Unconsolidated Affiliates, Noncontrolling Interests and Cost Method Investments (Tables)

9 Months Ended

Sep. 30, 2013

At September 30, 2013, the Company had investments in the following 17 entities, which are accounted for using the equity method of accounting:



Joint Venture	Property Name	Company's Interest
CBL/T-C, LLC	CoolSprings Galleria, Oak Park Mall, West County Center and Pearland Town Center	60.3%
CBL-TRS Joint Venture, LLC	Friendly Center, The Shops at Friendly Center and a portfolio of four office buildings	50.0%
CBL-TRS Joint Venture II, LLC	Renaissance Center	50.0%
El Paso Outlet Outparcels, LLC	The Outlet Shoppes at El Paso (vacant land)	50.0%
Fremaux Town Center JV, LLC	Fremaux Town Center	65.0%
Governor’s Square IB	Governor’s Plaza	50.0%
Governor’s Square Company	Governor’s Square	47.5%
High Pointe Commons, LP	High Pointe Commons	50.0%
High Pointe Commons II-HAP, LP	High Pointe Commons - Christmas Tree Shop	50.0%
JG Gulf Coast Town Center LLC	Gulf Coast Town Center	50.0%
Kentucky Oaks Mall Company	Kentucky Oaks Mall	50.0%
Mall of South Carolina L.P.	Coastal Grand—Myrtle Beach	50.0%
Mall of South Carolina Outparcel L.P.	Coastal Grand—Myrtle Beach (Coastal Grand Crossing and vacant land)	50.0%
Port Orange I, LLC	The Pavilion at Port Orange Phase I and one office building	50.0%
Triangle Town Member LLC	Triangle Town Center, Triangle Town Commons and Triangle Town Place	50.0%
West Melbourne I, LLC	Hammock Landing Phases I and II	50.0%
York Town Center, LP	York Town Center	50.0%

Condensed combined financial statement information of these unconsolidated affiliates is as follows:



	As of
ASSETS	September 30, 2013			December 31, 2012
Investment in real estate assets	$	2,154,361		$	2,143,187
Accumulated depreciation	(538,700		)	(492,864		)
	1,615,661			1,650,323
Developments in progress	90,451			21,809
Net investment in real estate assets	1,706,112			1,672,132
Other assets	174,744			175,540
Total assets	$	1,880,856		$	1,847,672

LIABILITIES
Mortgage and other indebtedness	$	1,456,282		$	1,456,622
Other liabilities	55,404			48,538
Total liabilities	1,511,686			1,505,160

OWNERS' EQUITY
The Company	215,556			196,694
Other investors	153,614			145,818
Total owners' equity	369,170			342,512
Total liabilities and owners' equity	$	1,880,856		$	1,847,672



	Total for the Three Months Ended September 30,						Company's Share for the Three Months Ended September 30,
	2013			2012			2013			2012
Revenues	$	59,348		$	61,821		$	30,556		$	32,803
Depreciation and amortization	(18,889		)	(20,423		)	(9,877		)	(10,828		)
Interest expense	(19,150		)	(21,002		)	(9,840		)	(11,022		)
Other operating expenses	(17,705		)	(18,742		)	(8,580		)	(9,527		)
Gain on sales of real estate assets	21			1,271			11			636
Net income	$	3,625		$	2,925		$	2,270		$	2,062



	Total for the Nine Months Ended September 30,						Company's Share for the Nine Months Ended September 30,
	2013			2012			2013			2012
Revenues	$	180,091		$	186,320		$	93,002		$	99,190
Depreciation and amortization	(57,158		)	(61,907		)	(29,748		)	(32,877		)
Interest expense	(57,861		)	(63,199		)	(29,677		)	(33,289		)
Other operating expenses	(53,223		)	(55,765		)	(25,970		)	(28,474		)
Gain on sales of real estate assets	21			1,701			11			851
Net income	$	11,870		$	7,150		$	7,618		$	5,401

Activity related to the redeemable noncontrolling preferred joint venture interest represented by the PJV units is as follows:



	Nine Months Ended September 30,
	2013			2012
Beginning Balance	$	423,834		$	423,834
Net income attributable to redeemable noncontrolling preferred joint venture interest	14,637			15,486
Distributions to redeemable noncontrolling preferred joint venture interest	(19,894		)	(15,486		)
Reduction to preferred liquidation value of PJV units	(10,000		)	—
Redemption of noncontrolling preferred joint venture interest	(408,577		)	—
Ending Balance	$	—		$	423,834