Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In July 2015, CBL's Board of Directors authorized a common stock repurchase program. Under the program, the Company may purchase up to $200,000 of CBL's common stock from time to time, in the open market, in privately negotiated transactions or otherwise, depending on market prices and other conditions, through August 31, 2016. The Company expects to utilize a portion of excess proceeds from asset dispositions to fund repurchases.

In July 2015, the Company closed on an $11,320 construction loan for the second phase expansion of The Outlet Shoppes of the Bluegrass. The five-year loan bears interest at a spread of LIBOR plus 250 basis points.

In July 2015, the Company utilized its lines of credit to retire four operating property loans, aggregating to $322,696 with a weighted-average interest rate of 5.0%. The loans were scheduled to mature in 2015 and were secured by Brookfield Square, CherryVale Mall, East Towne Mall and West Towne Mall.

In July 2015, the Company closed on the sale of Madison Plaza, a non-core associated center located in Huntsville, AL for a gross sales price of $5,700. The Company expects to record a gain on the sale of approximately $2,771 in the third quarter of 2015.

In July 2015, the joint venture loan, secured by Gulf Coast Town Center Phase III, was amended and extended to July 2017. The loan bears interest at a variable rate of LIBOR plus 200 basis points. As part of the refinancing agreement, the loan is no longer guaranteed by the Operating Partnership.