DELAWARE (CBL & ASSOCIATES PROPERTIES, INC.) | 62-1545718 | |
DELAWARE (CBL & ASSOCIATES LIMITED PARTNERSHIP) | 62-1542285 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
CBL & Associates Properties, Inc. | Yes x | No o | |
CBL & Associates Limited Partnership | Yes x | No o |
CBL & Associates Properties, Inc. | Yes x | No o | |
CBL & Associates Limited Partnership | Yes x | No o |
CBL & Associates Properties, Inc. | ||
Large accelerated filer x | Accelerated filer o | |
Non-accelerated filer o | Smaller reporting company o | |
Emerging growth company o | ||
CBL & Associates Limited Partnership | ||
Large accelerated filer o | Accelerated filer o | |
Non-accelerated filer x | Smaller reporting company o | |
Emerging growth company o |
CBL & Associates Properties, Inc. | Yes o | No x | |
CBL & Associates Limited Partnership | Yes o | No x |
• | enhances investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business; |
• | eliminates duplicative disclosure and provides a more streamlined and readable presentation, since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and |
• | creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. |
• | condensed consolidated financial statements; |
• |
• | controls and procedures in Item 4 of Part I of this report; |
• | information concerning unregistered sales of equity securities and use of proceeds in Item 2 of Part II of this report; and |
• | certifications of the Chief Executive Officer and Chief Financial Officer included as Exhibits 31.1 through 32.4. |
PART I | FINANCIAL INFORMATION | |
CBL & Associates Properties, Inc. | ||
CBL & Associates Limited Partnership | ||
CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
ASSETS (1) | September 30, 2018 | December 31, 2017 | |||||
Real estate assets: | |||||||
Land | $ | 818,436 | $ | 813,390 | |||
Buildings and improvements | 6,544,019 | 6,723,194 | |||||
7,362,455 | 7,536,584 | ||||||
Accumulated depreciation | (2,514,904 | ) | (2,465,095 | ) | |||
4,847,551 | 5,071,489 | ||||||
Held for sale | 14,807 | — | |||||
Developments in progress | 73,530 | 85,346 | |||||
Net investment in real estate assets | 4,935,888 | 5,156,835 | |||||
Cash and cash equivalents | 20,695 | 32,627 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $2,214 and $2,011 in 2018 and 2017, respectively | 77,095 | 83,552 | |||||
Other, net of allowance for doubtful accounts of $838 in 2017 | 7,109 | 7,570 | |||||
Mortgage and other notes receivable | 8,171 | 8,945 | |||||
Investments in unconsolidated affiliates | 275,884 | 249,192 | |||||
Intangible lease assets and other assets | 166,177 | 166,087 | |||||
$ | 5,491,019 | $ | 5,704,808 | ||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||
Mortgage and other indebtedness, net | $ | 4,115,808 | $ | 4,230,845 | |||
Accounts payable and accrued liabilities | 247,490 | 228,650 | |||||
Total liabilities (1) | 4,363,298 | 4,459,495 | |||||
Commitments and contingencies (Note 7 and Note 11) | |||||||
Redeemable noncontrolling interests | 6,228 | 8,835 | |||||
Shareholders' equity: | |||||||
Preferred stock, $.01 par value, 15,000,000 shares authorized: | |||||||
7.375% Series D Cumulative Redeemable Preferred Stock, 1,815,000 shares outstanding | 18 | 18 | |||||
6.625% Series E Cumulative Redeemable Preferred Stock, 690,000 shares outstanding | 7 | 7 | |||||
Common stock, $.01 par value, 350,000,000 shares authorized, 172,663,873 and 171,088,778 issued and outstanding in 2018 and 2017, respectively | 1,727 | 1,711 | |||||
Additional paid-in capital | 1,967,882 | 1,974,537 | |||||
Dividends in excess of cumulative earnings | (927,416 | ) | (836,269 | ) | |||
Total shareholders' equity | 1,042,218 | 1,140,004 | |||||
Noncontrolling interests | 79,275 | 96,474 | |||||
Total equity | 1,121,493 | 1,236,478 | |||||
$ | 5,491,019 | $ | 5,704,808 |
(1) | As of September 30, 2018, includes $621,616 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $414,923 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 6. |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
REVENUES: | |||||||||||||||
Minimum rents | $ | 142,248 | $ | 150,836 | $ | 441,097 | $ | 468,195 | |||||||
Percentage rents | 2,429 | 3,000 | 6,610 | 7,127 | |||||||||||
Other rents | 2,347 | 3,790 | 6,898 | 11,171 | |||||||||||
Tenant reimbursements | 55,374 | 63,055 | 172,601 | 192,577 | |||||||||||
Management, development and leasing fees | 2,658 | 2,718 | 8,022 | 8,747 | |||||||||||
Other | 1,822 | 1,251 | 6,448 | 4,079 | |||||||||||
Total revenues | 206,878 | 224,650 | 641,676 | 691,896 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Property operating | 30,004 | 31,295 | 92,357 | 96,250 | |||||||||||
Depreciation and amortization | 71,945 | 71,732 | 217,261 | 225,461 | |||||||||||
Real estate taxes | 19,433 | 21,573 | 61,737 | 62,343 | |||||||||||
Maintenance and repairs | 11,475 | 11,254 | 36,713 | 36,322 | |||||||||||
General and administrative | 16,051 | 13,568 | 47,845 | 45,402 | |||||||||||
Loss on impairment | 14,600 | 24,935 | 84,644 | 71,401 | |||||||||||
Other | 38 | 132 | 377 | 5,151 | |||||||||||
Total operating expenses | 163,546 | 174,489 | 540,934 | 542,330 | |||||||||||
Income from operations | 43,332 | 50,161 | 100,742 | 149,566 | |||||||||||
Interest and other income (loss) | 283 | (200 | ) | 714 | 1,235 | ||||||||||
Interest expense | (55,194 | ) | (53,913 | ) | (163,164 | ) | (165,179 | ) | |||||||
Gain on extinguishment of debt | — | 6,452 | — | 30,927 | |||||||||||
Gain (loss) on investments | — | (354 | ) | 387 | (6,197 | ) | |||||||||
Income tax benefit (provision) | (1,034 | ) | 1,064 | 1,846 | 4,784 | ||||||||||
Equity in earnings of unconsolidated affiliates | 1,762 | 4,706 | 9,869 | 16,404 | |||||||||||
Income (loss) from continuing operations before gain on sales of real estate assets | (10,851 | ) | 7,916 | (49,606 | ) | 31,540 | |||||||||
Gain on sales of real estate assets | 7,880 | 1,383 | 15,998 | 86,904 | |||||||||||
Net income (loss) | (2,971 | ) | 9,299 | (33,608 | ) | 118,444 | |||||||||
Net (income) loss attributable to noncontrolling interests in: | |||||||||||||||
Operating Partnership | 1,628 | 81 | 8,978 | (8,702 | ) | ||||||||||
Other consolidated subsidiaries | (24 | ) | (415 | ) | 369 | (25,266 | ) | ||||||||
Net income (loss) attributable to the Company | (1,367 | ) | 8,965 | (24,261 | ) | 84,476 | |||||||||
Preferred dividends | (11,223 | ) | (11,223 | ) | (33,669 | ) | (33,669 | ) | |||||||
Net income (loss) attributable to common shareholders | $ | (12,590 | ) | $ | (2,258 | ) | $ | (57,930 | ) | $ | 50,807 | ||||
Basic and diluted per share data attributable to common shareholders: | |||||||||||||||
Net income (loss) attributable to common shareholders | $ | (0.07 | ) | $ | (0.01 | ) | $ | (0.34 | ) | $ | 0.30 | ||||
Weighted-average common and potential dilutive common shares outstanding | 172,665 | 171,096 | 172,426 | 171,060 | |||||||||||
Dividends declared per common share | $ | 0.200 | $ | 0.265 | $ | 0.600 | $ | 0.795 |
Equity | |||||||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Dividends in Excess of Cumulative Earnings | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||
Balance, January 1, 2017 | $ | 17,996 | $ | 25 | $ | 1,708 | $ | 1,969,059 | $ | (742,078 | ) | $ | 1,228,714 | $ | 112,138 | $ | 1,340,852 | ||||||||||||||
Net income | 481 | — | — | — | 84,476 | 84,476 | 33,487 | 117,963 | |||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | (136,021 | ) | (136,021 | ) | — | (136,021 | ) | ||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | (33,669 | ) | (33,669 | ) | — | (33,669 | ) | ||||||||||||||||||||
Issuances of 342,008 shares of common stock and restricted common stock | — | — | 3 | 471 | — | 474 | — | 474 | |||||||||||||||||||||||
Cancellation of 37,758 shares of restricted common stock | — | — | — | (327 | ) | — | (327 | ) | — | (327 | ) | ||||||||||||||||||||
Performance stock units | — | — | — | 1,115 | — | 1,115 | — | 1,115 | |||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 3,135 | — | 3,135 | — | 3,135 | |||||||||||||||||||||||
Redemptions of Operating Partnership common units | — | — | — | — | — | — | (593 | ) | (593 | ) | |||||||||||||||||||||
Adjustment for noncontrolling interests | 2,224 | — | — | (5,635 | ) | — | (5,635 | ) | 3,413 | (2,222 | ) | ||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (4,196 | ) | — | — | 3,629 | — | 3,629 | 566 | 4,195 | ||||||||||||||||||||||
Deconsolidation of investment | — | — | — | — | — | — | (2,232 | ) | (2,232 | ) | |||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 263 | 263 | |||||||||||||||||||||||
Distributions to noncontrolling interests | (3,429 | ) | — | — | — | — | — | (48,477 | ) | (48,477 | ) | ||||||||||||||||||||
Balance, September 30, 2017 | $ | 13,076 | $ | 25 | $ | 1,711 | $ | 1,971,447 | $ | (827,292 | ) | $ | 1,145,891 | $ | 98,565 | $ | 1,244,456 |
Equity | |||||||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Dividends in Excess of Cumulative Earnings | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||||||||||||
Balance, January 1, 2018 | $ | 8,835 | $ | 25 | $ | 1,711 | $ | 1,974,537 | $ | (836,269 | ) | $ | 1,140,004 | $ | 96,474 | $ | 1,236,478 | ||||||||||||||
Net loss | (515 | ) | — | — | — | (24,261 | ) | (24,261 | ) | (8,832 | ) | (33,093 | ) | ||||||||||||||||||
Cumulative effect of accounting change (Note 2) | — | — | — | — | 11,433 | 11,433 | — | 11,433 | |||||||||||||||||||||||
Cumulative effect of accounting change (Note 3) | — | — | — | — | 58,947 | 58,947 | — | 58,947 | |||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | (103,597 | ) | (103,597 | ) | — | (103,597 | ) | ||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | (33,669 | ) | (33,669 | ) | — | (33,669 | ) | ||||||||||||||||||||
Issuances of 716,290 shares of common stock and restricted common stock | — | — | 7 | 810 | — | 817 | — | 817 | |||||||||||||||||||||||
Conversion of 915,338 Operating Partnership common units into shares of common stock | — | — | 9 | 3,050 | — | 3,059 | (3,059 | ) | — | ||||||||||||||||||||||
Redemptions of Operating Partnership common units | — | — | — | — | — | — | (2,246 | ) | (2,246 | ) | |||||||||||||||||||||
Cancellation of 56,533 shares of restricted common stock | — | — | — | (249 | ) | — | (249 | ) | — | (249 | ) | ||||||||||||||||||||
Performance stock units | — | — | — | 993 | — | 993 | — | 993 | |||||||||||||||||||||||
Forfeiture of performance stock units | — | — | — | (250 | ) | — | (250 | ) | — | (250 | ) | ||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 2,846 | — | 2,846 | — | 2,846 | |||||||||||||||||||||||
Adjustment for noncontrolling interests | 3,033 | — | — | (15,329 | ) | — | (15,329 | ) | 12,296 | (3,033 | ) | ||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (1,696 | ) | — | — | 1,474 | — | 1,474 | 222 | 1,696 | ||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | 7,859 | 7,859 | |||||||||||||||||||||||
Distributions to noncontrolling interests | (3,429 | ) | — | — | — | — | — | (23,439 | ) | (23,439 | ) | ||||||||||||||||||||
Balance, September 30, 2018 | $ | 6,228 | $ | 25 | $ | 1,727 | $ | 1,967,882 | $ | (927,416 | ) | $ | 1,042,218 | $ | 79,275 | $ | 1,121,493 |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income (loss) | $ | (33,608 | ) | $ | 118,444 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 217,261 | 225,461 | |||||
Net amortization of deferred financing costs, debt premiums and discounts | 5,451 | 2,904 | |||||
Net amortization of intangible lease assets and liabilities | 198 | (1,235 | ) | ||||
Gain on sales of real estate assets | (15,998 | ) | (86,904 | ) | |||
(Gain) loss on investments | (387 | ) | 6,197 | ||||
Write-off of development projects | 377 | 5,151 | |||||
Share-based compensation expense | 4,310 | 4,569 | |||||
Loss on impairment | 84,644 | 71,401 | |||||
Gain on extinguishment of debt | — | (30,927 | ) | ||||
Equity in earnings of unconsolidated affiliates | (9,869 | ) | (16,404 | ) | |||
Distributions of earnings from unconsolidated affiliates | 12,574 | 16,361 | |||||
Provision for doubtful accounts | 3,273 | 3,353 | |||||
Change in deferred tax accounts | (2,706 | ) | 2,911 | ||||
Changes in: | |||||||
Tenant and other receivables | 3,493 | (4,893 | ) | ||||
Other assets | (4,640 | ) | (12,368 | ) | |||
Accounts payable and accrued liabilities | 16,034 | 32,929 | |||||
Net cash provided by operating activities | 280,407 | 336,950 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Additions to real estate assets | (107,981 | ) | (149,302 | ) | |||
Acquisitions of real estate assets | (3,301 | ) | (79,799 | ) | |||
Proceeds from sales of real estate assets | 70,419 | 201,291 | |||||
Proceeds from disposal of investment | — | 9,000 | |||||
Additions to mortgage and other notes receivable | — | (4,118 | ) | ||||
Payments received on mortgage and other notes receivable | 775 | 3,443 | |||||
Additional investments in and advances to unconsolidated affiliates | (2,243 | ) | (17,199 | ) | |||
Distributions in excess of equity in earnings of unconsolidated affiliates | 33,909 | 15,743 | |||||
Changes in other assets | (5,903 | ) | (14,471 | ) | |||
Net cash used in investing activities | (14,325 | ) | (35,412 | ) |
CBL & Associates Properties, Inc. Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) (Continued) | |||||||
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from mortgage and other indebtedness | $ | 530,679 | $ | 1,097,006 | |||
Principal payments on mortgage and other indebtedness | (649,904 | ) | (1,159,144 | ) | |||
Additions to deferred financing costs | (238 | ) | (5,003 | ) | |||
Prepayment fees on extinguishment of debt | — | (8,871 | ) | ||||
Proceeds from issuances of common stock | 117 | 150 | |||||
Purchases of noncontrolling interests in the Operating Partnership | (2,246 | ) | (593 | ) | |||
Contributions from noncontrolling interests | 7,859 | 263 | |||||
Payment of tax withholdings for restricted stock awards | (271 | ) | (322 | ) | |||
Distributions to noncontrolling interests | (27,156 | ) | (51,925 | ) | |||
Dividends paid to holders of preferred stock | (33,669 | ) | (33,669 | ) | |||
Dividends paid to common shareholders | (103,280 | ) | (135,941 | ) | |||
Net cash used in financing activities | (278,109 | ) | (298,049 | ) | |||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (12,027 | ) | 3,489 | ||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 68,172 | 65,069 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | 56,145 | $ | 68,558 | |||
Reconciliation from condensed consolidated statements of cash flows to condensed consolidated balance sheets: | |||||||
Cash and cash equivalents | $ | 20,695 | $ | 31,351 | |||
Restricted cash (1): | |||||||
Restricted cash | 4,681 | 944 | |||||
Mortgage escrows | 30,769 | 36,263 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | 56,145 | $ | 68,558 | |||
SUPPLEMENTAL INFORMATION: | |||||||
Cash paid for interest, net of amounts capitalized | $ | 136,301 | $ | 150,816 |
(1) | Included in intangible lease assets and other assets in the condensed consolidated balance sheets. |
ASSETS (1) | September 30, 2018 | December 31, 2017 | |||||
Real estate assets: | |||||||
Land | $ | 818,436 | $ | 813,390 | |||
Buildings and improvements | 6,544,019 | 6,723,194 | |||||
7,362,455 | 7,536,584 | ||||||
Accumulated depreciation | (2,514,904 | ) | (2,465,095 | ) | |||
4,847,551 | 5,071,489 | ||||||
Held for sale | 14,807 | — | |||||
Developments in progress | 73,530 | 85,346 | |||||
Net investment in real estate assets | 4,935,888 | 5,156,835 | |||||
Cash and cash equivalents | 20,695 | 32,627 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $2,214 and $2,011 in 2018 and 2017, respectively | 77,095 | 83,552 | |||||
Other, net of allowance for doubtful accounts of $838 in 2017 | 7,061 | 7,520 | |||||
Mortgage and other notes receivable | 8,171 | 8,945 | |||||
Investments in unconsolidated affiliates | 276,418 | 249,722 | |||||
Intangible lease assets and other assets | 166,057 | 165,967 | |||||
$ | 5,491,385 | $ | 5,705,168 | ||||
LIABILITIES, REDEEMABLE INTERESTS AND CAPITAL | |||||||
Mortgage and other indebtedness, net | $ | 4,115,808 | $ | 4,230,845 | |||
Accounts payable and accrued liabilities | 247,607 | 228,720 | |||||
Total liabilities (1) | 4,363,415 | 4,459,565 | |||||
Redeemable common units | 6,228 | 8,835 | |||||
Partners' capital: | |||||||
Preferred units | 565,212 | 565,212 | |||||
Common units: | |||||||
General partner | 5,540 | 6,735 | |||||
Limited partners | 539,191 | 655,120 | |||||
Total partners' capital | 1,109,943 | 1,227,067 | |||||
Noncontrolling interests | 11,799 | 9,701 | |||||
Total capital | 1,121,742 | 1,236,768 | |||||
$ | 5,491,385 | $ | 5,705,168 |
(1) | As of September 30, 2018, includes $621,616 of assets related to consolidated variable interest entities that can only be used to settle obligations of the consolidated variable interest entities and $414,923 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Operating Partnership. See Note 6. |
CBL & Associates Limited Partnership Condensed Consolidated Statements of Operations (In thousands, except per unit data) (Unaudited) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
REVENUES: | |||||||||||||||
Minimum rents | $ | 142,248 | $ | 150,836 | $ | 441,097 | $ | 468,195 | |||||||
Percentage rents | 2,429 | 3,000 | 6,610 | 7,127 | |||||||||||
Other rents | 2,347 | 3,790 | 6,898 | 11,171 | |||||||||||
Tenant reimbursements | 55,374 | 63,055 | 172,601 | 192,577 | |||||||||||
Management, development and leasing fees | 2,658 | 2,718 | 8,022 | 8,747 | |||||||||||
Other | 1,822 | 1,251 | 6,448 | 4,079 | |||||||||||
Total revenues | 206,878 | 224,650 | 641,676 | 691,896 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Property operating | 30,004 | 31,295 | 92,357 | 96,250 | |||||||||||
Depreciation and amortization | 71,945 | 71,732 | 217,261 | 225,461 | |||||||||||
Real estate taxes | 19,433 | 21,573 | 61,737 | 62,343 | |||||||||||
Maintenance and repairs | 11,475 | 11,254 | 36,713 | 36,322 | |||||||||||
General and administrative | 16,051 | 13,568 | 47,845 | 45,402 | |||||||||||
Loss on impairment | 14,600 | 24,935 | 84,644 | 71,401 | |||||||||||
Other | 38 | 132 | 377 | 5,151 | |||||||||||
Total operating expenses | 163,546 | 174,489 | 540,934 | 542,330 | |||||||||||
Income from operations | 43,332 | 50,161 | 100,742 | 149,566 | |||||||||||
Interest and other income (loss) | 283 | (200 | ) | 714 | 1,235 | ||||||||||
Interest expense | (55,194 | ) | (53,913 | ) | (163,164 | ) | (165,179 | ) | |||||||
Gain on extinguishment of debt | — | 6,452 | — | 30,927 | |||||||||||
Gain (loss) on investments | — | (354 | ) | 387 | (6,197 | ) | |||||||||
Income tax benefit (provision) | (1,034 | ) | 1,064 | 1,846 | 4,784 | ||||||||||
Equity in earnings of unconsolidated affiliates | 1,762 | 4,706 | 9,869 | 16,404 | |||||||||||
Income (loss) from continuing operations before gain on sales of real estate assets | (10,851 | ) | 7,916 | (49,606 | ) | 31,540 | |||||||||
Gain on sales of real estate assets | 7,880 | 1,383 | 15,998 | 86,904 | |||||||||||
Net income (loss) | (2,971 | ) | 9,299 | (33,608 | ) | 118,444 | |||||||||
Net (income) loss attributable to noncontrolling interests | (24 | ) | (415 | ) | 369 | (25,266 | ) | ||||||||
Net income (loss) attributable to the Operating Partnership | (2,995 | ) | 8,884 | (33,239 | ) | 93,178 | |||||||||
Distributions to preferred unitholders | (11,223 | ) | (11,223 | ) | (33,669 | ) | (33,669 | ) | |||||||
Net income (loss) attributable to common unitholders | $ | (14,218 | ) | $ | (2,339 | ) | $ | (66,908 | ) | $ | 59,509 | ||||
Basic and diluted per unit data attributable to common unitholders: | |||||||||||||||
Net income (loss) attributable to common unitholders | $ | (0.07 | ) | $ | (0.01 | ) | $ | (0.34 | ) | $ | 0.30 | ||||
Weighted-average common and potential dilutive common units outstanding | 199,432 | 199,321 | 199,630 | 199,325 | |||||||||||
Distributions declared per common unit | $ | 0.209 | $ | 0.273 | $ | 0.627 | $ | 0.819 |
Number of | Common Units | |||||||||||||||||||||||||||||||||
Redeemable Common Units | Preferred Units | Common Units | Preferred Units | General Partner | Limited Partners | Total Partners' Capital | Noncontrolling Interests | Total Capital | ||||||||||||||||||||||||||
Balance, January 1, 2017 | $ | 17,996 | 25,050 | 199,085 | $ | 565,212 | $ | 7,781 | $ | 756,083 | $ | 1,329,076 | $ | 12,103 | $ | 1,341,179 | ||||||||||||||||||
Net income | 481 | — | — | 33,669 | 607 | 58,421 | 92,697 | 25,266 | 117,963 | |||||||||||||||||||||||||
Distributions declared - common units | (3,429 | ) | — | — | — | (1,600 | ) | (158,124 | ) | (159,724 | ) | — | (159,724 | ) | ||||||||||||||||||||
Distributions declared - preferred units | — | — | — | (33,669 | ) | — | — | (33,669 | ) | — | (33,669 | ) | ||||||||||||||||||||||
Issuances of common units | — | — | 342 | — | — | 474 | 474 | — | 474 | |||||||||||||||||||||||||
Redemptions of common units | — | — | (73 | ) | — | — | (593 | ) | (593 | ) | — | (593 | ) | |||||||||||||||||||||
Cancellation of restricted common stock | — | — | (38 | ) | — | — | (327 | ) | (327 | ) | — | (327 | ) | |||||||||||||||||||||
Performance stock units | — | — | — | — | 11 | 1,104 | 1,115 | — | 1,115 | |||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | 32 | 3,103 | 3,135 | — | 3,135 | |||||||||||||||||||||||||
Allocation of partners' capital | 2,224 | — | — | — | (68 | ) | (2,191 | ) | (2,259 | ) | — | (2,259 | ) | |||||||||||||||||||||
Adjustment to record redeemable interests at redemption value | (4,196 | ) | — | — | — | 43 | 4,152 | 4,195 | — | 4,195 | ||||||||||||||||||||||||
Deconsolidation of investment | — | — | — | — | — | — | — | (2,232 | ) | (2,232 | ) | |||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 263 | 263 | |||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (24,774 | ) | (24,774 | ) | |||||||||||||||||||||||
Balance, September 30, 2017 | $ | 13,076 | 25,050 | 199,316 | $ | 565,212 | $ | 6,806 | $ | 662,102 | $ | 1,234,120 | $ | 10,626 | $ | 1,244,746 |
Number of | Common Units | ||||||||||||||||||||||||||||||||
Redeemable Common Units | Preferred Units | Common Units | Preferred Units | General Partner | Limited Partners | Total Partners' Capital | Noncontrolling Interests | Total Capital | |||||||||||||||||||||||||
Balance, January 1, 2018 | $ | 8,835 | 25,050 | 199,297 | $ | 565,212 | $ | 6,735 | $ | 655,120 | $ | 1,227,067 | $ | 9,701 | $ | 1,236,768 | |||||||||||||||||
Net income (loss) | (515 | ) | — | — | 33,669 | (682 | ) | (65,711 | ) | (32,724 | ) | (369 | ) | (33,093 | ) | ||||||||||||||||||
Cumulative effect of accounting change (Note 2) | — | — | — | — | 117 | 11,316 | 11,433 | — | 11,433 | ||||||||||||||||||||||||
Cumulative effect of accounting change (Note 3) | — | — | — | — | 605 | 58,342 | 58,947 | — | 58,947 | ||||||||||||||||||||||||
Distributions declared - common units | (3,429 | ) | — | — | — | (1,207 | ) | (120,436 | ) | (121,643 | ) | — | (121,643 | ) | |||||||||||||||||||
Distributions declared - preferred units | — | — | — | (33,669 | ) | — | — | (33,669 | ) | — | (33,669 | ) | |||||||||||||||||||||
Issuances of common units | — | — | 715 | — | — | 817 | 817 | — | 817 | ||||||||||||||||||||||||
Redemptions of common units | — | — | (527 | ) | — | — | (2,246 | ) | (2,246 | ) | — | (2,246 | ) | ||||||||||||||||||||
Cancellation of restricted common stock | — | — | (57 | ) | — | — | (249 | ) | (249 | ) | — | (249 | ) | ||||||||||||||||||||
Performance stock units | — | — | — | — | 10 | 983 | 993 | — | 993 | ||||||||||||||||||||||||
Forfeiture of performance stock units | — | — | — | — | (3 | ) | (247 | ) | (250 | ) | — | (250 | ) | ||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | 29 | 2,817 | 2,846 | — | 2,846 | ||||||||||||||||||||||||
Allocation of partners' capital | 3,033 | — | — | — | (81 | ) | (2,994 | ) | (3,075 | ) | — | (3,075 | ) | ||||||||||||||||||||
Adjustment to record redeemable interests at redemption value | (1,696 | ) | — | — | — | 17 | 1,679 | 1,696 | — | 1,696 | |||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 7,859 | 7,859 | ||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (5,392 | ) | (5,392 | ) | ||||||||||||||||||||||
Balance, September 30, 2018 | $ | 6,228 | 25,050 | 199,428 | $ | 565,212 | $ | 5,540 | $ | 539,191 | $ | 1,109,943 | $ | 11,799 | $ | 1,121,742 |
CBL & Associates Limited Partnership Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income (loss) | $ | (33,608 | ) | $ | 118,444 | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
Depreciation and amortization | 217,261 | 225,461 | |||||
Net amortization of deferred financing costs, debt premiums and discounts | 5,451 | 2,904 | |||||
Net amortization of intangible lease assets and liabilities | 198 | (1,235 | ) | ||||
Gain on sales of real estate assets | (15,998 | ) | (86,904 | ) | |||
(Gain ) loss on investments | (387 | ) | 6,197 | ||||
Write-off of development projects | 377 | 5,151 | |||||
Share-based compensation expense | 4,310 | 4,569 | |||||
Loss on impairment | 84,644 | 71,401 | |||||
Gain on extinguishment of debt | — | (30,927 | ) | ||||
Equity in earnings of unconsolidated affiliates | (9,869 | ) | (16,404 | ) | |||
Distributions of earnings from unconsolidated affiliates | 12,569 | 16,362 | |||||
Provision for doubtful accounts | 3,273 | 3,353 | |||||
Change in deferred tax accounts | (2,706 | ) | 2,911 | ||||
Changes in: | |||||||
Tenant and other receivables | 3,493 | (4,893 | ) | ||||
Other assets | (4,640 | ) | (12,368 | ) | |||
Accounts payable and accrued liabilities | 16,039 | 32,935 | |||||
Net cash provided by operating activities | 280,407 | 336,957 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Additions to real estate assets | (107,981 | ) | (149,302 | ) | |||
Acquisition of real estate assets | (3,301 | ) | (79,799 | ) | |||
Proceeds from sales of real estate assets | 70,419 | 201,291 | |||||
Proceeds from disposal of investment | — | 9,000 | |||||
Additions to mortgage and other notes receivable | — | (4,118 | ) | ||||
Payments received on mortgage and other notes receivable | 775 | 3,443 | |||||
Additional investments in and advances to unconsolidated affiliates | (2,243 | ) | (17,199 | ) | |||
Distributions in excess of equity in earnings of unconsolidated affiliates | 33,909 | 15,743 | |||||
Changes in other assets | (5,903 | ) | (14,471 | ) | |||
Net cash used in investing activities | (14,325 | ) | (35,412 | ) |
CBL & Associates Limited Partnership Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) (Continued) | |||||||
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from mortgage and other indebtedness | $ | 530,679 | $ | 1,097,006 | |||
Principal payments on mortgage and other indebtedness | (649,904 | ) | (1,159,144 | ) | |||
Additions to deferred financing costs | (238 | ) | (5,003 | ) | |||
Prepayment fees on extinguishment of debt | — | (8,871 | ) | ||||
Proceeds from issuances of common units | 117 | 150 | |||||
Redemptions of common units | (2,246 | ) | (593 | ) | |||
Contributions from noncontrolling interests | 7,859 | 263 | |||||
Payment of tax withholdings for restricted stock awards | (271 | ) | (322 | ) | |||
Distributions to noncontrolling interests | (8,821 | ) | (28,203 | ) | |||
Distributions to preferred unitholders | (33,669 | ) | (33,669 | ) | |||
Distributions to common unitholders | (121,615 | ) | (159,663 | ) | |||
Net cash used in financing activities | (278,109 | ) | (298,049 | ) | |||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (12,027 | ) | 3,496 | ||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 68,172 | 65,061 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | 56,145 | $ | 68,557 | |||
Reconciliation from condensed consolidated statements of cash flows to condensed consolidated balance sheets: | |||||||
Cash and cash equivalents | $ | 20,695 | $ | 31,350 | |||
Restricted cash (1): | |||||||
Restricted cash | 4,681 | 944 | |||||
Mortgage escrows | 30,769 | 36,263 | |||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | 56,145 | $ | 68,557 | |||
SUPPLEMENTAL INFORMATION: | |||||||
Cash paid for interest, net of amounts capitalized | $ | 136,301 | $ | 150,816 |
(1) | Included in intangible lease assets and other assets in the condensed consolidated balance sheets. |
Other Properties | |||||||||
Malls (1) | Associated Centers | Community Centers | Office Buildings/Other | Total | |||||
Consolidated properties | 59 | 20 | 3 | 5 | (2) | 87 | |||
Unconsolidated properties (3) | 8 | 3 | 4 | 1 | 16 | ||||
Total | 67 | 23 | 7 | 6 | 103 |
(1) | Category consists of regional malls, open-air centers and outlet centers (including one mixed-use center). |
(2) | Includes CBL's two corporate office buildings. |
(3) | The Operating Partnership accounts for these investments using the equity method because one or more of the other partners have substantive participating rights. |
Consolidated Properties | Unconsolidated Properties | ||||||
Malls | All Other | Malls | All Other | ||||
Development | — | — | — | 2 | |||
Redevelopments | 8 | — | 1 | — |
Description | Date Adopted & Application Method | Financial Statement Effect and Other Information | ||
ASU 2014-09, Revenue from Contracts with Customers, and related subsequent amendments | January 1, 2018 - Modified Retrospective (applied to contracts not completed as of the implementation date) | The objective of this guidance is to enable financial statement users to better understand and analyze revenue by replacing transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance also requires additional disclosure about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts. The Company expects the adoption of the new guidance to be immaterial to its net income on an ongoing basis as the majority of the Company’s revenues relate to leasing. See Note 3 for further details and the cumulative adjustment recorded. | ||
ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory | January 1, 2018 - Modified Retrospective | The guidance requires an entity to recognize the income tax consequences of intercompany sales or transfers of assets, other than inventory, when the sale or transfer occurs. The Company recorded a cumulative effect adjustment of $11,433 to retained earnings as of January 1, 2018 related to certain 2017 asset sales from several of the Company's consolidated subsidiaries to the Management Company. | ||
ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets | January 1, 2018 - Modified Retrospective | This guidance applies to the partial sale or transfer of nonfinancial assets, including real estate assets, to unconsolidated joint ventures and requires 100% of the gain to be recognized for nonfinancial assets transferred to an unconsolidated joint venture and any noncontrolling interest received in such nonfinancial assets to be measured at fair value. See Note 3 for further details including the impact of adoption and the cumulative adjustment recorded. | ||
Description | Date Adopted & Application Method | Financial Statement Effect and Other Information | ||
ASU 2017-09, Scope of Modification Accounting | January 1, 2018 - Prospective | The guidance clarifies the types of changes to the terms or conditions of a share-based payment award to which an entity would be required to apply modification accounting. The guidance did not have a material impact on the Company's condensed consolidated financial statements. |
Description | Expected Adoption Date & Application Method | Financial Statement Effect and Other Information | ||
ASU 2016-02, Leases, and related subsequent amendments | January 1, 2019 - Modified Retrospective (electing optional transition method to apply at adoption date and record cumulative-effect adjustment as of January 1, 2019) | The objective of the leasing guidance is to increase transparency and comparability by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Lessees will be required to recognize a right-of-use asset and corresponding lease liability on the balance sheet for all leases with terms greater than 12 months. The guidance applied by a lessor is substantially similar to existing GAAP and the Company expects substantially all leases will continue to be classified as operating leases under the new guidance. The Company expects to expense certain deferred lease costs due to the narrowed definition of indirect costs that may be capitalized. Of the $1,456 in deferred lease costs recorded in 2017, approximately $183 related to legal costs which would not be capitalized under the new guidance. The Company completed an inventory of its leases in which it is a lessee and expects to record right-of-use assets and corresponding lease liabilities for ground leases. The Company has 10 ground lease arrangements in which it is the lessee for land. As of September 30, 2018, these ground leases have future contractual payments of approximately $14,767 with maturity dates ranging from February 2022 to July 2089. Practical expedients and accounting policy elections: The Company plans to elect a package of practical expedients pursuant to which it will not reassess contracts to determine if they contain leases, will not reassess lease classification and will not reassess capitalization of initial direct costs related to expired or existing leases as of the adoption date. The Company also plans to use the land easements practical expedient and apply the short-term lease policy election to leases 12 months or less at inception. The Company expects to adopt the practical expedient which allows lessors to combine lease and non-lease components if certain conditions are met. The majority of the Company's revenues will continue to be classified as leasing revenues. The Company is assessing the potential impact the guidance may have on its condensed consolidated financial statements and related disclosures. | ||
ASU 2016-13, Measurement of Credit Losses on Financial Instruments | January 1, 2020 - Modified Retrospective | The guidance replaces the current incurred loss impairment model, which reflects credit events, with a current expected credit loss model, which recognizes an allowance for credit losses based on an entity's estimate of contractual cash flows not expected to be collected. The Company is evaluating the impact that this update may have on its condensed consolidated financial statements and related disclosures. | ||
Description | Expected Adoption Date & Application Method | Financial Statement Effect and Other Information | ||
ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract | January 1, 2020 - Prospective | The guidance addresses diversity in practice in accounting for the costs of implementation activities in a cloud computing arrangement that is a service contract. Under the guidance, the Company is to follow Subtopic 350-40 on internal-use software to determine which implementation costs to capitalize and which to expense. The guidance also requires an entity to expense capitalized implementation costs over the term of the hosting arrangement and include that expense in the same line item as the fees associated with the service element of the arrangement. The Company does not expect the adoption of this guidance will have a material impact on its condensed consolidated financial statements or disclosures. |
Contract Assets | ||||
Balance as of January 1, 2018 (1) | $ | 460 | ||
Tenant openings | (375 | ) | ||
Executed leases | 525 | |||
Balance as of September 30, 2018 | $ | 610 |
(1) | In conjunction with the initial entry to record contract assets, $166 was also recorded in investments in unconsolidated affiliates in the condensed consolidated balance sheets to eliminate the Company's portion related to two unconsolidated affiliates. |
As of September 30, 2018 | Expected Settlement Period | |||||||||||||||||||
Description | Financial Statement Line Item | 2018 | 2019 | 2020 | 2023 | |||||||||||||||
Contract assets (1) | Management, development and leasing fees | $ | 610 | $ | (213 | ) | $ | (389 | ) | (4 | ) | $ | (4 | ) | ||||||
Contract liability (2) | Other rents | 98 | (49 | ) | (49 | ) | — | — |
(1) | Represents leasing fees recognized as revenue in the period in which the lease is executed. Under third party and unconsolidated affiliates' contracts, the remaining 50% of the commissions are paid when the tenant opens. The tenant typically opens within a year, unless the project is in development. |
(2) | Relates to a contract in which the Company received advance payments in the initial year of the multi-year contract. |
Three Months Ended September 30, 2018 | Nine Months Ended September 30, 2018 | |||||||
Leasing revenues (1) | $ | 200,731 | $ | 621,016 | ||||
Revenues from contracts with customers (ASC 606): | ||||||||
Operating expense reimbursements (2) | 1,682 | 6,062 | ||||||
Management, development and leasing fees (3) | 2,658 | 8,022 | ||||||
Marketing revenues (4) | 1,124 | 3,374 | ||||||
5,464 | 17,458 | |||||||
Other revenues | 683 | 3,202 | ||||||
Total revenues | $ | 206,878 | $ | 641,676 |
(1) | Revenues from leases are accounted for in accordance with ASC 840, Leases. |
(2) | Includes $1,621 in the Malls segment and $61 in the All Other segment for the three months ended September 30, 2018. Includes $5,660 in the Malls segment and $402 in the All Other segment for the nine months ended September 30, 2018. See description below. |
(3) | Included in All Other segment. |
(4) | Includes $1,119 in the Malls segment and $5 in the All Other segment for the three months ended September 30, 2018. Includes $3,362 in the Malls segment and $12 in the All Other segment for the nine months ended September 30, 2018. |
• | Management fees - Management fees are charged as a percentage of revenues (as defined in the contract) and recognized as revenue over time as services are provided. |
• | Leasing fees - Leasing fees are charged for newly executed leases and lease renewals and are recognized as revenue upon lease execution, when the performance obligation is completed. In cases for which the agreement specifies 50% of the leasing commission will be paid upon lease execution with the remainder paid when the tenant opens, the Company estimates the amount of variable consideration it expects to receive by evaluating the likelihood of tenant openings using the most likely amount method and records the amount as an unbilled receivable (contract asset). |
• | Development fees - Development fees may be either set as a fixed rate in a separate agreement or be a variable rate based on a percentage of work costs. Variable consideration related to development fees is generally recognized over time using the cost-to-cost method of measurement because it most accurately depicts the Company's performance in satisfying the performance obligation. Contract estimates are based on various assumptions including the cost and availability of materials, anticipated performance and the complexity of the work to be performed. The cumulative catch-up method is used to recognize any adjustments in variable consideration estimates. Under this method, any adjustment is recognized in the period it is identified. |
Performance obligation | Less than 5 years | 5-20 years | Over 20 years | Total | ||||||||||||
Pro rata operating expense reimbursements | $ | 981 | $ | 4,899 | $ | 33,581 | $ | 39,461 |
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. |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Loss on Impairment | |||||||||||||||
Long-lived assets | $ | 42,100 | $ | — | $ | — | $ | 42,100 | $ | 84,644 |
Impairment Date | Property | Location | Segment Classification | Loss on Impairment | Fair Value | |||||||||
March | Janesville Mall (1) | Janesville, WI | Malls | $ | 18,061 | $ | — | |||||||
June | Cary Towne Center (2) | Cary, NC | Malls | 51,985 | 34,000 | |||||||||
September | Vacant land (3) | D'Iberville, MS | All Other | 14,598 | 8,100 | |||||||||
$ | 84,644 | $ | 42,100 |
(1) | The Company adjusted the book value of the mall to its estimated fair value based upon a net sales price of $17,640 in a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The mall was classified as held for sale as of June 30, 2018 until its sale in in July 2018. See Note 5 for additional information. |
(2) | In June 2018, the Company was notified by IKEA that, as a result of a shift in its corporate strategy, it was terminating the contract to purchase land at the mall upon which it would develop and open a store. Under the terms of the interest-only non-recourse loan secured by the mall, the loan matured on the date the IKEA contract terminated if that date was prior to the scheduled maturity date of March 5, 2019. The Company engaged in conversations with the lender regarding a potential restructure of the loan. Based on the results of these conversations, the Company concluded that an impairment was required because it was unlikely to recover the asset's net carrying value through future cash flows. Management determined the fair value of Cary Towne Center using a discounted cash flow methodology. The discounted cash flow used assumptions including a 10-year holding period, a capitalization rate of 12.0% and a discount rate of 13%. See Note 7 for information related to the mortgage loan. |
(3) | In accordance with the Company's quarterly impairment review process, the Company wrote down the book value of land to its estimated value of $8,100. The Company evaluated comparable land parcel transactions and determined that $8,100 was the land's estimated fair value. |
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) | ||||||||||||
Long-lived assets | $ | 81,350 | $ | — | $ | — | $ | 81,350 |
Impairment Date | Property | Location | Segment Classification | Loss on Impairment | Fair Value | |||||||||
June | Acadiana Mall (1) | Lafayette, LA | Malls | $ | 43,007 | $ | 67,300 | |||||||
September | Hickory Point Mall (2) | Forsyth, IL | Malls | 24,525 | 14,050 | |||||||||
$ | 67,532 | $ | 81,350 |
(1) | In accordance with the Company's quarterly impairment review process, the Company wrote down the book value of the mall to its estimated fair value of $67,300. Management determined the fair value of Acadiana Mall using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of 10 years, with a sale at the end of the holding period, a capitalization rate of 15.5% and a discount rate of 15.75%. The mall has experienced declining tenant sales and cash flows as a result of the downturn of the economy in its market area and was also impacted by an anchor's announcement in the second quarter 2017 that it would close its store later in 2017. The loan secured by Acadiana Mall matured in April 2017 and is in default. See Note 7 for additional information related to the mortgage loan. |
(2) | In accordance with the Company's quarterly impairment review process, the Company wrote down the book value of the mall to its estimated fair value of $14,050. Management determined the fair value of Hickory Point Mall using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of 10 years, with a sale at the end of the holding period, a capitalization rate of 18.0% and a discount rate of 19.0%. |
Sales Price | ||||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | Gain | ||||||||||||
March | Gulf Coast Town Center - Phase III | All Other | Ft. Myers, FL | $ | 9,000 | $ | 8,769 | $ | 2,236 | |||||||||
July | Janesville Mall (1) | Malls | Janesville, WI | 18,000 | 17,783 | — | ||||||||||||
September | Statesboro Crossing (2) | All Other | Statesboro, GA | 21,500 | 10,532 | 3,215 | ||||||||||||
September | Prior sales adjustment | Malls | — | — | 92 | |||||||||||||
$ | 48,500 | $ | 37,084 | $ | 5,543 |
(1) | The Company recognized a loss on impairment of $18,061 in 2018 when it adjusted the book value of the mall to its estimated fair value |
(2) | In conjunction with the sale of this 50/50 consolidated joint venture, the loan secured by the community center was retired. See Note 7 for more information. The Company received 100% of the net proceeds from the sale in accordance with the terms of the joint venture agreement. |
• | 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. |
September 30, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Investment in real estate assets | $ | 2,025,289 | $ | 2,089,262 | |||
Accumulated depreciation | (658,163 | ) | (618,922 | ) | |||
1,367,126 | 1,470,340 | ||||||
Developments in progress | 68,768 | 36,765 | |||||
Net investment in real estate assets | 1,435,894 | 1,507,105 | |||||
Other assets | 186,912 | 201,114 | |||||
Total assets | $ | 1,622,806 | $ | 1,708,219 | |||
LIABILITIES | |||||||
Mortgage and other indebtedness, net | $ | 1,322,144 | $ | 1,248,817 | |||
Other liabilities | 42,986 | 41,291 | |||||
Total liabilities | 1,365,130 | 1,290,108 | |||||
OWNERS' EQUITY | |||||||
The Company | 183,392 | 216,292 | |||||
Other investors | 74,284 | 201,819 | |||||
Total owners' equity | 257,676 | 418,111 | |||||
Total liabilities and owners' equity | $ | 1,622,806 | $ | 1,708,219 |
Total for the Three Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Total revenues | $ | 54,579 | $ | 57,395 | |||
Net income (loss) (1) | $ | (85,136 | ) | $ | 7,868 |
(1) | The Company's share of net income (loss) is $1,762 and $4,706 for the three months ended September 30, 2018 and 2017, respectively. |
Total for the Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Total revenues | $ | 166,843 | $ | 175,250 | |||
Net income (loss) (1) | $ | (72,585 | ) | $ | 24,980 |
(1) | The Company's share of net income (loss) is $9,869 and $16,404 for the nine months ended September 30, 2018 and 2017, respectively. |
Date | Property | Stated Interest Rate | Maturity Date | Amount Financed or Extended | |||||||
April | CoolSprings Galleria (1) | 4.839% | May 2028 | $ | 155,000 | ||||||
April | Self-storage development - Mid Rivers Mall (2) | LIBOR + 2.75% | April 2023 | 5,987 | |||||||
May | Hammock Landing - Phase I | LIBOR + 2.25% | February 2021 | (3) | 41,997 | ||||||
May | Hammock Landing - Phase II | LIBOR + 2.25% | February 2021 | (3) | 16,217 | ||||||
May | The Pavilion at Port Orange | LIBOR + 2.25% | February 2021 | (3) | 56,738 |
(1) | CBL/T-C, LLC, a 50/50 joint venture, closed on a non-recourse loan. Proceeds from the loan were used to retire a $97,732 loan, which was due to mature in June 2018. See 2018 Loan Repayment below for more information. The Company's share of excess proceeds were used to reduce outstanding balances on its credit facilities. |
(2) | Self Storage at Mid Rivers, LLC, a 50/50 joint venture, closed on a construction loan with a total borrowing capacity of up to $5,987 for the development of a climate controlled self-storage facility adjacent to Mid Rivers Mall in St. Peters, MO. The Operating Partnership has guaranteed 100% of the loan. See Note 11 for more information. |
(3) | The loans were amended to extend the maturity dates to February 2021. Each loan has two one-year extension options for an outside maturity date of February 2023. The interest rate increased from a variable rate of LIBOR plus 2.0%. The Operating Partnership's guaranty also increased to 50%. |
Date | Property | Interest Rate at Repayment Date | Scheduled Maturity Date | Principal Balance Repaid | ||||||
April | CoolSprings Galleria (1) | 6.98% | June 2018 | $ | 97,732 |
(1) | The loan secured by the property was retired using a portion of the net proceeds from a $155,000 fixed-rate loan. See 2018 Financings above for more information. |
As of | ||||||||
September 30, 2018 | December 31, 2017 | |||||||
Noncontrolling interests: | ||||||||
Operating Partnership | $ | 67,476 | $ | 86,773 | ||||
Other consolidated subsidiaries | 11,799 | 9,701 | ||||||
$ | 79,275 | $ | 96,474 |
Investment in Real Estate Joint Ventures and Partnerships | Maximum Risk of Loss | |||||||
Ambassador Infrastructure, LLC (1) | $ | — | $ | 10,605 | ||||
EastGate Storage, LLC (1) | 1,215 | 6,500 | ||||||
G&I VIII CBL Triangle LLC (2) | — | — | ||||||
Self Storage at Mid Rivers, LLC (1) | 1,061 | 5,987 | ||||||
Shoppes at Eagle Point, LLC (1) | 17,519 | 36,400 |
(1) | The debt is guaranteed by the Operating Partnership at 100%. See Note 11 for more information. |
(2) | In conjunction with a loss on impairment recorded in September 2018, as described above, the Company wrote down its investment in the unconsolidated 90/10 joint venture to zero. The maximum risk of loss is limited to the basis, which is zero. |
September 30, 2018 | December 31, 2017 | ||||||||||
Amount | Weighted- Average Interest Rate (1) | Amount | Weighted- Average Interest Rate (1) | ||||||||
Fixed-rate debt: | |||||||||||
Non-recourse loans on operating properties | $ | 1,797,080 | 5.33% | $ | 1,796,203 | 5.33% | |||||
Senior unsecured notes due 2023 (2) | 447,309 | 5.25% | 446,976 | 5.25% | |||||||
Senior unsecured notes due 2024 (3) | 299,951 | 4.60% | 299,946 | 4.60% | |||||||
Senior unsecured notes due 2026 (4) | 616,436 | 5.95% | 615,848 | 5.95% | |||||||
Total fixed-rate debt | 3,160,776 | 5.37% | 3,158,973 | 5.37% | |||||||
Variable-rate debt: | |||||||||||
Non-recourse loan on operating property (5) | — | —% | 10,836 | 3.37% | |||||||
Recourse loans on operating properties | 74,150 | 4.73% | 101,187 | 4.00% | |||||||
Unsecured lines of credit | 201,358 | 3.65% | 93,787 | 2.56% | |||||||
Unsecured term loans | 695,000 | 3.96% | 885,000 | 2.81% | |||||||
Total variable-rate debt | 970,508 | 3.95% | 1,090,810 | 2.90% | |||||||
Total fixed-rate and variable-rate debt | 4,131,284 | 5.04% | 4,249,783 | 4.74% | |||||||
Unamortized deferred financing costs | (15,476 | ) | (18,938 | ) | |||||||
Total mortgage and other indebtedness, net | $ | 4,115,808 | $ | 4,230,845 |
(1) | Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs. |
(2) | The balance is net of an unamortized discount of $2,691 and $3,024 as of September 30, 2018 and December 31, 2017, respectively. |
(3) | The balance is net of an unamortized discount of $49 and $54 as of September 30, 2018 and December 31, 2017, respectively. |
(4) | The balance is net of an unamortized discount of $8,564 and $9,152 as of September 30, 2018 and December 31, 2017, respectively. |
(5) | The loan was retired in conjunction with the sale of the property in September 2018. See Mortgages on Operating Properties section below. |
Description | Issued (1) | Amount | Interest Rate (2) | Maturity Date (3) | ||||||
2023 Notes | November 2013 | $ | 450,000 | 5.25% | December 2023 | |||||
2024 Notes | October 2014 | 300,000 | 4.60% | October 2024 | ||||||
2026 Notes | December 2016 / September 2017 | 625,000 | 5.95% | December 2026 |
(1) | Issued by the Operating Partnership. CBL is a limited guarantor of the Operating Partnership's obligations under the Notes as described above. |
(2) | Interest is payable semiannually in arrears. The interest rate for the 2024 Notes and the 2023 Notes is subject to an increase ranging from 0.25% to 1.00% from time to time if, on or after January 1, 2016 and prior to January 1, 2020, the ratio of secured debt to total assets of the Company, as defined, is greater than 40% but less than 45%. The required ratio of secured debt to total assets for the 2026 Notes is 40% or less. As of September 30, 2018, this ratio was 24% as shown below. |
(3) | The Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days and not more than 60 days' notice to the holders of the Notes to be redeemed. The 2026 Notes, the 2024 Notes and the 2023 Notes may be redeemed prior to September 15, 2026, July 15, 2024, and September 1, 2023, respectively, for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date and a make-whole premium calculated in accordance with the indenture. On or after the respective dates noted above, the Notes are redeemable for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed plus accrued and unpaid interest. If redeemed prior to the respective dates noted above, each issuance of Notes is redeemable at the treasury rate plus 0.50%, 0.35% and 0.40% for the 2026 Notes, the 2024 Notes and the 2023 Notes, respectively. |
Total Capacity | Total Outstanding | Maturity Date | Extended Maturity Date | ||||||||||
Wells Fargo - Facility A | $ | 500,000 | (1) | $ | — | October 2019 | October 2020 | (2) | |||||
First Tennessee | 100,000 | (3) | 47,695 | October 2019 | October 2020 | (4) | |||||||
Wells Fargo - Facility B | 500,000 | (1) | 153,663 | (5) | October 2020 | ||||||||
$ | 1,100,000 | (6) | $ | 201,358 |
(1) | Up to $30,000 of the capacity on this facility can be used for letters of credit. |
(2) | The extension option is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.15% of the commitment amount of the credit facility. |
(3) | Up to $20,000 of the capacity on this facility can be used for letters of credit. |
(4) | The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.20% of the commitment amount of the credit facility. |
(5) | There was $4,833 outstanding on this facility as of September 30, 2018 for letters of credit. |
(6) | See debt covenant section below for limitation on excess capacity. |
Total Outstanding | Interest Rate Spread | Interest Rate | Maturity Date | Extended Maturity Date | |||||||||
Wells Fargo - $350,000 term loan | $ | 350,000 | LIBOR + 1.75% | 3.85% | October 2018 | October 2019 | (1) | ||||||
Wells Fargo - $300,000 term loan | 300,000 | LIBOR + 2.00% | 4.10% | July 2020 | July 2022 | (2) | |||||||
First Tennessee - $45,000 term loan | 45,000 | LIBOR + 1.65% | 3.75% | June 2021 | June 2022 | ||||||||
$ | 695,000 |
(1) | Subsequent to September 30, 2018, the Company exercised the extension option. See Note 14. |
(2) | The loan has two one-year extension options, the second of which is at the lender's discretion. |
Ratio | Required | Actual | ||||
Debt to total asset value | < 60% | 53 | % | |||
Unsecured indebtedness to unencumbered asset value | < 60% | 49 | % | (1) | ||
Unencumbered NOI to unsecured interest expense | > 1.75x | 2.6 | x | |||
EBITDA to fixed charges (debt service) | > 1.5x | 2.3 | x |
(1) | The debt covenant limits the total amount of unsecured indebtedness the Company may have outstanding, which varies over time based on the ratio. Based on the Company’s outstanding unsecured indebtedness as of September 30, 2018, the total amount available to the Company on its lines of credit was $697,627. Therefore, the Company had additional availability of $491,436 based on the outstanding balances of the lines of credit as of September 30, 2018. |
Ratio | Required | Actual | ||
Total debt to total assets | < 60% | 52% | ||
Secured debt to total assets | < 40% (1) | 24% | ||
Total unencumbered assets to unsecured debt | > 150% | 215% | ||
Consolidated income available for debt service to annual debt service charge | > 1.5x | 2.7x |
(1) | Secured debt to total assets must be less than 45% for the 2023 Notes and the 2024 Notes until January 1, 2020. |
Date | Property | Stated Interest Rate | Maturity Date | Amount Financed | ||||||
September | The Outlet Shoppes at El Paso (1) | 5.10% | October 2028 | $ | 75,000 |
(1) | The Company owns the property in a 75/25 consolidated joint venture. A portion of the proceeds from the non-recourse loan was used to retire a recourse loan secured by Phase II of The Outlet Shoppes at El Paso as described below. |
Date | Property | Interest Rate at Repayment Date | Scheduled Maturity Date | Principal Balance Repaid (1) | ||||||
January | Kirkwood Mall | 5.75% | April 2018 | $ | 37,295 | |||||
August | Statesboro Crossing (2) | 4.24% | June 2019 | 10,753 | ||||||
September | The Outlet Shoppes at El Paso - Phase II (3) | 4.73% | December 2018 | 6,525 | ||||||
$ | 54,573 |
(1) | The Company retired the loans with borrowings from its credit facilities unless otherwise noted. |
(2) | The loan was retired in conjunction with the sale of the property that secured the loan. See Note 5 for more information. |
(3) | In July 2018, the loan secured by the property was extended from July 2018 to December 2018. It was subsequently retired when the joint venture closed on a new loan in September 2018 as described above. |
2018 | $ | 411,284 | ||
2019 | 309,346 | |||
2020 | 661,816 | |||
2021 | 499,321 | |||
2022 | 432,546 | |||
Thereafter | 1,706,132 | |||
4,020,445 | ||||
Unamortized discounts | (11,304 | ) | ||
Unamortized deferred financing costs | (15,476 | ) | ||
Principal balance of loan secured by Lender Mall in foreclosure (1) | 122,143 | |||
Total mortgage and other indebtedness, net | $ | 4,115,808 |
(1) | Represents the principal balance of the non-recourse loan, secured by Acadiana Mall, which is in default. The loan matured in 2017. |
As of September 30, 2018 | As of December 31, 2017 | |||||||||||||
Maturity Date | Interest Rate | Balance | Interest Rate | Balance | ||||||||||
Mortgages: | ||||||||||||||
Columbia Place Outparcel | Feb 2022 | 5.00% | $ | 288 | 5.00% | $ | 302 | |||||||
One Park Place | May 2022 | 5.00% | 837 | 5.00% | 1,010 | |||||||||
Village Square (1) | Sep 2018 | 4.00% | 1,554 | 4.00% | 1,596 | |||||||||
Other (2) | Dec 2016 - Jan 2047 | 4.73% - 9.50% | 2,510 | 4.07% - 9.50% | 2,510 | |||||||||
5,189 | 5,418 | |||||||||||||
Other Notes Receivable: | ||||||||||||||
ERMC | Sep 2021 | 4.00% | 2,354 | 4.00% | 2,855 | |||||||||
Southwest Theaters LLC | Apr 2026 | 5.00% | 628 | 5.00% | 672 | |||||||||
2,982 | 3,527 | |||||||||||||
$ | 8,171 | $ | 8,945 |
(1) | The note was amended to extend the maturity date and restructure the monthly payment amount subsequent to September 30, 2018. See Note 14 for more information. |
(2) | The $1,100 note with D'Iberville Promenade, LLC, with a maturity date of December 2016, is in default. |
Three Months Ended September 30, 2018 | Malls | All Other (1) | Total | |||||||||
Revenues (2) | $ | 188,440 | $ | 18,438 | $ | 206,878 | ||||||
Property operating expenses (3) | (57,243 | ) | (3,669 | ) | (60,912 | ) | ||||||
Interest expense | (24,665 | ) | (30,529 | ) | (55,194 | ) | ||||||
Other expense | — | (38 | ) | (38 | ) | |||||||
Gain on sales of real estate assets | 92 | 7,788 | 7,880 | |||||||||
Segment profit (loss) | $ | 106,624 | $ | (8,010 | ) | 98,614 | ||||||
Depreciation and amortization expense | (71,945 | ) | ||||||||||
General and administrative expense | (16,051 | ) | ||||||||||
Interest and other income | 283 | |||||||||||
Loss on impairment | (14,600 | ) | ||||||||||
Income tax provision | (1,034 | ) | ||||||||||
Equity in earnings of unconsolidated affiliates | 1,762 | |||||||||||
Net loss | $ | (2,971 | ) | |||||||||
Capital expenditures (4) | $ | 38,512 | $ | 2,671 | $ | 41,183 |
Three Months Ended September 30, 2017 | Malls | All Other (1) | Total | |||||||||
Revenues (2) | $ | 205,020 | $ | 19,630 | $ | 224,650 | ||||||
Property operating expenses (3) | (59,602 | ) | (4,520 | ) | (64,122 | ) | ||||||
Interest expense | (28,922 | ) | (24,991 | ) | (53,913 | ) | ||||||
Other expense | — | (132 | ) | (132 | ) | |||||||
Gain (loss) on sales of real estate assets | (1,994 | ) | 3,377 | 1,383 | ||||||||
Segment profit (loss) | $ | 114,502 | $ | (6,636 | ) | 107,866 | ||||||
Depreciation and amortization expense | (71,732 | ) | ||||||||||
General and administrative expense | (13,568 | ) | ||||||||||
Interest and other income (loss) | (200 | ) | ||||||||||
Gain on extinguishment of debt | 6,452 | |||||||||||
Loss on impairment | (24,935 | ) | ||||||||||
Loss on investment | (354 | ) | ||||||||||
Income tax benefit | 1,064 | |||||||||||
Equity in earnings of unconsolidated affiliates | 4,706 | |||||||||||
Net income | $ | 9,299 | ||||||||||
Capital expenditures (4) | $ | 47,246 | $ | 1,035 | $ | 48,281 |
Nine Months Ended September 30, 2018 | Malls | All Other (1) | Total | |||||||||
Revenues (2) | $ | 585,097 | $ | 56,579 | $ | 641,676 | ||||||
Property operating expenses (3) | (179,012 | ) | (11,795 | ) | (190,807 | ) | ||||||
Interest expense | (76,401 | ) | (86,763 | ) | (163,164 | ) | ||||||
Other expense | (84 | ) | (293 | ) | (377 | ) | ||||||
Gain on sales of real estate assets | 92 | 15,906 | 15,998 | |||||||||
Segment profit (loss) | $ | 329,692 | $ | (26,366 | ) | 303,326 | ||||||
Depreciation and amortization expense | (217,261 | ) | ||||||||||
General and administrative expense | (47,845 | ) |
Nine Months Ended September 30, 2018 | Malls | All Other (1) | Total | |||||||||
Interest and other income | 714 | |||||||||||
Loss on impairment | (84,644 | ) | ||||||||||
Gain on investment | 387 | |||||||||||
Income tax benefit | 1,846 | |||||||||||
Equity in earnings of unconsolidated affiliates | 9,869 | |||||||||||
Net loss | $ | (33,608 | ) | |||||||||
Capital expenditures (4) | $ | 105,593 | $ | 10,063 | $ | 115,656 |
Nine Months Ended September 30, 2017 | Malls | All Other (1) | Total | |||||||||
Revenues (2) | $ | 632,830 | $ | 59,066 | $ | 691,896 | ||||||
Property operating expenses (3) | (182,926 | ) | (11,989 | ) | (194,915 | ) | ||||||
Interest expense | (93,481 | ) | (71,698 | ) | (165,179 | ) | ||||||
Other expense | — | (5,151 | ) | (5,151 | ) | |||||||
Gain on sales of real estate assets | 75,434 | 11,470 | 86,904 | |||||||||
Segment profit (loss) | $ | 431,857 | $ | (18,302 | ) | 413,555 | ||||||
Depreciation and amortization expense | (225,461 | ) | ||||||||||
General and administrative expense | (45,402 | ) | ||||||||||
Interest and other income | 1,235 | |||||||||||
Gain on extinguishment of debt | 30,927 | |||||||||||
Loss on impairment | (71,401 | ) | ||||||||||
Loss on investment | (6,197 | ) | ||||||||||
Income tax benefit | 4,784 | |||||||||||
Equity in earnings of unconsolidated affiliates | 16,404 | |||||||||||
Net income | $ | 118,444 | ||||||||||
Capital expenditures (4) | $ | 126,290 | $ | 5,588 | $ | 131,878 |
Total Assets | Malls | All Other (1) | Total | |||||||||
September 30, 2018 | $ | 4,979,583 | $ | 511,436 | $ | 5,491,019 | ||||||
December 31, 2017 | $ | 5,152,789 | $ | 552,019 | $ | 5,704,808 | ||||||
(1) | The All Other category includes associated centers, community centers, mortgage and other notes receivable, office buildings, self-storage facilities and the Management Company. |
(2) | Management, development and leasing fees are included in the All Other category. See Note 3 for information on the Company's revenues disaggregated by revenue source for each of the above segments. |
(3) | Property operating expenses include property operating, real estate taxes and maintenance and repairs. |
(4) | Amounts include acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category. |
As of September 30, 2018 | Obligation Recorded to Reflect Guaranty | ||||||||||||||||||||||||
Unconsolidated Affiliate | Company's Ownership Interest | Outstanding Balance | Percentage Guaranteed by the Operating Partnership | Maximum Guaranteed Amount | Debt Maturity Date (1) | 9/30/2018 | 12/31/2017 | ||||||||||||||||||
West Melbourne I, LLC - Phase I (2) | 50% | $ | 41,737 | 50 | % | (3) | $ | 20,869 | Feb-2021 | (3) | $ | 209 | $ | 86 | |||||||||||
West Melbourne I, LLC - Phase II (2) | 50% | 16,097 | 50 | % | (3) | 8,049 | Feb-2021 | (3) | 80 | 33 | |||||||||||||||
Port Orange I, LLC | 50% | 56,366 | 50 | % | (3) | 28,183 | Feb-2021 | (3) | 282 | 116 | |||||||||||||||
Ambassador Infrastructure, LLC | 65% | 10,605 | 100 | % | 10,605 | Aug-2020 | 106 | 177 | |||||||||||||||||
Shoppes at Eagle Point, LLC | 50% | 32,679 | 100 | % | (4) | 36,400 | Oct-2020 | (5) | 364 | 364 | |||||||||||||||
EastGate Storage, LLC | 50% | 4,162 | 100 | % | (6) | 6,500 | Dec-2022 | 65 | 65 | ||||||||||||||||
Self Storage at Mid Rivers, LLC (7) | 50% | 2,021 | 100 | % | 5,987 | Apr-2023 | 60 | — | |||||||||||||||||
Total guaranty liability | $ | 1,166 | $ | 841 |
(1) | Excludes any extension options. |
(2) | The loan is secured by Hammock Landing - Phase I and Hammock Landing - Phase II, respectively. |
(3) | The loan was amended in May 2018 to extend the maturity date and increase the guaranty from 20%. The loan has two one-year extension options for an outside maturity date of February 2023. See Note 6 for more information. |
(4) | The guaranty will be reduced to 35% once construction is complete. |
(5) | The loan has one two-year extension option, at the joint venture's election, for an outside maturity date of October 2022. |
(6) | Once construction is complete, the guaranty will be reduced to 50%. The guaranty will be further reduced to 25% once certain debt and operational metrics are met. |
(7) | The Company received a 1% fee for the guaranty when the loan was issued in April 2018. The guaranty will be reduced to 50% once construction is complete. The guaranty will be further reduced to 25% once certain debt and operational metrics are met. See Note 6 for additional information. |
Shares | Weighted-Average Grant Date Fair Value | |||||
Nonvested at January 1, 2018 | 642,359 | $ | 13.23 | |||
Granted | 693,064 | $ | 4.55 | |||
Vested | (413,032 | ) | $ | 9.64 | ||
Forfeited | (8,852 | ) | $ | 9.36 | ||
Nonvested at September 30, 2018 | 913,539 | $ | 8.30 |
PSUs | Weighted-Average Grant Date Fair Value | |||||
Outstanding at January 1, 2018 | 560,371 | $ | 5.91 | |||
2018 PSUs granted | 741,977 | $ | 2.63 | |||
Forfeited | (138,899 | ) | $ | 4.22 | ||
Outstanding at September 30, 2018 (1) | 1,163,449 | $ | 4.55 |
(1) | None of the PSUs outstanding at September 30, 2018 were vested. |
2018 PSUs | 2017 PSUs | 2016 PSUs | ||||||||||||
Grant date | February 12, 2018 | February 7, 2017 | February 10, 2016 | |||||||||||
Fair value per share on valuation date (1) | $ | 4.76 | $ | 6.86 | $ | 4.98 | ||||||||
Risk-free interest rate (2) | 2.36 | % | 1.53 | % | 0.92 | % | ||||||||
Expected share price volatility (3) | 42.02 | % | 32.85 | % | 30.95 | % |
(1) | The value of the PSU awards is estimated on the date of grant using a Monte Carlo simulation model. The valuation consists of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. The weighted-average fair value per share related to the 2018 PSUs classified as equity consists of 240,164 shares at a fair value of $3.13 (which relate to relative TSR) and 120,064 shares at a fair value of $1.63 per share (which relate to absolute TSR). The weighted-average fair value per share related to the 2017 PSUs consists of 115,082 shares at a fair value of $5.62 per share and 162,294 shares at a fair value of $7.74 per share. |
(2) | The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date, which is the respective grant date listed above. |
(3) | The computation of expected volatility was based on a blend of the historical volatility of CBL's shares of common stock based on annualized daily total continuous returns over a three-year period and implied volatility data based on the trailing month average of daily implied volatilities implied by stock call option contracts that were both closest to the terms shown and closest to the money. |
Nine Months Ended September 30, | |||||||
2018 | 2017 | ||||||
Accrued dividends and distributions payable | $ | 41,657 | $ | 54,375 | |||
Additions to real estate assets accrued but not yet paid | 22,428 | 12,204 | |||||
Conversion of Operating Partnership units for common stock (1) | 3,059 | — | |||||
Deconsolidation upon contribution/assignment of interests in joint venture: (1) | |||||||
Decrease in real estate assets | (587 | ) | (9,131 | ) | |||
Increase in investment in unconsolidated affiliates | 974 | — | |||||
Decrease in mortgage and other indebtedness | — | 2,466 | |||||
Decrease in operating assets and liabilities | — | 1,286 | |||||
Decrease in noncontrolling interest and joint venture interest | — | 2,232 | |||||
Transfer of real estate assets in settlement of mortgage debt obligation: | |||||||
Decrease in real estate assets | — | (149,722 | ) | ||||
Decrease in mortgage and other indebtedness | — | 189,642 | |||||
Decrease in operating assets and liabilities | — | (122 | ) |
(1) | See Note 6 for more information. |
• | general industry, economic and business conditions; |
• | interest rate fluctuations; |
• | costs and availability of capital and capital requirements; |
• | costs and availability of real estate; |
• | inability to consummate acquisition opportunities and other risks associated with acquisitions; |
• | competition from other companies and retail formats; |
• | changes in retail demand and rental rates in our markets; |
• | shifts in customer demands including the impact of online shopping; |
• | tenant bankruptcies or store closings; |
• | changes in vacancy rates at our properties; |
• | changes in operating expenses; |
• | changes in applicable laws, rules and regulations; |
• | sales of real property; |
• | cyber-attacks or acts of cyber-terrorism; |
• | changes in the credit ratings of the Operating Partnership's senior unsecured long-term indebtedness; |
• | the ability to obtain suitable equity and/or debt financing and the continued availability of financing, in the amounts and on the terms necessary to support our future refinancing requirements and business; and |
• | other risks referenced from time to time in filings with the SEC and those factors listed or incorporated by reference into this report |
Property | Location | Date Opened | ||
The Outlet Shoppes at Laredo (1) | Laredo, TX | April 2017 | ||
EastGate Mall - CubeSmart Self-storage (2) | Cincinnati, OH | September 2018 |
(1) | The Outlet Shoppes at Laredo is a 65/35 joint venture. |
(2) | A 50/50 joint venture that is accounted for using the equity method of accounting and is included in equity in earnings of unconsolidated affiliates in the accompanying condensed consolidated statements of operations. |
Total for the Three Months Ended September 30, | Comparable Properties | |||||||||||||||||||||||||||||||
2018 | 2017 | Change | Core | Non-core | New | Dispositions | Change | |||||||||||||||||||||||||
Minimum rents | $ | 142,248 | $ | 150,836 | $ | (8,588 | ) | $ | (6,978 | ) | $ | (65 | ) | $ | (141 | ) | $ | (1,404 | ) | $ | (8,588 | ) | ||||||||||
Percentage rents | 2,429 | 3,000 | (571 | ) | (504 | ) | 26 | — | (93 | ) | (571 | ) | ||||||||||||||||||||
Other rents | 2,347 | 3,790 | (1,443 | ) | (1,277 | ) | (81 | ) | (46 | ) | (39 | ) | (1,443 | ) | ||||||||||||||||||
Tenant reimbursements | 55,374 | 63,055 | (7,681 | ) | (7,400 | ) | 4 | 24 | (309 | ) | (7,681 | ) | ||||||||||||||||||||
202,398 | 220,681 | (18,283 | ) | (16,159 | ) | (116 | ) | (163 | ) | (1,845 | ) | (18,283 | ) | |||||||||||||||||||
Management, development and leasing fees | 2,658 | 2,718 | (60 | ) | (60 | ) | — | — | — | (60 | ) | |||||||||||||||||||||
Other | 1,822 | 1,251 | 571 | 746 | 27 | (195 | ) | (7 | ) | 571 | ||||||||||||||||||||||
Total revenues | $ | 206,878 | $ | 224,650 | $ | (17,772 | ) | $ | (15,473 | ) | $ | (89 | ) | $ | (358 | ) | $ | (1,852 | ) | $ | (17,772 | ) |
Total for the Three Months Ended September 30, | Comparable Properties | |||||||||||||||||||||||||||||||
2018 | 2017 | Change | Core | Non-core | New | Dispositions | Change | |||||||||||||||||||||||||
Property operating | $ | 30,004 | $ | 31,295 | $ | (1,291 | ) | $ | (747 | ) | $ | (53 | ) | $ | (28 | ) | $ | (463 | ) | $ | (1,291 | ) | ||||||||||
Real estate taxes | 19,433 | 21,573 | (2,140 | ) | (2,935 | ) | 931 | (55 | ) | (81 | ) | (2,140 | ) | |||||||||||||||||||
Maintenance and repairs | 11,475 | 11,254 | 221 | 392 | (27 | ) | 40 | (184 | ) | 221 | ||||||||||||||||||||||
Property operating expenses | 60,912 | 64,122 | (3,210 | ) | (3,290 | ) | 851 | (43 | ) | (728 | ) | (3,210 | ) | |||||||||||||||||||
Depreciation and amortization | 71,945 | 71,732 | 213 | 1,855 | (1,069 | ) | 268 | (841 | ) | 213 | ||||||||||||||||||||||
General and administrative | 16,051 | 13,568 | 2,483 | 2,483 | — | — | — | 2,483 | ||||||||||||||||||||||||
Loss on impairment | 14,600 | 24,935 | (10,335 | ) | 14,598 | (24,523 | ) | — | (410 | ) | (10,335 | ) | ||||||||||||||||||||
Other | 38 | 132 | (94 | ) | (94 | ) | — | — | — | (94 | ) | |||||||||||||||||||||
Total operating expenses | $ | 163,546 | $ | 174,489 | $ | (10,943 | ) | $ | 15,552 | $ | (24,741 | ) | $ | 225 | $ | (1,979 | ) | $ | (10,943 | ) |
Total for the Nine Months Ended September 30, | Comparable Properties | |||||||||||||||||||||||||||||||
2018 | 2017 | Change | Core | Non-core | New | Dispositions | Change | |||||||||||||||||||||||||
Minimum rents | $ | 441,097 | $ | 468,195 | $ | (27,098 | ) | $ | (13,476 | ) | $ | (1,362 | ) | $ | 860 | $ | (13,120 | ) | $ | (27,098 | ) | |||||||||||
Percentage rents | 6,610 | 7,127 | (517 | ) | (238 | ) | (23 | ) | 8 | (264 | ) | (517 | ) | |||||||||||||||||||
Other rents | 6,898 | 11,171 | (4,273 | ) | (3,915 | ) | (174 | ) | (99 | ) | (85 | ) | (4,273 | ) | ||||||||||||||||||
Tenant reimbursements | 172,601 | 192,577 | (19,976 | ) | (16,441 | ) | (1,213 | ) | 881 | (3,203 | ) | (19,976 | ) | |||||||||||||||||||
627,206 | 679,070 | (51,864 | ) | (34,070 | ) | (2,772 | ) | 1,650 | (16,672 | ) | (51,864 | ) | ||||||||||||||||||||
Management, development and leasing fees | 8,022 | 8,747 | (725 | ) | (725 | ) | — | — | — | (725 | ) | |||||||||||||||||||||
Other | 6,448 | 4,079 | 2,369 | 2,447 | 163 | 1 | (242 | ) | 2,369 | |||||||||||||||||||||||
Total revenues | $ | 641,676 | $ | 691,896 | $ | (50,220 | ) | $ | (32,348 | ) | $ | (2,609 | ) | $ | 1,651 | $ | (16,914 | ) | $ | (50,220 | ) |
Total for the Nine Months Ended September 30, | Comparable Properties | |||||||||||||||||||||||||||||||
2018 | 2017 | Change | Core | Non-core | New | Dispositions | Change | |||||||||||||||||||||||||
Property operating | $ | 92,357 | $ | 96,250 | $ | (3,893 | ) | $ | (1,375 | ) | $ | (19 | ) | $ | 1,028 | $ | (3,527 | ) | $ | (3,893 | ) | |||||||||||
Real estate taxes | 61,737 | 62,343 | (606 | ) | (1,195 | ) | 618 | 656 | (685 | ) | (606 | ) | ||||||||||||||||||||
Maintenance and repairs | 36,713 | 36,322 | 391 | 1,790 | 70 | 82 | (1,551 | ) | 391 | |||||||||||||||||||||||
Property operating expenses | 190,807 | 194,915 | (4,108 | ) | (780 | ) | 669 | 1,766 | (5,763 | ) | (4,108 | ) | ||||||||||||||||||||
Depreciation and amortization | 217,261 | 225,461 | (8,200 | ) | 146 | (3,074 | ) | 1,609 | (6,881 | ) | (8,200 | ) | ||||||||||||||||||||
General and administrative | 47,845 | 45,402 | 2,443 | 2,443 | — | — | — | 2,443 | ||||||||||||||||||||||||
Loss on impairment | 84,644 | 71,401 | 13,243 | 32,659 | (15,547 | ) | — | (3,869 | ) | 13,243 | ||||||||||||||||||||||
Other | 377 | 5,151 | (4,774 | ) | (4,774 | ) | — | — | — | (4,774 | ) | |||||||||||||||||||||
Total operating expenses | $ | 540,934 | $ | 542,330 | $ | (1,396 | ) | $ | 29,694 | $ | (17,952 | ) | $ | 3,375 | $ | (16,513 | ) | $ | (1,396 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income (loss) | $ | (2,971 | ) | $ | 9,299 | $ | (33,608 | ) | $ | 118,444 | |||||
Adjustments: (1) | |||||||||||||||
Depreciation and amortization | 80,247 | 79,195 | 242,014 | 247,203 | |||||||||||
Interest expense | 59,870 | 58,573 | 176,101 | 178,834 | |||||||||||
Abandoned projects expense | 38 | 132 | 377 | 5,151 | |||||||||||
Gain on sales of real estate assets | (7,852 | ) | (1,610 | ) | (16,562 | ) | (60,454 | ) | |||||||
(Gain) loss on investment | — | 354 | (387 | ) | 6,197 | ||||||||||
Gain on extinguishment of debt | — | (6,452 | ) | — | (33,902 | ) | |||||||||
Loss on impairment | 15,622 | 24,935 | 85,666 | 71,401 | |||||||||||
Income tax (benefit) provision | 1,034 | (1,064 | ) | (1,846 | ) | (4,784 | ) | ||||||||
Lease termination fees | (783 | ) | (879 | ) | (9,788 | ) | (1,990 | ) | |||||||
Straight-line rent and above- and below-market lease amortization | 822 | (637 | ) | 2,941 | (3,685 | ) | |||||||||
Net income attributable to noncontrolling interests in other consolidated subsidiaries | (24 | ) | (415 | ) | 369 | (25,266 | ) | ||||||||
General and administrative expenses | 16,051 | 13,568 | 47,845 | 45,402 | |||||||||||
Management fees and non-property level revenues | (3,315 | ) | (2,762 | ) | (10,664 | ) | (10,312 | ) | |||||||
Operating Partnership's share of property NOI | 158,739 | 172,237 | 482,458 | 532,239 | |||||||||||
Non-comparable NOI | (5,623 | ) | (9,145 | ) | (20,112 | ) | (37,291 | ) | |||||||
Total same-center NOI | $ | 153,116 | $ | 163,092 | $ | 462,346 | $ | 494,948 |
(1) | Adjustments are based on our Operating Partnership's pro rata ownership share, including our share of unconsolidated affiliates and excluding noncontrolling interests' share of consolidated properties. |
(1) | Stabilized Malls – Malls that have completed their initial lease-up and have been open for more than three complete calendar years. |
(2) | Non-stabilized Malls - Malls that are in their initial lease-up phase. After three complete calendar years of operation, they are reclassified on January 1 of the fourth calendar year to the stabilized mall category. The Outlet Shoppes at Laredo was classified as a non-stabilized mall as of September 30, 2018 and 2017. The Outlet Shoppes of the Bluegrass was classified as a non-stabilized mall as of September 30, 2017. |
(3) | Excluded Malls - We exclude malls from our core portfolio if they fall in the following categories, for which operational metrics are excluded: |
a. | Lender Malls - Malls for which we are working or intend to work with the lender on a restructure of the terms of the loan secured by the property or convey the secured property to the lender. Acadiana Mall and Cary Towne Center were classified as Lender Malls as of September 30, 2018. There were no malls in this category as of September 30, 2017. Lender Malls are excluded from our same-center pool as decisions made while in discussions with the lender may lead to metrics that do not provide relevant information related to the condition of these properties or they may be under cash management agreements with the respective servicers. |
b. | Repositioning Malls - Malls that are currently being repositioned or where we have determined that the current format of the mall no longer represents the best use of the mall and we are in the process of evaluating alternative strategies for the mall. This may include major redevelopment or an alternative retail or non-retail format, or after evaluating alternative strategies for the mall, we may determine that the mall no longer meets our criteria for long-term investment. The steps taken to reposition these malls, such as signing tenants to short-term leases, which are not included in occupancy percentages, or leasing to regional or local tenants, which typically do not report sales, may lead to metrics which do not provide relevant information related to the condition of these malls. Therefore, traditional performance measures, such as occupancy percentages and leasing metrics, exclude Repositioning Malls. Hickory Point Mall was classified as a Repositioning Mall as of September 30, 2018 and 2017. Cary Towne Center was classified as a Repositioning Mall as of September 30, 2017 until a change in redevelopment plans caused it to be reclassified as a Lender Mall as of September 30, 2018. |
c. | Minority Interest Malls - Malls in which we have a 25% or less ownership interest. Triangle Town Center was classified as a Minority Interest Mall as of September 30, 2018 and 2017. |
Nine Months Ended September 30, | |||
2018 | 2017 | ||
Malls | 91.2% | 91.5% | |
Other properties | 8.8% | 8.5% |
Twelve Months Ended September 30, | |||||
2018 | 2017 | % Change | |||
Stabilized mall same-center sales per square foot | $378 | $376 | 0.5% | ||
Stabilized mall sales per square foot | $378 | $373 | 1.3% |
As of September 30, | As of June 30, | ||||
2018 | 2017 | 2018 | |||
Total portfolio | 92.0% | 93.1% | 91.1% | ||
Malls: | |||||
Total mall portfolio | 90.5% | 91.6% | 89.2% | ||
Same-center malls | 90.8% | 91.7% | 89.6% | ||
Stabilized malls | 90.8% | 91.7% | 89.5% | ||
Non-stabilized malls (2) | 73.6% | 87.9% | 71.9% | ||
Other properties: | 97.1% | 98.2% | 97.4% | ||
Associated centers | 97.2% | 98.2% | 97.9% | ||
Community centers | 96.8% | 98.2% | 96.9% |
(1) | As noted above, excluded properties are not included in occupancy metrics. Occupancy for malls represents percentage of mall store gross leasable area occupied under 20,000 square feet. Occupancy for other properties represents percentage of gross leasable area occupied. |
(2) | Represents occupancy for The Outlet Shoppes at Laredo as of September 30, 2018 and June 30, 2018. Represents occupancy for The Outlet Shoppes of the Bluegrass and The Outlet Shoppes at Laredo as of September 30, 2017. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||
Operating portfolio: | |||||||||||
New leases | 154,968 | 178,332 | 763,104 | 916,442 | |||||||
Renewal leases | 590,923 | 678,304 | 1,907,874 | 1,765,682 | |||||||
Development portfolio: | |||||||||||
New leases | 87,293 | 131,744 | 190,951 | 258,746 | |||||||
Total leased | 833,184 | 988,380 | 2,861,929 | 2,940,870 |
As of September 30, | ||||||||
2018 | 2017 | |||||||
Malls: | $ | 32.69 | $ | 32.61 | ||||
Same-center stabilized malls | 32.77 | 32.64 | ||||||
Stabilized malls | 32.77 | 32.83 | ||||||
Non-stabilized malls (2) | 25.48 | 26.25 | ||||||
Other properties: | 15.16 | 15.03 | ||||||
Associated centers | 13.68 | 13.85 | ||||||
Community centers | 16.44 | 15.65 | ||||||
Office buildings | 18.01 | 19.12 |
(1) | As noted above, excluded properties are not included in base rent. Average base rents for associated centers, community centers and office buildings include all leased space, regardless of size. |
(2) | Represents average annual base rents for The Outlet Shoppes at Laredo as of September 30, 2018. Represents average annual base rents for The Outlet Shoppes of the Bluegrass and The Outlet Shoppes at Laredo as of September 30, 2017. |
Property Type | Square Feet | Prior Gross Rent PSF | New Initial Gross Rent PSF | % Change Initial | New Average Gross Rent PSF (1) | % Change Average | |||||||||||||||
Quarter: | |||||||||||||||||||||
All Property Types (2) | 492,802 | $ | 39.43 | $ | 34.21 | (13.2 | )% | $ | 34.51 | (12.5 | )% | ||||||||||
Stabilized malls | 448,387 | 40.81 | 35.16 | (13.8 | )% | 35.47 | (13.1 | )% | |||||||||||||
New leases (3) | 59,188 | 51.77 | 44.45 | (14.1 | )% | 46.83 | (9.5 | )% | |||||||||||||
Renewal leases | 389,199 | 39.14 | 33.75 | (13.8 | )% | 33.74 | (13.8 | )% | |||||||||||||
Year-to-Date: | |||||||||||||||||||||
All Property Types (2) | 1,648,184 | $ | 41.51 | $ | 36.45 | (12.2 | )% | $ | 36.94 | (11.0 | )% | ||||||||||
Stabilized malls | 1,570,492 | 42.26 | 36.98 | (12.5 | )% | 37.48 | (11.3 | )% | |||||||||||||
New leases (3) | 237,018 | 44.94 | 41.46 | (7.7 | )% | 43.55 | (3.1 | )% | |||||||||||||
Renewal leases | 1,333,474 | 41.78 | 36.19 | (13.4 | )% | 36.40 | (12.9 | )% |
(1) | Average gross rent does not incorporate allowable future increases for recoverable common area expenses. |
(2) | Includes stabilized malls, associated centers, community centers and office buildings. |
(3) | Excluding three leases executed during the third quarter of 2018, average new lease spreads would have been 0.6% and (0.2)% for the three and nine months ended September 30, 2018, respectively. |
Number of Leases | Square Feet | Term (in years) | Initial Rent PSF | Average Rent PSF | Expiring Rent PSF | Initial Rent Spread | Average Rent Spread | |||||||||||||||||||||||||||
Commencement 2018: | ||||||||||||||||||||||||||||||||||
New | 118 | 287,933 | 7.30 | $ | 42.43 | $ | 44.39 | $ | 43.65 | $ | (1.22 | ) | (2.8 | )% | $ | 0.74 | 1.7 | % | ||||||||||||||||
Renewal | 486 | 1,499,531 | 2.83 | 33.92 | 34.40 | 40.23 | (6.31 | ) | (15.7 | )% | (5.83 | ) | (14.5 | )% | ||||||||||||||||||||
Commencement 2018 Total | 604 | 1,787,464 | 3.71 | 35.29 | 36.01 | 40.78 | (5.49 | ) | (13.5 | )% | (4.77 | ) | (11.7 | )% | ||||||||||||||||||||
Commencement 2019: | ||||||||||||||||||||||||||||||||||
New | 7 | 25,307 | 8.29 | 34.12 | 35.92 | 32.06 | 2.06 | 6.4 | % | 3.86 | 12.0 | % | ||||||||||||||||||||||
Renewal | 106 | 399,843 | 3.38 | 31.25 | 31.57 | 34.34 | (3.09 | ) | (9.0 | )% | (2.77 | ) | (8.1 | )% | ||||||||||||||||||||
Commencement 2019 Total | 113 | 425,150 | 3.69 | 31.42 | 31.83 | 34.20 | (2.78 | ) | (8.1 | )% | (2.37 | ) | (6.9 | )% | ||||||||||||||||||||
Total 2018/2019 | 717 | 2,212,614 | 3.70 | $ | 34.55 | $ | 35.20 | $ | 39.52 | $ | (4.97 | ) | (12.6 | )% | $ | (4.32 | ) | (10.9 | )% |
Nine Months Ended September 30, | |||||||||||
2018 | 2017 | Change | |||||||||
Net cash provided by operating activities | $ | 280,407 | $ | 336,950 | $ | (56,543 | ) | ||||
Net cash used in investing activities | (14,325 | ) | (35,412 | ) | 21,087 | ||||||
Net cash used in financing activities | (278,109 | ) | (298,049 | ) | 19,940 | ||||||
Net cash flows | $ | (12,027 | ) | $ | 3,489 | $ | (15,516 | ) |
September 30, 2018 | Consolidated | Noncontrolling Interests | Unconsolidated Affiliates | Total | Weighted- Average Interest Rate (1) | |||||||||||||
Fixed-rate debt: | ||||||||||||||||||
Non-recourse loans on operating properties (2) | $ | 1,797,080 | $ | (94,787 | ) | $ | 542,734 | $ | 2,245,027 | 5.01% | ||||||||
Recourse loan on operating property (3) | — | — | 10,605 | 10,605 | 3.74% | |||||||||||||
Senior unsecured notes due 2023 (4) | 447,309 | — | — | 447,309 | 5.25% | |||||||||||||
Senior unsecured notes due 2024 (5) | 299,951 | — | — | 299,951 | 4.60% | |||||||||||||
Senior unsecured notes due 2026 (6) | 616,436 | — | — | 616,436 | 5.95% | |||||||||||||
Total fixed-rate debt | 3,160,776 | (94,787 | ) | 553,339 | 3,619,328 | 5.16% | ||||||||||||
Variable-rate debt: | ||||||||||||||||||
Recourse loans on operating properties | 74,150 | — | 61,898 | 136,048 | 4.57% | |||||||||||||
Construction loans | — | — | 34,700 | 34,700 | 4.96% | |||||||||||||
Unsecured lines of credit | 201,358 | — | — | 201,358 | 3.65% | |||||||||||||
Unsecured term loans | 695,000 | — | — | 695,000 | 3.96% | |||||||||||||
Total variable-rate debt | 970,508 | — | 96,598 | 1,067,106 | 4.01% | |||||||||||||
Total fixed-rate and variable-rate debt | 4,131,284 | (94,787 | ) | 649,937 | 4,686,434 | 4.90% | ||||||||||||
Unamortized deferred financing costs | (15,476 | ) | 611 | (2,826 | ) | (17,691 | ) | |||||||||||
Mortgage and other indebtedness, net | $ | 4,115,808 | $ | (94,176 | ) | $ | 647,111 | $ | 4,668,743 |
December 31, 2017 | Consolidated | Noncontrolling Interests | Unconsolidated Affiliates | Total | Weighted- Average Interest Rate (1) | |||||||||||||
Fixed-rate debt: | ||||||||||||||||||
Non-recourse loans on operating properties (2) | $ | 1,796,203 | $ | (77,155 | ) | $ | 521,731 | $ | 2,240,779 | 5.06% | ||||||||
Recourse loans on operating properties (3) | — | — | 11,035 | 11,035 | 3.74% | |||||||||||||
Senior unsecured notes due 2023 (4) | 446,976 | — | — | 446,976 | 5.25% | |||||||||||||
Senior unsecured notes due 2024 (5) | 299,946 | — | — | 299,946 | 4.60% | |||||||||||||
Senior unsecured notes due 2026 (6) | 615,848 | — | — | 615,848 | 5.95% | |||||||||||||
Total fixed-rate debt | 3,158,973 | (77,155 | ) | 532,766 | 3,614,584 | 5.19% | ||||||||||||
Variable-rate debt: | ||||||||||||||||||
Non-recourse loan on operating property | 10,836 | (5,418 | ) | — | 5,418 | 3.37% | ||||||||||||
Recourse loans on operating properties | 101,187 | — | 58,478 | 159,665 | 3.77% | |||||||||||||
Construction loan | — | — | 5,977 | 5,977 | 4.28% | |||||||||||||
Unsecured lines of credit | 93,787 | — | — | 93,787 | 2.56% | |||||||||||||
Unsecured term loans | 885,000 | — | — | 885,000 | 2.81% | |||||||||||||
Total variable-rate debt | 1,090,810 | (5,418 | ) | 64,455 | 1,149,847 | 2.93% | ||||||||||||
Total fixed-rate and variable-rate debt | 4,249,783 | (82,573 | ) | 597,221 | 4,764,431 | 4.65% | ||||||||||||
Unamortized deferred financing costs | (18,938 | ) | 687 | (2,441 | ) | (20,692 | ) | |||||||||||
Mortgage and other indebtedness, net | $ | 4,230,845 | $ | (81,886 | ) | $ | 594,780 | $ | 4,743,739 |
(1) | Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs. |
(2) | An unconsolidated affiliate has an interest rate swap on a notional amount outstanding of $45,165 as of September 30, 2018 and $46,054 as of December 31, 2017 related to a variable-rate loan on Ambassador Town Center to effectively fix the interest rate on this loan to a fixed-rate of 3.22%. |
(3) | The unconsolidated affiliate has an interest rate swap on a notional amount outstanding of $10,605 as of September 30, 2018 and $11,035 as of December 31, 2017 related to a variable-rate loan on Ambassador Town Center - Infrastructure Improvements to effectively fix the interest rate on this loan to a fixed-rate of 3.74%. |
(4) | The balance is net of an unamortized discount of $2,691 and $3,024 as of September 30, 2018 and December 31, 2017, respectively. |
(5) | The balance is net of an unamortized discount of $49 and $54 as of September 30, 2018 and December 31, 2017, respectively. |
(6) | The balance is net of an unamortized discount of $8,564 and $9,152 as of September 30, 2018 and December 31, 2017, respectively. |
Rating Agency | Rating | Outlook | Investment Grade | |||
Fitch | BB+ | Negative | No | |||
Moody's | Ba1 | Negative | No | |||
S&P (1) | BB+ | Negative | No |
(1) | In August 2018, S&P lowered its rating to BB+. The change impacted our interest rates beginning September 1, 2018. The current interest rates are listed below. |
Sales Per Square Foot for the Twelve Months Ended (1) (2) | Occupancy (2) | % of Consolidated Unencumbered NOI for the Nine Months Ended 9/30/18 (3) | ||||||||||||||||
09/30/18 | 09/30/17 | 09/30/18 | 09/30/17 | |||||||||||||||
Unencumbered consolidated properties: | ||||||||||||||||||
Tier 1 Malls | $ | 402 | $ | 430 | 94.2 | % | 95.8 | % | 21.0 | % | ||||||||
Tier 2 Malls | 338 | 338 | 90.4 | % | 91.4 | % | 54.5 | % | ||||||||||
Tier 3 Malls | 280 | 286 | 88.2 | % | 89.5 | % | 12.6 | % | ||||||||||
Total Malls | 339 | 345 | 90.5 | % | 91.7 | % | 88.1 | % | ||||||||||
Total Associated Centers | N/A | N/A | 96.8 | % | 97.7 | % | 7.5 | % |
Sales Per Square Foot for the Twelve Months Ended (1) (2) | Occupancy (2) | % of Consolidated Unencumbered NOI for the Nine Months Ended 9/30/18 (3) | ||||||||||||||||
09/30/18 | 09/30/17 | 09/30/18 | 09/30/17 | |||||||||||||||
Total Community Centers | N/A | N/A | 99.0 | % | 98.9 | % | 3.3 | % | ||||||||||
Total Office Buildings and Other | N/A | N/A | 90.0 | % | 94.2 | % | 1.1 | % | ||||||||||
Total Unencumbered Consolidated Portfolio | $ | 339 | $ | 345 | 92.2 | % | 93.3 | % | 100.0 | % |
(1) | Represents same-center sales per square foot for mall tenants 10,000 square feet or less for stabilized malls. |
(2) | Operating metrics are included for unencumbered operating properties and do not include sales or occupancy of unencumbered outparcels. |
(3) | Our consolidated unencumbered properties generated approximately 58.4% of total consolidated NOI of $418,506,986 (which excludes NOI related to dispositions) for the nine months ended September 30, 2018. |
Period | Dividend Amount | Declaration Date | Date Paid | |||
First Quarter | $0.20 | February 22, 2018 | April 17, 2018 | |||
Second Quarter | $0.20 | May 31, 2018 | July 16, 2018 | |||
Third Quarter | $0.20 | August 24, 2018 | October 16, 2018 |
Shares Outstanding | Stock Price (1) | Value | ||||||||
Common stock and operating partnership units | 199,430 | $ | 3.99 | $ | 795,726 | |||||
7.375% Series D Cumulative Redeemable Preferred Stock | 1,815 | 250.00 | 453,750 | |||||||
6.625% Series E Cumulative Redeemable Preferred Stock | 690 | 250.00 | 172,500 | |||||||
Total market equity | 1,421,976 | |||||||||
Company’s share of total debt, excluding unamortized deferred financing costs | 4,686,434 | |||||||||
Total market capitalization | $ | 6,108,410 | ||||||||
Debt-to-total-market capitalization ratio | 76.7 | % |
(1) | Stock price for common stock and Operating Partnership units equals the closing price of CBL's common stock on September 28, 2018. The stock prices for the preferred stock represent the liquidation preference of each respective series of preferred stock. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Tenant allowances (1) | $ | 6,978 | $ | 9,658 | $ | 35,199 | $ | 29,774 | |||||||
Renovations | — | 5,190 | 563 | 9,255 | |||||||||||
Deferred maintenance: | |||||||||||||||
Parking lot and parking lot lighting | 206 | 4,060 | 871 | 8,321 | |||||||||||
Roof repairs and replacements | 270 | 1,544 | 3,694 | 4,607 | |||||||||||
Other capital expenditures | 5,255 | 5,616 | 15,035 | 15,833 | |||||||||||
Total deferred maintenance | 5,731 | 11,220 | 19,600 | 28,761 | |||||||||||
Capitalized overhead | 832 | 1,370 | 4,123 | 5,661 | |||||||||||
Capitalized interest | 1,198 | 452 | 2,736 | 1,676 | |||||||||||
Total capital expenditures | $ | 14,739 | $ | 27,890 | $ | 62,221 | $ | 75,127 |
(1) | Tenant allowances primarily relate to new leases. Tenant allowances related to renewal leases were not material for the periods presented. |
CBL's Share of | |||||||||||||||||||||||
Property | Location | CBL Ownership Interest | Total Project Square Feet | Total Cost (1) | Cost to Date (2) | 2018 YTD Cost | Opening Date | Initial Unleveraged Yield | |||||||||||||||
Mall Expansion: | |||||||||||||||||||||||
Parkdale Mall - Restaurant Addition | Beaumont, TX | 100% | 4,700 | $ | 1,315 | $ | 1,409 | $ | 266 | Feb-18/ Mar-18 | 10.4% | ||||||||||||
Other - Outparcel Development: | |||||||||||||||||||||||
EastGate Mall - CubeSmart Self-storage (3) (4) | Cincinnati, OH | 50% | 93,501 | 4,514 | 3,234 | 2,380 | Sep-18 | 9.9% | |||||||||||||||
Laurel Park Place - Panera Bread (3) | Livonia, MI | 100% | 4,500 | 1,772 | 1,592 | 351 | May-18 | 9.7% | |||||||||||||||
98,001 | 6,286 | 4,826 | 2,731 | ||||||||||||||||||||
Total Properties Opened | 102,701 | $ | 7,601 | $ | 6,235 | $ | 2,997 | ||||||||||||||||
(1) Total Cost is presented net of reimbursements to be received. | |||||||||||||||||||||||
(2) Cost to Date does not reflect reimbursements until they are received. | |||||||||||||||||||||||
(3) Outparcel development adjacent to the mall. | |||||||||||||||||||||||
(4) Yield is based on the expected yield of the stabilized project. |
CBL's Share of | |||||||||||||||||||||||
Property | Location | CBL Ownership Interest | Total Project Square Feet | Total Cost (1) | Cost to Date (2) | 2018 YTD Cost | Opening Date | Initial Unleveraged Yield | |||||||||||||||
Mall Redevelopments: | |||||||||||||||||||||||
East Towne Mall - Flix Brewhouse | Madison, WI | 100% | 40,795 | $ | 9,966 | $ | 9,742 | $ | 3,869 | Jul-18 | 8.4% | ||||||||||||
Frontier Mall - Sports Authority Redevelopment (Planet Fitness) | Cheyenne, WY | 100% | 24,750 | 1,385 | 901 | 679 | Feb-18 | 29.8% | |||||||||||||||
York Galleria - Partial JC Penney Redevelopment (Marshalls) | York, PA | 100% | 21,026 | 2,870 | 2,408 | 1,930 | Apr-18 | 11.0% | |||||||||||||||
Total Redevelopments Completed | 86,571 | $ | 14,221 | $ | 13,051 | $ | 6,478 | ||||||||||||||||
(1) Total Cost is presented net of reimbursements to be received. | |||||||||||||||||||||||
(2) Cost to Date does not reflect reimbursements until they are received. |
CBL's Share of | |||||||||||||||||||||||
Property | Location | CBL Ownership Interest | Total Project Square Feet | Total Cost (1) | Cost to Date (2) | 2018 YTD Cost | Expected Opening Date | Initial Unleveraged Yield | |||||||||||||||
Other Developments: | |||||||||||||||||||||||
Mid Rivers Mall - CubeSmart Self-storage (3) (4) | St. Peters, MO | 50% | 93,540 | $ | 4,122 | $ | 1,632 | $ | 1,632 | Dec-18 | 9.0% | ||||||||||||
The Shoppes at Eagle Point (5) | Cookeville, TN | 50% | 233,696 | 45,541 | 44,484 | 24,151 | Aug-18/Nov-18 | 8.1% | |||||||||||||||
327,236 | 49,663 | 46,116 | 25,783 | ||||||||||||||||||||
Mall Redevelopments: | |||||||||||||||||||||||
Brookfield Square - Sears Redevelopment (Whirlyball/ Marcus Theatres) (6) | Brookfield, WI | 100% | 126,710 | 26,717 | 11,658 | 11,072 | Summer-19 | 10.7% | |||||||||||||||
Eastland Mall - JC Penney Redevelopment (H&M/Outback/Planet Fitness) | Bloomington, IL | 100% | 52,827 | 10,999 | 6,831 | 6,339 | Fall-18 | 6.3% | |||||||||||||||
East Towne Mall - Portillo's | Madison, WI | 100% | 9,000 | 2,956 | 2,405 | 1,884 | Winter-18 | 8.0% | |||||||||||||||
Friendly Center - O2 Fitness | Greensboro, NC | 50% | 27,048 | 2,285 | 1,397 | 1,281 | Winter-18 | 10.3% | |||||||||||||||
Hanes Mall - Dave & Buster's | Winston-Salem, NC | 100% | 44,922 | 5,963 | 1,854 | 1,657 | Spring-19 | 11.0% | |||||||||||||||
Jefferson Mall - Macy's Redevelopment (Round 1) | Louisville, KY | 100% | 50,070 | 9,392 | 5,270 | 4,192 | Nov-18 | 6.9% | |||||||||||||||
Northgate Mall - Sears Auto Center Redevelopment (Aubrey's/Panda Express) | Chattanooga, TN | 100% | 10,000 | 1,797 | 427 | 247 | Winter-18 | 7.6% | |||||||||||||||
Parkdale Mall - Macy's Redevelopment (Dick's Sporting Goods/Five Below/HomeGoods) (6) | Beaumont, TX | 100% | 86,136 | 20,899 | 2,489 | 1,967 | Spring-19 | 6.4% | |||||||||||||||
Volusia Mall - Sears Auto Center Redevelopment (Bonefish Grill/Metro Diner) | Daytona Beach, FL | 100% | 23,341 | 9,635 | 5,090 | 3,963 | Winter-18 | 8.0% | |||||||||||||||
430,054 | 90,643 | 37,421 | 32,602 | ||||||||||||||||||||
Total Properties Under Development | 757,290 | $ | 140,306 | $ | 83,537 | $ | 58,385 | ||||||||||||||||
(1) Total Cost is presented net of reimbursements to be received. | |||||||||||||||||||||||
(2) Cost to Date does not reflect reimbursements until they are received. | |||||||||||||||||||||||
(3) Yield is based on the expected yield of the stabilized project. | |||||||||||||||||||||||
(4) Outparcel development adjacent to the mall. | |||||||||||||||||||||||
(5) We will fund 100% of the required equity contribution so costs in the above table are shown at 100%. A portion of the community center project will be funded through a construction loan with a total borrowing capacity of $36,400. | |||||||||||||||||||||||
(6) The return reflected represents a pro forma incremental return as Total Cost excludes the cost related to the acquisition of the Sears (Brookfield) and Macy's (Parkdale)buildings in 2017. |
• | Third parties may approach us with opportunities in which they have obtained land and performed some pre-development activities, but they may not have sufficient access to the capital resources or the development and leasing expertise to bring the project to fruition. We enter into such arrangements when we determine such a project is viable and we can achieve a satisfactory return on our investment. We typically earn development fees from the joint venture and provide management and leasing services to the property for a fee once the property is placed in operation. |
• | We determine that we may have the opportunity to capitalize on the value we have created in a property by selling an interest in the property to a third party. This provides us with an additional source of capital that can be used to develop or acquire additional real estate assets that we believe will provide greater potential for growth. When we retain an interest in an asset rather than selling a 100% interest, it is typically because this allows us to continue to manage the property, which provides us the ability to earn fees for management, leasing, development and financing services provided to the joint venture. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Net income (loss) attributable to common shareholders | $ | (12,590 | ) | $ | (2,258 | ) | $ | (57,930 | ) | $ | 50,807 | ||||
Noncontrolling interest in income (loss) of Operating Partnership | (1,628 | ) | (81 | ) | (8,978 | ) | 8,702 | ||||||||
Depreciation and amortization expense of: | |||||||||||||||
Consolidated properties | 71,945 | 71,732 | 217,261 | 225,461 | |||||||||||
Unconsolidated affiliates | 10,438 | 9,633 | 31,177 | 28,533 | |||||||||||
Non-real estate assets | (910 | ) | (934 | ) | (2,748 | ) | (2,590 | ) | |||||||
Noncontrolling interests' share of depreciation and amortization | (2,136 | ) | (2,170 | ) | (6,424 | ) | (6,791 | ) | |||||||
Loss on impairment, net of taxes | 14,600 | 24,935 | 84,644 | 70,185 | |||||||||||
Loss on impairment of unconsolidated affiliates | 1,022 | — | 1,022 | — | |||||||||||
(Gain) loss on depreciable property, net of taxes and noncontrolling interests' share | (3,307 | ) | 1,995 | (5,543 | ) | (48,761 | ) | ||||||||
FFO allocable to Operating Partnership common unitholders | 77,434 | 102,852 | 252,481 | 325,546 | |||||||||||
Litigation expenses (1) | — | 17 | — | 69 | |||||||||||
Nonrecurring professional fees reimbursement (1) | — | — | — | (919 | ) | ||||||||||
(Gain) loss on investments, net of taxes (2) | — | 354 | (287 | ) | 6,197 | ||||||||||
Non-cash default interest expense (3) | 1,784 | 1,904 | 3,616 | 4,398 | |||||||||||
Gain on extinguishment of debt, net of noncontrolling interests' share (4) | — | (6,452 | ) | — | (33,902 | ) | |||||||||
FFO allocable to Operating Partnership common unitholders, as adjusted | $ | 79,218 | $ | 98,675 | $ | 255,810 | $ | 301,389 | |||||||
FFO per diluted share | $ | 0.39 | $ | 0.52 | $ | 1.26 | $ | 1.63 | |||||||
FFO, as adjusted, per diluted share | $ | 0.40 | $ | 0.50 | $ | 1.28 | $ | 1.51 | |||||||
Weighted-average common and potential dilutive common shares outstanding with Operating Partnership units fully converted | 199,432 | 199,321 | 199,630 | 199,325 | |||||||||||
(1) Litigation expenses are included in general and administrative expense in the condensed consolidated statements of operations. Nonrecurring professional fees reimbursement is included in interest and other income in the condensed consolidated statements of operations. | |||||||||||||||
(2) The nine months ended September 30, 2018 also includes a gain on investment related to the land we contributed to the Self Storage at Mid Rivers 50/50 joint venture. The three months and nine months ended September 30, 2017 represents a loss on investment related to the write down of our 25% interest in River Ridge Mall based on the contract price to sell such interest to our joint venture partner. The sale closed in August 2017. | |||||||||||||||
(3) The three months and nine months ended September 30, 2018 includes default interest expense related to Acadiana Mall and Cary Town Center. The three months and nine months ended September 30, 2017 includes default interest expense related to Acadiana Mall and Wausau Center. The nine months ended September 30, 2017 also includes default interest expense related to Chesterfield Mall and Midland Mall. |
(4) The three months ended September 30, 2017 primarily represents a $6,851 gain on extinguishment of debt related to the non-recourse loan secured by Wausau Center, which was conveyed to the lender in the third quarter of 2017, which was partially offset by a loss on extinguishment of debt related to a prepayment fee of $371 related to the early retirement of a mortgage loan. Additionally, the nine months ended September 30, 2017 also includes a gain on extinguishment of debt related to the non-recourse loan secured by Chesterfield Mall, which was conveyed to the lender in the second quarter of 2017, a loss on extinguishment of debt related to a prepayment fee on the early retirement of the loans secured by The Outlet Shoppes at Oklahoma City, which was sold in the second quarter of 2017, and a gain on extinguishment of debt related to the non-recourse loan secured by Midland Mall, which was conveyed to the lender in the first quarter of 2017. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Diluted EPS attributable to common shareholders | $ | (0.07 | ) | $ | (0.01 | ) | $ | (0.34 | ) | $ | 0.30 | ||||
Eliminate amounts per share excluded from FFO: | |||||||||||||||
Depreciation and amortization expense, including amounts from consolidated properties, unconsolidated affiliates, non-real estate assets and excluding amounts allocated to noncontrolling interests | 0.40 | 0.40 | 1.20 | 1.23 | |||||||||||
Loss on impairment, net of taxes | 0.08 | 0.13 | 0.43 | 0.35 | |||||||||||
Gain on depreciable property, net of taxes and noncontrolling interests' share | (0.02 | ) | — | (0.03 | ) | (0.25 | ) | ||||||||
FFO per diluted share | $ | 0.39 | $ | 0.52 | $ | 1.26 | $ | 1.63 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
FFO allocable to Operating Partnership common unitholders | $ | 77,434 | $ | 102,852 | $ | 252,481 | $ | 325,546 | |||||||
Percentage allocable to common shareholders (1) | 86.58 | % | 85.84 | % | 86.37 | % | 85.82 | % | |||||||
FFO allocable to common shareholders | $ | 67,042 | $ | 88,288 | $ | 218,068 | $ | 279,384 | |||||||
FFO allocable to Operating Partnership common unitholders, as adjusted | $ | 79,218 | $ | 98,675 | $ | 255,810 | $ | 301,389 | |||||||
Percentage allocable to common shareholders (1) | 86.58 | % | 85.84 | % | 86.37 | % | 85.82 | % | |||||||
FFO allocable to common shareholders, as adjusted | $ | 68,587 | $ | 84,703 | $ | 220,943 | $ | 258,652 |
(1) | Represents the weighted-average number of common shares outstanding for the period divided by the sum of the weighted-average number of common shares and the weighted-average number of Operating Partnership units held by noncontrolling interests during the period. |
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share (2) | Total Number of Shares Purchased as Part of a Publicly Announced Plan | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan | ||||||||||||||
July 1 – 31, 2018 | 166 | $ | 5.80 | — | $ | — | ||||||||||||
August 1 - 31, 2018 | 744 | 5.10 | — | — | ||||||||||||||
September 1 - 30, 2018 | — | — | — | — | ||||||||||||||
Total | 910 | $ | 5.23 | — | $ | — |
(1) | Represents shares surrendered to the Company by employees to satisfy federal and state income tax requirements related to the vesting of shares of restricted stock. |
(2) | Represents the market value of the common stock on the vesting date for the shares of restricted stock, which was used to determine the number of shares required to be surrendered to satisfy income tax withholding requirements. |
Exhibit Number | Description | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
(1) | I have reviewed this quarterly report on Form 10-Q of CBL & Associates Properties, Inc.; |
(2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
(3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
(4) | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
(5) | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
(1) | I have reviewed this quarterly report on Form 10-Q of CBL & Associates Properties, Inc.; |
(2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
(3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
(4) | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
(5) | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
(1) | I have reviewed this quarterly report on Form 10-Q of CBL & Associates Limited Partnership; |
(2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
(3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
(4) | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
(5) | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
(1) | I have reviewed this quarterly report on Form 10-Q of CBL & Associates Limited Partnership; |
(2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
(3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
(4) | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
(5) | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Nov. 02, 2018 |
|
Entity Information [Line Items] | ||
Entity Registrant Name | CBL & ASSOCIATES PROPERTIES INC | |
Entity Central Index Key | 0000910612 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Emerging Growth Company | false | |
Small Business | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding (in shares) | 172,669,152 | |
CBL & Associates Limited Partnership | ||
Entity Information [Line Items] | ||
Entity Registrant Name | CBL & Associates Limited Partnership | |
Entity Central Index Key | 0000915140 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Tenant receivables allowance for doubtful accounts | $ 2,214 | $ 2,011 |
Other receivables allowance for doubtful accounts | $ 838 | |
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (shares) | 15,000,000 | 15,000,000 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock authorized (shares) | 350,000,000 | 350,000,000 |
Common stock issued (shares) | 172,663,873 | 171,088,778 |
Common stock outstanding (shares) | 172,663,873 | 171,088,778 |
Series D Preferred Stock | ||
Preferred stock outstanding (shares) | 1,815,000 | 1,815,000 |
Dividend rate of preferred stock (as a percent) | 7.375% | 7.375% |
Series E Preferred Stock | ||
Preferred stock outstanding (shares) | 690,000 | 690,000 |
Dividend rate of preferred stock (as a percent) | 6.625% | 6.625% |
CBL & Associates Limited Partnership | ||
Tenant receivables allowance for doubtful accounts | $ 2,214 | $ 2,011 |
Other receivables allowance for doubtful accounts | 0 | $ 838 |
Assets related to consolidated variable interest entities | 621,616 | |
Liabilities related to consolidated variable interest entities | $ 414,923 |
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
REVENUES: | ||||
Minimum rents | $ 142,248 | $ 150,836 | $ 441,097 | $ 468,195 |
Percentage rents | 2,429 | 3,000 | 6,610 | 7,127 |
Other rents | 2,347 | 3,790 | 6,898 | 11,171 |
Tenant reimbursements | 55,374 | 63,055 | 172,601 | 192,577 |
Management, development and leasing fees | 2,658 | 2,718 | 8,022 | 8,747 |
Other | 1,822 | 1,251 | 6,448 | 4,079 |
Total revenues | 206,878 | 224,650 | 641,676 | 691,896 |
OPERATING EXPENSES: | ||||
Property operating | 30,004 | 31,295 | 92,357 | 96,250 |
Depreciation and amortization | 71,945 | 71,732 | 217,261 | 225,461 |
Real estate taxes | 19,433 | 21,573 | 61,737 | 62,343 |
Maintenance and repairs | 11,475 | 11,254 | 36,713 | 36,322 |
General and administrative | 16,051 | 13,568 | 47,845 | 45,402 |
Loss on impairment | 14,600 | 24,935 | 84,644 | 71,401 |
Other | 38 | 132 | 377 | 5,151 |
Total operating expenses | 163,546 | 174,489 | 540,934 | 542,330 |
Income from operations | 43,332 | 50,161 | 100,742 | 149,566 |
Interest and other income (loss) | 283 | (200) | 714 | 1,235 |
Interest expense | (55,194) | (53,913) | (163,164) | (165,179) |
Gain on extinguishment of debt | 0 | 6,452 | 0 | 30,927 |
Gain (loss) on investments | 0 | (354) | 387 | (6,197) |
Income tax benefit (provision) | (1,034) | 1,064 | 1,846 | 4,784 |
Equity in earnings of unconsolidated affiliates | 1,762 | 4,706 | 9,869 | 16,404 |
Income (loss) from continuing operations before gain on sales of real estate assets | (10,851) | 7,916 | (49,606) | 31,540 |
Gain on sales of real estate assets | 7,880 | 1,383 | 15,998 | 86,904 |
Net income (loss) | (2,971) | 9,299 | (33,608) | 118,444 |
Net (income) loss attributable to noncontrolling interests in: | ||||
Operating Partnership | 1,628 | 81 | 8,978 | (8,702) |
Other consolidated subsidiaries/Net (income) loss attributable to noncontrolling interests | (24) | (415) | 369 | (25,266) |
Net income (loss) attributable to the Company/Operating Partnership | (1,367) | 8,965 | (24,261) | 84,476 |
Preferred dividends/distributions to preferred unitholders | (11,223) | (11,223) | (33,669) | (33,669) |
Net income (loss) attributable to common shareholders/unitholders | $ (12,590) | $ (2,258) | $ (57,930) | $ 50,807 |
Basic and diluted per share data attributable to common shareholders: | ||||
Net income (loss) attributable to common shareholders/unitholders (USD per share) | $ (0.07) | $ (0.01) | $ (0.34) | $ 0.30 |
Weighted-average common and potential dilutive common shares/units outstanding (shares) | 172,665 | 171,096 | 172,426 | 171,060 |
Dividends declared per common share/unit (USD per share) | $ 0.2 | $ 0.265 | $ 0.6 | $ 0.795 |
CBL & Associates Limited Partnership | ||||
REVENUES: | ||||
Minimum rents | $ 142,248 | $ 150,836 | $ 441,097 | $ 468,195 |
Percentage rents | 2,429 | 3,000 | 6,610 | 7,127 |
Other rents | 2,347 | 3,790 | 6,898 | 11,171 |
Tenant reimbursements | 55,374 | 63,055 | 172,601 | 192,577 |
Management, development and leasing fees | 2,658 | 2,718 | 8,022 | 8,747 |
Other | 1,822 | 1,251 | 6,448 | 4,079 |
Total revenues | 206,878 | 224,650 | 641,676 | 691,896 |
OPERATING EXPENSES: | ||||
Property operating | 30,004 | 31,295 | 92,357 | 96,250 |
Depreciation and amortization | 71,945 | 71,732 | 217,261 | 225,461 |
Real estate taxes | 19,433 | 21,573 | 61,737 | 62,343 |
Maintenance and repairs | 11,475 | 11,254 | 36,713 | 36,322 |
General and administrative | 16,051 | 13,568 | 47,845 | 45,402 |
Loss on impairment | 14,600 | 24,935 | 84,644 | 71,401 |
Other | 38 | 132 | 377 | 5,151 |
Total operating expenses | 163,546 | 174,489 | 540,934 | 542,330 |
Income from operations | 43,332 | 50,161 | 100,742 | 149,566 |
Interest and other income (loss) | 283 | (200) | 714 | 1,235 |
Interest expense | (55,194) | (53,913) | (163,164) | (165,179) |
Gain on extinguishment of debt | 0 | 6,452 | 0 | 30,927 |
Gain (loss) on investments | 0 | (354) | 387 | (6,197) |
Income tax benefit (provision) | (1,034) | 1,064 | 1,846 | 4,784 |
Equity in earnings of unconsolidated affiliates | 1,762 | 4,706 | 9,869 | 16,404 |
Income (loss) from continuing operations before gain on sales of real estate assets | (10,851) | 7,916 | (49,606) | 31,540 |
Gain on sales of real estate assets | 7,880 | 1,383 | 15,998 | 86,904 |
Net income (loss) | (2,971) | 9,299 | (33,608) | 118,444 |
Net (income) loss attributable to noncontrolling interests in: | ||||
Other consolidated subsidiaries/Net (income) loss attributable to noncontrolling interests | (24) | (415) | 369 | (25,266) |
Net income (loss) attributable to the Company/Operating Partnership | (2,995) | 8,884 | (33,239) | 93,178 |
Preferred dividends/distributions to preferred unitholders | (11,223) | (11,223) | (33,669) | (33,669) |
Net income (loss) attributable to common shareholders/unitholders | $ (14,218) | $ (2,339) | $ (66,908) | $ 59,509 |
Basic and diluted per share data attributable to common shareholders: | ||||
Net income (loss) attributable to common shareholders/unitholders (USD per share) | $ (0.07) | $ (0.01) | $ (0.34) | $ 0.30 |
Weighted-average common and potential dilutive common shares/units outstanding (shares) | 199,432 | 199,321 | 199,630 | 199,325 |
Dividends declared per common share/unit (USD per share) | $ 0.209 | $ 0.273 | $ 0.627 | $ 0.819 |
Condensed Consolidated Statements of Equity/Capital - USD ($) $ in Thousands |
Total |
Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Dividends in Excess of Cumulative Earnings |
Total Shareholders' Equity/Partners' Capital |
Noncontrolling Interests |
Redeemable Noncontrolling Interests |
CBL & Associates Limited Partnership |
CBL & Associates Limited Partnership
Total Shareholders' Equity/Partners' Capital
|
CBL & Associates Limited Partnership
Preferred Units
|
CBL & Associates Limited Partnership
Common Units
|
CBL & Associates Limited Partnership
General Partner
|
CBL & Associates Limited Partnership
Limited Partners
|
CBL & Associates Limited Partnership
Noncontrolling Interests
|
CBL & Associates Limited Partnership
Redeemable Common Units
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance of redeemable noncontrolling partnership interests at Dec. 31, 2016 | $ 17,996 | $ 17,996 | ||||||||||||||
Redeemable Noncontrolling Interests | ||||||||||||||||
Net income (loss) | 481 | 481 | ||||||||||||||
Distributions declared - common units | $ (136,021) | $ (136,021) | $ (136,021) | $ (159,724) | $ (159,724) | $ (1,600) | $ (158,124) | (3,429) | ||||||||
Adjustment for noncontrolling interests | (2,222) | $ (5,635) | (5,635) | $ 3,413 | 2,224 | |||||||||||
Allocation of partners' capital | (2,259) | (2,259) | (68) | (2,191) | 2,224 | |||||||||||
Adjustment to record redeemable interests at redemption value | 4,195 | 3,629 | 3,629 | 566 | (4,196) | 4,195 | 4,195 | 43 | 4,152 | (4,196) | ||||||
Distributions to noncontrolling interests | (48,477) | (48,477) | (3,429) | (24,774) | $ (24,774) | |||||||||||
Ending balance of redeemable noncontrolling partnership interests at Sep. 30, 2017 | 13,076 | 13,076 | ||||||||||||||
Beginning balance at Dec. 31, 2016 | 1,340,852 | $ 25 | $ 1,708 | 1,969,059 | (742,078) | 1,228,714 | 112,138 | |||||||||
Beginning balance of units (shares) at Dec. 31, 2016 | 25,050,000 | 199,085,000 | ||||||||||||||
Beginning balance at Dec. 31, 2016 | 1,341,179 | 1,329,076 | $ 565,212 | 7,781 | 756,083 | 12,103 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | 117,963 | 84,476 | 84,476 | 33,487 | 117,963 | 92,697 | 33,669 | 607 | 58,421 | 25,266 | ||||||
Dividends/Distributions declared - common stock/units | (136,021) | (136,021) | (136,021) | (159,724) | (159,724) | (1,600) | (158,124) | (3,429) | ||||||||
Dividends/Distributions declared - preferred stock/units | (33,669) | (33,669) | (33,669) | (33,669) | (33,669) | $ (33,669) | ||||||||||
Issuance of common stock and restricted common stock | $ 474 | 3 | 471 | 474 | ||||||||||||
Issuances of common units (shares) | 342,008 | 342,000 | ||||||||||||||
Issuances of common units | 474 | 474 | 474 | |||||||||||||
Redemptions of Operating Partnership common units | $ (593) | (593) | ||||||||||||||
Redemptions of common units (shares) | (73,000) | |||||||||||||||
Redemptions of common units | (593) | (593) | (593) | |||||||||||||
Cancellation of restricted common stock/units (shares) | (37,758) | (38,000) | ||||||||||||||
Cancellation of restricted common stock/units | $ (327) | (327) | (327) | (327) | (327) | (327) | ||||||||||
Performance stock units | 1,115 | 1,115 | 1,115 | 1,115 | 1,115 | 11 | 1,104 | |||||||||
Amortization of deferred compensation | 3,135 | 3,135 | 3,135 | 3,135 | 3,135 | 32 | 3,103 | |||||||||
Allocation of partners' capital | (2,259) | (2,259) | (68) | (2,191) | 2,224 | |||||||||||
Adjustment for noncontrolling interests | (2,222) | (5,635) | (5,635) | 3,413 | 2,224 | |||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 4,195 | 3,629 | 3,629 | 566 | (4,196) | 4,195 | 4,195 | 43 | 4,152 | (4,196) | ||||||
Deconsolidation of investment | (2,232) | (2,232) | (2,232) | (2,232) | ||||||||||||
Contributions from noncontrolling interests | 263 | 263 | 263 | 263 | ||||||||||||
Distributions to noncontrolling interests | (48,477) | (48,477) | (3,429) | (24,774) | (24,774) | |||||||||||
Ending balance at Sep. 30, 2017 | 1,244,456 | 25 | 1,711 | 1,971,447 | (827,292) | 1,145,891 | 98,565 | |||||||||
Ending balance of units (shares) at Sep. 30, 2017 | 25,050,000 | 199,316,000 | ||||||||||||||
Ending balance at Sep. 30, 2017 | 1,244,746 | 1,234,120 | $ 565,212 | 6,806 | 662,102 | 10,626 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Cumulative effect of accounting change | Accounting Standards Update 2016-16 | 11,433 | 11,433 | 11,433 | 11,433 | 11,433 | 117 | 11,316 | |||||||||
Cumulative effect of accounting change | Accounting Standard Update 2014-09 and Accounting Standard Update 2017-05 | 58,947 | 58,947 | 58,947 | 58,947 | 58,947 | 605 | 58,342 | |||||||||
Beginning balance of redeemable noncontrolling partnership interests at Dec. 31, 2017 | 8,835 | 8,835 | 8,835 | 8,835 | ||||||||||||
Redeemable Noncontrolling Interests | ||||||||||||||||
Net income (loss) | (515) | (515) | ||||||||||||||
Distributions declared - common units | (103,597) | (103,597) | (103,597) | (121,643) | (121,643) | (1,207) | (120,436) | (3,429) | ||||||||
Adjustment for noncontrolling interests | (3,033) | (15,329) | (15,329) | 12,296 | 3,033 | |||||||||||
Allocation of partners' capital | (3,075) | (3,075) | (81) | (2,994) | 3,033 | |||||||||||
Adjustment to record redeemable interests at redemption value | 1,696 | 1,474 | 1,474 | 222 | (1,696) | 1,696 | 1,696 | 17 | 1,679 | (1,696) | ||||||
Distributions to noncontrolling interests | (23,439) | (23,439) | (3,429) | (5,392) | (5,392) | |||||||||||
Ending balance of redeemable noncontrolling partnership interests at Sep. 30, 2018 | 6,228 | 6,228 | 6,228 | 6,228 | ||||||||||||
Beginning balance at Dec. 31, 2017 | 1,236,478 | 25 | 1,711 | 1,974,537 | (836,269) | 1,140,004 | 96,474 | |||||||||
Beginning balance of units (shares) at Dec. 31, 2017 | 25,050,000 | 199,297,000 | ||||||||||||||
Beginning balance at Dec. 31, 2017 | 1,236,768 | 1,227,067 | $ 565,212 | 6,735 | 655,120 | 9,701 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income (loss) | (33,093) | (24,261) | (24,261) | (8,832) | (33,093) | (32,724) | 33,669 | (682) | (65,711) | (369) | ||||||
Dividends/Distributions declared - common stock/units | (103,597) | (103,597) | (103,597) | (121,643) | (121,643) | (1,207) | (120,436) | (3,429) | ||||||||
Dividends/Distributions declared - preferred stock/units | (33,669) | (33,669) | (33,669) | (33,669) | (33,669) | $ (33,669) | ||||||||||
Issuance of common stock and restricted common stock | 817 | 7 | 810 | 817 | ||||||||||||
Conversion of 915,338 Operating Partnership common units into shares of common stock | $ 0 | 9 | 3,050 | 3,059 | (3,059) | |||||||||||
Issuances of common units (shares) | 716,290 | 715,000 | ||||||||||||||
Issuances of common units | 817 | 817 | 817 | |||||||||||||
Redemptions of Operating Partnership common units | $ (2,246) | (2,246) | ||||||||||||||
Redemptions of common units (shares) | (527,000) | |||||||||||||||
Redemptions of common units | (2,246) | (2,246) | (2,246) | |||||||||||||
Cancellation of restricted common stock/units (shares) | (56,533) | (57,000) | ||||||||||||||
Cancellation of restricted common stock/units | $ (249) | (249) | (249) | (249) | (249) | (249) | ||||||||||
Performance stock units | 993 | 993 | 993 | 993 | 993 | 10 | 983 | |||||||||
Forfeiture of performance stock units | (250) | (250) | (250) | (250) | (250) | (3) | (247) | |||||||||
Amortization of deferred compensation | 2,846 | 2,846 | 2,846 | 2,846 | 2,846 | 29 | 2,817 | |||||||||
Allocation of partners' capital | (3,075) | (3,075) | (81) | (2,994) | 3,033 | |||||||||||
Adjustment for noncontrolling interests | (3,033) | (15,329) | (15,329) | 12,296 | 3,033 | |||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 1,696 | 1,474 | 1,474 | 222 | (1,696) | 1,696 | 1,696 | 17 | 1,679 | $ (1,696) | ||||||
Contributions from noncontrolling interests | 7,859 | 7,859 | 7,859 | 7,859 | ||||||||||||
Distributions to noncontrolling interests | (23,439) | (23,439) | $ (3,429) | (5,392) | (5,392) | |||||||||||
Ending balance at Sep. 30, 2018 | $ 1,121,493 | $ 25 | $ 1,727 | $ 1,967,882 | $ (927,416) | $ 1,042,218 | $ 79,275 | |||||||||
Ending balance of units (shares) at Sep. 30, 2018 | 25,050,000 | 199,428,000 | ||||||||||||||
Ending balance at Sep. 30, 2018 | $ 1,121,742 | $ 1,109,943 | $ 565,212 | $ 5,540 | $ 539,191 | $ 11,799 |
Condensed Consolidated Statements of Equity/Capital (Parenthetical) |
9 Months Ended |
---|---|
Sep. 30, 2018
shares
| |
Statement of Stockholders' Equity [Abstract] | |
Issuances of common and restricted stock, shares (shares) | 716,290 |
Cancellation of restricted common stock/units (shares) | 56,533 |
Stock converted (shares) | 915,338 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||
Net income (loss) | $ (2,971) | $ 9,299 | $ (33,608) | $ 118,444 | |||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||
Depreciation and amortization | 217,261 | 225,461 | |||||||||||||||||
Net amortization of deferred financing costs, debt premiums and discounts | 5,451 | 2,904 | |||||||||||||||||
Net amortization of intangible lease assets and liabilities | 198 | (1,235) | |||||||||||||||||
Gain on sales of real estate assets | (15,998) | (86,904) | |||||||||||||||||
(Gain) loss on investments | 0 | 354 | (387) | 6,197 | |||||||||||||||
Write-off of development projects | 377 | 5,151 | |||||||||||||||||
Share-based compensation expense | 4,310 | 4,569 | |||||||||||||||||
Loss on impairment | 14,600 | 24,935 | 84,644 | 71,401 | $ 67,532 | ||||||||||||||
Gain on extinguishment of debt | 0 | (30,927) | |||||||||||||||||
Equity in earnings of unconsolidated affiliates | (1,762) | (4,706) | (9,869) | (16,404) | |||||||||||||||
Distributions of earnings from unconsolidated affiliates | 12,574 | 16,361 | |||||||||||||||||
Provision for doubtful accounts | 3,273 | 3,353 | |||||||||||||||||
Change in deferred tax accounts | (2,706) | 2,911 | |||||||||||||||||
Changes in: | |||||||||||||||||||
Tenant and other receivables | 3,493 | (4,893) | |||||||||||||||||
Other assets | (4,640) | (12,368) | |||||||||||||||||
Accounts payable and accrued liabilities | 16,034 | 32,929 | |||||||||||||||||
Net cash provided by operating activities | 280,407 | 336,950 | |||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||
Additions to real estate assets | (107,981) | (149,302) | |||||||||||||||||
Acquisitions of real estate assets | (3,301) | (79,799) | |||||||||||||||||
Proceeds from sales of real estate assets | 70,419 | 201,291 | |||||||||||||||||
Proceeds from disposal of investment | 0 | 9,000 | |||||||||||||||||
Additions to mortgage and other notes receivable | 0 | (4,118) | |||||||||||||||||
Payments received on mortgage and other notes receivable | 775 | 3,443 | |||||||||||||||||
Additional investments in and advances to unconsolidated affiliates | (2,243) | (17,199) | |||||||||||||||||
Distributions in excess of equity in earnings of unconsolidated affiliates | 33,909 | 15,743 | |||||||||||||||||
Changes in other assets | (5,903) | (14,471) | |||||||||||||||||
Net cash used in investing activities | (14,325) | (35,412) | |||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||
Proceeds from mortgage and other indebtedness | 530,679 | 1,097,006 | |||||||||||||||||
Principal payments on mortgage and other indebtedness | (649,904) | (1,159,144) | |||||||||||||||||
Additions to deferred financing costs | (238) | (5,003) | |||||||||||||||||
Prepayment fees on extinguishment of debt | 0 | (8,871) | |||||||||||||||||
Proceeds from issuances of common stock | 117 | 150 | |||||||||||||||||
Purchases of noncontrolling interests in the Operating Partnership | (2,246) | (593) | |||||||||||||||||
Contributions from noncontrolling interests | 7,859 | 263 | |||||||||||||||||
Payment of tax withholdings for restricted stock awards | (271) | (322) | |||||||||||||||||
Distributions to noncontrolling interests | (27,156) | (51,925) | |||||||||||||||||
Dividends paid to holders of preferred stock | (33,669) | (33,669) | |||||||||||||||||
Dividends paid to common shareholders | (103,280) | (135,941) | |||||||||||||||||
Net cash used in financing activities | (278,109) | (298,049) | |||||||||||||||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (12,027) | 3,489 | |||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 68,172 | 65,069 | 65,069 | ||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 56,145 | 68,558 | 56,145 | 68,558 | 68,172 | ||||||||||||||
Reconciliation from condensed consolidated statements of cash flows to condensed consolidated balance sheets: | |||||||||||||||||||
Cash and cash equivalents | 20,695 | [1] | 31,351 | 20,695 | [1] | 31,351 | 32,627 | [2] | |||||||||||
Restricted cash | |||||||||||||||||||
Restricted cash | $ 4,681 | $ 944 | |||||||||||||||||
Mortgage escrows | 30,769 | 36,263 | |||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 56,145 | 68,558 | 68,172 | 65,069 | 65,069 | 56,145 | 68,558 | ||||||||||||
SUPPLEMENTAL INFORMATION: | |||||||||||||||||||
Cash paid for interest, net of amounts capitalized | 136,301 | 150,816 | |||||||||||||||||
CBL & Associates Limited Partnership | |||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||
Net income (loss) | (2,971) | 9,299 | (33,608) | 118,444 | |||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||||||
Depreciation and amortization | 217,261 | 225,461 | |||||||||||||||||
Net amortization of deferred financing costs, debt premiums and discounts | 5,451 | 2,904 | |||||||||||||||||
Net amortization of intangible lease assets and liabilities | 198 | (1,235) | |||||||||||||||||
Gain on sales of real estate assets | (15,998) | (86,904) | |||||||||||||||||
(Gain) loss on investments | 0 | 354 | (387) | 6,197 | |||||||||||||||
Write-off of development projects | 377 | 5,151 | |||||||||||||||||
Share-based compensation expense | 4,310 | 4,569 | |||||||||||||||||
Loss on impairment | 14,600 | 24,935 | 84,644 | 71,401 | |||||||||||||||
Gain on extinguishment of debt | 0 | (30,927) | |||||||||||||||||
Equity in earnings of unconsolidated affiliates | (1,762) | (4,706) | (9,869) | (16,404) | |||||||||||||||
Distributions of earnings from unconsolidated affiliates | 12,569 | 16,362 | |||||||||||||||||
Provision for doubtful accounts | 3,273 | 3,353 | |||||||||||||||||
Change in deferred tax accounts | (2,706) | 2,911 | |||||||||||||||||
Changes in: | |||||||||||||||||||
Tenant and other receivables | 3,493 | (4,893) | |||||||||||||||||
Other assets | (4,640) | (12,368) | |||||||||||||||||
Accounts payable and accrued liabilities | 16,039 | 32,935 | |||||||||||||||||
Net cash provided by operating activities | 280,407 | 336,957 | |||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||
Additions to real estate assets | (107,981) | (149,302) | |||||||||||||||||
Acquisitions of real estate assets | (3,301) | (79,799) | |||||||||||||||||
Proceeds from sales of real estate assets | 70,419 | 201,291 | |||||||||||||||||
Proceeds from disposal of investment | 0 | 9,000 | |||||||||||||||||
Additions to mortgage and other notes receivable | 0 | (4,118) | |||||||||||||||||
Payments received on mortgage and other notes receivable | 775 | 3,443 | |||||||||||||||||
Additional investments in and advances to unconsolidated affiliates | (2,243) | (17,199) | |||||||||||||||||
Distributions in excess of equity in earnings of unconsolidated affiliates | 33,909 | 15,743 | |||||||||||||||||
Changes in other assets | (5,903) | (14,471) | |||||||||||||||||
Net cash used in investing activities | (14,325) | (35,412) | |||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||
Proceeds from mortgage and other indebtedness | 530,679 | 1,097,006 | |||||||||||||||||
Principal payments on mortgage and other indebtedness | (649,904) | (1,159,144) | |||||||||||||||||
Additions to deferred financing costs | (238) | (5,003) | |||||||||||||||||
Prepayment fees on extinguishment of debt | 0 | (8,871) | |||||||||||||||||
Proceeds from issuances of common stock | 117 | 150 | |||||||||||||||||
Redemptions of common units | (2,246) | (593) | |||||||||||||||||
Contributions from noncontrolling interests | 7,859 | 263 | |||||||||||||||||
Payment of tax withholdings for restricted stock awards | (271) | (322) | |||||||||||||||||
Distributions to noncontrolling interests | (8,821) | (28,203) | |||||||||||||||||
Dividends paid to holders of preferred stock | (33,669) | (33,669) | |||||||||||||||||
Dividends paid to common shareholders | (121,615) | (159,663) | |||||||||||||||||
Net cash used in financing activities | (278,109) | (298,049) | |||||||||||||||||
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (12,027) | 3,496 | |||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 68,172 | 65,061 | 65,061 | ||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 56,145 | 68,557 | 56,145 | 68,557 | 68,172 | ||||||||||||||
Reconciliation from condensed consolidated statements of cash flows to condensed consolidated balance sheets: | |||||||||||||||||||
Cash and cash equivalents | 20,695 | 31,350 | 20,695 | 31,350 | 32,627 | [3] | |||||||||||||
Restricted cash | |||||||||||||||||||
Restricted cash | [4] | 4,681 | 944 | ||||||||||||||||
Mortgage escrows | [4] | 30,769 | 36,263 | ||||||||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ 56,145 | $ 68,557 | 68,172 | 65,061 | $ 65,061 | $ 56,145 | $ 68,557 | ||||||||||||
SUPPLEMENTAL INFORMATION: | |||||||||||||||||||
Cash paid for interest, net of amounts capitalized | $ 136,301 | $ 150,816 | |||||||||||||||||
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Organization and Basis of Presentation |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization and Basis of Presentation | Organization and Basis of Presentation Unless stated otherwise or the context otherwise requires, references to the "Company" mean CBL & Associates Properties, Inc. and its subsidiaries. References to the "Operating Partnership" mean CBL & Associates Limited Partnership and its subsidiaries. CBL & Associates Properties, Inc. (“CBL”), a Delaware corporation, is a self-managed, self-administered, fully-integrated real estate investment trust (“REIT”) that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, open-air and mixed-use centers, outlet centers, associated centers, community centers and office properties. Its properties are located in 26 states, but are primarily in the southeastern and midwestern United States. CBL conducts substantially all of its business through CBL & Associates Limited Partnership (the “Operating Partnership”), which is a variable interest entity ("VIE"). 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 September 30, 2018, the Operating Partnership owned interests in the following properties:
At September 30, 2018, the Operating Partnership had interests in the following properties under development:
CBL is the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. At September 30, 2018, CBL Holdings I, Inc., the sole general partner of the Operating Partnership, owned a 1.0% general partner interest in the Operating Partnership and CBL Holdings II, Inc. owned an 85.6% limited partner interest for a combined interest held by CBL of 86.6%. The noncontrolling interest in the Operating Partnership is held by CBL & Associates, Inc., its shareholders and affiliates and certain senior officers of the Company (collectively "CBL's Predecessor"), all of which contributed their interests in certain real estate properties and joint ventures to the Operating Partnership in exchange for a limited partner interest when the Operating Partnership was formed in November 1993, and by various third parties. At September 30, 2018, CBL’s Predecessor owned a 9.1% limited partner interest and third parties owned a 4.3% limited partner interest in the Operating Partnership. CBL's Predecessor also owned 4.0 million shares of CBL’s common stock at September 30, 2018, for a total combined effective interest of 11.1% in the Operating Partnership. The Operating Partnership conducts the Company’s property management and development activities through its wholly owned subsidiary, CBL & Associates Management, Inc. (the “Management Company”), to comply with certain requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The accompanying condensed consolidated financial statements are unaudited; however, they have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. All intercompany transactions have been eliminated. The results for the interim period ended September 30, 2018 are not necessarily indicative of the results to be obtained for the full fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2017. Reclassifications Certain reclassifications have been made to amounts in the Company's prior-year financial statements to conform to the current period presentation. The Company reclassified certain amounts related to restricted cash in its condensed consolidated statements of cash flows for the nine months ended September 30, 2017 upon the adoption of the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2016-18, Restricted Cash ("ASU 2016-18") in the fourth quarter of 2017, which required the change in restricted cash to be reported with cash and cash equivalents when reconciling beginning and ending amounts on the condensed consolidated statements of cash flows. The guidance was applied retrospectively to the prior period presented. As a result, restricted cash reductions of $1,261, previously included in cash flows from investing activities, were reclassified to cash flows from financing activities to reflect $7,650 of principal payments on mortgage and other indebtedness and the remaining $8,911 difference was reclassified to the beginning-of-period and end-of-period total amounts on the condensed consolidated statement of cash flows for the nine months ended September 30, 2017. |
Recent Accounting Pronouncements |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Guidance Adopted
Accounting Guidance Not Yet Effective
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Revenues |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues Adoption of ASU 2014-09, and all related subsequent amendments, and ASU 2017-05 The Company adopted ASC 606 (which includes ASU 2014-09 and all related subsequent amendments) on January 1, 2018 and applied the guidance to contracts that were not complete as of January 1, 2018. The cumulative effect of adopting ASC 606 included an opening adjustment of $196 to retained earnings as of January 1, 2018 in the accounts noted below. Historical amounts for prior periods were not adjusted and will continue to be reported using the guidance in ASC 605, Revenue Recognition. Sales of real estate assets are accounted for under ASC 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, which provides for revenue recognition based on the transfer of control. There should be no change in revenue recognition for sales in which the Company has no continuing involvement. ASU 2017-05 addresses revenue recognition related to property sales in which the Company has continuing involvement and may require full gain recognition. In its adoption of ASU 2017-05, the Company identified one unconsolidated affiliate, CBL/T-C, LLC, in which the Company recorded a partial sale of real estate assets in 2011, and recorded a cumulative effect adjustment that represents a gain of $57,850 as of January 1, 2018. Additionally, in conjunction with the transfer of land in the formation of a new joint venture in 2017, the Company recorded $901 related to this transaction as a cumulative effect adjustment as of January 1, 2018. See Note 2 for additional information about these accounting standards. Contract Balances A summary of the Company's contract assets activity during the nine months ended September 30, 2018 is presented below:
There was no change to the $98 contract liability, recorded on January 1, 2018, during the nine months ended September 30, 2018. The Company has the following contract balances as of September 30, 2018:
Revenues Sales taxes are excluded from revenues. The following table presents the Company's revenues disaggregated by revenue source:
See Note 9 for information on the Company's segments. Leasing Revenues The majority of the Company’s revenues are earned through the lease of space at its properties. Lease revenues include minimum rent, percentage rent, other rents and reimbursements from tenants for real estate taxes, insurance, common area maintenance ("CAM") and other operating expenses as provided in the lease agreements. Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms of the related leases. Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements. Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable. The Company receives reimbursements from tenants for real estate taxes, insurance, CAM and other recoverable operating expenses as provided in the lease agreements. Tenant reimbursements are recognized when earned in accordance with the tenant lease agreements. Tenant reimbursements related to certain capital expenditures are billed to tenants over periods of 5 to 15 years and are recognized as revenue in accordance with the underlying lease terms. Revenue from Contracts with Customers Operating expense reimbursements Under operating and other agreements with third parties which own anchor or outparcel buildings at the Company's properties and pay no rent, the Company receives reimbursements for certain operating expenses such as utilities, ring road and parking lot maintenance, landscaping and other fees. These arrangements are primarily either set at a fixed rate with rate increases typically every five years or are on a variable (pro rata) basis, typically as a percentage of costs allocated based on square footage or sales. The majority of these contracts have an initial term and one or more extension options, which cumulatively approximate 50 or more years as historically the initial term and any extension options are reasonably certain of being executed by the third party. The standalone selling price of each performance obligation is determined based on the terms of the contract, which typically assign a price to each performance obligation that directly relates to the value the customer receives for the services being provided. Revenue is recognized as services are transferred to the customer. Variable consideration is based on historical experience and is generally recognized over time using the cost-to-cost method of measurement because it most accurately depicts the Company's performance in satisfying the performance obligation. The cumulative catch-up method is used to recognize any adjustments in variable consideration estimates. Under this method, any adjustment is recognized in the period it is identified. Management, development and leasing fees The Company earns revenue from contracts with third parties and unconsolidated affiliates for property management, leasing, development and other services. These contracts are accounted for on a month-to-month basis if the agreement does not contain substantive penalties for termination. The majority of the Company's contracts with customers are accounted for on a month-to-month basis. The standalone selling price of each performance obligation is determined based on the terms of the contract, which typically assign a price to each performance obligation that directly relates to the value the customer receives for the services being provided. These contracts generally are for the following:
Development and leasing fees received from an unconsolidated affiliate are recognized as revenue only to the extent of the third-party partner’s ownership interest. The Company's share of such fees are recorded as a reduction to the Company’s investment in the unconsolidated affiliate. Marketing revenues The Company earns marketing revenues from advertising and sponsorship agreements. These fees may be for tangible items in which the Company provides advertising services and creates signs and other promotional materials for the tenant or may be arrangements in which the customer sponsors a play area or event and receives specified brand recognition and other benefits over a set period of time. Revenue related to advertising services is recognized as goods and services are provided to the customer. Sponsorship revenue is recognized on a straight-line basis over the time period specified in the contract. Performance obligations A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. If the contract does not specify the revenue by performance obligation, the Company allocates the transaction price to each performance obligation based on its relative standalone selling price. Such prices are generally determined using prices charged to customers or using the Company’s expected cost plus margin. Revenue is recognized as the Company’s performance obligations are satisfied over time, as services are provided, or at a point in time, such as leasing a space to earn a commission. Open performance obligations are those in which the Company has not fully or has partially provided the applicable good or services to the customer as specified in the contract. If consideration is received in advance of the Company’s performance, including amounts which are refundable, recognition of revenue is deferred until the performance obligation is satisfied or amounts are no longer refundable. Practical Expedients The Company does not disclose the value of open performance obligations for (1) contracts with an original expected duration of one year or less and (2) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice, which primarily relate to services performed for certain operating expense reimbursements and management, leasing and development activities, as described above. Performance obligations related to pro rata operating expense reimbursements for certain noncancellable contracts are disclosed below. Outstanding Performance Obligations The Company has outstanding performance obligations related to certain noncancellable contracts with customers for which it will receive pro rata operating expense reimbursements for providing certain maintenance and other services as described above. As of September 30, 2018, the Company expects to recognize these amounts as revenue over the following periods:
The Company evaluates its performance obligations each period and makes adjustments to reflect any known additions or cancellations. Performance obligations related to variable consideration which is based on sales is constrained. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company has categorized its financial assets and financial liabilities that are recorded at fair value into a hierarchy in accordance with ASC 820, Fair Value Measurements and Disclosure, ("ASC 820") based on whether the inputs to valuation techniques are observable or unobservable. The fair value hierarchy contains three levels of inputs that may be used to measure fair value as follows:
The asset or liability's fair value within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Under ASC 820, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction at the measurement date and under current market conditions. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs and consider assumptions such as inherent risk, transfer restrictions and risk of nonperformance. Fair Value Measurements on a Recurring Basis The carrying values of cash and cash equivalents, receivables, accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short-term nature of these financial instruments. Based on the interest rates for similar financial instruments, the carrying value of mortgage and other notes receivable is a reasonable estimate of fair value. The estimated fair value of mortgage and other indebtedness was $3,905,211 and $4,199,357 at September 30, 2018 and December 31, 2017, respectively. The fair value was calculated using Level 2 inputs by discounting future cash flows for mortgage and other indebtedness using estimated market rates at which similar loans would be made currently. Fair Value Measurements on a Nonrecurring Basis The Company measures the fair value of certain long-lived assets on a nonrecurring basis, through quarterly impairment testing or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company considers both quantitative and qualitative factors in its impairment analysis of long-lived assets. Significant quantitative factors include historical and forecasted information for each property such as net operating income ("NOI"), occupancy statistics and sales levels. Significant qualitative factors used include market conditions, age and condition of the property and tenant mix. Due to the significant unobservable estimates and assumptions used in the valuation of long-lived assets that experience impairment, the Company classifies such long-lived assets under Level 3 in the fair value hierarchy. Level 3 inputs primarily consist of sales and market data, independent valuations and discounted cash flow models. Long-lived Assets Measured at Fair Value in 2018 The following table sets forth information regarding the Company's assets that are measured at fair value on a nonrecurring basis and related impairment charges for the nine months ended September 30, 2018:
During the nine months ended September 30, 2018, the Company recognized an impairment of real estate of $84,644 related to two malls and undeveloped land:
Long-lived Assets Measured at Fair Value in 2017 The following table sets forth information regarding the Company's assets, which are included in the Company's condensed consolidated balance sheets as of September 30, 2018, that were measured at fair value on a nonrecurring basis and related impairment charges for the year ended December 31, 2017:
During the year ended December 31, 2017, the Company wrote down the book value of the following properties:
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Dispositions and Held for Sale |
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Business Combinations, Discontinued Operations and Disposal Groups [Abstract] [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions and Held for Sale | Dispositions and Held for Sale The Company evaluates its disposals utilizing the guidance in ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Based on its analysis, the Company determined that the dispositions described below do not meet the criteria for classification as discontinued operations and are not considered to be significant disposals based on its quantitative and qualitative evaluation. Thus, the results of operations of the properties described below, as well as any related gains or losses, are included in net income for all periods presented, as applicable. 2018 Dispositions Net proceeds realized from the 2018 dispositions listed below were used to reduce the outstanding balances on the Company's credit facilities unless otherwise noted. The following is a summary of the Company's 2018 dispositions:
The Company also realized a gain of $10,455 primarily related to the sale of 10 outparcels and proceeds from several outparcels sold through eminent domain proceedings during the nine months ended September 30, 2018. 2018 Held for Sale Parkway Plaza was classified as held for sale at September 30, 2018 and the $14,807 on the condensed consolidated balance sheets represents the Company's related net investment in real estate assets at September 30, 2018, which approximates 0.3% of the Company's total assets as of September 30, 2018. There are no other material assets or liabilities associated with this community center. The community center was sold subsequent to September 30, 2018. See Note 14 for additional information. |
Unconsolidated Affiliates and Noncontrolling Interests |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated Affiliates and Noncontrolling Interests | Unconsolidated Affiliates and Noncontrolling Interests Unconsolidated Affiliates Although the Company had majority ownership of certain joint ventures during 2018 and 2017, it evaluated the investments and concluded that the other partners or owners in these joint ventures had substantive participating rights, such as approvals of:
As a result of the joint control over these joint ventures, the Company accounts for these investments using the equity method of accounting. At September 30, 2018, the Company had investments in 19 entities, which are accounted for using the equity method of accounting. The Company's ownership interest in these unconsolidated affiliates ranges from 10.0% to 65.0%. Of these entities, 14 are owned in 50/50 joint ventures. 2018 Activity - Unconsolidated Affiliates G&I VIII CBL Triangle LLC In September 2018, G&I VIII CBL Triangle LLC recognized an impairment of $89,826 to write down Triangle Town Center's net book value of $123,453 to its estimated fair value of approximately $33,600. Management determined the fair value using a discounted cash flow methodology. The discounted cash flow used assumptions including a holding period of 10 years, with a sale at the end of the holding period, a capitalization rate of 15% and a discount rate of 15%. The mall has experienced declining tenant sales over the past few years and is facing challenges from store closures. The Company recorded $1,022 as its share of the loss on impairment recognized by the unconsolidated joint venture, which reduced the carrying value of the Company's investment in the joint venture to zero as of September 30, 2018. Self Storage at Mid Rivers, LLC In April 2018, the Company entered into a 50/50 joint venture, Self Storage at Mid Rivers, LLC, to develop a self-storage facility adjacent to Mid Rivers Mall. The Company recorded a $387 gain on investment related to land which it contributed to the joint venture. The unconsolidated affiliate is a VIE. See additional information in Variable Interest Entities below. In conjunction with the formation of the joint venture, the unconsolidated affiliate closed on a construction loan. See details below under 2018 Financings. Condensed Combined Financial Statements - Unconsolidated Affiliates Condensed combined financial statement information of the unconsolidated affiliates is as follows:
Financings - Unconsolidated Affiliates All of the debt on the properties owned by the unconsolidated affiliates is non-recourse, except for debt secured by Ambassador Infrastructure, Hammock Landing, The Pavilion at Port Orange, The Shoppes at Eagle Point and the self-storage developments adjacent to EastGate Mall and Mid Rivers Mall. See Note 11 for a description of guarantees the Operating Partnership has issued related to these unconsolidated affiliates. 2018 Financings The Company's unconsolidated affiliates had the following loan activity in 2018:
2018 Loan Repayment The loan, secured by the related unconsolidated property, was retired in 2018:
Noncontrolling Interests Noncontrolling interests consist of the following:
Common Unit Activity In the second quarter of 2018, the Operating Partnership elected to pay cash of $2,246 to two holders of 526,510 common units of limited partnership interest in the Operating Partnership upon the exercise of their conversion rights. In the first quarter of 2018, the Company issued 915,338 shares of common stock to a holder of 915,338 common units of limited partnership interest in the Operating Partnership in connection with the exercise of the holder's contractual exchange rights. Variable Interest Entities In accordance with the guidance in ASU 2015-02, Amendments to the Consolidation Analysis, and ASU 2016-17, Interests Held Through Related Parties That Are under Common Control, the Operating Partnership and certain of its subsidiaries are deemed to have the characteristics of a VIE primarily because the limited partners of these entities do not collectively possess substantive kick-out or participating rights. The Company consolidates the Operating Partnership, which is a VIE, for which the Company is the primary beneficiary. The Company, through the Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether the Company is the primary beneficiary of a VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Company's investment; the obligation or likelihood for the Company or other investors to provide financial support; and the similarity with and significance to the Company's business activities and the business activities of the other investors. Consolidated VIEs As of September 30, 2018, the Company had investments in 19 consolidated VIEs with ownership interests ranging from 50% to 95%. While the Company sold Statesboro Crossing in September 2018 (see Note 5 for additional information), Statesboro Crossing, LLC retained three outparcels which were not part of the sale and the consolidated joint venture is still classified as a VIE as of September 30, 2018. Jarnigan Road II, LLC was wholly-owned by Jarnigan Road LP. During the second quarter of 2018, its ownership was restructured such that it became a wholly-owned subsidiary of the Management Company and is now a separate reportable VIE. Unconsolidated VIEs The table below lists the Company's unconsolidated VIEs as of September 30, 2018:
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Mortgage and Other Indebtedness, Net |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and Other Indebtedness, Net | Mortgage and Other Indebtedness, Net Debt of the Company CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries, that it has a direct or indirect ownership interest in, is the borrower on all of the Company's debt. CBL is a limited guarantor of the Senior Unsecured Notes (the "Notes"), as described below, for losses suffered solely by reason of fraud or willful misrepresentation by the Operating Partnership or its affiliates. The Company also provides a similar limited guarantee of the Operating Partnership's obligations with respect to its unsecured credit facilities and three unsecured term loans as of September 30, 2018. Debt of the Operating Partnership Net mortgage and other indebtedness consisted of the following:
Senior Unsecured Notes
Unsecured Lines of Credit The Company has three unsecured credit facilities that are used for retirement of secured loans, repayment of term loans, working capital, construction and acquisition purposes, as well as issuances of letters of credit. Each facility bears interest at LIBOR plus a spread of 0.875% to 1.550% based on the credit ratings for the Operating Partnership's senior unsecured long-term indebtedness. In August 2018, Standard & Poor's ("S&P") lowered its rating from BBB- to BB+, which caused the Company's interest rates to increase in September 2018. As of September 30, 2018, the Operating Partnership's interest rate is LIBOR plus 1.550%, based on the credit ratings of its unsecured long-term indebtedness of Ba1 from Moody's Investors Service ("Moody's"), BB+ from S&P and BB+ from Fitch Ratings ("Fitch"). Additionally, the Company pays an annual facility fee that ranges from 0.125% to 0.300% of the total capacity of each facility based on the credit ratings described above. As of September 30, 2018, the annual facility fee was 0.30%. The three unsecured lines of credit had a weighted-average interest rate of 3.65% at September 30, 2018. The following summarizes certain information about the Company's unsecured lines of credit as of September 30, 2018:
Unsecured Term Loans The following summarizes certain information about the Company's unsecured term loans as of September 30, 2018:
Financial Covenants and Restrictions The agreements for the unsecured lines of credit, the Notes and unsecured term loans contain, among other restrictions, certain financial covenants including the maintenance of certain financial coverage ratios, minimum unencumbered asset and interest ratios, maximum secured indebtedness ratios, maximum total indebtedness ratios and limitations on cash flow distributions. The Company believes that it was in compliance with all financial covenants and restrictions at September 30, 2018. 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 September 30, 2018:
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 to the credit facilities. The credit facilities also restrict the Company's ability to enter into any transaction that could result in certain changes in its ownership or structure as described under the heading “Change of Control/Change in Management” in the agreements for the credit facilities. Senior Unsecured Notes The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of September 30, 2018:
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. Mortgages on Operating Properties 2018 Financings The following table presents the loan, secured by the related consolidated property, that was entered into in 2018:
In August 2018, the Company exercised an option to extend the $27,446 loan secured by Hickory Point Mall to December 2019. Subsequent to September 30, 2018, the Company closed on a construction loan for the redevelopment of the former Sears store at Brookfield Square. See Note 14 for more information. 2018 Loan Repayments The Company repaid the following loans, secured by the related consolidated properties, in 2018:
Other On June 4, 2018, the Company was notified by IKEA that, as a result of a shift in its corporate strategy, it was terminating the contract to purchase land at Cary Towne Center, upon which it would develop and open a store. In accordance with the terms of the $43,716 interest-only non-recourse loan that is secured by the mall, the loan matured on the date of the IKEA contract termination and is in default as of September 30, 2018. In August 2018, the Company and the lender executed a forbearance agreement. See Note 4 for information on the loss on impairment of real estate that the Company recorded in June 2018. Scheduled Principal Payments As of September 30, 2018, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, including construction loans and lines of credit, are as follows:
Of the $411,284 of scheduled principal payments in 2018, $43,716 relates to the principal balance of the operating property loan secured by Cary Towne Center, $350,000 represents the principal balance of one unsecured term loan and $17,568 relates to scheduled principal amortization. In August 2018, the Company entered into a forbearance agreement with the lender on the loan secured by Cary Towne Center, which is in default. Subsequent to September 30, 2018, the unsecured term loan was extended. See Note 14 for more information. The Company is in the process of refinancing the $350,000 unsecured term loan that matures in October 2019. The refinancing will also include the $300,000 unsecured term loan, the $45,000 unsecured term loan and the three unsecured lines of credit with an aggregate capacity of $1,100,000. The unsecured term loans and lines of credit will be converted from unsecured to secured facilities. The Company has agreed with Wells Fargo, as lead lender, on a pool of properties that will serve as collateral for the new secured term loans and secured lines of credit. The due diligence on these properties is ongoing and is expected to be completed by January 2019. Until due diligence is complete, the number and specific properties comprising the collateral pool may change. Wells Fargo will secure commitments from additional banks as participants in the new facilities; however, the composition of the lenders and the amount that each will hold will be subject to the final approval of each lender. As of the date of the filing of these financial statements, management has obtained the approval of the Board of Directors and has agreed to a non-binding term sheet with Wells Fargo that includes a longer-term maturity. It is expected that the refinancing will close in January 2019. In the unlikely event the secured facility is not closed, management intends to utilize availability under the existing unsecured lines of credit to retire the $350,000 unsecured term loan that matures in October 2019. The $300,000 and the $45,000 term loans have a final maturity of July 2022 and June 2022, respectively, and the combined $1,100,000 lines of credit have a final maturity of October 2020. The Company’s mortgage and other indebtedness had a weighted-average maturity of 3.9 years as of September 30, 2018 and 4.4 years as of December 31, 2017. |
Mortgage and Other Notes Receivable |
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Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [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. Mortgage and other notes receivable consist of the following:
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Segment Information |
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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 Company's segment information for the three and nine months ended September 30, 2017 has been retrospectively revised from previously reported amounts to reflect a change in our reportable segments. The Company no longer separately presents quantitatively and qualitatively insignificant reportable segments. Malls represents the Company's only reportable segment and the All Other category is not significant. Information on the Company’s segments is presented as follows:
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Earnings per Share and Earnings per Unit |
9 Months Ended |
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Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share and Earnings per Unit | Earnings per Share and Earnings per Unit Earnings per Share of the Company Basic earnings per share (“EPS”) is computed by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS assumes the issuance of common stock for all potential dilutive common shares outstanding. The limited partners’ rights to convert their noncontrolling interests in the Operating Partnership into shares of common stock are not dilutive. Due to a net loss for the nine month period ended September 30, 2018, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the Company reported net income for the nine months ended September 30, 2018, the denominator for diluted EPS would have been 172,563,094, including 137,094 contingently issuable shares related to performance stock unit ("PSU") awards. Earnings per Unit of the Operating Partnership Basic earnings per unit (“EPU”) is computed by dividing net income (loss) attributable to common unitholders by the weighted-average number of common units outstanding for the period. Diluted EPU assumes the issuance of common units for all potential dilutive common units outstanding. Due to a net loss for the nine month period ended September 30, 2018, the computation of diluted EPU does not include contingently issuable units due to their anti-dilutive nature. Had the Operating Partnership reported net income for the nine months ended September 30, 2018, the denominator for diluted EPU would have been 199,767,094, including 137,094 contingently issuable units related to PSU awards. |
Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingencies | Contingencies Litigation The Company is currently involved in certain litigation that arises in the ordinary course of business, most of which is expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of the Company. Environmental Contingencies The Company evaluates potential loss contingencies related to environmental matters using the same criteria described above related to litigation matters. Based on current information, an unfavorable outcome concerning such environmental matters, both individually and in the aggregate, is considered to be reasonably possible. However, the Company believes its maximum potential exposure to loss would not be material to its results of operations or financial condition. The Company has a master insurance policy that provides coverage through 2022 for certain environmental claims up to $10,000 per occurrence and up to $50,000 in the aggregate, subject to deductibles and certain exclusions. At certain locations, individual policies are in place. Guarantees The Operating Partnership may guarantee the debt of a joint venture primarily because it allows the joint venture to obtain funding at a lower cost than could be obtained otherwise. This results in a higher return for the joint venture on its investment, and a higher return on the Operating Partnership’s investment in the joint venture. The Operating Partnership may receive a fee from the joint venture for providing the guaranty. Additionally, when the Operating Partnership issues a guaranty, the terms of the joint venture agreement typically provide that the Operating Partnership may receive indemnification from the joint venture partner 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 condensed consolidated balance sheets as of September 30, 2018 and December 31, 2017:
The Company has guaranteed the lease performance of York Town Center, LP ("YTC"), an unconsolidated affiliate in which the Company owns a 50% interest, under the terms of an agreement with a third party that owns property as part of York Town Center. Under the terms of that agreement, YTC is obligated to cause performance of the third party’s obligations as landlord under its lease with its sole tenant, including, but not limited to, provisions such as co-tenancy and exclusivity requirements. Should YTC fail to cause performance, then the tenant under the third party landlord’s lease may pursue certain remedies ranging from rights to terminate its lease to receiving reductions in rent. The Company has guaranteed YTC’s performance under this agreement up to a maximum of $22,000, which decreases by $800 annually until the guaranteed amount is reduced to $10,000. The guaranty expires on December 31, 2020. The maximum guaranteed obligation was $13,200 as of September 30, 2018. The Company entered into an agreement with its joint venture partner under which the joint venture partner has agreed to reimburse the Company 50% of any amounts it is obligated to fund under the guaranty. The Company did not include an obligation for this guaranty because it determined that the fair value of the guaranty was not material as of September 30, 2018 and December 31, 2017. Performance Bonds The Company has issued various bonds that it would have to satisfy in the event of non-performance. The total amount outstanding on these bonds was $17,309 and $16,998 at September 30, 2018 and December 31, 2017, respectively. |
Share-Based Compensation |
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Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation As of September 30, 2018, the Company has outstanding awards under the CBL & Associates Properties, Inc. 2012 Stock Incentive Plan ("the 2012 Plan"), which was approved by the Company's shareholders in May 2012. The 2012 Plan permits the Company to issue stock options and common stock to selected officers, employees and non-employee directors of the Company up to a total of 10,400,000 shares. As the primary operating subsidiary of the Company, the Operating Partnership participates in and bears the compensation expense associated with the Company's share-based compensation plan. Restricted Stock Awards 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. Share-based compensation expense related to the restricted stock awards was $787 and $812 for the three months ended September 30, 2018 and 2017, respectively, and $3,263 and $3,175 for the nine months ended September 30, 2018 and 2017, respectively. Share-based compensation cost capitalized as part of real estate assets was $36 and $94 for the three months ended September 30, 2018 and 2017, respectively, and $260 and $308 for the nine months ended September 30, 2018 and 2017, respectively. A summary of the status of the Company’s nonvested restricted stock awards as of September 30, 2018, and changes during the nine months ended September 30, 2018, is presented below:
As of September 30, 2018, there was $5,443 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 2.6 years. Long-Term Incentive Program In 2015, the Company adopted a long-term incentive program ("LTIP") for its named executive officers, which consists of 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 National Association of Real Estate Investment Trusts ("NAREIT") Retail Index, provided that at least a "Threshold" level must be attained for any shares to be earned. Beginning with the 2018 PSUs, two-thirds of the quantitative portion of the award over the performance period will be based on the achievement of TSR relative to the NAREIT Retail Index while the remaining one-third will be based on the achievement of absolute TSR metrics. To maintain compliance with the 200,000 share annual equity grant limit under the 2012 Plan, beginning with the 2018 PSU grant, to the extent that a grant of PSUs could result in the issuance of a number of shares of common stock at the conclusion of the performance period that, when coupled with the number of shares of time-vesting restricted stock granted in the same year the PSUs were granted, would exceed the annual limit, any such excess will be converted to a cash bonus award with a value equivalent to the number of shares of common stock constituting such excess times the average of the high and low trading prices reported for CBL's common stock on the date such shares would otherwise have been issuable. Any such portion of the value of the 2018 PSUs earned payable as a cash bonus will be subject to the same vesting provisions as the issuance of common stock pursuant to the PSUs and is not expected to be significant. In addition, to the extent any cash is to be paid, the cash will be paid first relative to the vesting schedule, ahead of the issuance of shares of common stock with respect to the balance of PSUs earned. Annual Restricted Stock Awards Under the LTIP, annual restricted stock awards consist of shares of time-vested restricted stock awarded based on a qualitative evaluation of the performance of the Company and the named executive officer during the fiscal year. Annual restricted stock awards under the LTIP, which are included in the totals reflected in the preceding table, vest 20% on the date of grant with the remainder vesting in four equal annual installments. Performance Stock Units A summary of the status of the Company’s PSU activity as of September 30, 2018, and changes during the nine months ended September 30, 2018, is presented below:
Shares earned pursuant to the PSU awards vest 60% at the conclusion of the performance period while the remaining 40% of the PSU award vests 20% on each of the first two anniversaries thereafter. Compensation cost is recognized on a tranche-by-tranche basis using the accelerated attribution method. The resulting expense, for awards classified as equity, is recorded regardless of whether any PSU awards are earned as long as the required service period is met. The fair value of the potential cash component related to the 2018 PSUs is measured at each reporting period, using the same methodology as was used at the initial grant date, and classified as a liability on the condensed consolidated balance sheet as of September 30, 2018 with an adjustment to compensation expense. If the performance criterion is not satisfied at the end of the performance period for the 2018 PSUs, previously recognized compensation expense related to the liability-classified awards would be reversed as there would be no value at the settlement date. Share-based compensation expense related to the PSUs was $178 and $386 for the three months ended September 30, 2018 and 2017, respectively, and $1,130 and $1,115 for the nine months ended September 30, 2018 and 2017, respectively. Unrecognized compensation costs related to the PSUs was $3,141 as of September 30, 2018, which is expected to be recognized over a weighted-average period of 3.7 years. The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the PSUs:
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Noncash Investing and Financing Activities |
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncash Investing and Financing Activities | Noncash Investing and Financing Activities The Company’s noncash investing and financing activities were as follows:
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Subsequent Events |
9 Months Ended |
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Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In October 2018, the Company closed on the sale of Parkway Plaza, located in Fort Oglethorpe, GA. The community center sold for a gross sales price of $16,500. Net proceeds were used to reduce outstanding balances on the Company's unsecured lines of credit. In October 2018, the Company exercised its option to extend the $350,000 unsecured term loan to October 2019. The $1,554 mortgage note receivable secured by Village Square was amended in October 2018 to extend the maturity date to December 2018 and restructure the monthly payment amount. In October 2018, the Company closed on a $29,400 construction loan. The three-year loan bears interest at a variable rate of LIBOR plus 290 basis points. The loan has a one-year extension option for an outside maturity of October 2022. Funds from the loan will be used in the redevelopment of the former Sears location at Brookfield Square in Brookfield, WI. |
Recent Accounting Pronouncements (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation of Variable Interest Entity | CBL conducts substantially all of its business through CBL & Associates Limited Partnership (the “Operating Partnership”), which is a variable interest entity ("VIE"). 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. |
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Basis of Presentation | The accompanying condensed consolidated financial statements are unaudited; however, they have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. All intercompany transactions have been eliminated. The results for the interim period ended September 30, 2018 are not necessarily indicative of the results to be obtained for the full fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in its Annual Report on Form 10-K for the year ended December 31, 2017. |
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Recent Accounting Pronouncements | Accounting Guidance Adopted
Accounting Guidance Not Yet Effective
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Fair Value Measurements | The Company has categorized its financial assets and financial liabilities that are recorded at fair value into a hierarchy in accordance with ASC 820, Fair Value Measurements and Disclosure, ("ASC 820") based on whether the inputs to valuation techniques are observable or unobservable. The fair value hierarchy contains three levels of inputs that may be used to measure fair value as follows:
The asset or liability's fair value within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Under ASC 820, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction at the measurement date and under current market conditions. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs and consider assumptions such as inherent risk, transfer restrictions and risk of nonperformance. |
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Contingencies | The Company is currently involved in certain litigation that arises in the ordinary course of business, most of which is expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of the Company. |
Organization and Basis of Presentation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Properties Owned by Operating Partnership | As of September 30, 2018, the Operating Partnership owned interests in the following properties:
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Schedule of Properties under Development | At September 30, 2018, the Operating Partnership had interests in the following properties under development:
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Recent Accounting Pronouncements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Accounting Guidance Adopted
Accounting Guidance Not Yet Effective
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Revenues (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contract Assets and Liabilities | A summary of the Company's contract assets activity during the nine months ended September 30, 2018 is presented below:
The Company has the following contract balances as of September 30, 2018:
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Schedule of Disaggregation of Revenue | The following table presents the Company's revenues disaggregated by revenue source:
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Schedule of Expected Recognition of Remaining Performance Obligation | he Company has outstanding performance obligations related to certain noncancellable contracts with customers for which it will receive pro rata operating expense reimbursements for providing certain maintenance and other services as described above. As of September 30, 2018, the Company expects to recognize these amounts as revenue over the following periods:
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Fair Value Measurements (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets Measured on a Nonrecurring Basis | The following table sets forth information regarding the Company's assets, which are included in the Company's condensed consolidated balance sheets as of September 30, 2018, that were measured at fair value on a nonrecurring basis and related impairment charges for the year ended December 31, 2017:
The following table sets forth information regarding the Company's assets that are measured at fair value on a nonrecurring basis and related impairment charges for the nine months ended September 30, 2018:
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Schedule of Impairment on Real Estate Properties | During the year ended December 31, 2017, the Company wrote down the book value of the following properties:
During the nine months ended September 30, 2018, the Company recognized an impairment of real estate of $84,644 related to two malls and undeveloped land:
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Dispositions and Held for Sale (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations, Discontinued Operations and Disposal Groups [Abstract] [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dispositions | The following is a summary of the Company's 2018 dispositions:
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Unconsolidated Affiliates and Noncontrolling Interests (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Combined Financial Statements of Unconsolidated Affiliates | The Company's unconsolidated affiliates had the following loan activity in 2018:
Condensed combined financial statement information of the unconsolidated affiliates is as follows:
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Schedule of Repayments of Loans | The loan, secured by the related unconsolidated property, was retired in 2018:
Net mortgage and other indebtedness consisted of the following:
The following summarizes certain information about the Company's unsecured term loans as of September 30, 2018:
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Schedule of Limited Partners' Capital Account by Class | Noncontrolling interests consist of the following:
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Schedule of Variable Interest Entities | The table below lists the Company's unconsolidated VIEs as of September 30, 2018:
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Mortgage and Other Indebtedness, Net (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Mortgage and Other Indebtedness | The loan, secured by the related unconsolidated property, was retired in 2018:
Net mortgage and other indebtedness consisted of the following:
The following summarizes certain information about the Company's unsecured term loans as of September 30, 2018:
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Schedule of Line of Credit Facilities | The following summarizes certain information about the Company's unsecured lines of credit as of September 30, 2018:
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Schedule of Covenant Compliance | The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of September 30, 2018:
The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of September 30, 2018:
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Schedule of Fixed Rate Loans | The following table presents the loan, secured by the related consolidated property, that was entered into in 2018:
The Company repaid the following loans, secured by the related consolidated properties, in 2018:
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Schedule of Principal Repayments | As of September 30, 2018, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, including construction loans and lines of credit, are as follows:
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Mortgage and Other Notes Receivable (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Mortgage and Other Notes Receivable | Mortgage and other notes receivable consist of the following:
|
Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Information on Reportable Segments | Information on the Company’s segments is presented as follows:
|
Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Guarantees | The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying condensed consolidated balance sheets as of September 30, 2018 and December 31, 2017:
|
Share-Based Compensation (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Company Stock Award | A summary of the status of the Company’s nonvested restricted stock awards as of September 30, 2018, and changes during the nine months ended September 30, 2018, is presented below:
A summary of the status of the Company’s PSU activity as of September 30, 2018, and changes during the nine months ended September 30, 2018, is presented below:
|
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Schedule of Assumptions Used in the Monte Carlo Simulation Pricing Model | The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the PSUs:
|
Noncash Investing and Financing Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Noncash Investing and Financing Activities | The Company’s noncash investing and financing activities were as follows:
|
Organization and Basis of Presentation - Narrative (Details) $ in Thousands, shares in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2018
USD ($)
state
subsidiary
shares
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number of states in which entity operates | state | 26 | |||
Net cash provided by (used in) investing activities | $ 14,325 | $ 35,412 | ||
Net cash provided by (used in) financing activities | (278,109) | (298,049) | ||
Principal payments on mortgage and other indebtedness | 649,904 | 1,159,144 | ||
Cash, cash equivalents, restricted cash, and restricted cash equivalents | $ 56,145 | 68,558 | $ 68,172 | $ 65,069 |
CBL & Associates Limited Partnership | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Number of subsidiaries owned by the company | subsidiary | 2 | |||
Ownership of the sole general partner in partnership (as a percent) | 1.00% | |||
Limited partnership interest owned by CBL Holdings II, Inc. in the operating partnership (as a percent) | 85.60% | |||
Combined ownership by the subsidiaries in operating partnership (as a percent) | 86.60% | |||
Consolidated Properties | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Non-controlling limited partner interest ownership of CBL's Predecessor in the Operating Partnership (as a percent) | 9.10% | |||
Non-controlling limited partner interest of third parties in Operating partnership (as a percent) | 4.30% | |||
Common stock owned by CBL's Predecessor (shares) | shares | 4.0 | |||
Total combined effective interest of CBL's Predecessor in Operating Partnership (as a percent) | 11.10% | |||
Accounting Standards Update 2016-18 | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Net cash provided by (used in) investing activities | 1,261 | |||
Net cash provided by (used in) financing activities | (1,261) | |||
Principal payments on mortgage and other indebtedness | 7,650 | |||
Cash, cash equivalents, restricted cash, and restricted cash equivalents | $ (8,911) | |||
CBL Holdings | Consolidated Properties | ||||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||||
Ownership interest in qualified subsidiaries (as a percent) | 100.00% |
Organization and Basis of Presentation - Properties Owned by Operating Partnership (Details) |
Sep. 30, 2018
property
associated_center
mixed_use_center
mall
community_center
office_building
|
---|---|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Malls | mall | 67 |
Associated Centers | associated_center | 23 |
Community Centers | community_center | 7 |
Office Buildings/Other | 6 |
Total Properties | property | 103 |
Consolidated Properties | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Malls | mall | 59 |
Associated Centers | associated_center | 20 |
Community Centers | community_center | 3 |
Office Buildings/Other | 5 |
Total Properties | property | 87 |
Number of mixed-use centers owned | mixed_use_center | 1 |
Consolidated Properties | CBL & Associates Limited Partnership | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Office Buildings/Other | 2 |
Unconsolidated Properties | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Malls | mall | 8 |
Associated Centers | associated_center | 3 |
Community Centers | community_center | 4 |
Office Buildings/Other | 1 |
Total Properties | property | 16 |
Organization and Basis of Presentation - Interest Held in Properties (Details) |
Sep. 30, 2018
mall
other_property
|
---|---|
Consolidated Properties | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Development, Malls | mall | 0 |
Redevelopments, Malls | mall | 8 |
Development, All Other | other_property | 0 |
Redevelopments, All Other | other_property | 0 |
Unconsolidated Properties | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | |
Development, Malls | mall | 0 |
Redevelopments, Malls | mall | 1 |
Development, All Other | other_property | 2 |
Redevelopments, All Other | other_property | 0 |
Recent Accounting Pronouncements - Narrative (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
lease
|
Jan. 01, 2018
USD ($)
|
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of properties subject to ground leases | lease | 10 | ||
Future contractual lease payments | $ 14,767 | ||
Accounting Standards Update 2016-16 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of accounting change | $ 11,433 | ||
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred lease costs | 1,456 | ||
Legal costs | $ 183 | ||
Retained Earnings | Accounting Standards Update 2016-16 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of accounting change | $ 11,433 |
Revenues - Narrative (Details) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Jan. 01, 2018
USD ($)
affiliate
|
Sep. 30, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Dividends in excess of cumulative earnings | $ (927,416) | $ (836,269) | |
Number of unconsolidated affiliates included in partial sale of real estate assets | affiliate | 1 | ||
Tenant reimbursements period related to certain capital expenditure minimum | 5 years | ||
Tenant reimbursements period related to certain capital expenditure maximum | 15 years | ||
Lease commission recognized upon lease execution (as a percent) | 50.00% | ||
Accounting Standards Update 2017-05, Unconsolidated Affiliate Impact | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Effect of change on operating results | $ 57,850 | ||
Accounting Standards Update 2017-05, Joint Venture Impact | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Effect of change on operating results | 901 | ||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Dividends in excess of cumulative earnings | $ 196 |
Revenues - Contract Balances (Details) - USD ($) |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
|
Contract Assets Activity [Roll Forward] | ||||
Balance at beginning of period | $ 460,000 | |||
Tenant openings | (375,000) | |||
Executed leases | 525,000 | |||
Balance at end of period | 610,000 | |||
Investments in unconsolidated affiliates | $ 166,000 | |||
Increase (decrease) in contract with customer liability | 0 | |||
Contract with Customer, Liability [Abstract] | ||||
Contract with customer - asset | $ 460,000 | $ 610,000 | $ 460,000 | |
Contract with customer - asset - remainder of 2018 | (213,000) | |||
Contract with customer - asset - 2019 | (389,000) | |||
Contract with customer - asset - 2020 | (4,000) | |||
Contract with customer - asset - 2023 | (4,000) | |||
Contract with customer - liability | 98,000 | $ 98,000 | ||
Lease commission recognized upon tenant opening (as a percent) | 50.00% | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Contract with customer - liability | $ (49,000) | |||
Expected timing of satisfaction of remaining performance obligation | 3 months | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-02 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Contract with customer - liability | $ (981,000) | |||
Expected timing of satisfaction of remaining performance obligation | 5 years | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Contract with customer - liability | $ (49,000) | |||
Expected timing of satisfaction of remaining performance obligation | 1 year | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Contract with customer - liability | $ 0 | |||
Expected timing of satisfaction of remaining performance obligation | 1 year | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Contract with customer - liability | $ 0 | |||
Expected timing of satisfaction of remaining performance obligation | 1 year | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Contract with customer - liability | $ (4,899,000) | |||
Expected timing of satisfaction of remaining performance obligation | 15 years | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2038-10-01 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Contract with customer - liability | $ (33,581,000) | |||
Expected timing of satisfaction of remaining performance obligation | 0 years | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2038-10-02 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Contract with customer - liability | $ (39,461,000) | |||
Expected timing of satisfaction of remaining performance obligation |
Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Disaggregation of Revenue [Line Items] | ||||
Leasing revenues | $ 200,731 | $ 621,016 | ||
Revenues from contracts with customers (ASC 606): | 5,464 | 17,458 | ||
Other revenues | 1,822 | $ 1,251 | 6,448 | $ 4,079 |
Total revenues | 206,878 | 224,650 | 641,676 | 691,896 |
Malls | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 188,440 | 205,020 | 585,097 | 632,830 |
All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 18,438 | $ 19,630 | 56,579 | $ 59,066 |
Operating expense reimbursements | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers (ASC 606): | 1,682 | 6,062 | ||
Operating expense reimbursements | Malls | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers (ASC 606): | 1,621 | 5,660 | ||
Operating expense reimbursements | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers (ASC 606): | 61 | 402 | ||
Management, development and leasing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers (ASC 606): | 2,658 | 8,022 | ||
Marketing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers (ASC 606): | 1,124 | 3,374 | ||
Marketing | Malls | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers (ASC 606): | 1,119 | 3,362 | ||
Marketing | All Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues from contracts with customers (ASC 606): | 5 | 12 | ||
Other revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 683 | $ 3,202 |
Revenues - Remaining Performance Obligations (Details) $ in Thousands |
Sep. 30, 2018
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 49 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction of remaining performance obligation | 3 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-02 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 981 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction of remaining performance obligation | 5 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 49 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction of remaining performance obligation | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction of remaining performance obligation | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction of remaining performance obligation | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 4,899 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction of remaining performance obligation | 15 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2038-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 33,581 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction of remaining performance obligation | 0 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2038-10-02 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation | $ 39,461 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Expected timing of satisfaction of remaining performance obligation |
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Fair value of long-term debt | $ 3,905,211 | $ 4,199,357 |
Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-lived assets | $ 42,100 | $ 42,100 | $ 81,350 | ||
Total Loss on Impairment | 14,600 | $ 24,935 | 84,644 | $ 71,401 | 67,532 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-lived assets | 0 | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-lived assets | 0 | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Long-lived assets | $ 42,100 | $ 42,100 | $ 81,350 |
Fair Value Measurements - Impairment of Real Estate Properties (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2018
USD ($)
yr
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
yr
mall
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
yr
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loss on impairment | $ 14,600 | $ 24,935 | $ 84,644 | $ 71,401 | $ 67,532 |
Number of malls with impairment | mall | 2 | ||||
Fair Value | 42,100 | $ 42,100 | 81,350 | ||
Malls | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loss on impairment | 84,644 | ||||
Fair Value | 42,100 | 42,100 | |||
Outlet Mall and Outparcel Sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loss on impairment | 84,644 | ||||
Janesville Mall | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net sales price | 17,640 | 17,640 | |||
Janesville Mall | Malls | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loss on impairment | 18,061 | ||||
Fair Value | 0 | 0 | |||
Cary Towne Center | Malls | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loss on impairment | 51,985 | ||||
Fair Value | 34,000 | 34,000 | |||
Vacant land | Other | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loss on impairment | 14,598 | ||||
Fair Value | $ 8,100 | $ 8,100 | |||
Acadiana Mall | Malls | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loss on impairment | 43,007 | ||||
Fair Value | 67,300 | ||||
Fair value of equity method investments | 67,300 | ||||
Hickory Point Mall | Malls | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Loss on impairment | 24,525 | ||||
Fair Value | $ 14,050 | ||||
Expected Term | Cary Towne Center | Malls | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurement input | yr | 10 | 10 | |||
Expected Term | Acadiana Mall | Malls | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurement input | yr | 10 | ||||
Expected Term | Hickory Point Mall | Malls | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurement input | yr | 10 | ||||
Cap Rate | Cary Towne Center | Malls | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurement input | 0.120 | 0.120 | |||
Cap Rate | Acadiana Mall | Malls | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurement input | 0.155 | ||||
Cap Rate | Hickory Point Mall | Malls | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurement input | 0.180 | ||||
Discount Rate | Cary Towne Center | Malls | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurement input | 0.13 | 0.13 | |||
Discount Rate | Acadiana Mall | Malls | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurement input | 0.1575 | ||||
Discount Rate | Hickory Point Mall | Malls | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value measurement input | 0.190 |
Dispositions and Held for Sale - Summary (Details) $ in Thousands |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2018
USD ($)
outparcel
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
|||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sales price, gross | $ 48,500 | ||||
Sales price, net | 37,084 | ||||
Gain | 5,543 | ||||
Gain on sales of real estate assets | 15,998 | $ 86,904 | |||
Held for sale | [1] | $ 14,807 | $ 0 | ||
Real estate held-for-sale relative to total assets (as a percent) | 0.31188% | ||||
Outparcel Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on sales of real estate assets | $ 10,455 | ||||
Number of properties disposed | outparcel | 10 | ||||
Other | Gulf Coast Town Center - Phase III | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sales price, gross | $ 9,000 | ||||
Sales price, net | 8,769 | ||||
Gain | 2,236 | ||||
Other | Statesboro Crossing | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sales price, gross | 21,500 | ||||
Sales price, net | 10,532 | ||||
Gain | 3,215 | ||||
Malls | Janesville Mall | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sales price, gross | 18,000 | ||||
Sales price, net | 17,783 | ||||
Gain | 0 | ||||
Gain (loss) on impairments | (18,061) | ||||
Malls | Prior sales adjustment | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sales price, gross | 0 | ||||
Sales price, net | 0 | ||||
Gain | $ 92 | ||||
|
Unconsolidated Affiliates and Noncontrolling Interests - Narrative (Details) |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2018
USD ($)
yr
entity
|
Apr. 30, 2018
USD ($)
|
Sep. 30, 2018
USD ($)
yr
holder
entity
shares
|
Mar. 31, 2018
shares
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
yr
entity
shares
|
Sep. 30, 2017
USD ($)
shares
|
Dec. 31, 2017
USD ($)
|
Sep. 29, 2018
USD ($)
|
|
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of equity method investment entities | entity | 19 | 19 | 19 | ||||||
Number of joint ventures | entity | 14 | 14 | 14 | ||||||
Loss on impairment | $ 14,600,000 | $ 24,935,000 | $ 84,644,000 | $ 71,401,000 | $ 67,532,000 | ||||
Gain on investment related to land contributed to joint venture | $ 387,000 | ||||||||
Cash paid upon conversion of common units | $ 2,246,000 | ||||||||
Number of holders of common units | holder | 2 | ||||||||
Issuances of common units (shares) | shares | 716,290 | 342,008 | |||||||
Number of variable interest entities | entity | 19 | ||||||||
Ownership in variable interest entity (as a percent) | 50.00% | ||||||||
Minimum | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity interest in real estate property (as a percent) | 10.00% | 10.00% | 10.00% | ||||||
Maximum | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity interest in real estate property (as a percent) | 65.00% | 65.00% | 65.00% | ||||||
Ownership in variable interest entity (as a percent) | 95.00% | ||||||||
Unconsolidated Properties | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Issuances of common units (shares) | shares | 526,510 | 915,338 | |||||||
G&I VIII CBL Triangle LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Loss on impairment | $ 89,826,000 | $ 1,022,000 | |||||||
Real estate investment | 0 | $ 0 | 0 | ||||||
Fair value of joint venture | $ 33,600,000 | $ 33,600,000 | $ 33,600,000 | $ 123,453,000 | |||||
Expected Term | G&I VIII CBL Triangle LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Fair value measurement input | yr | 10 | 10 | 10 | ||||||
Cap Rate | G&I VIII CBL Triangle LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Fair value measurement input | 0.15 | 0.15 | 0.15 | ||||||
Discount Rate | G&I VIII CBL Triangle LLC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Fair value measurement input | 0.15 | 0.15 | 0.15 |
Unconsolidated Affiliates and Noncontrolling Interests - Unconsolidated Affiliates (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
ASSETS | |||||
Investment in real estate assets | $ 2,025,289 | $ 2,025,289 | $ 2,089,262 | ||
Accumulated depreciation | (658,163) | (658,163) | (618,922) | ||
Real estate investment net, before development in process | 1,367,126 | 1,367,126 | 1,470,340 | ||
Developments in progress | 68,768 | 68,768 | 36,765 | ||
Net investment in real estate assets | 1,435,894 | 1,435,894 | 1,507,105 | ||
Other assets | 186,912 | 186,912 | 201,114 | ||
Total assets | 1,622,806 | 1,622,806 | 1,708,219 | ||
LIABILITIES | |||||
Mortgage and other indebtedness, net | 1,322,144 | 1,322,144 | 1,248,817 | ||
Other liabilities | 42,986 | 42,986 | 41,291 | ||
Total liabilities | 1,365,130 | 1,365,130 | 1,290,108 | ||
OWNERS' EQUITY | |||||
The Company | 183,392 | 183,392 | 216,292 | ||
Other investors | 74,284 | 74,284 | 201,819 | ||
Total owners' equity | 257,676 | 257,676 | 418,111 | ||
Total liabilities and owners' equity | 1,622,806 | 1,622,806 | $ 1,708,219 | ||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Total revenues | 54,579 | $ 57,395 | 166,843 | $ 175,250 | |
Net income | (85,136) | 7,868 | (72,585) | 24,980 | |
Parent Company | |||||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||||
Net income | $ 1,762 | $ 4,706 | $ 9,869 | $ 16,404 |
Unconsolidated Affiliates and Noncontrolling Interests - Loan Activity of Unconsolidated Affiliate (Details) $ in Thousands |
1 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018
USD ($)
|
May 31, 2018
USD ($)
|
Apr. 30, 2018
USD ($)
|
Sep. 30, 2018
extension_option
|
|
Schedule of Equity Method Investments [Line Items] | ||||
Number of extensions | extension_option | 2 | |||
Length of extension | 1 year | |||
LIBOR | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Stated Interest Rate (as a percent) | 2.00% | |||
CoolSprings Galleria | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Stated Interest Rate (as a percent) | 4.839% | 6.98% | ||
Amount Financed or Extended | $ 155,000 | |||
Repayments of debt | $ 97,732 | |||
Self Storage at Mid Rivers, LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Amount Financed or Extended | $ 5,987 | |||
Amount guaranteed by the operating partnership (as a percent) | 100.00% | |||
Self Storage at Mid Rivers, LLC | LIBOR | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Stated Interest Rate (as a percent) | 2.75% | |||
Hammock Landing - Phase I | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Amount Financed or Extended | $ 41,997 | |||
Hammock Landing - Phase I | LIBOR | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Stated Interest Rate (as a percent) | 2.25% | |||
Hammock Landing - Phase II | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Amount Financed or Extended | $ 16,217 | |||
Hammock Landing - Phase II | LIBOR | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Stated Interest Rate (as a percent) | 2.25% | |||
The Pavilion at Port Orange | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Amount Financed or Extended | $ 56,738 | |||
Amount guaranteed by the operating partnership (as a percent) | 50.00% | |||
The Pavilion at Port Orange | LIBOR | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Stated Interest Rate (as a percent) | 2.25% |
Unconsolidated Affiliates and Noncontrolling Interests - Loan Repayment (Details) - USD ($) $ in Thousands |
1 Months Ended | 9 Months Ended | |
---|---|---|---|
Jun. 30, 2018 |
Sep. 30, 2018 |
Apr. 30, 2018 |
|
Schedule of Equity Method Investments [Line Items] | |||
Net proceeds from fixed-rate loan | $ 155,000 | ||
CoolSprings Galleria | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest rate (as a percent) | 6.98% | 4.839% | |
Repayments of debt | $ 97,732 |
Unconsolidated Affiliates and Noncontrolling Interests - Noncontrolling Interests (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Operating Partnership | ||
Schedule of Equity Method Investments [Line Items] | ||
Noncontrolling interests | $ 67,476 | $ 86,773 |
Other consolidated subsidiaries | ||
Schedule of Equity Method Investments [Line Items] | ||
Noncontrolling interests | 11,799 | 9,701 |
Unconsolidated Properties | ||
Schedule of Equity Method Investments [Line Items] | ||
Noncontrolling interests | $ 79,275 | $ 96,474 |
Unconsolidated Affiliates and Noncontrolling Interests - Variable Interest Entities (Details) $ in Thousands |
Sep. 30, 2018
USD ($)
|
---|---|
Ambassador Infrastructure, LLC | |
Noncontrolling Interest [Line Items] | |
Investment in Real Estate Joint Ventures and Partnerships | $ 0 |
Maximum Risk of Loss | $ 10,605 |
Debt guaranteed (as a percent) | 100.00% |
EastGate Storage, LLC | |
Noncontrolling Interest [Line Items] | |
Investment in Real Estate Joint Ventures and Partnerships | $ 1,215 |
Maximum Risk of Loss | 6,500 |
G&I VIII CBL Triangle LLC | |
Noncontrolling Interest [Line Items] | |
Investment in Real Estate Joint Ventures and Partnerships | 0 |
Maximum Risk of Loss | 0 |
Self Storage at Mid Rivers, LLC | |
Noncontrolling Interest [Line Items] | |
Investment in Real Estate Joint Ventures and Partnerships | 1,061 |
Maximum Risk of Loss | 5,987 |
Shoppes at Eagle Point, LLC | |
Noncontrolling Interest [Line Items] | |
Investment in Real Estate Joint Ventures and Partnerships | 17,519 |
Maximum Risk of Loss | $ 36,400 |
Mortgage and Other Indebtedness, Net - Narrative (Details) |
1 Months Ended | 9 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Aug. 31, 2018
USD ($)
|
Sep. 30, 2018
USD ($)
extension_option
loan
credit_line
|
Dec. 31, 2017 |
Jun. 04, 2018
USD ($)
|
|
Debt Instrument [Line Items] | ||||
Weighted-average interest rate (as a percent) | 5.04% | 4.74% | ||
Principal maturities in 2018 | $ 411,284,000 | |||
Principal maturities in 2020 | $ 661,816,000 | |||
Weighted-average maturity period | 3 years 10 months 10 days | 4 years 4 months 24 days | ||
Unsecured lines of credit | ||||
Debt Instrument [Line Items] | ||||
Number of unsecured term loans | credit_line | 3 | |||
Variable rate (as a percent) | 1.55% | |||
Annual facility fee (as a percent) | 0.30% | |||
Aggregate capacity of the three unsecured lines of credit | $ 1,100,000,000 | |||
Unsecured lines of credit | Minimum | ||||
Debt Instrument [Line Items] | ||||
Variable rate (as a percent) | 0.875% | |||
Annual facility fee (as a percent) | 0.125% | |||
Unsecured lines of credit | Maximum | ||||
Debt Instrument [Line Items] | ||||
Variable rate (as a percent) | 1.55% | |||
Annual facility fee (as a percent) | 0.30% | |||
Unsecured Term Loan 2 | ||||
Debt Instrument [Line Items] | ||||
Variable rate (as a percent) | 1.75% | |||
Face amount of debt instrument | $ 350,000,000 | |||
Interest rate (as a percent) | 3.85% | |||
Unsecured Term Loan 1 | ||||
Debt Instrument [Line Items] | ||||
Variable rate (as a percent) | 2.00% | |||
Face amount of debt instrument | $ 300,000,000 | |||
Option extension term of debt instrument | 1 year | |||
Interest rate (as a percent) | 4.10% | |||
Number of extension options available | extension_option | 2 | |||
Unsecured Term Loan 3 | ||||
Debt Instrument [Line Items] | ||||
Variable rate (as a percent) | 1.65% | |||
Face amount of debt instrument | $ 45,000,000 | |||
Interest rate (as a percent) | 3.75% | |||
Operating property loan | ||||
Debt Instrument [Line Items] | ||||
Principal maturities in 2018 | $ 43,716,000 | |||
Unsecured Term Loan | ||||
Debt Instrument [Line Items] | ||||
Number of unsecured term loans | loan | 1 | |||
Fixed Rate Interest | ||||
Debt Instrument [Line Items] | ||||
Weighted-average interest rate (as a percent) | 5.37% | 5.37% | ||
Variable Rate Interest | ||||
Debt Instrument [Line Items] | ||||
Weighted-average interest rate (as a percent) | 3.95% | 2.90% | ||
Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Number of unsecured term loans | loan | 3 | |||
Senior Notes Due 2026 | ||||
Debt Instrument [Line Items] | ||||
Face amount of debt instrument | $ 625,000,000 | |||
Senior Notes Due 2026 | Fixed Rate Interest | ||||
Debt Instrument [Line Items] | ||||
Weighted-average interest rate (as a percent) | 5.95% | 5.95% | ||
Senior Notes Due 2024 | ||||
Debt Instrument [Line Items] | ||||
Face amount of debt instrument | $ 300,000,000 | |||
Senior Notes Due 2024 | Fixed Rate Interest | ||||
Debt Instrument [Line Items] | ||||
Weighted-average interest rate (as a percent) | 4.60% | 4.60% | ||
Unsecured lines of credit | Variable Rate Interest | ||||
Debt Instrument [Line Items] | ||||
Weighted-average interest rate (as a percent) | 3.65% | 2.56% | ||
Non-recourse loans on operating properties | ||||
Debt Instrument [Line Items] | ||||
Face amount of debt instrument | $ 43,716,000 | |||
Default minimum of debt instrument | $ 50,000,000 | |||
Non-recourse loans on operating properties | Fixed Rate Interest | ||||
Debt Instrument [Line Items] | ||||
Weighted-average interest rate (as a percent) | 5.33% | 5.33% | ||
Non-recourse loans on operating properties | Variable Rate Interest | ||||
Debt Instrument [Line Items] | ||||
Weighted-average interest rate (as a percent) | 0.00% | 3.37% | ||
Recourse loans on operating properties | ||||
Debt Instrument [Line Items] | ||||
Default minimum of debt instrument | $ 150,000,000 | |||
Recourse loans on operating properties | Variable Rate Interest | ||||
Debt Instrument [Line Items] | ||||
Weighted-average interest rate (as a percent) | 4.73% | 4.00% | ||
Principal amortization | ||||
Debt Instrument [Line Items] | ||||
Principal maturities in 2018 | $ 17,568,000 | |||
Cary Towne Center | Unsecured Term Loan | ||||
Debt Instrument [Line Items] | ||||
Principal maturities in 2018 | $ 350,000,000 | |||
Hickory Point Mall | ||||
Debt Instrument [Line Items] | ||||
Amount financed | $ 27,446,000 |
Mortgage and Other Indebtedness, Net - Mortgage and Other Indebtedness (Details) |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2018
USD ($)
extension_option
|
Jun. 04, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Debt Instrument [Line Items] | |||
Fixed-rate debt, Amount | $ 3,160,776,000 | $ 3,158,973,000 | |
Variable-rate debt, Amount | 970,508,000 | 1,090,810,000 | |
Total fixed-rate and variable-rate debt | $ 4,131,284,000 | $ 4,249,783,000 | |
Weighted-average interest rate (as a percent) | 5.04% | 4.74% | |
Unamortized deferred financing costs | $ (15,476,000) | $ (18,938,000) | |
Total mortgage and other indebtedness, net | $ 4,115,808,000 | $ 4,230,845,000 | |
Fixed Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted-average interest rate (as a percent) | 5.37% | 5.37% | |
Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted-average interest rate (as a percent) | 3.95% | 2.90% | |
Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Face amount of debt instrument | $ 695,000,000 | ||
Variable-rate debt, Amount | $ 695,000,000 | $ 885,000,000 | |
Unsecured Term Loan | Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted-average interest rate (as a percent) | 3.96% | 2.81% | |
Non-recourse loans on operating properties | |||
Debt Instrument [Line Items] | |||
Face amount of debt instrument | $ 43,716,000 | ||
Fixed-rate debt, Amount | $ 1,797,080,000 | $ 1,796,203,000 | |
Variable-rate debt, Amount | $ 0 | $ 10,836,000 | |
Non-recourse loans on operating properties | Fixed Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted-average interest rate (as a percent) | 5.33% | 5.33% | |
Non-recourse loans on operating properties | Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted-average interest rate (as a percent) | 0.00% | 3.37% | |
Senior Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Face amount of debt instrument | $ 450,000,000 | ||
Fixed-rate debt, Amount | 447,309,000 | $ 446,976,000 | |
Unamortized debt discount | $ 2,691,000 | $ 3,024,000 | |
Senior Notes Due 2023 | Fixed Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted-average interest rate (as a percent) | 5.25% | 5.25% | |
Senior Notes Due 2024 | |||
Debt Instrument [Line Items] | |||
Face amount of debt instrument | $ 300,000,000 | ||
Fixed-rate debt, Amount | 299,951,000 | $ 299,946,000 | |
Unamortized debt discount | $ 49,000 | $ 54,000 | |
Senior Notes Due 2024 | Fixed Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted-average interest rate (as a percent) | 4.60% | 4.60% | |
Senior Notes Due 2026 | |||
Debt Instrument [Line Items] | |||
Face amount of debt instrument | $ 625,000,000 | ||
Fixed-rate debt, Amount | 616,436,000 | $ 615,848,000 | |
Unamortized debt discount | $ 8,564,000 | $ 9,152,000 | |
Senior Notes Due 2026 | Fixed Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted-average interest rate (as a percent) | 5.95% | 5.95% | |
Recourse loans on operating properties | |||
Debt Instrument [Line Items] | |||
Variable-rate debt, Amount | $ 74,150,000 | $ 101,187,000 | |
Recourse loans on operating properties | Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted-average interest rate (as a percent) | 4.73% | 4.00% | |
Unsecured lines of credit | |||
Debt Instrument [Line Items] | |||
Variable-rate debt, Amount | $ 201,358,000 | $ 93,787,000 | |
Unsecured lines of credit | Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted-average interest rate (as a percent) | 3.65% | 2.56% | |
Unsecured Term Loan 2 | |||
Debt Instrument [Line Items] | |||
Face amount of debt instrument | $ 350,000,000 | ||
Variable rate (as a percent) | 1.75% | ||
Interest rate (as a percent) | 3.85% | ||
Unsecured Term Loan 1 | |||
Debt Instrument [Line Items] | |||
Face amount of debt instrument | $ 300,000,000 | ||
Variable rate (as a percent) | 2.00% | ||
Interest rate (as a percent) | 4.10% | ||
Number of extension options available | extension_option | 2 | ||
Option extension term of debt instrument | 1 year | ||
Unsecured Term Loan 3 | |||
Debt Instrument [Line Items] | |||
Face amount of debt instrument | $ 45,000,000 | ||
Variable rate (as a percent) | 1.65% | ||
Interest rate (as a percent) | 3.75% |
Mortgage and Other Indebtedness, Net - Senior Unsecured Notes (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Debt Instrument [Line Items] | ||
Weighted-average interest rate (as a percent) | 5.04% | 4.74% |
Minimum | ||
Debt Instrument [Line Items] | ||
Notice required to redeem debt, term | 30 days | |
Maximum | ||
Debt Instrument [Line Items] | ||
Notice required to redeem debt, term | 60 days | |
Interest Rate | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate (as a percent) | 5.37% | 5.37% |
Senior Notes Due 2023 | ||
Debt Instrument [Line Items] | ||
Amount | $ 450,000,000 | |
Senior Notes Due 2023 | Treasury Rate | ||
Debt Instrument [Line Items] | ||
Derivative, basis spread on variable rate | 0.40% | |
Senior Notes Due 2023 | Interest Rate | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate (as a percent) | 5.25% | 5.25% |
Senior Notes Due 2024 | ||
Debt Instrument [Line Items] | ||
Amount | $ 300,000,000 | |
Senior Notes Due 2024 | Treasury Rate | ||
Debt Instrument [Line Items] | ||
Derivative, basis spread on variable rate | 0.35% | |
Senior Notes Due 2024 | Interest Rate | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate (as a percent) | 4.60% | 4.60% |
Senior Notes Due 2026 | ||
Debt Instrument [Line Items] | ||
Amount | $ 625,000,000 | |
Senior Notes Due 2026 | Treasury Rate | ||
Debt Instrument [Line Items] | ||
Derivative, basis spread on variable rate | 0.50% | |
Senior Notes Due 2026 | Minimum | ||
Debt Instrument [Line Items] | ||
Secured debt to total assets (as a percent) | 40.00% | |
Senior Notes Due 2026 | Interest Rate | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate (as a percent) | 5.95% | 5.95% |
Senior Notes Due 2023 and 2024 | Minimum | ||
Debt Instrument [Line Items] | ||
Secured debt to total assets (as a percent) | 40.00% | |
Senior Notes Due 2023 and 2024 | Maximum | ||
Debt Instrument [Line Items] | ||
Secured debt to total assets (as a percent) | 45.00% | |
Senior Notes Due 2023 and 2024 | Interest Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Debt instrument, increase in variable interest rate | 0.25% | |
Senior Notes Due 2023 and 2024 | Interest Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Debt instrument, increase in variable interest rate | 1.00% | |
Senior Unsecured Notes | Actual | ||
Debt Instrument [Line Items] | ||
Secured debt to total assets (as a percent) | 24.00% |
Mortgage and Other Indebtedness, Net - Unsecured Lines of Credit (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|
Debt Instrument [Line Items] | ||
Total Outstanding | $ 970,508,000 | $ 1,090,810,000 |
Wells Fargo Bank | ||
Debt Instrument [Line Items] | ||
Extension fee rate (as a percent) | 0.15% | |
Wells Fargo Bank | Letter of Credit | ||
Debt Instrument [Line Items] | ||
Total Capacity | $ 30,000,000 | |
First Tennessee Bank | ||
Debt Instrument [Line Items] | ||
Total Capacity | 20,000,000 | |
Wells Fargo - Facility A | ||
Debt Instrument [Line Items] | ||
Total Capacity | 500,000,000 | |
Total Outstanding | 0 | |
First Tennessee | ||
Debt Instrument [Line Items] | ||
Total Capacity | 100,000,000 | |
Total Outstanding | $ 47,695,000 | |
First Tennessee | Wells Fargo Bank | ||
Debt Instrument [Line Items] | ||
Extension fee rate (as a percent) | 0.20% | |
Wells Fargo - Facility B | ||
Debt Instrument [Line Items] | ||
Total Capacity | $ 500,000,000 | |
Total Outstanding | 153,663,000 | |
Wells Fargo - Facility B | Letter of Credit | ||
Debt Instrument [Line Items] | ||
Total Capacity | 4,833,000 | |
Unsecured lines of credit | ||
Debt Instrument [Line Items] | ||
Total Capacity | 1,100,000,000 | |
Total Outstanding | $ 201,358,000 |
Mortgage and Other Indebtedness, Net - Compliance with Key Covenant Ratios of Credit Facilities and Term Loans (Details) - Unsecured Credit Facility and Term Loan $ in Thousands |
Sep. 30, 2018
USD ($)
|
---|---|
Unsecured Term Loan 2 | |
Debt Instrument [Line Items] | |
Remaining borrowing capacity of credit facility | $ 697,627 |
Current borrowing capacity of credit facility | $ 491,436 |
Required | |
Debt Instrument [Line Items] | |
Debt to total asset value (as a percent) | 60.00% |
Total unencumbered assets to unsecured debt (as a percent) | 60.00% |
Unencumbered NOI to unsecured interest expense (as a percent) | 175.00% |
EBITDA to fixed charges (debt service) (as a percent) | 150.00% |
Actual | |
Debt Instrument [Line Items] | |
Debt to total asset value (as a percent) | 53.00% |
Total unencumbered assets to unsecured debt (as a percent) | 49.00% |
Unencumbered NOI to unsecured interest expense (as a percent) | 260.00% |
EBITDA to fixed charges (debt service) (as a percent) | 230.00% |
Mortgage and Other Indebtedness, Net - Compliance with Key Covenant Ratios of Notes (Details) |
Sep. 30, 2018 |
---|---|
Minimum | Senior Notes Due 2023 and 2024 | |
Debt Instrument [Line Items] | |
Secured debt to total assets (as a percent) | 40.00% |
Minimum | Senior Notes Due 2026 | |
Debt Instrument [Line Items] | |
Secured debt to total assets (as a percent) | 40.00% |
Maximum | Senior Notes Due 2023 and 2024 | |
Debt Instrument [Line Items] | |
Secured debt to total assets (as a percent) | 45.00% |
Required | Senior Unsecured Notes | |
Debt Instrument [Line Items] | |
Total debt to total assets (as a percent) | 60.00% |
Secured debt to total assets (as a percent) | 40.00% |
Total unencumbered assets to unsecured debt (as a percent) | 150.00% |
Consolidated income available for debt service to annual debt service charge (as a percent) | 150.00% |
Actual | Senior Unsecured Notes | |
Debt Instrument [Line Items] | |
Total debt to total assets (as a percent) | 52.00% |
Secured debt to total assets (as a percent) | 24.00% |
Total unencumbered assets to unsecured debt (as a percent) | 215.00% |
Consolidated income available for debt service to annual debt service charge (as a percent) | 270.00% |
Mortgage and Other Indebtedness, Net - Financings (Details) - The Outlet Shoppes At El Paso - USD ($) $ in Thousands |
1 Months Ended | |
---|---|---|
Apr. 30, 2018 |
Sep. 30, 2018 |
|
Debt Instrument [Line Items] | ||
Stated Interest Rate (as a percent) | 5.10% | |
Amount Financed | $ 75,000 |
Mortgage and Other Indebtedness, Net - Repaid Loans (Details) - USD ($) $ in Thousands |
1 Months Ended | 9 Months Ended |
---|---|---|
Jan. 31, 2018 |
Sep. 30, 2018 |
|
Debt Instrument [Line Items] | ||
Principal Balance Repaid | $ 54,573 | |
Malls | Kirkwood Mall | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 5.75% | |
Principal Balance Repaid | $ 37,295 | |
Malls | The Outlet Shoppes at El Paso - Phase II | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.73% | |
Principal Balance Repaid | $ 6,525 | |
Other | Statesboro Crossing | ||
Debt Instrument [Line Items] | ||
Interest rate (as a percent) | 4.24% | |
Principal Balance Repaid | $ 10,753 |
Mortgage and Other Indebtedness, Net - Principal Payments (Details) - USD ($) $ in Thousands |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Schedule of principal repayments [Abstract] | ||
2018 | $ 411,284 | |
2019 | 309,346 | |
2020 | 661,816 | |
2021 | 499,321 | |
2022 | 432,546 | |
Thereafter | 1,706,132 | |
Mortgage and other indebtedness | 4,020,445 | |
Unamortized discounts | (11,304) | |
Unamortized deferred financing costs | (15,476) | $ (18,938) |
Total mortgage and other indebtedness, net | 4,115,808 | $ 4,230,845 |
Acadiana Mall | Mortgages | ||
Schedule of principal repayments [Abstract] | ||
Total mortgage and other indebtedness, net | $ 122,143 |
Mortgage and Other Notes Receivable - Summary (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Dec. 31, 2017 |
|||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||
Assignment of the partnership interest (as a percent) | 100.00% | |||
Mortgage and Other Notes Receivable [Line Items] | ||||
Balance | [1] | $ 8,171 | $ 8,945 | |
Mortgages | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Balance | $ 5,189 | $ 5,418 | ||
Mortgages | Columbia Place Outparcel | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Interest Rate (as a percent) | 5.00% | 5.00% | ||
Balance | $ 288 | $ 302 | ||
Mortgages | One Park Place | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Interest Rate (as a percent) | 5.00% | 5.00% | ||
Balance | $ 837 | $ 1,010 | ||
Mortgages | Village Square | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Interest Rate (as a percent) | 4.00% | 4.00% | ||
Balance | $ 1,554 | $ 1,596 | ||
Mortgages | Other | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Balance | $ 2,510 | $ 2,510 | ||
Mortgages | Other | Minimum | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Interest Rate (as a percent) | 4.73% | 4.07% | ||
Mortgages | Other | Maximum | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Interest Rate (as a percent) | 9.50% | 9.50% | ||
Mortgages | The Promenade at Dlberville | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Balance | $ 1,100 | |||
Other Notes Receivable | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Balance | $ 2,982 | $ 3,527 | ||
Other Notes Receivable | ERMC | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Interest Rate (as a percent) | 4.00% | 4.00% | ||
Balance | $ 2,354 | $ 2,855 | ||
Other Notes Receivable | Southwest Theaters LLC | ||||
Mortgage and Other Notes Receivable [Line Items] | ||||
Interest Rate (as a percent) | 5.00% | 5.00% | ||
Balance | $ 628 | $ 672 | ||
|
Segment Information - Summary (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|||
Segment Reporting Information [Line Items] | |||||||
Revenues | $ 206,878 | $ 224,650 | $ 641,676 | $ 691,896 | |||
Property operating expenses | (60,912) | (64,122) | (190,807) | (194,915) | |||
Interest expense | (55,194) | (53,913) | (163,164) | (165,179) | |||
Other expense | (38) | (132) | (377) | (5,151) | |||
Gain on sales of real estate assets | 7,880 | 1,383 | 15,998 | 86,904 | |||
Segment profit (loss) | 98,614 | 107,866 | 303,326 | 413,555 | |||
Depreciation and amortization expense | (71,945) | (71,732) | (217,261) | (225,461) | |||
General and administrative expense | (16,051) | (13,568) | (47,845) | (45,402) | |||
Interest and other income (loss) | 283 | (200) | 714 | 1,235 | |||
Gain on extinguishment of debt | 0 | 6,452 | 0 | 30,927 | |||
Loss on impairment | (14,600) | (24,935) | (84,644) | (71,401) | $ (67,532) | ||
Gain (loss) on investments | 0 | (354) | 387 | (6,197) | |||
Income tax benefit (provision) | (1,034) | 1,064 | 1,846 | 4,784 | |||
Equity in earnings of unconsolidated affiliates | 1,762 | 4,706 | 9,869 | 16,404 | |||
Net loss | (2,971) | 9,299 | (33,608) | 118,444 | |||
Capital expenditures | 41,183 | 48,281 | 115,656 | 131,878 | |||
Total Assets | [1] | 5,491,019 | 5,491,019 | 5,704,808 | |||
Malls | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 188,440 | 205,020 | 585,097 | 632,830 | |||
Property operating expenses | (57,243) | (59,602) | (179,012) | (182,926) | |||
Interest expense | (24,665) | (28,922) | (76,401) | (93,481) | |||
Other expense | 0 | 0 | (84) | 0 | |||
Gain on sales of real estate assets | 92 | (1,994) | 92 | 75,434 | |||
Segment profit (loss) | 106,624 | 114,502 | 329,692 | 431,857 | |||
Capital expenditures | 38,512 | 47,246 | 105,593 | 126,290 | |||
Total Assets | 4,979,583 | 4,979,583 | 5,152,789 | ||||
All Other | |||||||
Segment Reporting Information [Line Items] | |||||||
Revenues | 18,438 | 19,630 | 56,579 | 59,066 | |||
Property operating expenses | (3,669) | (4,520) | (11,795) | (11,989) | |||
Interest expense | (30,529) | (24,991) | (86,763) | (71,698) | |||
Other expense | (38) | (132) | (293) | (5,151) | |||
Gain on sales of real estate assets | 7,788 | 3,377 | 15,906 | 11,470 | |||
Segment profit (loss) | (8,010) | (6,636) | (26,366) | (18,302) | |||
Capital expenditures | 2,671 | $ 1,035 | 10,063 | $ 5,588 | |||
Total Assets | $ 511,436 | $ 511,436 | $ 552,019 | ||||
|
Earnings per Share and Earnings per Unit - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2018
shares
| |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Antidilutive securities excluded from the computation of EPS (shares) | 172,563,094 |
CBL & Associates Limited Partnership | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Antidilutive securities excluded from the computation of EPS (shares) | 199,767,094 |
Performance Stock Units | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Contingently issuable stock (shares) | 137,094 |
Performance Stock Units | CBL & Associates Limited Partnership | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Contingently issuable stock (shares) | 137,094 |
Contingencies - Environmental Contingencies (Details) |
9 Months Ended |
---|---|
Sep. 30, 2018
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental liability insurance, maximum coverage per incident (up to) | $ 10,000,000 |
Environmental liability insurance, annual coverage limit (up to) | $ 50,000,000 |
Contingencies - Guarantees (Details) |
9 Months Ended | |
---|---|---|
Sep. 30, 2018
USD ($)
extension_option
|
Dec. 31, 2017
USD ($)
|
|
Guarantor Obligations [Line Items] | ||
Obligation Recorded to Reflect Guaranty | $ 1,166,000 | $ 841,000 |
Total amount outstanding on bonds | $ 17,309,000 | 16,998,000 |
West Melbourne I, LLC - Phase I | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 50.00% | |
Outstanding Balance | $ 41,737,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 50.00% | |
Maximum Guaranteed Amount | $ 20,869,000 | |
Obligation Recorded to Reflect Guaranty | $ 209,000 | 86,000 |
West Melbourne I, LLC - Phase II | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 50.00% | |
Outstanding Balance | $ 16,097,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 50.00% | |
Maximum Guaranteed Amount | $ 8,049,000 | |
Obligation Recorded to Reflect Guaranty | $ 80,000 | 33,000 |
Port Orange I, LLC | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 50.00% | |
Outstanding Balance | $ 56,366,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 50.00% | |
Maximum Guaranteed Amount | $ 28,183,000 | |
Obligation Recorded to Reflect Guaranty | $ 282,000 | 116,000 |
Ambassador Infrastructure, LLC | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 65.00% | |
Outstanding Balance | $ 10,605,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 100.00% | |
Maximum Guaranteed Amount | $ 10,605,000 | |
Obligation Recorded to Reflect Guaranty | $ 106,000 | 177,000 |
Shoppes at Eagle Point, LLC | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 50.00% | |
Outstanding Balance | $ 32,679,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 100.00% | |
Maximum Guaranteed Amount | $ 36,400,000 | |
Obligation Recorded to Reflect Guaranty | $ 364,000 | 364,000 |
Reduction of guarantor obligations once construction is complete (as a percent) | 35.00% | |
Number of extension options available | extension_option | 1 | |
Option extension term of debt instrument | 2 years | |
EastGate Storage, LLC | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 50.00% | |
Outstanding Balance | $ 4,162,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 100.00% | |
Maximum Guaranteed Amount | $ 6,500,000 | |
Obligation Recorded to Reflect Guaranty | $ 65,000 | 65,000 |
Reduction of guarantor obligations once construction is complete (as a percent) | 50.00% | |
Reduction of guarantor obligations once certain debt and operational metrics are met (as a percent) | 25.00% | |
Self Storage at Mid Rivers, LLC | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 50.00% | |
Outstanding Balance | $ 2,021,000 | |
Percentage Guaranteed by the Operating Partnership (as a percent) | 100.00% | |
Maximum Guaranteed Amount | $ 5,987,000 | |
Obligation Recorded to Reflect Guaranty | $ 60,000 | $ 0 |
Reduction of guarantor obligations once construction is complete (as a percent) | 50.00% | |
Reduction of guarantor obligations once certain debt and operational metrics are met (as a percent) | 25.00% | |
Guaranty fee (as a percent) | 1.00% | |
York Town Center, LP | ||
Guarantor Obligations [Line Items] | ||
Company's Ownership Interest (as a percent) | 50.00% | |
Maximum guaranteed amount of YTC's performance | $ 22,000,000 | |
Annual reductions to guarantors obligations | 800,000 | |
Guaranteed minimum exposure amount | 10,000,000 | |
Maximum guaranteed obligation | $ 13,200,000 | |
Reimburse obligations (as a percent) | 50.00% |
Share-Based Compensation - Summary (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Feb. 12, 2018
$ / shares
shares
|
Feb. 07, 2017
$ / shares
shares
|
Feb. 10, 2016
$ / shares
|
Sep. 30, 2018
USD ($)
$ / shares
shares
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
installment
$ / shares
shares
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares authorized under plan (shares) | 10,400,000 | 10,400,000 | ||||||
Share-based compensation cost capitalized as part of real estate assets | $ | $ 36 | $ 94 | $ 260 | $ 308 | ||||
Weighted-Average Grant Date Fair Value | ||||||||
Unrecognized compensation cost related to nonvested stock awards | $ | $ 5,443 | $ 5,443 | ||||||
Compensation cost to be recognized over a weighted-average period | 2 years 6 months 25 days | |||||||
Number of shares authorized to be granted annually (shares) | 200,000 | 200,000 | ||||||
Vested at conclusion of performance period | ||||||||
Weighted-Average Grant Date Fair Value | ||||||||
Vesting rate (as a percent) | 60.00% | |||||||
Remaining percentage after performance period | ||||||||
Weighted-Average Grant Date Fair Value | ||||||||
Vesting rate (as a percent) | 40.00% | |||||||
Vested each year for the first two anniversaries after conclusion of performance period | ||||||||
Weighted-Average Grant Date Fair Value | ||||||||
Vesting rate (as a percent) | 20.00% | |||||||
Restricted Stock Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation expense | $ | $ 787 | 812 | $ 3,263 | 3,175 | ||||
Shares | ||||||||
Nonvested, beginning of period (shares) | 642,359 | |||||||
Granted (shares) | 693,064 | |||||||
Vested (shares) | (413,032) | |||||||
Forfeited (shares) | (8,852) | |||||||
Nonvested, end of period (shares) | 913,539 | 913,539 | ||||||
Weighted-Average Grant Date Fair Value | ||||||||
Weighted-average grant date fair value, nonvested, beginning of period (USD per share) | $ / shares | $ 13.23 | |||||||
Weighted-average grant date fair value, granted (USD per share) | $ / shares | 4.55 | |||||||
Weighted-average grant date fair value, vested (USD per share) | $ / shares | 9.64 | |||||||
Weighted-average grant date fair value, forfeited (USD per share) | $ / shares | 9.36 | |||||||
Weighted-average grant date fair value, nonvested, end of period (USD per share) | $ / shares | $ 8.30 | $ 8.30 | ||||||
Number of annual installment for awards to vest (installment) | installment | 4 | |||||||
Restricted Stock Awards | Vested on date of grant | ||||||||
Weighted-Average Grant Date Fair Value | ||||||||
Vesting rate (as a percent) | 20.00% | |||||||
Performance Stock Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation expense | $ | $ 178 | $ 386 | $ 1,130 | $ 1,115 | ||||
Shares | ||||||||
Nonvested, beginning of period (shares) | 560,371 | |||||||
Granted (shares) | 741,977 | |||||||
Forfeited (shares) | (138,899) | |||||||
Nonvested, end of period (shares) | 1,163,449 | 1,163,449 | ||||||
Weighted-Average Grant Date Fair Value | ||||||||
Weighted-average grant date fair value, nonvested, beginning of period (USD per share) | $ / shares | $ 5.91 | |||||||
Weighted-average grant date fair value, granted (USD per share) | $ / shares | 2.63 | |||||||
Weighted-average grant date fair value, forfeited (USD per share) | $ / shares | 4.22 | |||||||
Weighted-average grant date fair value, nonvested, end of period (USD per share) | $ / shares | $ 4.76 | $ 6.86 | $ 4.98 | $ 4.55 | $ 4.55 | |||
Unrecognized compensation cost related to nonvested stock awards | $ | $ 3,141 | $ 3,141 | ||||||
Compensation cost to be recognized over a weighted-average period | 3 years 7 months 40 days | |||||||
Performance period | 3 years | 3 years | ||||||
Risk-free interest rate (as a percent) | 2.36% | 1.53% | 0.92% | |||||
Expected share price volatility (as a percent) | 42.02% | 32.85% | 30.95% | |||||
Total stockholder return to the national association of real estate investment trusts retail index (as a percent) | 66.67% | |||||||
Absolute total stockholder return metrics (as a percent) | 33.33% | |||||||
Performance Stock Units | Chief Executive Officer | ||||||||
Shares | ||||||||
Granted (shares) | 240,164 | 115,082 | ||||||
Weighted-Average Grant Date Fair Value | ||||||||
Weighted-average grant date fair value, nonvested, end of period (USD per share) | $ / shares | $ 3.13 | $ 5.62 | ||||||
Performance Stock Units | Officer | ||||||||
Shares | ||||||||
Granted (shares) | 120,064 | 162,294 | ||||||
Weighted-Average Grant Date Fair Value | ||||||||
Weighted-average grant date fair value, nonvested, end of period (USD per share) | $ / shares | $ 1.63 | $ 7.74 |
Noncash Investing and Financing Activities - Summary (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Real Estate Investments, Net [Abstract] | ||
Accrued dividends and distributions payable | $ 41,657 | $ 54,375 |
Additions to real estate assets accrued but not yet paid | 22,428 | 12,204 |
Conversion of Operating Partnership units for common stock | 3,059 | 0 |
Deconsolidation upon contribution/assignment of interests in joint venture: | ||
Decrease in noncontrolling interest and joint venture interest | 2,232 | |
Outlet Shoppes at Atlanta - Ridgewalk | ||
Deconsolidation upon contribution/assignment of interests in joint venture: | ||
Decrease in real estate assets | 0 | (149,722) |
Decrease in mortgage and other indebtedness | 0 | 189,642 |
Transfer of real estate assets in settlement of mortgage debt obligation: | ||
Decrease in real estate assets | 0 | (149,722) |
Decrease in mortgage and other indebtedness | 0 | 189,642 |
Decrease in operating assets and liabilities | 0 | (122) |
Corporate Joint Venture | ||
Deconsolidation upon contribution/assignment of interests in joint venture: | ||
Decrease in real estate assets | (587) | (9,131) |
Increase in investment in unconsolidated affiliates | 974 | 0 |
Decrease in mortgage and other indebtedness | 0 | 2,466 |
Decrease in operating assets and liabilities | 0 | 1,286 |
Decrease in noncontrolling interest and joint venture interest | 0 | 2,232 |
Transfer of real estate assets in settlement of mortgage debt obligation: | ||
Decrease in real estate assets | (587) | (9,131) |
Decrease in mortgage and other indebtedness | $ 0 | $ 2,466 |
Subsequent Events - Narrative (Details) - USD ($) |
1 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Oct. 31, 2018 |
Sep. 30, 2018 |
Dec. 31, 2017 |
|||
Subsequent Event [Line Items] | |||||
Sales price, gross | $ 48,500,000 | ||||
Mortgage and other notes receivable | [1] | 8,171,000 | $ 8,945,000 | ||
Unsecured Term Loan 2 | |||||
Subsequent Event [Line Items] | |||||
Face amount of debt instrument | $ 350,000,000 | ||||
Variable rate (as a percent) | 1.75% | ||||
Other | Parkway Plaza | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Sales price, gross | $ 16,500,000 | ||||
Mortgages | |||||
Subsequent Event [Line Items] | |||||
Mortgage and other notes receivable | $ 5,189,000 | 5,418,000 | |||
Mortgages | Village Square | |||||
Subsequent Event [Line Items] | |||||
Mortgage and other notes receivable | $ 1,554,000 | $ 1,596,000 | |||
Construction Loans | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Face amount of debt instrument | $ 29,400,000 | ||||
Term of debt instrument | 3 years | ||||
Option extension term of debt instrument | 1 year | ||||
LIBOR | Construction Loans | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Variable rate (as a percent) | 2.90% | ||||
|
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