earnings (Effective Portion) Loss Recognized in Earnings (Effective Portion) Location of Gain (Loss) Recognized in Earnings (Ineffective Portion) Gain Recognized in Earnings (Ineffective Portion) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Interest rate contracts $ 1,915 $ 1,782 $ 1,815 Interest Expense $ (2,196 ) $ (2,195 ) $ (2,297 ) Interest Expense $ — $ — $ — |
SHAREHOLDERS' EQUITY AND PART39
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule for Issuance of Common Stock Sold | The following table summarizes issuances of common stock sold through the ATM program since inception: Number of Shares Gross Net Weighted-average 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, 2015 2014 2013 Dividends declared: Common stock $ 1.06 $ 1.00 $ 0.98 Series D preferred stock $ 18.44 $ 18.44 $ 18.44 Series E preferred stock $ 16.56 $ 16.56 $ 16.56 Allocations: Common stock Ordinary income 100.00 % 100.00 % 100.00 % Capital gains 25% rate — % — % — % Return of capital — % — % — % Total 100.00 % 100.00 % 100.00 % Preferred stock (1) Ordinary income 100.00 % 100.00 % 100.00 % Capital gains 25% rate — % — % — % Total 100.00 % 100.00 % 100.00 % (1) The allocations for income tax purposes are the same for each series of preferred stock for each period presented. |
REDEEMABLE INTERESTS AND NONC40
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 : December 31, 2015 2014 CBL’s Predecessor 18,172,690 18,172,690 Third parties 11,084,493 11,099,945 29,257,183 29,272,635 |
MINIMUM RENTS (Tables)
MINIMUM RENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , as follows: 2016 $ 597,112 2017 514,557 2018 434,895 2019 367,663 2020 305,622 Thereafter 940,054 $ 3,159,903 |
MORTGAGE AND OTHER NOTES RECE42
MORTGAGE AND OTHER NOTES RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 As of December 31, 2014 Maturity Date Interest Rate Balance Interest Rate Balance Mortgages: Columbia Place Outparcel (1) Feb 2022 5.00% $ 342 5.00% $ 360 Park Place May 2022 5.00% 1,369 5.00% 1,566 Village Square Mar 2016 3.50% 1,685 3.50% 1,711 Other Dec 2016 - 2.93% - 9.50% 4,380 2.67% - 9.50% 5,686 7,776 9,323 Other Notes Receivable: Horizon Group (2) Nov 2016 7.00% 3,096 —% — RED Development Inc. Nov 2023 5.00% 7,366 5.00% 7,429 Woodstock land (3) Feb 2016 10.00% — 10.00% 3,059 10,462 10,488 $ 18,238 $ 19,811 (1) 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. (2) In the fourth quarter of 2015, Mortgage Holdings, LLC, a subsidiary of the Company, entered into a $5,280 loan agreement, with an affiliate of Horizon Group Properties, Inc., the Company's noncontrolling interest partner in an outlet center project. The loan is secured by a pledge of Horizon Group Properties' interest in another outlet center project owned in a joint venture with the Company. (3) In the fourth quarter of 2015, Woodstock GA Investments, LLC, a joint venture in which the Company owns a 75.0% interest, and other partners, sold their interests and closed on a $2,600 loan, which was used to repay the loan secured by an interest in land in Woodstock, GA, adjacent to the site of The Outlet Shoppes at Atlanta. The note receivable had previously been extended through several amendments in 2014 and 2015. |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Information on Reportable Segments | Information on the Company’s reportable segments is presented as follows: Year Ended December 31, 2015 Malls Associated Centers Community Centers All Other (1) Total Revenues $ 944,553 $ 40,392 $ 19,944 $ 50,129 $ 1,055,018 Property operating expenses (2) (274,288 ) (9,364 ) (4,500 ) 4,807 (283,345 ) Interest expense (166,922 ) (7,285 ) (4,236 ) (50,900 ) (229,343 ) Other expense (19 ) — — (26,938 ) (26,957 ) Gain on sales of real estate assets 264 16,260 5,071 10,637 32,232 Segment profit (loss) $ 503,588 $ 40,003 $ 16,279 $ (12,265 ) 547,605 Depreciation and amortization expense (299,069 ) General and administrative expense (62,118 ) Interest and other income 6,467 Gain on extinguishment of debt 256 Loss on impairment (105,945 ) Gain on investment 16,560 Equity in earnings of unconsolidated affiliates 18,200 Income tax provision (2,941 ) Income from continuing operations $ 119,015 Total assets $ 5,766,084 $ 252,188 $ 263,614 $ 198,105 $ 6,479,991 Capital expenditures (3) $ 393,194 $ 5,186 $ 2,299 $ 24,134 $ 424,813 Year Ended December 31, 2014 Malls Associated Centers Community Centers All Other (1) Total 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 (4) $ 5,655,621 $ 273,506 $ 282,011 $ 388,034 $ 6,599,172 Capital expenditures (3) $ 198,205 $ 17,157 $ 3,160 $ 99,273 $ 317,795 Year Ended December 31, 2013 Malls Associated Centers Community Centers All Other (1) Total 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 (4) $ 5,907,813 $ 273,392 $ 222,462 $ 366,020 $ 6,769,687 Capital expenditures (3) $ 203,210 $ 10,718 $ 8,052 $ 126,803 $ 348,783 (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. (4) See Note 2 for information related to the adoption of new accounting pronouncements in the fourth quarter of 2015 that have been retrospectively applied, resulting in reclassification of certain debt issuance costs from total assets to total mortgage and other indebtedness in the above tables and consisted of $17,127 and $16,284 for the years ending December 31, 2014 and 2013, respectively. |
SUPPLEMENTAL AND NONCASH INFO44
SUPPLEMENTAL AND NONCASH INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Noncash Investing and Financing Activities | The Company’s noncash investing and financing activities for 2015 , 2014 and 2013 were as follows: 2015 2014 2013 Accrued dividends and distributions payable $ 54,489 $ 54,433 $ 50,523 Additions to real estate assets accrued but not yet paid 26,345 25,332 20,625 Disposition of real estate by assignment of mortgage debt 14,570 — — 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 — Note receivable from sale of land — 360 7,430 |
CONTINGENCIES (Tables)
CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 : As of December 31, 2015 Obligation recorded to reflect guaranty Unconsolidated Affiliate Company's Ownership Interest Outstanding Balance Percentage Guaranteed by the Company Maximum Guaranteed Amount Debt Maturity Date (1) 12/31/15 West Melbourne I, LLC - 50% $ 39,475 25% $ 9,869 Feb-2016 (2) $ 99 $ 101 West Melbourne I, LLC - 50% 16,757 25% (3) 4,189 Feb-2016 (2) 87 87 Port Orange I, LLC 50% 58,820 25% 14,705 Feb-2016 (2) 148 153 JG Gulf Coast Town Center LLC - Phase III 50% 5,092 —% (4) — Jul-2017 — — Fremaux Town Center JV, LLC - Phase I 65% 40,530 15% (5) 6,207 Aug-2016 (6) 62 236 Fremaux Town Center JV, LLC - Phase II 65% 27,404 50% (7) 16,050 Aug-2016 (6) 161 161 Ambassador Town Center JV, LLC 65% 21,418 100% (8) 45,307 Dec-2017 (9) 462 482 Ambassador Infrastructure, LLC 65% 8,629 100% (10) 11,700 Dec-2017 (9) 177 177 Total guaranty liability $ 1,196 $ 1,397 (1) Excludes any extension options. (2) Subsequent to December 31, 2015, the loan was modified and extended to February 2018 with a one -year extension option. See Note 19 for more information. (3) The guaranty was reduced to 25% in the fourth quarter of 2015 as Academy Sports is operational and paying contractual rent. (4) The guaranty was removed when the loan was refinanced in the third quarter of 2015. See Note 5 for more information. (5) The Company received a 1% fee for this guaranty when the loan was issued in March 2013. In the second quarter of 2015, the guaranty was reduced to 15% as the requirement for being open for one year was met, LA Fitness opened and began paying contractual rent and a debt service coverage ratio of 1.30 to 1.00 was achieved. (6) The loan has two one -year extension options, which are at the unconsolidated affiliate's election, for an outside maturity date of August 2018. (7) The Company received a 1% fee for this guaranty when the loan was issued in August 2014. Upon completion of Phase II of the development and once certain leasing and occupancy metrics have been met, the guaranty will be reduced to 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. (8) 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. (9) The loan has two one -year extension options, which are the joint venture's election, for an outside maturity date of December 2019 . (10) 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 such year as PILOT payments received and attributed to the prior calendar year 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, 2015 , are as follows: 2016 $ 877 2017 885 2018 894 2019 903 2020 913 Thereafter 26,814 $ 31,286 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 : Fair Value Measurements at Reporting Date Using Fair Value at December 31, 2015 Quoted Prices in Active Markets Significant Significant Unobservable Liabilities: Interest rate swaps $ 434 $ — $ 434 $ — Fair Value Measurements at Reporting Date Using Fair Value at December 31, 2014 Quoted Prices in Active Markets Significant Significant Unobservable Assets: Available-for-sale securities $ 20,512 $ 20,512 $ — $ — Liabilities: Interest rate swaps $ 2,226 $ — $ 2,226 $ — |
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, 2015 and 2014 : Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses 2015: Long-lived assets $ 125,000 $ — $ — $ 125,000 $ 104,900 2014: Long-lived assets $ 69,103 $ — $ — $ 69,103 $ 17,753 |
Schedule of Changes in Level 3 | A reconciliation of Chesterfield Mall's carrying value for the year ended December 31, 2015 is as follows: Chesterfield Mall (1) Beginning carrying value, January 1, 2015 $ 234,422 Capital expenditures 552 Depreciation expense (10,005 ) Loss on impairment of real estate (99,969 ) Ending carrying value, December 31, 2015 $ 125,000 (1) The revenues of Chesterfield Mall accounted for approximately 1.5% of total consolidated revenues for the year ended December 31, 2015. A reconciliation of each Property's carrying values for the year ended December 31, 2013 is as follows: Madison Square (1) Citadel Mall (2) Total 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 Mall (2) Pemberton Plaza (3) Total 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. |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Summary of Company Stock Awards | A summary of the status of the Company’s nonvested restricted stock awards as of December 31, 2015 , and changes during the year ended December 31, 2015 , is presented below: Shares Weighted- Average Grant-Date Fair Value Nonvested at January 1, 2015 498,862 $ 18.35 Granted 267,410 $ 20.30 Vested (220,568 ) $ 18.62 Forfeited (12,300 ) $ 19.41 Nonvested at December 31, 2015 533,404 $ 19.19 |
QUARTERLY INFORMATION (UNAUDI48
QUARTERLY INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Information | Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total (1) Total revenues $ 260,909 $ 253,843 $ 262,636 $ 277,630 $ 1,055,018 Income from operations (2) 85,032 89,858 94,007 8,687 277,584 Income (loss) from continuing operations (3) 53,205 48,331 44,432 (26,953 ) 119,015 Net income (loss) 53,205 48,331 44,432 (26,953 ) 119,015 Net income (loss) attributable to the Company 46,164 41,895 37,569 (22,257 ) 103,371 Net income (loss) attributable to common shareholders 34,941 30,672 26,346 (33,480 ) 58,479 Basic per share data attributable to common shareholders: Income (loss) from continuing operations, net of preferred dividends $ 0.21 $ 0.18 $ 0.15 $ (0.20 ) $ 0.34 Net income (loss) attributable to common shareholders $ 0.21 $ 0.18 $ 0.15 $ (0.20 ) $ 0.34 Diluted per share data attributable to common shareholders: Income (loss) from continuing operations, net of preferred dividends $ 0.20 $ 0.18 $ 0.15 $ (0.20 ) $ 0.34 Net income (loss) attributable to common shareholders $ 0.20 $ 0.18 $ 0.15 $ (0.20 ) $ 0.34 Year Ended December 31, 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 261,243 $ 256,933 $ 258,714 $ 283,849 $ 1,060,739 Income from operations (4) 76,169 97,253 97,386 104,335 375,143 Income from continuing operations (5) 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 (1) The sum of quarterly EPS may differ from annual EPS due to rounding. (2) Income from operations for the quarter ended December 31, 2015 includes a $102,280 loss on impairment of real estate primarily related to Chesterfield Mall (see Note 15 ). (3) Income from continuing operations for the quarter ended March 31, 2015 includes $16,560 gain on investment related to the sale of available-for-sale securities (see Note 2 ) and also includes $14,173 and $14,065 related to gain on sales of real estate assets for the quarters ended June 30, 2015 and December 31, 2015, respectively. (4) 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 ). (5) 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 ). |
ORGANIZATION (Details)
ORGANIZATION (Details) shares in Millions | 12 Months Ended | |
Dec. 31, 2015propertyassociated_centeroffice_buildingmallcommunity_centersubsidiarystateshares | Dec. 31, 2014property | |
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 | 82 | |
Number of associated centers in which interest is owned by the partnership | associated_center | 25 | |
Number of community centers in which interest is owned by the partnership | community_center | 10 | |
Number of office buildings in which interest is owned by the partnership | office_building | 13 | |
Number of Real Estate Properties | property | 130 | 2 |
Parent | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Percentage ownership of the sole general partner in partnership (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) | shares | 3.5 | |
Total combined effective interest of CBL's Predecessor in Operating Partnership (in hundredths) | 10.90% | |
Subsidiaries | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of states in which entity operates | state | 27 | |
Percentage ownership interest in qualified subsidiaries (in hundredths) | 100.00% | |
Number of subsidiaries owned by the company | subsidiary | 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% | |
Consolidated Properties | ||
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 | associated_center | 21 | |
Number of community centers in which interest is owned by the partnership | community_center | 6 | |
Number of office buildings in which interest is owned by the partnership | office_building | 8 | |
Number of Real Estate Properties | property | 107 | |
Number of Malls Under Expansion | 1 | |
Number of mall redevelopments under construction | 2 | |
Unconsolidated Properties | ||
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 | 10 | |
Number of associated centers in which interest is owned by the partnership | associated_center | 4 | |
Number of community centers in which interest is owned by the partnership | community_center | 4 | |
Number of office buildings in which interest is owned by the partnership | office_building | 5 | |
Number of Real Estate Properties | property | 23 | |
Number of Community Centers Under Development In Which Interest Is Owned By the Partnership | community_center | 1 | |
Number Of Community Center Expansions | community_center | 1 | |
Number of mall redevelopments under construction | 2 |
SUMMARY OF SIGNIFICANT ACCOUN50
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Deferred Financing Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred financing costs | $ 16,059 | $ 17,127 | |
Amortization expense | 7,116 | 6,910 | $ 7,468 |
Accumulated amortization | 12,413 | 17,302 | |
Intangible lease assets and other assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred financing costs | 6,431 | 5,050 | |
Intangible lease assets and other assets | Adjustments for New Accounting Pronouncement | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred financing costs | (16,059) | (17,127) | (16,284) |
Mortgage and Other Indebtedness | Adjustments for New Accounting Pronouncement | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred financing costs | $ 16,059 | $ 17,127 | $ 16,284 |
SUMMARY OF SIGNIFICANT ACCOUN51
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Real Estate Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Net amortization expense of acquired intangibles | $ 12,939 | $ 13,973 | $ 19,030 |
Future amortization expense, 2016 | 8,204 | ||
Future amortization expense, 2017 | 6,439 | ||
Future amortization expense, 2018 | 3,593 | ||
Future amortization expense, 2019 | 2,504 | ||
Future amortization expense, 2020 | 1,924 | ||
Interest expense capitalized | 3,697 | 7,122 | $ 4,889 |
Intangible lease assets and other assets | Above-market/Below-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 54,080 | 64,696 | |
Intangible lease assets and liabilities, Accumulated Amortization | (39,228) | (45,662) | |
Intangible lease assets and other assets | In-place leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 113,335 | 110,211 | |
Intangible lease assets and liabilities, Accumulated Amortization | (71,460) | (71,272) | |
Intangible lease assets and other assets | Tenant relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 29,742 | 29,664 | |
Intangible lease assets and liabilities, Accumulated Amortization | (5,868) | (4,917) | |
Accounts payable and accrued liabilities | Above-market/Below-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 89,182 | 99,189 | |
Intangible lease assets and liabilities, Accumulated Amortization | $ (54,999) | $ (68,127) | |
Buildings | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 40 years | ||
Certain Improvements | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 10 years | ||
Certain Improvements | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 20 years | ||
Equipment and Fixtures | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 7 years | ||
Equipment and Fixtures | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN52
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Restricted Cash) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Restricted cash and cash equivalents | $ 34,684 | $ 40,175 |
SUMMARY OF SIGNIFICANT ACCOUN53
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Tenant Receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for doubtful accounts | $ 2,254 | $ 2,643 | $ 1,253 |
SUMMARY OF SIGNIFICANT ACCOUN54
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Investments in Unconsolidated Affiliates) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | ||
Net difference between investment and underlying equity in unconsolidated affiliates | $ 13,334 | $ 13,390 |
SUMMARY OF SIGNIFICANT ACCOUN55
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Marketable Securities) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Net realized gain on sale of available-for-sale securities | $ 16,560,000 | $ 0 | $ 0 |
Proceeds from sale of available-for-sale securities | 20,755,000 | ||
Fair Value | 20,512,000 | ||
Common Stock | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Adjusted Cost | $ 4,195,000 | 4,195,000 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 16,321,000 | ||
Gross Unrealized Losses | 0 | ||
Fair Value | $ 20,516,000 |
SUMMARY OF SIGNIFICANT ACCOUN56
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Interest Rate Hedging Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Fair value of cash flow hedges | $ 434 | $ 2,226 |
SUMMARY OF SIGNIFICANT ACCOUN57
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
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 |
SUMMARY OF SIGNIFICANT ACCOUN58
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Percentage of taxable income required to be distributed to shareholders | 90.00% | ||
State tax expense | $ 3,460 | $ 4,079 | $ 3,570 |
Current tax benefit (provision) | (3,093) | (3,170) | 518 |
Deferred tax benefit (provision) | 152 | (1,329) | (1,823) |
Income tax provision | (2,941) | (4,499) | $ (1,305) |
Net deferred tax liability | $ (672) | ||
Net deferred tax asset | $ 394 |
SUMMARY OF SIGNIFICANT ACCOUN59
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concentration of Credit Risk) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 3.40% | 3.40% | 3.40% |
SUMMARY OF SIGNIFICANT ACCOUN60
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Earnings Per Share) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CBL & Associates Properties, Inc. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Denominator – basic (in shares) | 170,476 | 170,247 | 167,027 |
Effect of performance stock units (in shares) | 23 | ||
Denominator – diluted (in shares) | 170,499 | 170,247 | 167,027 |
CBL & Associates Limited Partnership | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Denominator – basic (in shares) | 199,734 | 199,660 | 196,572 |
Effect of performance stock units (in shares) | 23 | ||
Denominator – diluted (in shares) | 199,757 | 199,660 | 196,572 |
SUMMARY OF SIGNIFICANT ACCOUN61
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Components of AOCI) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
OCI before reclassifications | $ 4,353,000 | $ 10,520,000 | $ 1,529,000 | |
Amounts reclassified from AOCI | (18,756,000) | (2,195,000) | (2,297,000) | |
Accumulated other comprehensive income (loss), Total | (434,000) | 13,969,000 | 5,644,000 | $ 6,412,000 |
Net year-to-date period OCI, Total | (14,403,000) | 8,325,000 | (768,000) | |
Realized gain on available-for-sale securities, reclassified | 16,560,000 | 0 | 0 | |
Redeemable Noncontrolling Interests, Hedging Agreements | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | 401,000 | 387,000 | 373,000 | |
OCI before reclassifications | 32,000 | 14,000 | 14,000 | |
Amounts reclassified from AOCI | 0 | 0 | 0 | |
Net year-to-date period OCI/L | 32,000 | 14,000 | 14,000 | |
Accumulated other comprehensive income (loss), ending balance | 433,000 | 401,000 | 387,000 | |
Redeemable Noncontrolling Interests, Available-for-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | 384,000 | 333,000 | 353,000 | |
OCI before reclassifications | 10,000 | 51,000 | (20,000) | |
Amounts reclassified from AOCI | (394,000) | 0 | 0 | |
Net year-to-date period OCI/L | (384,000) | 51,000 | (20,000) | |
Accumulated other comprehensive income (loss), ending balance | 0 | 384,000 | 333,000 | |
The Company, Hedging Agreements | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | 303,000 | (1,214,000) | (2,756,000) | |
OCI before reclassifications | 3,828,000 | 3,712,000 | 3,839,000 | |
Amounts reclassified from AOCI | (2,196,000) | (2,195,000) | (2,297,000) | |
Net year-to-date period OCI/L | 1,632,000 | 1,517,000 | 1,542,000 | |
Accumulated other comprehensive income (loss), ending balance | 1,935,000 | 303,000 | (1,214,000) | |
The Company, Available-for-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | 13,108,000 | 7,539,000 | 9,742,000 | |
OCI before reclassifications | 160,000 | 5,569,000 | (2,203,000) | |
Amounts reclassified from AOCI | (13,268,000) | 0 | 0 | |
Net year-to-date period OCI/L | (13,108,000) | 5,569,000 | (2,203,000) | |
Accumulated other comprehensive income (loss), ending balance | 0 | 13,108,000 | 7,539,000 | |
Noncontrolling Interests, Hedging Agreements | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | (3,053,000) | (3,304,000) | (3,563,000) | |
OCI before reclassifications | 251,000 | 251,000 | 259,000 | |
Amounts reclassified from AOCI | 0 | 0 | 0 | |
Net year-to-date period OCI/L | 251,000 | 251,000 | 259,000 | |
Accumulated other comprehensive income (loss), ending balance | (2,802,000) | (3,053,000) | (3,304,000) | |
Noncontrolling Interests, Available-for-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | 2,826,000 | 1,903,000 | 2,263,000 | |
OCI before reclassifications | 72,000 | 923,000 | (360,000) | |
Amounts reclassified from AOCI | (2,898,000) | 0 | 0 | |
Net year-to-date period OCI/L | (2,826,000) | 923,000 | (360,000) | |
Accumulated other comprehensive income (loss), ending balance | 0 | 2,826,000 | 1,903,000 | |
CBL & Associates Limited Partnership | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | 13,183,000 | |||
OCI before reclassifications | 4,353,000 | 10,520,000 | 1,529,000 | |
Amounts reclassified from AOCI | (18,756,000) | (2,195,000) | (2,297,000) | |
Net year-to-date period OCI/L | (14,051,000) | 8,260,000 | (762,000) | |
Accumulated other comprehensive income (loss), ending balance | (868,000) | 13,183,000 | ||
Accumulated other comprehensive income (loss), Total | (434,000) | 13,969,000 | 5,644,000 | $ 6,412,000 |
Net year-to-date period OCI, Total | (14,403,000) | 8,325,000 | (768,000) | |
Realized gain on available-for-sale securities, reclassified | 16,560,000 | |||
CBL & Associates Limited Partnership | Redeemable Common Units, Hedging Agreements | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | 401,000 | 387,000 | 373,000 | |
OCI before reclassifications | 33,000 | 14,000 | 14,000 | |
Amounts reclassified from AOCI | 0 | 0 | 0 | |
Net year-to-date period OCI/L | 33,000 | 14,000 | 14,000 | |
Accumulated other comprehensive income (loss), ending balance | 434,000 | 401,000 | 387,000 | |
CBL & Associates Limited Partnership | Redeemable Common Units, Available-for-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | 384,000 | 333,000 | 353,000 | |
OCI before reclassifications | 10,000 | 51,000 | (20,000) | |
Amounts reclassified from AOCI | (394,000) | 0 | 0 | |
Net year-to-date period OCI/L | (384,000) | 51,000 | (20,000) | |
Accumulated other comprehensive income (loss), ending balance | 0 | 384,000 | 333,000 | |
CBL & Associates Limited Partnership | Partners' Capital, Hedging Agreements | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | (2,750,000) | (4,518,000) | (6,319,000) | |
OCI before reclassifications | 4,078,000 | 3,963,000 | 4,098,000 | |
Amounts reclassified from AOCI | (2,196,000) | (2,195,000) | (2,297,000) | |
Net year-to-date period OCI/L | 1,882,000 | 1,768,000 | 1,801,000 | |
Accumulated other comprehensive income (loss), ending balance | (868,000) | (2,750,000) | (4,518,000) | |
CBL & Associates Limited Partnership | Partners' Capital, Available-for-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Accumulated other comprehensive income (loss), beginning balance | 15,934,000 | 9,442,000 | 12,005,000 | |
OCI before reclassifications | 232,000 | 6,492,000 | (2,563,000) | |
Amounts reclassified from AOCI | (16,166,000) | 0 | 0 | |
Net year-to-date period OCI/L | (15,934,000) | 6,492,000 | (2,563,000) | |
Accumulated other comprehensive income (loss), ending balance | $ 0 | $ 15,934,000 | $ 9,442,000 |
ACQUISITIONS (Summary) (Details
ACQUISITIONS (Summary) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 18, 2015 | Apr. 30, 2013 | Dec. 31, 2012 | |
Business Acquisition [Line Items] | |||||||||||||||
Purchase Price | $ 191,988 | ||||||||||||||
Revenues | $ 277,630 | $ 262,636 | 253,843 | $ 260,909 | $ 283,849 | $ 258,714 | $ 256,933 | $ 261,243 | $ 1,055,018 | $ 1,060,739 | $ 1,053,625 | ||||
Net income | (26,953) | $ 44,432 | $ 48,331 | $ 53,205 | $ 87,852 | $ 57,280 | $ 44,125 | $ 63,776 | 119,015 | $ 253,033 | |||||
Net unamortized premiums | $ 667 | $ 667 | $ 667 | ||||||||||||
Mayfaire Community Center | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership Percentage Acquired | 100.00% | ||||||||||||||
Cash | $ 191,988 | ||||||||||||||
Debt Assumed | 0 | ||||||||||||||
Purchase Price | $ 191,988 | ||||||||||||||
Revenues | 8,982 | ||||||||||||||
Net income | $ 410 | ||||||||||||||
Kirkwood Mall, Bismarck, ND | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership Percentage Acquired | 51.00% | 49.00% | |||||||||||||
Cash | $ 41,378 | ||||||||||||||
Debt Assumed | 20,587 | ||||||||||||||
Purchase Price | $ 61,965 | ||||||||||||||
Fixed interest, percentage rate | 5.75% | ||||||||||||||
Net unamortized premiums | $ 2,970 | ||||||||||||||
Market interest rate (as a percent) | 4.25% | ||||||||||||||
Kirkwood Mall Mezz, LLC | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Purchase Price | $ 121,500 | ||||||||||||||
Mortgage note payables assumed | $ 40,368 |
ACQUISITIONS (Assets Acquired L
ACQUISITIONS (Assets Acquired Liabilities Assumed) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |
Land | $ 39,598 |
Buildings and improvements | 139,818 |
Tenant improvements | 3,331 |
Above-market leases | 393 |
In-place leases | 22,673 |
Total assets | 205,813 |
Below-market leases | (13,825) |
Net assets acquired | $ 191,988 |
DISPOSITIONS AND DISCONTINUED64
DISPOSITIONS AND DISCONTINUED OPERATIONS (Summary) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2015 | Nov. 30, 2015 | Jul. 31, 2015 | Jun. 30, 2015 | Apr. 30, 2015 | Oct. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | May. 31, 2014 | Jan. 31, 2014 | Aug. 31, 2013 | Mar. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Apr. 30, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 104,860 | $ 18,615 | $ 220,425 | ||||||||||||||||||||||
Sales Price, Net | 103,537 | 17,886 | 215,450 | ||||||||||||||||||||||
Gain/ (Loss) | 21,331 | 937 | 1,144 | ||||||||||||||||||||||
Loss on impairment | 105,945 | 17,858 | 70,049 | ||||||||||||||||||||||
Note receivable from sale of mall | $ 18,238 | $ 18,238 | $ 19,811 | 18,238 | 19,811 | ||||||||||||||||||||
Fair value of long-lived assets | 125,000 | 125,000 | 69,103 | 125,000 | 69,103 | ||||||||||||||||||||
Gain (loss) on extinguishment of debt | 256 | 87,893 | (9,108) | ||||||||||||||||||||||
Loss on discontinued operations | 681 | ||||||||||||||||||||||||
Fair Value, Inputs, Level 3 | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Fair value of long-lived assets | 125,000 | 125,000 | 69,103 | 125,000 | 69,103 | ||||||||||||||||||||
Notes Receivable | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Note receivable from sale of mall | 10,462 | 10,462 | 10,488 | 10,462 | 10,488 | ||||||||||||||||||||
EastGate Crossing | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Earn out proceeds, amount earned | 625 | ||||||||||||||||||||||||
Earn out proceeds | 1,740 | ||||||||||||||||||||||||
Net proceeds from related to the lease of a tenant space | 574 | ||||||||||||||||||||||||
Columbia Place, Chapel Hill Mall and Citadel Mall | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Balance of Non-recourse Debt | 163,997 | 163,997 | |||||||||||||||||||||||
Gain (loss) on extinguishment of debt | 89,399 | 89,399 | |||||||||||||||||||||||
Mayfaire Community Center | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | 56,300 | ||||||||||||||||||||||||
Sales Price, Net | 55,955 | ||||||||||||||||||||||||
Gain/ (Loss) | 0 | ||||||||||||||||||||||||
Loss on impairment | 397 | ||||||||||||||||||||||||
Chapel Hill Crossing | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | 2,300 | ||||||||||||||||||||||||
Sales Price, Net | 2,178 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 0 | ||||||||||||||||||||||||
Loss on impairment | $ 1,914 | ||||||||||||||||||||||||
Waynesville Commons | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 14,500 | ||||||||||||||||||||||||
Sales Price, Net | 14,289 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 5,071 | ||||||||||||||||||||||||
Madison Plaza | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 5,700 | ||||||||||||||||||||||||
Sales Price, Net | 5,472 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 2,769 | ||||||||||||||||||||||||
EastGate Crossing | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 21,060 | ||||||||||||||||||||||||
Sales Price, Net | 20,688 | ||||||||||||||||||||||||
Gain/ (Loss) | 13,491 | ||||||||||||||||||||||||
Disposition of real estate by assignment of mortgage debt | $ 14,570 | $ 14,570 | 0 | 0 | |||||||||||||||||||||
Madison Square | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Gross | $ 5,000 | ||||||||||||||||||||||||
Sales Price, Net | 4,955 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 0 | ||||||||||||||||||||||||
Loss on impairment | $ 2,620 | ||||||||||||||||||||||||
Pemberton Plaza | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Gain/ (Loss) | 0 | ||||||||||||||||||||||||
Loss on impairment | $ 497 | ||||||||||||||||||||||||
Foothills Plaza Expansion | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 937 | ||||||||||||||||||||||||
Lakeshore Mall | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Gain/ (Loss) | 0 | ||||||||||||||||||||||||
Loss on impairment | $ 106 | $ 5,100 | |||||||||||||||||||||||
Lakeshore Mall | Fair Value, Inputs, Level 3 | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Fair value of long-lived assets | $ 13,780 | ||||||||||||||||||||||||
Lakeshore Mall | Notes Receivable | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Note receivable from sale of mall | 10,000 | ||||||||||||||||||||||||
Lakeshore Mall | Cash | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Sales Price, Net | $ 4,000 | ||||||||||||||||||||||||
Columbia Place | |||||||||||||||||||||||||
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 Suburban | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
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, Georgia Square Plaza, Panama City Mall, The Shoppes at Panama City, RiverGate Mall, Village at RiverGate | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Gain/ (Loss) | $ (19) | ||||||||||||||||||||||||
1500 Sunday Drive | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Gain/ (Loss) | (549) | ||||||||||||||||||||||||
Peninsula I & II | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 598 | ||||||||||||||||||||||||
Lake Point & SunTrust | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Gain/ (Loss) | $ 823 | ||||||||||||||||||||||||
706 & 708 Green Valley Road | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gain/ (Loss) | 281 | ||||||||||||||||||||||||
Various | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Gain/ (Loss) | $ 10 | ||||||||||||||||||||||||
Georgia Square, Georgia Square Plaza, Panama City Mall, The Shoppes at Panama City, RiverGate Mall, Village at RiverGate | |||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||
Loss on discontinued operations | $ 5,234 |
DISPOSITIONS AND DISCONTINUED65
DISPOSITIONS AND DISCONTINUED OPERATIONS (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Revenues of discontinued operations | $ 15,468 |
Sold Centers in 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Real estate investment property, net | $ 219,833 |
UNCONSOLIDATED AFFILIATES AND66
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2015USD ($)entity | Dec. 31, 2015USD ($)entity | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Oct. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||
Number of entities - equity method of accounting | entity | 19 | 19 | |||
Joint venture, ownership percentage | 35.00% | ||||
Mortgage and other indebtedness, variable-rate debt | $ 1,241,379 | $ 1,241,379 | $ 696,396 | ||
Sales Price, Gross | 104,860 | 18,615 | $ 220,425 | ||
Non Recourse Loans On Operating Properties | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Mortgage and other indebtedness, variable-rate debt | 16,840 | 16,840 | $ 17,121 | ||
Renaissance Center | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Sales Price, Gross | 129,200 | ||||
Renaissance Center - Phase I | Mortgages | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Disposition of real estate by assignment of mortgage debt | 16,000 | ||||
Defeasance of debt in disposition | 31,678 | ||||
Ambassador Town Center JV, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 35.00% | ||||
JG Gulf Coast Town Center LLC | Non Recourse Loans On Operating Properties | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Mortgage and other indebtedness, variable-rate debt | $ 190,800 | $ 190,800 | |||
Parent Company | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 50.00% | 50.00% | 65.00% | ||
Parent Company | Ambassador Infrastructure, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 65.00% | 65.00% | |||
Parent Company | Ambassador Town Center JV, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 65.00% | 65.00% | |||
Parent Company | CBL/T-C, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 50.00% | 50.00% | 50.00% | ||
Parent Company | CBL-TRS Joint Venture, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 50.00% | 50.00% | |||
Parent Company | CBL-TRS Joint Venture II, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 50.00% | 50.00% | |||
Parent Company | El Paso Outlet Outparcels, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 50.00% | 50.00% | |||
Parent Company | Fremaux Town Center JV, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 65.00% | 65.00% | |||
Parent Company | Governor’s Square IB | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 50.00% | 50.00% | |||
Parent Company | Governor’s Square Company | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 47.50% | 47.50% | |||
Parent Company | High Pointe Commons, LP | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 50.00% | 50.00% | |||
Parent Company | High Pointe Commons II-HAP, LP | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 50.00% | 50.00% | |||
Parent Company | JG Gulf Coast Town Center LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 50.00% | 50.00% | |||
Parent Company | Kentucky Oaks Mall Company | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 50.00% | 50.00% | |||
Parent Company | Mall of South Carolina L.P. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 50.00% | 50.00% | |||
Parent Company | Mall of South Carolina Outparcel L.P. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 50.00% | 50.00% | |||
Parent Company | Port Orange I, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 50.00% | 50.00% | |||
Parent Company | Triangle Town Member LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 50.00% | 50.00% | |||
Parent Company | West Melbourne I, LLC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 50.00% | 50.00% | |||
Parent Company | York Town Center, LP | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint venture, ownership percentage | 50.00% | 50.00% | |||
CBL & Associates Properties, Inc. | JG Gulf Coast Town Center LLC | Non Recourse Loans On Operating Properties | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Mortgage and other indebtedness, variable-rate debt | $ 95,400 | $ 95,400 | |||
Other Ownership Interest | Renaissance Center | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Sales Price, Gross | $ 64,600 |
UNCONSOLIDATED AFFILIATES AND67
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS (Summarized Financial Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract] | |||
Investment in real estate assets | $ 2,357,902 | $ 2,266,252 | |
Accumulated depreciation | (677,448) | (619,558) | |
Investment in real estate, net | 1,680,454 | 1,646,694 | |
Developments in progress | 59,592 | 75,877 | |
Net investment in real estate assets | 1,740,046 | 1,722,571 | |
Other assets | 168,540 | 166,391 | |
Total assets | 1,908,586 | 1,888,962 | |
Mortgage and other indebtedness (1) | 1,546,272 | 1,508,663 | |
Other liabilities | 51,357 | 42,517 | |
Total liabilities | 1,597,629 | 1,551,180 | |
The Company | 184,868 | 198,261 | |
Other investors | 126,089 | 139,521 | |
Total owners' equity | 310,957 | 337,782 | |
Total liabilities and owners’ equity | 1,908,586 | 1,888,962 | |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||
Total revenues | 253,399 | 250,248 | $ 243,215 |
Depreciation and amortization | (79,870) | (79,059) | (76,323) |
Other operating expenses | (75,875) | (73,218) | (72,166) |
Income from operations | 97,654 | 97,971 | 94,726 |
Interest and other income | 1,337 | 1,358 | 1,359 |
Interest expense | (75,485) | (74,754) | (76,934) |
Gain on sales of real estate assets | 2,551 | 1,697 | 102 |
Net income | 26,057 | 26,272 | $ 19,253 |
Other Assets | Adjustments for New Accounting Pronouncement | |||
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract] | |||
Mortgage and other indebtedness (1) | 2,884 | 4,163 | |
Mortgage and Other Indebtedness | Adjustments for New Accounting Pronouncement | |||
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract] | |||
Mortgage and other indebtedness (1) | $ (2,884) | $ (4,163) |
UNCONSOLIDATED AFFILIATES AND68
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS (Joint Venture Financings) (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Feb. 29, 2016 | Dec. 31, 2015USD ($) | Oct. 31, 2015USD ($) | Jul. 31, 2015USD ($) | Mar. 31, 2015 | Dec. 31, 2014USD ($)extension_option | Nov. 30, 2014USD ($)extension_option | Aug. 31, 2014USD ($)extension_option | Jul. 31, 2014USD ($) | Feb. 28, 2014USD ($)extension_option | Jan. 31, 2014USD ($) | Jun. 30, 2015 | Dec. 31, 2014USD ($)extension_option | Jul. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)extension_option | Dec. 31, 2013USD ($) | Sep. 30, 2015USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||||
Amount Financed or Extended | $ 0 | $ 360 | $ 0 | ||||||||||||||||
Joint venture, ownership percentage | 35.00% | 35.00% | 35.00% | ||||||||||||||||
Mortgage and other indebtedness, variable-rate debt | $ 1,241,379 | $ 696,396 | $ 696,396 | 1,241,379 | $ 696,396 | ||||||||||||||
Non Recourse Loans On Operating Properties | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Mortgage and other indebtedness, variable-rate debt | $ 16,840 | $ 17,121 | $ 17,121 | $ 16,840 | $ 17,121 | ||||||||||||||
Parent Company | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Joint venture, ownership percentage | 50.00% | 65.00% | 65.00% | 50.00% | 65.00% | ||||||||||||||
Parent Company | CBL/T-C, LLC | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Joint venture, ownership percentage | 50.00% | 50.00% | 50.00% | ||||||||||||||||
Mall of South Carolina LP and Mall of South Carolina Outparcel LP | Non Recourse Loans On Operating Properties | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayments of long-term debt | $ 75,238 | ||||||||||||||||||
Mall of South Carolina LP and Mall of South Carolina Outparcel LP | Subordinated Debt | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayments of long-term debt | 18,000 | ||||||||||||||||||
Mall of South Carolina LP and Mall of South Carolina Outparcel LP | Subordinated Debt | Joint Venture Partners | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Repayments of long-term debt | 9,000 | ||||||||||||||||||
Hammock Landing - Phase I | LIBOR | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated Interest Rate (percent) | 2.00% | 2.00% | |||||||||||||||||
Hammock Landing - Phase II | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount Financed or Extended | $ 16,757 | $ 10,757 | $ 16,757 | ||||||||||||||||
Extension option, term (years) | 1 year | ||||||||||||||||||
Number of one-year extension options available | extension_option | 2 | ||||||||||||||||||
Increase in construction loan | $ 6,000 | ||||||||||||||||||
Hammock Landing - Phase II | LIBOR | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated Interest Rate (percent) | 2.00% | 2.25% | 2.00% | ||||||||||||||||
The Pavilion at Port Orange | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount Financed or Extended | $ 58,820 | ||||||||||||||||||
The Pavilion at Port Orange | LIBOR | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated Interest Rate (percent) | 2.00% | 2.00% | |||||||||||||||||
Oak Park Mall | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount Financed or Extended | $ 276,000 | ||||||||||||||||||
Oak Park Mall | LIBOR | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated Interest Rate (percent) | 3.97% | ||||||||||||||||||
Gulf Coast Town Center - Phase III | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount Financed or Extended | $ 5,352 | ||||||||||||||||||
Gulf Coast Town Center - Phase III | LIBOR | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated Interest Rate (percent) | 2.00% | ||||||||||||||||||
Ambassador Town Center JV, LLC | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount Financed or Extended | $ 48,200 | ||||||||||||||||||
Joint venture, ownership percentage | 35.00% | 35.00% | 35.00% | ||||||||||||||||
Debt guaranteed by Company (percent) | 100.00% | ||||||||||||||||||
Ambassador Town Center JV, LLC | LIBOR | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated Interest Rate (percent) | 1.80% | 1.80% | 1.80% | ||||||||||||||||
Ambassador Town Center JV, LLC | Debt Instrument Rate Contingency | LIBOR | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated Interest Rate (percent) | 1.60% | 1.60% | 1.60% | ||||||||||||||||
Ambassador Town Center - Infrastructure Improvements | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount Financed or Extended | $ 11,700 | ||||||||||||||||||
Debt guaranteed by Company (percent) | 100.00% | ||||||||||||||||||
Ambassador Town Center - Infrastructure Improvements | LIBOR | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated Interest Rate (percent) | 2.00% | 2.00% | 2.00% | ||||||||||||||||
Fremaux Town Center JV, LLC - Phase I | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount Financed or Extended | $ 47,291 | $ 47,291 | $ 46,000 | ||||||||||||||||
Extension option, term (years) | 1 year | ||||||||||||||||||
Debt guaranteed by Company (percent) | 50.00% | 50.00% | 100.00% | 15.00% | 100.00% | ||||||||||||||
Number of one-year extension options available | extension_option | 2 | ||||||||||||||||||
Fremaux Town Center JV, LLC - Phase I | LIBOR | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated Interest Rate (percent) | 2.00% | 2.125% | |||||||||||||||||
Fremaux Town Center JV, LLC - Phase II | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount Financed or Extended | $ 32,100 | ||||||||||||||||||
Debt guaranteed by Company (percent) | 50.00% | 100.00% | |||||||||||||||||
Fremaux Town Center JV, LLC - Phase II | LIBOR | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated Interest Rate (percent) | 2.00% | ||||||||||||||||||
Coastal Grand - MyrtleBeach | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Amount Financed or Extended | $ 126,000 | ||||||||||||||||||
Coastal Grand - MyrtleBeach | LIBOR | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated Interest Rate (percent) | 4.09% | 4.09% | |||||||||||||||||
Ambassador Town Center JV, LLC and Ambassador Infrastructure, LLC | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Extension option, term (years) | 1 year | ||||||||||||||||||
Number of one-year extension options available | extension_option | 2 | 2 | 2 | ||||||||||||||||
Fremaux Town Center Phase I and II | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Extension option, term (years) | 1 year | ||||||||||||||||||
Number of one-year extension options available | extension_option | 2 | ||||||||||||||||||
Oak Park Mall | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Stated Interest Rate (percent) | 5.85% | ||||||||||||||||||
Oak Park Mall | Non Recourse Loans On Operating Properties | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Mortgage and other indebtedness, variable-rate debt | $ 275,700 | ||||||||||||||||||
Subsequent Event | Parent Company | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Joint venture, ownership percentage | 1000.00% | ||||||||||||||||||
Subsequent Event | The Pavilion at Port Orange | Mortgages | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Extension option, term (years) | 1 year |
UNCONSOLIDATED AFFILIATES AND69
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS (Joint Ventures) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | Oct. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Joint venture, ownership percentage | 35.00% | 35.00% | |||||||
Gain on sales of real estate assets | $ 14,065 | $ 14,173 | $ 32,232 | $ 5,342 | $ 1,980 | ||||
Ambassador Town Center JV, LLC | |||||||||
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 | ||||||||
CBL/T-C, LLC | CoolSprings Galleria, Oak Park Mall and West County Center Interest | |||||||||
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/T-C, LLC | Pearland Town Center, Pearland, TX | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Joint venture, ownership percentage | 88.00% | ||||||||
CBL/T-C, LLC | Pearland Town Center, Pearland, TX | TIAA-CREF | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Contributions from noncontrolling interests | $ 18,264 | ||||||||
Preferred return percentage | 8.00% | ||||||||
Pearland Town Center, Pearland, TX | |||||||||
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 | ||||||||
Parent Company | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Joint venture, ownership percentage | 65.00% | 50.00% | 50.00% | 65.00% | |||||
Parent Company | Ambassador Town Center JV, LLC | |||||||||
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 | ||||||||
Parent Company | CBL/T-C, LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Joint venture, ownership percentage | 50.00% | 50.00% | 50.00% |
UNCONSOLIDATED AFFILIATES AND70
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENTS (Cost Method Investments) (Details) | Dec. 31, 2015 |
Jinsheng | |
Cost Method Investments [Abstract] | |
Percentage of ownership interest in Jinsheng (in hundredths) | 6.20% |
MORTGAGE AND OTHER INDEBTEDNE71
MORTGAGE AND OTHER INDEBTEDNESS (Details) | 12 Months Ended | |||||
Dec. 31, 2015USD ($)loanderivative_instrument | Oct. 31, 2015USD ($) | Dec. 31, 2014USD ($)loan | Oct. 31, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Debt Instrument [Line Items] | ||||||
Loan, outstanding amount | $ 3,485,308,000 | $ 4,004,064,000 | ||||
Mortgage and other indebtedness, variable-rate debt | 1,241,379,000 | 696,396,000 | ||||
Total fixed-rate and variable-rate debt | 4,726,687,000 | 4,700,460,000 | ||||
Deferred financing costs | 16,059,000 | 17,127,000 | ||||
Mortgage and other indebtedness | $ 4,710,628,000 | $ 4,683,333,000 | ||||
Weighted Average Interest Rate (percent) | 4.54% | 4.93% | ||||
Unsecured term loan | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness, variable-rate debt | $ 350,000,000 | |||||
Weighted Average Interest Rate (percent) | 1.69% | |||||
Pearland Town Center, Pearland, TX | ||||||
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% | |||||
Interest Rate Swap | ||||||
Debt Instrument [Line Items] | ||||||
Number of debt instruments | loan | 4 | |||||
Number of instruments held | derivative_instrument | 4 | |||||
Notional amount of interest rate swaps held | $ 101,151,000 | $ 105,584,000 | ||||
Non Recourse Loans On Operating Properties | ||||||
Debt Instrument [Line Items] | ||||||
Loan, outstanding amount | 2,736,538,000 | 3,252,730,000 | ||||
Mortgage and other indebtedness, variable-rate debt | 16,840,000 | 17,121,000 | ||||
Senior unsecured notes due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Loan, outstanding amount | 446,151,000 | 445,770,000 | ||||
Debt instrument, face value | $ 450,000,000 | |||||
Debt Instrument, Unamortized Discount | $ 4,626,000 | |||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||
Debt Issuance Cost | $ 4,152,000 | |||||
Proceeds from Debt, Net of Issuance Costs | $ 441,222,000 | |||||
Senior unsecured notes due 2023 | Treasury Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable interest rate (percent) | 0.40% | |||||
Senior unsecured notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Loan, outstanding amount | $ 299,933,000 | 299,925,000 | ||||
Debt instrument, face value | 300,000,000 | |||||
Debt Instrument, Unamortized Discount | $ 75,000 | 75,000 | $ 67,000 | |||
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 | |||||
Senior unsecured notes due 2024 | Treasury Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable interest rate (percent) | 0.35% | |||||
Senior unsecured notes due 2024 | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (percent) | 40.00% | |||||
Senior unsecured notes due 2024 | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (percent) | 45.00% | |||||
Other | ||||||
Debt Instrument [Line Items] | ||||||
Loan, outstanding amount | $ 2,686,000 | 5,639,000 | ||||
Recourse term loans on operating Properties | ||||||
Debt Instrument [Line Items] | ||||||
Property loan obligation guaranteed by Company (percent) | 100.00% | |||||
Mortgage and other indebtedness, variable-rate debt | $ 25,635,000 | 7,638,000 | ||||
Construction loans | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness, variable-rate debt | 0 | 454,000 | ||||
Unsecured lines of credit | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage and other indebtedness, variable-rate debt | $ 398,904,000 | 221,183,000 | ||||
Unsecured term loans | ||||||
Debt Instrument [Line Items] | ||||||
Number of debt instruments | loan | 3 | |||||
Mortgage and other indebtedness, variable-rate debt | $ 800,000,000 | 450,000,000 | ||||
Senior Unsecured Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Unamortized Discount | $ 3,849,000 | $ 4,230,000 | ||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||
Senior Unsecured Notes | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Secured debt to total assets (percent) | 40.00% | |||||
Recourse and Nonrecourse Term Loans | ||||||
Debt Instrument [Line Items] | ||||||
Secured non-recourse and recourse term loans | $ 3,055,376,000 | |||||
Fixed Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 5.53% | 5.50% | ||||
Fixed Rate Interest | Non Recourse Loans On Operating Properties | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 5.68% | 5.62% | ||||
Fixed Rate Interest | Senior unsecured notes due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 5.25% | 5.25% | 5.25% | |||
Fixed Rate Interest | Senior unsecured notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 4.60% | 4.60% | ||||
Fixed Rate Interest | Senior unsecured notes due 2024 | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Increase in variable interest rate basis | 0.25% | |||||
Fixed Rate Interest | Senior unsecured notes due 2024 | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Increase in variable interest rate basis | 1.00% | |||||
Fixed Rate Interest | Other | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 3.50% | 3.50% | ||||
Variable Rate Interest | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 1.76% | 1.69% | ||||
Variable Rate Interest | Non Recourse Loans On Operating Properties | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 2.49% | 2.29% | ||||
Variable Rate Interest | Recourse term loans on operating Properties | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 2.97% | 2.91% | ||||
Variable Rate Interest | Construction loans | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 0.00% | 2.66% | ||||
Variable Rate Interest | Unsecured lines of credit | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 1.54% | 1.56% | ||||
Variable Rate Interest | Unsecured term loans | ||||||
Debt Instrument [Line Items] | ||||||
Weighted Average Interest Rate (percent) | 1.82% | 1.71% | ||||
Intangible lease assets and other assets | ||||||
Debt Instrument [Line Items] | ||||||
Deferred financing costs | $ 6,431,000 | $ 5,050,000 | ||||
Adjustments for New Accounting Pronouncement | Intangible lease assets and other assets | ||||||
Debt Instrument [Line Items] | ||||||
Deferred financing costs | (16,059,000) | (17,127,000) | $ (16,284,000) | |||
Adjustments for New Accounting Pronouncement | Mortgage and Other Indebtedness | ||||||
Debt Instrument [Line Items] | ||||||
Deferred financing costs | $ 16,059,000 | $ 17,127,000 | $ 16,284,000 |
MORTGAGE AND OTHER INDEBTEDNE72
MORTGAGE AND OTHER INDEBTEDNESS (Unsecured Lines of Credit and Unsecured Term Loans)(Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Oct. 31, 2015USD ($)extension_optioncredit_line | Mar. 31, 2015 | Dec. 31, 2015USD ($)extension_optionCreditLines | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | |
Debt Instrument [Line Items] | |||||
Mortgage and other indebtedness, variable-rate debt | $ 1,241,379,000 | $ 696,396,000 | |||
Weighted Average Interest Rate (percent) | 4.54% | 4.93% | |||
Mortgage and other indebtedness | $ 4,710,628,000 | $ 4,683,333,000 | |||
Loan, outstanding amount | 3,485,308,000 | 4,004,064,000 | |||
Unsecured Term Loan 1 | |||||
Debt Instrument [Line Items] | |||||
Loan, outstanding amount | $ 2,686,000 | $ 5,639,000 | |||
Other Variable Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Secured credit facility, borrowing capacity | $ 3,500,000 | ||||
Other Variable Rate Debt | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 2.49% | ||||
Minimum | |||||
Debt Instrument [Line Items] | |||||
Number of one-year extension options available | extension_option | 1 | ||||
Fixed Rate Interest | |||||
Debt Instrument [Line Items] | |||||
Weighted Average Interest Rate (percent) | 5.53% | 5.50% | |||
Fixed Rate Interest | Unsecured Term Loan 1 | |||||
Debt Instrument [Line Items] | |||||
Weighted Average Interest Rate (percent) | 3.50% | 3.50% | |||
Unsecured lines of credit | |||||
Debt Instrument [Line Items] | |||||
Number of debt instruments | CreditLines | 3 | ||||
Secured credit facility, borrowing capacity | $ 1,100,000,000 | $ 1,100,000,000 | |||
Credit facility, facility fee percentage | 0.25% | ||||
Weighted-average interest rate | 1.54% | ||||
Mortgage and other indebtedness, variable-rate debt | $ 398,904,000 | ||||
Unsecured lines of credit | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 1.20% | ||||
Unsecured lines of credit | Minimum | |||||
Debt Instrument [Line Items] | |||||
Credit facility, commitment fee percentage | 0.125% | 0.15% | |||
Unsecured lines of credit | Minimum | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 0.875% | 1.00% | |||
Unsecured lines of credit | Maximum | |||||
Debt Instrument [Line Items] | |||||
Credit facility, commitment fee percentage | 0.30% | 0.35% | |||
Unsecured lines of credit | Maximum | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 1.55% | 1.75% | |||
Unsecured lines of credit | Wells Fargo Bank | |||||
Debt Instrument [Line Items] | |||||
Credit facility, extension fee percentage | 0.15% | ||||
Unsecured lines of credit 3 and 4 | |||||
Debt Instrument [Line Items] | |||||
Number of debt instruments | credit_line | 2 | ||||
Secured credit facility, borrowing capacity | $ 500,000,000 | ||||
Unsecured line of credit 5 | |||||
Debt Instrument [Line Items] | |||||
Secured credit facility, borrowing capacity | $ 100,000,000 | ||||
Extension option, term (years) | 1 year | ||||
Unsecured line of credit 3 | |||||
Debt Instrument [Line Items] | |||||
Secured credit facility, borrowing capacity | $ 500,000,000 | ||||
Extension option, term (years) | 1 year | ||||
Unsecured line of credit 4 | |||||
Debt Instrument [Line Items] | |||||
Secured credit facility, borrowing capacity | $ 500,000,000 | ||||
Facility A | |||||
Debt Instrument [Line Items] | |||||
Secured credit facility, borrowing capacity | $ 500,000,000 | ||||
Mortgage and other indebtedness, variable-rate debt | 0 | ||||
Amount outstanding on letter of credit | 350,000 | ||||
First Tennessee | |||||
Debt Instrument [Line Items] | |||||
Secured credit facility, borrowing capacity | 100,000,000 | ||||
Mortgage and other indebtedness, variable-rate debt | 6,700,000 | ||||
Amount outstanding on letter of credit | 113,000 | ||||
Additional secured and unsecured lines of credit with commitment | $ 20,000,000 | ||||
First Tennessee | Wells Fargo Bank | |||||
Debt Instrument [Line Items] | |||||
Credit facility, extension fee percentage | 0.20% | ||||
Facility B | |||||
Debt Instrument [Line Items] | |||||
Secured credit facility, borrowing capacity | $ 500,000,000 | ||||
Mortgage and other indebtedness, variable-rate debt | 392,204,000 | ||||
Amount outstanding on letter of credit | 5,464,000 | ||||
Unsecured Line of Credit, Facilities A and B | |||||
Debt Instrument [Line Items] | |||||
Additional secured and unsecured lines of credit with commitment | $ 30,000,000 | ||||
Unsecured term loan 4 | |||||
Debt Instrument [Line Items] | |||||
Extension option, term (years) | 1 year | ||||
Mortgage and other indebtedness, variable-rate debt | $ 350,000,000 | ||||
Number of one-year extension options available | extension_option | 2 | ||||
Weighted Average Interest Rate (percent) | 1.69% | ||||
Unsecured term loan 4 | Minimum | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 0.90% | ||||
Unsecured term loan 4 | Maximum | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 1.75% | ||||
Unsecured term loan 4 | Weighted Average | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 1.35% | ||||
Unsecured Term Loan 1 | |||||
Debt Instrument [Line Items] | |||||
Weighted Average Interest Rate (percent) | 1.79% | ||||
Debt instrument, face value | $ 400,000,000 | $ 7,000,000 | |||
Mortgage and other indebtedness | $ 400,000,000 | ||||
Interest Rate at Repayment Date (percent) | 1.92% | ||||
Unsecured Term Loan 1 | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 1.50% | ||||
Unsecured Term Loan 2 | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face value | $ 50,000,000 | ||||
Mortgage and other indebtedness | $ 50,000,000 | ||||
Unsecured Term Loan 2 | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 1.90% | 1.55% |
MORTGAGE AND OTHER INDEBTEDNE73
MORTGAGE AND OTHER INDEBTEDNESS (Fixed Rate Loans Financed) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2015 | Nov. 30, 2014 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||
Debt Instrument, Unamortized Discount (Premium), Net | $ (667) | $ (667) | ||
Fixed Rate Operating Loans | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Unamortized Discount (Premium), Net | (4,583) | $ (4,583) | ||
Weighted average remaining term to maturity (years) | 3 years 10 months 26 days | |||
Outlet Shoppes at Gettysburg | ||||
Debt Instrument [Line Items] | ||||
Stated Interest Rate (percent) | 4.80% | |||
Amount Financed | $ 38,450 | |||
Principal Balance Repaid | $ 38,112 | |||
Outlet Shoppes at Gettysburg | Fixed Rate Operating Loans | ||||
Debt Instrument [Line Items] | ||||
Principal Balance Repaid | $ 38,112 | |||
The Outlet Shoppes of the Bluegrass | ||||
Debt Instrument [Line Items] | ||||
Stated Interest Rate (percent) | 4.045% | |||
Amount Financed | $ 77,500 | |||
The Outlet Shoppes of the Bluegrass | Recourse term loans on operating Properties | ||||
Debt Instrument [Line Items] | ||||
Principal Balance Repaid | $ 47,931 | |||
Minimum | Fixed Rate Operating Loans | ||||
Debt Instrument [Line Items] | ||||
Fixed interest, percentage rate | 4.05% | 4.05% | ||
Maximum | Fixed Rate Operating Loans | ||||
Debt Instrument [Line Items] | ||||
Fixed interest, percentage rate | 8.50% | 8.50% |
MORTGAGE AND OTHER INDEBTEDNE74
MORTGAGE AND OTHER INDEBTEDNESS (Fixed Rate Loans Repaid) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jul. 31, 2015 | May. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Jan. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||||||||||||||
Gain (loss) on extinguishment of debt | $ 256 | $ 87,893 | $ (9,108) | |||||||||||
Columbia Place | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Gain (loss) on extinguishment of debt | $ 27,171 | $ 27,171 | ||||||||||||
Balance of Non-recourse Debt | $ 27,265 | |||||||||||||
Chapel Hill Suburban | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Gain (loss) on extinguishment of debt | $ 18,296 | $ 18,296 | ||||||||||||
Balance of Non-recourse Debt | $ 68,563 | |||||||||||||
Citadel Mall | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Gain (loss) on extinguishment of debt | $ 43,932 | $ 43,932 | ||||||||||||
Balance of Non-recourse Debt | $ 68,169 | |||||||||||||
Financing method obligation | Columbia Place | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate at Repayment Date (percent) | 5.45% | |||||||||||||
Financing method obligation | Chapel Hill Suburban | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate at Repayment Date (percent) | 6.10% | 6.10% | ||||||||||||
Financing method obligation | Citadel Mall | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate at Repayment Date (percent) | 5.68% | |||||||||||||
Outlet Shoppes at Gettysburg | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate at Repayment Date (percent) | 5.87% | |||||||||||||
Principal Balance Repaid | $ 38,112 | |||||||||||||
Outlet Shoppes at Gettysburg | Non-Recourse Mortgage Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Principal Balance Repaid | $ 38,450 | |||||||||||||
Eastland Mall | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate at Repayment Date (percent) | 5.85% | |||||||||||||
Principal Balance Repaid | $ 59,400 | |||||||||||||
Brookfield Square | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate at Repayment Date (percent) | 5.08% | |||||||||||||
Principal Balance Repaid | $ 86,621 | |||||||||||||
CherryVale Mall | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate at Repayment Date (percent) | 5.00% | |||||||||||||
Principal Balance Repaid | $ 77,198 | |||||||||||||
East Towne Mall | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate at Repayment Date (percent) | 5.00% | |||||||||||||
Principal Balance Repaid | $ 65,856 | |||||||||||||
West Towne Mall | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate at Repayment Date (percent) | 5.00% | |||||||||||||
Principal Balance Repaid | $ 93,021 | |||||||||||||
Imperial Valley Mall | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate at Repayment Date (percent) | 4.99% | |||||||||||||
Principal Balance Repaid | $ 49,486 | |||||||||||||
Janesville Mall | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate at Repayment Date (percent) | 8.38% | 8.38% | ||||||||||||
Principal Balance Repaid | $ 2,473 | |||||||||||||
Gain (loss) on extinguishment of debt | $ (257) | |||||||||||||
Mall del Norte | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate at Repayment Date (percent) | 5.04% | |||||||||||||
Principal Balance Repaid | $ 113,400 | |||||||||||||
St. Clair Square | ||||||||||||||
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) | |||||||||||||
Columbia Place, Chapel Hill Mall and Citadel Mall | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Gain (loss) on extinguishment of debt | $ 89,399 | 89,399 | ||||||||||||
Balance of Non-recourse Debt | $ 163,997 | $ 163,997 |
MORTGAGE AND OTHER INDEBTEDNE75
MORTGAGE AND OTHER INDEBTEDNESS (Variable Rate Loans Financed) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended |
Apr. 30, 2014USD ($)extension_option | Dec. 31, 2015extension_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 | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 2.75% | |
Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Weighted average remaining term to maturity (years) | 3 years 1 month 31 days | |
Minimum | ||
Debt Instrument [Line Items] | ||
Number of one-year extension options available | 1 | |
Minimum | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Variable interest, percentage rate | 2.22% | |
Maximum | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Variable interest, percentage rate | 3.15% | |
Extension option, term (years) | 2 years |
MORTGAGE AND OTHER INDEBTEDNE76
MORTGAGE AND OTHER INDEBTEDNESS (Variable Rate Loans Repaid) (Details) - The Promenade $ in Thousands | 1 Months Ended |
Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |
Interest Rate at Repayment Date (percent) | 1.87% |
Principal Balance Repaid | $ 47,670 |
MORTGAGE AND OTHER INDEBTEDNE77
MORTGAGE AND OTHER INDEBTEDNESS (Construction Loans Financed) (Details) $ in Thousands | 1 Months Ended | ||||
Jul. 31, 2015USD ($) | May. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Apr. 30, 2014USD ($)extension_option | Dec. 31, 2015USD ($) | |
The Outlet Shoppes of the Bluegrass - Phase II | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 2.35% | ||||
Amount Financed | $ 11,320 | ||||
Property loan obligation guaranteed by Company (percent) | 100.00% | ||||
Debt instrument, face value | $ 10,076 | ||||
The Outlet Shoppes of the Bluegrass - Phase II | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 2.50% | ||||
The Outlet Shoppes at Atlanta - Phase II | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 2.35% | ||||
Amount Financed | $ 6,200 | ||||
Property loan obligation guaranteed by Company (percent) | 100.00% | ||||
Debt instrument, face value | $ 4,034 | ||||
The Outlet Shoppes at Atlanta - Phase II | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 2.50% | ||||
The Outlet Shoppes at Atlanta - Parcel Development | |||||
Debt Instrument [Line Items] | |||||
Amount Financed | $ 2,435 | ||||
Property loan obligation guaranteed by Company (percent) | 100.00% | ||||
The Outlet Shoppes at Atlanta - Parcel Development | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 2.50% | ||||
The Outlet Shoppes at Oklahoma City - Phase III | |||||
Debt Instrument [Line Items] | |||||
Amount Financed | $ 5,400 | ||||
Property loan obligation guaranteed by Company (percent) | 100.00% | ||||
Number of one-year extension options available | extension_option | 2 | ||||
Extension option, term (years) | 1 year | ||||
The Outlet Shoppes at Oklahoma City - Phase III | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 2.75% | ||||
The Outlet Shoppes at El Paso - Phase II | |||||
Debt Instrument [Line Items] | |||||
Amount Financed | $ 7,000 | ||||
The Outlet Shoppes at El Paso - Phase II | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate (percent) | 2.75% |
MORTGAGE AND OTHER INDEBTEDNE78
MORTGAGE AND OTHER INDEBTEDNESS (Construction Loan Repaid) (Details) - The Outlet Shoppes at Atlanta, Woodstock, GA - USD ($) $ in Thousands | 1 Months Ended | |
Dec. 31, 2014 | Nov. 30, 2014 | |
Debt Instrument [Line Items] | ||
Interest Rate at Repayment Date (percent) | 2.15% | |
Principal Balance Repaid | $ 47,931 | |
Amount Financed | $ 2,435 |
MORTGAGE AND OTHER INDEBTEDNE79
MORTGAGE AND OTHER INDEBTEDNESS (Covenants) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Non Recourse Loans On Operating Properties | |
Debt Instrument [Line Items] | |
Debt instrument, debt default threshold, minimum loan amount (greater than) | $ 50,000,000 |
Recourse term loans on operating Properties | |
Debt Instrument [Line Items] | |
Debt instrument, debt default threshold, minimum loan amount (greater than) | $ 150,000,000 |
Senior Unsecured Notes | Minimum | |
Debt Instrument [Line Items] | |
Secured debt to total assets (percent) (less than) | 40.00% |
Required | 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 charges (debt service) (percent) | 150.00% |
Required | Senior Unsecured Notes | |
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% |
Actual | Unsecured Credit Facility and Term Loan [Member] | |
Debt Instrument [Line Items] | |
Total debt to total assets (percent) | 50.00% |
Total unencumbered assets to unsecured debt (percent) | 230.00% |
Unencumbered NOI to unsecured interest expense (percent) | 520.00% |
EBITDA to fixed charges (debt service) (percent) | 230.00% |
Actual | Senior Unsecured Notes | |
Debt Instrument [Line Items] | |
Total debt to total assets (percent) | 54.00% |
Total unencumbered assets to unsecured debt (percent) | 220.00% |
Secured debt to total assets (percent) (less than) | 31.00% |
Consolidated income available for debt service to annual debt service charge (percent) | 330.00% |
MORTGAGE AND OTHER INDEBTEDNE80
MORTGAGE AND OTHER INDEBTEDNESS (Scheduled Principal Payments) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2014extension_option | Dec. 31, 2015USD ($)loan | Dec. 31, 2014USD ($) | |
Maturities of Long-term Debt [Abstract] | |||
2,016 | $ 596,244 | ||
2,017 | 827,523 | ||
2,018 | 681,200 | ||
2,019 | 127,601 | ||
2,020 | 600,961 | ||
Thereafter | 1,892,491 | ||
Total | 4,726,020 | ||
Net unamortized premiums | 667 | ||
Mortgage and other indebtedness | 4,726,687 | $ 4,700,460 | |
Operating Property Loan | |||
Maturities of Long-term Debt [Abstract] | |||
2,016 | $ 511,763 | ||
Number of operating property loans | loan | 10 | ||
Principal Amortization [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
2,016 | $ 56,912 | ||
Mortgages | Remaining Loans [Member] | |||
Maturities of Long-term Debt [Abstract] | |||
2,016 | 500,676 | ||
Hickory Point | Operating Property Loan | |||
Maturities of Long-term Debt [Abstract] | |||
2,016 | 27,569 | ||
Number of one-year extension options available | extension_option | 2 | ||
Extension option, term (years) | 1 year | ||
Hickory Point | Mortgages | Operating Property Loan | |||
Maturities of Long-term Debt [Abstract] | |||
2,016 | 11,087 | ||
Chesterfield Mall | Operating Property Loan | |||
Maturities of Long-term Debt [Abstract] | |||
Secured Debt | $ 140,000 |
MORTGAGE AND OTHER INDEBTEDNE81
MORTGAGE AND OTHER INDEBTEDNESS (Derivative Instrument Risk) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)derivative_instrument | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value | $ (434) | $ (2,226) | |
Reclassification of losses currently reported in accumulated other comprehensive income to interest expense in the next twelve months | $ 434 | ||
Interest Rate Swap | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of instruments held | derivative_instrument | 4 | ||
Notional amount of interest rate swaps held | $ 101,151 | 105,584 | |
Pay fixed/Receive variable swap 1 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swaps held | 48,891 | ||
Amortizing interest rate swap | $ 48,337 | ||
Strike rate (percent) | 2.149% | ||
Fair value | $ (208) | (1,064) | |
Pay fixed/Receive variable swap 2 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swaps held | 30,620 | ||
Amortizing interest rate swap | $ 30,276 | ||
Strike rate (percent) | 2.187% | ||
Fair value | $ (133) | (681) | |
Pay fixed/Receive variable swap 3 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swaps held | 11,443 | ||
Amortizing interest rate swap | $ 11,313 | ||
Strike rate (percent) | 2.142% | ||
Fair value | $ (48) | (248) | |
Pay fixed/Receive variable swap 4 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swaps held | 10,197 | ||
Amortizing interest rate swap | $ 10,083 | ||
Strike rate (percent) | 2.236% | ||
Fair value | $ (45) | (233) | |
Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain Recognized in OCI/L (Effective Portion) | 1,915 | 1,782 | $ 1,815 |
Interest rate contracts | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss Recognized in Earnings (Effective Portion) | (2,196) | (2,195) | (2,297) |
Gain Recognized in Earnings (Ineffective Portion) | $ 0 | $ 0 | $ 0 |
SHAREHOLDERS' EQUITY AND PART82
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Details) | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2013shares | Mar. 31, 2013shares | Dec. 31, 2015USD ($)unitholder$ / sharesshares | Dec. 31, 2014$ / sharesshares | Dec. 31, 2013shares | Sep. 30, 2015USD ($) | |
Common Stock [Abstract] | ||||||
Stock repurchase program, authorized amount | $ | $ 200,000 | |||||
Shares repurchased in period | shares | 0 | |||||
Redemption of units, value | $ | $ 4,861,000 | |||||
Number of holders of common units who received cash for their units | unitholder | 4 | |||||
Redeemable noncontrolling interest, units exercised for conversion (shares) | shares | 272,952 | |||||
Preferred Stock [Abstract] | ||||||
Preferred stock, shares authorized (in shares) | shares | 15,000,000 | |||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||
Public offering, shares issued | shares | 278,093 | 246,168 | 8,772,114 | |||
Operating Partnership | ||||||
Common Stock [Abstract] | ||||||
Common units outstanding | shares | 199,748,131 | 199,532,908 | ||||
Operating Partnership | Common Units | ||||||
Common Stock [Abstract] | ||||||
Noncontrolling interest conversion, calculation of trailing average of trading price, term (days) | 5 days | |||||
Common Stock | ||||||
Common Stock [Abstract] | ||||||
Common stock, shares authorized (in shares) | shares | 350,000,000 | |||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||
Common stock, shares outstanding (in shares) | shares | 170,490,948 | 170,260,273 | ||||
Preferred Stock [Abstract] | ||||||
Public offering, shares issued | shares | 6,530,193 | 1,889,105 | 8,419,298 | 8,419,298 | ||
Series E preferred stock | ||||||
Preferred Stock [Abstract] | ||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Public offering, shares issued | shares | 6,900,000 | 6,900,000 | ||||
Preferred stock represented by one depository share (in shares) | shares | 0.1 | 0.1 | ||||
Dividend rate (in thousandths) | 6.625% | 6.625% | ||||
Preferred stock, liquidation preference per share | $ / shares | $ 250 | |||||
Depositary shares, liquidation preference (in dollars per share) | $ / shares | 25 | |||||
Dividends in arrears per depositary share (in dollars per share) | $ / shares | 1.65625 | |||||
Dividends in arrears per share (in dollars per share) | $ / shares | 16.5625 | |||||
7.375% Series D Cumulative Redeemable Preferred Stock | ||||||
Preferred Stock [Abstract] | ||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Preferred stock represented by one depository share (in shares) | shares | 0.1 | 0.1 | ||||
Dividend rate (in thousandths) | 7.375% | 7.375% | ||||
Preferred stock, liquidation preference per share | $ / shares | $ 250 | |||||
Depositary shares, liquidation preference (in dollars per share) | $ / shares | 25 | |||||
Dividends in arrears per depositary share (in dollars per share) | $ / shares | $ 1.84375 | |||||
Depositary shares outstanding | shares | 18,150,000 | 18,150,000 | ||||
Dividends in arrears per share (in dollars per share) | $ / shares | $ 18.4375 |
SHAREHOLDERS' EQUITY AND PART83
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Common Stock Sold) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 01, 2013 | |
Class of Stock [Line Items] | ||||||
Number of Shares Settled | 278,093 | 246,168 | 8,772,114 | |||
Common Stock | ||||||
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 | 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 (in dollars per share) | $ 25.58 | $ 23.53 | $ 25.12 | |||
Common stock offering, maximum remaining aggregate price | $ 88,507,000 |
SHAREHOLDERS' EQUITY AND PART84
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Allocations of Dividends and Declared and Paid For Income Tax Purposes) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 15, 2015 | Oct. 15, 2014 | Jul. 15, 2014 | Apr. 16, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Shareholders Equity [Line Items] | |||||||
Common stock cash dividends per share (in dollars per share) | $ 0.265 | $ 0.265 | $ 0.265 | $ 0.265 | |||
Dividends payable | $ 45,179 | $ 45,119 | |||||
Common Stock | |||||||
Shareholders Equity [Line Items] | |||||||
Dividends declared (in usd per share) | $ 1.06 | $ 1 | $ 0.98 | ||||
Allocations (percent) | 100.00% | 100.00% | 100.00% | ||||
Common Stock | Ordinary income | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 100.00% | 100.00% | 100.00% | ||||
Common Stock | Capital gains 25% rate | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 0.00% | 0.00% | 0.00% | ||||
Common Stock | Return of capital | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 0.00% | 0.00% | 0.00% | ||||
Series D preferred stock | |||||||
Shareholders Equity [Line Items] | |||||||
Dividends declared (in usd per share) | $ 18.44 | $ 18.44 | $ 18.44 | ||||
Series E preferred stock | |||||||
Shareholders Equity [Line Items] | |||||||
Dividends declared (in usd per share) | $ 16.56 | $ 16.56 | $ 16.56 | ||||
Preferred Stock | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 100.00% | 100.00% | 100.00% | ||||
Preferred Stock | Ordinary income | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 100.00% | 100.00% | 100.00% | ||||
Preferred Stock | Capital gains 25% rate | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 0.00% | 0.00% | 0.00% |
SHAREHOLDERS' EQUITY AND PART85
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Distributions - Operating Partnership) (Details) - CBL & Associates Limited Partnership - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Nov. 13, 2014 | Oct. 15, 2014 | Jul. 15, 2014 | Apr. 16, 2014 | |
Distribution Made to Limited Partner [Line Items] | ||||||
Cash distributions paid | $ 9,310 | $ 9,314 | ||||
Redeemable Common Units | ||||||
Distribution Made to Limited Partner [Line Items] | ||||||
Distributions declared, amount (in usd per share) | $ 0.7322 | $ 0.7322 | $ 0.7322 | $ 0.7322 | ||
Common Units | ||||||
Distribution Made to Limited Partner [Line Items] | ||||||
Distributions declared, amount (in usd per share) | $ 0.2692 | $ 0.2692 | $ 0.2692 | $ 0.2692 |
REDEEMABLE INTERESTS AND NONC86
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS Operating Partnership (Details) - Operating Partnership $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2005quarter$ / sharesshares | Jul. 31, 2004USD ($)$ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($)shares | Jun. 30, 2005quarter$ / sharesshares | |
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 29,257,183,000 | 29,272,635,000 | |||||
Redeemable noncontrolling interest, ownership percentage by noncontrolling owners | 0.80% | 0.80% | |||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 14.30% | 13.90% | |||||
Redeemable noncontrolling interest, allocation from (to) shareholders' equity, adjustment | $ | $ 2,981 | $ 2,937 | $ 4,589 | ||||
Noncontrolling interest, allocation from (to) Shareholders' Equity, adjustment | $ | $ 207 | $ 322 | $ 29,212 | ||||
CBL’s Predecessor | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 18,172,690,000 | 18,172,690,000 | |||||
Third parties | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 11,084,493,000 | 11,099,945,000 | |||||
The Company | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Redeemable noncontrolling interests | $ | $ 19,744 | $ 31,104 | |||||
Partners' capital attributable to noncontrolling interest | $ | $ 109,753 | $ 134,468 | |||||
S-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 1,560,940 | ||||||
Limited partnership agreement, noncontrolling interest redemption right, acquisition price threshold of qualifying property | $ | $ 20,000 | ||||||
L-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 571,700 | ||||||
Limited partnership agreement, condition to participate in distribution at common unit rate, number of consecutive quarters of distribution exceeding minimum (years) | quarter | 4 | ||||||
Common Units | |||||||
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 | |||||||
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) | quarter | 4 | ||||||
First Five Years | S-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Limited partnership agreement, annual distribution term, amount per unit (in usd per unit) | $ / shares | $ 2.53825 | ||||||
Limited partnership agreement, annual distribution term (years) | 5 years | ||||||
After Five Years | S-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Limited partnership agreement, annual distribution term, amount per unit (in usd per unit) | $ / shares | $ 2.92875 | ||||||
Earlier of June 1, 2020 Or When Distribution Exceeds Minimum | L-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Limited partnership agreement, annual distribution term, amount per unit (in usd per unit) | $ / shares | $ 3.0288 | ||||||
Limited partnership agreement, quarterly distribution term, amount per unit (in usd per unit) | $ / shares | $ 0.7572 | ||||||
First Year | K-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Partnership unit, dividend rate (percentage) | 6.00% | ||||||
Partnership unit, dividends (in dollars per unit) | $ / shares | $ 2.85 | ||||||
After First Year | K-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Partnership unit, dividend rate (percentage) | 6.25% | ||||||
Partnership unit, dividends (in dollars per unit) | $ / shares | $ 2.96875 | ||||||
Limited partnership agreement, redemption right, conversion rate to common stock, per share (shares) | 1 |
REDEEMABLE INTERESTS AND NONC87
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS Other Consolidated Subsidiaries and Variable Interest Entities (Details) $ in Thousands | Dec. 31, 2015USD ($)subsidiary | Dec. 31, 2014USD ($)subsidiary |
Redeemable Noncontrolling Interest [Line Items] | ||
Number of other consolidated subsidiaries | subsidiary | 23 | 21 |
Joint venture, ownership percentage | 35.00% | |
Other Consolidated Subsidiaries | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Redeemable noncontrolling interests | $ 5,586 | $ 6,455 |
Noncontrolling interests in other consolidated subsidiaries | $ 4,876 | $ 8,908 |
Parent Company | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Joint venture, ownership percentage | 50.00% | 65.00% |
Contain Redemption Provisions | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Number of other consolidated subsidiaries | subsidiary | 4 | |
Triangle Town Member LLC | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Joint venture, total assets | $ 98,408 | $ 104,397 |
Triangle Town Member LLC | Mortgage Note Payable | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Joint venture, debt | 171,092 | 175,148 |
JG Gulf Coast Town Center LLC | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Joint venture, total assets | 142,021 | 149,008 |
JG Gulf Coast Town Center LLC | Notes Payable | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Joint venture, debt | 195,892 | 196,494 |
Gettysburg Outlet Holding, LLC | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Joint venture, total assets | 37,463 | 38,988 |
Gettysburg Outlet Holding, LLC | Mortgage Note Payable | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Joint venture, debt | 38,450 | 38,659 |
El Paso Outlet Center Holding, LLC | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Joint venture, total assets | 107,337 | 113,166 |
El Paso Outlet Center Holding, LLC | Mortgage Note Payable | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Joint venture, debt | $ 63,458 | $ 64,497 |
Outlet Shoppes at Gettysburg | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Joint venture, ownership percentage | 50.00% | |
Outlet Shoppes at El Paso | Outlet Shoppes at El Paso | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Joint venture, ownership percentage | 75.00% | |
Triangle Town Member LLC | Parent Company | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Joint venture, ownership percentage | 50.00% | |
JG Gulf Coast Town Center LLC | Parent Company | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Joint venture, ownership percentage | 50.00% |
MINIMUM RENTS (Details)
MINIMUM RENTS (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2,016 | $ 597,112 |
2,017 | 514,557 |
2,018 | 434,895 |
2,019 | 367,663 |
2,020 | 305,622 |
Thereafter | 940,054 |
Total | $ 3,159,903 |
MORTGAGE AND OTHER NOTES RECE89
MORTGAGE AND OTHER NOTES RECEIVABLE (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 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 | $ 18,238 | $ 18,238 | $ 19,811 | |
Notes receivable from sale of land | $ 0 | $ 360 | $ 7,430 | |
Joint venture, ownership percentage | 35.00% | |||
Columbia Place Outparcel | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Interest rate (percent) | 5.00% | 5.00% | ||
Net proceeds from sale of real estate | 400 | |||
Park Place | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Interest rate (percent) | 5.00% | 5.00% | ||
Village Square | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Interest rate (percent) | 3.50% | 3.50% | ||
Horizon Group | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Interest rate (percent) | 7.00% | 0.00% | ||
RED Development Inc. | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Interest rate (percent) | 5.00% | 5.00% | ||
Woodstock land | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Interest rate (percent) | 10.00% | 10.00% | ||
Woodstock land | Mortgage Note Payable | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Debt instrument, face value | 2,600 | $ 2,600 | ||
Mortgage Holdings, LLC | Mortgage Note Payable | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Debt instrument, face value | 5,280 | 5,280 | ||
Mortgage Receivable | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Mortgage and other notes receivable balance, fully collectible | 7,776 | 7,776 | $ 9,323 | |
Mortgage Receivable | Columbia Place Outparcel | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Mortgage and other notes receivable balance, fully collectible | 342 | 342 | 360 | |
Mortgage Receivable | Park Place | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Mortgage and other notes receivable balance, fully collectible | 1,369 | 1,369 | 1,566 | |
Mortgage Receivable | Village Square | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Mortgage and other notes receivable balance, fully collectible | 1,685 | 1,685 | 1,711 | |
Mortgage Receivable | Other | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Mortgage and other notes receivable balance, fully collectible | 4,380 | 4,380 | 5,686 | |
Notes Receivable | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Mortgage and other notes receivable balance, fully collectible | 10,462 | 10,462 | 10,488 | |
Notes Receivable | Columbia Place Outparcel | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Notes receivable from sale of land | 360 | |||
Notes Receivable | Horizon Group | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Mortgage and other notes receivable balance, fully collectible | 3,096 | 3,096 | 0 | |
Notes Receivable | RED Development Inc. | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Mortgage and other notes receivable balance, fully collectible | 7,366 | 7,366 | 7,429 | |
Notes Receivable | Woodstock land | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Mortgage and other notes receivable balance, fully collectible | $ 0 | $ 0 | $ 3,059 | |
Joint venture, ownership percentage | 75.00% | 75.00% | ||
Minimum | Other | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Interest rate (percent) | 2.93% | 2.67% | ||
Maximum | Other | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Interest rate (percent) | 9.50% | 9.50% |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 277,630 | $ 262,636 | $ 253,843 | $ 260,909 | $ 283,849 | $ 258,714 | $ 256,933 | $ 261,243 | $ 1,055,018 | $ 1,060,739 | $ 1,053,625 |
Property operating expenses | (283,345) | (293,897) | (296,207) | ||||||||
Interest expense | (229,343) | (239,824) | (231,856) | ||||||||
Other expense | (26,957) | (32,297) | (28,826) | ||||||||
Gain on sales of real estate assets | 14,065 | 14,173 | 32,232 | 5,342 | 1,980 | ||||||
Segment profit | 547,605 | 500,063 | 498,716 | ||||||||
Depreciation and amortization expense | (299,069) | (291,273) | (278,911) | ||||||||
General and administrative expense | (62,118) | (50,271) | (48,867) | ||||||||
Interest and other income | 6,467 | 14,121 | 10,825 | ||||||||
Gain (loss) on extinguishment of debt | 256 | 87,893 | (9,108) | ||||||||
Loss on impairment | (105,945) | (17,858) | (70,049) | ||||||||
Gain on investment | 16,560 | 16,560 | 2,400 | ||||||||
Equity in earnings of unconsolidated affiliates | 18,200 | 14,803 | 11,616 | ||||||||
Income tax provision | (2,941) | (4,499) | (1,305) | ||||||||
Income from continuing operations | (26,953) | $ 44,432 | $ 48,331 | $ 53,205 | 87,406 | $ 57,204 | $ 44,077 | $ 64,292 | 119,015 | 252,979 | 115,317 |
Total assets | 6,479,991 | 6,599,172 | 6,479,991 | 6,599,172 | 6,769,687 | ||||||
Capital expenditures | 424,813 | 317,795 | 348,783 | ||||||||
Deferred financing costs | 16,059 | 17,127 | 16,059 | 17,127 | |||||||
Operating Segments | Malls | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 944,553 | 933,736 | 930,081 | ||||||||
Property operating expenses | (274,288) | (282,796) | (300,172) | ||||||||
Interest expense | (166,922) | (198,758) | (206,779) | ||||||||
Other expense | (19) | (20) | 0 | ||||||||
Gain on sales of real estate assets | 264 | 3,537 | 295 | ||||||||
Segment profit | 503,588 | 455,699 | 423,425 | ||||||||
Total assets | 5,766,084 | 5,655,621 | 5,766,084 | 5,655,621 | 5,907,813 | ||||||
Capital expenditures | 393,194 | 198,205 | 203,210 | ||||||||
Operating Segments | Associated Centers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 40,392 | 41,527 | 41,726 | ||||||||
Property operating expenses | (9,364) | (9,500) | (10,298) | ||||||||
Interest expense | (7,285) | (7,959) | (8,148) | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Gain on sales of real estate assets | 16,260 | 937 | 0 | ||||||||
Segment profit | 40,003 | 25,005 | 23,280 | ||||||||
Total assets | 252,188 | 273,506 | 252,188 | 273,506 | 273,392 | ||||||
Capital expenditures | 5,186 | 17,157 | 10,718 | ||||||||
Operating Segments | Community Centers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 19,944 | 18,600 | 17,937 | ||||||||
Property operating expenses | (4,500) | (5,260) | (3,568) | ||||||||
Interest expense | (4,236) | (2,510) | (2,397) | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Gain on sales of real estate assets | 5,071 | 107 | 452 | ||||||||
Segment profit | 16,279 | 10,937 | 12,424 | ||||||||
Total assets | 263,614 | 282,011 | 263,614 | 282,011 | 222,462 | ||||||
Capital expenditures | 2,299 | 3,160 | 8,052 | ||||||||
Operating Segments | All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 50,129 | 66,876 | 63,881 | ||||||||
Property operating expenses | 4,807 | 3,659 | 17,831 | ||||||||
Interest expense | (50,900) | (30,597) | (14,532) | ||||||||
Other expense | (26,938) | (32,277) | (28,826) | ||||||||
Gain on sales of real estate assets | 10,637 | 761 | 1,233 | ||||||||
Segment profit | (12,265) | 8,422 | 39,587 | ||||||||
Total assets | 198,105 | 388,034 | 198,105 | 388,034 | 366,020 | ||||||
Capital expenditures | 24,134 | 99,273 | 126,803 | ||||||||
Intangible lease assets and other assets | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Deferred financing costs | 6,431 | 5,050 | 6,431 | 5,050 | |||||||
Adjustments for New Accounting Pronouncement | Intangible lease assets and other assets | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Deferred financing costs | (16,059) | (17,127) | (16,059) | (17,127) | (16,284) | ||||||
Adjustments for New Accounting Pronouncement | Mortgage and Other Indebtedness | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Deferred financing costs | $ 16,059 | $ 17,127 | $ 16,059 | $ 17,127 | $ 16,284 |
SUPPLEMENTAL AND NONCASH INFO91
SUPPLEMENTAL AND NONCASH INFORMATION (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Significant Noncash Transactions [Line Items] | ||||
Cash paid for interest, net of amounts capitalized | $ 226,233 | $ 238,531 | $ 223,793 | |
Accrued dividends and distributions payable | 54,489 | 54,433 | 50,523 | |
Additions to real estate assets accrued but not yet paid | 26,345 | 25,332 | 20,625 | |
Reduction to preferred liquidation value of PJV units | 0 | 0 | 10,000 | |
Trade-in allowance - aircraft | 0 | 0 | 2,800 | |
Notes receivable from sale of land | $ 0 | $ 360 | 7,430 | |
Weighted Average Interest Rate (percent) | 4.54% | 4.93% | ||
EastGate Crossing, Cincinnati, OH | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Disposition of real estate by assignment of mortgage debt | $ 14,570 | $ 14,570 | $ 0 | 0 |
Columbia Place, Chapel Hill Mall and Citadel Mall | Transfer of Real Estate Assets in Settlement of Mortgage Debt Obligations | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Increase in real estate assets | 0 | (79,398) | 0 | |
Decrease in mortgage and other indebtedness | 0 | 163,998 | 0 | |
Decrease in operating assets and liabilities | 0 | 4,799 | 0 | |
Lakeshore Mall | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Note receivable from sale of Lakeshore Mall | 0 | 10,000 | 0 | |
4.60% Senior Notes Due 2024 | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Discount on issuance of 5.250% Senior Notes due 2023 | 0 | 75 | 0 | |
5.250% Senior Notes Due 2023 | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Discount on issuance of 5.250% Senior Notes due 2023 | $ 0 | $ 0 | $ (4,626) | |
Senior Unsecured Notes | 4.60% Senior Notes Due 2024 | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Weighted Average Interest Rate (percent) | 4.60% | |||
Senior Unsecured Notes | 5.250% Senior Notes Due 2023 | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Weighted Average Interest Rate (percent) | 5.25% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Predecessor and Certain Officers | |||
Related Party Transaction [Line Items] | |||
Amounts paid in transaction | $ 26,993 | $ 31,398 | $ 27,106 |
Accounts payable to related party | 4,121 | 3,139 | |
Unconsolidated Affiliate and Other Affiliated Partnerships | |||
Related Party Transaction [Line Items] | |||
Revenues recognized, from related party transactions | $ 7,748 | $ 9,444 | $ 7,886 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) | Jan. 01, 2016 | Jan. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Aug. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2015 | Dec. 31, 2014USD ($) | Mar. 31, 2014USD ($) | Sep. 30, 2013USD ($) | Dec. 31, 2015USD ($)extension_option | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Guarantor Obligations [Line Items] | ||||||||||||
Environmental liability insurance, maximum coverage per incident | $ 10,000,000 | |||||||||||
Environmental liability insurance, aggregate coverage limit | 50,000,000 | |||||||||||
Guarantees [Abstract] | ||||||||||||
Company's Ownership Interest (as a percent) | 35.00% | 35.00% | 35.00% | |||||||||
Obligation recorded to reflect guaranty | $ 1,397,000 | $ 1,397,000 | 1,196,000 | $ 1,397,000 | ||||||||
Performance Bonds [Abstract] | ||||||||||||
Malpractice Loss Contingency, Letters of Credit and Surety Bonds | 20,720,000 | 20,720,000 | $ 16,452,000 | 20,720,000 | ||||||||
Initial term of lease (years) | 20 years | |||||||||||
Lease expense | $ 1,215,000 | 1,290,000 | $ 1,371,000 | |||||||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||||||||
2,016 | 877,000 | |||||||||||
2,017 | 885,000 | |||||||||||
2,018 | 894,000 | |||||||||||
2,019 | 903,000 | |||||||||||
2,020 | 913,000 | |||||||||||
Thereafter | 26,814,000 | |||||||||||
Total lease payments due | $ 31,286,000 | |||||||||||
Minimum | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Number of one-year extension options available | extension_option | 1 | |||||||||||
Performance Bonds [Abstract] | ||||||||||||
Term of renewal option (years) | 5 years | |||||||||||
Maximum | ||||||||||||
Performance Bonds [Abstract] | ||||||||||||
Term of renewal option (years) | 10 years | |||||||||||
West Melbourne I, LLC - Phase I | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Company's Ownership Interest (as a percent) | 50.00% | |||||||||||
Outstanding Balance | $ 39,475,000 | |||||||||||
Percentage Guaranteed by the Company | 25.00% | |||||||||||
Maximum Guaranteed Amount | $ 9,869,000 | |||||||||||
Obligation recorded to reflect guaranty | 101,000 | 101,000 | $ 99,000 | 101,000 | ||||||||
West Melbourne I, LLC - Phase II | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Company's Ownership Interest (as a percent) | 50.00% | |||||||||||
Outstanding Balance | $ 16,757,000 | |||||||||||
Percentage Guaranteed by the Company | 25.00% | |||||||||||
Maximum Guaranteed Amount | $ 4,189,000 | |||||||||||
Obligation recorded to reflect guaranty | 87,000 | 87,000 | $ 87,000 | 87,000 | ||||||||
Port Orange I, LLC | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Company's Ownership Interest (as a percent) | 50.00% | |||||||||||
Outstanding Balance | $ 58,820,000 | |||||||||||
Percentage Guaranteed by the Company | 25.00% | |||||||||||
Maximum Guaranteed Amount | $ 14,705,000 | |||||||||||
Obligation recorded to reflect guaranty | 153,000 | 153,000 | $ 148,000 | 153,000 | ||||||||
Port Orange I, LLC | Subsequent Event | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Extension option, term (years) | 1 year | |||||||||||
JG Gulf Coast Town Center LLC - Phase III | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Company's Ownership Interest (as a percent) | 50.00% | |||||||||||
Outstanding Balance | $ 5,092,000 | |||||||||||
Percentage Guaranteed by the Company | 0.00% | |||||||||||
Maximum Guaranteed Amount | $ 0 | |||||||||||
Obligation recorded to reflect guaranty | 0 | 0 | $ 0 | 0 | ||||||||
Fremaux Town Center JV, LLC - Phase I | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Company's Ownership Interest (as a percent) | 65.00% | |||||||||||
Outstanding Balance | $ 40,530,000 | |||||||||||
Percentage Guaranteed by the Company | 15.00% | |||||||||||
Maximum Guaranteed Amount | $ 6,207,000 | |||||||||||
Obligation recorded to reflect guaranty | 236,000 | 236,000 | $ 62,000 | 236,000 | ||||||||
Loan guaranty, fee income (percent) | 1.00% | |||||||||||
Fremaux Town Center JV, LLC - Phase II | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Company's Ownership Interest (as a percent) | 65.00% | |||||||||||
Outstanding Balance | $ 27,404,000 | |||||||||||
Percentage Guaranteed by the Company | 50.00% | |||||||||||
Maximum Guaranteed Amount | $ 16,050,000 | |||||||||||
Obligation recorded to reflect guaranty | 161,000 | 161,000 | $ 161,000 | 161,000 | ||||||||
Loan guaranty, fee income (percent) | 1.00% | |||||||||||
Debt Coverage Service Ratio for Construction Loan | 130.00% | 130.00% | ||||||||||
Ambassador Town Center JV, LLC | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Company's Ownership Interest (as a percent) | 65.00% | |||||||||||
Outstanding Balance | $ 21,418,000 | |||||||||||
Percentage Guaranteed by the Company | 100.00% | |||||||||||
Maximum Guaranteed Amount | $ 45,307,000 | |||||||||||
Obligation recorded to reflect guaranty | $ 482,000 | 482,000 | $ 462,000 | 482,000 | ||||||||
Loan guaranty, fee income (percent) | 1.00% | |||||||||||
West Melbourne I, upon payment of contractual rent | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Percentage Guaranteed by the Company | 25.00% | |||||||||||
Fremaux Town Center Phase I, after one year of completion | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Percentage Guaranteed by the Company | 15.00% | |||||||||||
Fremaux Town Center JV, LLC | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Number of one-year extension options available | extension_option | 2 | |||||||||||
Extension option, term (years) | 1 year | |||||||||||
Fremaux Town Center Phase II, upon completion | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Percentage Guaranteed by the Company | 25.00% | |||||||||||
Fremaux Town Center Phase II, after one year of completion | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Percentage Guaranteed by the Company | 15.00% | |||||||||||
Ambassador Town Center, upon completion | ||||||||||||
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 | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Guarantors Percentage Obligation for Construction Loan, Expected | 15.00% | |||||||||||
Ambassador Town Center JV, LLC and Ambassador Infrastructure, LLC | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Extension option, term (years) | 1 year | |||||||||||
Ambassador Infrastructure, LLC | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Company's Ownership Interest (as a percent) | 65.00% | |||||||||||
Outstanding Balance | $ 8,629,000 | |||||||||||
Percentage Guaranteed by the Company | 100.00% | |||||||||||
Maximum Guaranteed Amount | $ 11,700,000 | |||||||||||
Obligation recorded to reflect guaranty | $ 177,000 | 177,000 | $ 177,000 | $ 177,000 | ||||||||
Loan guaranty, fee income (percent) | 1.00% | |||||||||||
Ambassador Infrastructure, following any calendar year in which PILOT payments received are $1,200 or more | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Percentage Guaranteed by the Company | 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 | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Percentage Guaranteed by the Company | 20.00% | |||||||||||
PILOT Payment threshold for change in guarantor percentage | $ 1,400,000 | |||||||||||
York Town Center, LP | ||||||||||||
Guarantees [Abstract] | ||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | |||||||||||
Initial maximum guaranteed amount of third party's construction loan | $ 21,200,000 | |||||||||||
Annual reductions to the guarantor's obligations | 800,000 | |||||||||||
Guaranteed minimum exposure amount | 10,000,000 | |||||||||||
Guaranteed amount of the outstanding loan | $ 14,800,000 | |||||||||||
Percentage of guaranty obligation agreed to be reimbursed by joint venture partner (in hundredths) | 50.00% | |||||||||||
EMJ Corporation | ||||||||||||
Guarantor Obligations [Line Items] | ||||||||||||
Proceeds from legal settlements | $ 4,875,000 | |||||||||||
Shopping Center, D'Iberville, Mississippi | The Promenade D'iberville, LLC | ||||||||||||
Guarantor Obligations [Line Items] | ||||||||||||
Proceeds from legal settlements | $ 5,970,000 | $ 800,000 | $ 8,240,000 |
FAIR VALUE MEASUREMENTS - Recur
FAIR VALUE MEASUREMENTS - Recurring Basis (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)derivative_instrument | Dec. 31, 2014USD ($)derivative_instrument | Dec. 31, 2013USD ($) | |
Assets: | |||
Available-for-sale securities | $ 20,512,000 | ||
Liabilities: | |||
Interest rate swaps | $ 434,000 | 2,226,000 | |
Net realized gains and losses on sale of available-for-sale securities | 16,560,000 | 0 | $ 0 |
Proceeds from sale of available-for-sale securities | 20,755,000 | ||
Fair value of mortgage and other indebtedness | 4,945,622,000 | 4,947,026,000 | |
Mortgage and other indebtedness | 4,710,628,000 | 4,683,333,000 | |
Common Stock | |||
Assets: | |||
Available-for-sale securities | 20,516,000 | ||
Liabilities: | |||
Adjusted cost | $ 4,195,000 | $ 4,195,000 | |
Interest Rate Swap | Fair Value, Measurements, Recurring | |||
Liabilities: | |||
Number of instruments held | derivative_instrument | 4 | 4 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Assets: | |||
Available-for-sale securities | $ 20,512,000 | ||
Liabilities: | |||
Interest rate swaps | $ 0 | 0 | |
Significant Other Observable Inputs (Level 2) | |||
Assets: | |||
Available-for-sale securities | 0 | ||
Liabilities: | |||
Interest rate swaps | 434,000 | 2,226,000 | |
Significant Unobservable Inputs (Level 3) | |||
Assets: | |||
Available-for-sale securities | 0 | ||
Liabilities: | |||
Interest rate swaps | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Nonre
FAIR VALUE MEASUREMENTS - Nonrecurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value assumptions, expected holding period (years) | 11 years | ||
Fair value inputs, cap rate (percent) | 8.25% | ||
Fair Value Inputs, Discount Rate (percent) | 8.25% | ||
Fair value of long-lived assets | $ 125,000 | $ 69,103 | |
Loss on impairment | 105,945 | 17,858 | $ 70,049 |
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of long-lived assets | 125,000 | 69,103 | |
Lakeshore Mall, Pemberton Plaza, and Chapel Hill | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 104,900 | ||
Madison Square and Citadel Mall | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 17,753 |
FAIR VALUE MEASUREMENTS - Long-
FAIR VALUE MEASUREMENTS - Long-Lived Assets Measure at Fair Value (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015USD ($)property | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($)property | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)propertyoutparcel | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($) | Apr. 30, 2015USD ($) | Apr. 30, 2014USD ($) | Sep. 30, 2013USD ($) | Jun. 30, 2013USD ($) | Mar. 31, 2013USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||
Number of properties disposed of | property | 4 | 3 | |||||||||||||
Fair value of long-lived assets | $ 125,000 | $ 69,103 | $ 125,000 | $ 69,103 | |||||||||||
Loss on impairment | 105,945 | 17,858 | $ 70,049 | ||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||||
Depreciation expense | (299,069) | (291,273) | (278,911) | ||||||||||||
Gain on extinguishment of debt | $ 256 | $ 87,893 | (9,108) | ||||||||||||
Number of properties written down | property | 130 | 2 | 130 | 2 | |||||||||||
Air Transportation Equipment | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||
Loss on impairment | $ 105 | 1,799 | |||||||||||||
Net proceeds from sale of real estate | 176 | 4,292 | |||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||||
Real estate investment property, net | $ 281 | 281 | 6,091 | ||||||||||||
Non-cash impairment of long-lived asset | 585 | ||||||||||||||
Fair Value, Inputs, Level 3 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||
Fair value of long-lived assets | $ 125,000 | 69,103 | $ 125,000 | 69,103 | |||||||||||
Chesterfield Mall | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||
Fair value of long-lived assets | 125,000 | 125,000 | |||||||||||||
Loss on impairment | 99,969 | ||||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||||
Long-lived assets, beginning carrying value | $ 234,422 | 234,422 | |||||||||||||
Capital expenditures | 552 | ||||||||||||||
Depreciation expense | (10,005) | ||||||||||||||
Loss on impairment of real estate | (99,969) | ||||||||||||||
Long-lived assets, ending carrying value | 125,000 | 234,422 | $ 125,000 | 234,422 | |||||||||||
Concentration risk, percent of total revenue | 1.50% | ||||||||||||||
Chapel Hill Crossing | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||
Loss on impairment | 1,914 | ||||||||||||||
Net proceeds from sale of real estate | 2,300 | ||||||||||||||
Mayfaire Community Center | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||
Loss on impairment | 397 | ||||||||||||||
Net proceeds from sale of real estate | 56,300 | ||||||||||||||
Madison Square | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||
Fair value of long-lived assets | $ 5,000 | ||||||||||||||
Loss on impairment | $ 2,620 | 47,212 | |||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||||
Long-lived assets, beginning carrying value | $ 8,000 | 8,000 | 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 | ||||||||||||||
Concentration risk, percent of total revenue | 0.70% | ||||||||||||||
Real estate investment property, net | 8,000 | 8,000 | $ 55,212 | ||||||||||||
Chapel Hill Suburban | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||
Loss on impairment | 12,050 | ||||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||||
Long-lived assets, beginning carrying value | 66,120 | 0 | $ 0 | 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 | $ 0 | $ 66,120 | ||||||||||||
Concentration risk, percent of total revenue | 0.40% | ||||||||||||||
Chapel Hill Suburban | Fair Value, Inputs, Level 3 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||
Fair value of long-lived assets | 53,348 | ||||||||||||||
Lakeshore Mall | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||
Loss on impairment | $ 106 | 5,100 | |||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||||
Long-lived assets, beginning carrying value | 19,127 | 0 | 0 | $ 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 | $ 0 | 19,127 | ||||||||||||
Concentration risk, percent of total revenue | 0.20% | ||||||||||||||
Lakeshore Mall | Fair Value, Inputs, Level 3 | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||
Fair value of long-lived assets | $ 13,780 | ||||||||||||||
Pemberton Plaza | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||
Loss on impairment | $ 497 | ||||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||||
Long-lived assets, beginning carrying value | 2,541 | 0 | 0 | $ 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 | $ 0 | 2,541 | ||||||||||||
Concentration risk, percent of total revenue | 0.00% | ||||||||||||||
Lakeshore Mall, Pemberton Plaza, and Chapel Hill | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||
Loss on impairment | 104,900 | ||||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||||
Long-lived assets, beginning carrying value | 87,788 | 0 | 0 | $ 87,788 | |||||||||||
Capital expenditures | 43 | ||||||||||||||
Disposals | (158) | ||||||||||||||
Depreciation expense | (2,193) | ||||||||||||||
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 | 18,296 | ||||||||||||||
Long-lived assets, ending carrying value | $ 0 | 0 | 87,788 | ||||||||||||
Citadel Mall | |||||||||||||||
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 | 23,607 | 23,607 | 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 | ||||||||||||||
Concentration risk, percent of total revenue | 0.60% | ||||||||||||||
Real estate investment property, net | $ 23,900 | $ 44,353 | |||||||||||||
Madison Square and Citadel Mall | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||
Loss on impairment | 17,753 | ||||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||||
Long-lived assets, beginning carrying value | $ 31,607 | 31,607 | $ 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 | ||||||||||||||
Burlington | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||
Loss on impairment | 161 | ||||||||||||||
Net proceeds from sale of real estate | $ 750 | ||||||||||||||
Property Carrying Values [Roll Forward] | |||||||||||||||
Carrying amount | $ 911 | $ 911 | |||||||||||||
Outparcel Sale | |||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||
Number of properties disposed of | outparcel | 2 | ||||||||||||||
Loss on impairment | $ 884 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2016installment | Mar. 31, 2015$ / sharesshares | Dec. 31, 2015USD ($)plan$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of share-based compensation plans | plan | 2 | ||||
Number of shares authorized | shares | 10,400,000 | ||||
Award vesting period (years) | 5 years | ||||
Share-based compensation expense | $ | $ 4,287,000 | $ 3,442,000 | $ 2,682,000 | ||
Share-based compensation cost capitalized as part of real estate assets | $ | 274,000 | 268,000 | 202,000 | ||
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 | $ | $ 7,927,000 | ||||
Compensation cost to be recognized over a weighted average period | 3 years 2 months | ||||
Defined contribution plan, age of eligibility (years) | 21 years | ||||
Vested at conclusion of performance period | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Vesting percentage | 60.00% | ||||
Remaining percentage after performance period | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Vesting percentage | 40.00% | ||||
Vested each year for the first two anniversaries after conclusion of performance period | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Vesting percentage | 20.00% | ||||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total intrinsic value | $ | $ 0 | $ 0 | |||
Stock Awards | |||||
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) | shares | 498,862 | ||||
Granted (in shares) | shares | 267,410 | ||||
Vested (in shares) | shares | (220,568) | ||||
Forfeited (in shares) | shares | (12,300) | ||||
Nonvested, end of period (in shares) | shares | 533,404 | 498,862 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Weighted average grant-date fair value, nonvested, beginning of period (in dollars per share) | $ / shares | $ 18.35 | ||||
Weighted average grant-date fair value, granted (in dollars per share) | $ / shares | 20.30 | $ 17.11 | $ 20.17 | ||
Weighted average grant-date fair value, vested (in dollars per share) | $ / shares | 18.62 | ||||
Weighted average grant-date fair value, forfeited (in dollars per share) | $ / shares | 19.41 | ||||
Weighted average grant-date fair value, nonvested, ending of period (in dollars per share) | $ / shares | $ 19.19 | $ 18.35 | |||
Total fair value of shares vested | $ | $ 4,298,000 | $ 3,484,000 | $ 4,305,000 | ||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ | 624,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Granted (in shares) | shares | 138,680 | ||||
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, granted (in dollars per share) | $ / shares | $ 15.52 | ||||
Unrecognized compensation cost related to nonvested stock awards | $ | $ 1,528,000 | ||||
Service period (in years) | 3 years | ||||
Restricted Common Stock | Subsequent Event | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of installments, at the end of award period | installment | 5 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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) | 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 | $ 997 | $ 928 | $ 933 |
Deferred compensation arrangement with individual, interest rate on notes payable (percent) | 5.00% | ||
Deferred compensation arrangement with individual, notes payable plus accrued interest | $ 81 | $ 39 | |
Minimum | |||
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 | |||
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 (UNAUDI99
QUARTERLY INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Oct. 31, 2014 | Sep. 30, 2014 | Jan. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2011 | |
Real Estate Properties [Line Items] | |||||||||||||||
Total revenues | $ 277,630 | $ 262,636 | $ 253,843 | $ 260,909 | $ 283,849 | $ 258,714 | $ 256,933 | $ 261,243 | $ 1,055,018 | $ 1,060,739 | $ 1,053,625 | ||||
Income from operations | 8,687 | 94,007 | 89,858 | 85,032 | 104,335 | 97,386 | 97,253 | 76,169 | 277,584 | 375,143 | |||||
Income from continuing operations | (26,953) | 44,432 | 48,331 | 53,205 | 87,406 | 57,204 | 44,077 | 64,292 | 119,015 | 252,979 | 115,317 | ||||
Discontinued operations | 446 | 76 | 48 | (516) | 54 | ||||||||||
Net income (loss) | (26,953) | 44,432 | 48,331 | 53,205 | 87,852 | 57,280 | 44,125 | 63,776 | 119,015 | 253,033 | |||||
Net income (loss) attributable to the Company | (22,257) | 37,569 | 41,895 | 46,164 | 76,556 | 49,342 | 37,958 | 55,294 | 103,371 | 219,150 | |||||
Net income (loss) attributable to common shareholders | $ (33,480) | $ 26,346 | $ 30,672 | $ 34,941 | $ 65,333 | $ 38,119 | $ 26,735 | $ 44,071 | $ 58,479 | $ 174,258 | |||||
Basic per share/unit data attributable to common shareholders/unitholders: | |||||||||||||||
Income (loss) from continuing operations, net of preferred dividends (in usd per share) | $ (0.20) | $ 0.15 | $ 0.18 | $ 0.21 | $ 0.38 | $ 0.22 | $ 0.16 | $ 0.26 | $ 0.34 | $ 1.02 | |||||
Net income (loss) attributable to common shareholders (in usd per share) | (0.20) | 0.15 | 0.18 | 0.21 | 0.38 | 0.22 | 0.16 | 0.26 | 0.34 | 1.02 | |||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||||
Income (loss) from continuing operations, net of preferred dividends (in usd per share) | (0.20) | 0.15 | 0.18 | 0.20 | 0.38 | 0.22 | 0.16 | 0.26 | 0.34 | 1.02 | |||||
Net income (loss) attributable to common shareholders (in usd per share) | $ (0.20) | $ 0.15 | $ 0.18 | $ 0.20 | $ 0.38 | $ 0.22 | $ 0.16 | $ 0.26 | $ 0.34 | $ 1.02 | |||||
Loss on impairment of real estate | $ 105,945 | $ 17,858 | 70,049 | ||||||||||||
Gain on investment | $ 16,560 | 16,560 | 2,400 | ||||||||||||
Gain on sales of real estate assets | $ 14,065 | $ 14,173 | 32,232 | 5,342 | 1,980 | ||||||||||
Gain (loss) on extinguishment of debt | $ 256 | 87,893 | (9,108) | ||||||||||||
Chesterfield Mall | |||||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||||
Loss on impairment of real estate | $ 102,280 | ||||||||||||||
Chapel Hill Mall and Lakeshore Mall | |||||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | |||||||||||||||
Loss on impairment of real estate | $ 17,150 | ||||||||||||||
Citadel Mall | |||||||||||||||
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 | |||||||||||||
Chapel Hill Suburban | |||||||||||||||
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 | |||||||||||||
Columbia Place | |||||||||||||||
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) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2016USD ($)extension_option | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jun. 30, 2015USD ($) | |
Subsequent Event [Line Items] | |||||
Company's Ownership Interest (as a percent) | 35.00% | ||||
Purchase Price | $ 191,988 | ||||
Mortgage loan | $ 0 | $ 360 | $ 0 | ||
Parent Company | |||||
Subsequent Event [Line Items] | |||||
Company's Ownership Interest (as a percent) | 50.00% | 65.00% | |||
Triangle Town Member LLC | Parent Company | |||||
Subsequent Event [Line Items] | |||||
Company's Ownership Interest (as a percent) | 50.00% | ||||
Triangle Town Member LLC | Mortgage Note Payable | |||||
Subsequent Event [Line Items] | |||||
Stated Interest Rate (percent) | 5.74% | ||||
Triangle Town Member LLC | Mortgage Note Payable | Corporate Joint Venture | Other Ownership Interest | |||||
Subsequent Event [Line Items] | |||||
Mortgage note payables assumed | $ 85,546 | ||||
Hammock Landing - Phase I | |||||
Subsequent Event [Line Items] | |||||
Mortgage loan | $ 39,475 | ||||
Subsequent Event | Parent Company | |||||
Subsequent Event [Line Items] | |||||
Company's Ownership Interest (as a percent) | 1000.00% | ||||
Subsequent Event | G&I VIII CBL TTC LLC | Corporate Joint Venture | |||||
Subsequent Event [Line Items] | |||||
Company's Ownership Interest (as a percent) | 9000.00% | ||||
Subsequent Event | Triangle Town Member LLC | Parent Company | |||||
Subsequent Event [Line Items] | |||||
Company's Ownership Interest (as a percent) | 5000.00% | ||||
Subsequent Event | Triangle Town Member LLC | Corporate Joint Venture | |||||
Subsequent Event [Line Items] | |||||
Company's Ownership Interest (as a percent) | 5000.00% | ||||
Purchase Price | $ 174,000 | ||||
Subsequent Event | Triangle Town Member LLC | Mortgage Note Payable | |||||
Subsequent Event [Line Items] | |||||
Number of one-year extension options available | extension_option | 2 | ||||
Extension option, term (years) | 1 year | ||||
Stated Interest Rate (percent) | 4.00% | ||||
Subsequent Event | Triangle Town Member LLC | Mortgage Note Payable | Corporate Joint Venture | |||||
Subsequent Event [Line Items] | |||||
Mortgage note payables assumed | $ 171,092 | ||||
Subsequent Event | The Pavilion at Port Orange | Mortgage Note Payable | |||||
Subsequent Event [Line Items] | |||||
Extension option, term (years) | 1 year | ||||
Mortgage loan | $ 58,628 | ||||
Subsequent Event | Hammock Landing Phases I and II | Mortgage Note Payable | |||||
Subsequent Event [Line Items] | |||||
Extension option, term (years) | 1 year | ||||
Subsequent Event | Hammock Landing - Phase I | |||||
Subsequent Event [Line Items] | |||||
Mortgage loan | $ 43,347 | ||||
Subsequent Event | Hammock Landing - Phase II | |||||
Subsequent Event [Line Items] | |||||
Mortgage loan | $ 16,757 | ||||
LIBOR | Subsequent Event | The Pavilion at Port Orange | |||||
Subsequent Event [Line Items] | |||||
Stated Interest Rate (percent) | 2.00% | ||||
LIBOR | Subsequent Event | Hammock Landing Phases I and II | |||||
Subsequent Event [Line Items] | |||||
Stated Interest Rate (percent) | 2.00% |
Schedule II - VALUATION AND 101
Schedule II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Tenant Receivables | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, beginning of year | $ 2,368 | $ 2,379 | $ 1,977 |
Additions in allowance charged to expense | 2,254 | 2,643 | 1,253 |
Bad debts charged against allowance | (2,699) | (2,654) | (851) |
Balance, end of year | 1,923 | 2,368 | 2,379 |
Allowance for Other Receivables | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, beginning of year | 1,285 | 1,241 | 1,270 |
Additions in allowance charged to expense | 277 | 3,689 | 0 |
Bad debts charged against allowance | (286) | (3,645) | (29) |
Balance, end of year | $ 1,276 | $ 1,285 | $ 1,241 |
Schedule III - REAL ESTATE A102
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,774,429 | |||
Initial Cost, Land | 898,338 | |||
Initial Cost, Buildings and Improvements | 5,639,319 | |||
Costs Capitalized Subsequent to Acquisition | 1,812,132 | |||
Sales of Outparcel Land | (33,257) | |||
Gross Amounts at Which Carried at Close of Period, Land | 876,668 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 7,363,853 | |||
Gross Amounts at Which Carried at Close of Period, Total | 8,240,521 | $ 8,187,183 | $ 8,123,514 | $ 8,301,013 |
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,382,568) | $ (2,240,007) | $ (2,056,357) | $ (1,972,031) |
Land and buildings and improvements, gross | $ 8,036,000 | |||
Buildings | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 40 years | |||
Certain Improvements | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 10 years | |||
Certain Improvements | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 20 years | |||
Equipment and Fixtures | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 7 years | |||
Equipment and Fixtures | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 10 years | |||
Acadiana Mall, Lafayette, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 129,037 | |||
Initial Cost, Land | 22,511 | |||
Initial Cost, Buildings and Improvements | 145,769 | |||
Costs Capitalized Subsequent to Acquisition | 10,168 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 19,919 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 158,529 | |||
Gross Amounts at Which Carried at Close of Period, Total | 178,448 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (66,175) | |||
Alamance Crossing, Burlington, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 47,928 | |||
Initial Cost, Land | 20,853 | |||
Initial Cost, Buildings and Improvements | 63,105 | |||
Costs Capitalized Subsequent to Acquisition | 39,653 | |||
Sales of Outparcel Land | (2,803) | |||
Gross Amounts at Which Carried at Close of Period, Land | 18,050 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 102,758 | |||
Gross Amounts at Which Carried at Close of Period, Total | 120,808 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (26,849) | |||
Arbor Place, Douglasville, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 115,578 | |||
Initial Cost, Land | 7,862 | |||
Initial Cost, Buildings and Improvements | 95,330 | |||
Costs Capitalized Subsequent to Acquisition | 26,960 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 7,862 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 122,290 | |||
Gross Amounts at Which Carried at Close of Period, Total | 130,152 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (57,196) | |||
Asheville Mall, Asheville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 71,607 | |||
Initial Cost, Land | 7,139 | |||
Initial Cost, Buildings and Improvements | 58,747 | |||
Costs Capitalized Subsequent to Acquisition | 55,550 | |||
Sales of Outparcel Land | (805) | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,334 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 114,297 | |||
Gross Amounts at Which Carried at Close of Period, Total | 120,631 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (47,104) | |||
Bonita Lakes Mall, Meridian, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,924 | |||
Initial Cost, Buildings and Improvements | 31,933 | |||
Costs Capitalized Subsequent to Acquisition | 6,671 | |||
Sales of Outparcel Land | (985) | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,924 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 37,619 | |||
Gross Amounts at Which Carried at Close of Period, Total | 42,543 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (18,086) | |||
Brookfield Square, Brookfield, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,996 | |||
Initial Cost, Buildings and Improvements | 84,250 | |||
Costs Capitalized Subsequent to Acquisition | 54,603 | |||
Sales of Outparcel Land | (18) | |||
Gross Amounts at Which Carried at Close of Period, Land | 9,170 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 138,661 | |||
Gross Amounts at Which Carried at Close of Period, Total | 147,831 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (56,903) | |||
Burnsville Center, Burnsville, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 73,828 | |||
Initial Cost, Land | 12,804 | |||
Initial Cost, Buildings and Improvements | 71,355 | |||
Costs Capitalized Subsequent to Acquisition | 58,585 | |||
Sales of Outparcel Land | (1,157) | |||
Gross Amounts at Which Carried at Close of Period, Land | 16,102 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 125,485 | |||
Gross Amounts at Which Carried at Close of Period, Total | 141,587 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (52,179) | |||
Cary Towne Center, Cary, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 48,607 | |||
Initial Cost, Land | 23,688 | |||
Initial Cost, Buildings and Improvements | 74,432 | |||
Costs Capitalized Subsequent to Acquisition | 31,081 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 23,701 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 105,500 | |||
Gross Amounts at Which Carried at Close of Period, Total | 129,201 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (38,886) | |||
CherryVale Mall, Rockford, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 11,892 | |||
Initial Cost, Buildings and Improvements | 63,973 | |||
Costs Capitalized Subsequent to Acquisition | 57,288 | |||
Sales of Outparcel Land | (1,667) | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,608 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 119,878 | |||
Gross Amounts at Which Carried at Close of Period, Total | 131,486 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (43,561) | |||
Chesterfield Mall, Chesterfield, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 140,000 | |||
Initial Cost, Land | 11,083 | |||
Initial Cost, Buildings and Improvements | 282,140 | |||
Costs Capitalized Subsequent to Acquisition | (172,841) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,083 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 109,299 | |||
Gross Amounts at Which Carried at Close of Period, Total | 120,382 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
College Square, Morristown, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,954 | |||
Initial Cost, Buildings and Improvements | 17,787 | |||
Costs Capitalized Subsequent to Acquisition | 25,832 | |||
Sales of Outparcel Land | (88) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,866 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 43,619 | |||
Gross Amounts at Which Carried at Close of Period, Total | 46,485 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (21,615) | |||
Cross Creek Mall, Fayetteville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 127,081 | |||
Initial Cost, Land | 19,155 | |||
Initial Cost, Buildings and Improvements | 104,353 | |||
Costs Capitalized Subsequent to Acquisition | 35,785 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 20,169 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 139,124 | |||
Gross Amounts at Which Carried at Close of Period, Total | 159,293 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (43,052) | |||
Dakota Square Mall, Minot, ND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 55,711 | |||
Initial Cost, Land | 4,552 | |||
Initial Cost, Buildings and Improvements | 87,625 | |||
Costs Capitalized Subsequent to Acquisition | 16,421 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,552 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 104,046 | |||
Gross Amounts at Which Carried at Close of Period, Total | 108,598 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (10,953) | |||
Eastland Mall, Bloomington, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,746 | |||
Initial Cost, Buildings and Improvements | 75,893 | |||
Costs Capitalized Subsequent to Acquisition | 7,007 | |||
Sales of Outparcel Land | (753) | |||
Gross Amounts at Which Carried at Close of Period, Land | 5,304 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 82,589 | |||
Gross Amounts at Which Carried at Close of Period, Total | 87,893 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (28,648) | |||
East Towne Mall, Madison, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,496 | |||
Initial Cost, Buildings and Improvements | 63,867 | |||
Costs Capitalized Subsequent to Acquisition | 47,046 | |||
Sales of Outparcel Land | (366) | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,130 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 110,913 | |||
Gross Amounts at Which Carried at Close of Period, Total | 115,043 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (42,178) | |||
EastGate Mall, Cincinnati, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 38,527 | |||
Initial Cost, Land | 13,046 | |||
Initial Cost, Buildings and Improvements | 44,949 | |||
Costs Capitalized Subsequent to Acquisition | 28,819 | |||
Sales of Outparcel Land | (1,017) | |||
Gross Amounts at Which Carried at Close of Period, Land | 12,029 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 73,768 | |||
Gross Amounts at Which Carried at Close of Period, Total | 85,797 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (26,166) | |||
Fashion Square, Saginaw, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 38,749 | |||
Initial Cost, Land | 15,218 | |||
Initial Cost, Buildings and Improvements | 64,970 | |||
Costs Capitalized Subsequent to Acquisition | 11,405 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,218 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 76,375 | |||
Gross Amounts at Which Carried at Close of Period, Total | 91,593 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (30,429) | |||
Fayette Mall, Lexington, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 166,837 | |||
Initial Cost, Land | 25,194 | |||
Initial Cost, Buildings and Improvements | 84,267 | |||
Costs Capitalized Subsequent to Acquisition | 103,748 | |||
Sales of Outparcel Land | 11 | |||
Gross Amounts at Which Carried at Close of Period, Land | 25,205 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 188,015 | |||
Gross Amounts at Which Carried at Close of Period, Total | 213,220 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (51,212) | |||
Frontier Mall, Cheyenne, WY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,681 | |||
Initial Cost, Buildings and Improvements | 15,858 | |||
Costs Capitalized Subsequent to Acquisition | 20,184 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,681 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 36,042 | |||
Gross Amounts at Which Carried at Close of Period, Total | 38,723 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (21,660) | |||
Foothills Mall, Maryville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 6,376 | |||
Initial Cost, Buildings and Improvements | 27,376 | |||
Costs Capitalized Subsequent to Acquisition | 11,692 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,392 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 39,052 | |||
Gross Amounts at Which Carried at Close of Period, Total | 45,444 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (24,850) | |||
Greenbrier Mall, Chesapeake, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 72,171 | |||
Initial Cost, Land | 3,181 | |||
Initial Cost, Buildings and Improvements | 107,355 | |||
Costs Capitalized Subsequent to Acquisition | 14,001 | |||
Sales of Outparcel Land | (626) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,555 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 121,356 | |||
Gross Amounts at Which Carried at Close of Period, Total | 123,911 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (37,009) | |||
Hamilton Place, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 99,224 | |||
Initial Cost, Land | 3,532 | |||
Initial Cost, Buildings and Improvements | 42,643 | |||
Costs Capitalized Subsequent to Acquisition | 41,215 | |||
Sales of Outparcel Land | (441) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,091 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 83,838 | |||
Gross Amounts at Which Carried at Close of Period, Total | 86,929 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (47,699) | |||
Hanes Mall, Winston-Salem, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 149,019 | |||
Initial Cost, Land | 17,176 | |||
Initial Cost, Buildings and Improvements | 133,376 | |||
Costs Capitalized Subsequent to Acquisition | 50,988 | |||
Sales of Outparcel Land | (948) | |||
Gross Amounts at Which Carried at Close of Period, Land | 18,618 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 181,974 | |||
Gross Amounts at Which Carried at Close of Period, Total | 200,592 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (67,472) | |||
Harford Mall, Bel Air, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,699 | |||
Initial Cost, Buildings and Improvements | 45,704 | |||
Costs Capitalized Subsequent to Acquisition | 22,070 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,699 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 67,774 | |||
Gross Amounts at Which Carried at Close of Period, Total | 76,473 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (23,484) | |||
Hickory Point Mall, Forsyth, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 27,569 | |||
Initial Cost, Land | 10,731 | |||
Initial Cost, Buildings and Improvements | 31,728 | |||
Costs Capitalized Subsequent to Acquisition | 16,867 | |||
Sales of Outparcel Land | (293) | |||
Gross Amounts at Which Carried at Close of Period, Land | 10,439 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 48,594 | |||
Gross Amounts at Which Carried at Close of Period, Total | 59,033 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (16,932) | |||
Honey Creek Mall, Terre Haute, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 27,884 | |||
Initial Cost, Land | 3,108 | |||
Initial Cost, Buildings and Improvements | 83,358 | |||
Costs Capitalized Subsequent to Acquisition | 13,158 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,108 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 96,516 | |||
Gross Amounts at Which Carried at Close of Period, Total | 99,624 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (31,234) | |||
Imperial Valley Mall, El Centro, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 35,378 | |||
Initial Cost, Buildings and Improvements | 70,549 | |||
Costs Capitalized Subsequent to Acquisition | 2,342 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 35,378 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 72,891 | |||
Gross Amounts at Which Carried at Close of Period, Total | 108,269 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (7,426) | |||
Janesville Mall, Janesville, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,074 | |||
Initial Cost, Buildings and Improvements | 26,009 | |||
Costs Capitalized Subsequent to Acquisition | 21,062 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,074 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 47,071 | |||
Gross Amounts at Which Carried at Close of Period, Total | 55,145 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (15,685) | |||
Jefferson Mall, Louisville, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 67,285 | |||
Initial Cost, Land | 13,125 | |||
Initial Cost, Buildings and Improvements | 40,234 | |||
Costs Capitalized Subsequent to Acquisition | 28,694 | |||
Sales of Outparcel Land | (521) | |||
Gross Amounts at Which Carried at Close of Period, Land | 12,604 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 68,928 | |||
Gross Amounts at Which Carried at Close of Period, Total | 81,532 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (24,801) | |||
Kirkwood Mall, Bismarck, ND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 38,579 | |||
Initial Cost, Land | 3,368 | |||
Initial Cost, Buildings and Improvements | 118,945 | |||
Costs Capitalized Subsequent to Acquisition | 7,645 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,368 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 126,590 | |||
Gross Amounts at Which Carried at Close of Period, Total | 129,958 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (11,541) | |||
The Lakes Mall, Muskegon, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,328 | |||
Initial Cost, Buildings and Improvements | 42,366 | |||
Costs Capitalized Subsequent to Acquisition | 12,858 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,328 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 55,224 | |||
Gross Amounts at Which Carried at Close of Period, Total | 58,552 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (24,634) | |||
Laurel Park Place, Livonia, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 13,289 | |||
Initial Cost, Buildings and Improvements | 92,579 | |||
Costs Capitalized Subsequent to Acquisition | 19,473 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 13,289 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 112,052 | |||
Gross Amounts at Which Carried at Close of Period, Total | 125,341 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (39,089) | |||
Layton Hills Mall, Layton, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 92,215 | |||
Initial Cost, Land | 20,464 | |||
Initial Cost, Buildings and Improvements | 99,836 | |||
Costs Capitalized Subsequent to Acquisition | 9,726 | |||
Sales of Outparcel Land | (275) | |||
Gross Amounts at Which Carried at Close of Period, Land | 20,189 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 109,562 | |||
Gross Amounts at Which Carried at Close of Period, Total | 129,751 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (35,330) | |||
Mall del Norte, Laredo, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 21,734 | |||
Initial Cost, Buildings and Improvements | 142,049 | |||
Costs Capitalized Subsequent to Acquisition | 49,073 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 21,734 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 191,122 | |||
Gross Amounts at Which Carried at Close of Period, Total | 212,856 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (71,302) | |||
Mayfaire Town Center, Wilmington, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 26,333 | |||
Initial Cost, Buildings and Improvements | 101,087 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 26,333 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 101,087 | |||
Gross Amounts at Which Carried at Close of Period, Total | 127,420 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,667) | |||
Meridian Mall, Lansing, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 529 | |||
Initial Cost, Buildings and Improvements | 103,678 | |||
Costs Capitalized Subsequent to Acquisition | 81,188 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,232 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 183,163 | |||
Gross Amounts at Which Carried at Close of Period, Total | 185,395 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (76,860) | |||
Midland Mall, Midland, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 32,418 | |||
Initial Cost, Land | 10,321 | |||
Initial Cost, Buildings and Improvements | 29,429 | |||
Costs Capitalized Subsequent to Acquisition | 11,569 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 10,321 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 40,998 | |||
Gross Amounts at Which Carried at Close of Period, Total | 51,319 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (17,130) | |||
Mid Rivers Mall, St. Peters, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 16,384 | |||
Initial Cost, Buildings and Improvements | 170,582 | |||
Costs Capitalized Subsequent to Acquisition | 16,717 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 16,384 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 187,299 | |||
Gross Amounts at Which Carried at Close of Period, Total | 203,683 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (48,989) | |||
Monroeville Mall, Pittsburgh, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 22,911 | |||
Initial Cost, Buildings and Improvements | 177,214 | |||
Costs Capitalized Subsequent to Acquisition | 74,427 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 25,432 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 249,120 | |||
Gross Amounts at Which Carried at Close of Period, Total | 274,552 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (70,212) | |||
Northgate Mall, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,330 | |||
Initial Cost, Buildings and Improvements | 8,960 | |||
Costs Capitalized Subsequent to Acquisition | 23,159 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,330 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 32,119 | |||
Gross Amounts at Which Carried at Close of Period, Total | 34,449 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,782) | |||
Northpark Mall, Joplin, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,977 | |||
Initial Cost, Buildings and Improvements | 65,481 | |||
Costs Capitalized Subsequent to Acquisition | 40,840 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 10,962 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 105,336 | |||
Gross Amounts at Which Carried at Close of Period, Total | 116,298 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (38,003) | |||
Northwoods Mall, North Charleston, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 69,036 | |||
Initial Cost, Land | 14,867 | |||
Initial Cost, Buildings and Improvements | 49,647 | |||
Costs Capitalized Subsequent to Acquisition | 24,405 | |||
Sales of Outparcel Land | (2,339) | |||
Gross Amounts at Which Carried at Close of Period, Land | 12,528 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 74,052 | |||
Gross Amounts at Which Carried at Close of Period, Total | 86,580 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (26,958) | |||
Old Hickory Mall, Jackson, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 15,527 | |||
Initial Cost, Buildings and Improvements | 29,413 | |||
Costs Capitalized Subsequent to Acquisition | 8,271 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,527 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 37,684 | |||
Gross Amounts at Which Carried at Close of Period, Total | 53,211 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (15,176) | |||
The Outlet Shoppes at Atlanta, Woodstock, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 83,247 | |||
Initial Cost, Land | 8,598 | |||
Initial Cost, Buildings and Improvements | 100,613 | |||
Costs Capitalized Subsequent to Acquisition | (27,176) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 17,167 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 64,868 | |||
Gross Amounts at Which Carried at Close of Period, Total | 82,035 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (8,687) | |||
The Outlet Shoppes at El Paso, El Paso, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 70,335 | |||
Initial Cost, Land | 7,345 | |||
Initial Cost, Buildings and Improvements | 98,602 | |||
Costs Capitalized Subsequent to Acquisition | 11,432 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 7,569 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 109,810 | |||
Gross Amounts at Which Carried at Close of Period, Total | 117,379 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (14,098) | |||
The Outlet Shoppes at Gettysburg, Gettysburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 38,450 | |||
Initial Cost, Land | 20,779 | |||
Initial Cost, Buildings and Improvements | 22,180 | |||
Costs Capitalized Subsequent to Acquisition | 1,173 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 20,779 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 23,353 | |||
Gross Amounts at Which Carried at Close of Period, Total | 44,132 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,004) | |||
The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 63,875 | |||
Initial Cost, Land | 7,402 | |||
Initial Cost, Buildings and Improvements | 50,268 | |||
Costs Capitalized Subsequent to Acquisition | 12,727 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,833 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 63,564 | |||
Gross Amounts at Which Carried at Close of Period, Total | 70,397 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (17,711) | |||
The Outlet Shoppes of the Bluegrass, Simpsonville, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 86,221 | |||
Initial Cost, Land | 3,193 | |||
Initial Cost, Buildings and Improvements | 72,962 | |||
Costs Capitalized Subsequent to Acquisition | 1,887 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,193 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 74,849 | |||
Gross Amounts at Which Carried at Close of Period, Total | 78,042 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,109) | |||
Parkdale Mall, Beaumont, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 85,808 | |||
Initial Cost, Land | 23,850 | |||
Initial Cost, Buildings and Improvements | 47,390 | |||
Costs Capitalized Subsequent to Acquisition | 56,407 | |||
Sales of Outparcel Land | (307) | |||
Gross Amounts at Which Carried at Close of Period, Land | 23,544 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 103,796 | |||
Gross Amounts at Which Carried at Close of Period, Total | 127,340 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (37,557) | |||
Park Plaza Mall, Little Rock, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 89,255 | |||
Initial Cost, Land | 6,297 | |||
Initial Cost, Buildings and Improvements | 81,638 | |||
Costs Capitalized Subsequent to Acquisition | 34,867 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,304 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 116,498 | |||
Gross Amounts at Which Carried at Close of Period, Total | 122,802 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (46,325) | |||
Parkway Place, Huntsville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 37,644 | |||
Initial Cost, Land | 6,364 | |||
Initial Cost, Buildings and Improvements | 67,067 | |||
Costs Capitalized Subsequent to Acquisition | 4,396 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,364 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 71,463 | |||
Gross Amounts at Which Carried at Close of Period, Total | 77,827 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (13,521) | |||
Pearland Town Center, Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 16,300 | |||
Initial Cost, Buildings and Improvements | 108,615 | |||
Costs Capitalized Subsequent to Acquisition | 16,234 | |||
Sales of Outparcel Land | (366) | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,443 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 125,340 | |||
Gross Amounts at Which Carried at Close of Period, Total | 140,783 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (36,465) | |||
Post Oak Mall, College Station, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,936 | |||
Initial Cost, Buildings and Improvements | 48,948 | |||
Costs Capitalized Subsequent to Acquisition | 13,452 | |||
Sales of Outparcel Land | (327) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,608 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 62,401 | |||
Gross Amounts at Which Carried at Close of Period, Total | 66,009 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (32,127) | |||
Randolph Mall, Asheboro, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,547 | |||
Initial Cost, Buildings and Improvements | 13,927 | |||
Costs Capitalized Subsequent to Acquisition | 12,117 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,547 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 26,044 | |||
Gross Amounts at Which Carried at Close of Period, Total | 30,591 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (9,902) | |||
Regency Mall, Racine, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,539 | |||
Initial Cost, Buildings and Improvements | 36,839 | |||
Costs Capitalized Subsequent to Acquisition | 18,190 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,399 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 54,169 | |||
Gross Amounts at Which Carried at Close of Period, Total | 58,568 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (21,836) | |||
Richland Mall, Waco, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,874 | |||
Initial Cost, Buildings and Improvements | 34,793 | |||
Costs Capitalized Subsequent to Acquisition | 16,233 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 9,887 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 51,013 | |||
Gross Amounts at Which Carried at Close of Period, Total | 60,900 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (18,114) | |||
River Ridge Mall, Lynchburg, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,824 | |||
Initial Cost, Buildings and Improvements | 59,052 | |||
Costs Capitalized Subsequent to Acquisition | 13,393 | |||
Sales of Outparcel Land | (252) | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,572 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 72,445 | |||
Gross Amounts at Which Carried at Close of Period, Total | 77,017 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (20,618) | |||
South County Center, St. Louis, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 15,754 | |||
Initial Cost, Buildings and Improvements | 159,249 | |||
Costs Capitalized Subsequent to Acquisition | 14,798 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,754 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 174,047 | |||
Gross Amounts at Which Carried at Close of Period, Total | 189,801 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (44,133) | |||
Southaven Towne Center, Southaven, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 39,066 | |||
Initial Cost, Land | 8,255 | |||
Initial Cost, Buildings and Improvements | 29,380 | |||
Costs Capitalized Subsequent to Acquisition | 13,365 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,478 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 42,522 | |||
Gross Amounts at Which Carried at Close of Period, Total | 51,000 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (16,728) | |||
Southpark Mall, Colonial Heights, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 63,389 | |||
Initial Cost, Land | 9,501 | |||
Initial Cost, Buildings and Improvements | 73,262 | |||
Costs Capitalized Subsequent to Acquisition | 35,226 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,282 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 106,707 | |||
Gross Amounts at Which Carried at Close of Period, Total | 117,989 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (35,872) | |||
Stroud Mall, Stroudsburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 30,621 | |||
Initial Cost, Land | 14,711 | |||
Initial Cost, Buildings and Improvements | 23,936 | |||
Costs Capitalized Subsequent to Acquisition | 20,799 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 14,711 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 44,735 | |||
Gross Amounts at Which Carried at Close of Period, Total | 59,446 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (17,206) | |||
St. Clair Square, Fairview Heights, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 11,027 | |||
Initial Cost, Buildings and Improvements | 75,620 | |||
Costs Capitalized Subsequent to Acquisition | 34,952 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,027 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 110,572 | |||
Gross Amounts at Which Carried at Close of Period, Total | 121,599 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (49,515) | |||
Sunrise Mall, Brownsville, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 11,156 | |||
Initial Cost, Buildings and Improvements | 59,047 | |||
Costs Capitalized Subsequent to Acquisition | 11,980 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,156 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 71,027 | |||
Gross Amounts at Which Carried at Close of Period, Total | 82,183 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (20,025) | |||
Turtle Creek Mall, Hattiesburg, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,345 | |||
Initial Cost, Buildings and Improvements | 26,418 | |||
Costs Capitalized Subsequent to Acquisition | 17,506 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,535 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 42,734 | |||
Gross Amounts at Which Carried at Close of Period, Total | 46,269 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (21,801) | |||
Valley View Mall, Roanoke, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 58,259 | |||
Initial Cost, Land | 15,985 | |||
Initial Cost, Buildings and Improvements | 77,771 | |||
Costs Capitalized Subsequent to Acquisition | 21,699 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,999 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 99,456 | |||
Gross Amounts at Which Carried at Close of Period, Total | 115,455 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (31,818) | |||
Volusia Mall, Daytona Beach, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 47,967 | |||
Initial Cost, Land | 2,526 | |||
Initial Cost, Buildings and Improvements | 120,242 | |||
Costs Capitalized Subsequent to Acquisition | 28,071 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,431 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 144,408 | |||
Gross Amounts at Which Carried at Close of Period, Total | 150,839 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (40,988) | |||
Walnut Square, Dalton, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 50 | |||
Initial Cost, Buildings and Improvements | 15,138 | |||
Costs Capitalized Subsequent to Acquisition | 17,347 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 50 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 32,485 | |||
Gross Amounts at Which Carried at Close of Period, Total | 32,535 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (19,168) | |||
Wausau Center, Wausau, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,923 | |||
Initial Cost, Land | 5,231 | |||
Initial Cost, Buildings and Improvements | 24,705 | |||
Costs Capitalized Subsequent to Acquisition | 16,463 | |||
Sales of Outparcel Land | (5,231) | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 41,168 | |||
Gross Amounts at Which Carried at Close of Period, Total | 41,168 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (18,636) | |||
West Towne Mall, Madison, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,545 | |||
Initial Cost, Buildings and Improvements | 83,084 | |||
Costs Capitalized Subsequent to Acquisition | 51,282 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 9,545 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 134,366 | |||
Gross Amounts at Which Carried at Close of Period, Total | 143,911 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (48,193) | |||
WestGate Mall, Spartanburg, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 37,000 | |||
Initial Cost, Land | 2,149 | |||
Initial Cost, Buildings and Improvements | 23,257 | |||
Costs Capitalized Subsequent to Acquisition | 47,215 | |||
Sales of Outparcel Land | (432) | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,742 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 70,447 | |||
Gross Amounts at Which Carried at Close of Period, Total | 72,189 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (36,682) | |||
Westmoreland Mall, Greensburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,621 | |||
Initial Cost, Buildings and Improvements | 84,215 | |||
Costs Capitalized Subsequent to Acquisition | 23,152 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,621 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 107,367 | |||
Gross Amounts at Which Carried at Close of Period, Total | 111,988 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (38,028) | |||
York Galleria, York, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 48,891 | |||
Initial Cost, Land | 5,757 | |||
Initial Cost, Buildings and Improvements | 63,316 | |||
Costs Capitalized Subsequent to Acquisition | 9,995 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 5,757 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 73,311 | |||
Gross Amounts at Which Carried at Close of Period, Total | 79,068 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (31,135) | |||
Annex at Monroeville, Pittsburgh, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 29,496 | |||
Costs Capitalized Subsequent to Acquisition | (685) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 28,811 | |||
Gross Amounts at Which Carried at Close of Period, Total | 28,811 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (8,375) | |||
Bonita Lakes Crossing, Meridian, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 794 | |||
Initial Cost, Buildings and Improvements | 4,786 | |||
Costs Capitalized Subsequent to Acquisition | 8,729 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 794 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 13,515 | |||
Gross Amounts at Which Carried at Close of Period, Total | 14,309 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,073) | |||
CoolSprings Crossing, Nashville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,443 | |||
Initial Cost, Land | 2,803 | |||
Initial Cost, Buildings and Improvements | 14,985 | |||
Costs Capitalized Subsequent to Acquisition | 5,561 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,554 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 19,795 | |||
Gross Amounts at Which Carried at Close of Period, Total | 23,349 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (11,722) | |||
Courtyard at Hickory Hollow, Nashville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,314 | |||
Initial Cost, Buildings and Improvements | 2,771 | |||
Costs Capitalized Subsequent to Acquisition | (1,816) | |||
Sales of Outparcel Land | (231) | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,500 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 2,538 | |||
Gross Amounts at Which Carried at Close of Period, Total | 4,038 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (536) | |||
Frontier Square, Cheyenne, WY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 346 | |||
Initial Cost, Buildings and Improvements | 684 | |||
Costs Capitalized Subsequent to Acquisition | 350 | |||
Sales of Outparcel Land | (86) | |||
Gross Amounts at Which Carried at Close of Period, Land | 260 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 1,034 | |||
Gross Amounts at Which Carried at Close of Period, Total | 1,294 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (627) | |||
Gunbarrel Pointe, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,197 | |||
Initial Cost, Land | 4,170 | |||
Initial Cost, Buildings and Improvements | 10,874 | |||
Costs Capitalized Subsequent to Acquisition | 3,469 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,170 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 14,343 | |||
Gross Amounts at Which Carried at Close of Period, Total | 18,513 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,400) | |||
Hamilton Corner, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,621 | |||
Initial Cost, Land | 630 | |||
Initial Cost, Buildings and Improvements | 5,532 | |||
Costs Capitalized Subsequent to Acquisition | 8,548 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 734 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 13,976 | |||
Gross Amounts at Which Carried at Close of Period, Total | 14,710 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,549) | |||
Hamilton Crossing, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,618 | |||
Initial Cost, Land | 4,014 | |||
Initial Cost, Buildings and Improvements | 5,906 | |||
Costs Capitalized Subsequent to Acquisition | 6,819 | |||
Sales of Outparcel Land | (1,370) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,644 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 12,725 | |||
Gross Amounts at Which Carried at Close of Period, Total | 15,369 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,526) | |||
Harford Annex, Bel Air, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,854 | |||
Initial Cost, Buildings and Improvements | 9,718 | |||
Costs Capitalized Subsequent to Acquisition | 1,084 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,854 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 10,802 | |||
Gross Amounts at Which Carried at Close of Period, Total | 13,656 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,287) | |||
The Landing at Arbor Place, Douglasville, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,993 | |||
Initial Cost, Buildings and Improvements | 14,330 | |||
Costs Capitalized Subsequent to Acquisition | 1,511 | |||
Sales of Outparcel Land | (748) | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,245 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 15,841 | |||
Gross Amounts at Which Carried at Close of Period, Total | 20,086 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (8,432) | |||
Layton Hills Convenience Center, Layton, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 8 | |||
Costs Capitalized Subsequent to Acquisition | 2,799 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 2,807 | |||
Gross Amounts at Which Carried at Close of Period, Total | 2,807 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (471) | |||
Layton Hills Plaza, Layton, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 2 | |||
Costs Capitalized Subsequent to Acquisition | 299 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 301 | |||
Gross Amounts at Which Carried at Close of Period, Total | 301 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (186) | |||
The Plaza at Fayette, Lexington, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 38,092 | |||
Initial Cost, Land | 9,531 | |||
Initial Cost, Buildings and Improvements | 27,646 | |||
Costs Capitalized Subsequent to Acquisition | 3,810 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 9,531 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 31,456 | |||
Gross Amounts at Which Carried at Close of Period, Total | 40,987 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (9,892) | |||
Parkdale Crossing, Beaumont, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,994 | |||
Initial Cost, Buildings and Improvements | 7,408 | |||
Costs Capitalized Subsequent to Acquisition | 2,282 | |||
Sales of Outparcel Land | (355) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,639 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 9,690 | |||
Gross Amounts at Which Carried at Close of Period, Total | 12,329 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,182) | |||
The Shoppes At Hamilton Place, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,894 | |||
Initial Cost, Buildings and Improvements | 11,700 | |||
Costs Capitalized Subsequent to Acquisition | 1,592 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,894 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 13,292 | |||
Gross Amounts at Which Carried at Close of Period, Total | 18,186 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,134) | |||
Sunrise Commons, Brownsville, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,013 | |||
Initial Cost, Buildings and Improvements | 7,525 | |||
Costs Capitalized Subsequent to Acquisition | 1,063 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,013 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 8,588 | |||
Gross Amounts at Which Carried at Close of Period, Total | 9,601 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,918) | |||
The Shoppes at St. Clair Square, Fairview Heights, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,305 | |||
Initial Cost, Land | 8,250 | |||
Initial Cost, Buildings and Improvements | 23,623 | |||
Costs Capitalized Subsequent to Acquisition | 597 | |||
Sales of Outparcel Land | (5,044) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,206 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 24,220 | |||
Gross Amounts at Which Carried at Close of Period, Total | 27,426 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (7,996) | |||
The Terrace, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,381 | |||
Initial Cost, Land | 4,166 | |||
Initial Cost, Buildings and Improvements | 9,929 | |||
Costs Capitalized Subsequent to Acquisition | 8,102 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,536 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 15,661 | |||
Gross Amounts at Which Carried at Close of Period, Total | 22,197 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,444) | |||
West Towne Crossing, Madison, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,151 | |||
Initial Cost, Buildings and Improvements | 2,955 | |||
Costs Capitalized Subsequent to Acquisition | 7,940 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,126 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 9,920 | |||
Gross Amounts at Which Carried at Close of Period, Total | 12,046 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,948) | |||
WestGate Crossing, Spartanburg, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,082 | |||
Initial Cost, Buildings and Improvements | 3,422 | |||
Costs Capitalized Subsequent to Acquisition | 6,722 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,082 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 10,144 | |||
Gross Amounts at Which Carried at Close of Period, Total | 11,226 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,197) | |||
Westmoreland Crossing, Greensburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,898 | |||
Initial Cost, Buildings and Improvements | 21,167 | |||
Costs Capitalized Subsequent to Acquisition | 9,262 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,898 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 30,429 | |||
Gross Amounts at Which Carried at Close of Period, Total | 33,327 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (10,040) | |||
Cobblestone Village at Palm Coast, Palm Coast, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 6,082 | |||
Initial Cost, Buildings and Improvements | 12,070 | |||
Costs Capitalized Subsequent to Acquisition | (524) | |||
Sales of Outparcel Land | (220) | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,296 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 13,112 | |||
Gross Amounts at Which Carried at Close of Period, Total | 17,408 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,840) | |||
The Crossings at Marshalls Creek, Middle Smithfield, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 6,456 | |||
Initial Cost, Buildings and Improvements | 15,351 | |||
Costs Capitalized Subsequent to Acquisition | (1,744) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,453 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 13,610 | |||
Gross Amounts at Which Carried at Close of Period, Total | 20,063 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,377) | |||
The Forum at Grand View, Madison, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,234 | |||
Initial Cost, Buildings and Improvements | 17,285 | |||
Costs Capitalized Subsequent to Acquisition | 14,710 | |||
Sales of Outparcel Land | (684) | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,652 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 31,893 | |||
Gross Amounts at Which Carried at Close of Period, Total | 40,545 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,905) | |||
Parkway Plaza, Fort Oglethorpe, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,675 | |||
Initial Cost, Buildings and Improvements | 13,435 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,675 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 13,435 | |||
Gross Amounts at Which Carried at Close of Period, Total | 16,110 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (365) | |||
The Promenade, D'Iberville, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 16,278 | |||
Initial Cost, Buildings and Improvements | 48,806 | |||
Costs Capitalized Subsequent to Acquisition | 24,400 | |||
Sales of Outparcel Land | (706) | |||
Gross Amounts at Which Carried at Close of Period, Land | 17,953 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 70,825 | |||
Gross Amounts at Which Carried at Close of Period, Total | 88,778 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (13,341) | |||
Statesboro Crossing, Statesboro, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,087 | |||
Initial Cost, Land | 2,855 | |||
Initial Cost, Buildings and Improvements | 17,805 | |||
Costs Capitalized Subsequent to Acquisition | 2,234 | |||
Sales of Outparcel Land | (235) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,840 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 19,819 | |||
Gross Amounts at Which Carried at Close of Period, Total | 22,659 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,200) | |||
840 Greenbrier Circle, Chesapeake, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,096 | |||
Initial Cost, Buildings and Improvements | 3,091 | |||
Costs Capitalized Subsequent to Acquisition | 173 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,096 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 3,264 | |||
Gross Amounts at Which Carried at Close of Period, Total | 5,360 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,021) | |||
850 Greenbrier Circle, Chesapeake, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,154 | |||
Initial Cost, Buildings and Improvements | 6,881 | |||
Costs Capitalized Subsequent to Acquisition | (289) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,154 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 6,592 | |||
Gross Amounts at Which Carried at Close of Period, Total | 9,746 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,625) | |||
CBL Center, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 13,648 | |||
Costs Capitalized Subsequent to Acquisition | 1,101 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 14,749 | |||
Gross Amounts at Which Carried at Close of Period, Total | 14,749 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,036) | |||
CBL Center II, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,844 | |||
Initial Cost, Land | 140 | |||
Initial Cost, Buildings and Improvements | 24,675 | |||
Costs Capitalized Subsequent to Acquisition | 45 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 140 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 24,720 | |||
Gross Amounts at Which Carried at Close of Period, Total | 24,860 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (13,479) | |||
Oak Branch Business Center, Greensboro, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 535 | |||
Initial Cost, Buildings and Improvements | 2,192 | |||
Costs Capitalized Subsequent to Acquisition | 210 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 535 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 2,402 | |||
Gross Amounts at Which Carried at Close of Period, Total | 2,937 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (621) | |||
One Oyster Point, Newport News, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,822 | |||
Initial Cost, Buildings and Improvements | 3,623 | |||
Costs Capitalized Subsequent to Acquisition | 853 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,822 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 4,476 | |||
Gross Amounts at Which Carried at Close of Period, Total | 6,298 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (965) | |||
Pearland Hotel, Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 16,149 | |||
Costs Capitalized Subsequent to Acquisition | 503 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 16,652 | |||
Gross Amounts at Which Carried at Close of Period, Total | 16,652 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,978) | |||
Pearland Office, Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 7,849 | |||
Costs Capitalized Subsequent to Acquisition | 1,341 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 9,190 | |||
Gross Amounts at Which Carried at Close of Period, Total | 9,190 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (662) | |||
Pearland Residential Mgmt, Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 9,666 | |||
Costs Capitalized Subsequent to Acquisition | 9 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 9,675 | |||
Gross Amounts at Which Carried at Close of Period, Total | 9,675 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,993) | |||
Two Oyster Point, Newport News, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,543 | |||
Initial Cost, Buildings and Improvements | 3,974 | |||
Costs Capitalized Subsequent to Acquisition | 542 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,543 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 4,516 | |||
Gross Amounts at Which Carried at Close of Period, Total | 6,059 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,467) | |||
Chapel Hill Suburban, Akron, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 925 | |||
Initial Cost, Buildings and Improvements | 2,520 | |||
Costs Capitalized Subsequent to Acquisition | (3,445) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
EastGate Crossing, Cincinnati, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 11 | |||
Initial Cost, Buildings and Improvements | 2,424 | |||
Costs Capitalized Subsequent to Acquisition | (2,424) | |||
Sales of Outparcel Land | (11) | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Madison Plaza, Huntsville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 473 | |||
Initial Cost, Buildings and Improvements | 2,888 | |||
Costs Capitalized Subsequent to Acquisition | (3,361) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Madison Square, Huntsville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 17,596 | |||
Initial Cost, Buildings and Improvements | 39,186 | |||
Costs Capitalized Subsequent to Acquisition | (56,782) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Waynesville Commons, Waynesville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,511 | |||
Initial Cost, Buildings and Improvements | 6,141 | |||
Costs Capitalized Subsequent to Acquisition | (9,652) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Other | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,058 | |||
Initial Cost, Buildings and Improvements | 3,458 | |||
Costs Capitalized Subsequent to Acquisition | 75,616 | |||
Sales of Outparcel Land | (1,561) | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,710 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 1,870 | |||
Gross Amounts at Which Carried at Close of Period, Total | 3,580 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,639) | |||
Developments in progress consisting of construction and Development Properties | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 75,991 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 75,991 | |||
Gross Amounts at Which Carried at Close of Period, Total | 75,991 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | $ 0 |
Schedule III - REAL ESTATE A103
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Carrying Amount of Real Estate Investments and Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of period | $ 8,187,183 | $ 8,123,514 | $ 8,301,013 |
Additions and improvements | 230,990 | 282,282 | 282,664 |
Acquisitions of real estate assets | 182,747 | 0 | 29,912 |
Disposals and accumulated depreciation on impairments | (249,716) | (189,372) | (412,976) |
Transfers from real estate assets | (4,738) | (11,383) | (8,031) |
Impairment of real estate assets | (105,945) | (17,858) | (69,068) |
Balance at end of period | 8,240,521 | 8,187,183 | 8,123,514 |
Accumulated depreciation, beginning of period | 2,240,007 | 2,056,357 | 1,972,031 |
Depreciation expense | 274,544 | 269,602 | 253,142 |
Accumulated depreciation on real estate assets sold, retired or impaired | (131,983) | (85,952) | (168,816) |
Accumulated depreciation, end of period | $ 2,382,568 | $ 2,240,007 | $ 2,056,357 |
Schedule IV - MORTGAGE NOTES104
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Mortgage Loans on Real Estate [Line Items] | |||
Monthly payment amount | $ 52 | ||
Balloon Payment At Maturity | 6,407 | ||
Face Amount Of Mortgage | 10,843 | ||
Carrying Amount of Mortgage | 7,776 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | 0 | ||
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Beginning balance | 9,323 | $ 19,120 | $ 19,383 |
Additions | 0 | 360 | 0 |
Payments | (1,547) | (10,157) | (263) |
Ending balance | $ 7,776 | $ 9,323 | $ 19,120 |
OTHER | |||
Mortgage Loans on Real Estate [Line Items] | |||
Minimum interest rate in range (percent) | 2.93% | ||
Maximum interest rate in range (percent) | 9.50% | ||
Monthly payment amount | $ 20 | ||
Balloon Payment At Maturity | 4,380 | ||
Face Amount Of Mortgage | 4,656 | ||
Carrying Amount of Mortgage | 4,380 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 0 | ||
Interest rate, current variable rate (percent) | 5.25% | ||
OTHER | Prime Rate | |||
Mortgage Loans on Real Estate [Line Items] | |||
Basis spread on variable rate (percent) | 2.00% | ||
Columbia Place Outparcel | First Mortgage | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 5.00% | ||
Monthly payment amount | $ 3 | ||
Balloon Payment At Maturity | 342 | ||
Face Amount Of Mortgage | 360 | ||
Carrying Amount of Mortgage | 342 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 0 | ||
One Park Place - Chattanooga, TN | First Mortgage | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 5.00% | ||
Monthly payment amount | $ 21 | ||
Balloon Payment At Maturity | 0 | ||
Face Amount Of Mortgage | 3,200 | ||
Carrying Amount of Mortgage | 1,369 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 0 | ||
Village Square - Houghton Lake, MI and Village at Wexford - Cadillac, MI | First Mortgage | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 3.50% | ||
Monthly payment amount | $ 8 | ||
Balloon Payment At Maturity | 1,685 | ||
Face Amount Of Mortgage | 2,627 | ||
Carrying Amount of Mortgage | 1,685 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 0 | ||
New Garden Crossing | First Mortgage | LIBOR | |||
Mortgage Loans on Real Estate [Line Items] | |||
Basis spread on variable rate (percent) | 2.50% |