Mortgage and Other Indebtedness (Tables)

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Schedule of mortgage and other indebtedness

Mortgage and other indebtedness consisted of the following:

	March 31, 2014			December 31, 2013
	Amount		Weighted- Average Interest Rate (1)	Amount		Weighted- Average Interest Rate (1)
Fixed-rate debt:
Non-recourse loans on operating properties (2)	$	3,441,803	5.54%	$	3,527,830	5.54%
Senior unsecured notes (3)	445,495		5.25%	445,374		5.25%
Financing obligation (4)	—		—%	17,570		8.00%
Total fixed-rate debt	3,887,298		5.51%	3,990,774		5.52%
Variable-rate debt:
Non-recourse term loans on operating properties	11,306		1.95%	133,712		3.14%
Recourse term loans on operating properties	50,640		1.87%	51,300		1.87%
Construction loan	19,361		2.16%	2,983		2.17%
Unsecured lines of credit	381,212		1.55%	228,754		1.57%
Unsecured term loans	450,000		1.70%	450,000		1.71%
Total variable-rate debt	912,519		1.66%	866,749		1.91%
Total	$	4,799,817	4.77%	$	4,857,523	4.88%

(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 $108,787 as of March 31, 2014 and $109,830 as of December 31, 2013 related to four variable-rate loans on operating properties to effectively fix the interest rate on the respective loans.  Therefore, these amounts were reflected in fixed-rate debt at March 31, 2014 and December 31, 2013.

(3) Net of discount in the amount of $4,505 and $4,626 as of March 31, 2014 and December 31, 2013, respectively.

(4) This amount represented the noncontrolling partner's equity contribution related to Pearland Town Center that was accounted for as a financing due to certain terms of the CBL/T-C, LLC joint venture agreement. In March 2014, the Company purchased the noncontrolling interest as described below.

Schedule of line of credit facilities

The following summarizes certain information about the Company's unsecured lines of credit as of March 31, 2014:     

	Total Capacity		Total Outstanding			Maturity Date	Extended Maturity Date (1)
Wells Fargo - Facility A	$	600,000	$	222,829	(2)	November 2015	November 2016
First Tennessee	100,000		34,000			February 2016	N/A
Wells Fargo - Facility B	600,000		124,383		(3)	November 2016	November 2017
	$	1,300,000	$	381,212

(1) The extension options are at the Company's election, subject to continued compliance with the terms of the facilities, and have a one-time extension fee of 0.20% of the commitment amount of each credit facility.

(2) There was an additional $1,775 outstanding on this facility as of March 31, 2014 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit.

(3) There was an additional $123 outstanding on this facility as of March 31, 2014 for letters of credit. Up to $50,000 of the capacity on this facility can be used for letters of credit.

Schedule of covenant compliance

The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of March 31, 2014:

Ratio	Required	Actual
Total debt to total assets	< 60%	55.1%
Secured debt to total assets	< 45% (1)	39.7%
Total unencumbered assets to unsecured debt	> 150%	224.7%
Consolidated income available for debt service to annual debt service charge	> 1.50x	3.28x

(1) On January 1, 2020 and thereafter, secured debt to total assets must be less than 40%.

The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of March 31, 2014:

Ratio	Required	Actual
Debt to total asset value	< 60%	51.2%
Unencumbered asset value to unsecured indebtedness	> 1.60x	2.39x
Unencumbered NOI to unsecured interest expense	> 1.75x	4.58x
EBITDA to fixed charges (debt service)	> 1.50x	2.22x

Schedule of repaid loans, secured by real estate

The Company has repaid the following loan, secured by the related property, since January 1, 2014:

Date	Property	Interest Rate at Repayment Date	Scheduled Maturity Date	Principal Balance Repaid (1)
January	St. Clair Square (2)	3.25%	December 2016	$	122,375

(1) The Company retired the loan with borrowings from its credit facilities.

(2) The Company recorded a loss on extinguishment of debt from a $1,249 prepayment fee.

Schedule of principal repayments

As of March 31, 2014, 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, term loans, the notes and lines of credit, are as follows: 

2014	$	194,885
2015	752,147
2016	846,937
2017	488,826
2018	671,936
Thereafter	1,840,019
	4,794,750
Net unamortized premiums	5,067
	$	4,799,817

Schedule of interest rate derivatives designated as cash flow hedges of interest rate risk

As of March 31, 2014, 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 Outstanding
Interest Rate Swaps	4	$	108,787

Schedule of pay fixed/receive variable swap

Instrument Type	Location in Condensed Consolidated Balance Sheet	Notional Amount Outstanding	Designated Benchmark Interest Rate	Strike Rate	Fair Value at 3/31/14			Fair Value at 12/31/13			Maturity Date
Cap	Intangible lease assets and other assets	N/A	3-month LIBOR	5.000%	N/A			$	—		Jan 2014
Pay fixed/ Receive  variable Swap	Accounts payable and accrued liabilities	$52,588 (amortizing to $48,337)	1-month LIBOR	2.149%	$	(1,722	)	$	(1,915	)	Apr 2016
Pay fixed/ Receive    variable Swap	Accounts payable and accrued liabilities	$32,928 (amortizing to $30,276)	1-month LIBOR	2.187%	(1,102		)	(1,226		)	Apr 2016
Pay fixed/ Receive    variable Swap	Accounts payable and accrued liabilities	$12,309 (amortizing to $11,313)	1-month LIBOR	2.142%	(402		)	(446		)	Apr 2016
Pay fixed/ Receive    variable Swap	Accounts payable and accrued liabilities	$10,962 (amortizing to $10,083)	1-month LIBOR	2.236%	(377		)	(420		)	Apr 2016
					$	(3,603	)	$	(4,007	)

Schedule of gain (loss) recognized in other comprehensive income (loss)

	Gain (Loss) Recognized in OCI/L (Effective Portion)				Location of Losses Reclassified from AOCI into Earnings (Effective  Portion)	Loss Recognized in Earnings (Effective Portion)						Location of Gain Recognized in Earnings (Ineffective Portion)	Gain Recognized in Earnings (Ineffective Portion)
Hedging Instrument	Three Months Ended March 31,					Three Months Ended March 31,							Three Months Ended March 31,
	2014		2013			2014			2013				2014		2013
Interest rate contracts	$	404	$	276	Interest Expense	$	(548	)	$	(557	)	Interest Expense	$	—	$	—