Subsequent Events

9 Months Ended

Sep. 30, 2011

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On October 5, 2011, the Company retired the $133,884 term loan on Pearland Town Center and a $20,786 term loan on West County Center with borrowings from its $525,000 and $105,000 secured lines of credit.

On October 6, 2011, the Company formed a joint venture, CBL/T-C, LLC ("CBL/T-C") with TIAA-CREF. The Company contributed its interests in CoolSprings Galleria and West County Center, as well as a partial interest in Oak Park Mall, and TIAA-CREF contributed cash of $222,242. The contributed interests were encumbered by a total of $359,334 in mortgage loans. CBL/T-C used a portion of the contributed cash to acquire Pearland Town Center and the remaining interest in Oak Park Mall from the Company for an aggregate purchase price, including transaction costs, of $381,730, consisting of $207,410 in cash and the assumption of a mortgage loan of $174,320. The Company also received $5,526 of cash from CBL/T-C for reimbursement of pre-formation expenditures. The Company and TIAA-CREF will each own a 50% pari passu interest in CoolSprings Galleria, West County Center, and Oak Park Mall. The Company and TIAA-CREF will own 88% and 12%, respectively, of Pearland Town Center. The Company used $204,210 of the proceeds, net of closing costs and expenses, received from these transactions to repay outstanding borrowings on its $525,000 and $105,000 secured lines of credit.

The Company has evaluated subsequent events through the date of issuance of these financial statements.  See Note 6 for additional information.