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Mortgage and Other Indebtedness (Tables)
 12 Months Ended
Dec. 31, 2012
Debt Disclosure [Abstract]  
Schedule of mortgage and other indebtedness
Mortgage and other indebtedness consisted of the following:

 
December 31, 2012
 
December 31, 2011
 
Amount
 
Weighted
Average
Interest
Rate (1)
 
Amount
 
Weighted
Average
Interest
Rate (1)
Fixed-rate debt:
 
 
 
 
 
 
 
  Non-recourse loans on operating properties (2)
$
3,776,245

 
5.43
%
 
$
3,637,979

 
5.55
%
Recourse term loans on operating properties
—

 
—
%
 
77,112

 
5.89
%
Financing method obligation (3)
18,264

 
 
 
18,264

 
 
Total fixed-rate debt
3,794,509

 
5.43
%
 
3,733,355

 
5.54
%
Variable-rate debt:
 

 
 

 
 

 
 

Non-recourse term loans on operating properties
123,875

 
3.36
%
 
168,750

 
3.03
%
Recourse term loans on operating properties
97,682

 
1.78
%
 
124,439

 
2.29
%
Construction loans
15,366

 
2.96
%
 
25,921

 
3.25
%
Unsecured lines of credit (4)
475,626

 
2.07
%
 
—

 
—
%
Secured lines of credit
10,625

 
2.46
%
 
27,300

 
3.03
%
Unsecured term loans
228,000

 
1.82
%
 
409,590

 
1.67
%
Total variable-rate debt
951,174

 
2.20
%
 
756,000

 
2.18
%
Total
$
4,745,683

 
4.79
%
 
$
4,489,355

 
4.99
%
 
(1)
Weighted-average interest rate includes the effect of debt premiums (discounts), but excludes amortization of deferred financing costs.
(2)
The Company had four interest rate swaps on notional amounts totaling $113,885 as of December 31, 2012 and $117,700 as of December 31, 2011 related to its variable-rate loans on operating Properties to effectively fix the interest rates on the respective loans.  Therefore, these amounts are reflected in fixed-rate debt at December 31, 2012 and 2011.
(3)
This amount represents the noncontrolling partner's equity contribution related to Pearland Town Center that is accounted for as a financing due to certain terms of the CBL/T-C joint venture agreement. See Note 5 for further information.
(4)
The Company converted two of its credit facilities from secured facilities to unsecured facilities in November 2012.
Schedule of covenant compliance
The following presents the Company's compliance with key unsecured debt covenant compliance ratios as of December 31, 2012:

Ratio
Required
Actual
Debt to total asset value
< 60%
52.6%
Ratio of unencumbered asset value to unsecured indebtedness
> 1.60x
3.13x
Ratio of unencumbered NOI to unsecured interest expense
> 1.75x
11.41x
Ratio of EBITDA to fixed charges (debt service)
> 1.50x
2.00x
Schedule of principal repayments
As of December 31, 2012, 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:
 
2013
$
503,171

2014
714,874

2015
559,012

2016
779,514

2017
552,682

Thereafter
1,623,600

 
4,732,853

Net unamortized premiums
12,830

 
$
4,745,683
Schedule of interest rate derivatives designated as cash flow hedges of interest rate risk
As of December 31, 2012, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
 
Interest Rate
Derivative
 
Number of
Instruments
 
Notional
Amount
Interest Rate Cap
 
1

 
$
123,875

Interest Rate Swaps
 
4

 
$
113,885
Schedule of pay fixed/receive variable swap
The following tables provide further information relating to the Company’s interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2012 and 2011:
 
Instrument Type
 
Location in
Consolidated
Balance Sheet
 
Notional
Amount
 
Designated
Benchmark
Interest
Rate
 
Strike
Rate
 
Fair Value at 12/31/12
 
Fair Value at 12/31/11
 
Maturity
Date
Cap
 
Intangible lease assets
and other assets
 
$ 123,875
(amortizing
to $122,375)
 
3-month
LIBOR
 
5.000
%
 
$
—

 
$
—

 
Jan 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pay fixed/ Receive
   variable Swap
 
Accounts payable and
accrued liabilities
 
$ 55,057
(amortizing
to $48,337)
 
1-month
LIBOR
 
2.149
%
 
$
(2,775
)
 
$
(2,674
)
 
Apr 2016
Pay fixed/ Receive
   variable Swap
 
Accounts payable and
accrued liabilities
 
$ 34,469
(amortizing
to $30,276)
 
1-month
LIBOR
 
2.187
%
 
(1,776
)
 
(1,725
)
 
Apr 2016
Pay fixed/ Receive
   variable Swap
 
Accounts payable and
accrued liabilities
 
$ 12,887
(amortizing
to $11,313)
 
1-month
LIBOR
 
2.142
%
 
(647
)
 
(622
)
 
Apr 2016
Pay fixed/ Receive
   variable Swap
 
Accounts payable and
accrued liabilities
 
$ 11,472
(amortizing
to $10,083)
 
1-month
LIBOR
 
2.236
%
 
(607
)
 
(596
)
 
Apr 2016
 
 
 
 
 
 
 
 
 
 
$
(5,805
)
 
$
(5,617
)
 
 
Schedule of gain (loss) recognized in other comprehensive income (loss)
Hedging Instrument
 
Gain (Loss) Recognized in OCI/L
(Effective Portion)
 
Location of Losses Reclassified from AOCI/L into Earnings (Effective Portion)
 
Loss Recognized in Earnings
(Effective Portion)
 
Location of Gain (Loss) Recognized in Earnings (Ineffective Portion)
 
Gain
Recognized in
Earnings
(Ineffective Portion)
 
2012
2011
2010
 
 
2012
2011
2010
 
 
2012
2011
2010
Interest rate contracts
 
$
(207
)
$
(5,521
)
$
2,742

 
Interest Expense
 
$
(2,267
)
$
(1,904
)
$
(2,883
)
 
Interest Expense
 
$
—

$
—

$
23