Delaware (CBL & Associates Properties, Inc.) Delaware (CBL & Associates Limited Partnership) (State or other jurisdiction of incorporation or organization) | 62-1545718 62-1542285 (I.R.S. Employer Identification No.) |
2030 Hamilton Place Blvd., Suite 500 Chattanooga, TN (Address of principal executive offices) | 37421 (Zip Code) |
Title of each Class | Name of each exchange on which registered | |
Common Stock, $0.01 par value | New York Stock Exchange | |
7.375% Series D Cumulative Redeemable Preferred Stock, $0.01 par value | New York Stock Exchange | |
6.625% Series E Cumulative Redeemable Preferred Stock, $0.01 par value | New York Stock Exchange |
CBL & Associates Properties, Inc. | Yes x | No o | |
CBL & Associates Limited Partnership | Yes x | No o |
CBL & Associates Properties, Inc. | Yes o | No x | |
CBL & Associates Limited Partnership | Yes o | No x |
CBL & Associates Properties, Inc. | Yes x | No o | |
CBL & Associates Limited Partnership | Yes x | No o |
CBL & Associates Properties, Inc. | Yes x | No o | |
CBL & Associates Limited Partnership | Yes x | No o |
CBL & Associates Properties, Inc. | |||
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller Reporting Company o |
CBL & Associates Limited Partnership | |||
Large accelerated filer o | Accelerated filer o | Non-accelerated filer x | Smaller Reporting Company o |
CBL & Associates Properties, Inc. | Yes o | No x | |
CBL & Associates Limited Partnership | Yes o | No x |
• | enhances investors' understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business; |
• | eliminates duplicative disclosure and provides a more streamlined and readable presentation, since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and |
• | creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. |
• | consolidated financial statements; |
• |
• | information concerning unregistered sales of equity securities and use of proceeds in Item 5 of Part II of this report; |
• | selected financial data in Item 6 of Part II of this report; |
• | controls and procedures in Item 9A of this report; and |
• | certifications of the Chief Executive Officer and Chief Financial Officer included as Exhibits 31.1 through 32.4. |
Page Number | ||
• | general industry, economic and business conditions; |
• | interest rate fluctuations; |
• | costs and availability of capital and capital requirements; |
• | costs and availability of real estate; |
• | inability to consummate acquisition opportunities and other risks associated with acquisitions; |
• | competition from other companies and retail formats; |
• | changes in retail demand and rental rates in our markets; |
• | shifts in customer demands; |
• | tenant bankruptcies or store closings; |
• | changes in vacancy rates at our Properties; |
• | changes in operating expenses; |
• | changes in applicable laws, rules and regulations; |
• | sales of real property; |
• | cyber-attacks or acts of cyber-terrorism; |
• | changes in our credit ratings; |
• | the ability to obtain suitable equity and/or debt financing and the continued availability of financing, in the amounts and on the terms necessary to support our future refinancing requirements and business; and |
• | other risks referenced from time to time in filings with the Securities and Exchange Commission (“SEC”) and those factors listed or incorporated by reference into this report. |
Malls (1) | Associated Centers | Community Centers | Office Buildings | Total | |||||||||||
Consolidated Properties | 65 | 20 | 4 | 7 | (2) | 96 | |||||||||
Unconsolidated Properties (3) | 9 | 3 | 5 | — | 17 | ||||||||||
Total | 74 | 23 | 9 | 7 | 113 |
(1) | Category consists of regional malls, open-air centers and outlet centers (including one mixed-use center) (the "Malls"). |
(2) |
(3) | The Operating Partnership accounts for these investments using the equity method because one or more of the other partners have substantive participating rights. |
Malls | |||
Development | 1 | ||
Expansions | 3 | ||
Redevelopments | 3 |
▪ | GLA – refers to gross leasable area of retail space in square feet, including Anchors and Mall tenants. |
▪ | Anchor – refers to a department store, other large retail store or theater greater than or equal to 50,000 square feet. |
▪ | Junior Anchor - non-traditional department store, retail store or theater comprising more than 20,000 square feet and less than 50,000 square feet. |
▪ | Freestanding – Property locations that are not attached to the primary complex of buildings that comprise the mall shopping center. |
▪ | Outparcel – land used for freestanding developments, such as retail stores, banks and restaurants, which are generally on the periphery of the Properties. |
▪ | 2023 Notes - $450 million of senior unsecured notes issued by the Operating Partnership in November 2013 that bear interest at 5.25% and mature on December 1, 2023. |
▪ | 2024 Notes - $300 million of senior unsecured notes issued by the Operating Partnership in October 2014 that bear interest at 4.60% and mature on October 15, 2024. |
▪ | 2026 Notes - $400 million of senior unsecured notes issued by the Operating Partnership in December 2016 that bear interest at 5.95% and mature on December 15, 2026 (and, collectively with the 2023 Notes and 2024 Notes, the "Notes"). See Note 6 to the consolidated financial statements for additional information on the Notes. |
Market | Percentage of Total Revenues | |
St. Louis, MO | 7.7% | |
Chattanooga, TN | 4.3% | |
Lexington, KY | 3.6% | |
Madison, WI | 3.4% | |
Laredo, TX | 2.6% |
Tenant | Number of Stores | Square Feet | Percentage of Total Annualized Revenues (1) | ||||||||||
1 | L Brands, Inc. (2) | 143 | 814,777 | 3.59 | % | ||||||||
2 | Signet Jewelers Limited (3) | 199 | 290,527 | 2.93 | % | ||||||||
3 | Ascena Retail Group, Inc. (4) | 193 | 979,572 | 2.45 | % | ||||||||
4 | Foot Locker, Inc. | 120 | 542,662 | 2.40 | % | ||||||||
5 | AE Outfitters Retail Company | 71 | 441,331 | 1.94 | % | ||||||||
6 | Dick's Sporting Goods, Inc. (5) | 27 | 1,534,783 | 1.72 | % | ||||||||
7 | Genesco Inc. (6) | 177 | 284,764 | 1.69 | % | ||||||||
8 | The Gap, Inc. | 60 | 679,341 | 1.55 | % | ||||||||
9 | Luxottica Group, S.P.A. (7) | 110 | 240,862 | 1.23 | % | ||||||||
10 | Express Fashions | 40 | 332,070 | 1.21 | % | ||||||||
11 | Forever 21 Retail, Inc. | 23 | 460,658 | 1.20 | % | ||||||||
12 | Finish Line, Inc. | 51 | 269,844 | 1.10 | % | ||||||||
13 | Abercrombie & Fitch, Co. | 49 | 333,198 | 1.10 | % | ||||||||
14 | The Buckle, Inc. | 47 | 244,767 | 1.03 | % | ||||||||
15 | JC Penney Company, Inc. (8) | 53 | 6,250,809 | 1.01 | % | ||||||||
16 | Charlotte Russe Holding, Inc. | 49 | 312,350 | 1.00 | % | ||||||||
17 | Aeropostale, Inc. (9) | 54 | 208,286 | 0.88 | % | ||||||||
18 | H&M | 32 | 656,828 | 0.86 | % | ||||||||
19 | Shoe Show, Inc. | 44 | 568,404 | 0.82 | % | ||||||||
20 | The Children's Place Retail Stores, Inc. | 55 | 240,246 | 0.79 | % | ||||||||
21 | New York & Company, Inc. | 35 | 235,583 | 0.78 | % | ||||||||
22 | Cinemark | 9 | 496,674 | 0.77 | % | ||||||||
23 | Best Buy Co., Inc. (10) | 50 | 459,864 | 0.77 | % | ||||||||
24 | Claire's Stores, Inc. | 97 | 122,811 | 0.77 | % | ||||||||
25 | Barnes & Noble Inc. | 19 | 579,660 | 0.75 | % | ||||||||
1,807 | 17,580,671 | 34.34 | % | ||||||||||
(1) | Includes the Company's proportionate share of revenues from unconsolidated affiliates based on our ownership percentage in the respective joint venture and any other applicable terms. | ||||||||||||
(2) | L Brands, Inc. operates Victoria's Secret, PINK, White Barn Candle and Bath & Body Works. | ||||||||||||
(3) | Signet Jewelers Limited operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers, Ultra Diamonds, Rogers Jewelers, Zale, Peoples and Piercing Pagoda. | ||||||||||||
(4) | Ascena Retail Group, Inc. operates Justice, Dressbarn, Maurices, Lane Bryant, Catherines, Ann Taylor, LOFT, and Lou & Grey. | ||||||||||||
(5) | Dick's Sporting Goods, Inc. operates Dick's Sporting Goods, Golf Galaxy and Field & Stream stores. | ||||||||||||
(6) | Genesco Inc. operates Journey's, Underground by Journey's, Shi by Journey's, Johnston & Murphy, Hat Shack, Lids, Hat Zone, and Clubhouse stores. | ||||||||||||
(7) | Luxottica Group, S.P.A. operates Lenscrafters, Sunglass Hut, and Pearle Vision. | ||||||||||||
(8) | JC Penney Co., Inc. owns 30 of these stores. | ||||||||||||
(9) | The above chart includes 10 Aeropostale stores that were terminated effective December 31, 2016. | ||||||||||||
(10) | Best Buy Co., Inc. operates Best Buy and Best Buy Mobile. |
▪ | aggressive leasing that seeks to increase occupancy and facilitate an optimal merchandise mix, |
▪ | originating and renewing leases at higher gross rents per square foot compared to the previous lease, |
▪ | merchandising, marketing, sponsorship and promotional activities and |
▪ | actively controlling operating costs. |
CBL's Share of | |||||||||||||||||||
Property | Location | CBL Ownership Interest | Total Project Square Feet | Total Cost (1) | Cost to Date (2) | Actual/ Expected Opening Date | Initial Unleveraged Yield | ||||||||||||
Completed in 2016: | |||||||||||||||||||
Mall Redevelopments: | |||||||||||||||||||
College Square - JCP Redevelopment (Dick's/ULTA) | Morristown, TN | 100% | 84,842 | $ | 14,881 | $ | 9,334 | Oct-16 | 7.6% | ||||||||||
CoolSprings Galleria - Sears Redevelopment (American Girl, Cheesecake Factory) | Nashville, TN | 50% | 208,976 | 32,307 | 36,505 | May-16 | 7.2% | ||||||||||||
East Towne Mall (Planet Fitness / Shops) | Madison, WI | 100% | 27,692 | 2,142 | 2,560 | Nov-16 | 12.1% | ||||||||||||
Northpark Mall (Dunham's Sports) | Joplin, MO | 100% | 80,524 | 4,007 | 4,274 | Nov-16 | 9.5% | ||||||||||||
Oak Park Mall - Self Development | Overland Park, KS | 50% | 6,735 | 1,230 | 1,216 | Jul/Aug-16 | 8.2% | ||||||||||||
Randolph Mall - JCP Redevelopment (Ross/ULTA) (3) | Asheboro, NC | 100% | 33,796 | 4,513 | 4,257 | May/Jul-16 | 7.8% | ||||||||||||
Total Redevelopment Completed | 442,565 | $ | 59,080 | $ | 58,146 | ||||||||||||||
Currently under construction: | |||||||||||||||||||
Mall Redevelopments: | |||||||||||||||||||
College Square - Partial Belk Redevelopment (Planet Fitness) | Morristown, TN | 100% | 20,000 | $ | 1,549 | $ | 21 | Spring-17 | 9.9% | ||||||||||
Hickory Point Mall (T.J. Maxx/Shops) | Forsyth, IL | 100% | 50,030 | 3,581 | 110 | Fall-17 | 10.0% | ||||||||||||
York Galleria - Partial JCP Redevelopment - (H&M/Shops) | York, PA | 100% | 42,672 | 5,597 | 2,157 | Spring-17 | 7.8% | ||||||||||||
York Galleria - Partial JCP Redevelopment (Gold's Gym/Shops) | York, PA | 100% | 40,832 | 5,658 | 2,118 | Spring-17 | 12.8% | ||||||||||||
Total Redevelopments Under Construction | 153,534 | $ | 16,385 | $ | 4,406 |
(1) | Total Cost is presented net of reimbursements to be received. |
(2) | Cost to Date does not reflect reimbursements until they are received. |
(3) | This mall was sold in December 2016. |
CBL's Share of | |||||||||||||||||||
Property | Location | CBL Ownership Interest | Total Project Square Feet | Total Cost (1) | Cost to Date (2) | Actual/Expected Opening Date | Initial Unleveraged Yield | ||||||||||||
Completed in 2016: | |||||||||||||||||||
Community Center: | |||||||||||||||||||
Ambassador Town Center | Lafayette, LA | 65% | 431,139 | $ | 40,295 | $ | 34,906 | Apr-16 | 8.5% | ||||||||||
Currently under construction: | |||||||||||||||||||
Outlet Center: | |||||||||||||||||||
The Outlets Shoppes at Laredo | Laredo, TX | 65% | 357,756 | $ | 69,926 | $ | 57,056 | Spring-17 | 9.6% |
(1) | Total Cost is presented net of reimbursements to be received. |
(2) | Cost to Date does not reflect reimbursements until they are received. |
CBL's Share of | |||||||||||||||||||
Property | Location | CBL Ownership Interest | Total Project Square Feet | Total Cost (1) | Cost to Date (2) | Actual Opening Date | Initial Unleveraged Yield | ||||||||||||
Completed in 2016: | |||||||||||||||||||
Mall Expansions: | |||||||||||||||||||
Dakota Square Mall - Expansion | Minot, ND | 100% | 23,922 | $ | 7,284 | $ | 6,083 | Nov-16 | 7.5% | ||||||||||
Friendly Center - Cheesecake Factory | Greensboro, NC | 50% | 9,156 | 2,365 | 1,727 | Oct-16 | 10.4% | ||||||||||||
Friendly Center - Shops | Greensboro, NC | 50% | 12,765 | 2,540 | 1,960 | Nov-16 | 8.4% | ||||||||||||
Hamilton Place - Theatre | Chattanooga, TN | 90% | 30,169 | 4,868 | 3,511 | Sep-16 | 9.1% | ||||||||||||
Kirkwood Mall - Self Development (Panera Bread, Verizon, Caribou Coffee) | Bismarck, ND | 100% | 12,570 | 3,702 | 4,210 | Mar-16 | 10.5% | ||||||||||||
88,582 | 20,759 | 17,491 | |||||||||||||||||
Community Center Expansions: | |||||||||||||||||||
The Forum at Grandview - Expansion | Madison, MS | 75% | 24,516 | 5,598 | 4,135 | Dec-16 | 8.5% | ||||||||||||
Hammock Landing - Expansion | West Melbourne, FL | 50% | 23,717 | 2,431 | 1,659 | Nov-16 | 10.7% | ||||||||||||
High Pointe Commons (Petco) (3) | Harrisburg, PA | 50% | 12,885 | 1,012 | 820 | Sep-16 | 10.5% | ||||||||||||
61,118 | 9,041 | 6,614 | |||||||||||||||||
Total Expansions Opened | 149,700 | $ | 29,800 | $ | 24,105 |
(1) | Total Cost is presented net of reimbursements to be received. |
(2) | Cost to Date does not reflect reimbursements until they are received. |
(3) | This community center was sold in September 2016. |
CBL's Share of | |||||||||||||||||||
Property | Location | CBL Ownership Interest | Total Project Square Feet | Total Cost (1) | Cost to Date (2) | Expected Opening Date | Initial Unleveraged Yield | ||||||||||||
Currently under construction: | |||||||||||||||||||
Mall Expansions: | |||||||||||||||||||
Kirkwood Mall - Lucky 13 | Bismarck, ND | 100% | 6,500 | $ | 3,200 | $ | 751 | Summer-17 | 7.6% | ||||||||||
Mayfaire Town Center - Phase I | Wilmington, NC | 100% | 67,766 | 19,395 | 9,108 | Spring-17 | 8.4% | ||||||||||||
Parkdale Mall - Restaurant Addition | Beaumont, TX | 100% | 4,700 | 1,277 | 5 | Winter-17 | 10.7% | ||||||||||||
Total Expansions Under Development | 78,966 | 23,872 | 9,864 |
(1) | Total Cost is presented net of reimbursements to be received. |
(2) | Cost to Date does not reflect reimbursements until they are received. |
• | completed a $400 million unsecured bond issuance at a fixed-rate of 5.95%, utilizing proceeds to reduce balances on our unsecured lines of credit; |
• | retired $210.1 million in mortgage loans, at our share, which added eight Properties to our unencumbered pool, resulting in over 48% of our total consolidated NOI being unencumbered at year-end; |
• | completed $162.1 million in loan restructurings, at our share, reducing the weighted-average interest rate to 4.75% from 6.36%, on four property-level loans; and |
• | disposed of interests in Properties as noted above, generating aggregate net proceeds of over $340 million, which were primarily used to reduce the balances on our unsecured lines of credit. |
• | national, regional and local economic climates, which may be negatively impacted by loss of jobs, production slowdowns, adverse weather conditions, natural disasters, acts of violence, war or terrorism, declines in residential real estate activity and other factors which tend to reduce consumer spending on retail goods; |
• | adverse changes in levels of consumer spending, consumer confidence and seasonal spending (especially during the holiday season when many retailers generate a disproportionate amount of their annual profits); |
• | local real estate conditions, such as an oversupply of, or reduction in demand for, retail space or retail goods, and the availability and creditworthiness of current and prospective tenants; |
• | increased operating costs, such as increases in repairs and maintenance, real property taxes, utility rates and insurance premiums; |
• | delays or cost increases associated with the opening of new properties or redevelopment and expansion of properties, due to higher than estimated construction costs, cost overruns, delays in receiving zoning, occupancy or other governmental approvals, lack of availability of materials and labor, weather conditions, and similar factors which may be outside our ability to control; |
• | perceptions by retailers or shoppers of the safety, convenience and attractiveness of the shopping center; |
• | the willingness and ability of the shopping center’s owner to provide capable management and maintenance services; and |
• | the convenience and quality of competing retail properties and other retailing options, such as the internet. |
• | adverse changes in governmental regulations, such as local zoning and land use laws, environmental regulations or local tax structures that could inhibit our ability to proceed with development, expansion or renovation activities that otherwise would be beneficial to our Properties; |
• | potential environmental or other legal liabilities that reduce the amount of funds available to us for investment in our Properties; |
• | any inability to obtain sufficient financing (including construction financing, permanent debt, unsecured notes issuances, lines of credit and term loans), or the inability to obtain such financing on commercially favorable terms, to fund repayment of maturing loans, new developments, acquisitions, and property redevelopments, expansions and renovations which otherwise would benefit our Properties; and |
• | an environment of rising interest rates, which could negatively impact both the value of commercial real estate such as retail shopping centers and the overall retail climate. |
• | actual or anticipated variations in our operating results, funds from operations, cash flows or liquidity; |
• | changes in our earnings estimates or those of analysts; |
• | changes in our dividend policy; |
• | impairment charges affecting the carrying value of one or more of our Properties or other assets; |
• | publication of research reports about us, the retail industry or the real estate industry generally; |
• | increases in market interest rates that lead purchasers of our securities to seek higher dividend or interest rate yields; |
• | changes in market valuations of similar companies; |
• | adverse market reaction to the amount of our outstanding debt at any time, the amount of our maturing debt in the near and medium term and our ability to refinance such debt and the terms thereof or our plans to incur additional debt in the future; |
• | additions or departures of key management personnel; |
• | actions by institutional security holders; |
• | proposed or adopted regulatory or legislative changes or developments; |
• | speculation in the press or investment community; |
• | changes in our credit ratings; |
• | the occurrence of any of the other risk factors included in, or incorporated by reference in, this report; and |
• | general market and economic conditions. |
• | discount shopping centers; |
• | outlet malls; |
• | wholesale clubs; |
• | direct mail; |
• | television shopping networks; and |
• | on-line shopping. |
• | result in the acceleration of a significant amount of debt for non-compliance with the terms of such debt or, if such debt contains cross-default or cross-acceleration provisions, other debt; |
• | result in the loss of assets due to foreclosure or sale on unfavorable terms, which could create taxable income without accompanying cash proceeds, which could hinder the Company's ability to meet the REIT distribution requirements imposed by the Internal Revenue Code; |
• | materially impair our ability to borrow unused amounts under existing financing arrangements or to obtain additional financing or refinancing on favorable terms or at all; |
• | require us to dedicate a substantial portion of our cash flow to paying principal and interest on our indebtedness, reducing the cash flow available to fund our business, to pay dividends, including those necessary to maintain our REIT qualification, or to use for other purposes; |
• | increase our vulnerability to an economic downturn; |
• | limit our ability to withstand competitive pressures; or |
• | reduce our flexibility to respond to changing business and economic conditions. |
• | our cash flow may be insufficient to meet our debt service obligations with respect to the Notes and our other indebtedness, which would enable the lenders and other debtholders to accelerate the maturity of their indebtedness, or be insufficient to fund other important business uses after meeting such obligations; |
• | we may be unable to borrow additional funds as needed or on favorable terms; |
• | we may be unable to refinance our indebtedness at maturity or earlier acceleration, if applicable, or the refinancing terms may be less favorable than the terms of our original indebtedness or otherwise be generally unfavorable; |
• | because a significant portion of our debt bears interest at variable rates, increases in interest rates could materially increase our interest expense; |
• | increases in interest rates could also materially increase our interest expense on future fixed rate debt; |
• | we may be forced to dispose of one or more of our Properties, possibly on disadvantageous terms; |
• | we may default on our other unsecured indebtedness; |
• | we may default on our secured indebtedness and the lenders may foreclose on our Properties or our interests in the entities that own the Properties that secure such indebtedness and receive an assignment of rents and leases; and |
• | we may violate restrictive covenants in our debt agreements, which would entitle the lenders and other debtholders to accelerate the maturity of their indebtedness. |
• | our financial condition, liquidity, results of operations and prospects and market conditions at the time; and |
• | restrictions in the agreements governing our indebtedness. |
• | the guarantor was insolvent or rendered insolvent by reason of the incurrence of the guarantee; |
• | the guarantor was engaged in a business or transaction for which the guarantor's remaining assets constituted unreasonably small capital; or |
• | the guarantor intended to incur, or believed that it would incur, debts beyond its ability to pay those debts as they mature. |
• | the sum of its debts, including contingent liabilities, was greater than the fair saleable value of all of its assets; |
• | the present fair saleable value of its assets was less than the amount that would be required to pay its probable liability on its existing debts, including contingent liabilities, as they became absolute and mature; or |
• | it could not pay its debts as they become due. |
• | consummate a merger, consolidation or sale of all or substantially all of our assets; and |
• | incur secured and unsecured indebtedness. |
• | The Ownership Limit – As described above, to maintain our status as a REIT under the Internal Revenue Code, not more than 50% in value of our outstanding capital stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the Internal Revenue Code to include certain entities) during the last half of a taxable year. Our amended and restated certificate of incorporation generally prohibits ownership of more than 6% of the outstanding shares of our capital stock by any single stockholder determined by value (other than Charles Lebovitz, David Jacobs, Richard Jacobs and their affiliates under the Internal Revenue Code's attribution rules). In addition to preserving our status as a REIT, the ownership limit may have the effect of precluding an acquisition of control of us without the approval of our Board of Directors. |
• | Supermajority Vote Required for Removal of Directors - Historically, our governing documents have provided that stockholders can only remove directors for cause and only by a vote of 75% of the outstanding voting stock. Last year, in light of a ruling by the Delaware Court of Chancery in a proceeding not involving the Company, our Board of Directors approved an amendment to our Bylaws to delete the “for cause” limitation on removal of the Company’s directors, and, based on our Board of Directors' recommendation, our shareholders approved a similar amendment to our Amended and Restated Certificate of Incorporation at the Company’s 2016 annual meeting. As a result of such actions, shareholders will be able to remove directors with or without cause, but only by a vote of 75% of the outstanding voting stock. This provision makes it more difficult to change the composition of our Board of Directors and may have the effect of encouraging persons considering unsolicited tender offers or other unilateral takeover proposals to negotiate with our Board of Directors rather than pursue non-negotiated takeover attempts. |
• | Advance Notice Requirements for Stockholder Proposals – Our Bylaws establish advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election as directors or new business to be brought before meetings of our stockholders. These procedures generally require advance written notice of any such proposals, containing prescribed information, to be given to our Secretary at our principal executive offices not less than 90 days |
• | Vote Required to Amend Bylaws – A vote of 66 2/3% of our outstanding voting stock (in addition to any separate approval that may be required by the holders of any particular class of stock) is necessary for stockholders to amend our Bylaws. |
• | Delaware Anti-Takeover Statute – We are a Delaware corporation and are subject to Section 203 of the Delaware General Corporation Law. In general, Section 203 prevents an “interested stockholder” (defined generally as a person owning 15% or more of a company's outstanding voting stock) from engaging in a “business combination” (as defined in Section 203) with us for three years following the date that person becomes an interested stockholder unless: |
(a) | before that person became an interested holder, our Board of Directors approved the transaction in which the interested holder became an interested stockholder or approved the business combination; |
(b) | upon completion of the transaction that resulted in the interested stockholder becoming an interested stockholder, the interested stockholder owns 85% of our voting stock outstanding at the time the transaction commenced (excluding stock held by directors who are also officers and by employee stock plans that do not provide employees with the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer); or |
(c) | following the transaction in which that person became an interested stockholder, the business combination is approved by our Board of Directors and authorized at a meeting of stockholders by the affirmative vote of the holders of at least two-thirds of our outstanding voting stock not owned by the interested stockholder. |
• | Tax Consequences of the Sale or Refinancing of Certain Properties – Since certain of our Properties had unrealized gain attributable to the difference between the fair market value and adjusted tax basis in such Properties immediately prior to their contribution to the Operating Partnership, a taxable sale of any such Properties, or a significant reduction in the debt encumbering such Properties, could cause adverse tax consequences to the members of our senior management who owned interests in our predecessor entities. As a result, members of our senior management might not favor a sale of a Property or a significant reduction in debt even though such a sale or reduction could be beneficial to us and the Operating Partnership. Our Bylaws provide that any decision relating to the potential sale of any Property that would result in a disproportionately higher taxable income for members of our senior management than for us and our stockholders, or that would result in a significant reduction in such Property's debt, must be made by a majority of the independent directors of the Board of Directors. The Operating Partnership is required, in the case of such a sale, to distribute to its partners, at a minimum, all of the net cash proceeds from such sale up to an amount reasonably believed necessary to enable members of our senior management to pay any income tax liability arising from such sale. |
• | Interests in Other Entities; Policies of the Board of Directors – Certain Property tenants are affiliated with members of our senior management. Our Bylaws provide that any contract or transaction between us or the Operating Partnership and one or more of our directors or officers, or between us or the Operating Partnership and any other entity in which one or more of our directors or officers are directors or officers or have a financial interest, must be approved by our disinterested directors or stockholders after the material facts of the relationship or interest of the contract or transaction are disclosed or are known to them. Our code of business conduct and ethics also contains provisions governing the approval of certain transactions involving the Company and employees (or immediate family members of employees, as defined therein) that are not subject to the provision of the Bylaws described above. Such transactions are also subject to the Company's related party transactions policy in the manner and to the extent detailed in the proxy statement filed with the SEC for the Company's 2016 annual meeting. Nevertheless, these affiliations could create conflicts between the interests of these members of senior management and the interests of the Company, our shareholders and the Operating Partnership in relation to any transactions between us and any of these entities. |
(1) | Stabilized Malls - Malls that have completed their initial lease-up and have been open for more than three complete calendar years. |
(2) | Non-stabilized Malls - Malls that are in their initial lease-up phase. After three complete calendar years of operation, they are reclassified on January 1 of the fourth calendar year to the Stabilized Mall category. The Outlet Shoppes of the Bluegrass and The Outlet Shoppes at Atlanta were classified as Non-stabilized Malls as of December 31, 2016. Fremaux Town Center, The Outlet Shoppes of the Bluegrass and The Outlet Shoppes at Atlanta were classified as Non-stabilized Malls as of December 31, 2015. |
(3) | Excluded Malls - We exclude Malls from our core portfolio if they fall in the following categories, for which operational metrics are excluded: |
a. | Lender Malls - Properties for which we are working or intend to work with the lender on a restructure of the terms of the loan secured by the Property or convey the secured Property to the lender. As of December 31, 2016, Chesterfield Mall, Midland Mall and Wausau Center were classified as Lender Malls. Midland Mall was conveyed to the lender subsequent to December 31, 2016. As of December 31, 2015, Gulf Coast Town Center and Triangle Town Center were classified as Lender Malls. Additionally, Triangle Town Place, an associated center adjacent to Triangle Town Center, was classified as a Lender Property as of December 31, 2015. In the first quarter of 2016, Triangle Town Center and Triangle Town Place were recategorized as Minority Interest Properties as described below. In the second quarter of 2016, the foreclosure of Phase I and II of Gulf Coast Town Center was complete. Lender Properties are excluded from our same-center pool as decisions made while in discussions with the lender may lead to metrics that do not provide relevant information related to the condition of these Properties or they may be under cash management agreements with the respective servicers. |
b. | Repositioning Malls - Malls that are currently being repositioned or where we have determined that the current format of the Property no longer represents the best use of the Property and we are in the process of evaluating alternative strategies for the Property. This may include major redevelopment or an alternative retail or non-retail format, or after evaluating alternative strategies for the Property, we may determine that the Property no longer meets our criteria for long-term investment. The steps taken to reposition these Properties, such as signing tenants to short-term leases, which are not included in occupancy percentages, or leasing to regional or local tenants, which typically do not report sales, may lead to metrics which do not provide relevant information related to the condition of these Properties. Therefore, traditional performance measures, such as occupancy percentages and leasing metrics, exclude Repositioning Malls. As of December 31, 2016, Cary Towne Center and Hickory Point Mall were classified as Repositioning Malls. As of December 31, 2015, the Annex at Monroeville and CoolSprings Galleria were under significant redevelopment and Wausau Center was being considered for repositioning. Wausau Center was moved from Repositioning to the Lender Property category in the second quarter of 2016 when it was determined, after evaluating redevelopment options that an appropriate risk-adjusted return was not achievable and the Mall should be returned to the lender. |
c. | Minority Interest Malls - Malls in which we have a 25% or less ownership interest. As of December 31, 2016, we had two Malls classified as Minority Interest Malls. Triangle Town Center and Triangle Town Place were reclassified from the Lender Property category in the first quarter of 2016 upon the sale of our 50% interest in the unconsolidated affiliate to a newly formed joint venture in which we have a 10% ownership interest. The |
Mall / Location | Year of Opening/ Acquisition | Year of Most Recent Expansion | Our Ownership | Total GLA (1) | Total Mall Store GLA(2) | Mall Store Sales per Square Foot (3) | Percentage Mall Store GLA Leased (4) | Anchors & Junior Anchors (5) | ||||||||||||
TIER 1 Sales ≥ $375 or more per square foot | ||||||||||||||||||||
Coastal Grand (6) Myrtle Beach, SC | 2004 | 2007 | 50% | 1,039,740 | 323,590 | $ | 395 | 94% | Bed Bath & Beyond, Belk, Cinemark, Dick's Sporting Goods, Dillard's, H&M, JC Penney, Sears | |||||||||||
CoolSprings Galleria (6) Nashville, TN | 1991 | 2015 | 50% | 1,142,750 | 407,997 | 543 | 99% | Belk Men's & Kid's, Belk Women's & Home, Dillard's, H&M, JC Penney, King's Bowl, Macy's | ||||||||||||
Cross Creek Mall Fayetteville, NC | 1975/2003 | 2013 | 100% | 1,045,311 | 282,155 | 499 | 99% | Belk, H&M, JC Penney, Macy's, Sears | ||||||||||||
Fayette Mall Lexington, KY | 1971/2001 | 2014 | 100% | 1,204,002 | 505,725 | 541 | 96% | Dick's Sporting Goods, Dillard's, H&M, JC Penney, Macy's | ||||||||||||
Friendly Center and The Shops at Friendly (6) Greensboro, NC | 1957/ 2006/ 2007 | 2016 | 50% | 1,132,352 | 496,370 | 475 | 98% | Barnes & Noble, BB&T, Belk, Belk Home Store, The Grande Cinemas, Harris Teeter, Macy's, REI, Sears, Whole Foods | ||||||||||||
Governor's Square (6) Clarksville, TN | 1986 | 1999 | 47.5% | 719,565 | 238,528 | 379 | 95% | Belk, Best Buy, Carmike Cinema, Dick's Sporting Goods, Dillard's, JC Penney, Ross, Sears | ||||||||||||
Hamilton Place Chattanooga, TN | 1987 | 2016 | 90% | 1,150,185 | 331,493 | 390 | 93% | Barnes & Noble, Belk for Men, Kids & Home, Belk for Women, Dillard's for Men, Kids & Home, Dillard's for Women, Forever 21, H&M (7), JC Penney, Regal Cinemas, Sears | ||||||||||||
Hanes Mall Winston-Salem, NC | 1975/2001 | 1990 | 100% | 1,477,098 | 475,972 | 377 | 91% | Belk, Dick's Sporting Goods, Dillard's, Encore, H&M, JC Penney, Macy's, Sears | ||||||||||||
Jefferson Mall Louisville, KY | 1978/2001 | 1999 | 100% | 900,434 | 224,728 | 398 | 100% | Dillard's, H&M, JC Penney, Macy's, Ross, Sears | ||||||||||||
Mall del Norte Laredo, TX | 1977/2004 | 1993 | 100% | 1,178,220 | 359,657 | 484 | 95% | Beall's, Cinemark, Dillard's, Foot Locker, Forever 21, H&M, JC Penney, Joe Brand, Macy's, Macy's Home Store, Sears | ||||||||||||
Mayfaire Town Center Wilmington, NC | 2004/2015 | N/A | 100% | 592,168 | 297,830 | 387 | 88% | Barnes & Noble, Belk, The Fresh Market, HH Gregg, H&M (7), Michaels, Regal Cinemas |
Mall / Location | Year of Opening/ Acquisition | Year of Most Recent Expansion | Our Ownership | Total GLA (1) | Total Mall Store GLA(2) | Mall Store Sales per Square Foot (3) | Percentage Mall Store GLA Leased (4) | Anchors & Junior Anchors (5) | ||||||||||||
Northwoods Mall North Charleston, SC | 1972/2001 | 1995 | 100% | 771,676 | 268,557 | 380 | 95% | Belk, Books-A-Million, Dillard's, JC Penney, Sears | ||||||||||||
Oak Park Mall (6) Overland Park, KS | 1974/2005 | 1998 | 50% | 1,609,613 | 431,455 | 456 | 96% | Academy Sports & Outdoors, Barnes & Noble, Dillard's for Women, Dillard's for Men, Children & Home, Forever 21, H&M, JC Penney, Macy's, Nordstrom | ||||||||||||
Old Hickory Mall Jackson, TN | 1967/2001 | 1994 | 100% | 538,991 | 161,896 | 394 | 79% | Belk, JC Penney, Macy's, Sears | ||||||||||||
The Outlet Shoppes at Atlanta Woodstock, GA | 2013 | 2015 | 75% | 412,055 | 386,711 | 422 | * | 91% | Saks Fifth Ave OFF 5TH | |||||||||||
The Outlet Shoppes at El Paso El Paso, TX | 2007/2012 | 2014 | 75% | 433,046 | 411,007 | 376 | 98% | H&M | ||||||||||||
The Outlet Shoppes of the Bluegrass Simpsonville, KY | 2014 | 2015 | 65% | 428,073 | 381,373 | 406 | * | 95% | H&M, Saks Fifth Ave OFF 5TH | |||||||||||
Post Oak Mall College Station, TX | 1982 | 1985 | 100% | 759,632 | 272,106 | 376 | 90% | Beall's, Dillard's Men & Home, Dillard's Women & Children, Encore, JC Penney, Macy's, Sears | ||||||||||||
Richland Mall Waco, TX | 1980/2002 | 1996 | 100% | 686,628 | 205,403 | 382 | 98% | Beall's, Dillard's for Men, Kids & Home, Dillard's for Women, JC Penney, Sears, XXI Forever | ||||||||||||
Sunrise Mall Brownsville, TX | 1979/2003 | 2015 | 100% | 801,392 | 236,635 | 394 | 99% | A'gaci, Beall's, Cinemark, Dick's Sporting Goods, Dillard's, JC Penney, Sears | ||||||||||||
Volusia Mall Daytona Beach, FL | 1974/2004 | 2013 | 100% | 1,067,343 | 226,510 | 376 | 99% | Dillard's for Men & Home, Dillard's for Women, Dillard's for Children, H&M, JC Penney, Macy's, Sears | ||||||||||||
West County Center (6) Des Peres, MO | 1969/2007 | 2002 | 50% | 1,197,210 | 414,789 | 496 | 98% | Barnes & Noble, Dick's Sporting Goods, Forever 21, JC Penney, Macy's, Nordstrom | ||||||||||||
West Towne Mall Madison, WI | 1970/2001 | 2013 | 100% | 823,505 | 266,033 | 513 | 99% | Boston Store, Dave & Buster's (8), Dick's Sporting Goods, Forever 21, JC Penney, Sears (8), Total Wine (8) | ||||||||||||
Total Tier 1 Malls | 21,110,989 | 7,606,520 | $ | 441 | 95% | |||||||||||||||
TIER 2 Sales ≥ $300 to < $375 per square foot | ||||||||||||||||||||
Acadiana Mall Lafayette, LA | 1979/2005 | 2004 | 100% | 991,564 | 299,301 | $ | 337 | 99% | Dillard's, JC Penney, Macy's, Sears | |||||||||||
Arbor Place Atlanta (Douglasville), GA | 1999 | N/A | 100% | 1,163,432 | 309,002 | 364 | 98% | Bed Bath & Beyond, Belk, Dillard's, Forever 21, H&M, JC Penney, Macy's, Regal Cinemas, Sears |
Mall / Location | Year of Opening/ Acquisition | Year of Most Recent Expansion | Our Ownership | Total GLA (1) | Total Mall Store GLA(2) | Mall Store Sales per Square Foot (3) | Percentage Mall Store GLA Leased (4) | Anchors & Junior Anchors (5) | ||||||||||||
Asheville Mall Asheville, NC | 1972/1998 | 2000 | 100% | 974,223 | 266,319 | 363 | 98% | Barnes & Noble, Belk, Dillard's for Men, Children & Home, Dillard's for Women, H&M, JC Penney, Sears | ||||||||||||
Brookfield Square (9) Brookfield, WI | 1967/2001 | 2008 | 100% | 1,032,242 | 292,168 | 322 | 97% | Barnes & Noble, Boston Store, H&M, JC Penney, Sears | ||||||||||||
Burnsville Center Burnsville, MN | 1977/1998 | N/A | 100% | 1,046,359 | 382,538 | 339 | 90% | Dick's Sporting Goods, Gordmans, H&M, JC Penney, Macy's, Sears | ||||||||||||
CherryVale Mall Rockford, IL | 1973/2001 | 2007 | 100% | 849,253 | 333,772 | 330 | 99% | Barnes & Noble, Bergner's, JC Penney, Macy's, Sears | ||||||||||||
Dakota Square Mall Minot, ND | 1980/2012 | 2016 | 100% | 812,222 | 182,516 | 345 | 98% | Barnes & Noble, Carmike Cinema, Herberger's, JC Penney, KJ's Fresh Market, Scheels, Sears, Sleep Inn & Suites - Splashdown Dakota Super Slides, Target | ||||||||||||
East Towne Mall Madison, WI | 1971/2001 | 2004 | 100% | 787,389 | 228,765 | 328 | 96% | Barnes & Noble, Boston Store, Dick's Sporting Goods, Gordmans, H&M (7), JC Penney, Sears, Steinhafels | ||||||||||||
EastGate Mall (10) Cincinnati, OH | 1980/2003 | 1995 | 100% | 860,830 | 280,118 | 362 | 86% | Dillard's, JC Penney, Kohl's, Sears | ||||||||||||
Eastland Mall Bloomington, IL | 1967/2005 | N/A | 100% | 760,799 | 221,144 | 302 | 94% | Bergner's, JC Penney, Kohl's, Macy's, Sears | ||||||||||||
Frontier Mall Cheyenne, WY | 1981 | 1997 | 100% | 524,075 | 179,205 | 331 | 97% | Carmike Cinema, Dillard's for Women, Dillard's for Men, Kids & Home, JC Penney, Sears, Sports Authority | ||||||||||||
Greenbrier Mall Chesapeake, VA | 1981/2004 | 2004 | 100% | 890,852 | 269,039 | 359 | 92% | Dillard's, GameWorks, JC Penney, Macy's, Sears | ||||||||||||
Harford Mall Bel Air, MD | 1973/2003 | 2007 | 100% | 505,483 | 181,307 | 352 | 95% | Encore, Macy's, Sears | ||||||||||||
Honey Creek Mall Terre Haute, IN | 1968/2004 | 1981 | 100% | 677,322 | 185,807 | 344 | 93% | Carson's, Encore, JC Penney, Macy's, Sears | ||||||||||||
Imperial Valley Mall El Centro, CA | 2005 | N/A | 100% | 827,648 | 214,031 | 325 | 96% | Cinemark, Dillard's, JC Penney, Kohl's, Macy's, Sears | ||||||||||||
Kirkwood Mall Bismarck, ND | 1970/2012 | 2016 | 100% | 842,263 | 203,700 | 327 | 94% | H&M, Herberger's, Keating Furniture, JC Penney, Scheels, Target | ||||||||||||
Laurel Park Place Livonia, MI | 1989/2005 | 1994 | 100% | 494,886 | 196,076 | 349 | 94% | Carson's, Von Maur | ||||||||||||
Layton Hills Mall Layton, UT | 1980/2006 | 1998 | 100% | 557,333 | 211,366 | 353 | 99% | Dick's Sporting Goods, JC Penney, Macy's |
Mall / Location | Year of Opening/ Acquisition | Year of Most Recent Expansion | Our Ownership | Total GLA (1) | Total Mall Store GLA(2) | Mall Store Sales per Square Foot (3) | Percentage Mall Store GLA Leased (4) | Anchors & Junior Anchors (5) | ||||||||||||
Meridian Mall (11) Lansing, MI | 1969/1998 | 2001 | 100% | 972,186 | 290,708 | 313 | 86% | Bed Bath & Beyond, Dick's Sporting Goods, Gordmans, H&M, JC Penney, Macy's, Planet Fitness, Schuler Books & Music, Younkers for Her, Younkers Men, Kids & Home | ||||||||||||
Mid Rivers Mall St. Peters, MO | 1987/2007 | 2015 | 100% | 1,076,184 | 288,165 | 301 | 98% | Best Buy, Dick's Sporting Goods, Dillard's, JC Penney, Macy's, Planet Fitness, Sears, V-Stock, Wehrenberg Theaters | ||||||||||||
Northgate Mall Chattanooga, TN | 1972/2011 | 2014 | 100% | 762,381 | 181,634 | 321 | 96% | Belk, Burlington, Carmike Cinema, former JC Penney, Michaels, Ross, Sears, T.J. Maxx | ||||||||||||
Northpark Mall Joplin, MO | 1972/2004 | 1996 | 100% | 934,548 | 281,447 | 317 | 87% | Dunham's Sports, JC Penney, Jo-Ann Fabrics & Crafts, Macy's Children's & Home, Macy's Women's & Men's, Regal Cinemas, Sears, Tilt, T.J. Maxx, Vintage Stock | ||||||||||||
The Outlet Shoppes at Oklahoma City Oklahoma City, OK | 2011 | 2014 | 75% | 394,257 | 394,257 | 361 | 93% | None | ||||||||||||
Park Plaza Little Rock, AR | 1988/2004 | N/A | 100% | 540,167 | 236,417 | 346 | 97% | Dillard's for Men & Children, Dillard's for Women & Home, Forever 21, H&M (7) | ||||||||||||
Parkdale Mall Beaumont, TX | 1972/2001 | 2014 | 100% | 1,248,667 | 313,501 | 352 | 89% | Ashley Furniture, Beall's, Dillard's, JC Penney, H&M, Hollywood Theater, Kaplan College, Macy's, Marshall's, Michaels, Sears, 2nd & Charles, Tilt Studio (12), XXI Forever | ||||||||||||
Parkway Place Huntsville, AL | 1957/1998 | 2002 | 100% | 648,271 | 279,093 | 345 | 99% | Belk, Dillard's | ||||||||||||
Pearland Town Center (13) Pearland, TX | 2008 | N/A | 100% | 646,995 | 282,905 | 326 | 100% | Barnes & Noble, Dick's Sporting Goods (14), Dillard's, Macy's | ||||||||||||
South County Center St. Louis, MO | 1963/2007 | 2001 | 100% | 1,044,146 | 311,280 | 367 | 92% | Dick's Sporting Goods, Dillard's, JC Penney, Macy's, Sears | ||||||||||||
Southaven Towne Center Southaven, MS | 2005 | 2013 | 100% | 567,640 | 184,545 | 303 | 95% | Bed Bath & Beyond, Dillard's, Gordmans, HH Gregg, JC Penney | ||||||||||||
Southpark Mall Colonial Heights, VA | 1989/2003 | 2007 | 100% | 672,975 | 229,715 | 372 | 93% | Dick's Sporting Goods, JC Penney, Macy's, Regal Cinemas, Sears | ||||||||||||
St. Clair Square (15) Fairview Heights, IL | 1974/1996 | 1993 | 100% | 1,084,898 | 299,675 | 374 | 98% | Dillard's, JC Penney, Macy's, Sears | ||||||||||||
Turtle Creek Mall Hattiesburg, MS | 1994 | 1995 | 100% | 846,121 | 192,734 | 344 | 89% | At Home, Belk, Dillard's, JC Penney, Sears, Southwest Theaters, Stein Mart |
Mall / Location | Year of Opening/ Acquisition | Year of Most Recent Expansion | Our Ownership | Total GLA (1) | Total Mall Store GLA(2) | Mall Store Sales per Square Foot (3) | Percentage Mall Store GLA Leased (4) | Anchors & Junior Anchors (5) | ||||||||||||
Valley View Mall Roanoke, VA | 1985/2003 | 2007 | 100% | 837,428 | 278,496 | 368 | 99% | Barnes & Noble, Belk, JC Penney, Macy's, Macy's for Home & Children, Sears | ||||||||||||
WestGate Mall (16) Spartanburg, SC | 1975/1995 | 1996 | 100% | 954,769 | 227,433 | 339 | 81% | Bed Bath & Beyond, Belk, Dick's Sporting Goods, Dillard's, JC Penney, Regal Cinemas, Sears | ||||||||||||
Westmoreland Mall Greensburg, PA | 1977/2002 | 1994 | 100% | 979,541 | 300,160 | 317 | 97% | Bon-Ton, H&M, JC Penney, Macy's, Macy's Home Store, Old Navy, Sears | ||||||||||||
York Galleria York, PA | 1989/1999 | N/A | 100% | 751,902 | 219,976 | 348 | 91% | Bon-Ton, Boscov's, Gold's Gym (17), H&M (17), former JC Penney (17), Sears | ||||||||||||
Total Tier 2 Malls | 29,561,251 | 9,228,315 | $ | 342 | 94% | |||||||||||||||
TIER 3 Sales < $300 per square foot | ||||||||||||||||||||
Alamance Crossing Burlington, NC | 2007 | 2011 | 100% | 886,700 | 201,760 | $ | 253 | 84% | Barnes & Noble, Belk, BJ's Wholesale Club, Carousel Cinemas, Dick's Sporting Goods, Dillard's, Hobby Lobby, JC Penney, Kohl's | |||||||||||
College Square Morristown, TN | 1988 | 1999 | 100% | 450,398 | 129,921 | 265 | 99% | Belk, Carmike Cinema, Dick's Sporting Goods, Goody's, Kohl's, Planet Fitness (18), T.J. Maxx | ||||||||||||
Foothills Mall Maryville, TN | 1983/1996 | 2012 | 95% | 463,751 | 121,596 | 283 | 99% | Belk, Carmike Cinema, Goody's, JC Penney, Sears, T.J. Maxx | ||||||||||||
Janesville Mall Janesville, WI | 1973/1998 | 1998 | 100% | 600,710 | 165,692 | 246 | 97% | Boston Store, Dick's Sporting Goods, Kohl's, Sears | ||||||||||||
Kentucky Oaks Mall (6) Paducah, KY | 1982/2001 | 1995 | 50% | 1,062,532 | 371,367 | 286 | 84% | Best Buy, Cinemark, Dick's Sporting Goods, Dillard's, Dillard's Home Store, Elder-Beerman, JC Penney, Planet Fitness, Sears, Vertical Trampoline Park | ||||||||||||
Monroeville Mall Pittsburgh, PA | 1969/2004 | 2014 | 100% | 1,077,250 | 471,138 | 274 | 89% | Barnes & Noble, Best Buy, Cinemark, Dick's Sporting Goods, Forever 21, H&M, JC Penney, Macy's | ||||||||||||
The Outlet Shoppes at Gettysburg Gettysburg, PA | 2000/2012 | N/A | 50% | 249,937 | 249,737 | 261 | 93% | None | ||||||||||||
Stroud Mall (19) Stroudsburg, PA | 1977/1998 | 2005 | 100% | 403,258 | 118,775 | 276 | 74% | Bon-Ton, Cinemark, JC Penney, Sears | ||||||||||||
Total Tier 3 Malls | 5,194,536 | 1,829,986 | $ | 268 | 89% | |||||||||||||||
Total Mall Portfolio | 55,866,776 | 18,664,821 | $ | 376 | 94% | |||||||||||||||
Excluded Malls (20) | ||||||||||||||||||||
Lender Malls: | ||||||||||||||||||||
Chesterfield Mall Chesterfield, MO | 1976/2007 | 2006 | 100% | 1,264,857 | 499,048 | N/A | N/A | AMC Theater, Dillard's, H&M, Macy's, Sears, V-Stock |
Mall / Location | Year of Opening/ Acquisition | Year of Most Recent Expansion | Our Ownership | Total GLA (1) | Total Mall Store GLA(2) | Mall Store Sales per Square Foot (3) | Percentage Mall Store GLA Leased (4) | Anchors & Junior Anchors (5) | ||||||||||||
Midland Mall (21) Midland, MI | 1991/2001 | N/A | 100% | 473,634 | 136,684 | N/A | N/A | Barnes & Noble, Dunham's Sports, JC Penney, Target, Younkers | ||||||||||||
Wausau Center (22) Wausau, WI | 1983/2001 | 1999 | 100% | 423,774 | 150,574 | N/A | N/A | former JC Penney, former Sears, Younkers | ||||||||||||
Total Lender Malls | 2,162,265 | 786,306 | ||||||||||||||||||
Repositioning Malls: | ||||||||||||||||||||
Cary Towne Center Cary, NC | 1979/2001 | 1993 | 100% | 927,882 | 266,096 | N/A | N/A | Belk, Cary Towne Furniture, Dave & Buster's, Dillard's, JC Penney, Jump Street, former Macy's | ||||||||||||
Hickory Point Mall Forsyth, IL | 1977/2005 | N/A | 100% | 815,326 | 167,930 | N/A | N/A | Bergner's, former Cohn Furniture, Encore, Hobby Lobby, Kohl's, Ross, former Sears, T.J. Maxx (23), Von Maur | ||||||||||||
Total Repositioning Malls | 1,743,208 | 434,026 | ||||||||||||||||||
Minority Interest Malls | ||||||||||||||||||||
River Ridge Mall (6) Lynchburg, VA | 1980/2003 | 2000 | 25% | 761,133 | 193,981 | N/A | N/A | Belk, JC Penney, Liberty University, Macy's, Regal Cinemas, T.J. Maxx | ||||||||||||
Triangle Town Center (6) Raleigh, NC | 2002/2005 | N/A | 10% | 1,254,274 | 428,184 | N/A | N/A | Barnes & Noble, Belk, Dillard's, Macy's, Sak's Fifth Avenue, Sears | ||||||||||||
Total Minority Interest Malls | 2,015,407 | 622,165 | ||||||||||||||||||
Total Excluded Malls | 5,920,880 | 1,842,497 |
(1) | Includes total square footage of the Anchors (whether owned or leased by the Anchor) and Mall stores. Does not include future expansion areas. |
(2) | Excludes tenants over 20,000 square feet. |
(3) | Totals represent weighted averages. |
(4) | Includes tenants paying rent as of December 31, 2016. |
(5) | Anchors and Junior Anchors listed are attached to the Malls or are in freestanding locations adjacent to the Malls. |
(6) | This Property is owned in an unconsolidated joint venture. |
(7) | H&M is scheduled to open stores at Hamilton Place, Mayfaire Town Center, East Towne Mall and Park Plaza in 2017. |
(8) | West Towne Mall - Half of the Sears space is under redevelopment by its third party owner for a Dave & Buster's store and Total Wine store, which are scheduled to open in 2017. |
(9) | Brookfield Square - The annual ground rent for 2016 was $293,200. |
(10) | EastGate Mall - Ground rent for the Dillard's parcel that extends through January 2022 is $24,000 per year. |
(11) | Meridian Mall - We are the lessee under several ground leases in effect through March 2067, with extension options. Fixed rent is $18,700 per year plus 3% to 4% of all rent. |
(12) | Parkdale Mall - Tilt Studio is scheduled to open in 2017. |
(13) | Pearland Town Center is a mixed-use center which combines retail, hotel, office and residential components. For segment reporting purposes, the retail portion of the center is classified in Malls, the office portion is classified in Office Buildings, and the hotel and residential portions are classified as Other. |
(14) | Pearland Town Center - Dick's Sporting Goods is scheduled to open in the former Sports Authority space in 2017. |
(15) | St. Clair Square - We are the lessee under a ground lease for 20 acres. Assuming the exercise of available renewal options, at our election, the ground lease expires January 31, 2073. The rental amount is $40,500 per year. In addition to base rent, the landlord receives 0.25% of Dillard's sales in excess of $16,200,000. |
(16) | WestGate Mall - We are the lessee under several ground leases for approximately 53% of the underlying land. Assuming the exercise of renewal options available, at our election, the ground lease expires October 31, 2024. The rental amount is $130,025 per year. In addition to base rent, the landlord receives 20% of the percentage rents collected. The Company has a right of first refusal to purchase the fee. |
(17) | York Galleria - The lower level of the former JC Penney space was redeveloped into an H&M, which opened in 2016, and a Gold's Gym, which is scheduled to open in 2017. |
(18) | College Square - Planet Fitness is scheduled to open in 2017 in space previously utilized by Belk for storage. |
(19) | Stroud Mall - We are the lessee under a ground lease, which extends through July 2089. The current rental amount is $60,000 per year, increasing by $10,000 every ten years through 2059. An additional $100,000 is paid every 10 years. |
(20) | Operational metrics are not reported for Excluded Malls. |
(21) | Subsequent to December 31, 2016, the foreclosure process was complete and Midland Mall was returned to the lender. See Note 19 to the consolidated financial statements for more information. |
(22) | Wausau Center - Ground rent is $76,000 per year. |
(23) | Hickory Point Mall - T.J. Maxx is scheduled to open in 2017 in the former Steve & Barry's space. |
Name | Property | Location | ||
Cary Towne Furniture | Cary Towne Center | Cary, NC | ||
Dick's Sporting Goods | College Square | Morristown, TN | ||
Dunham's Sports | Northpark Mall | Joplin, MO | ||
H&M | Kirkwood Mall | Bismarck, ND | ||
H&M | Mall del Norte | Laredo, TX | ||
H&M | The Outlet Shoppes of the Bluegrass | Simpsonville, KY | ||
H&M | York Galleria | York, PA | ||
Jump Street | Cary Towne Center | Cary, NC | ||
KJ's Fresh Market | Dakota Square Mall | Minot, ND | ||
King's Bowl | CoolSprings Galleria | Nashville, TN | ||
Planet Fitness | Kentucky Oaks Mall | Paducah, KY | ||
Regal Cinemas | Hamilton Place | Chattanooga, TN |
Number of Stores | Gross Leasable Area | |||||||||||||||
Anchor | Mall Leased | Anchor Owned | Total | Mall Leased | Anchor Owned | Total | ||||||||||
JC Penney (1) | 21 | 30 | 51 | 2,192,563 | 3,871,630 | 6,064,193 | ||||||||||
Sears (2) | 11 | 36 | 47 | 1,131,524 | 5,485,171 | 6,616,695 | ||||||||||
Dillard's (3) | 4 | 38 | 42 | 420,809 | 5,460,979 | 5,881,788 | ||||||||||
Macy's (4) | 11 | 23 | 34 | 1,493,133 | 3,901,887 | 5,395,020 | ||||||||||
Belk (5) | 6 | 16 | 22 | 634,343 | 2,071,452 | 2,705,795 | ||||||||||
Bon-Ton: | ||||||||||||||||
Bon-Ton (6) | 1 | 2 | 3 | 87,024 | 231,715 | 318,739 | ||||||||||
Bergner's | 2 | — | 2 | 259,946 | — | 259,946 | ||||||||||
Boston Store | 1 | 3 | 4 | 96,000 | 493,411 | 589,411 | ||||||||||
Carson's | 2 | — | 2 | 219,190 | — | 219,190 |
Number of Stores | Gross Leasable Area | |||||||||||||||
Anchor | Mall Leased | Anchor Owned | Total | Mall Leased | Anchor Owned | Total | ||||||||||
Herberger's | 2 | — | 2 | 144,968 | — | 144,968 | ||||||||||
Younkers (7) | 1 | 1 | 2 | 93,597 | 74,899 | 168,496 | ||||||||||
Elder-Beerman | 1 | — | 1 | 60,092 | — | 60,092 | ||||||||||
Bon-Ton Subtotal | 10 | 6 | 16 | 960,817 | 800,025 | 1,760,842 | ||||||||||
At Home | — | 1 | 1 | — | 124,700 | 124,700 | ||||||||||
BB&T | — | 1 | 1 | — | 60,000 | 60,000 | ||||||||||
BJ's Wholesale Club | 1 | — | 1 | 85,188 | — | 85,188 | ||||||||||
Boscov's | — | 1 | 1 | — | 150,000 | 150,000 | ||||||||||
Burlington | 1 | — | 1 | 63,013 | — | 63,013 | ||||||||||
Carousel Cinemas | 1 | — | 1 | 52,000 | — | 52,000 | ||||||||||
Cinemark | 4 | — | 4 | 240,232 | — | 240,232 | ||||||||||
Dick's Sporting Goods | 12 | — | 12 | 740,638 | — | 740,638 | ||||||||||
Dunham's Sports | 1 | — | 1 | 80,551 | — | 80,551 | ||||||||||
Gordmans | 2 | — | 2 | 109,401 | — | 109,401 | ||||||||||
The Grande Cinemas (8) | — | 1 | 1 | — | 60,400 | 60,400 | ||||||||||
Harris Teeter | — | 1 | 1 | — | 72,757 | 72,757 | ||||||||||
Hobby Lobby | 1 | — | 1 | 52,500 | — | 52,500 | ||||||||||
I. Keating Furniture | 1 | — | 1 | 103,994 | — | 103,994 | ||||||||||
Kohl's | 3 | 2 | 5 | 266,591 | 132,000 | 398,591 | ||||||||||
Nordstrom (9) | — | 2 | 2 | — | 385,000 | 385,000 | ||||||||||
Regal Cinemas | 2 | 1 | 3 | 141,861 | 61,219 | 203,080 | ||||||||||
Scheel's | 2 | — | 2 | 200,536 | — | 200,536 | ||||||||||
Sleep Inn & Suites | — | 1 | 1 | — | 123,506 | 123,506 | ||||||||||
Target | — | 2 | 2 | — | 237,600 | 237,600 | ||||||||||
Von Maur | — | 1 | 1 | — | 150,000 | 150,000 | ||||||||||
Wehrenberg Theaters | 1 | — | 1 | 56,000 | — | 56,000 | ||||||||||
XXI Forever / Forever 21 | 1 | 1 | 2 | 77,500 | 57,500 | 135,000 | ||||||||||
Vacant Anchors: | ||||||||||||||||
Vacant - former JC Penney (10) | 1 | 1 | 2 | 55,986 | 173,124 | 229,110 | ||||||||||
Total Anchors | 97 | 165 | 262 | 9,159,180 | 23,378,950 | 32,538,130 |
(1) | Of the 30 stores owned by JC Penney, 4 are subject to ground lease payments to the Company. |
(2) | Of the 36 stores owned by Sears, 5 are subject to ground lease payments to the Company. Subsequent to December 31, 2016, the Company purchased 5 of the owned Sears' locations for future redevelopment. These stores were then leased back to Sears. |
(3) | Of the 38 stores owned by Dillard's, 3 are subject to ground lease payments to the Company. |
(4) | Of the 23 stores owned by Macy's, 3 are subject to ground lease payments to the Company. Subsequent to December 31, 2016, the Company purchased 4 of the owned Macy's locations for future redevelopment. |
(5) | Of the 16 stores owned by Belk, 2 are subject to ground lease payments to the Company. |
(6) | Of the 2 stores owned by Bon-Ton, 1 is subject to ground lease payments to the Company. |
(7) | The store owned by Younkers is subject to ground lease payments to the Company. |
(8) | The store owned by The Grande Theaters is subject to ground lease payments to the Company. |
(9) | The 2 stores owned by Nordstrom are subject to ground lease payments to the Company. |
(10) | The vacant JC Penney 55,986-square-foot space represents the upper level of the store. The lower level was redeveloped into an H&M and a Gold's Gym is under construction and scheduled to open in 2017. |
Number of Stores | Gross Leasable Area | ||||||||||||||
Junior Anchor | Mall Leased | Anchor Owned | Total | Mall Leased | Anchor Owned | Total | |||||||||
A'GACI | 1 | — | 1 | 28,000 | — | 28,000 | |||||||||
Ashley Furniture HomeStores | 1 | — | 1 | 26,439 | — | 26,439 | |||||||||
Barnes & Noble | 14 | — | 14 | 396,292 | — | 396,292 | |||||||||
Beall's | 5 | — | 5 | 193,209 | — | 193,209 | |||||||||
Bed, Bath & Beyond | 5 | — | 5 | 154,249 | — | 154,249 | |||||||||
Belk | 1 | — | 1 | 26,997 | — | 26,997 | |||||||||
Best Buy | 1 | — | 1 | 34,262 | — | 34,262 | |||||||||
Books-A-Million | 1 | — | 1 | 20,642 | — | 20,642 | |||||||||
Carmike Cinema | 5 | — | 5 | 192,672 | — | 192,672 | |||||||||
Cinemark | 3 | — | 3 | 131,309 | — | 131,309 | |||||||||
Dick's Sporting Goods | 6 | — | 6 | 262,151 | — | 262,151 | |||||||||
Dillard's | — | 1 | 1 | — | 39,241 | 39,241 | |||||||||
Encore | 4 | — | 4 | 101,488 | — | 101,488 | |||||||||
The Fresh Market | 1 | — | 1 | 21,442 | — | 21,442 | |||||||||
Foot Locker | 1 | — | 1 | 22,847 | — | 22,847 | |||||||||
GameWorks | 1 | — | 1 | 21,295 | — | 21,295 | |||||||||
Goody's | 2 | — | 2 | 61,358 | — | 61,358 | |||||||||
Gordmans | 2 | — | 2 | 96,979 | — | 96,979 | |||||||||
H&M | 21 | — | 21 | 454,117 | — | 454,117 | |||||||||
HH Gregg | 2 | — | 2 | 62,451 | — | 62,451 | |||||||||
Jo-Ann Fabrics & Crafts | 1 | — | 1 | 22,659 | — | 22,659 | |||||||||
Joe Brand | 1 | — | 1 | 29,413 | — | 29,413 | |||||||||
KJs' Fresh Market | 1 | — | 1 | 27,801 | — | 27,801 | |||||||||
Kaplan College | 1 | — | 1 | 30,294 | — | 30,294 | |||||||||
King's Bowl | 1 | — | 1 | 22,678 | — | 22,678 | |||||||||
Macy's | 2 | 1 | 3 | 58,312 | 48,270 | 106,582 | |||||||||
Michaels | 1 | — | 1 | 23,809 | — | 23,809 | |||||||||
Old Navy | 1 | — | 1 | 20,257 | — | 20,257 | |||||||||
Planet Fitness | 1 | — | 1 | 23,107 | — | 23,107 | |||||||||
REI | 1 | — | 1 | 24,427 | — | 24,427 | |||||||||
Regal Cinemas | 1 | — | 1 | 23,360 | — | 23,360 | |||||||||
Ross | 2 | — | 2 | 53,928 | — | 53,928 | |||||||||
Saks Fifth Avenue OFF 5TH | 2 | — | 2 | 49,365 | — | 49,365 | |||||||||
Schuler Books & Music | 1 | — | 1 | 24,116 | — | 24,116 | |||||||||
2nd & Charles | 1 | — | 1 | 23,538 | — | 23,538 | |||||||||
Southwest Theaters | 1 | — | 1 | 29,830 | — | 29,830 | |||||||||
Stein Mart | 1 | — | 1 | 30,463 | — | 30,463 | |||||||||
Steinhafels | 1 | — | 1 | 28,828 | — | 28,828 | |||||||||
Tilt | 1 | — | 1 | 22,484 | — | 22,484 | |||||||||
T.J. Maxx | 3 | — | 3 | 80,866 | — | 80,866 | |||||||||
V-Stock / Vintage Stock | 2 | — | 2 | 69,166 | — | 69,166 | |||||||||
Vertical Trampoline Park | 1 | — | 1 | 23,636 | — | 23,636 | |||||||||
Whole Foods | — | 1 | 1 | — | 34,320 | 34,320 | |||||||||
XXI Forever / Forever 21 | 8 | — | 8 | 206,714 | — | 206,714 | |||||||||
Vacant Junior Anchors: | |||||||||||||||
Vacant - former Sports Authority | 1 | — | 1 | 66,835 | — | 66,835 | |||||||||
Number of Stores | Gross Leasable Area | ||||||||||||||
Junior Anchor | Mall Leased | Anchor Owned | Total | Mall Leased | Anchor Owned | Total | |||||||||
Current Developments: | |||||||||||||||
Dave & Buster's (1) | — | 1 | 1 | — | 30,728 | 30,728 | |||||||||
Dick's Sporting Goods (2) | 1 | — | 1 | 42,085 | — | 42,085 | |||||||||
Gold's Gym (3) | 1 | — | 1 | 30,664 | — | 30,664 | |||||||||
Planet Fitness (4) | 1 | — | 1 | 20,000 | — | 20,000 | |||||||||
Tilt Studio (5) | 1 | — | 1 | 42,174 | — | 42,174 | |||||||||
Total Wine (1) | — | 1 | 1 | — | 25,000 | 25,000 | |||||||||
Total Junior Anchors | 118 | 5 | 123 | 3,459,008 | 177,559 | 3,636,567 |
(1) | A portion of the Sears store at West Towne Mall is being redeveloped into a Dave & Buster's and Total Wine shops, which are expected to open in 2017. |
(2) | Dick's Sporting Goods is under development to open in the former Sports Authority space at Pearland Town Center in 2017. |
(3) | Gold's Gym is under development in a portion of the vacant JC Penney space at York Galleria. |
(4) | Planet Fitness is scheduled to open in 2017 at College Square in space previously utilized by Belk for storage. |
(5) | Tilt Studio is scheduled to open in 2017 in the former Steve & Barry's space at Parkdale Mall. |
Year Ending December 31, | Number of Leases Expiring | Annualized Gross Rent (1) | GLA of Expiring Leases | Average Annualized Gross Rent Per Square Foot | Expiring Leases as % of Total Annualized Gross Rent (2) | Expiring Leases as a % of Total Leased GLA (3) | |||||||||||
2017 | 915 | $ | 104,987,000 | 2,485,000 | $ | 42.24 | 15.0% | 15.2% | |||||||||
2018 | 795 | 104,818,000 | 2,460,000 | 42.61 | 15.0% | 15.1% | |||||||||||
2019 | 635 | 82,844,000 | 1,975,000 | 41.95 | 11.9% | 12.1% | |||||||||||
2020 | 502 | 70,628,000 | 1,657,000 | 42.61 | 10.1% | 10.2% | |||||||||||
2021 | 530 | 70,256,000 | 1,786,000 | 39.33 | 10.1% | 11.0% | |||||||||||
2022 | 354 | 53,076,000 | 1,207,000 | 43.97 | 7.6% | 7.4% | |||||||||||
2023 | 374 | 62,341,000 | 1,317,000 | 47.32 | 8.9% | 8.1% | |||||||||||
2024 | 355 | 63,194,000 | 1,263,000 | 42.11 | 7.6% | 7.7% | |||||||||||
2025 | 301 | 48,907,000 | 1,092,000 | 44.81 | 7.0% | 6.7% | |||||||||||
2026 | 274 | 47,233,000 | 1,065,000 | 44.34 | 6.8% | 6.5% |
(1) | Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2016 for expiring leases that were executed as of December 31, 2016. |
(2) | Total annualized gross rent, including recoverable common area expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2016. |
(3) | Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2016. |
Year Ended December 31, (1) | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Mall store sales (in millions) | $ | 5,110 | $ | 5,778 | $ | 5,539 | ||||||
Minimum rents | 8.64 | % | 8.46 | % | 8.63 | % | ||||||
Percentage rents | 0.45 | % | 0.55 | % | 0.54 | % | ||||||
Tenant reimbursements (2) | 3.66 | % | 3.63 | % | 3.79 | % | ||||||
Mall tenant occupancy costs | 12.75 | % | 12.64 | % | 12.96 | % |
(1) | In certain cases, we own less than a 100% interest in the Malls. The information in this table is based on 100% of the applicable amounts and has not been adjusted for our ownership share. |
(2) | Represents reimbursements for real estate taxes, insurance, common area maintenance charges, marketing and certain capital expenditures. |
Associated Center / Location | Year of Opening/ Most Recent Expansion | Company's Ownership | Total GLA (1) | Total Leasable GLA (2) | Percentage GLA Occupied (3) | Anchors & Junior Anchors | |||||||||
Annex at Monroeville Pittsburgh, PA | 1986 | 100% | 186,367 | 186,367 | 100% | Burlington, Steel City Indoor Karting | |||||||||
Coastal Grand Crossing (4) Myrtle Beach, SC | 2005 | 50% | 35,013 | 35,013 | 100% | PetSmart | |||||||||
CoolSprings Crossing Nashville, TN | 1992 | 100% | 167,475 | 63,015 | 97% | American Signature (5), HH Gregg (6), JumpStreet (6), Target (5), Toys R Us (5) | |||||||||
Courtyard at Hickory Hollow Nashville, TN | 1979 | 100% | 68,438 | 68,438 | 96% | Carmike Cinema | |||||||||
Frontier Square Cheyenne, WY | 1985 | 100% | 186,552 | 16,527 | 100% | PETCO (7), Ross (7), Target (5), T.J. Maxx (7) | |||||||||
Governor's Square Plaza (4) Clarksville, TN | 1985/1988 | 50% | 214,728 | 71,801 | 64% | Bed Bath & Beyond, former Premier Medical Group, Target (4) | |||||||||
Gunbarrel Pointe Chattanooga, TN | 2000 | 100% | 273,913 | 147,913 | 100% | Earthfare, Kohl's, Target (5) | |||||||||
Hamilton Corner Chattanooga, TN | 1990/2005 | 90% | 67,301 | 67,301 | 100% | None | |||||||||
Hamilton Crossing Chattanooga, TN | 1987/2005 | 92% | 191,945 | 98,832 | 100% | HomeGoods (8), Michaels (8), T.J. Maxx, Toys R Us (8) | |||||||||
Harford Annex Bel Air, MD | 1973/2003 | 100% | 107,656 | 107,656 | 100% | Best Buy, Office Depot, PetSmart |
Associated Center / Location | Year of Opening/ Most Recent Expansion | Company's Ownership | Total GLA (1) | Total Leasable GLA (2) | Percentage GLA Occupied (3) | Anchors & Junior Anchors | |||||||||
The Landing at Arbor Place Atlanta (Douglasville), GA | 1999 | 100% | 162,988 | 85,301 | 67% | The Furniture Company, Toys R Us (5) | |||||||||
Layton Hills Convenience Center Layton, UT | 1980 | 100% | 90,066 | 90,066 | 94% | Bed Bath & Beyond | |||||||||
Layton Hills Plaza Layton, UT | 1989 | 100% | 18,808 | 18,808 | 100% | None | |||||||||
Parkdale Crossing Beaumont, TX | 2002 | 100% | 28,564 | 28,564 | 100% | Barnes & Noble | |||||||||
The Plaza at Fayette Lexington, KY | 2006 | 100% | 190,207 | 190,207 | 100% | Cinemark, Gordmans | |||||||||
The Shoppes at Hamilton Place Chattanooga, TN | 2003 | 92% | 131,274 | 131,274 | 93% | Bed Bath & Beyond, Marshalls, Ross | |||||||||
The Shoppes at St. Clair Square Fairview Heights, IL | 2007 | 100% | 71,483 | 71,483 | 100% | Barnes & Noble | |||||||||
Sunrise Commons Brownsville, TX | 2001 | 100% | 205,623 | 104,178 | 100% | Marshalls, Ross | |||||||||
The Terrace Chattanooga, TN | 1997 | 92% | 158,175 | 158,175 | 100% | Academy Sports, Party City | |||||||||
West Towne Crossing Madison, WI | 1980 | 100% | 426,881 | 134,984 | 100% | Barnes & Noble, Best Buy, Kohl's (5), Metcalf's Markets (5), Nordstrom Rack, Office Max (5), Shopko (5), Stein Mart | |||||||||
WestGate Crossing Spartanburg, SC | 1985/1999 | 100% | 158,262 | 158,262 | 97% | Big Air Trampoline Park, Hamricks, Jo-Ann Fabrics & Crafts | |||||||||
Westmoreland Crossing Greensburg, PA | 2002 | 100% | 174,315 | 174,315 | 100% | Carmike Cinema, Dick's Sporting Goods, Levin Furniture, Michaels (9), T.J. Maxx (9) | |||||||||
York Town Center (4) York, PA | 2007 | 50% | 282,882 | 282,882 | 100% | Bed Bath & Beyond, Best Buy, Christmas Tree Shops, Dick's Sporting Goods, Ross, Staples | |||||||||
Total Associated Centers | 3,598,916 | 2,491,362 | 97 | % |
(1) | Includes total square footage of the Anchors and Junior Anchors (whether owned or leased by the Anchor or Junior Anchor) and shops. Does not include future expansion areas. |
(2) | Includes leasable Anchors and Junior Anchors. |
(3) | Includes tenants paying rent as of December 31, 2016, including leased Anchors. |
(4) | This Property is owned in an unconsolidated joint venture. |
(5) | Owned by the tenant. |
(6) | CoolSprings Crossing - Space is owned by Next Realty, LLC and subleased to HH Gregg and JumpStreet. |
(7) | Frontier Square - Space is owned by 1639 11th Street Associates and subleased to PETCO, Ross, and T.J. Maxx. |
(8) | Hamilton Crossing - Space is owned by Schottenstein Property Group and subleased to HomeGoods and Michaels. |
(9) | Westmoreland Crossing - Space is owned by Schottenstein Property Group and subleased to Michaels and T.J. Maxx. |
Year Ending December 31, | Number of Leases Expiring | Annualized Gross Rent (1) | GLA of Expiring Leases | Average Annualized Gross Rent Per Square Foot | Expiring Leases as % of Total Annualized Gross Rent (2) | Expiring Leases as % of Total Leased GLA (3) | |||||||||||
2017 | 40 | $ | 4,707,000 | 254,000 | $ | 18.50 | 11.3% | 10.3% | |||||||||
2018 | 34 | 5,685,000 | 312,000 | 18.24 | 13.6% | 12.6% | |||||||||||
2019 | 29 | 4,282,000 | 260,000 | 16.48 | 10.3% | 10.5% | |||||||||||
2020 | 42 | 5,794,000 | 349,000 | 16.58 | 13.9% | 14.1% | |||||||||||
2021 | 25 | 6,773,000 | 462,000 | 14.67 | 16.3% | 18.7% | |||||||||||
2022 | 21 | 5,233,000 | 372,000 | 14.05 | 12.6% | 15.1% | |||||||||||
2023 | 9 | 1,679,000 | 83,000 | 20.35 | 4.0% | 3.3% | |||||||||||
2024 | 1 | 2,831,000 | 126,000 | 22.50 | 6.8% | 5.1% | |||||||||||
2025 | 10 | 2,476,000 | 160,000 | 15.51 | 5.9% | 6.5% | |||||||||||
2026 | 15 | 2,193,000 | 95,000 | 23.13 | 5.3% | 3.8% |
(1) | Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2016 for expiring leases that were executed as of December 31, 2016. |
(2) | Total annualized gross rent, including recoverable common area expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2016. |
(3) | Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2016. |
Community Center / Location | Year of Opening/ Most Recent Expansion | Company's Ownership | Total GLA (1) | Total Leasable GLA (2) | Percentage GLA Occupied (3) | Anchors & Junior Anchors | ||||||||
Ambassador Town Center (4) Lafayette, LA | 2016 | 65% | 245,775 | 245,775 | 97% | Dick's Sporting Goods / Field & Stream, Nordstrom Rack, Marshalls | ||||||||
Fremaux Town Center (4) Slidell, LA | 2014/2015 | 65% | 518,828 | 518,828 | 96% | Best Buy, Dick's Sporting Goods, Dillard's, Kohl's, LA Fitness, Michaels, T.J. Maxx | ||||||||
The Forum at Grandview Madison, MS | 2010/2016 | 75% | 212,862 | 212,862 | 98% | Best Buy, Dick’s Sporting Goods, HomeGoods, Michaels, Stein Mart | ||||||||
Gulf Coast Town Center - Phase III (4) Ft. Myers, FL | 2005/2007 | 50% | 78,851 | 78,851 | 100% | Dick's Sporting Goods |
Community Center / Location | Year of Opening/ Most Recent Expansion | Company's Ownership | Total GLA (1) | Total Leasable GLA (2) | Percentage GLA Occupied (3) | Anchors & Junior Anchors | ||||||||
Hammock Landing (4) West Melbourne, FL | 2009/2015 | 50% | 465,645 | 328,644 | 97% | Academy Sports, Carmike Cinema, HH Gregg, Kohl's (5), Marshalls, Michaels, Ross, Target (5) | ||||||||
Parkway Plaza Fort Oglethorpe, GA | 2015 | 100% | 134,047 | 134,047 | 97% | Hobby Lobby, Marshalls, Ross | ||||||||
The Pavilion at Port Orange (4) Port Orange, FL | 2010 | 50% | 320,727 | 275,625 | 99% | Belk, Hollywood Theaters, Marshalls, Michaels | ||||||||
The Promenade D'Iberville, MS | 2009/2014 | 85% | 593,007 | 376,047 | 99% | Ashley Home Furniture, Bed Bath & Beyond, Best Buy, Dick's Sporting Goods, Kohl's (5), Marshalls, Michaels, Ross, Target (5) | ||||||||
Statesboro Crossing Statesboro, GA | 2008/2015 | 50% | 146,981 | 146,981 | 99% | Hobby Lobby, T.J. Maxx | ||||||||
Total Community Centers | 2,716,723 | 2,317,660 | 98% |
(1) | Includes total square footage of the Anchors and Junior Anchors (whether owned or leased by the Anchor or Junior Anchor) and shops. Does not include future expansion areas. |
(2) | Includes leasable Anchors and Junior Anchors. |
(3) | Includes tenants paying rent as of December 31, 2016, including leased Anchors and Junior Anchors. |
(4) | This Property is owned in an unconsolidated joint venture. |
(5) | Owned by tenant. |
Year Ending December 31, | Number of Leases Expiring | Annualized Gross Rent (1) | GLA of Expiring Leases | Average Annualized Gross Rent Per Square Foot | Expiring Leases as % of Total Annualized Gross Rent (2) | Expiring Leases as a % of Total Leased GLA (3) | |||||||||||
2017 | 8 | $ | 431,000 | 21,000 | $ | 20.97 | 1.2% | 1.1% | |||||||||
2018 | 13 | 1,330,000 | 73,000 | 18.17 | 3.7% | 4.0% | |||||||||||
2019 | 36 | 6,442,000 | 302,000 | 21.30 | 17.8% | 16.5% | |||||||||||
2020 | 52 | 7,930,000 | 408,000 | 19.44 | 21.9% | 22.3% | |||||||||||
2021 | 25 | 3,000,000 | 155,000 | 19.32 | 8.3% | 8.5% | |||||||||||
2022 | 10 | 1,873,000 | 112,000 | 16.66 | 5.2% | 6.1% | |||||||||||
2023 | 18 | 2,260,000 | 121,000 | 18.79 | 6.2% | 6.6% | |||||||||||
2024 | 16 | 3,826,000 | 203,000 | 18.81 | 10.6% | 11.1% | |||||||||||
2025 | 21 | 3,495,000 | 191,000 | 18.32 | 9.7% | 10.4% | |||||||||||
2026 | 30 | 5,585,000 | 247,000 | 22.62 | 15.4% | 13.5% |
(1) | Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2016 for expiring leases that were executed as of December 31, 2016. |
(2) | Total annualized gross rent, including recoverable common area expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2016. |
(3) | Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2016. |
Office Building / Location | Year of Opening/ Most Recent Expansion | Company's Ownership | Total GLA (1) | Total Leasable GLA | Percentage GLA Occupied | |||||||
840 Greenbrier Circle Chesapeake, VA | 1983 | 100% | 50,820 | 50,820 | 82% | |||||||
850 Greenbrier Circle Chesapeake, VA | 1984 | 100% | 81,318 | 81,318 | 100% | |||||||
CBL Center Chattanooga, TN | 2001 | 92% | 130,658 | 130,658 | 100% | |||||||
CBL Center II Chattanooga, TN | 2008 | 92% | 72,848 | 72,848 | 100% | |||||||
One Oyster Point (2) Newport News, VA | 1984 | 100% | 36,275 | 36,275 | 73% | |||||||
Pearland Office Pearland, TX | 2009 | 100% | 65,967 | 65,967 | 96% | |||||||
Two Oyster Point (2) Newport News, VA | 1985 | 100% | 39,232 | 39,232 | 80% | |||||||
Total Office Buildings | 477,118 | 477,118 | 92% |
(1) | Includes total square footage of the offices. Does not include future expansion areas. |
(2) | Subsequent to December 31, 2016 this Property was sold. See Note 19 to the consolidated financial statements for additional information. |
Year Ending December 31, | Number of Leases Expiring | Annualized Gross Rent (1) | GLA of Expiring Leases | Average Annualized Gross Rent Per Square Foot | Expiring Leases as % of Total Annualized Gross Rent (2) | Expiring Leases as a % of Total Leased GLA (3) | |||||||||||
2017 | 7 | $ | 2,015,000 | 111,000 | $ | 18.15 | 30.7% | 33.2% | |||||||||
2018 | 9 | 1,457,000 | 75,000 | 19.31 | 22.2% | 22.6% | |||||||||||
2019 | 12 | 737,000 | 37,000 | 19.81 | 11.2% | 11.2% | |||||||||||
2020 | 9 | 834,000 | 42,000 | 19.87 | 12.7% | 12.6% | |||||||||||
2021 | 1 | 13,000 | 1,000 | 15.50 | 0.2% | 30.0% | |||||||||||
2022 | 2 | 99,000 | 5,000 | 21.59 | 1.5% | 1.4% | |||||||||||
2023 | — | — | — | — | —% | —% | |||||||||||
2024 | 1 | 150,000 | 13,000 | 12.00 | 2.3% | 3.8% | |||||||||||
2025 | 2 | 1,262,000 | 50,000 | 25.43 | 19.2% | 14.8% | |||||||||||
2026 | — | — | — | — | —% | —% |
(1) | Total annualized contractual gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2016 for expiring leases that were executed as of December 31, 2016. |
(2) | Total annualized contractual gross rent, including recoverable common area expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2016. |
(3) | Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2016. |
Property | Our Ownership Interest | Stated Interest Rate | Principal Balance as of 12/31/16 (1) | Annual Debt Service | Maturity Date | Optional Extended Maturity Date | Balloon Payment Due on Maturity | Open to Prepayment Date (2) | Footnote | ||||||||||||||||||
Consolidated Debt | |||||||||||||||||||||||||||
Malls: | |||||||||||||||||||||||||||
Acadiana Mall | 100% | 5.67 | % | $ | 125,829 | $ | 3,199 | Apr-17 | — | $ | 124,998 | Open | |||||||||||||||
Alamance Crossing | 100% | 5.83 | % | 47,160 | 3,589 | Jul-21 | — | 43,046 | Open | ||||||||||||||||||
Arbor Place | 100% | 5.10 | % | 113,574 | 7,948 | May-22 | — | 100,861 | Open | ||||||||||||||||||
Asheville Mall | 100% | 5.80 | % | 69,722 | 5,917 | Sep-21 | — | 60,190 | Open | ||||||||||||||||||
Burnsville Center | 100% | 6.00 | % | 71,785 | 6,417 | Jul-20 | — | 63,589 | Open | ||||||||||||||||||
Cary Towne Center | 100% | 4.00 | % | 46,716 | 1,869 | Mar-19 | Mar-21 | 46,716 | Open | (3) | |||||||||||||||||
Chesterfield Mall | 100% | 5.74 | % | 140,000 | 4,758 | Sep-16 | — | 140,000 | Open | (4) | |||||||||||||||||
Cross Creek Mall | 100% | 4.54 | % | 123,398 | 9,376 | Jan-22 | — | 51,130 | Open | ||||||||||||||||||
EastGate Mall | 100% | 5.83 | % | 37,123 | 3,613 | Apr-21 | — | 30,155 | Open | ||||||||||||||||||
Fayette Mall | 100% | 5.42 | % | 162,240 | 13,527 | May-21 | — | 139,177 | Open | ||||||||||||||||||
Greenbrier Mall | 100% | 5.00 | % | 70,801 | 3,540 | Dec-19 | Dec-20 | 64,801 | Open | (5) | |||||||||||||||||
Hamilton Place | 90% | 4.36 | % | 106,138 | 6,400 | Jun-26 | — | 85,846 | Jun-17 | ||||||||||||||||||
Hanes Mall | 100% | 6.99 | % | 146,268 | 13,080 | Oct-18 | — | 140,968 | Open | ||||||||||||||||||
Hickory Point Mall | 100% | 5.85 | % | 27,446 | 1,606 | Dec-18 | Dec-19 | 27,690 | Open | (6) | |||||||||||||||||
Honey Creek Mall | 100% | 8.00 | % | 26,700 | 3,373 | Jul-19 | — | 23,290 | Open | (7) | |||||||||||||||||
Jefferson Mall | 100% | 4.75 | % | 66,051 | 4,456 | Jun-22 | — | 58,176 | Open | ||||||||||||||||||
Kirkwood Mall | 100% | 5.75 | % | 37,984 | 2,885 | Apr-18 | 37,109 | Open | |||||||||||||||||||
Layton Hills Mall | 100% | 5.66 | % | 89,921 | 2,284 | Apr-17 | — | 89,327 | Open | (12) | |||||||||||||||||
Midland Mall | 100% | 6.10 | % | 31,953 | 1,544 | Aug-16 | — | 31,953 | Open | (4) | |||||||||||||||||
Northwoods Mall | 100% | 5.08 | % | 67,827 | 4,743 | Apr-22 | — | 60,292 | Open | ||||||||||||||||||
The Outlet Shoppes at Atlanta | 75% | 4.90 | % | 76,098 | 5,095 | Nov-23 | — | 65,036 | Open | ||||||||||||||||||
The Outlet Shoppes at Atlanta (Phase II) | 75% | 3.19 | % | 4,839 | 281 | Dec-19 | — | 4,454 | Open | (8) | (9) | ||||||||||||||||
The Outlet Shoppes at Atlanta (Ridgewalk) | 75% | 5.03 | % | 2,496 | 127 | Jun-17 | — | 2,456 | Open | (8) | |||||||||||||||||
The Outlet Shoppes at El Paso | 75% | 7.06 | % | 62,355 | 5,514 | Dec-17 | — | 61,265 | Open | ||||||||||||||||||
The Outlet Shoppes at El Paso (Phase II) | 75% | 3.37 | % | 6,745 | 380 | Apr-18 | — | 6,569 | Open | (8) | (10) | ||||||||||||||||
The Outlet Shoppes at Gettysburg | 50% | 4.80 | % | 38,450 | 1,963 | Oct-25 | — | 33,172 | Open | (11) | |||||||||||||||||
The Outlet Shoppes at Oklahoma City | 75% | 5.73 | % | 53,867 | 4,521 | Jan-22 | — | 45,428 | Open | ||||||||||||||||||
The Outlet Shoppes at Oklahoma City (Phase II) | 75% | 3.37 | % | 5,597 | 363 | Apr-19 | Apr-21 | 5,233 | Open | (8) | |||||||||||||||||
The Outlet Shoppes at Oklahoma City (Phase III) | 75% | 3.37 | % | 2,744 | 220 | Apr-19 | Apr-21 | 2,464 | Open | (8) | (10) | ||||||||||||||||
The Outlet Shoppes of the Bluegrass | 65% | 4.05 | % | 74,736 | 4,464 | Dec-24 | — | 61,830 | Jan-17 |
Property | Our Ownership Interest | Stated Interest Rate | Principal Balance as of 12/31/16 (1) | Annual Debt Service | Maturity Date | Optional Extended Maturity Date | Balloon Payment Due on Maturity | Open to Prepayment Date (2) | Footnote | ||||||||||||||||||
The Outlet Shoppes of the Bluegrass (Phase II) | 65% | 3.27 | % | 10,101 | 557 | Jul-20 | — | 9,261 | Open | (8) | (10) | ||||||||||||||||
Park Plaza | 100% | 5.28 | % | 86,737 | 7,165 | Apr-21 | — | 74,428 | Open | ||||||||||||||||||
Parkdale Mall & Crossing | 100% | 5.85 | % | 83,527 | 7,241 | Mar-21 | — | 72,447 | Open | ||||||||||||||||||
Parkway Place | 100% | 6.50 | % | 36,659 | 3,403 | Jul-20 | — | 32,661 | Open | ||||||||||||||||||
Southpark Mall | 100% | 4.85 | % | 62,246 | 4,240 | Jun-22 | — | 54,924 | Open | ||||||||||||||||||
Valley View Mall | 100% | 6.50 | % | 56,734 | 5,267 | Jul-20 | — | 50,547 | Open | ||||||||||||||||||
Volusia Mall | 100% | 8.00 | % | 45,929 | 5,802 | Jul-19 | — | 40,064 | Open | (7) | |||||||||||||||||
Wausau Center | 100% | 5.85 | % | 17,689 | 1,509 | Apr-21 | — | 15,100 | Open | (4) | |||||||||||||||||
WestGate Mall | 100% | 4.99 | % | 36,021 | 2,803 | Jul-22 | — | 29,670 | Open | ||||||||||||||||||
2,372,206 | 165,039 | 2,086,323 | |||||||||||||||||||||||||
Associated Centers: | |||||||||||||||||||||||||||
Hamilton Corner | 90% | 5.67 | % | 14,258 | 1,183 | Apr-17 | — | 14,164 | Open | (12) | |||||||||||||||||
Hamilton Crossing & Expansion | 92% | 5.99 | % | 9,368 | 819 | Apr-21 | — | 8,122 | Open | ||||||||||||||||||
The Plaza at Fayette | 100% | 5.67 | % | 37,146 | 944 | Apr-17 | — | 36,901 | Open | (12) | |||||||||||||||||
The Shoppes at St. Clair Square | 100% | 5.67 | % | 18,827 | 479 | Apr-17 | — | 18,702 | Open | (12) | |||||||||||||||||
The Terrace | 92% | 7.25 | % | 13,057 | 1,284 | Jun-20 | — | 11,755 | Open | ||||||||||||||||||
92,656 | 4,709 | 89,644 | |||||||||||||||||||||||||
Community Center: | |||||||||||||||||||||||||||
Statesboro Crossing | 50% | 2.57 | % | 10,962 | 221 | Jun-17 | Jun-18 | 11,024 | Open | (8) | |||||||||||||||||
Office Building: | |||||||||||||||||||||||||||
CBL Center | 92% | 5.00 | % | 19,170 | 1,651 | Jun-22 | — | 14,949 | Open | ||||||||||||||||||
Construction Loan: | |||||||||||||||||||||||||||
The Outlet Shoppes at Laredo | 65% | 3.12% | 39,263 | 1,224 | May-19 | May-21 | 25,443 | Open | (8) | (13) | |||||||||||||||||
Unsecured Credit Facilities: | |||||||||||||||||||||||||||
$500,000 capacity | 100% | 1.82 | % | — | — | Oct-19 | Oct-20 | — | Open | (8) | |||||||||||||||||
$500,000 capacity | 100% | 1.82 | % | 4,624 | 84 | Oct-20 | — | 4,624 | Open | (8) | |||||||||||||||||
$100,000 capacity | 100% | 1.82 | % | 1,400 | 25 | Oct-19 | Oct-20 | 1,400 | Open | (8) | |||||||||||||||||
6,024 | 109 | 6,024 | |||||||||||||||||||||||||
Unsecured Term Loans: | |||||||||||||||||||||||||||
$400,000 capacity | 100% | 2.12 | % | 400,000 | 8,467 | Jul-18 | — | 400,000 | Open | (8) | |||||||||||||||||
$350,000 capacity | 100% | 1.94 | % | 350,000 | 6,797 | Oct-17 | Oct-19 | 350,000 | Open | (8) | |||||||||||||||||
$50,000 capacity | 100% | 2.17 | % | 50,000 | 1,083 | Feb-18 | — | 50,000 | Open | (8) | |||||||||||||||||
800,000 | 16,347 | 800,000 | |||||||||||||||||||||||||
Senior Unsecured Notes: | |||||||||||||||||||||||||||
5.25% notes | 100% | 5.25 | % | 450,000 | 23,625 | Dec-23 | — | 450,000 | Open | ||||||||||||||||||
4.60% notes | 100% | 4.60 | % | 300,000 | 13,800 | Oct-24 | — | 300,000 | Open |
Property | Our Ownership Interest | Stated Interest Rate | Principal Balance as of 12/31/16 (1) | Annual Debt Service | Maturity Date | Optional Extended Maturity Date | Balloon Payment Due on Maturity | Open to Prepayment Date (2) | Footnote | ||||||||||||||||||
5.95% notes | 100% | 5.95 | % | 400,000 | 23,800 | Dec-26 | — | 400,000 | Open | ||||||||||||||||||
1,150,000 | 61,225 | 1,150,000 | |||||||||||||||||||||||||
Unamortized Premiums and Discounts, net | (7,132 | ) | — | — | (14) | ||||||||||||||||||||||
Total Consolidated Debt | $ | 4,483,149 | $ | 250,525 | $ | 4,183,407 | |||||||||||||||||||||
Unconsolidated Debt: | |||||||||||||||||||||||||||
Ambassador Town Center | 65 | % | 3.22 | % | $ | 47,197 | $ | 2,479 | Jun-23 | $ | 38,866 | Open | (15) | ||||||||||||||
Ambassador Town Center Infrastructure Improvements | 65 | % | 2.62 | % | 11,700 | 1,014 | Dec-17 | Dec-19 | 11,035 | Open | (8) | (16) | |||||||||||||||
Coastal Grand | 50 | % | 4.09 | % | 115,199 | 6,958 | Aug-24 | — | 95,230 | Open | |||||||||||||||||
Coastal Grand Outparcel | 50 | % | 4.09 | % | 5,559 | 336 | Aug-24 | — | 4,595 | Open | |||||||||||||||||
CoolSprings Galleria | 50 | % | 6.98 | % | 101,075 | 9,445 | Jun-18 | — | 97,506 | Open | |||||||||||||||||
Fremaux Town Center (Phase I) | 65 | % | 3.70 | % | 72,126 | 4,427 | Jun-26 | — | 52,130 | Jun-19 | |||||||||||||||||
Friendly Shopping Center | 50 | % | 3.48 | % | 98,724 | 5,375 | Apr-23 | — | 82,392 | Open | |||||||||||||||||
Gulf Coast Town Center (Phase III) | 50 | % | 2.75 | % | 4,451 | 387 | Jul-17 | — | 4,118 | Open | (8) | ||||||||||||||||
Hammock Landing (Phase I) | 50 | % | 2.62 | % | 42,847 | 1,736 | Feb-18 | Feb -19 | 42,147 | Open | (8) | ||||||||||||||||
Hammock Landing (Phase II) | 50 | % | 2.62 | % | 16,557 | 676 | Feb-18 | Feb-19 | 16,277 | Open | (8) | ||||||||||||||||
Oak Park Mall | 50 | % | 3.97 | % | 276,000 | 11,357 | Oct-25 | — | 232,004 | Oct-18 | (17) | ||||||||||||||||
The Pavilion at Port Orange | 50 | % | 2.62 | % | 57,927 | 2,346 | Feb-18 | Feb-19 | 56,947 | Open | (8) | ||||||||||||||||
The Shops at Friendly Center | 50 | % | 3.34 | % | 60,000 | 1,837 | Apr-23 | — | 60,000 | Feb-19 | |||||||||||||||||
Triangle Town Center | 10 | % | 5.74 | % | 141,126 | 9,816 | Dec-18 | Dec-20 | 108,673 | Open | (18) | ||||||||||||||||
West County Center | 50 | % | 3.40 | % | 186,400 | 10,111 | Dec-22 | — | 162,270 | Open | |||||||||||||||||
York Town Center | 50 | % | 4.90 | % | 33,822 | 2,657 | Feb-22 | — | 28,293 | Open | |||||||||||||||||
York Town Center - Pier 1 | 50 | % | 3.38 | % | 1,343 | 92 | Feb-22 | — | 1,088 | Open | (8) | ||||||||||||||||
Total Unconsolidated Debt | $ | 1,272,053 | $ | 71,049 | $ | 1,093,571 | |||||||||||||||||||||
Total Consolidated and Unconsolidated Debt | $ | 5,755,202 | $ | 321,574 | $ | 5,276,978 | |||||||||||||||||||||
Company's Pro-Rata Share of Total Debt | $ | 4,969,808 | $ | 298,612 | (19) |
(1) | The amount listed includes 100% of the loan amount even though the Operating Partnership may have less than a 100% ownership interest in the Property. |
(2) | Prepayment premium is based on yield maintenance or defeasance. |
(3) | Cary Towne Center - Payments are interest-only through the maturity date. The original maturity date is contingent on the Company's redevelopment plans. The loan has one two-year extension option, which is at the Company's option and contingent on the Company having met specified redevelopment criteria. |
(4) | Chesterfield Mall, Midland Mall, and Wausau Center - The loans secured by these malls are in default and receivership as of December 31, 2016. Subsequent to December 31, 2016, foreclosure was complete and Midland Mall was returned to the lender. We expect the foreclosure process to be complete on the other two malls in early 2017. See Note 6 and Note 19 to the consolidated financial statements for more information. |
(5) | Greenbrier Mall - Payments are interest-only through December 2017. The interest rate will increase to 5.4075% on January 1, 2018 and thereafter require monthly principal payments of $225 and $300 in 2018 and 2019, respectively, in addition to interest. The loan has a one-year extension option, at our election, which is contingent on the mall meeting specified debt service and operational metrics. If the loan is extended, monthly principal payments of $325 will be required in 2020 in addition to interest. |
(6) | Hickory Point Mall - The loan was modified in the second quarter of 2016 to eliminate future amortization payments. |
(7) | The mortgages on Honey Creek Mall and Volusia Mall are cross-collateralized and cross-defaulted. |
(8) | The interest rate is variable at various spreads over LIBOR priced at the rates in effect at December 31, 2016. The debt is prepayable at any time without prepayment penalty. |
(9) | The Outlet Shoppes at Atlanta (Phase II) - The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt and operational metrics are met. The Operating Partnership owns less than 100% of the Property but guarantees 100% of the debt. |
(10) | The Operating Partnership owns less than 100% of the Property but guarantees 100% of the debt. |
(11) | The Outlet Shoppes at Gettysburg - The loan is interest only through September 2017. Thereafter, debt service will be $2,422 in annual principal payments plus interest. |
(12) | The loan on this Property was retired subsequent to December 31, 2016. See Note 19 to the consolidated financial statements for more information. |
(13) | The Outlet Shoppes at Laredo - The interest rate will be reduced to LIBOR plus 2.25% once the development is complete and certain debt and operational metrics are met. The loan has one 24-month extension option, which is at the joint venture's election, subject to continued compliance with the terms of the loan agreement. The Operating Partnership owns less than 100% of the Property but guarantees 100% of the debt. |
(14) | Represents bond discounts as well as net premiums related to debt assumed to acquire real estate assets, which had stated interest rates that were above or below the estimated market rates for similar debt instruments at the respective acquisition dates. |
(15) | Ambassador Town Center - The debt is prepayable at any time without prepayment penalty. The unconsolidated affiliate has an interest rate swap on a notional amount of $47,197, amortizing to $38,866 over the term of the swap, to effectively fix the interest rate on the variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. The swap terminates in June 2023. |
(16) | Ambassador Town Center Infrastructure Improvements - The Operating Partnership owns less than 100% of the Property but guarantees 100% of the debt. The guaranty will be reduced to 50% on March 1st of such year as payment-in-lieu of taxes ("PILOT") payments received and attributed to the prior calendar year by Ambassador Infrastructure and delivered to the lender are $1,200 or more, provided no event of default exists. The guaranty will be reduced to 20% when the PILOT payments are $1,400 or more, provided no event of default exists. |
(17) | Oak Park Mall - The loan is interest only through November 2017. Thereafter, debt service will be $15,755 in annual principal payments plus interest. |
(18) | Triangle Town Center - The fixed-rate loan is 4.00% interest-only payments through the initial maturity date. The unconsolidated affiliate, in which we have a 10% ownership interest, and its third party partner have the option to exercise two one-year extension options, subject to continued compliance with the terms of the loan agreement. Under the terms of the loan agreement, the joint venture must pay the lender $5,000 to reduce the principal balance of the loan and an extension fee of 0.50% of the remaining outstanding loan balance if it exercises the first extension. If the joint venture elects to exercise the second extension, it must pay the lender $8,000 to reduce the principal balance of the loan and an extension fee of 0.75% of the remaining outstanding principal loan balance. Additionally, the interest rate would increase to 5.737% during the extension period. |
(19) | Represents the Company's pro rata share of debt, including our share of unconsolidated affiliates' debt and excluding noncontrolling interests' share of consolidated debt on shopping center Properties. |
Total consolidated debt | $ | 4,483,149 | |
Noncontrolling interests' share of consolidated debt | (116,666 | ) | |
Company's share of unconsolidated debt | 603,325 | ||
Unamortized deferred financing costs | (19,716 | ) | |
Company's pro rata share of total debt | $ | 4,950,092 |
Market Price | ||||||||||||
Quarter Ended | High | Low | Dividend | |||||||||
2016 | ||||||||||||
March 31 | $ | 12.74 | $ | 9.40 | $ | 0.265 | ||||||
June 30 | $ | 12.28 | $ | 9.10 | $ | 0.265 | ||||||
September 30 | $ | 14.29 | $ | 9.73 | $ | 0.265 | ||||||
December 31 | $ | 12.28 | $ | 10.36 | $ | 0.265 | ||||||
2015 | ||||||||||||
March 31 | $ | 21.36 | $ | 18.72 | $ | 0.265 | ||||||
June 30 | $ | 19.98 | $ | 15.92 | $ | 0.265 | ||||||
September 30 | $ | 16.61 | $ | 13.65 | $ | 0.265 | ||||||
December 31 | $ | 15.59 | $ | 12.06 | $ | 0.265 |
Period | Total Number of Shares Purchased (1) (2) | Average Price Paid per Share (3) | Total Number of Shares Purchased as Part of a Publicly Announced Plan (2) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan (2) | ||||||||||
Oct. 1–31, 2016 | 897 | $ | 11.94 | — | $ | — | ||||||||
Nov. 1–30, 2016 | — | — | — | — | ||||||||||
Dec. 1–31, 2016 | — | — | — | — | ||||||||||
Total | 897 | $ | 11.94 | — | $ | — |
(1) | Represents shares surrendered to the Company by employees to satisfy federal and state income tax requirements related to the vesting of shares of restricted stock. |
(2) | Does not include any activity under the $200 million common stock repurchase program approved by the Company's Board of Directors in July 2015, pursuant to which no shares were repurchased during the quarter. This program expired in August 2016. |
(3) | Represents the market value of the common stock on the vesting date for the shares of restricted stock, which was used to determine the number of shares required to be surrendered to satisfy income tax withholding requirements. |
Year Ended December 31, (1) | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Total revenues | $ | 1,028,257 | $ | 1,055,018 | $ | 1,060,739 | $ | 1,053,625 | $ | 1,002,843 | |||||||||
Total operating expenses | 774,629 | 777,434 | 685,596 | 722,860 | 632,922 | ||||||||||||||
Income from operations | 253,628 | 277,584 | 375,143 | 330,765 | 369,921 | ||||||||||||||
Interest and other income | 1,524 | 6,467 | 14,121 | 10,825 | 3,953 | ||||||||||||||
Interest expense | (216,318 | ) | (229,343 | ) | (239,824 | ) | (231,856 | ) | (242,357 | ) | |||||||||
Gain (loss) on extinguishment of debt | — | 256 | 87,893 | (9,108 | ) | 265 | |||||||||||||
Gain on investments | 7,534 | 16,560 | — | 2,400 | 45,072 | ||||||||||||||
Income tax (provision) benefit | 2,063 | (2,941 | ) | (4,499 | ) | (1,305 | ) | (1,404 | ) | ||||||||||
Equity in earnings of unconsolidated affiliates | 117,533 | 18,200 | 14,803 | 11,616 | 8,313 | ||||||||||||||
Income from continuing operations before gain on sales of real estate assets | 165,964 | 86,783 | 247,637 | 113,337 | 183,763 | ||||||||||||||
Gain on sales of real estate assets | 29,567 | 32,232 | 5,342 | 1,980 | 2,286 | ||||||||||||||
Income from continuing operations | 195,531 | 119,015 | 252,979 | 115,317 | 186,049 | ||||||||||||||
Discontinued operations | — | — | 54 | (4,947 | ) | (11,530 | ) | ||||||||||||
Net income | 195,531 | 119,015 | 253,033 | 110,370 | 174,519 | ||||||||||||||
Net income attributable to noncontrolling interests in: | |||||||||||||||||||
Operating Partnership | (21,537 | ) | (10,171 | ) | (30,106 | ) | (7,125 | ) | (19,267 | ) | |||||||||
Other consolidated subsidiaries | (1,112 | ) | (5,473 | ) | (3,777 | ) | (18,041 | ) | (23,652 | ) | |||||||||
Net income attributable to the Company | 172,882 | 103,371 | 219,150 | 85,204 | 131,600 | ||||||||||||||
Preferred dividends | (44,892 | ) | (44,892 | ) | (44,892 | ) | (44,892 | ) | (47,511 | ) | |||||||||
Net income available to common shareholders | $ | 127,990 | $ | 58,479 | $ | 174,258 | $ | 40,312 | $ | 84,089 | |||||||||
Basic per share data attributable to common shareholders: | |||||||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.75 | $ | 0.34 | $ | 1.02 | $ | 0.27 | $ | 0.60 | |||||||||
Net income attributable to common shareholders | $ | 0.75 | $ | 0.34 | $ | 1.02 | $ | 0.24 | $ | 0.54 | |||||||||
Weighted-average common shares outstanding | 170,762 | 170,476 | 170,247 | 167,027 | 154,762 | ||||||||||||||
Diluted per share data attributable to common shareholders: | |||||||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.75 | $ | 0.34 | $ | 1.02 | $ | 0.27 | $ | 0.60 | |||||||||
Net income attributable to common shareholders | $ | 0.75 | $ | 0.34 | $ | 1.02 | $ | 0.24 | $ | 0.54 | |||||||||
Weighted-average common and potential dilutive common shares outstanding | 170,836 | 170,499 | 170,247 | 167,027 | 154,807 | ||||||||||||||
Amounts attributable to common shareholders: | |||||||||||||||||||
Income from continuing operations, net of preferred dividends | $ | 127,990 | $ | 58,479 | $ | 174,212 | $ | 44,515 | $ | 93,469 | |||||||||
Discontinued operations | — | — | 46 | (4,203 | ) | (9,380 | ) | ||||||||||||
Net income attributable to common shareholders | $ | 127,990 | $ | 58,479 | $ | 174,258 | $ | 40,312 | $ | 84,089 | |||||||||
Dividends declared per common share | $ | 1.060 | $ | 1.060 | $ | 1.000 | $ | 0.935 | $ | 0.880 |
December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
BALANCE SHEET DATA: | |||||||||||||||||||
Net investment in real estate assets | $ | 5,520,539 | $ | 5,857,953 | $ | 5,947,175 | $ | 6,067,157 | $ | 6,328,982 | |||||||||
Total assets | 6,104,640 | 6,479,991 | 6,599,172 | 6,769,687 | 7,077,188 | ||||||||||||||
Total mortgage and other indebtedness, net | 4,465,294 | 4,710,628 | 4,683,333 | 4,841,239 | 4,733,135 | ||||||||||||||
Redeemable noncontrolling interests | 17,996 | 25,330 | 37,559 | 34,639 | 464,082 | ||||||||||||||
Total shareholders' equity | 1,228,714 | 1,284,970 | 1,406,552 | 1,404,913 | 1,328,693 | ||||||||||||||
Noncontrolling interests | 112,138 | 114,629 | 143,376 | 155,021 | 192,404 | ||||||||||||||
Total equity | 1,340,852 | 1,399,599 | 1,549,928 | 1,559,934 | 1,521,097 |
Year Ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
OTHER DATA: | |||||||||||||||||||
Cash flows provided by (used in): | |||||||||||||||||||
Operating activities | $ | 468,579 | $ | 495,015 | $ | 468,061 | $ | 464,751 | $ | 481,515 | |||||||||
Investing activities | (1,446 | ) | (259,815 | ) | (234,855 | ) | (125,693 | ) | (246,670 | ) | |||||||||
Financing activities | (485,074 | ) | (236,246 | ) | (260,768 | ) | (351,806 | ) | (212,689 | ) | |||||||||
FFO allocable to Operating Partnership common unitholders (2) | 538,198 | 481,068 | 545,514 | 437,451 | 458,159 | ||||||||||||||
FFO allocable to common shareholders | 460,052 | 410,592 | 465,160 | 371,702 | 372,758 |
(1) |
(2) | Please refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations for the definition of FFO, which does not represent cash flows from operations as defined by accounting principles generally accepted in the United States and is not necessarily indicative of the cash available to fund all cash requirements. A reconciliation of net income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders is presented on page 78. |
Year Ended December 31, (1) | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Total revenues | $ | 1,028,257 | $ | 1,055,018 | $ | 1,060,739 | $ | 1,053,625 | $ | 1,002,843 | |||||||||
Total operating expenses | 774,629 | 777,434 | 685,596 | 722,860 | 632,922 | ||||||||||||||
Income from operations | 253,628 | 277,584 | 375,143 | 330,765 | 369,921 | ||||||||||||||
Interest and other income | 1,524 | 6,467 | 14,121 | 10,825 | 3,953 | ||||||||||||||
Interest expense | (216,318 | ) | (229,343 | ) | (239,824 | ) | (231,856 | ) | (242,357 | ) | |||||||||
Gain (loss) on extinguishment of debt | — | 256 | 87,893 | (9,108 | ) | 265 | |||||||||||||
Gain on investments | 7,534 | 16,560 | — | 2,400 | 45,072 | ||||||||||||||
Income tax (provision) benefit | 2,063 | (2,941 | ) | (4,499 | ) | (1,305 | ) | (1,404 | ) | ||||||||||
Equity in earnings of unconsolidated affiliates | 117,533 | 18,200 | 14,803 | 11,616 | 8,313 | ||||||||||||||
Income from continuing operations before gain on sales of real estate assets | 165,964 | 86,783 | 247,637 | 113,337 | 183,763 | ||||||||||||||
Gain on sales of real estate assets | 29,567 | 32,232 | 5,342 | 1,980 | 2,286 | ||||||||||||||
Income from continuing operations | 195,531 | 119,015 | 252,979 | 115,317 | 186,049 | ||||||||||||||
Discontinued operations | — | — | 54 | (4,947 | ) | (11,530 | ) | ||||||||||||
Net income | 195,531 | 119,015 | 253,033 | 110,370 | 174,519 | ||||||||||||||
Net income attributable to noncontrolling interests | (1,112 | ) | (5,473 | ) | (3,777 | ) | (18,041 | ) | (23,652 | ) | |||||||||
Net income attributable to the Operating Partnership | 194,419 | 113,542 | 249,256 | 92,329 | 150,867 | ||||||||||||||
Distributions to preferred unitholders | (44,892 | ) | (44,892 | ) | (44,892 | ) | (44,892 | ) | (47,511 | ) | |||||||||
Net income available to common unitholders | $ | 149,527 | $ | 68,650 | $ | 204,364 | $ | 47,437 | $ | 103,356 | |||||||||
Basic per unit data attributable to common unitholders: | |||||||||||||||||||
Income from continuing operations, net of preferred distributions | $ | 0.75 | $ | 0.34 | $ | 1.02 | $ | 0.26 | $ | 0.59 | |||||||||
Net income attributable to common unitholders | $ | 0.75 | $ | 0.34 | $ | 1.02 | $ | 0.24 | $ | 0.54 | |||||||||
Weighted-average common units outstanding | 199,764 | 199,734 | 199,660 | 196,572 | 190,223 | ||||||||||||||
Diluted per unit data attributable to common unitholders: | |||||||||||||||||||
Income from continuing operations, net of preferred distributions | $ | 0.75 | $ | 0.34 | $ | 1.02 | $ | 0.26 | $ | 0.59 | |||||||||
Net income attributable to common unitholders | $ | 0.75 | $ | 0.34 | $ | 1.02 | $ | 0.24 | $ | 0.54 | |||||||||
Weighted-average common and potential dilutive common units outstanding | 199,838 | 199,757 | 199,660 | 196,572 | 190,268 |
Year Ended December 31, (1) | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Amounts attributable to common unitholders: | |||||||||||||||||||
Income from continuing operations, net of preferred distributions | $ | 149,527 | $ | 68,650 | $ | 204,318 | $ | 51,640 | $ | 112,736 | |||||||||
Discontinued operations | — | — | 46 | (4,203 | ) | (9,380 | ) | ||||||||||||
Net income attributable to common unitholders | $ | 149,527 | $ | 68,650 | $ | 204,364 | $ | 47,437 | $ | 103,356 | |||||||||
Distributions per unit | $ | 1.09 | $ | 1.09 | $ | 1.03 | $ | 0.97 | $ | 0.92 |
December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
BALANCE SHEET DATA: | |||||||||||||||||||
Net investment in real estate assets | $ | 5,520,539 | $ | 5,857,953 | $ | 5,947,175 | $ | 6,067,157 | $ | 6,328,982 | |||||||||
Total assets | 6,104,997 | 6,480,430 | 6,599,600 | 6,770,109 | 7,077,677 | ||||||||||||||
Total mortgage and other indebtedness, net | 4,465,294 | 4,710,628 | 4,683,333 | 4,841,239 | 4,733,135 | ||||||||||||||
Redeemable interests | 17,996 | 25,330 | 37,559 | 34,639 | 464,082 | ||||||||||||||
Total partners' capital | 1,329,076 | 1,395,162 | 1,541,533 | 1,541,176 | 1,458,164 | ||||||||||||||
Noncontrolling interests | 12,103 | 4,876 | 8,908 | 19,179 | 63,496 | ||||||||||||||
Total capital | 1,341,179 | 1,400,038 | 1,550,441 | 1,560,355 | 1,521,660 |
Year Ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
OTHER DATA: | |||||||||||||||||||
Cash flows provided by (used in): | |||||||||||||||||||
Operating activities | $ | 468,577 | $ | 495,022 | $ | 468,063 | $ | 464,741 | $ | 481,181 | |||||||||
Investing activities | (1,446 | ) | (259,815 | ) | (234,855 | ) | (125,693 | ) | (246,683 | ) | |||||||||
Financing activities | (485,075 | ) | (236,246 | ) | (260,768 | ) | (351,806 | ) | (212,331 | ) |
(1) |
Property | Location | Date Opened/Acquired | ||
New Developments: | ||||
Parkway Plaza | Fort Oglethorpe, GA | March 2015 | ||
Ambassador Town Center (1) | Lafayette, LA | April 2016 | ||
Acquisition: | ||||
Mayfaire Town Center | Wilmington, NC | June 2015 |
(1) | Ambassador Town Center is a 65/35 joint venture that is accounted for using the equity method of accounting and is included in equity in earnings of unconsolidated affiliates in the accompanying consolidated statements of operations. |
Property | Location | Date Opened/Acquired | ||
New Developments: | ||||
Fremaux Town Center (1) | Slidell, LA | March 2014 | ||
The Outlet Shoppes of the Bluegrass (2) | Simpsonville, KY | July 2014 | ||
Parkway Plaza | Fort Oglethorpe, GA | March 2015 | ||
Acquisition: | ||||
Mayfaire Town Center | Wilmington, NC | June 2015 |
(1) | Fremaux Town Center is a 65/35 joint venture that is accounted for using the equity method of accounting and is included in equity in earnings of unconsolidated affiliates in the accompanying consolidated statements of operations. |
(2) | The Outlet Shoppes of the Bluegrass is a 65/35 joint venture, which is included in the accompanying consolidated statements of operations on a consolidated basis. |
Year Ended December 31, | |||||||
2016 | 2015 | ||||||
Net income | $ | 195,531 | $ | 119,015 | |||
Adjustments: (1) | |||||||
Depreciation and amortization | 322,539 | 330,500 | |||||
Interest expense | 235,586 | 258,047 | |||||
Abandoned projects expense | 56 | 2,373 | |||||
Gain on sales of real estate assets | (126,997 | ) | (34,240 | ) | |||
(Gain) loss on extinguishment of debt | 197 | (256 | ) | ||||
Gain on investments | (7,534 | ) | (16,560 | ) | |||
Loss on impairment | 116,822 | 105,945 | |||||
Income tax provision (benefit) | (2,063 | ) | 2,941 | ||||
Lease termination fees | (2,211 | ) | (4,660 | ) | |||
Straight-line rent and above- and below-market rent | (2,081 | ) | (7,403 | ) | |||
Net income attributable to noncontrolling interests in other consolidated subsidiaries | (1,112 | ) | (5,473 | ) | |||
General and administrative expenses | 63,332 | 62,118 | |||||
Management fees and non-property level revenues | (17,026 | ) | (24,958 | ) | |||
Operating Partnership's share of property NOI | 775,039 | 787,389 | |||||
Non-comparable NOI | (58,967 | ) | (87,716 | ) | |||
Total same-center NOI | $ | 716,072 | $ | 699,673 |
(1) | Adjustments are based on our Operating Partnership's pro rata ownership share, including our share of unconsolidated affiliates and excluding noncontrolling interests' share of consolidated Properties. |
Year Ended December 31, | |||
2016 | 2015 | ||
Malls | 90.3% | 89.5% | |
Associated centers | 3.8% | 3.8% | |
Community centers | 1.7% | 1.9% | |
Mortgages, office buildings and other | 4.2% | 4.8% |
Year Ended December 31, | |||||
2016 | 2015 | % Change | |||
Stabilized Mall same-center sales per square foot | $376 | $382 | (1.6)% |
As of December 31, | |||
2016 | 2015 | ||
Total portfolio | 94.8% | 93.6% | |
Total Mall portfolio | 94.1% | 93.1% | |
Same-center Malls | 94.2% | 93.7% | |
Stabilized Malls | 94.2% | 93.3% | |
Non-stabilized Malls (2) | 92.8% | 91.3% | |
Associated centers | 96.9% | 94.6% | |
Community centers | 98.2% | 97.1% |
(1) | As noted in Item 2. Properties, excluded Properties are not included in occupancy metrics. |
(2) | Represents occupancy for The Outlet Shoppes of the Bluegrass and The Outlet Shoppes at Atlanta as of December 31, 2016 and occupancy for Fremaux Town Center, The Outlet Shoppes of the Bluegrass, and The Outlet Shoppes at Atlanta as of December 31, 2015. |
Year Ended December 31, | |||||
2016 | 2015 | ||||
Operating portfolio: | |||||
New leases | 1,412,130 | 1,728,843 | |||
Renewal leases | 2,323,516 | 2,840,544 | |||
Development portfolio: | |||||
New leases | 563,196 | 372,063 | |||
Total leased | 4,298,842 | 4,941,450 |
December 31, | |||||||
2016 | 2015 | ||||||
Same-center Stabilized Malls | $ | 32.82 | $ | 32.15 | |||
Stabilized Malls | 32.96 | 31.47 | |||||
Non-stabilized Malls (2) | 26.60 | 25.69 | |||||
Associated centers | 13.90 | 13.95 | |||||
Community centers | 16.10 | 16.15 | |||||
Office buildings | 18.69 | 19.51 |
(1) | As noted in Item 2. Properties, excluded Properties are not included in base rent. Average base rents for associated centers, community centers and office buildings include all leased space, regardless of size. |
(2) | Represents average annual base rents for Fremaux Town Center, The Outlet Shoppes of the Bluegrass and The Outlet Shoppes at Atlanta as of December 31, 2016 and average annual base rents for Fremaux Town Center, The Outlet Shoppes of the Bluegrass, and The Outlet Shoppes at Atlanta as of December 31, 2015. |
Property Type | Square Feet | Prior Gross Rent PSF | New Initial Gross Rent PSF | % Change Initial | New Average Gross Rent PSF (2) | % Change Average | |||||||||||||
All Property Types (1) | 1,852,025 | $ | 41.21 | $ | 42.93 | 4.2% | $ | 44.30 | 7.5% | ||||||||||
Stabilized Malls | 1,727,723 | 42.33 | 44.14 | 4.3% | 45.56 | 7.6% | |||||||||||||
New leases | 444,841 | 39.60 | 47.95 | 21.1% | 50.75 | 28.2% | |||||||||||||
Renewal leases | 1,282,882 | 43.27 | 42.82 | (1)% | 43.77 | 1.2% |
(1) | Includes Stabilized Malls, associated centers, community centers and other. |
(2) | Average gross rent does not incorporate allowable future increases for recoverable common area expenses. |
Number of Leases | Square Feet | Term (in years) | Initial Rent PSF | Average Rent PSF | Expiring Rent PSF | Initial Rent Spread | Average Rent Spread | ||||||||||||||||||||||||||
Commencement 2016: | |||||||||||||||||||||||||||||||||
New | 190 | 523,318 | 8.45 | $ | 47.25 | $ | 49.91 | $ | 39.74 | $ | 7.51 | 18.9% | $ | 10.17 | 25.6% | ||||||||||||||||||
Renewal | 542 | 1,435,842 | 3.84 | 44.02 | 44.98 | 43.80 | 0.22 | 0.5% | 1.18 | 2.7% | |||||||||||||||||||||||
Commencement 2016 Total | 732 | 1,959,160 | 5.04 | $ | 44.89 | $ | 46.29 | $ | 42.72 | $ | 2.17 | 5.1% | $ | 3.57 | 8.4% | ||||||||||||||||||
Commencement 2017: | |||||||||||||||||||||||||||||||||
New | 49 | 135,628 | 8.73 | $ | 52.86 | $ | 55.99 | $ | 41.57 | $ | 11.29 | 27.2% | $ | 14.42 | 34.7% | ||||||||||||||||||
Renewal | 151 | 409,562 | 3.81 | 37.72 | 38.38 | 37.85 | (0.13 | ) | (0.3)% | 0.53 | 1.4% | ||||||||||||||||||||||
Commencement 2017 Total | 200 | 545,190 | 5.01 | $ | 41.49 | $ | 42.76 | $ | 38.77 | $ | 2.72 | 7.0% | $ | 3.99 | 10.3% | ||||||||||||||||||
Total 2016/2017 | 932 | 2,504,350 | 5.03 | $ | 44.15 | $ | 45.52 | $ | 41.86 | $ | 2.29 | 5.5% | $ | 3.66 | 8.7% |
Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2016 | 2015 | Change | 2015 | 2014 | Change | ||||||||||||||||||
Net cash provided by operating activities | $ | 468,579 | $ | 495,015 | $ | (26,436 | ) | $ | 495,015 | $ | 468,061 | $ | 26,954 | ||||||||||
Net cash used in investing activities | (1,446 | ) | (259,815 | ) | 258,369 | (259,815 | ) | (234,855 | ) | (24,960 | ) | ||||||||||||
Net cash used in financing activities | (485,074 | ) | (236,246 | ) | (248,828 | ) | (236,246 | ) | (260,768 | ) | 24,522 | ||||||||||||
Net cash flows | $ | (17,941 | ) | $ | (1,046 | ) | $ | (16,895 | ) | $ | (1,046 | ) | $ | (27,562 | ) | $ | 26,516 |
December 31, 2016: | Consolidated | Noncontrolling Interests | Unconsolidated Affiliates | Total | Weighted- Average Interest Rate (1) | ||||||||||||
Fixed-rate debt: | |||||||||||||||||
Non-recourse loans on operating Properties | $ | 2,453,628 | $ | (109,162 | ) | $ | 530,062 | $ | 2,874,528 | 5.29% | |||||||
Senior unsecured notes due 2023 (2) | 446,552 | — | — | 446,552 | 5.25% | ||||||||||||
Senior unsecured notes due 2024 (3) | 299,939 | — | — | 299,939 | 4.60% | ||||||||||||
Senior unsecured notes due 2026 (4) | 394,260 | — | — | 394,260 | 5.95% | ||||||||||||
Total fixed-rate debt | 3,594,379 | (109,162 | ) | 530,062 | 4,015,279 | 5.30% | |||||||||||
Variable-rate debt: | |||||||||||||||||
Non-recourse term loans on operating Properties | 19,055 | (7,504 | ) | 2,226 | 13,777 | 3.18% | |||||||||||
Recourse term loans on operating Properties | 24,428 | — | 71,037 | 95,465 | 2.80% | ||||||||||||
Construction loan (5) | 39,263 | — | — | 39,263 | 3.12% | ||||||||||||
Unsecured lines of credit | 6,024 | — | — | 6,024 | 1.82% | ||||||||||||
Unsecured term loans | 800,000 | — | — | 800,000 | 2.04% | ||||||||||||
Total variable-rate debt | 888,770 | (7,504 | ) | 73,263 | 954,529 | 2.18% | |||||||||||
Total fixed-rate and variable-rate debt | 4,483,149 | (116,666 | ) | 603,325 | 4,969,808 | 4.70% | |||||||||||
Unamortized deferred financing costs | (17,855 | ) | 945 | (2,806 | ) | (19,716 | ) | ||||||||||
Total mortgage and other indebtedness, net | $ | 4,465,294 | $ | (115,721 | ) | $ | 600,519 | $ | 4,950,092 |
December 31, 2015: | Consolidated | Noncontrolling Interests | Unconsolidated Affiliates | Total | Weighted- Average Interest Rate (1) | ||||||||||||
Fixed-rate debt: | |||||||||||||||||
Non-recourse loans on operating Properties (6) | $ | 2,736,538 | $ | (110,411 | ) | $ | 664,249 | $ | 3,290,376 | 5.51% | |||||||
Senior unsecured notes due 2023 (2) | 446,151 | — | — | 446,151 | 5.25% | ||||||||||||
Senior unsecured notes due 2024 (3) | 299,933 | — | — | 299,933 | 4.60% | ||||||||||||
Other | 2,686 | (1,343 | ) | — | 1,343 | 3.50% | |||||||||||
Total fixed-rate debt | 3,485,308 | (111,754 | ) | 664,249 | 4,037,803 | 5.41% | |||||||||||
Variable-rate debt: | |||||||||||||||||
Non-recourse loans on operating Properties | 16,840 | (6,981 | ) | 2,546 | 12,405 | 2.55% | |||||||||||
Recourse term loans on operating Properties | 25,635 | — | 102,377 | 128,012 | 2.51% | ||||||||||||
Construction loans | — | — | 30,047 | 30,047 | 2.12% | ||||||||||||
Unsecured lines of credit | 398,904 | — | — | 398,904 | 1.54% | ||||||||||||
Unsecured term loans | 800,000 | — | — | 800,000 | 1.82% | ||||||||||||
Total variable-rate debt | 1,241,379 | (6,981 | ) | 134,970 | 1,369,368 | 1.81% | |||||||||||
Total fixed-rate and variable-rate debt | 4,726,687 | (118,735 | ) | 799,219 | 5,407,171 | 4.50% | |||||||||||
Unamortized deferred financing costs | (16,059 | ) | 855 | (1,486 | ) | (16,690 | ) | ||||||||||
Total mortgage and other indebtedness, net | $ | 4,710,628 | $ | (117,880 | ) | $ | 797,733 | $ | 5,390,481 |
(1) | Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs. |
(2) | The balance is net of an unamortized discount of $3,448 and $3,849, as of December 31, 2016 and 2015, respectively. |
(3) | The balance is net of an unamortized discount of $61 and $67, as of December 31, 2016 and 2015, respectively. |
(4) | In December 2016, the Operating Partnership issued $400,000 of senior unsecured notes in a public offering. The balance is net of an unamortized discount of $5,740 as of December 31, 2016. |
(5) | In the second quarter of 2016, a consolidated joint venture closed on a construction loan for the development of The Outlet Shoppes at Laredo. |
(6) | We had four interest rate swaps on notional amounts outstanding totaling $101,151 as of December 31, 2015 related to four of our variable-rate loans on operating Properties to effectively fix the interest rates on these loans. Therefore, these amounts were reflected in fixed-rate debt at December 31, 2015. |
Balance | |||||
Original Maturity Date | |||||
2016 Maturities: | |||||
Consolidated Properties: | |||||
Chesterfield Mall | $ | 140,000 | (1 | ) | |
Midland Mall | 31,953 | (2 | ) | ||
Total 2016 Maturities | $ | 171,953 | |||
2017 Maturities: | |||||
Consolidated Properties: | |||||
Acadiana Mall | $ | 125,829 | |||
Hamilton Corner | 14,258 | (3 | ) | ||
Layton Hills Mall | 89,921 | (3 | ) | ||
The Outlet Shoppes at Atlanta - Ridgewalk | 2,496 | ||||
The Outlet Shoppes at El Paso | 62,355 | ||||
The Plaza at Fayette Mall | 37,146 | (3 | ) | ||
The Shoppes at St. Clair Square | 18,827 | (3 | ) | ||
Statesboro Crossing | 10,962 | (4 | ) | ||
361,794 | |||||
Unconsolidated Properties: | |||||
Ambassador Town Center Infrastructure Improvements | 11,700 | (5 | ) | ||
Gulf Coast Town Center - Phase III | 2,225 | ||||
13,925 | |||||
$350,000 Unsecured Term Loan | 350,000 | (6 | ) | ||
Total 2017 Maturities at pro rata share | $ | 725,719 |
(1) | The mall is in foreclosure which is expected to be complete in early 2017. |
(2) | Subsequent to December 31, 2016, this Property was returned to the lender. See Note 19 to the consolidated financial statements for further information. |
(3) | Subsequent to December 31, 2016, the loan on this Property was retired. See Note 19 to the consolidated financial statements for more information. |
(4) | The loan has a one-year extension option for an outside maturity date of June 2018. |
(5) | The loan has one two-year extension options, at the joint venture's election, for an outside maturity date of December 2019. |
(6) | The unsecured term loan has two one-year extension options, at the Company's election, for an outside maturity date of October 2019. |
Date | Property | Consolidated/ Unconsolidated Property | Stated Interest Rate | Maturity Date (1) | Amount Financed or Extended | Company's Pro Rata Share | ||||||||||
December | The Shops at Friendly Center (2) | Unconsolidated | 3.34% | April 2023 | $ | 60,000 | $ | 30,000 | ||||||||
December | Cary Towne Center (3) | Consolidated | 4.00% | March 2019 | (4) | 46,716 | 46,716 | |||||||||
December | Greenbrier Mall (5) | Consolidated | 5.00% | December 2019 | (6) | 70,801 | 70,801 | |||||||||
June | Fremaux Town Center (7) | Unconsolidated | 3.70% | (8) | June 2026 | 73,000 | 47,450 | |||||||||
June | Ambassador Town Center (9) | Unconsolidated | 3.22% | (10) | June 2023 | 47,660 | 30,979 | |||||||||
June | Hamilton Place (11) | Consolidated | 4.36% | June 2026 | 107,000 | 96,300 | ||||||||||
June | Statesboro Crossing (12) | Consolidated | LIBOR + 1.80% | June 2017 | 11,035 | 5,517 | ||||||||||
April | Hickory Point Mall (13) | Consolidated | 5.85% | December 2018 | (14) | 27,446 | 27,446 | |||||||||
February | The Pavilion at Port Orange (15) | Unconsolidated | LIBOR + 2.0% | February 2018 | (16) | 58,628 | 34,314 | |||||||||
February | Hammock Landing - Phase I (15) | Unconsolidated | LIBOR + 2.0% | February 2018 | (16) | 43,347 | (17) | 21,674 | ||||||||
February | Hammock Landing - Phase II (15) | Unconsolidated | LIBOR + 2.0% | February 2018 | (16) | 16,757 | 8,378 | |||||||||
February | Triangle Town Center, Triangle Town Place, Triangle Town Commons (18) | Unconsolidated | 4.00% | (19) | December 2018 | (20) | 171,092 | 1,711 |
(1) | Excludes any extension options. |
(2) | CBL-TRS Joint Venture, LLC closed on a non-recourse loan, secured by The Shops at Friendly Center in Greensboro, NC. The new loan has a maturity date with a term of six years to coincide with the maturity date of the existing loan secured by Friendly Center. A portion of the net proceeds were used to retire a $37,640 fixed-rate loan that bore interest at 5.90% and was due to mature in January 2017. |
(3) | The loan was restructured to extend the maturity date and reduce the interest rate from 8.5% to 4.0% interest-only payments. The Company plans to utilize excess cash flows from the mall to fund a proposed redevelopment. The original maturity date is contingent on the Company's redevelopment plans. |
(4) | The loan has one two-year extension option, which is at our option and contingent on our having met specified redevelopment criteria, for an outside maturity date of March 2021. |
(5) | The loan was restructured, with an effective date of November 2016, to extend the maturity date and reduce the interest rate from 5.91% to 5.00% interest-only payments through December 2017. The interest rate will increase to 5.4075% on January 1, 2018 and thereafter require monthly principal payments of $225 and $300 in 2018 and 2019, respectively, in addition to interest. |
(6) | The loan has a one-year extension option, at our election, which is contingent on the mall meeting specified debt service and operational metrics. If the loan is extended, monthly principal payments of $325 will be required in 2020 in addition to interest. |
(7) | Net proceeds from the non-recourse loan were used to retire the existing construction loans, secured by Phase I and Phase II of Fremaux Town Center, with an aggregate balance of $71,125. |
(8) | The joint venture had an interest rate swap on a notional amount of $73,000, amortizing to $52,130 over the term of the swap, related to Fremaux Town Center to effectively fix the interest rate on the variable-rate loan. In October 2016, the joint venture made an election under the loan agreement to convert the loan from a variable-rate to a fixed-rate loan which bears interest at 3.70%. |
(9) | The non-recourse loan was used to retire an existing construction loan with a principal balance of $41,885 and excess proceeds were utilized to fund remaining construction costs. |
(10) | The joint venture has an interest rate swap on a notional amount of $47,660, amortizing to $38,866 over the term of the swap, related to Ambassador Town Center to effectively fix the interest rate on the variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. |
(11) | Proceeds from the non-recourse loan were used to retire an existing $98,181 loan with an interest rate of 5.86% that was scheduled to mature in August 2016. Our share of excess proceeds was used to reduce outstanding balances on our credit facilities. |
(12) | The loan was modified to extend the maturity date to June 2017 with a one-year extension option to June 2018. |
(13) | The loan was modified to extend the maturity date. The interest rate remains at 5.85% but now the loan is interest-only. |
(14) | The loan has a one-year extension option at our election for an outside maturity date of December 2019. |
(15) | The guaranty was reduced from 25% to 20% in conjunction with the refinancing. See Note 14 to the consolidated financial statements for more information. |
(16) | The loan was modified and extended to February 2018 with a one-year extension option to February 2019. |
(17) | The capacity was increased from $39,475 to fund an expansion. |
(18) | The loan was amended and modified in conjunction with the sale of the Properties to a newly formed joint venture. See Note 5 to the consolidated financial statements for additional information. |
(19) | The interest rate was reduced from 5.74% to 4.00% interest-only payments through the initial maturity date. |
(20) | The loan was extended to December 2018 with two one-year extension options to December 2020. Under the terms of the loan agreement, the joint venture must pay the lender $5,000 to reduce the principal balance of the loan and an extension fee of 0.50% of the remaining outstanding loan balance if it exercises the first extension. If the joint venture elects to exercise the second extension, it must pay the lender $8,000 to reduce the principal balance of the loan and an extension fee of 0.75% of the remaining outstanding principal loan balance. Additionally, the interest rate would increase to 5.74% during the extension period. |
Date | Property | Consolidated/ Unconsolidated Property | Stated Interest Rate | Maturity Date (1) | Amount Financed or Extended | |||||||
December | Hammock Landing - Phase I (2) | Unconsolidated | LIBOR + 2.0% | February 2016 | (3) | $ | 39,475 | |||||
December | Hammock Landing - Phase II (2) | Unconsolidated | LIBOR + 2.0% | February 2016 | (3) | 16,757 | ||||||
December | The Pavilion at Port Orange (2) | Unconsolidated | LIBOR + 2.0% | February 2016 | (3) | 58,820 | ||||||
October | Oak Park Mall (4) | Unconsolidated | 3.97% | October 2025 | 276,000 | |||||||
September | The Outlet Shoppes at Gettysburg (5) | Consolidated | 4.80% | October 2025 | 38,450 | |||||||
July | Gulf Coast Town Center - Phase III (6) | Unconsolidated | LIBOR + 2.0% | July 2017 | 5,352 |
(1) | Excludes any extension options. |
(2) | The loan was amended and modified to extend its initial maturity date and interest rate. |
(3) | The loan was modified and extended to February 2018 with a one-year extension option to February 2019. |
(4) | CBL/T-C closed on a non-recourse loan, secured by Oak Park Mall in Overland Park, KS. Net proceeds were used to retire the outstanding borrowings of $275,700 under the previous loan which bore interest at 5.85% and had a December 2015 maturity date. |
(5) | Proceeds from the non-recourse loan were used to retire a $38,112 fixed-rate loan that was due to mature in February 2016. |
(6) | The loan was amended and modified to extend its maturity date. As part of the refinancing agreement, the loan is no longer guaranteed by the Operating Partnership. |
Date | Property | Consolidated/ Unconsolidated Property | Interest Rate at Repayment Date | Scheduled Maturity Date | Principal Balance Repaid (1) | |||||||
December | The Shops at Friendly Center (2) | Unconsolidated | 5.90% | January 2017 | $ | 37,640 | ||||||
December | Triangle Town Place (3) | Unconsolidated | 4.00% | December 2018 | 29,342 | |||||||
October | Southaven Towne Center | Consolidated | 5.50% | January 2017 | 38,314 | |||||||
September | Governor's Square Mall (4) | Unconsolidated | 8.23% | September 2016 | 14,089 | |||||||
September | High Pointe Commons - Phase I (5) | Unconsolidated | 5.74% | May 2017 | 12,401 | |||||||
September | High Pointe Commons - PetCo (5) | Unconsolidated | 3.20% | July 2017 | 19 | |||||||
September | High Pointe Commons - Phase II (5) | Unconsolidated | 6.10% | July 2017 | 4,968 | |||||||
August | Dakota Square Mall | Consolidated | 6.23% | November 2016 | 55,103 | |||||||
July | Kentucky Oaks Mall (6) | Unconsolidated | 5.27% | January 2017 | 19,912 | |||||||
June | Hamilton Place (7) | Consolidated | 5.86% | August 2016 | 98,181 | |||||||
April | CoolSprings Crossing | Consolidated | 4.54% | April 2016 | 11,313 | |||||||
April | Gunbarrel Pointe | Consolidated | 4.64% | April 2016 | 10,083 | |||||||
April | Stroud Mall | Consolidated | 4.59% | April 2016 | 30,276 | |||||||
April | York Galleria | Consolidated | 4.55% | April 2016 | 48,337 |
Date | Property | Consolidated/ Unconsolidated Property | Interest Rate at Repayment Date | Scheduled Maturity Date | Principal Balance Repaid (1) | |||||||
April | Renaissance Center - Phase I | Unconsolidated | 5.61% | July 2016 | 31,484 |
(1) | We retired the loans with borrowings from our credit facilities unless otherwise noted. |
(2) | The loan secured by the Property was retired using a portion of the net proceeds from a $60,000 fixed-rate loan. See above for more information. |
(3) | Upon the sale of Triangle Town Place, a portion of the net proceeds was used to pay down the balance of a loan for the portion secured by Triangle Town Place. After the debt reduction associated with the sale of Triangle Town Center, the principal balance of the loan secured by Triangle Town Center and Triangle Town Commons as of December 31, 2016 is $141,126, of which our share is $14,113. |
(4) | Our share of the loan was $6,692. |
(5) | The loan secured by the Property was paid off using proceeds from the sale of the Property in September 2016. See Note 5 to the consolidated financial statements for more information. Our share of the loan was 50%. |
(6) | Our share of the loan was $9,956. |
(7) | The joint venture retired the loan with proceeds from a $107,000 fixed-rate non-recourse loan. See above for more information. |
Date | Property | Consolidated/ Unconsolidated Property | Interest Rate at Repayment Date | Scheduled Maturity Date | Principal Balance Repaid (1) | |||||||
October | Oak Park Mall (2) | Unconsolidated | 5.85% | December 2015 | $ | 275,700 | ||||||
September | The Outlet Shoppes at Gettysburg (3) | Consolidated | 5.87% | February 2016 | 38,112 | |||||||
September | Eastland Mall | Consolidated | 5.85% | December 2015 | 59,400 | |||||||
July | Brookfield Square | Consolidated | 5.08% | November 2015 | 86,621 | |||||||
July | CherryVale Mall | Consolidated | 5.00% | October 2015 | 77,198 | |||||||
July | East Towne Mall | Consolidated | 5.00% | November 2015 | 65,856 | |||||||
July | West Towne Mall | Consolidated | 5.00% | November 2015 | 93,021 | |||||||
May | Imperial Valley Mall | Consolidated | 4.99% | September 2015 | 49,486 |
(1) | We retired the loans with borrowings from our credit facilities unless otherwise noted. |
(2) | The joint venture retired the loan with proceeds from a $276,000 fixed-rate non-recourse loan. |
(3) | The joint venture retired the loan with proceeds from a $38,450 fixed-rate non-recourse loan. |
Date | Property | Consolidated/ Unconsolidated Property | Stated Interest Rate | Maturity Date | Amount Financed or Extended | |||||||
May | The Outlet Shoppes at Laredo (1) | Consolidated | LIBOR + 2.5% | (2) | May 2019 | (3) | $ | 91,300 |
(1) | The consolidated 65/35 joint venture closed on a construction loan for the development of The Outlet Shoppes at Laredo, an outlet center located in Laredo, TX. The Operating Partnership has guaranteed 100% of the loan. |
(2) | The interest rate will be reduced to LIBOR plus 2.25% once the development is complete and certain debt and operational metrics are met. |
(3) | The loan has one 24-month extension option, which is at the joint venture's election, subject to continued compliance with the terms of the loan agreement, for an outside maturity date of May 2021. |
Date | Property | Consolidated/ Unconsolidated Property | Stated Interest Rate | Maturity Date | Amount Financed or Extended | |||||||
July | The Outlet Shoppes of the Bluegrass - Phase II (1) | Consolidated | LIBOR + 2.50% | July 2020 | $ | 11,320 | ||||||
May | The Outlet Shoppes at Atlanta - Phase II (2) | Consolidated | LIBOR + 2.50% | December 2019 | 6,200 |
(1) | The Operating Partnership has guaranteed 100% of the loan, of this 65/35 joint venture. The guaranty will terminate once construction is complete and certain debt and operational metrics are met on this expansion. The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt service and operational metrics are met. |
(2) | The Operating Partnership has guaranteed 100% of the loan, of this 75/25 joint venture. The guaranty will terminate once construction is complete and certain debt and operational metrics are met on this expansion. The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt service and operational metrics are met. |
Date | Property | Consolidated/ Unconsolidated Property | Interest Rate at Repayment Date | Scheduled Maturity Date | Principal Balance Repaid | |||||||
December | The Outlet Shoppes at Atlanta - Parcel Development (1) | Consolidated | 3.02% | December 2019 | $ | 2,124 | ||||||
June | Fremaux Town Center - Phase I (2) | Unconsolidated | 2.44% | August 2016 | 40,530 | |||||||
June | Fremaux Town Center - Phase II (2) | Unconsolidated | 2.44% | August 2016 | 30,595 | |||||||
June | Ambassador Town Center (3) | Unconsolidated | 2.24% | December 2017 | 41,885 |
(1) | In conjunction with its sale in December 2016, a portion of the net proceeds was used to retire the loan secured by the Property. |
(2) | The construction loan was retired using a portion of the net proceeds from a $73,000 fixed-rate non-recourse mortgage loan. See Financings above for more information. |
(3) | The construction loan was retired using a portion of the net proceeds from a $47,660 fixed-rate non-recourse mortgage loan. Excess proceeds were utilized to fund remaining construction costs. See Financings above for more information. |
Sales Per Square Foot for the Year Ended (1) (2) | Occupancy (2) | % of Consolidated Unencumbered NOI for the Year Ended 12/31/16 (3) | ||||||||||||||||
12/31/16 | 12/31/15 | 12/31/16 | 12/31/15 | |||||||||||||||
Unencumbered consolidated Properties: | ||||||||||||||||||
Tier 1 Malls | $ | 433 | $ | 440 | 93.1 | % | 92.0 | % | 26.8 | % | ||||||||
Tier 2 Malls | 332 | 344 | 94.8 | % | 94.0 | % | 55.8 | % | ||||||||||
Tier 3 Malls | 268 | 266 | 90.8 | % | 89.3 | % | 8.4 | % | ||||||||||
Total Malls | 349 | 358 | 93.9 | % | 92.9 | % | 91.0 | % | ||||||||||
Total Associated Centers | N/A | N/A | 96.7 | % | 95.1 | % | 4.7 | % | ||||||||||
Total Community Centers | N/A | N/A | 98.7 | % | 98.9 | % | 3.2 | % | ||||||||||
Total Office Buildings and Other | N/A | N/A | 89.1 | % | 88.1 | % | 1.1 | % | ||||||||||
Total Unencumbered Consolidated Portfolio | $ | 349 | $ | 358 | 94.5 | % | 93.5 | % | 100.0 | % |
(1) | Represents same-center sales per square foot for mall tenants 10,000 square feet or less for stabilized malls. |
(2) | Operating metrics are included for unencumbered operating Properties and do not include sales or occupancy of unencumbered parcels. |
(3) | Our consolidated unencumbered Properties generated approximately 48% of total consolidated NOI of $334,933 (which excludes NOI related to dispositions) for the year ended December 31, 2016. |
Instrument Type | Location in Consolidated Balance Sheet | Outstanding Notional Amount | Designated Benchmark Interest Rate | Strike Rate | Fair Value at 12/31/15 | Maturity Date | |||||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $ 48,337 (amortizing to $48,337) | 1-month LIBOR | 2.149 | % | $ | (208 | ) | April 2016 | ||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $ 30,276 (amortizing to $30,276) | 1-month LIBOR | 2.187 | % | (133 | ) | April 2016 | |||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $ 11,313 (amortizing to $11,313) | 1-month LIBOR | 2.142 | % | (48 | ) | April 2016 | |||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $ 10,083 (amortizing to $10,083) | 1-month LIBOR | 2.236 | % | (45 | ) | April 2016 | |||||||
$ | (434 | ) |
Shares Outstanding | Stock Price (1) | Value | ||||||||
Common stock and operating partnership units | 199,085 | $ | 11.50 | $ | 2,289,478 | |||||
7.375% Series D Cumulative Redeemable Preferred Stock | 1,815 | 250.00 | 453,750 | |||||||
6.625% Series E Cumulative Redeemable Preferred Stock | 690 | 250.00 | 172,500 | |||||||
Total market equity | 2,915,728 | |||||||||
Company’s share of total debt | 4,969,808 | |||||||||
Total market capitalization | $ | 7,885,536 | ||||||||
Debt-to-total-market capitalization ratio | 63.0 | % |
(1) | Stock price for common stock and Operating Partnership units equals the closing price of our common stock on December 30, 2016. The stock prices for the preferred stock represent the liquidation preference of each respective series of preferred stock. |
Payments Due By Period | |||||||||||||||||||
Total | Less Than 1 Year | 1-3 Years | 3-5 Years | More Than 5 Years | |||||||||||||||
Long-term debt: | |||||||||||||||||||
Total consolidated debt service (1) | $ | 5,494,122 | $ | 1,143,706 | $ | 1,303,744 | $ | 905,267 | $ | 2,141,405 | |||||||||
Noncontrolling interests' share in other consolidated subsidiaries | (147,679 | ) | (30,354 | ) | (13,678 | ) | (13,623 | ) | (90,024 | ) | |||||||||
Our share of unconsolidated affiliates debt service (2) | 739,804 | 47,044 | 178,245 | 53,782 | 460,733 | ||||||||||||||
Our share of total debt service obligations | 6,086,247 | 1,160,396 | 1,468,311 | 945,426 | 2,512,114 | ||||||||||||||
Operating leases: (3) | |||||||||||||||||||
Ground leases on consolidated Properties | 15,640 | 588 | 1,195 | 1,221 | 12,636 | ||||||||||||||
Purchase obligations: (4) | |||||||||||||||||||
Construction contracts on consolidated Properties | 18,403 | 18,403 | — | — | — | ||||||||||||||
Our share of construction contracts on unconsolidated Properties | 762 | 762 | — | — | — | ||||||||||||||
Our share of total purchase obligations | 19,165 | 19,165 | — | — | — | ||||||||||||||
Other Contractual Obligations: (5) | |||||||||||||||||||
Master Services Agreements | 155,496 | 32,736 | 65,472 | 57,288 | — | ||||||||||||||
Total contractual obligations | $ | 6,276,548 | $ | 1,212,885 | $ | 1,534,978 | $ | 1,003,935 | $ | 2,524,750 |
(1) | Represents principal and interest payments due under the terms of mortgage and other indebtedness, net and includes $925,821 of variable-rate debt service on seven operating Properties, one construction loan, two unsecured credit facilities and three unsecured term loans. The credit facilities and term loans do not require scheduled principal payments. The future interest payments are projected based on the interest rates that were in effect at December 31, 2016. See Note 6 to the consolidated financial statements for additional information regarding the terms of long-term debt. The total consolidated debt service includes the three loans, with an aggregate principal balance of $189,642 as of December 31, 2016, secured by Chesterfield Mall, Midland Mall, and Wausau Center, which are in receivership. Subsequent to December 31, 2016, foreclosure was complete and Midland Mall was returned to the lender. We expect the foreclosure process to be complete on the other two malls in early 2017. See Note 6 and Note 19 to the consolidated financial statements for more information. |
(2) | Includes $296,003 of variable-rate debt service. Future contractual obligations have been projected using the same assumptions as used in (1) above. |
(3) | Obligations where we own the buildings and improvements, but lease the underlying land under long-term ground leases. The maturities of these leases range from 2019 to 2089 and generally provide for renewal options. |
(4) | Represents the remaining balance to be incurred under construction contracts that had been entered into as of December 31, 2016, but were not complete. The contracts are primarily for development of Properties. |
(5) | In conjunction with the redemption of our interest in the consolidated joint venture that provided security and maintenance services to third parties, we entered into a five year agreement for maintenance, security, and janitorial services at our Properties for a fixed monthly fee. We have the right to cancel the contract after October 1, 2019. See Note 8 to the consolidated financial statements for additional information on the redemption. |
Year Ended December 31, | |||||||
2016 | 2015 | ||||||
Tenant allowances (1) | $ | 55,098 | $ | 51,625 | |||
Renovations | 11,942 | 30,836 | |||||
Deferred maintenance: | |||||||
Parking lot and parking lot lighting | 17,168 | 30,918 | |||||
Roof repairs and replacements | 5,008 | 5,483 | |||||
Other capital expenditures | 16,837 | 13,303 | |||||
Total deferred maintenance | 39,013 | 49,704 | |||||
Capitalized overhead | 5,116 | 5,544 | |||||
Capitalized interest | 2,302 | 4,168 | |||||
Total capital expenditures | $ | 113,471 | $ | 141,877 |
(1) | Tenant allowances primarily relate to new leases. Tenant allowances related to renewal leases were not material for the periods presented. |
CBL's Share of | |||||||||||||||||||
Property | Location | CBL Ownership Interest | Total Project Square Feet | Total Cost (1) | Cost to Date (2) | Opening Date | Initial Unleveraged Yield | ||||||||||||
Community Center: | |||||||||||||||||||
Ambassador Town Center | Lafayette, LA | 65% | 431,139 | $ | 40,295 | $ | 34,906 | Apr-16 | 8.5% | ||||||||||
Mall Expansions: | |||||||||||||||||||
Dakota Square Mall - Expansion | Minot, ND | 100% | 23,922 | 7,284 | 6,083 | Nov-16 | 7.5% | ||||||||||||
Friendly Center - Cheesecake Factory | Greensboro, NC | 50% | 9,156 | 2,365 | 1,727 | Oct-16 | 10.4% | ||||||||||||
Friendly Center - Shops | Greensboro, NC | 50% | 12,765 | 2,540 | 1,960 | Nov-16 | 8.4% | ||||||||||||
Hamilton Place - Theatre | Chattanooga, TN | 90% | 30,169 | 4,868 | 3,511 | Sep-16 | 9.1% | ||||||||||||
Kirkwood Mall - Self Development (Panera Bread, Verizon, Caribou Coffee) | Bismarck, ND | 100% | 12,570 | 3,702 | 4,210 | Mar-16 | 10.5% | ||||||||||||
88,582 | 20,759 | 17,491 | |||||||||||||||||
Community Center Expansions: | |||||||||||||||||||
The Forum at Grandview - Expansion | Madison, MS | 75% | 24,516 | 5,598 | 4,135 | Dec-16 | 8.5% | ||||||||||||
Hammock Landing - Expansion | West Melbourne, FL | 50% | 23,717 | 2,431 | 1,659 | Nov-16 | 10.7% | ||||||||||||
High Pointe Commons (Petco) (3) | Harrisburg, PA | 50% | 12,885 | 1,012 | 820 | Sep-16 | 10.5% | ||||||||||||
61,118 | 9,041 | 6,614 | |||||||||||||||||
Total Properties Opened | 580,839 | $ | 70,095 | $ | 59,011 |
(1) | Total Cost is presented net of reimbursements to be received. |
(2) | Cost to Date does not reflect reimbursements until they are received. |
(3) | This community center was sold in September 2016. |
CBL's Share of | |||||||||||||||||||
Property | Location | CBL Ownership Interest | Total Project Square Feet | Total Cost (1) | Cost to Date (2) | Opening Date | Initial Unleveraged Yield | ||||||||||||
Mall Redevelopments: | |||||||||||||||||||
College Square - JCP Redevelopment (Dick's/ULTA) | Morristown, TN | 100% | 84,842 | $ | 14,881 | $ | 9,334 | Oct-16 | 7.6% | ||||||||||
CoolSprings Galleria - Sears Redevelopment (American Girl, Cheesecake Factory) | Nashville, TN | 50% | 208,976 | 32,307 | 36,505 | May-16 | 7.2% | ||||||||||||
East Towne Mall (Planet Fitness /Shops) | Madison, WI | 100% | 27,692 | 2,142 | 2,560 | Nov-16 | 12.1% | ||||||||||||
Northpark Mall (Dunham's Sports) | Joplin, MO | 100% | 80,524 | 4,007 | 4,274 | Nov-16 | 9.5% | ||||||||||||
Oak Park Mall - Self Development | Overland Park, KS | 50% | 6,735 | 1,230 | 1,216 | Jul/Aug-16 | 8.2% | ||||||||||||
Randolph Mall - JCP Redevelopment (Ross/ULTA) (3) | Asheboro, NC | 100% | 33,796 | 4,513 | 4,257 | May/Jul-16 | 7.8% | ||||||||||||
Total Redevelopment Completed | 442,565 | $ | 59,080 | $ | 58,146 |
(1) | Total Cost is presented net of reimbursements to be received. |
(2) | Cost to Date does not reflect reimbursements until they are received. |
(3) | This mall was sold in December 2016. |
CBL's Share of | |||||||||||||||||||
Property | Location | CBL Ownership Interest | Total Project Square Feet | Total Cost (1) | Cost to Date (2) | Expected Opening Date | Initial Unleveraged Yield | ||||||||||||
Outlet Center: | |||||||||||||||||||
The Outlets Shoppes at Laredo | Laredo, TX | 65% | 357,756 | $ | 69,926 | $ | 57,056 | Spring-17 | 9.6% | ||||||||||
Mall Expansions: | |||||||||||||||||||
Kirkwood Mall - Lucky 13 | Bismarck, ND | 100% | 6,500 | 3,200 | 751 | Summer-17 | 7.6% | ||||||||||||
Mayfaire Town Center - Phase I | Wilmington, NC | 100% | 67,766 | 19,395 | 9,108 | Spring-17 | 8.4% | ||||||||||||
Parkdale Mall - Restaurant Addition | Beaumont, TX | 100% | 4,700 | 1,277 | 5 | Winter-17 | 10.7% | ||||||||||||
78,966 | 23,872 | 9,864 | |||||||||||||||||
Mall Redevelopments: | |||||||||||||||||||
College Square - Partial Belk Redevelopment (Planet Fitness) | Morristown, TN | 100% | 20,000 | 1,549 | 21 | Spring-17 | 9.9% | ||||||||||||
Hickory Point Mall (T.J. Maxx/Shops) | Forsyth, IL | 100% | 50,030 | 3,581 | 110 | Fall-17 | 10.0% | ||||||||||||
York Galleria - Partial JCP Redevelopment - (H&M/Shops) | York, PA | 100% | 42,672 | 5,597 | 2,157 | Spring-17 | 7.8% | ||||||||||||
York Galleria - Partial JCP Redevelopment (Gold's Gym/Shops) | York, PA | 100% | 40,832 | 5,658 | 2,118 | Spring-17 | 12.8% | ||||||||||||
153,534 | 16,385 | 4,406 | |||||||||||||||||
Total Properties Under Development | 590,256 | $ | 110,183 | $ | 71,326 |
(1) | Total Cost is presented net of reimbursements to be received. |
(2) | Cost to Date does not reflect reimbursements until they are received. |
▪ | Third parties may approach us with opportunities in which they have obtained land and performed some pre-development activities, but they may not have sufficient access to the capital resources or the development and leasing expertise to bring the project to fruition. We enter into such arrangements when we determine such a project is viable and we can achieve a satisfactory return on our investment. We typically earn development fees from the joint venture and provide management and leasing services to the property for a fee once the property is placed in operation. |
▪ | We determine that we may have the opportunity to capitalize on the value we have created in a Property by selling an interest in the Property to a third party. This provides us with an additional source of capital that can be used to develop or acquire additional real estate assets that we believe will provide greater potential for growth. When we retain an interest in an asset rather than selling a 100% interest, it is typically because this allows us to continue to manage the Property, which provides us the ability to earn fees for management, leasing, development and financing services provided to the joint venture. |
As of December 31, 2016 | Obligation recorded to reflect guaranty | |||||||||||||||||||||
Unconsolidated Affiliate | Company's Ownership Interest | Outstanding Balance | Percentage Guaranteed by the Company | Maximum Guaranteed Amount | Debt Maturity Date (1) | 12/31/16 | 12/31/15 | |||||||||||||||
West Melbourne I, LLC - Phase I (2) | 50% | $ | 42,847 | 20% | (3) | $ | 8,569 | Feb-2018 | (4) | $ | 86 | $ | 99 | |||||||||
West Melbourne I, LLC - Phase II (2) | 50% | 16,557 | 20% | (3) | 3,311 | Feb-2018 | (4) | 33 | 87 | |||||||||||||
Port Orange I, LLC | 50% | 57,927 | 20% | (3) | 11,586 | Feb-2018 | (4) | 116 | 148 | |||||||||||||
Fremaux Town Center JV, LLC - Phase I | 65% | — | —% | (5) | — | Aug-2016 | — | 62 | ||||||||||||||
Fremaux Town Center JV, LLC - Phase II | 65% | — | —% | (5) | — | Aug-2016 | — | 161 | ||||||||||||||
Ambassador Town Center JV, LLC | 65% | — | —% | (5) | — | Dec-2017 | — | 462 | ||||||||||||||
Ambassador Infrastructure, LLC | 65% | 11,700 | 100% | (6) | 11,700 | Dec-2017 | (7) | 177 | 177 | |||||||||||||
Total guaranty liability | $ | 412 | $ | 1,196 |
(1) | Excludes any extension options. |
(2) | The loan is secured by Hammock Landing - Phase I and Hammock Landing - Phase II, respectively. |
(3) | The guaranty was reduced from 25% to 20%, when the loan was modified and extended in the first quarter of 2016. See Note 5 to the consolidated financial statements for more information. |
(4) | The loan has a one-year extension option, which is at the unconsolidated affiliate's election, for an outside maturity date of February 2019. |
(5) | The guaranty was removed in the second quarter of 2016 when the construction loan was retired using proceeds from a non-recourse mortgage loan. See Note 5 to the consolidated financial statements for additional information. |
(6) | We received a 1% fee for this guaranty when the loan was issued in December 2014. The guaranty will be reduced to 50% on March 1st of such year as PILOT payments received and attributed to the prior calendar year by Ambassador Infrastructure and delivered to the lender are $1,200 or more, provided no event of default exists. The guaranty will be reduced to 20% when the PILOT payments are $1,400 or more, provided no event of default exists. |
(7) | The loan has two one-year extension options, which are the joint venture's election, for an outside maturity date of December 2019. |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net income attributable to common shareholders | $ | 127,990 | $ | 58,479 | $ | 174,258 | |||||
Noncontrolling interest in income of Operating Partnership | 21,537 | 10,171 | 30,106 | ||||||||
Depreciation and amortization expense of: | |||||||||||
Consolidated Properties | 292,693 | 299,069 | 291,273 | ||||||||
Unconsolidated affiliates | 38,606 | 40,476 | 41,806 | ||||||||
Non-real estate assets | (3,154 | ) | (3,083 | ) | (2,311 | ) | |||||
Noncontrolling interests' share of depreciation and amortization | (8,760 | ) | (9,045 | ) | (6,842 | ) | |||||
Loss on impairment, net of tax | 115,027 | 105,945 | 18,434 | ||||||||
Gain on depreciable Property, net of taxes | (45,741 | ) | (20,944 | ) | (937 | ) | |||||
Gain on discontinued operations, net of taxes | — | — | (273 | ) | |||||||
FFO allocable to Operating Partnership common unitholders | 538,198 | 481,068 | 545,514 | ||||||||
Litigation settlements, net of related expenses (1) | 2,567 | (1,329 | ) | (7,763 | ) | ||||||
Nonrecurring professional fees expense (1) | 2,258 | — | — | ||||||||
Gain on investments, net of tax (2) | (7,034 | ) | (16,560 | ) | — | ||||||
Equity in earnings from disposals of unconsolidated affiliates (3) | (58,243 | ) | — | — | |||||||
Non cash default interest expense | 2,840 | — | 4,695 | ||||||||
(Gain) loss on extinguishment of debt | 197 | (256 | ) | (87,893 | ) | ||||||
FFO allocable to Operating Partnership common unitholders, as adjusted | $ | 480,783 | $ | 462,923 | $ | 454,553 | |||||
FFO per diluted share | $ | 2.69 | $ | 2.41 | $ | 2.73 | |||||
FFO, as adjusted, per diluted share | $ | 2.41 | $ | 2.32 | $ | 2.28 |
(1) | Litigation settlement is included in interest and other income in the accompanying consolidated statements of operations. Litigation expense, including settlements paid, is included in General and Administrative Expense in the accompanying consolidated statements of operations. Nonrecurring professional fees expense, which relates to expenses associated with an SEC investigation, is included in General and Administrative expense in the accompanying consolidated statements of operations. |
(2) | For the year ended December 31, 2016, includes a gain of $10,136 related to the redemption of our 2007 investment in a Chinese real estate company, less related taxes of $500, partially offset by a $2,602 loss related to our exit from its consolidated joint venture that provided security and maintenance services to third parties. For the year ended December 31, 2015, includes a $16,560 gain related to the sale of marketable securities. These amounts are included in Gain on Investments in the accompanying consolidated statements of operations. |
(3) | For the year ended December 31, 2016, includes $3,758 related to the sale of four office buildings, $28,146 related to the foreclosure of the loan secured by Gulf Coast Town Center and $26,373 related to the sale of our 50% interest in Triangle Town Center. These amounts are included in Equity in Earnings of Unconsolidated Affiliates in the accompanying consolidated statements of operations. |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Diluted EPS attributable to common shareholders | $ | 0.75 | $ | 0.34 | $ | 1.02 | |||||
Eliminate amounts per share excluded from FFO: | |||||||||||
Depreciation and amortization expense, including amounts from consolidated Properties, unconsolidated affiliates, non-real estate assets and excluding amounts allocated to noncontrolling interests | 1.60 | 1.64 | 1.62 | ||||||||
Loss on impairment, net of tax | 0.57 | 0.53 | 0.09 | ||||||||
Gain on depreciable Property, net of tax | (0.23 | ) | (0.10 | ) | — | ||||||
FFO per diluted share | $ | 2.69 | $ | 2.41 | $ | 2.73 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
FFO of the Operating Partnership | $ | 538,198 | $ | 481,068 | $ | 545,514 | |||||
Percentage allocable to common shareholders (1) | 85.48 | % | 85.35 | % | 85.27 | % | |||||
FFO allocable to common shareholders | $ | 460,052 | $ | 410,592 | $ | 465,160 | |||||
FFO allocable to Operating Partnership common unitholders, as adjusted | $ | 480,783 | $ | 462,923 | $ | 454,553 | |||||
Percentage allocable to common shareholders (1) | 85.48 | % | 85.35 | % | 85.27 | % | |||||
FFO allocable to common shareholders, as adjusted | $ | 410,973 | $ | 395,105 | $ | 387,597 |
(1) | Represents the weighted-average number of common shares outstanding for the period divided by the sum of the weighted-average number of common shares and the weighted-average number of Operating Partnership units held by noncontrolling interests during the period. |
(1) | Consolidated Financial Statements | Page Number |
CBL & Associates Properties, Inc. | ||
CBL & Associates Limited Partnership | ||
CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
(2) | Consolidated Financial Statement Schedules | |
Financial statement schedules not listed herein are either not required or are not present in amounts sufficient to require submission of the schedule or the information required to be included therein is included in our consolidated financial statements in Item 15 or are reported elsewhere. | ||
(3) | Exhibits | |
The Exhibit Index attached to this report is incorporated by reference into this Item 15(a)(3). |
CBL & ASSOCIATES PROPERTIES, INC. | |
(Registrant) | |
By: | /s/ Farzana Khaleel |
Farzana Khaleel | |
Executive Vice President - Chief Financial Officer and Treasurer |
Signature | Title | Date | |
/s/ Charles B. Lebovitz | Chairman of the Board | March 1, 2017 | |
Charles B. Lebovitz | |||
/s/ Stephen D. Lebovitz | Director, President and Chief Executive Officer (Principal Executive Officer) | March 1, 2017 | |
Stephen D. Lebovitz | |||
/s/ Farzana Khaleel | Executive Vice President - Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) | March 1, 2017 | |
Farzana Khaleel | |||
/s/ Gary L. Bryenton* | Director | March 1, 2017 | |
Gary L. Bryenton | |||
/s/ A. Larry Chapman* | Director | March 1, 2017 | |
A. Larry Chapman | |||
/s/ Matthew S. Dominski* | Director | March 1, 2017 | |
Matthew S. Dominski | |||
/s/ John D. Griffith* | Director | March 1, 2017 | |
John D. Griffith | |||
/s/ Richard J. Lieb* | Director | March 1, 2017 | |
Richard J. Lieb | |||
/s/ Gary J. Nay* | Director | March 1, 2017 | |
Gary J. Nay | |||
/s/ Kathleen M. Nelson* | Director | March 1, 2017 | |
Kathleen M. Nelson | |||
*By: /s/ Farzana Khaleel | Attorney-in-Fact | March 1, 2017 | |
Farzana Khaleel |
CBL & ASSOCIATES LIMITED PARTNERSHIP | |
(Registrant) | |
By: CBL HOLDINGS I, INC., its general partner | |
By: | /s/ Farzana Khaleel |
Farzana Khaleel | |
Executive Vice President - Chief Financial Officer and Treasurer |
Signature | Title | Date | |
/s/ Charles B. Lebovitz | Chairman of the Board of CBL Holdings I, Inc., general partner of the Registrant | March 1, 2017 | |
Charles B. Lebovitz | |||
/s/ Stephen D. Lebovitz | Director, President and Chief Executive Officer of CBL Holdings I, Inc., general partner of the Registrant (Principal Executive Officer) | March 1, 2017 | |
Stephen D. Lebovitz | |||
/s/ Farzana Khaleel | Executive Vice President - Chief Financial Officer and Treasurer of CBL Holdings, I, Inc., general partner of the Registrant (Principal Financial Officer and Principal Accounting Officer) | March 1, 2017 | |
Farzana Khaleel |
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES | |
Page Number | |
CBL & Associates Properties, Inc. | |
CBL & Associates Limited Partnership | |
CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | |
December 31, | |||||||
ASSETS (1) | 2016 | 2015 | |||||
Real estate assets: | |||||||
Land | $ | 820,979 | $ | 876,668 | |||
Buildings and improvements | 6,942,452 | 7,287,862 | |||||
7,763,431 | 8,164,530 | ||||||
Accumulated depreciation | (2,427,108 | ) | (2,382,568 | ) | |||
5,336,323 | 5,781,962 | ||||||
Held for sale | 5,861 | — | |||||
Developments in progress | 178,355 | 75,991 | |||||
Net investment in real estate assets | 5,520,539 | 5,857,953 | |||||
Cash and cash equivalents | 18,951 | 36,892 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $1,910 and $1,923 in 2016 and 2015, respectively | 94,676 | 87,286 | |||||
Other, net of allowance for doubtful accounts of $838 and $1,276 in 2016 and 2015, respectively | 6,227 | 17,958 | |||||
Mortgage and other notes receivable | 16,803 | 18,238 | |||||
Investments in unconsolidated affiliates | 266,872 | 276,383 | |||||
Intangible lease assets and other assets | 180,572 | 185,281 | |||||
$ | 6,104,640 | $ | 6,479,991 | ||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | |||||||
Mortgage and other indebtedness, net | $ | 4,465,294 | $ | 4,710,628 | |||
Accounts payable and accrued liabilities | 280,498 | 344,434 | |||||
Total liabilities (1) | 4,745,792 | 5,055,062 | |||||
Commitments and contingencies (Note 6 and Note 14) | |||||||
Redeemable noncontrolling interests | 17,996 | 25,330 | |||||
Shareholders' equity: | |||||||
Preferred Stock, $.01 par value, 15,000,000 shares authorized: | |||||||
7.375% Series D Cumulative Redeemable Preferred Stock, 1,815,000 shares outstanding | 18 | 18 | |||||
6.625% Series E Cumulative Redeemable Preferred Stock, 690,000 shares outstanding | 7 | 7 | |||||
Common stock, $.01 par value, 350,000,000 shares authorized, 170,792,645 and 170,490,948 issued and outstanding in 2016 and 2015, respectively | 1,708 | 1,705 | |||||
Additional paid-in capital | 1,969,059 | 1,970,333 | |||||
Accumulated other comprehensive income | — | 1,935 | |||||
Dividends in excess of cumulative earnings | (742,078 | ) | (689,028 | ) | |||
Total shareholders' equity | 1,228,714 | 1,284,970 | |||||
Noncontrolling interests | 112,138 | 114,629 | |||||
Total equity | 1,340,852 | 1,399,599 | |||||
$ | 6,104,640 | $ | 6,479,991 |
(1) | As of December 31, 2016, includes $659,494 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $463,362 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 8. |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
REVENUES: | |||||||||||
Minimum rents | $ | 670,565 | $ | 684,309 | $ | 682,584 | |||||
Percentage rents | 17,803 | 18,063 | 16,876 | ||||||||
Other rents | 23,110 | 21,934 | 22,314 | ||||||||
Tenant reimbursements | 280,438 | 288,279 | 290,561 | ||||||||
Management, development and leasing fees | 14,925 | 10,953 | 12,986 | ||||||||
Other | 21,416 | 31,480 | 35,418 | ||||||||
Total revenues | 1,028,257 | 1,055,018 | 1,060,739 | ||||||||
OPERATING EXPENSES: | |||||||||||
Property operating | 137,760 | 141,030 | 149,774 | ||||||||
Depreciation and amortization | 292,693 | 299,069 | 291,273 | ||||||||
Real estate taxes | 90,110 | 90,799 | 89,281 | ||||||||
Maintenance and repairs | 53,586 | 51,516 | 54,842 | ||||||||
General and administrative | 63,332 | 62,118 | 50,271 | ||||||||
Loss on impairment | 116,822 | 105,945 | 17,858 | ||||||||
Other | 20,326 | 26,957 | 32,297 | ||||||||
Total operating expenses | 774,629 | 777,434 | 685,596 | ||||||||
Income from operations | 253,628 | 277,584 | 375,143 | ||||||||
Interest and other income | 1,524 | 6,467 | 14,121 | ||||||||
Interest expense | (216,318 | ) | (229,343 | ) | (239,824 | ) | |||||
Gain on extinguishment of debt | — | 256 | 87,893 | ||||||||
Gain on investments | 7,534 | 16,560 | — | ||||||||
Income tax benefit (provision) | 2,063 | (2,941 | ) | (4,499 | ) | ||||||
Equity in earnings of unconsolidated affiliates | 117,533 | 18,200 | 14,803 | ||||||||
Income from continuing operations before gain on sales of real estate assets | 165,964 | 86,783 | 247,637 | ||||||||
Gain on sales of real estate assets | 29,567 | 32,232 | 5,342 | ||||||||
Income from continuing operations | 195,531 | 119,015 | 252,979 | ||||||||
Operating loss of discontinued operations | — | — | (222 | ) | |||||||
Gain on discontinued operations | — | — | 276 | ||||||||
Net income | 195,531 | 119,015 | 253,033 | ||||||||
Net income attributable to noncontrolling interests in: | |||||||||||
Operating Partnership | (21,537 | ) | (10,171 | ) | (30,106 | ) | |||||
Other consolidated subsidiaries | (1,112 | ) | (5,473 | ) | (3,777 | ) | |||||
Net income attributable to the Company | 172,882 | 103,371 | 219,150 | ||||||||
Preferred dividends | (44,892 | ) | (44,892 | ) | (44,892 | ) | |||||
Net income attributable to common shareholders | $ | 127,990 | $ | 58,479 | $ | 174,258 | |||||
Basic per share data attributable to common shareholders: | |||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.75 | $ | 0.34 | $ | 1.02 | |||||
Discontinued operations | 0.00 | 0.00 | 0.00 | ||||||||
Net income attributable to common shareholders | $ | 0.75 | $ | 0.34 | $ | 1.02 | |||||
Weighted-average common shares outstanding | 170,762 | 170,476 | 170,247 | ||||||||
Diluted per share data attributable to common shareholders: | |||||||||||
Income from continuing operations, net of preferred dividends | $ | 0.75 | $ | 0.34 | $ | 1.02 | |||||
Discontinued operations | 0.00 | 0.00 | 0.00 | ||||||||
Net income attributable to common shareholders | $ | 0.75 | $ | 0.34 | $ | 1.02 | |||||
Weighted-average common and potential dilutive common shares outstanding | 170,836 | 170,499 | 170,247 | ||||||||
Amounts attributable to common shareholders: | |||||||||||
Income from continuing operations, net of preferred dividends | $ | 127,990 | $ | 58,479 | $ | 174,212 | |||||
Discontinued operations | — | — | 46 | ||||||||
Net income attributable to common shareholders | $ | 127,990 | $ | 58,479 | $ | 174,258 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net income | $ | 195,531 | $ | 119,015 | $ | 253,033 | |||||
Other comprehensive income (loss): | |||||||||||
Unrealized holding gain on available-for-sale securities | — | 242 | 6,543 | ||||||||
Reclassification to net income of realized gain on available-for-sale securities | — | (16,560 | ) | — | |||||||
Unrealized gain on hedging instruments | 877 | 4,111 | 3,977 | ||||||||
Reclassification of hedging effect on earnings | (443 | ) | (2,196 | ) | (2,195 | ) | |||||
Total other comprehensive income (loss) | 434 | (14,403 | ) | 8,325 | |||||||
Comprehensive income | 195,965 | 104,612 | 261,358 | ||||||||
Comprehensive income attributable to noncontrolling interests in: | |||||||||||
Operating Partnership | (21,600 | ) | (7,244 | ) | (31,345 | ) | |||||
Other consolidated subsidiaries | (1,112 | ) | (5,473 | ) | (3,777 | ) | |||||
Comprehensive income attributable to the Company | $ | 173,253 | $ | 91,895 | $ | 226,236 |
Equity | |||||||||||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Dividends in Excess of Cumulative Earnings | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 34,639 | $ | 25 | $ | 1,700 | $ | 1,967,644 | $ | 6,325 | $ | (570,781 | ) | $ | 1,404,913 | $ | 155,021 | $ | 1,559,934 | ||||||||||||||||
Net income | 3,425 | — | — | — | — | 219,150 | 219,150 | 30,389 | 249,539 | ||||||||||||||||||||||||||
Other comprehensive income | 65 | — | — | — | 7,086 | — | 7,086 | 1,174 | 8,260 | ||||||||||||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership | — | — | — | — | — | — | — | (4,861 | ) | (4,861 | ) | ||||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | — | (170,262 | ) | (170,262 | ) | — | (170,262 | ) | |||||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | — | (44,892 | ) | (44,892 | ) | — | (44,892 | ) | |||||||||||||||||||||||
Issuance of 246,168 shares of common stock and restricted common stock | — | — | 3 | 680 | — | — | 683 | — | 683 | ||||||||||||||||||||||||||
Cancellation of 34,039 shares of restricted common stock | — | — | — | (389 | ) | — | — | (389 | ) | — | (389 | ) | |||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 3,508 | — | — | 3,508 | — | 3,508 | ||||||||||||||||||||||||||
Adjustment for noncontrolling interests | 2,937 | — | — | (8,231 | ) | — | — | (8,231 | ) | 5,294 | (2,937 | ) | |||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 5,337 | — | — | (5,014 | ) | — | — | (5,014 | ) | (322 | ) | (5,336 | ) | ||||||||||||||||||||||
Distributions to noncontrolling interests | (8,844 | ) | — | — | — | — | — | — | (44,257 | ) | (44,257 | ) | |||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 938 | 938 | ||||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 37,559 | $ | 25 | $ | 1,703 | $ | 1,958,198 | $ | 13,411 | $ | (566,785 | ) | $ | 1,406,552 | $ | 143,376 | $ | 1,549,928 |
Net income | 3,902 | — | — | — | — | 103,371 | 103,371 | 11,742 | 115,113 | ||||||||||||||||||||||||||
Other comprehensive loss | (352 | ) | — | — | — | (11,476 | ) | — | (11,476 | ) | (2,575 | ) | (14,051 | ) | |||||||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership | — | — | — | — | — | — | — | (286 | ) | (286 | ) | ||||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | — | (180,722 | ) | (180,722 | ) | — | (180,722 | ) | |||||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | — | (44,892 | ) | (44,892 | ) | — | (44,892 | ) | |||||||||||||||||||||||
Issuance of 278,093 shares of common stock and restricted common stock | — | — | 3 | 676 | — | — | 679 | — | 679 | ||||||||||||||||||||||||||
Cancellation of 47,418 shares of restricted common stock | — | — | (1 | ) | (769 | ) | — | — | (770 | ) | — | (770 | ) | ||||||||||||||||||||||
Performance stock units | — | — | — | 624 | — | — | 624 | — | 624 | ||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 4,152 | — | — | 4,152 | — | 4,152 | ||||||||||||||||||||||||||
Adjustment for noncontrolling interests | 2,981 | — | — | (2,773 | ) | — | — | (2,773 | ) | (207 | ) | (2,980 | ) | ||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (11,617 | ) | — | — | 10,225 | — | — | 10,225 | 1,392 | 11,617 | |||||||||||||||||||||||||
Distributions to noncontrolling interests | (7,143 | ) | — | — | — | — | — | — | (40,534 | ) | (40,534 | ) | |||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 1,721 | 1,721 | ||||||||||||||||||||||||||
Balance, December 31, 2015 | $ | 25,330 | $ | 25 | $ | 1,705 | $ | 1,970,333 | $ | 1,935 | $ | (689,028 | ) | $ | 1,284,970 | $ | 114,629 | $ | 1,399,599 |
Equity | |||||||||||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Dividends in Excess of Cumulative Earnings | Total Shareholders' Equity | Noncontrolling Interests | Total Equity | |||||||||||||||||||||||||||
Balance, December 31, 2015 | $ | 25,330 | $ | 25 | $ | 1,705 | $ | 1,970,333 | $ | 1,935 | $ | (689,028 | ) | $ | 1,284,970 | $ | 114,629 | $ | 1,399,599 | ||||||||||||||||
Net income (loss) | (1,603 | ) | — | — | — | — | 172,882 | 172,882 | 24,252 | 197,134 | |||||||||||||||||||||||||
Other comprehensive income | 3 | — | — | — | 371 | — | 371 | 60 | 431 | ||||||||||||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership | — | — | — | — | — | — | — | (11,754 | ) | (11,754 | ) | ||||||||||||||||||||||||
Redemption of redeemable noncontrolling interest | (3,206 | ) | — | — | 9,636 | — | — | 9,636 | — | 9,636 | |||||||||||||||||||||||||
Dividends declared - common stock | — | — | — | — | — | (181,040 | ) | (181,040 | ) | — | (181,040 | ) | |||||||||||||||||||||||
Dividends declared - preferred stock | — | — | — | — | — | (44,892 | ) | (44,892 | ) | — | (44,892 | ) | |||||||||||||||||||||||
Issuance of 335,417 shares of common stock and restricted common stock | — | — | 3 | 478 | — | — | 481 | — | 481 | ||||||||||||||||||||||||||
Cancellation of 33,720 shares of restricted common stock | — | — | — | (267 | ) | — | — | (267 | ) | — | (267 | ) | |||||||||||||||||||||||
Performance stock units | — | — | — | 1,033 | — | — | 1,033 | — | 1,033 | ||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | 3,680 | — | — | 3,680 | — | 3,680 | ||||||||||||||||||||||||||
Adjustment for noncontrolling interests | 2,454 | — | — | (13,773 | ) | (2,306 | ) | — | (16,079 | ) | 13,625 | (2,454 | ) | ||||||||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 1,937 | — | — | (2,061 | ) | — | — | (2,061 | ) | 124 | (1,937 | ) | |||||||||||||||||||||||
Distributions to noncontrolling interests | (6,919 | ) | — | — | — | — | — | — | (40,039 | ) | (40,039 | ) | |||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 11,241 | 11,241 | ||||||||||||||||||||||||||
Balance, December 31, 2016 | $ | 17,996 | $ | 25 | $ | 1,708 | $ | 1,969,059 | $ | — | $ | (742,078 | ) | $ | 1,228,714 | $ | 112,138 | $ | 1,340,852 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 195,531 | $ | 119,015 | $ | 253,033 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 292,693 | 299,069 | 291,273 | ||||||||
Net amortization of deferred financing costs, debt premiums and discounts | 2,952 | 4,948 | 4,405 | ||||||||
Net amortization of intangible lease assets and liabilities | 113 | (1,487 | ) | 368 | |||||||
Gain on sales of real estate assets | (29,567 | ) | (32,232 | ) | (5,342 | ) | |||||
Gain on discontinued operations | — | — | (276 | ) | |||||||
Write-off of development projects | 56 | 2,373 | 136 | ||||||||
Share-based compensation expense | 5,027 | 5,218 | 3,979 | ||||||||
Gain on investments | (7,534 | ) | (16,560 | ) | — | ||||||
Loss on impairment | 116,822 | 105,945 | 17,858 | ||||||||
Loss on impairment from discontinued operations | — | — | 681 | ||||||||
Gain on extinguishment of debt | — | (256 | ) | (87,893 | ) | ||||||
Equity in earnings of unconsolidated affiliates | (117,533 | ) | (18,200 | ) | (14,803 | ) | |||||
Distributions of earnings from unconsolidated affiliates | 16,603 | 21,095 | 21,866 | ||||||||
Provision for doubtful accounts | 4,058 | 2,254 | 2,643 | ||||||||
Change in deferred tax accounts | (907 | ) | (153 | ) | 1,329 | ||||||
Changes in: | |||||||||||
Tenant and other receivables | (7,979 | ) | (5,455 | ) | (4,053 | ) | |||||
Other assets | (4,386 | ) | 1,803 | 1,101 | |||||||
Accounts payable and accrued liabilities | 2,630 | 7,638 | (18,244 | ) | |||||||
Net cash provided by operating activities | 468,579 | 495,015 | 468,061 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Additions to real estate assets | (248,004 | ) | (218,891 | ) | (277,624 | ) | |||||
Acquisitions of real estate assets | — | (191,988 | ) | — | |||||||
(Additions) reductions to restricted cash | (11,434 | ) | 5,491 | 4,880 | |||||||
Proceeds from sales of real estate assets | 189,489 | 132,231 | 16,513 | ||||||||
Net proceeds from disposal of investments | 10,299 | — | — | ||||||||
Additions to mortgage and other notes receivable | (3,259 | ) | (3,096 | ) | — | ||||||
Payments received on mortgage and other notes receivable | 1,069 | 1,610 | 20,973 | ||||||||
Proceeds from sale of available-for-sale securities | — | 20,755 | — | ||||||||
Additional investments in and advances to unconsolidated affiliates | (28,510 | ) | (15,200 | ) | (30,404 | ) | |||||
Distributions in excess of equity in earnings of unconsolidated affiliates | 95,958 | 20,807 | 39,229 | ||||||||
Changes in other assets | (7,054 | ) | (11,534 | ) | (8,422 | ) | |||||
Net cash used in investing activities | (1,446 | ) | (259,815 | ) | (234,855 | ) |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from mortgage and other indebtedness | $ | 1,174,409 | $ | 1,358,296 | $ | 1,061,928 | |||||
Principal payments on mortgage and other indebtedness | (1,377,739 | ) | (1,315,094 | ) | (1,050,647 | ) | |||||
Additions to deferred financing costs | (8,345 | ) | (6,796 | ) | (2,386 | ) | |||||
Prepayment fees on extinguishment of debt | — | — | (1,506 | ) | |||||||
Proceeds from issuances of common stock | 179 | 188 | 175 | ||||||||
Purchases of noncontrolling interests in the Operating Partnership | (11,754 | ) | (286 | ) | (4,861 | ) | |||||
Contributions from noncontrolling interests | 11,241 | 682 | 938 | ||||||||
Distributions to noncontrolling interests | (47,213 | ) | (47,682 | ) | (52,712 | ) | |||||
Dividends paid to holders of preferred stock | (44,892 | ) | (44,892 | ) | (44,892 | ) | |||||
Dividends paid to common shareholders | (180,960 | ) | (180,662 | ) | (166,805 | ) | |||||
Net cash used in financing activities | (485,074 | ) | (236,246 | ) | (260,768 | ) | |||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (17,941 | ) | (1,046 | ) | (27,562 | ) | |||||
CASH AND CASH EQUIVALENTS, beginning of period | 36,892 | 37,938 | 65,500 | ||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 18,951 | $ | 36,892 | $ | 37,938 |
December 31, | |||||||
ASSETS (1) | 2016 | 2015 | |||||
Real estate assets: | |||||||
Land | $ | 820,979 | $ | 876,668 | |||
Buildings and improvements | 6,942,452 | 7,287,862 | |||||
7,763,431 | 8,164,530 | ||||||
Accumulated depreciation | (2,427,108 | ) | (2,382,568 | ) | |||
5,336,323 | 5,781,962 | ||||||
Held for sale | 5,861 | — | |||||
Developments in progress | 178,355 | 75,991 | |||||
Net investment in real estate assets | 5,520,539 | 5,857,953 | |||||
Cash and cash equivalents | 18,943 | 36,887 | |||||
Receivables: | |||||||
Tenant, net of allowance for doubtful accounts of $1,910 and $1,923 in 2016 and 2015, respectively | 94,676 | 87,286 | |||||
Other, net of allowance for doubtful accounts of $838 and $1,276 in 2016 and 2015, respectively | 6,179 | 17,958 | |||||
Mortgage and other notes receivable | 16,803 | 18,238 | |||||
Investments in unconsolidated affiliates | 267,405 | 276,946 | |||||
Intangible lease assets and other assets | 180,452 | 185,162 | |||||
$ | 6,104,997 | $ | 6,480,430 | ||||
LIABILITIES, REDEEMABLE INTERESTS AND CAPITAL | |||||||
Mortgage and other indebtedness, net | $ | 4,465,294 | $ | 4,710,628 | |||
Accounts payable and accrued liabilities | 280,528 | 344,434 | |||||
Total liabilities (1) | 4,745,822 | 5,055,062 | |||||
Commitments and contingencies (Note 6 and Note 14) | |||||||
Redeemable interests: | |||||||
Redeemable noncontrolling interests | — | 5,586 | |||||
Redeemable common units | 17,996 | 19,744 | |||||
Total redeemable interests | 17,996 | 25,330 | |||||
Partners' capital: | |||||||
Preferred units | 565,212 | 565,212 | |||||
Common units: | |||||||
General partner | 7,781 | 8,435 | |||||
Limited partners | 756,083 | 822,383 | |||||
Accumulated other comprehensive loss | — | (868 | ) | ||||
Total partners' capital | 1,329,076 | 1,395,162 | |||||
Noncontrolling interests | 12,103 | 4,876 | |||||
Total capital | 1,341,179 | 1,400,038 | |||||
$ | 6,104,997 | $ | 6,480,430 |
(1) | As of December 31, 2016, includes $659,494 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $463,362 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Operating Partnership. See Note 8. |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
REVENUES: | |||||||||||
Minimum rents | $ | 670,565 | $ | 684,309 | $ | 682,584 | |||||
Percentage rents | 17,803 | 18,063 | 16,876 | ||||||||
Other rents | 23,110 | 21,934 | 22,314 | ||||||||
Tenant reimbursements | 280,438 | 288,279 | 290,561 | ||||||||
Management, development and leasing fees | 14,925 | 10,953 | 12,986 | ||||||||
Other | 21,416 | 31,480 | 35,418 | ||||||||
Total revenues | 1,028,257 | 1,055,018 | 1,060,739 | ||||||||
OPERATING EXPENSES: | |||||||||||
Property operating | 137,760 | 141,030 | 149,774 | ||||||||
Depreciation and amortization | 292,693 | 299,069 | 291,273 | ||||||||
Real estate taxes | 90,110 | 90,799 | 89,281 | ||||||||
Maintenance and repairs | 53,586 | 51,516 | 54,842 | ||||||||
General and administrative | 63,332 | 62,118 | 50,271 | ||||||||
Loss on impairment | 116,822 | 105,945 | 17,858 | ||||||||
Other | 20,326 | 26,957 | 32,297 | ||||||||
Total operating expenses | 774,629 | 777,434 | 685,596 | ||||||||
Income from operations | 253,628 | 277,584 | 375,143 | ||||||||
Interest and other income | 1,524 | 6,467 | 14,121 | ||||||||
Interest expense | (216,318 | ) | (229,343 | ) | (239,824 | ) | |||||
Gain on extinguishment of debt | — | 256 | 87,893 | ||||||||
Gain on investments | 7,534 | 16,560 | — | ||||||||
Income tax benefit (provision) | 2,063 | (2,941 | ) | (4,499 | ) | ||||||
Equity in earnings of unconsolidated affiliates | 117,533 | 18,200 | 14,803 | ||||||||
Income from continuing operations before gain on sales of real estate assets | 165,964 | 86,783 | 247,637 | ||||||||
Gain on sales of real estate assets | 29,567 | 32,232 | 5,342 | ||||||||
Income from continuing operations | 195,531 | 119,015 | 252,979 | ||||||||
Operating loss of discontinued operations | — | — | (222 | ) | |||||||
Gain on discontinued operations | — | — | 276 | ||||||||
Net income | 195,531 | 119,015 | 253,033 | ||||||||
Net income attributable to noncontrolling interests | (1,112 | ) | (5,473 | ) | (3,777 | ) | |||||
Net income attributable to the Operating Partnership | 194,419 | 113,542 | 249,256 | ||||||||
Distributions to preferred unitholders | (44,892 | ) | (44,892 | ) | (44,892 | ) | |||||
Net income attributable to common unitholders | $ | 149,527 | $ | 68,650 | $ | 204,364 | |||||
Basic per unit data attributable to common unitholders: | |||||||||||
Income from continuing operations, net of preferred distributions | $ | 0.75 | $ | 0.34 | $ | 1.02 | |||||
Discontinued operations | 0.00 | 0.00 | 0.00 | ||||||||
Net income attributable to common unitholders | $ | 0.75 | $ | 0.34 | $ | 1.02 | |||||
Weighted-average common units outstanding | 199,764 | 199,734 | 199,660 | ||||||||
Diluted per unit data attributable to common unitholders: | |||||||||||
Income from continuing operations, net of preferred distributions | $ | 0.75 | $ | 0.34 | $ | 1.02 | |||||
Discontinued operations | 0.00 | 0.00 | 0.00 | ||||||||
Net income attributable to common unitholders | $ | 0.75 | $ | 0.34 | $ | 1.02 | |||||
Weighted-average common and potential dilutive common units outstanding | 199,838 | 199,757 | 199,660 | ||||||||
Amounts attributable to common unitholders: | |||||||||||
Income from continuing operations, net of preferred distributions | $ | 149,527 | $ | 68,650 | $ | 204,318 | |||||
Discontinued operations | — | — | 46 | ||||||||
Net income attributable to common unitholders | $ | 149,527 | $ | 68,650 | $ | 204,364 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Net income | $ | 195,531 | $ | 119,015 | $ | 253,033 | |||||
Other comprehensive income (loss): | |||||||||||
Unrealized holding gain on available-for-sale securities | — | 242 | 6,543 | ||||||||
Reclassification to net income of realized gain on available-for-sale securities | — | (16,560 | ) | — | |||||||
Unrealized gain on hedging instruments | 877 | 4,111 | 3,977 | ||||||||
Reclassification of hedging effect on earnings | (443 | ) | (2,196 | ) | (2,195 | ) | |||||
Total other comprehensive income (loss) | 434 | (14,403 | ) | 8,325 | |||||||
Comprehensive income | 195,965 | 104,612 | 261,358 | ||||||||
Comprehensive income attributable to noncontrolling interests | (1,112 | ) | (5,473 | ) | (3,777 | ) | |||||
Comprehensive income attributable to the Operating Partnership | $ | 194,853 | $ | 99,139 | $ | 257,581 |
Redeemable Interests | Number of | Common Units | |||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Redeemable Common Units | Total Redeemable Interests | Preferred Units | Common Units | Preferred Units | General Partner | Limited Partners | Accumulated Other Comprehensive Income (Loss) | Total Partner's Capital | Noncontrolling Interests | Total Capital | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 5,883 | $ | 28,756 | $ | 34,639 | 25,050 | 199,593 | $ | 565,212 | $ | 9,866 | $ | 961,175 | $ | 4,923 | $ | 1,541,176 | $ | 19,179 | $ | 1,560,355 | |||||||||||||||||||||||
Net income | 1,827 | 1,598 | 3,425 | — | — | 44,892 | 2,081 | 200,686 | — | 247,659 | 1,880 | 249,539 | |||||||||||||||||||||||||||||||||
Other comprehensive income | — | 65 | 65 | — | — | — | — | — | 8,260 | 8,260 | — | 8,260 | |||||||||||||||||||||||||||||||||
Redemption of common units | — | — | — | — | (273 | ) | — | — | (4,861 | ) | — | (4,861 | ) | — | (4,861 | ) | |||||||||||||||||||||||||||||
Issuance of common units | — | — | — | — | 246 | — | — | 683 | — | 683 | — | 683 | |||||||||||||||||||||||||||||||||
Distributions declared - common units | — | (4,571 | ) | (4,571 | ) | — | — | — | (1,479 | ) | (200,004 | ) | — | (201,483 | ) | — | (201,483 | ) | |||||||||||||||||||||||||||
Distributions declared - preferred units | — | — | — | — | — | (44,892 | ) | — | — | — | (44,892 | ) | — | (44,892 | ) | ||||||||||||||||||||||||||||||
Cancellation of restricted common stock | — | — | — | — | (34 | ) | — | — | (389 | ) | — | (389 | ) | — | (389 | ) | |||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | — | — | 36 | 3,472 | — | 3,508 | — | 3,508 | |||||||||||||||||||||||||||||||||
Allocation of partners' capital | — | 2,937 | 2,937 | — | — | — | (660 | ) | (2,132 | ) | — | (2,792 | ) | — | (2,792 | ) | |||||||||||||||||||||||||||||
Adjustment to record redeemable interests at redemption value | 3,017 | 2,319 | 5,336 | — | — | — | (55 | ) | (5,281 | ) | — | (5,336 | ) | — | (5,336 | ) | |||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (4,272 | ) | — | (4,272 | ) | — | — | — | — | — | — | — | (13,089 | ) | (13,089 | ) | |||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | — | — | — | 938 | 938 | |||||||||||||||||||||||||||||||||
Balance, December 31, 2014 | $ | 6,455 | $ | 31,104 | $ | 37,559 | 25,050 | 199,532 | $ | 565,212 | $ | 9,789 | $ | 953,349 | $ | 13,183 | $ | 1,541,533 | $ | 8,908 | $ | 1,550,441 |
Net income | 3,360 | 542 | 3,902 | — | — | 44,892 | 699 | 67,409 | — | 113,000 | 2,113 | 115,113 | |||||||||||||||||||||||||||||||||
Other comprehensive loss | — | (352 | ) | (352 | ) | — | — | — | — | — | (14,051 | ) | (14,051 | ) | — | (14,051 | ) | ||||||||||||||||||||||||||||
Redemptions of common units | — | — | — | — | (15 | ) | — | — | (286 | ) | — | (286 | ) | — | (286 | ) | |||||||||||||||||||||||||||||
Issuance of common units | — | — | — | — | 278 | — | — | 679 | — | 679 | — | 679 | |||||||||||||||||||||||||||||||||
Distributions declared - common units | — | (4,572 | ) | (4,572 | ) | — | — | — | (2,133 | ) | (211,258 | ) | — | (213,391 | ) | — | (213,391 | ) | |||||||||||||||||||||||||||
Distributions declared - preferred units | — | — | — | — | — | (44,892 | ) | — | — | — | (44,892 | ) | — | (44,892 | ) | ||||||||||||||||||||||||||||||
Cancellation of restricted common stock | — | — | — | — | (47 | ) | — | — | (770 | ) | — | (770 | ) | — | (770 | ) | |||||||||||||||||||||||||||||
Performance stock units | — | — | — | — | — | — | 6 | 618 | — | 624 | — | 624 | |||||||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | — | — | 43 | 4,109 | — | 4,152 | — | 4,152 | |||||||||||||||||||||||||||||||||
Allocation of partners' capital | — | 2,981 | 2,981 | — | — | — | (88 | ) | (2,965 | ) | — | (3,053 | ) | — | (3,053 | ) | |||||||||||||||||||||||||||||
Adjustment to record redeemable interests at redemption value | (1,658 | ) | (9,959 | ) | (11,617 | ) | — | — | — | 119 | 11,498 | — | 11,617 | — | 11,617 | ||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (2,571 | ) | — | (2,571 | ) | — | — | — | — | — | — | — | (7,866 | ) | (7,866 | ) | |||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | — | — | — | 1,721 | 1,721 | |||||||||||||||||||||||||||||||||
Balance, December 31, 2015 | $ | 5,586 | $ | 19,744 | $ | 25,330 | 25,050 | 199,748 | $ | 565,212 | $ | 8,435 | $ | 822,383 | $ | (868 | ) | $ | 1,395,162 | $ | 4,876 | $ | 1,400,038 |
Redeemable Interests | Number of | Common Units | |||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests | Redeemable Common Units | Total Redeemable Interests | Preferred Units | Common Units | Preferred Units | General Partner | Limited Partners | Accumulated Other Comprehensive Income (Loss) | Total Partner's Capital | Noncontrolling Interests | Total Capital | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2015 | $ | 5,586 | $ | 19,744 | $ | 25,330 | 25,050 | 199,748 | $ | 565,212 | $ | 8,435 | $ | 822,383 | $ | (868 | ) | $ | 1,395,162 | $ | 4,876 | $ | 1,400,038 | ||||||||||||||||||||||
Net income (loss) | (2,762 | ) | 1,159 | (1,603 | ) | — | — | 44,892 | 1,523 | 146,845 | — | 193,260 | 3,874 | 197,134 | |||||||||||||||||||||||||||||||
Other comprehensive income | — | 3 | 3 | — | — | — | — | — | 431 | 431 | — | 431 | |||||||||||||||||||||||||||||||||
Distributions declared - common units | — | (4,572 | ) | (4,572 | ) | — | — | — | (2,133 | ) | (211,058 | ) | — | (213,191 | ) | — | (213,191 | ) | |||||||||||||||||||||||||||
Distributions declared - preferred units | — | — | — | — | — | (44,892 | ) | — | — | — | (44,892 | ) | — | (44,892 | ) | ||||||||||||||||||||||||||||||
Issuances of common units | — | — | — | — | 336 | — | — | 481 | — | 481 | — | 481 | |||||||||||||||||||||||||||||||||
Redemptions of common units | — | — | — | — | (965 | ) | — | — | (11,754 | ) | — | (11,754 | ) | — | (11,754 | ) | |||||||||||||||||||||||||||||
Redemption of redeemable noncontrolling interest | (3,206 | ) | — | (3,206 | ) | — | — | — | 99 | 9,537 | — | 9,636 | — | 9,636 | |||||||||||||||||||||||||||||||
Cancellation of restricted common stock | — | — | — | — | (34 | ) | — | — | (267 | ) | — | (267 | ) | — | (267 | ) | |||||||||||||||||||||||||||||
Performance stock units | — | — | — | — | — | — | 11 | 1,022 | — | 1,033 | — | 1,033 | |||||||||||||||||||||||||||||||||
Amortization of deferred compensation | — | — | — | — | — | — | 38 | 3,642 | — | 3,680 | — | 3,680 | |||||||||||||||||||||||||||||||||
Allocation of partners' capital | — | 2,454 | 2,454 | — | — | — | (172 | ) | (2,831 | ) | 437 | (2,566 | ) | — | (2,566 | ) | |||||||||||||||||||||||||||||
Adjustment to record redeemable interests at redemption value | 2,729 | (792 | ) | 1,937 | — | — | — | (20 | ) | (1,917 | ) | — | (1,937 | ) | — | (1,937 | ) | ||||||||||||||||||||||||||||
Distributions to noncontrolling interests | (2,347 | ) | — | (2,347 | ) | — | — | — | — | — | — | — | (7,888 | ) | (7,888 | ) | |||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | — | — | — | 11,241 | 11,241 | |||||||||||||||||||||||||||||||||
Balance, December 31, 2016 | $ | — | $ | 17,996 | $ | 17,996 | 25,050 | 199,085 | $ | 565,212 | $ | 7,781 | $ | 756,083 | $ | — | $ | 1,329,076 | $ | 12,103 | $ | 1,341,179 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 195,531 | $ | 119,015 | $ | 253,033 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 292,693 | 299,069 | 291,273 | ||||||||
Amortization of deferred financing costs, debt premiums and discounts | 2,952 | 4,948 | 4,405 | ||||||||
Net amortization of intangible lease assets and liabilities | 113 | (1,487 | ) | 368 | |||||||
Gain on sales of real estate assets | (29,567 | ) | (32,232 | ) | (5,342 | ) | |||||
Gain on discontinued operations | — | — | (276 | ) | |||||||
Write-off of development projects | 56 | 2,373 | 136 | ||||||||
Share-based compensation expense | 5,027 | 5,218 | 3,979 | ||||||||
Gain on investments | (7,534 | ) | (16,560 | ) | — | ||||||
Loss on impairment | 116,822 | 105,945 | 17,858 | ||||||||
Loss on impairment from discontinued operations | — | — | 681 | ||||||||
Gain on extinguishment of debt | — | (256 | ) | (87,893 | ) | ||||||
Equity in earnings of unconsolidated affiliates | (117,533 | ) | (18,200 | ) | (14,803 | ) | |||||
Distributions of earnings from unconsolidated affiliates | 16,633 | 21,092 | 21,866 | ||||||||
Provision for doubtful accounts | 4,058 | 2,254 | 2,643 | ||||||||
Change in deferred tax accounts | (907 | ) | (153 | ) | 1,329 | ||||||
Changes in: | |||||||||||
Tenant and other receivables | (7,931 | ) | (5,455 | ) | (4,053 | ) | |||||
Other assets | (4,386 | ) | 1,803 | 1,101 | |||||||
Accounts payable and accrued liabilities | 2,550 | 7,648 | (18,242 | ) | |||||||
Net cash provided by operating activities | 468,577 | 495,022 | 468,063 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Additions to real estate assets | (248,004 | ) | (218,891 | ) | (277,624 | ) | |||||
Acquisitions of real estate assets | — | (191,988 | ) | — | |||||||
(Additions) reductions to restricted cash | (11,434 | ) | 5,491 | 4,880 | |||||||
Proceeds from sales of real estate assets | 189,489 | 132,231 | 16,513 | ||||||||
Net proceeds from disposal of investments | 10,299 | — | — | ||||||||
Additions to mortgage and other notes receivable | (3,259 | ) | (3,096 | ) | — | ||||||
Payments received on mortgage and other notes receivable | 1,069 | 1,610 | 20,973 | ||||||||
Proceeds from sale of available-for-sale securities | — | 20,755 | — | ||||||||
Additional investments in and advances to unconsolidated affiliates | (28,510 | ) | (15,200 | ) | (30,404 | ) | |||||
Distributions in excess of equity in earnings of unconsolidated affiliates | 95,958 | 20,807 | 39,229 | ||||||||
Changes in other assets | (7,054 | ) | (11,534 | ) | (8,422 | ) | |||||
Net cash used in investing activities | (1,446 | ) | (259,815 | ) | (234,855 | ) |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Proceeds from mortgage and other indebtedness | $ | 1,174,409 | $ | 1,358,296 | $ | 1,061,928 | |||||
Principal payments on mortgage and other indebtedness | (1,377,739 | ) | (1,315,094 | ) | (1,050,647 | ) | |||||
Additions to deferred financing costs | (8,345 | ) | (6,796 | ) | (2,386 | ) | |||||
Prepayment fees on extinguishment of debt | — | — | (1,506 | ) | |||||||
Proceeds from issuances of common units | 179 | 188 | 175 | ||||||||
Redemption of common units | (11,754 | ) | (286 | ) | (4,861 | ) | |||||
Contributions from noncontrolling interests | 11,240 | 682 | 938 | ||||||||
Distributions to noncontrolling interests | (14,807 | ) | (17,084 | ) | (52,712 | ) | |||||
Distributions to preferred unitholders | (44,892 | ) | (44,892 | ) | (44,892 | ) | |||||
Distributions to common unitholders | (213,366 | ) | (211,260 | ) | (166,805 | ) | |||||
Net cash used in financing activities | (485,075 | ) | (236,246 | ) | (260,768 | ) | |||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (17,944 | ) | (1,039 | ) | (27,560 | ) | |||||
CASH AND CASH EQUIVALENTS, beginning of period | 36,887 | 37,926 | 65,486 | ||||||||
CASH AND CASH EQUIVALENTS, end of period | $ | 18,943 | $ | 36,887 | $ | 37,926 |
Malls (1) | Associated Centers | Community Centers | Office Buildings | Total | |||||||
Consolidated Properties | 65 | 20 | 4 | 7 | (2) | 96 | |||||
Unconsolidated Properties (3) | 9 | 3 | 5 | — | 17 | ||||||
Total | 74 | 23 | 9 | 7 | 113 |
(1) | Category consists of regional malls, open-air centers and outlet centers (including one mixed-use center). |
(2) |
(3) | The Operating Partnership accounts for these investments using the equity method because one or more of the other partners have substantive participating rights. |
Malls | |||
Development | 1 | ||
Expansions | 3 | ||
Redevelopments | 3 |
December 31, 2016 | December 31, 2015 | ||||||||||||||
Cost | Accumulated Amortization | Cost | Accumulated Amortization | ||||||||||||
Intangible lease assets and other assets: | |||||||||||||||
Above-market leases | $ | 49,310 | $ | (38,197 | ) | $ | 54,080 | $ | (39,228 | ) | |||||
In-place leases | 110,968 | (80,256 | ) | 113,335 | (71,460 | ) | |||||||||
Tenant relationships | 29,494 | (6,610 | ) | 29,742 | (5,868 | ) | |||||||||
Accounts payable and accrued liabilities: | |||||||||||||||
Below-market leases | 87,266 | (60,286 | ) | 89,182 | (54,999 | ) |
• | the probability of recovery; |
• | the Company’s ability and intent to retain the security for a sufficient period of time for it to recover; |
• | the significance of the decline in value; |
• | the time period during which there has been a significant decline in value; |
• | current and future business prospects and trends of earnings; |
• | relevant industry conditions and trends relative to their historical cycles; and |
• | market conditions. |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Current tax benefit (provision) | $ | 1,156 | $ | (3,093 | ) | $ | (3,170 | ) | ||||
Deferred tax benefit (provision) | 907 | 152 | (1,329 | ) | ||||||||
Income tax benefit (provision) | $ | 2,063 | $ | (2,941 | ) | $ | (4,499 | ) |
Year Ended December 31, | |||||
2016 | 2015 | ||||
Denominator – basic | 170,762 | 170,476 | |||
Effect of performance stock units (1) | 74 | 23 | |||
Denominator – diluted | 170,836 | 170,499 |
Year Ended December 31, | |||||
2016 | 2015 | ||||
Denominator – basic | 199,764 | 199,734 | |||
Effect of performance stock units (1) | 74 | 23 | |||
Denominator – diluted | 199,838 | 199,757 |
Redeemable Noncontrolling Interests | The Company | Noncontrolling Interests | |||||||||||||||||||||||||
Unrealized Gains (Losses) | |||||||||||||||||||||||||||
Hedging Agreements | Available- for-Sale Securities | Hedging Agreements | Available- for-Sale Securities | Hedging Agreements | Available- for-Sale Securities | Total | |||||||||||||||||||||
Beginning balance, January 1, 2014 | $ | 387 | $ | 333 | $ | (1,214 | ) | $ | 7,539 | $ | (3,304 | ) | $ | 1,903 | $ | 5,644 | |||||||||||
OCI before reclassifications | 14 | 51 | 3,712 | 5,569 | 251 | 923 | 10,520 | ||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (2,195 | ) | — | — | — | (2,195 | ) | ||||||||||||||||||
Net year-to-date period OCI | 14 | 51 | 1,517 | 5,569 | 251 | 923 | 8,325 | ||||||||||||||||||||
Ending balance, December 31, 2014 | 401 | 384 | 303 | 13,108 | (3,053 | ) | 2,826 | 13,969 | |||||||||||||||||||
OCI before reclassifications | 32 | 10 | 3,828 | 160 | 251 | 72 | 4,353 | ||||||||||||||||||||
Amounts reclassified from AOCI (1) | — | (394 | ) | (2,196 | ) | (13,268 | ) | — | (2,898 | ) | (18,756 | ) | |||||||||||||||
Net year-to-date period OCI/L | 32 | (384 | ) | 1,632 | (13,108 | ) | 251 | (2,826 | ) | (14,403 | ) | ||||||||||||||||
Ending balance, December 31, 2015 | 433 | — | 1,935 | — | (2,802 | ) | — | (434 | ) | ||||||||||||||||||
OCI before reclassifications | 3 | — | 814 | — | 60 | — | 877 | ||||||||||||||||||||
Amounts reclassified from AOCI (1) | (436 | ) | — | (2,749 | ) | — | 2,742 | — | (443 | ) | |||||||||||||||||
Net year-to-date period OCI/L | (433 | ) | — | (1,935 | ) | — | 2,802 | — | 434 | ||||||||||||||||||
Ending balance, December 31, 2016 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
(1) | Reclassified $443, $2,196 and $2,195 of interest on cash flow hedges to Interest Expense in the consolidated statement of operations for the years ended December 31, 2016, 2015 and 2014, respectively. Reclassified $16,560 realized gain on sale of available-for-sale securities to Gain on Investments in the consolidated statement of operations for the year ended December 31, 2015. |
Redeemable Common Units | Partners' Capital | ||||||||||||||||||
Unrealized Gains (Losses) | |||||||||||||||||||
Hedging Agreements | Available- for-Sale Securities | Hedging Agreements | Available- for-Sale Securities | Total | |||||||||||||||
Beginning balance, January 1, 2014 | $ | 387 | $ | 333 | $ | (4,518 | ) | $ | 9,442 | $ | 5,644 | ||||||||
OCI before reclassifications | 14 | 51 | 3,963 | 6,492 | 10,520 | ||||||||||||||
Amounts reclassified from AOCI (1) | — | — | (2,195 | ) | — | (2,195 | ) | ||||||||||||
Net year-to-date period OCI | 14 | 51 | 1,768 | 6,492 | 8,325 | ||||||||||||||
Ending balance, December 31, 2014 | 401 | 384 | (2,750 | ) | 15,934 | 13,969 | |||||||||||||
OCI before reclassifications | 33 | 10 | 4,078 | 232 | 4,353 | ||||||||||||||
Amounts reclassified from AOCI (1) | — | (394 | ) | (2,196 | ) | (16,166 | ) | (18,756 | ) | ||||||||||
Net year-to-date period OCI/L | 33 | (384 | ) | 1,882 | (15,934 | ) | (14,403 | ) | |||||||||||
Ending balance, December 31, 2015 | 434 | — | (868 | ) | — | (434 | ) | ||||||||||||
OCI before reclassifications | 3 | — | 874 | 877 | |||||||||||||||
Amounts reclassified from AOCI (1) | (437 | ) | — | (6 | ) | (443 | ) | ||||||||||||
Net year-to-date period OCI/L | (434 | ) | — | 868 | — | 434 | |||||||||||||
Ending balance, December 31, 2016 | $ | — | $ | — | $ | — | $ | — | $ | — |
(1) | Reclassified $443, $2,196 and $2,195 of interest on cash flow hedges to Interest Expense in the consolidated statement of operations for the years ended December 31, 2016, 2015 and 2014, respectively. Reclassified $16,560 realized gain on sale of available-for-sale securities to Gain on Investments in the consolidated statement of operations for the year ended December 31, 2015. |
Purchase Date | Property | Property Type | Location | Ownership Percentage Acquired | Cash | Purchase Price | ||||||||||
June 2015 | Mayfaire Town Center and Community Center (1) | Mall | Wilmington, NC | 100% | $ | 191,988 | $ | 191,988 |
(1) | The Company acquired Mayfaire Town Center and Community Center on June 18, 2015 for $191,988 utilizing availability on its lines of credit. Since the acquisition date, $8,982 of revenue and $410 in income related to Mayfaire Town Center and Community Center is included in the consolidated financial statements for the year ended December 31, 2015. The Company subsequently sold Mayfaire Community Center in December 2015. See Note 4 for more information. |
2015 | |||
Land | $ | 39,598 | |
Buildings and improvements | 139,818 | ||
Tenant improvements | 3,331 | ||
Above-market leases | 393 | ||
In-place leases | 22,673 | ||
Total assets | 205,813 | ||
Below-market leases | (13,825 | ) | |
Net assets acquired | $ | 191,988 |
Sales Price | Gain | |||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | |||||||||||||
December | Cobblestone Village at Palm Coast (1) | Community Center | Palm Coast, FL | $ | 8,500 | $ | 8,106 | $ | — | |||||||||
December | Randolph Mall, Regency Mall & Walnut Square (2) | Mall | Asheboro, NC Racine, WI Dalton, GA | 32,250 | 31,453 | — | ||||||||||||
September | Oak Branch Business Center (3) | Office Building | Greensboro, NC | 2,400 | 2,148 | — | ||||||||||||
July | The Lakes Mall / Fashion Square (4) | Mall | Muskegon, MI Saginaw, MI | 66,500 | 65,514 | 273 | ||||||||||||
May | Bonita Lakes Mall and Crossing (5) | Mall & Associated Center | Meridian, MS | 27,910 | 27,614 | 208 | ||||||||||||
April | The Crossings at Marshalls Creek | Community Center | Middle Smithfield, PA | 23,650 | 21,791 | 3,239 | ||||||||||||
March | River Ridge Mall (6) | Mall | Lynchburg, VA | 33,500 | 32,905 | — | ||||||||||||
$ | 194,710 | $ | 189,531 | $ | 3,720 |
(1) | The Company recorded a loss on impairment of $6,298 to write down the community center to its estimated fair value in the third quarter of 2016 based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. An additional loss on impairment of $150 was recognized in December 2016 for an adjustment to the sales price when the sale closed in December 2016. |
(2) | The Company recorded a loss on impairment in the third quarter of 2016 of $43,294 when it wrote down the book values of the three malls to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The Company reduced the loss on impairment in the fourth quarter of 2016 by $150 to reflect actual closing costs. |
(3) | The Company recognized a loss on impairment of $122 in the third quarter of 2016 to adjust the book value of the Property to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The loss on impairment was reduced by $22 in the fourth quarter of 2016 to reflect actual closing costs. |
(4) | The Company recognized a loss on impairment of $32,096 in the second quarter of 2016 when it adjusted the book value of the malls to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. A non-recourse loan secured by Fashion Square with a principal balance of $38,150 was assumed by the buyer in conjunction with the sale. See Note 6. |
(5) | The Company recognized a loss on impairment of $5,323 in the first quarter of 2016 when it adjusted the book value of the Properties to their estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect disposition costs. |
(6) | In the first quarter of 2016, the Company sold a 75% interest in River Ridge Mall and recorded a loss on impairment of $9,510 to adjust the book value of the mall to its estimated net sales price based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. An additional loss on impairment of $84 was recognized in December 2016 to reflect actual closing costs. The Company retained a 25% ownership interest in the mall, which is included in Investments in Unconsolidated Affiliates as of December 31, 2016 on the Company's consolidated balance sheet. See Note 5 for more information on this new joint venture. |
Sales Price | Gain | |||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | |||||||||||||
December | Mayfaire Community Center (1) | Community Center (2) | Wilmington, NC | $ | 56,300 | $ | 55,955 | $ | — | |||||||||
December | Chapel Hill Crossing (3) | Associated Center | Akron, OH | 2,300 | 2,178 | — | ||||||||||||
November | Waynesville Commons | Community Center | Waynesville, NC | 14,500 | 14,289 | 5,071 | ||||||||||||
July | Madison Plaza | Associated Center | Huntsville, AL | 5,700 | 5,472 | 2,769 | ||||||||||||
June | EastGate Crossing (4) | Associated Center | Cincinnati, OH | 21,060 | 20,688 | 13,491 | ||||||||||||
April | Madison Square (5) | Mall | Huntsville, AL | 5,000 | 4,955 | — | ||||||||||||
$ | 104,860 | $ | 103,537 | $ | 21,331 |
(1) | The Company recognized a loss on impairment of real estate of $397 in the fourth quarter of 2015 when it adjusted the book value of Mayfaire Community Center to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. |
(2) | This Property was combined with Mayfaire Town Center in the Malls category for segment reporting purposes. |
(3) | The Company recognized a loss on impairment of real estate of $1,914 in the fourth quarter of 2015 when it adjusted the book value of Chapel Hill Crossing to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. |
(4) | In the fourth quarter of 2015, the Company earned $625 of contingent consideration related to the sale of EastGate Crossing and received $574 of net proceeds for the lease of a tenant space. The Company earned additional consideration in 2016 for the lease of one additional specified tenant space as noted above. Additionally, the buyer assumed the mortgage loan on the Property, which had a balance of $14,570 at the time of the sale. |
(5) | The Company recognized a loss on impairment of real estate of $2,620 in the second quarter of 2015 when it adjusted the book value of the mall to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. |
Sales Price | Gain | |||||||||||||||||
Sales Date | Property | Property Type | Location | Gross | Net | |||||||||||||
September | Pemberton Plaza (1) | Community Center | Vicksburg, MS | $ | 1,975 | $ | 1,886 | $ | — | |||||||||
June | Foothills Plaza Expansion | Associated Center | Maryville, TN | 2,640 | 2,387 | 937 | ||||||||||||
May | Lakeshore Mall (2) | Mall | Sebring, FL | 14,000 | 13,613 | — | ||||||||||||
$ | 18,615 | $ | 17,886 | $ | 937 |
(1) | The Company recognized a loss on impairment of real estate of $497 in the third quarter of 2014 when it adjusted the book value of Pemberton Plaza to its estimated fair value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. |
(2) | The gross sales price of $14,000 consisted of a $10,000 promissory note and $4,000 in cash. The note receivable was paid off in the third quarter of 2014. The Company recognized a loss on impairment of real estate of $5,100 in the first quarter of 2014 when it adjusted the book value of Lakeshore Mall to its estimated fair value of $13,780 based on a binding purchase agreement signed in April 2014. The sale closed in May 2014 and the Company recognized an impairment loss of $106 in the second quarter of 2014 as a result of additional closing costs. |
Balance of Non-recourse Debt | Gain on Extinguishment of Debt | |||||||||||||
Disposal Date | Property | Property Type | Location | |||||||||||
October | Columbia Place (1) | Mall | Columbia, SC | $ | 27,265 | $ | 27,171 | |||||||
September | Chapel Hill Mall (2) | Mall | Akron, OH | 68,563 | 18,296 | |||||||||
January | Citadel Mall (3) | Mall | Charleston, SC | 68,169 | 43,932 | |||||||||
$ | 163,997 | $ | 89,399 |
(1) | The Company conveyed the mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $50,683 was recorded in 2011 to write down the book value of the mall to its then estimated fair value. The Company also recorded $3,181 of non-cash default interest expense. |
(2) | The Company conveyed the mall to the lender by a deed-in-lieu of foreclosure. A non-cash impairment loss of $12,050 was recorded in 2014 to write down the book value of the mall to its then estimated fair value. The Company also recorded $1,514 of non-cash default interest expense. |
(3) | The mortgage lender completed the foreclosure process and received title to the mall in satisfaction of the non-recourse debt. A non-cash impairment loss of $20,453 was recorded in 2013 to write down the book value of the mall to its then estimated fair value. |
Joint Venture | Property Name | Company's Interest | ||
Ambassador Infrastructure, LLC | Ambassador Town Center - Infrastructure Improvements | 65.0% | ||
Ambassador Town Center JV, LLC | Ambassador Town Center | 65.0% | ||
CBL/T-C, LLC | CoolSprings Galleria, Oak Park Mall and West County Center | 50.0% | ||
CBL-TRS Joint Venture, LLC | Friendly Center and The Shops at Friendly 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 - Phases I and II | 65.0% | ||
G&I VIII CBL Triangle LLC | Triangle Town Center and Triangle Town Commons | 10.0% | ||
Governor’s Square IB | Governor’s Square Plaza | 50.0% | ||
Governor’s Square Company | Governor’s Square | 47.5% | ||
JG Gulf Coast Town Center LLC | Gulf Coast Town Center - Phase III | 50.0% | ||
Kentucky Oaks Mall Company | Kentucky Oaks Mall | 50.0% | ||
Mall of South Carolina L.P. | Coastal Grand | 50.0% | ||
Mall of South Carolina Outparcel L.P. | Coastal Grand Crossing and vacant land | 50.0% | ||
Port Orange I, LLC | The Pavilion at Port Orange - Phase I | 50.0% | ||
River Ridge Mall JV, LLC | River Ridge Mall | 25.0% | ||
West Melbourne I, LLC | Hammock Landing - Phases I and II | 50.0% | ||
York Town Center, LP | York Town Center | 50.0% |
• | the pro forma for the development and construction of the project and any material deviations or modifications thereto; |
• | the site plan and any material deviations or modifications thereto; |
• | the conceptual design of the project and the initial plans and specifications for the project and any material deviations or modifications thereto; |
• | any acquisition/construction loans or any permanent financings/refinancings; |
• | the annual operating budgets and any material deviations or modifications thereto; |
• | the initial leasing plan and leasing parameters and any material deviations or modifications thereto; and |
• | any material acquisitions or dispositions with respect to the project. |
December 31, | |||||||
2016 | 2015 | ||||||
ASSETS: | |||||||
Investment in real estate assets | $ | 2,137,666 | $ | 2,357,902 | |||
Accumulated depreciation | (564,612 | ) | (677,448 | ) | |||
1,573,054 | 1,680,454 | ||||||
Developments in progress | 9,210 | 59,592 | |||||
Net investment in real estate assets | 1,582,264 | 1,740,046 | |||||
Other assets | 223,347 | 168,540 | |||||
Total assets | $ | 1,805,611 | $ | 1,908,586 | |||
LIABILITIES: | |||||||
Mortgage and other indebtedness | $ | 1,266,046 | $ | 1,546,272 | |||
Other liabilities | 46,160 | 51,357 | |||||
Total liabilities | 1,312,206 | 1,597,629 | |||||
OWNERS' EQUITY: | |||||||
The Company | 228,313 | 184,868 | |||||
Other investors | 265,092 | 126,089 | |||||
Total owners' equity | 493,405 | 310,957 | |||||
Total liabilities and owners’ equity | $ | 1,805,611 | $ | 1,908,586 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Total revenues | $ | 250,361 | $ | 253,399 | $ | 250,248 | |||||
Depreciation and amortization | (83,640 | ) | (79,870 | ) | (79,059 | ) | |||||
Other operating expenses | (76,328 | ) | (75,875 | ) | (73,218 | ) | |||||
Income from operations | 90,393 | 97,654 | 97,971 | ||||||||
Interest and other income | 1,352 | 1,337 | 1,358 | ||||||||
Interest expense | (55,227 | ) | (75,485 | ) | (74,754 | ) | |||||
Gain on extinguishment of debt | 62,901 | — | — | ||||||||
Gain on sales of real estate assets | 160,977 | 2,551 | 1,697 | ||||||||
Net income | $ | 260,396 | $ | 26,057 | $ | 26,272 |
Date | Property | Stated Interest Rate | Maturity Date (1) | Amount Financed or Extended | |||||||
December | The Shops at Friendly Center (2) | 3.34% | April 2023 | $ | 60,000 | ||||||
June | Fremaux Town Center (3) | 3.70% | (4) | June 2026 | 73,000 | ||||||
June | Ambassador Town Center (5) | 3.22% | (6) | June 2023 | 47,660 | ||||||
February | The Pavilion at Port Orange (7) | LIBOR + 2.0% | February 2018 | (8) | 58,628 | ||||||
February | Hammock Landing - Phase I (7) | LIBOR + 2.0% | February 2018 | (8) | 43,347 | (9) | |||||
February | Hammock Landing - Phase II (7) | LIBOR + 2.0% | February 2018 | (8) | 16,757 | ||||||
February | Triangle Town Center, Triangle Town Place, Triangle Town Commons (10) | 4.00% | (11) | December 2018 | (12) | 171,092 |
(1) | Excludes any extension options. |
(2) | CBL-TRS Joint Venture, LLC closed on a non-recourse loan, secured by The Shops at Friendly Center in Greensboro, NC. The new loan has a maturity date with a term of six years to coincide with the maturity date of the existing loan secured by Friendly Center. A portion of the net proceeds were used to retire a $37,640 fixed-rate loan that bore interest at 5.90% and was due to mature in January 2017. |
(3) | Net proceeds from the non-recourse loan were used to retire the existing construction loans, secured by Phase I and Phase II of Fremaux Town Center, with an aggregate balance of $71,125. |
(4) | The joint venture had an interest rate swap on a notional amount of $73,000, amortizing to $52,130 over the term of the swap, related to Fremaux Town Center to effectively fix the interest rate on the variable-rate loan. In October 2016, the joint venture made an election under the loan agreement to convert the loan from a variable-rate to a fixed-rate loan which bears interest at 3.70%. |
(5) | The non-recourse loan was used to retire an existing construction loan with a principal balance of $41,885 and excess proceeds were utilized to fund remaining construction costs. |
(6) | The joint venture has an interest rate swap on a notional amount of $47,660, amortizing to $38,866 over the term of the swap, related to Ambassador Town Center to effectively fix the interest rate on the variable-rate loan. Therefore, this amount is currently reflected as having a fixed rate. |
(7) | The guaranty was reduced from 25% to 20% in conjunction with the refinancing. See Note 14 for more information. |
(8) | The loan was modified and extended to February 2018 with a one-year extension option, at the joint venture's election, to February 2019. |
(9) | The capacity was increased from $39,475 to fund an expansion. |
(10) | The loan was amended and modified in conjunction with the sale of the Properties to a newly formed joint venture as described above. |
(11) | The interest rate was reduced from 5.74% to 4.00% interest-only payments through the initial maturity date. |
(12) | The loan was extended to December 2018 with two one-year extension options to December 2020. Under the terms of the loan agreement, the joint venture must pay the lender $5,000 to reduce the principal balance of the loan and an extension fee of 0.50% of the remaining outstanding loan balance if it exercises the first extension. If the joint venture elects to exercise the second extension, it must pay the lender $8,000 to reduce the principal balance of the loan and an extension fee of 0.75% of the remaining outstanding principal loan balance. Additionally, the interest rate would increase to 5.74% during the extension period. |
Date | Property | Stated Interest Rate | Maturity Date (1) | Amount Financed or Extended | ||||||
December | Hammock Landing - Phase I (2) | LIBOR + 2.0% | February 2016 | (3) | $ | 39,475 | ||||
December | Hammock Landing - Phase II (2) | LIBOR + 2.0% | February 2016 | (3) | 16,757 | |||||
December | The Pavilion at Port Orange (2) | LIBOR + 2.0% | February 2016 | (3) | 58,820 | |||||
October | Oak Park Mall (4) | 3.97% | October 2025 | 276,000 | ||||||
July | Gulf Coast Town Center - Phase III (5) | LIBOR + 2.0% | July 2017 | 5,352 |
(1) | Excludes any extension options. |
(2) | The loan was amended and modified to extend its initial maturity date and interest rate. |
(3) | In the first quarter of 2016, the loan was extended and modified as noted above. |
(4) | CBL/T-C closed on a non-recourse loan, secured by Oak Park Mall in Overland Park, KS. Net proceeds were used to retire the outstanding borrowings of $275,700 under the previous loan which bore interest at 5.85% and had a December 2015 maturity date. |
(5) | The loan was amended and modified to extend its maturity date. As part of the refinancing agreement, the loan is no longer guaranteed by the Operating Partnership. |
Date | Property | Interest Rate at Repayment Date | Scheduled Maturity Date | Principal Balance Repaid | ||||||
December | The Shops at Friendly Center (1) | 5.90% | January 2017 | $ | 37,640 | |||||
December | Triangle Town Place (2) | 4.00% | December 2018 | 29,342 | ||||||
September | Governor's Square Mall (3) | 8.23% | September 2016 | 14,089 | ||||||
September | High Pointe Commons - Phase I (4) | 5.74% | May 2017 | 12,401 | ||||||
September | High Pointe Commons - PetCo (4) | 3.20% | July 2017 | 19 | ||||||
September | High Pointe Commons - Phase II (4) | 6.10% | July 2017 | 4,968 | ||||||
July | Kentucky Oaks Mall (5) | 5.27% | January 2017 | 19,912 | ||||||
April | Renaissance Center - Phase I | 5.61% | July 2016 | 31,484 |
(1) | The loan secured by the Property was retired using a portion of the net proceeds from a $60,000 fixed-rate loan. See above for more information. |
(2) | Upon the sale of Triangle Town Place, a portion of the net proceeds was used to pay down the balance of a loan for the portion secured by Triangle Town Place. After the debt reduction associated with the sale of Triangle Town Center, the principal balance of the loan secured by Triangle Town Center and Triangle Town Commons as of December 31, 2016 is $141,126, of which the Company's share is $14,113. |
(3) | The Company's share of the loan was $6,692. |
(4) | The loan secured by the Property was paid off using proceeds from the sale of the Property in September 2016. See above for more information. The Company's share of the loan was 50%. |
(5) | The Company's share of the loan was $9,956. |
Date | Property | Interest Rate at Repayment Date | Scheduled Maturity Date | Principal Balance Repaid | ||||||
June | Fremaux Town Center - Phase I (1) | 2.44% | August 2016 | $ | 40,530 | |||||
June | Fremaux Town Center - Phase II (1) | 2.44% | August 2016 | 30,595 | ||||||
June | Ambassador Town Center (2) | 2.24% | December 2017 | 41,885 |
(1) | The construction loan was retired using a portion of the net proceeds from a $73,000 fixed-rate non-recourse mortgage loan. See Financings above for more information. |
(2) | The construction loan was retired using a portion of the net proceeds from a $47,660 fixed-rate non-recourse mortgage loan. Excess proceeds were utilized to fund remaining construction costs. See Financings above for more information. |
December 31, 2016 | December 31, 2015 | ||||||||||
Amount | Weighted Average Interest Rate (1) | Amount | Weighted Average Interest Rate (1) | ||||||||
Fixed-rate debt: | |||||||||||
Non-recourse loans on operating Properties (2) | $ | 2,453,628 | 5.55% | $ | 2,736,538 | 5.68% | |||||
Senior unsecured notes due 2023 (3) | 446,552 | 5.25% | 446,151 | 5.25% | |||||||
Senior unsecured notes due 2024 (4) | 299,939 | 4.60% | 299,933 | 4.60% | |||||||
Senior unsecured notes due 2026 (5) | 394,260 | 5.95% | — | —% | |||||||
Other | — | —% | 2,686 | 3.50% | |||||||
Total fixed-rate debt | 3,594,379 | 5.48% | 3,485,308 | 5.53% | |||||||
Variable-rate debt: | |||||||||||
Non-recourse term loans on operating Properties | 19,055 | 3.13% | 16,840 | 2.49% | |||||||
Recourse term loans on operating Properties | 24,428 | 3.29% | 25,635 | 2.97% | |||||||
Construction loan (6) | 39,263 | 3.12% | — | —% | |||||||
Unsecured lines of credit (7) | 6,024 | 1.82% | 398,904 | 1.54% | |||||||
Unsecured term loans (8) | 800,000 | 2.04% | 800,000 | 1.82% | |||||||
Total variable-rate debt | 888,770 | 2.15% | 1,241,379 | 1.76% | |||||||
Total fixed-rate and variable-rate debt | 4,483,149 | 4.82% | 4,726,687 | 4.54% | |||||||
Unamortized deferred financing costs | (17,855 | ) | (16,059 | ) | |||||||
Total mortgage and other indebtedness, net | $ | 4,465,294 | $ | 4,710,628 |
(1) | Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs. |
(2) | The Operating Partnership had four interest rate swaps on notional amounts totaling $101,151 as of December 31, 2015 related to four variable-rate loans on operating Properties to effectively fix the interest rates on the respective loans. Therefore, these amounts were reflected in fixed-rate debt at December 31, 2015. The swaps matured April 1, 2016. |
(3) | The balance is net of an unamortized discount of $3,448 and $3,849, as of December 31, 2016 and 2015, respectively. |
(4) | The balance is net of an unamortized discount of $61 and $67, as of December 31, 2016 and 2015, respectively. |
(5) | In December 2016, the Operating Partnership issued $400,000 of senior unsecured notes in a public offering. The balance is net of an unamortized discount of $5,740 as of December 31, 2016. |
(6) | In the second quarter of 2016, a consolidated joint venture closed on a construction loan for the development of The Outlet Shoppes at Laredo. See below for more information. |
(7) | The Company extended and modified its three unsecured credit facilities in October 2015. See below for additional information. |
(8) | The Company closed on a new $350,000 unsecured term loan in October 2015. See below for further information. |
Description | Issued (1) | Amount | Interest Rate (2) | Maturity Date (3) | ||||||
2026 Notes | December 2016 | $ | 400,000 | 5.95% | December 2026 | |||||
2024 Notes | October 2014 | 300,000 | 4.60% | October 2024 | ||||||
2023 Notes | November 2013 | 450,000 | 5.25% | December 2023 |
(1) | Issued by the Operating Partnership. CBL is a limited guarantor of the Operating Partnership's obligations under the Notes as described above. |
(2) | Interest is payable semiannually in arrears. Interest was payable for the 2026 Notes, the 2024 Notes and the 2023 Notes beginning June 15, 2017; April 15, 2015; and June 1, 2014, respectively. The interest rate for the 2024 Note and the 2023 Notes is subject to an increase ranging from 0.25% to 1.00% from time to time if, on or after January 1, 2016 and prior to January 1, 2020, the ratio of secured debt to total assets of the Company, as defined, is greater than 40% but less than 45% for the 2023 and 2024 Notes. The required ratio of secured debt to total assets for the 2026 Notes is 40% or less. As of December 31, 2016, this ratio was 30% as shown below. |
(3) | The Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days and not more than 60 days notice to the holders of the Notes to be redeemed. The 2026 Notes, the 2024 Notes and the 2023 Notes may be redeemed prior to September 15, 2026; July 15, 2024; and September 1, 2023, respectively, for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date and a make-whole premium calculated in accordance with the indenture. On or after the redemption date, the Notes are redeemable for cash at a redemption price equal to the aggregate principal amount of the Notes to be redeemed plus accrued and unpaid interest. If redeemed prior to the respective dates noted above, each issuance of Notes is redeemable at the treasury rate plus 0.50%, 0.35% and 0.40% for the 2026 Notes, the 2024 Notes and the 2023 Notes, respectively. |
Total Capacity | Total Outstanding | Maturity Date | Extended Maturity Date | |||||||||
Wells Fargo - Facility A | $ | 500,000 | $ | — | (1) | October 2019 | October 2020 | (2) | ||||
First Tennessee | 100,000 | 1,400 | (3) | October 2019 | October 2020 | (4) | ||||||
Wells Fargo - Facility B | 500,000 | 4,624 | (5) | October 2020 | ||||||||
$ | 1,100,000 | $ | 6,024 |
(1) | There was $150 outstanding on this facility as of December 31, 2016 for letters of credit. Up to $30,000 of the capacity on this facility can be used for letters of credit. |
(2) | The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.15% of the commitment amount of the credit facility. |
(3) | Up to $20,000 of the capacity on this facility can be used for letters of credit. |
(4) | The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.20% of the commitment amount of the credit facility. |
(5) | There was an additional $123 outstanding on this facility as of December 31, 2016 for letters of credit. Up to $30,000 of the capacity on this facility can be used for letters of credit. |
Date | Property | Stated Interest Rate | Maturity Date (1) | Amount Financed or Extended | ||||||
2016: | ||||||||||
December | Cary Towne Center (2) | 4.00% | March 2019 | (3) | $ | 46,716 | ||||
December | Greenbrier Mall (4) | 5.00% | December 2019 | (5) | 70,801 | |||||
June | Hamilton Place (6) | 4.36% | June 2026 | 107,000 | ||||||
April | Hickory Point Mall (7) | 5.85% | December 2018 | (8) | 27,446 | |||||
2015: | ||||||||||
September | The Outlet Shoppes at Gettysburg (9) | 4.80% | October 2025 | $ | 38,450 |
(1) | Excludes any extension options. |
(2) | The loan was restructured to extend the maturity date and reduce the interest rate from 8.5% to 4.0% interest-only payments. The Company plans to utilize excess cash flows from the mall to fund a proposed redevelopment. The original maturity date is contingent on the Company's redevelopment plans. |
(3) | The loan has one two-year extension option, which is at the Company's option and contingent on the Company having met specified redevelopment criteria, for an outside maturity date of March 2021. |
(4) | The loan was restructured, with an effective date of November 2016, to extend the maturity date and reduce the interest rate from 5.91% to 5.00% interest-only payments through December 2017. The interest rate will increase to 5.4075% on January 1, 2018 and thereafter require monthly principal payments of $225 and $300 in 2018 and 2019, respectively, in addition to interest. |
(5) | The loan has a one-year extension option, at the Company's election, which is contingent on the mall meeting specified debt service and operational metrics. If the loan is extended, monthly principal payments of $325 will be required in 2020 in addition to interest. |
(6) | Proceeds from the non-recourse loan were used to retire an existing $98,181 loan with an interest rate of 5.86% that was scheduled to mature in August 2016. The Company's share of excess proceeds was used to reduce outstanding balances on its credit facilities. |
(7) | The loan was modified to extend the maturity date. The interest rate remains at 5.85% but the loan is now interest-only. |
(8) | The loan has a one-year extension option at the Company's election for an outside maturity date of December 2019. |
(9) | Proceeds from the non-recourse loan were used to retire a $38,112 fixed-rate loan that was due to mature in February 2016. |
Date | Property | Interest Rate at Repayment Date | Scheduled Maturity Date | Principal Balance Repaid (1) | ||||||
2016: | ||||||||||
October | Southaven Towne Center | 5.50% | January 2017 | $ | 38,314 | |||||
August | Dakota Square Mall | 6.23% | November 2016 | 55,103 | ||||||
June | Hamilton Place (2) | 5.86% | August 2016 | 98,181 | ||||||
April | CoolSprings Crossing | 4.54% | April 2016 | 11,313 | ||||||
April | Gunbarrel Pointe | 4.64% | April 2016 | 10,083 | ||||||
April | Stroud Mall | 4.59% | April 2016 | 30,276 | ||||||
April | York Galleria | 4.55% | April 2016 | 48,337 | ||||||
2015: | ||||||||||
September | The Outlet Shoppes at Gettysburg (3) | 5.87% | February 2016 | $ | 38,112 | |||||
September | Eastland Mall | 5.85% | December 2015 | 59,400 | ||||||
July | Brookfield Square | 5.08% | November 2015 | 86,621 | ||||||
July | CherryVale Mall | 5.00% | October 2015 | 77,198 | ||||||
July | East Towne Mall | 5.00% | November 2015 | 65,856 | ||||||
July | West Towne Mall | 5.00% | November 2015 | 93,021 | ||||||
May | Imperial Valley Mall | 4.99% | September 2015 | 49,486 |
(1) | The Company retired the loans with borrowings from its credit facilities unless otherwise noted. |
(2) | The joint venture retired the loan with proceeds from a $107,000 fixed-rate non-recourse loan. See above for more information. |
(3) | The joint venture retired the loan with proceeds from a $38,450 fixed-rate non-recourse loan. |
Date | Property | Stated Interest Rate | Maturity Date | Amount Extended | ||||||
June | Statesboro Crossing (1) | LIBOR + 1.80% | June 2017 | (2) | $ | 11,035 |
(1) | The loan was modified to extend the maturity date. |
(2) | The loan has a one-year extension option at the joint venture's election for an outside maturity date of June 2018. |
Date | Property | Stated Interest Rate | Maturity Date | Amount Financed | ||||||
2016: | ||||||||||
May | The Outlet Shoppes at Laredo (1) | LIBOR + 2.5% | (2) | May 2019 | (3) | $ | 91,300 | |||
2015: | ||||||||||
July | The Outlet Shoppes of the Bluegrass - Phase II (4) | LIBOR + 2.50% | July 2020 | $ | 11,320 | |||||
May | The Outlet Shoppes at Atlanta - Phase II (5) | LIBOR + 2.50% | December 2019 | 6,200 |
(1) | The consolidated 65/35 joint venture closed on a construction loan for the development of The Outlet Shoppes at Laredo, an outlet center located in Laredo, TX. The Operating Partnership has guaranteed 100% of the loan. |
(2) | The interest rate will be reduced to LIBOR + 2.25% once the development is complete and certain debt and operational metrics are met. |
(3) | The loan has one 24-month extension option, which is at the joint venture's election, subject to continued compliance with the terms of the loan agreement, for an outside maturity date of May 2021. |
(4) | The Operating Partnership has guaranteed 100% of the loan of this 65/35 joint venture. Although construction is complete, certain debt and operational metrics must be met before the guaranty terminates. The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt service and operational metrics are met. |
(5) | The Operating Partnership has guaranteed 100% of the loan of this 75/25 joint venture. Although construction is complete, certain debt and operational metrics must be met before the guaranty terminates. The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt service and operational metrics are met. |
Date | Property | Interest Rate at Repayment Date | Scheduled Maturity Date | Principal Balance Repaid | ||||||
December | The Outlet Shoppes at Atlanta - Parcel Development (1) | 3.02% | December 2019 | $ | 2,124 |
(1) | In conjunction with its sale in December 2016, a portion of the net proceeds was used to retire the loan secured by the Property. |
Ratio | Required | Actual | ||
Debt to total asset value | < 60% | 48% | ||
Unencumbered asset value to unsecured indebtedness | > 1.60x | 2.4x | ||
Unencumbered NOI to unsecured interest expense | > 1.75x | 5.2x | ||
EBITDA to fixed charges (debt service) | > 1.50x | 2.5x |
Ratio | Required | Actual | ||
Total debt to total assets | < 60% | 53% | ||
Secured debt to total assets | <45% (1) | 30% | ||
Total unencumbered assets to unsecured debt | >150% | 221% | ||
Consolidated income available for debt service to annual debt service charge | > 1.50x | 3.0x |
(1) | On January 1, 2020 and thereafter, secured debt to total assets must be less than 40% for the 2023 Notes and the 2024 Notes. The required ratio of secured debt to total assets for the 2026 Notes is 40% or less. |
2017 | $ | 757,314 | |
2018 | 711,645 | ||
2019 | 275,477 | ||
2020 | 213,608 | ||
2021 | 455,026 | ||
Thereafter (1) | 1,887,567 | ||
4,300,637 | |||
Net unamortized discounts | (7,130 | ) | |
Unamortized deferred financing costs | (17,855 | ) | |
Principal balance of loans secured by Lender Malls in foreclosure (2) | 189,642 | ||
Total mortgage and other indebtedness, net | $ | 4,465,294 |
(1) | Excludes the $17,689 loan balance secured by Wausau Center, which is in foreclosure. |
(2) | Represents principal balances of three non-recourse loans secured by Midland Mall, Chesterfield Mall and Wausau Center, which are in default and receivership at December 31, 2016. The loans secured by Midland Mall and Chesterfield Mall had 2016 maturity dates. Subsequent to December 31, 2016, the foreclosure process on Midland Mall was complete. See Note 19 for additional information. |
Instrument Type | Location in Consolidated Balance Sheet | Notional Amount | Designated Benchmark Interest Rate | Strike Rate | Fair Value at 12/31/15 | Maturity Date | |||||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $ 48,337 (amortizing to $48,337) | 1-month LIBOR | 2.149 | % | $ | (208 | ) | April 2016 | ||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $ 30,276 (amortizing to $30,276) | 1-month LIBOR | 2.187 | % | (133 | ) | April 2016 | |||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $ 11,313 (amortizing to $11,313) | 1-month LIBOR | 2.142 | % | (48 | ) | April 2016 | |||||||
Pay fixed/ Receive variable Swap | Accounts payable and accrued liabilities | $ 10,083 (amortizing to $10,083) | 1-month LIBOR | 2.236 | % | (45 | ) | April 2016 | |||||||
$ | (434 | ) |
Hedging Instrument | Gain 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 Gains Recognized in Earnings (Ineffective Portion) | Gain Recognized in Earnings (Ineffective Portion) | |||||||||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||
Interest rate contracts | $ | 434 | $ | 1,915 | $ | 1,782 | Interest Expense | $ | (443 | ) | $ | (2,196 | ) | $ | (2,195 | ) | Interest Expense | $ | — | $ | — | $ | — |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Dividends declared: | |||||||||||
Common stock | $ | 0.88 | (1) | $ | 1.06 | $ | 1.00 | ||||
Series D preferred stock | $ | 18.44 | $ | 18.44 | $ | 18.44 | |||||
Series E preferred stock | $ | 16.56 | $ | 16.56 | $ | 16.56 | |||||
Allocations: | |||||||||||
Common stock | |||||||||||
Ordinary income | 100.00 | % | 100.00 | % | 100.00 | % | |||||
Capital gains 25% rate | — | % | — | % | — | % | |||||
Return of capital | — | % | — | % | — | % | |||||
Total | 100.00 | % | 100.00 | % | 100.00 | % | |||||
Preferred stock (2) | |||||||||||
Ordinary income | 100.00 | % | 100.00 | % | 100.00 | % | |||||
Capital gains 25% rate | — | % | — | % | — | % | |||||
Total | 100.00 | % | 100.00 | % | 100.00 | % |
(1) | Of the $0.265 per share dividend declared on November 3, 2016 and paid January 16, 2017, $0.081 is taxable in 2016 and $0.184 per share will be reported and is taxable in 2017. |
(2) | The allocations for income tax purposes are the same for each series of preferred stock for each period presented. |
December 31, | |||||
2016 | 2015 | ||||
CBL’s Predecessor | 18,172,690 | 18,172,690 | |||
Third parties | 10,119,697 | 11,084,493 | |||
28,292,387 | 29,257,183 |
As of December 31, | |||||||||||||||
2016 | 2015 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
Consolidated VIEs: | |||||||||||||||
Atlanta Outlet Outparcels, LLC | $ | 914 | $ | 4 | (1) | ||||||||||
Atlanta Outlet JV, LLC | 63,361 | 81,128 | (2) | (1) | |||||||||||
CBL Terrace LP | 16,714 | 13,509 | (1) | ||||||||||||
El Paso Outlet Center Holding, LLC | 103,232 | 69,535 | $ | 107,337 | $ | 63,458 | |||||||||
El Paso Outlet Center II, LLC | 8,638 | 7,028 | (3) | (1) | |||||||||||
Foothills Mall Associates | 9,811 | 34,997 | (1) | ||||||||||||
Gettysburg Outlet Center Holding, LLC | 36,542 | 39,476 | (1) | ||||||||||||
Gettysburg Outlet Center, LLC | 7,203 | 37 | 37,463 | 38,450 | |||||||||||
High Point Development LP II | 1,104 | 55 | (1) | ||||||||||||
Jarnigan Road LP | 41,392 | 20,988 | (1) | ||||||||||||
Laredo Outlet JV, LLC (4) | 89,353 | 58,822 | (5) | (1) | |||||||||||
Lebcon Associates | 47,721 | 121,529 | (1) | ||||||||||||
Lebcon I, Ltd | 9,290 | 9,711 | (1) | ||||||||||||
Lee Partners | 1,195 | — | (1) | ||||||||||||
Louisville Outlet Outparcels, LLC | 62 | — | (1) | ||||||||||||
Louisville Outlet Shoppes, LLC | 76,831 | 85,132 | (6) | (1) | |||||||||||
Madison Grandview Forum, LLC | 33,196 | 13,622 | (1) | ||||||||||||
The Promenade at D'Iberville | 84,470 | 46,570 | (1) | ||||||||||||
Statesboro Crossing, LLC | 18,869 | 11,058 | (1) | ||||||||||||
Village at Orchard Hills, LLC | 498 | — | (1) | ||||||||||||
Woodstock GA Investments, LLC | 9,098 | 3,185 | (1) | ||||||||||||
$ | 659,494 | $ | 616,386 | $ | 144,800 | $ | 101,908 |
As of December 31, | |||||||||||||||
2016 | 2015 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
Unconsolidated VIEs: | |||||||||||||||
Ambassador Infrastructure, LLC | $ | 14,279 | 14,279 | (1) | |||||||||||
G&I VIII CBL Triangle LLC (7) | 172,470 | 149,195 | (1) | ||||||||||||
JG Gulf Coast Town Center LLC | (8) | $ | 142,021 | $ | 195,892 | ||||||||||
Triangle Town Member LLC | (8) | 98,408 | 171,092 | ||||||||||||
$ | 186,749 | $ | 163,474 | $ | 240,429 | $ | 366,984 |
(1) | The joint venture was classified as a VIE in 2016 in accordance with the criteria in ASU 2015-02 noted above. Prior to the adoption of ASU 2015-02, the joint venture was not considered to be a VIE. |
(2) | Of this total, $4,839 related to The Outlet Shoppes at Atlanta - Phase II, is guaranteed by the Operating Partnership. |
(3) | Of this total, $6,745 related to The Outlet Shoppes at El Paso - Phase II, is guaranteed by the Operating Partnership. |
(4) | In the second quarter of 2016, the Company formed a 65/35 joint venture, Laredo Outlet JV, LLC, to develop, own and operate The Outlet Shoppes at Laredo in Laredo, TX. The Company initially contributed $7,714, which consisted of a cash contribution of $2,434 and its interest in a note receivable of $5,280 (see Note 10), and the third party partner contributed $10,686, which included land and construction costs to date. The Company contributed 100% of the capital to fund the project until the pro rata 65% contribution of $19,846 was reached in the third quarter of 2016. All subsequent future contributions will be funded on a 65/35 pro rata basis. The Company determined that the new consolidated affiliate represents an interest in a VIE based upon the criteria noted above. |
(5) | Of this total, $39,263 related to The Outlet Shoppes at Laredo, is guaranteed by the Operating Partnership. |
(6) | Of this total, $10,101 relates to The Outlet Shoppes of the Bluegrass - Phase II, is guaranteed by the Operating Partnership. |
(7) | Upon, the sale of the Company's 50% interest in Triangle Town Member LLC to G&I VIII CBL Triangle LLC in the first quarter of 2016, the Company determined that the new unconsolidated affiliate represents an interest in a VIE based upon the criteria noted above. |
(8) | This joint venture is not a VIE as of December 31, 2016. See description of reconsideration event below. |
2017 | $ | 559,804 | |
2018 | 468,622 | ||
2019 | 403,625 | ||
2020 | 341,958 | ||
2021 | 283,553 | ||
Thereafter | 771,041 | ||
$ | 2,828,603 |
As of December 31, 2016 | As of December 31, 2015 | |||||||||||||
Maturity Date | Interest Rate | Balance | Interest Rate | Balance | ||||||||||
Mortgages: | ||||||||||||||
Columbia Place Outparcel | Feb 2022 | 5.00% | $ | 321 | 5.00% | $ | 342 | |||||||
One Park Place | May 2022 | 5.00% | 1,194 | 5.00% | 1,369 | |||||||||
Village Square (1) | Mar 2018 | 3.75% | 1,644 | 3.50% | 1,685 | |||||||||
Other (2) | Dec 2016 - Jan 2047 | 3.27% - 9.50% | 2,521 | 2.93% - 9.50% | 4,380 | |||||||||
5,680 | 7,776 | |||||||||||||
Other Notes Receivable: | ||||||||||||||
ERMC (3) | Sep 2021 | 4.00% | 3,500 | —% | — | |||||||||
Horizon Group (4) | Jan 2017 | 7.00% | 300 | —% | — | |||||||||
Horizon Group (5) | N/A | —% | — | 7.00% | 3,096 | |||||||||
RED Development Inc. | Oct 2023 | 5.00% | 6,588 | 5.00% | 7,366 | |||||||||
Southwest Theaters LLC | Apr 2026 | 5.00% | 735 | —% | — | |||||||||
11,123 | 10,462 | |||||||||||||
$ | 16,803 | $ | 18,238 |
(1) | In May 2016, the mortgage note receivable related to Village Square was extended to March 2018. The interest rate increased from 3.5% to 3.75% for the period from April 2016 through March 2017, with an increase to a rate of 4.0% from April 2017 through the maturity date. |
(2) | In conjunction with the foreclosure of Gulf Coast Town Center, the Company wrote off the $1,846 balance of a note receivable. The note bore interest at a rate of 6.32% and was due to mature in March 2017. The $1,100 note for The Promenade at D'Iberville with a maturity date of December 2016 is in default. |
(3) | The Company received a $3,500 promissory note in conjunction with the redemption of the Company's 50% ownership interest in four consolidated subsidiaries. See Note 8 for more information. |
(4) | In the first quarter of 2016, Mortgage Holdings, LLC, a subsidiary of the Company, entered into a $300 loan agreement with an affiliate of Horizon Group Properties, Inc., the Company's noncontrolling interest partner in the development of a new shopping center. Subsequent to December 31, 2016, the maturity date of the note receivable was extended to July 2017. See Note 19 for more information. |
(5) | In the fourth quarter of 2015, Mortgage Holdings, LLC, a subsidiary of the Company, entered into a $5,280 loan agreement, with an affiliate of Horizon Group Properties, Inc., the Company's noncontrolling interest partner in an outlet center project. In May 2016, in conjunction with the formation of the Laredo joint venture (see Note 5), the Company contributed its interest in the note of $5,280 as a capital contribution to the joint venture. |
Year Ended December 31, 2016 | Malls | Associated Centers | Community Centers | All Other (1) | Total | |||||||||||||||
Revenues | $ | 928,214 | $ | 39,259 | $ | 17,393 | $ | 43,391 | $ | 1,028,257 | ||||||||||
Property operating expenses (2) | (268,898 | ) | (8,246 | ) | (4,293 | ) | (19 | ) | (281,456 | ) | ||||||||||
Interest expense | (143,903 | ) | (5,972 | ) | (285 | ) | (66,158 | ) | (216,318 | ) | ||||||||||
Other expense | — | — | — | (20,326 | ) | (20,326 | ) | |||||||||||||
Gain on sales of real estate assets | 481 | 657 | 3,239 | 25,190 | 29,567 | |||||||||||||||
Segment profit | $ | 515,894 | $ | 25,698 | $ | 16,054 | $ | (17,922 | ) | 539,724 | ||||||||||
Depreciation and amortization expense | (292,693 | ) | ||||||||||||||||||
General and administrative expense | (63,332 | ) | ||||||||||||||||||
Interest and other income | 1,524 | |||||||||||||||||||
Loss on impairment | (116,822 | ) | ||||||||||||||||||
Gain on investments | 7,534 | |||||||||||||||||||
Income tax benefit | 2,063 | |||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 117,533 | |||||||||||||||||||
Income from continuing operations | $ | 195,531 | ||||||||||||||||||
Total assets | $ | 5,383,937 | $ | 259,966 | $ | 215,917 | $ | 244,820 | $ | 6,104,640 | ||||||||||
Capital expenditures (3) | $ | 165,230 | $ | 5,705 | $ | 6,149 | $ | 90,719 | $ | 267,803 |
Year Ended December 31, 2015 | Malls | Associated Centers | Community Centers | All Other (1) | Total | |||||||||||||||
Revenues | $ | 944,553 | $ | 40,392 | $ | 19,944 | $ | 50,129 | $ | 1,055,018 | ||||||||||
Property operating expenses (2) | (274,288 | ) | (9,364 | ) | (4,500 | ) | 4,807 | (283,345 | ) | |||||||||||
Interest expense | (166,922 | ) | (7,285 | ) | (4,236 | ) | (50,900 | ) | (229,343 | ) | ||||||||||
Other expense | (19 | ) | — | — | (26,938 | ) | (26,957 | ) | ||||||||||||
Gain on sales of real estate assets | 264 | 16,260 | 5,071 | 10,637 | 32,232 | |||||||||||||||
Segment profit (loss) | $ | 503,588 | $ | 40,003 | $ | 16,279 | $ | (12,265 | ) | 547,605 | ||||||||||
Depreciation and amortization expense | (299,069 | ) | ||||||||||||||||||
General and administrative expense | (62,118 | ) | ||||||||||||||||||
Interest and other income | 6,467 | |||||||||||||||||||
Gain on extinguishment of debt | 256 | |||||||||||||||||||
Loss on impairment | (105,945 | ) | ||||||||||||||||||
Gain on investment | 16,560 | |||||||||||||||||||
Income tax provision | (2,941 | ) | ||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 18,200 | |||||||||||||||||||
Income from continuing operations | $ | 119,015 | ||||||||||||||||||
Total assets | $ | 5,766,084 | $ | 252,188 | $ | 263,614 | $ | 198,105 | $ | 6,479,991 | ||||||||||
Capital expenditures (3) | $ | 393,194 | $ | 5,186 | $ | 2,299 | $ | 24,134 | $ | 424,813 |
Year Ended December 31, 2014 | Malls | Associated Centers | Community Centers | All Other (1) | Total | |||||||||||||||
Revenues | $ | 933,736 | $ | 41,527 | $ | 18,600 | $ | 66,876 | $ | 1,060,739 | ||||||||||
Property operating expenses (2) | (282,796 | ) | (9,500 | ) | (5,260 | ) | 3,659 | (293,897 | ) | |||||||||||
Interest expense | (198,758 | ) | (7,959 | ) | (2,510 | ) | (30,597 | ) | (239,824 | ) | ||||||||||
Other expense | (20 | ) | — | — | (32,277 | ) | (32,297 | ) | ||||||||||||
Gain on sales of real estate assets | 3,537 | 937 | 107 | 761 | 5,342 | |||||||||||||||
Segment profit | $ | 455,699 | $ | 25,005 | $ | 10,937 | $ | 8,422 | 500,063 | |||||||||||
Depreciation and amortization expense | (291,273 | ) | ||||||||||||||||||
General and administrative expense | (50,271 | ) | ||||||||||||||||||
Interest and other income | 14,121 | |||||||||||||||||||
Gain on extinguishment of debt | 87,893 | |||||||||||||||||||
Loss on impairment | (17,858 | ) | ||||||||||||||||||
Income tax provision | (4,499 | ) | ||||||||||||||||||
Equity in earnings of unconsolidated affiliates | 14,803 | |||||||||||||||||||
Income from continuing operations | $ | 252,979 |
(1) | The All Other category includes mortgage and other notes receivable, office buildings, the Management Company and, prior to the redemption of the Company's redeemable noncontrolling interests during the fourth quarter of 2016, the Company’s former consolidated subsidiary that provided security and maintenance services to third parties (see Note 8). |
(2) | Property operating expenses include property operating, real estate taxes and maintenance and repairs. |
(3) | Amounts include acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category. |
2016 | 2015 | 2014 | |||||||||
Accrued dividends and distributions payable | $ | 54,313 | $ | 54,489 | $ | 54,433 | |||||
Additions to real estate assets accrued but not yet paid | 24,881 | 26,345 | 25,332 | ||||||||
Capital contribution of note receivable to joint venture (1) | 5,280 | — | — | ||||||||
Capital contribution from noncontrolling interest to joint venture | 155 | — | — | ||||||||
Write-off of notes receivable (1) | 1,846 | — | — | ||||||||
Mortgage debt assumed by buyer of real estate assets (2) | 38,150 | 14,570 | — | ||||||||
Transfer of real estate assets in settlement of mortgage debt obligations: | |||||||||||
Decrease in real estate assets | — | — | (79,398 | ) | |||||||
Decrease in mortgage and other indebtedness | — | — | 163,998 | ||||||||
Decrease in operating assets and liabilities | — | — | 4,799 | ||||||||
Discount on issuance of 5.95% Senior Notes due 2026 | 5,740 | — | — | ||||||||
Discount on issuance of 4.60% Senior Notes due 2024 | — | — | 75 | ||||||||
Note receivable from sale of Lakeshore Mall | — | — | 10,000 | ||||||||
Note receivable from sale of land | — | — | 360 | ||||||||
Deconsolidation upon formation of joint venture: (3) | |||||||||||
Decrease in real estate assets | (14,025 | ) | — | — | |||||||
Increase in investment in unconsolidated affiliates | 14,030 | — | — | ||||||||
Decrease in accounts payable and accrued liabilities | (5 | ) | — | — |
(1) | See Note 10 for further details. |
(2) | See Note 4 for additional information. |
(3) |
As of December 31, 2016 | Obligation recorded to reflect guaranty | |||||||||||||||||||||
Unconsolidated Affiliate | Company's Ownership Interest | Outstanding Balance | Percentage Guaranteed by the Company | Maximum Guaranteed Amount | Debt Maturity Date (1) | 12/31/16 | 12/31/15 | |||||||||||||||
West Melbourne I, LLC - Phase I (2) | 50% | $ | 42,847 | 20% | (3) | $ | 8,569 | Feb-2018 | (4) | $ | 86 | $ | 99 | |||||||||
West Melbourne I, LLC - Phase II (2) | 50% | 16,557 | 20% | (3) | 3,311 | Feb-2018 | (4) | 33 | 87 | |||||||||||||
Port Orange I, LLC | 50% | 57,927 | 20% | (3) | 11,586 | Feb-2018 | (4) | 116 | 148 | |||||||||||||
Fremaux Town Center JV, LLC - Phase I | 65% | — | —% | (5) | — | Aug-2016 | — | 62 | ||||||||||||||
Fremaux Town Center JV, LLC - Phase II | 65% | — | —% | (5) | — | Aug-2016 | — | 161 | ||||||||||||||
Ambassador Town Center JV, LLC | 65% | — | —% | (5) | — | Dec-2017 | — | 462 | ||||||||||||||
Ambassador Infrastructure, LLC | 65% | 11,700 | 100% | (6) | 11,700 | Dec-2017 | (7) | 177 | 177 | |||||||||||||
Total guaranty liability | $ | 412 | $ | 1,196 |
(1) | Excludes any extension options. |
(2) | The loan is secured by Hammock Landing - Phase I and Hammock Landing - Phase II, respectively. |
(3) | The guaranty was reduced from 25% to 20% when the loan was modified and extended in the first quarter of 2016. See Note 5. |
(4) | The loan has a one-year extension option, which is at the unconsolidated affiliate's election, for an outside maturity date of February 2019. |
(5) | The guaranty was removed in the second quarter of 2016 when the construction loan was retired using proceeds from a non-recourse mortgage loan. See Note 5 for additional information. |
(6) | The Company received a 1% fee for this guaranty when the loan was issued in December 2014. The guaranty will be reduced to 50% on March 1st of such year as PILOT payments received and attributed to the prior calendar year by Ambassador Infrastructure and delivered to the lender are $1,200 or more, provided no event of default exists. The guaranty will be reduced to 20% when the PILOT payments are $1,400 or more, provided no event of default exists. |
(7) | The loan has two one-year extension options, which are the joint venture's election, for an outside maturity date of December 2019 |
2017 | $ | 588 | ||
2018 | 594 | |||
2019 | 601 | |||
2020 | 607 | |||
2021 | 614 | |||
Thereafter | 12,636 | |||
$ | 15,640 |
Fair Value Measurements at Reporting Date Using | |||||||||||||||
Fair Value at December 31, 2015 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Liabilities: | |||||||||||||||
Interest rate swaps | $ | 434 | $ | — | $ | 434 | $ | — |
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Losses | |||||||||||||||
2016: | |||||||||||||||||||
Long-lived assets | $ | 46,200 | $ | — | $ | — | $ | 46,200 | $ | 116,822 | |||||||||
2015: | |||||||||||||||||||
Long-lived assets | $ | 125,000 | $ | — | $ | — | $ | 125,000 | $ | 104,900 |
Impairment Date | Property | Location | Segment Classification | Loss on Impairment | Fair Value (1) | |||||||||
September | Randolph Mall, Regency Mall & Walnut Square (2) | Asheboro, NC; Racine, WI & Dalton, GA | Malls | $ | 43,144 | $ | — | |||||||
September | One Oyster Point & Two Oyster Point (3) | Newport News, VA | All Other | 3,844 | 6,000 | |||||||||
September | Oak Branch Business Center (4) | Greensboro, NC | All Other | 100 | — | |||||||||
September | Cobblestone Village at Palm Coast (5) | Palm Coast, FL | Community Centers | 6,448 | — | |||||||||
June | The Lakes Mall & Fashion Square (6) | Muskegon, MI & Saginaw, MI | Malls | 32,096 | — | |||||||||
June | Wausau Center (7) | Wausau, WI | Malls | 10,738 | 11,000 | |||||||||
March | Bonita Lakes Mall & Crossing (8) | Meridian, MS | Malls/Associated Centers | 5,323 | — | |||||||||
March | Midland Mall (9) | Midland, MI | Malls | 4,681 | 29,200 | |||||||||
March | River Ridge Mall (10) | Lynchburg, VA | Malls | 9,594 | — | |||||||||
$ | 115,968 | $ | 46,200 |
(1) | The long-lived asset is measured at fair value and included in Net Investment in Real Estate Assets in the Company's consolidated balance sheets at December 31, 2016. |
(2) | The Company wrote down the book values of the three malls to their estimated fair value of $31,318 and recorded a loss on impairment of $43,294 in the third quarter of 2016 based upon a sales price of $32,250 in a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The Company reduced the loss on impairment in the fourth quarter of 2016 by $150 to reflect actual closing costs. The revenues of the malls accounted for approximately 1.5% of total consolidated revenues for the trailing twelve months ended September 30, 2016. The malls were sold in December 2016. |
(3) | In accordance with the Company's quarterly impairment review process, the Company recorded impairment to write down the depreciated book value of two office buildings to their estimated fair value as a result of a change in the expected holding period to a range of 1 to 2 years. Other factors used in the discounted cash flow analysis included a capitalization rate of 8.0%, a discount rate of 10.0% and estimated selling costs of 2.0%. The office buildings are classified as held for sale as of December 31, 2016. The revenues of the office buildings accounted for approximately 0.3% of total consolidated revenues for the year ended December 31, 2016. The office buildings were sold subsequent to December 31, 2016. See Note 4 and Note 19 for more information. |
(4) | The office building was sold in September 2016. A loss on impairment of $122 was recorded in the third quarter of 2016 to adjust the book value to its estimated value based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The loss on impairment was reduced by $22 in the fourth quarter of 2016 to reflect actual closing costs. See Note 4 for more information. |
(5) | In accordance with the Company's quarterly impairment review process, the Company recorded a loss on impairment of $6,298 in the third quarter of 2016 based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. Other factors used in the discounted cash flow analysis included a capitalization rate of 9.0%, a discount rate of 10.75% and estimated selling costs of 2.0%. The revenue of the community center accounted for approximately 0.1% of total consolidated revenues for the trailing twelve months ended September 30, 2016. An additional impairment loss of $150 was recognized in the fourth quarter of 2016 for an adjustment to the sales price when the sale closed in December 2016. See Note 4. |
(6) | The Company adjusted the book value of the malls to their estimated fair value of $65,447 based upon the sales price of $66,500 in the signed contract with a third party buyer, adjusted to reflect estimated disposition costs. The revenues of The Lakes Mall and Fashion Square accounted for approximately 1.6% of total consolidated revenues for the trailing twelve months ended June 30, 2016. These Properties were sold in July 2016. See Note 4 for additional information. |
(7) | In accordance with the Company's quarterly impairment review process, the Company recorded impairment to write down the depreciated book value of the mall to its estimated fair value. After evaluating redevelopment options, the Company determined that an appropriate risk-adjusted return was not achievable and reduced its holding period. The mall is encumbered by a non-recourse loan with a balance of $17,689 as of December 31, 2016 and has experienced declining sales and the loss of two anchor stores. The revenues of Wausau Center accounted for approximately 0.3% of total consolidated revenues for the year ended December 31, 2016. The Company notified the lender that it would not make its scheduled July 1, 2016 debt payment and the mall is in foreclosure. See Note 6. With the assistance of a third-party appraiser, management determined the fair value of Wausau Center using a discounted cash flow methodology. The discounted cash flow used assumptions including a 10-year holding period with a sale at the end of the holding period, a capitalization rate of 13.25%, a discount rate of 13.0% and estimated selling costs of 4.0%. As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management's estimates of future possible outcomes. |
(8) | The Company adjusted the book value of Bonita Lakes Mall and Bonita Lakes Crossing ("Bonita Lakes") to its estimated fair value of $27,440, which represented the contractual sales price of $27,910 with a third party buyer, adjusted to reflect estimated disposition costs. The revenues of Bonita Lakes accounted for approximately 0.7% of total consolidated revenues for the trailing twelve months ended March 31, 2016. See Note 4 for further information on the sale that closed in the second quarter of 2016. |
(9) | The Company wrote down the mall to its estimated fair value. The fair value analysis used a discounted cash flow methodology with assumptions including a 10-year holding period with a sale at the end of the holding period, a capitalization rate of 9.75%, a discount rate of 11.5% and estimated selling costs of 2.0%. The Company notified the lender that it would not pay off the loan that was scheduled to mature in August 2016 and the mall went into receivership in September 2016. See Note 6. The revenues of Midland Mall accounted for approximately 0.6% of total consolidated revenues for the year ended December 31, 2016. The mall was returned to the lender subsequent to December 31, 2016 as the foreclosure process was complete. See Note 19 for further information. |
(10) | The Company sold a 75% interest in its wholly owned investment in River Ridge Mall to a newly formed joint venture in March 2016 and recognized a loss on impairment of $9,510 in the first quarter of 2016 when it adjusted the book value of the mall to its estimated net sales price based upon a contract with a third party buyer, adjusted to reflect estimated disposition costs. The impairment loss includes a $2,100 reserve for a roof and electrical work that the Company must fund in the future. An additional loss on impairment of $84 was recognized in the fourth quarter of 2016 to reflect actual closing costs. The revenues of River Ridge Mall accounted for approximately 0.6% of total consolidated revenues for the trailing twelve months ended March 31, 2016. The Company's investment in River Ridge is included in Investments in Unconsolidated Affiliates on the Company's consolidated balance sheets at December 31, 2016. See Note 5 for further information. |
Shares | Weighted- Average Grant-Date Fair Value | |||||
Nonvested at January 1, 2016 | 533,404 | $ | 19.19 | |||
Granted | 319,660 | $ | 10.02 | |||
Vested | (238,822 | ) | $ | 16.57 | ||
Forfeited | (12,080 | ) | $ | 16.76 | ||
Nonvested at December 31, 2016 | 602,162 | $ | 15.41 |
2016 PSUs | ||||
Fair value per share on valuation date (1) | $ | 4.98 | ||
Risk-free interest rate (2) | 0.92 | % | ||
Expected share price volatility (3) | 30.95 | % |
(1) | The value of the PSU awards are estimated on the date of grant using a Monte Carlo Simulation model. The valuation consisted of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. |
(2) | The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of valuation date of February 10, 2016 for the 2016 PSUs. |
(3) | The computation of expected volatility was based on a blend of the historical volatility of CBL's shares of common stock based on annualized daily total continuous returns over a three-year period and implied volatility data based on the trailing month average of daily implied volatilities implied by stock call option contracts that were both closest to the terms shown and closest to the money. |
Year Ended December 31, 2016 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total (1) | |||||||||||||||
Total revenues | $ | 263,078 | $ | 254,965 | $ | 251,721 | $ | 258,493 | $ | 1,028,257 | ||||||||||
Income from operations (2) | 63,830 | 52,056 | 36,727 | 101,015 | 253,628 | |||||||||||||||
Net income (3) | 41,892 | 73,097 | 670 | 79,872 | 195,531 | |||||||||||||||
Net income attributable to the Company | 40,074 | 62,919 | 1,059 | 68,830 | 172,882 | |||||||||||||||
Net income (loss) attributable to common shareholders | 28,851 | 51,696 | (10,164 | ) | 57,607 | 127,990 | ||||||||||||||
Basic per share data attributable to common shareholders: | ||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 0.17 | $ | 0.30 | $ | (0.06 | ) | $ | 0.34 | $ | 0.75 | |||||||||
Diluted per share data attributable to common shareholders: | ||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 0.17 | $ | 0.30 | $ | (0.06 | ) | $ | 0.34 | $ | 0.75 |
(1) | The sum of quarterly EPS may differ from annual EPS due to rounding. |
(2) |
(3) | Net income for the quarter ended March 31, 2016 includes a gain of $26,395 related to the sale of a 50% interest in Triangle Town Center to a new 10/90 joint venture. Net income for the quarter ended June 30, 2016 includes a gain of $29,267 related to the foreclosure of Gulf Coast Town Center and a gain of $29,437 from the sale of Renaissance Center. The Company's share of the gain is included in Equity in Earnings of Unconsolidated Affiliates in the consolidated statements of operations (see Note 5). |
Year Ended December 31, 2015 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total (1) | |||||||||||||||
Total revenues | $ | 260,909 | $ | 253,843 | $ | 262,636 | $ | 277,630 | $ | 1,055,018 | ||||||||||
Income from operations (2) | 85,032 | 89,858 | 94,007 | 8,687 | 277,584 | |||||||||||||||
Net income (loss) (3) | 53,205 | 48,331 | 44,432 | (26,953 | ) | 119,015 | ||||||||||||||
Net income (loss) attributable to the Company | 46,164 | 41,895 | 37,569 | (22,257 | ) | 103,371 | ||||||||||||||
Net income (loss) attributable to common shareholders | 34,941 | 30,672 | 26,346 | (33,480 | ) | 58,479 | ||||||||||||||
Basic per share data attributable to common shareholders: | ||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 0.21 | $ | 0.18 | $ | 0.15 | $ | (0.20 | ) | $ | 0.34 | |||||||||
Diluted per share data attributable to common shareholders: | ||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 0.20 | $ | 0.18 | $ | 0.15 | $ | (0.20 | ) | $ | 0.34 |
(1) | The sum of quarterly EPS may differ from annual EPS due to rounding. |
(2) | Income from operations for the quarter ended December 31, 2015 includes a $102,280 loss on impairment of real estate primarily related to Chesterfield Mall (see Note 15). |
(3) | Income from continuing operations for the quarter ended March 31, 2015 includes $16,560 gain on investment related to the sale of available-for-sale securities (see Note 2) and also includes $14,173 and $14,065 related to gain on sales of real estate assets for the quarters ended June 30, 2015 and December 31, 2015, respectively. |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Tenant receivables - allowance for doubtful accounts: | |||||||||||
Balance, beginning of year | $ | 1,923 | $ | 2,368 | $ | 2,379 | |||||
Additions in allowance charged to expense | 4,058 | 2,254 | 2,643 | ||||||||
Bad debts charged against allowance | (4,071 | ) | (2,699 | ) | (2,654 | ) | |||||
Balance, end of year | $ | 1,910 | $ | 1,923 | $ | 2,368 | |||||
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Other receivables - allowance for doubtful accounts: | |||||||||||
Balance, beginning of year | $ | 1,276 | $ | 1,285 | $ | 1,241 | |||||
Additions in allowance charged to expense | — | 277 | 3,689 | ||||||||
Bad debts charged against allowance | (438 | ) | (286 | ) | (3,645 | ) | |||||
Balance, end of year | $ | 838 | $ | 1,276 | $ | 1,285 |
Initial Cost (1) | Gross Amounts at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||
Description /Location | Encumbrances (2) | Land | Buildings and Improvements | Costs Capitalized Subsequent to Acquisition | Sales of Outparcel Land | Land | Buildings and Improvements | Total (3) | Accumulated Depreciation (4) | Date of Construction / Acquisition | ||||||||||||||||||||||||||||
MALLS: | ||||||||||||||||||||||||||||||||||||||
Acadiana Mall, Lafayette, LA | $ | 125,829 | $ | 22,511 | $ | 145,769 | $ | 11,174 | $ | — | $ | 19,919 | $ | 159,535 | $ | 179,454 | $ | (70,172 | ) | 2005 | ||||||||||||||||||
Alamance Crossing, Burlington, NC | 47,160 | 20,853 | 63,105 | 40,214 | (2,803 | ) | 18,050 | 103,319 | 121,369 | (30,642 | ) | 2007 | ||||||||||||||||||||||||||
Arbor Place, Atlanta (Douglasville), GA | 113,574 | 7,862 | 95,330 | 27,305 | — | 7,862 | 122,635 | 130,497 | (61,490 | ) | 1998-1999 | |||||||||||||||||||||||||||
Asheville Mall, Asheville, NC | 69,722 | 7,139 | 58,747 | 56,912 | (805 | ) | 6,334 | 115,659 | 121,993 | (51,150 | ) | 1998 | ||||||||||||||||||||||||||
Brookfield Square, Brookfield, WI | — | 8,996 | 84,250 | 55,700 | (18 | ) | 9,170 | 139,758 | 148,928 | (62,415 | ) | 2001 | ||||||||||||||||||||||||||
Burnsville Center, Burnsville, MN | 71,785 | 12,804 | 71,355 | 59,475 | (1,157 | ) | 16,102 | 126,375 | 142,477 | (56,832 | ) | 1998 | ||||||||||||||||||||||||||
Cary Towne Center, Cary, NC | 46,716 | 23,688 | 74,432 | 32,675 | — | 24,949 | 105,846 | 130,795 | (40,748 | ) | 2001 | |||||||||||||||||||||||||||
CherryVale Mall, Rockford, IL | — | 11,892 | 63,973 | 57,704 | (1,667 | ) | 11,608 | 120,294 | 131,902 | (47,789 | ) | 2001 | ||||||||||||||||||||||||||
Chesterfield Mall, Chesterfield, MO | 140,000 | 11,083 | 282,140 | (173,528 | ) | — | 11,083 | 108,612 | 119,695 | (5,246 | ) | 2007 | ||||||||||||||||||||||||||
College Square, Morristown, TN | — | 2,954 | 17,787 | 33,393 | (88 | ) | 2,866 | 51,180 | 54,046 | (23,212 | ) | 1987-1988 | ||||||||||||||||||||||||||
Cross Creek Mall, Fayetteville, NC | 123,398 | 19,155 | 104,353 | 36,094 | — | 20,169 | 139,433 | 159,602 | (48,554 | ) | 2003 | |||||||||||||||||||||||||||
Dakota Square Mall, Minot, ND | — | 4,552 | 87,625 | 25,253 | 4,552 | 112,878 | 117,430 | (15,305 | ) | 2012 | ||||||||||||||||||||||||||||
Eastland Mall, Bloomington, IL | — | 5,746 | 75,893 | 6,875 | (753 | ) | 5,304 | 82,457 | 87,761 | (31,211 | ) | 2005 | ||||||||||||||||||||||||||
East Towne Mall, Madison, WI | — | 4,496 | 63,867 | 50,590 | (715 | ) | 3,781 | 114,457 | 118,238 | (45,830 | ) | 2002 | ||||||||||||||||||||||||||
EastGate Mall, Cincinnati, OH | 37,123 | 13,046 | 44,949 | 28,553 | (1,017 | ) | 12,029 | 73,502 | 85,531 | (28,211 | ) | 2001 | ||||||||||||||||||||||||||
Fayette Mall, Lexington, KY | 162,240 | 25,205 | 84,256 | 106,369 | — | 25,205 | 190,625 | 215,830 | (56,800 | ) | 2001 | |||||||||||||||||||||||||||
Frontier Mall, Cheyenne, WY | — | 2,681 | 15,858 | 21,925 | (80 | ) | 2,601 | 37,783 | 40,384 | (23,211 | ) | 1984-1985 | ||||||||||||||||||||||||||
Foothills Mall, Maryville, TN | — | 6,376 | 27,376 | 11,773 | — | 6,392 | 39,133 | 45,525 | (26,604 | ) | 1996 | |||||||||||||||||||||||||||
Greenbrier Mall, Chesapeake, VA | 70,801 | 3,181 | 107,355 | 14,121 | (626 | ) | 2,555 | 121,476 | 124,031 | (40,768 | ) | 2004 | ||||||||||||||||||||||||||
Hamilton Place, Chattanooga, TN | 106,138 | 3,532 | 42,623 | 45,422 | (441 | ) | 4,034 | 87,102 | 91,136 | (50,871 | ) | 1986-1987 | ||||||||||||||||||||||||||
Hanes Mall, Winston-Salem, NC | 146,268 | 17,176 | 133,376 | 53,563 | (948 | ) | 18,629 | 184,538 | 203,167 | (73,315 | ) | 2001 | ||||||||||||||||||||||||||
Harford Mall, Bel Air, MD | — | 8,699 | 45,704 | 23,104 | — | 8,699 | 68,808 | 77,507 | (25,954 | ) | 2003 | |||||||||||||||||||||||||||
Hickory Point Mall, Forsyth, IL | 27,446 | 10,731 | 31,728 | 17,036 | (293 | ) | 10,021 | 48,763 | 58,784 | (18,837 | ) | 2005 | ||||||||||||||||||||||||||
Honey Creek Mall, Terre Haute, IN | 26,700 | 3,108 | 83,358 | 18,968 | — | 3,108 | 102,326 | 105,434 | (34,643 | ) | 2004 | |||||||||||||||||||||||||||
Imperial Valley Mall, El Centro, CA | — | 35,378 | 70,549 | 3,778 | — | 35,378 | 74,327 | 109,705 | (10,135 | ) | 2012 | |||||||||||||||||||||||||||
Janesville Mall, Janesville, WI | — | 8,074 | 26,009 | 21,659 | — | 8,074 | 47,668 | 55,742 | (18,249 | ) | 1998 | |||||||||||||||||||||||||||
Jefferson Mall, Louisville, KY | 66,051 | 13,125 | 40,234 | 28,898 | (521 | ) | 12,604 | 69,132 | 81,736 | (27,268 | ) | 2001 | ||||||||||||||||||||||||||
Kirkwood Mall, Bismarck, ND | 37,984 | 3,368 | 118,945 | 20,767 | 3,368 | 139,712 | 143,080 | (16,009 | ) | 2012 | ||||||||||||||||||||||||||||
Laurel Park Place, Livonia, MI | — | 13,289 | 92,579 | 19,562 | — | 13,289 | 112,141 | 125,430 | (43,350 | ) | 2005 | |||||||||||||||||||||||||||
Layton Hills Mall, Layton, UT | 89,921 | 20,464 | 99,836 | 10,683 | (340 | ) | 20,124 | 110,519 | 130,643 | (37,440 | ) | 2005 | ||||||||||||||||||||||||||
Mall del Norte, Laredo, TX | — | 21,734 | 142,049 | 53,239 | — | 21,734 | 195,288 | 217,022 | (78,157 | ) | 2004 |
Initial Cost (1) | Gross Amounts at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||
Description /Location | Encumbrances (2) | Land | Buildings and Improvements | Costs Capitalized Subsequent to Acquisition | Sales of Outparcel Land | Land | Buildings and Improvements | Total (3) | Accumulated Depreciation (4) | Date of Construction / Acquisition | ||||||||||||||||||||||||||||
Mayfaire Town Center, Wilmington, NC | — | 26,333 | 101,087 | 628 | — | 26,333 | 101,715 | 128,048 | (4,952 | ) | 2015 | |||||||||||||||||||||||||||
Meridian Mall, Lansing, MI | — | 529 | 103,678 | 80,810 | — | 2,232 | 182,785 | 185,017 | (83,060 | ) | 1998 | |||||||||||||||||||||||||||
Midland Mall, Midland, MI | 31,953 | 10,321 | 29,429 | (10,545 | ) | 8,898 | 20,308 | 29,206 | (935 | ) | 2001 | |||||||||||||||||||||||||||
Mid Rivers Mall, St. Peters, MO | — | 16,384 | 170,582 | 19,431 | (626 | ) | 15,758 | 190,013 | 205,771 | (55,095 | ) | 2007 | ||||||||||||||||||||||||||
Monroeville Mall, Pittsburgh, PA | — | 22,911 | 177,214 | 78,215 | — | 25,432 | 252,908 | 278,340 | (79,067 | ) | 2004 | |||||||||||||||||||||||||||
Northgate Mall, Chattanooga, TN | — | 2,330 | 8,960 | 23,441 | (74 | ) | 2,256 | 32,401 | 34,657 | (7,181 | ) | 2011 | ||||||||||||||||||||||||||
Northpark Mall, Joplin, MO | — | 9,977 | 65,481 | 45,400 | — | 10,962 | 109,896 | 120,858 | (42,028 | ) | 2004 | |||||||||||||||||||||||||||
Northwoods Mall, North Charleston, SC | 67,827 | 14,867 | 49,647 | 24,502 | (2,339 | ) | 12,528 | 74,149 | 86,677 | (28,792 | ) | 2001 | ||||||||||||||||||||||||||
Old Hickory Mall, Jackson, TN | — | 15,527 | 29,413 | 7,915 | — | 15,527 | 37,328 | 52,855 | (15,662 | ) | 2001 | |||||||||||||||||||||||||||
The Outlet Shoppes at Atlanta, Woodstock, GA | 83,432 | 8,598 | 100,613 | (29,169 | ) | (740 | ) | 16,427 | 62,875 | 79,302 | (12,222 | ) | 2013 | |||||||||||||||||||||||||
The Outlet Shoppes at El Paso, El Paso, TX | 69,100 | 7,345 | 98,602 | 12,219 | 7,569 | 110,597 | 118,166 | (17,945 | ) | 2012 | ||||||||||||||||||||||||||||
The Outlet Shoppes at Gettysburg, Gettysburg, PA | 38,450 | 20,779 | 22,180 | 1,328 | 20,778 | 23,508 | 44,286 | (4,831 | ) | 2012 | ||||||||||||||||||||||||||||
The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | 62,207 | 7,402 | 50,268 | 13,361 | — | 6,833 | 64,198 | 71,031 | (21,867 | ) | 2011 | |||||||||||||||||||||||||||
The Outlet Shoppes of the Bluegrass, Simpsonville, KY | 84,837 | 3,193 | 72,962 | 4,096 | 3,193 | 77,058 | 80,251 | (9,705 | ) | 2014 | ||||||||||||||||||||||||||||
Parkdale Mall, Beaumont, TX | 83,527 | 23,850 | 47,390 | 59,072 | (307 | ) | 23,544 | 106,461 | 130,005 | (43,060 | ) | 2001 | ||||||||||||||||||||||||||
Park Plaza Mall, Little Rock, AR | 86,737 | 6,297 | 81,638 | 35,456 | — | 6,304 | 117,087 | 123,391 | (49,628 | ) | 2004 | |||||||||||||||||||||||||||
Parkway Place, Huntsville, AL | 36,659 | 6,364 | 67,067 | 5,701 | 6,364 | 72,768 | 79,132 | (16,027 | ) | 2010 | ||||||||||||||||||||||||||||
Pearland Town Center, Pearland, TX | — | 16,300 | 108,615 | 15,340 | (857 | ) | 15,443 | 123,955 | 139,398 | (39,504 | ) | 2008 | ||||||||||||||||||||||||||
Post Oak Mall, College Station, TX | — | 3,936 | 48,948 | 15,857 | (327 | ) | 3,608 | 64,806 | 68,414 | (33,951 | ) | 1984-1985 | ||||||||||||||||||||||||||
Richland Mall, Waco, TX | — | 9,874 | 34,793 | 19,760 | — | 9,887 | 54,540 | 64,427 | (20,444 | ) | 2002 | |||||||||||||||||||||||||||
South County Center, St. Louis, MO | — | 15,754 | 159,249 | 14,403 | 15,754 | 173,652 | 189,406 | (48,721 | ) | 2007 | ||||||||||||||||||||||||||||
Southaven Towne Center, Southaven, MS | — | 8,255 | 29,380 | 13,462 | — | 8,896 | 42,619 | 51,515 | (18,188 | ) | 2005 | |||||||||||||||||||||||||||
Southpark Mall, Colonial Heights, VA | 62,246 | 9,501 | 73,262 | 38,132 | — | 11,282 | 109,613 | 120,895 | (39,776 | ) | 2003 | |||||||||||||||||||||||||||
Stroud Mall, Stroudsburg, PA | — | 14,711 | 23,936 | 20,932 | — | 14,711 | 44,868 | 59,579 | (18,598 | ) | 1998 | |||||||||||||||||||||||||||
St. Clair Square, Fairview Heights, IL | — | 11,027 | 75,620 | 35,095 | — | 11,027 | 110,715 | 121,742 | (52,531 | ) | 1996 | |||||||||||||||||||||||||||
Sunrise Mall, Brownsville, TX | — | 11,156 | 59,047 | 15,417 | — | 11,156 | 74,464 | 85,620 | (22,966 | ) | 2003 | |||||||||||||||||||||||||||
Turtle Creek Mall, Hattiesburg, MS | — | 2,345 | 26,418 | 17,838 | — | 3,535 | 43,066 | 46,601 | (23,349 | ) | 1993-1995 | |||||||||||||||||||||||||||
Valley View Mall, Roanoke, VA | 56,734 | 15,985 | 77,771 | 21,867 | — | 15,999 | 99,624 | 115,623 | (35,147 | ) | 2003 | |||||||||||||||||||||||||||
Volusia Mall, Daytona Beach, FL | 45,929 | 2,526 | 120,242 | 28,693 | — | 6,431 | 145,030 | 151,461 | (45,827 | ) | 2004 | |||||||||||||||||||||||||||
Wausau Center, Wausau, WI | 17,689 | 5,231 | 24,705 | (13,707 | ) | (5,231 | ) | — | 10,998 | 10,998 | (387 | ) | 2001 | |||||||||||||||||||||||||
West Towne Mall, Madison, WI | — | 9,545 | 83,084 | 51,879 | — | 9,545 | 134,963 | 144,508 | (52,750 | ) | 2002 | |||||||||||||||||||||||||||
WestGate Mall, Spartanburg, SC | 36,021 | 2,149 | 23,257 | 47,192 | (432 | ) | 1,742 | 70,424 | 72,166 | (37,706 | ) | 1995 | ||||||||||||||||||||||||||
Westmoreland Mall, Greensburg, PA | — | 4,621 | 84,215 | 26,897 | (316 | ) | 4,305 | 111,112 | 115,417 | (40,716 | ) | 2002 |
Initial Cost (1) | Gross Amounts at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||
Description /Location | Encumbrances (2) | Land | Buildings and Improvements | Costs Capitalized Subsequent to Acquisition | Sales of Outparcel Land | Land | Buildings and Improvements | Total (3) | Accumulated Depreciation (4) | Date of Construction / Acquisition | ||||||||||||||||||||||||||||
York Galleria, York, PA | — | 5,757 | 63,316 | 12,356 | — | 5,757 | 75,672 | 81,429 | (32,799 | ) | 1995 | |||||||||||||||||||||||||||
ASSOCIATED CENTERS: | ||||||||||||||||||||||||||||||||||||||
Annex at Monroeville, Pittsburgh, PA | — | — | 29,496 | (444 | ) | — | — | 29,052 | 29,052 | (9,159 | ) | 2004 | ||||||||||||||||||||||||||
CoolSprings Crossing, Nashville, TN | — | 2,803 | 14,985 | 5,750 | — | 3,554 | 19,984 | 23,538 | (12,400 | ) | 1991-1993 | |||||||||||||||||||||||||||
Courtyard at Hickory Hollow, Nashville, TN | — | 3,314 | 2,771 | (1,618 | ) | (231 | ) | 1,500 | 2,736 | 4,236 | (753 | ) | 1998 | |||||||||||||||||||||||||
Frontier Square, Cheyenne, WY | — | 346 | 684 | 434 | (86 | ) | 260 | 1,118 | 1,378 | (673 | ) | 1985 | ||||||||||||||||||||||||||
Gunbarrel Pointe, Chattanooga, TN | — | 4,170 | 10,874 | 3,491 | — | 4,170 | 14,365 | 18,535 | (5,881 | ) | 2000 | |||||||||||||||||||||||||||
Hamilton Corner, Chattanooga, TN | 14,258 | 630 | 5,532 | 8,568 | 734 | 13,996 | 14,730 | (7,201 | ) | 1986-1987 | ||||||||||||||||||||||||||||
Hamilton Crossing, Chattanooga, TN | 9,368 | 4,014 | 5,906 | 6,851 | (1,370 | ) | 2,644 | 12,757 | 15,401 | (6,896 | ) | 1987 | ||||||||||||||||||||||||||
Harford Annex, Bel Air, MD | — | 2,854 | 9,718 | 1,355 | — | 2,854 | 11,073 | 13,927 | (3,618 | ) | 2003 | |||||||||||||||||||||||||||
The Landing at Arbor Place, Atlanta (Douglasville), GA | — | 4,993 | 14,330 | 1,555 | (1,886 | ) | 3,107 | 15,885 | 18,992 | (9,015 | ) | 1998-1999 | ||||||||||||||||||||||||||
Layton Hills Convenience Center, Layton, UT | — | — | 8 | 2,619 | — | — | 2,627 | 2,627 | (674 | ) | 2005 | |||||||||||||||||||||||||||
Layton Hills Plaza, Layton, UT | — | — | 2 | 299 | — | — | 301 | 301 | (212 | ) | 2005 | |||||||||||||||||||||||||||
The Plaza at Fayette, Lexington, KY | 37,146 | 9,531 | 27,646 | 4,169 | — | 9,531 | 31,815 | 41,346 | (10,882 | ) | 2006 | |||||||||||||||||||||||||||
Parkdale Crossing, Beaumont, TX | — | 2,994 | 7,408 | 2,282 | (355 | ) | 2,639 | 9,690 | 12,329 | (3,471 | ) | 2002 | ||||||||||||||||||||||||||
The Shoppes At Hamilton Place, Chattanooga, TN | — | 4,894 | 11,700 | 1,614 | — | 4,894 | 13,314 | 18,208 | (4,526 | ) | 2003 | |||||||||||||||||||||||||||
Sunrise Commons, Brownsville, TX | — | 1,013 | 7,525 | 2,520 | — | 1,013 | 10,045 | 11,058 | (3,318 | ) | 2003 | |||||||||||||||||||||||||||
The Shoppes at St. Clair Square, Fairview Heights, IL | 18,827 | 8,250 | 23,623 | 513 | (5,044 | ) | 3,206 | 24,136 | 27,342 | (8,973 | ) | 2007 | ||||||||||||||||||||||||||
The Terrace, Chattanooga, TN | 13,057 | 4,166 | 9,929 | 8,117 | — | 6,536 | 15,676 | 22,212 | (6,006 | ) | 1997 | |||||||||||||||||||||||||||
West Towne Crossing, Madison, WI | — | 1,151 | 2,955 | 7,940 | — | 2,126 | 9,920 | 12,046 | (2,647 | ) | 1998 | |||||||||||||||||||||||||||
WestGate Crossing, Spartanburg, SC | — | 1,082 | 3,422 | 8,211 | — | 1,082 | 11,633 | 12,715 | (4,631 | ) | 1997 | |||||||||||||||||||||||||||
Westmoreland Crossing, Greensburg, PA | — | 2,898 | 21,167 | 9,234 | — | 2,898 | 30,401 | 33,299 | (10,820 | ) | 2002 | |||||||||||||||||||||||||||
COMMUNITY CENTERS: | ||||||||||||||||||||||||||||||||||||||
The Forum at Grandview, Madison, MS | — | 9,234 | 17,285 | 20,561 | (684 | ) | 8,652 | 37,744 | 46,396 | (4,808 | ) | 2010 | ||||||||||||||||||||||||||
Parkway Plaza, Fort Oglethorpe, GA | — | 2,675 | 13,435 | 6 | — | 2,675 | 13,441 | 16,116 | (850 | ) | 2015 | |||||||||||||||||||||||||||
The Promenade, D'Iberville, MS | — | 16,278 | 48,806 | 24,886 | (706 | ) | 17,953 | 71,311 | 89,264 | (16,041 | ) | 2009 | ||||||||||||||||||||||||||
Statesboro Crossing, Statesboro, GA | 10,962 | 2,855 | 17,805 | 2,235 | (235 | ) | 2,840 | 19,820 | 22,660 | (4,865 | ) | 2008 | ||||||||||||||||||||||||||
OFFICE BUILDINGS AND OTHER: | ||||||||||||||||||||||||||||||||||||||
840 Greenbrier Circle, Chesapeake, VA | — | 2,096 | 3,091 | 179 | — | 2,096 | 3,270 | 5,366 | (1,189 | ) | 2007 | |||||||||||||||||||||||||||
850 Greenbrier Circle, Chesapeake, VA | — | 3,154 | 6,881 | (289 | ) | — | 3,154 | 6,592 | 9,746 | (1,805 | ) | 2007 | ||||||||||||||||||||||||||
CBL Center, Chattanooga, TN | 19,170 | 140 | 24,675 | 181 | — | 140 | 24,856 | 24,996 | (14,042 | ) | 2001 | |||||||||||||||||||||||||||
CBL Center II, Chattanooga, TN | — | — | 13,648 | 1,137 | — | — | 14,785 | 14,785 | (4,579 | ) | 2008 |
Initial Cost (1) | Gross Amounts at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||
Description /Location | Encumbrances (2) | Land | Buildings and Improvements | Costs Capitalized Subsequent to Acquisition | Sales of Outparcel Land | Land | Buildings and Improvements | Total (3) | Accumulated Depreciation (4) | Date of Construction / Acquisition | ||||||||||||||||||||||||||||
One Oyster Point, Newport News, VA | — | 1,822 | 3,623 | (2,128 | ) | — | — | 3,317 | 3,317 | — | 2007 | |||||||||||||||||||||||||||
Pearland Hotel, Pearland, TX | — | — | 16,149 | 652 | — | — | 16,801 | 16,801 | (4,472 | ) | 2008 | |||||||||||||||||||||||||||
Pearland Office, Pearland, TX | — | — | 7,849 | 2,844 | — | — | 10,693 | 10,693 | (2,964 | ) | 2009 | |||||||||||||||||||||||||||
Pearland Residential Mgmt, Pearland, TX | — | — | 9,666 | 9 | — | — | 9,675 | 9,675 | (2,262 | ) | 2008 | |||||||||||||||||||||||||||
Two Oyster Point, Newport News, VA | — | 1,543 | 3,974 | (2,974 | ) | — | — | 2,543 | 2,543 | — | 2007 | |||||||||||||||||||||||||||
DISPOSITIONS: | ||||||||||||||||||||||||||||||||||||||
Bonita Lakes Crossing, Meridian, MS | — | 794 | 4,786 | (5,580 | ) | — | — | — | — | — | 1997 | |||||||||||||||||||||||||||
Bonita Lakes Mall, Meridian, MS | — | 4,924 | 31,933 | (35,872 | ) | (985 | ) | — | — | — | — | 1997 | ||||||||||||||||||||||||||
Cobblestone Village at Palm Coast, Palm Coast, FL | — | 6,082 | 12,070 | (17,932 | ) | (220 | ) | — | — | — | — | 2007 | ||||||||||||||||||||||||||
The Crossings at Marshall Creek, Marshalls Creek, PA | — | 6,456 | 15,351 | (21,807 | ) | — | — | — | — | — | 2013 | |||||||||||||||||||||||||||
Fashion Square, Saginaw, MI | — | 15,218 | 64,970 | (80,188 | ) | — | — | — | — | — | 2001 | |||||||||||||||||||||||||||
The Lakes Mall, Muskegon, MI | — | 3,328 | 42,366 | (45,694 | ) | — | — | — | — | — | 2000-2001 | |||||||||||||||||||||||||||
Oak Branch Business Center, Greensboro, NC | — | 535 | 2,192 | (2,727 | ) | — | — | — | — | — | 2007 | |||||||||||||||||||||||||||
Randolph Mall, Asheboro, NC | — | 4,547 | 13,927 | (18,474 | ) | — | — | — | — | — | 2001 | |||||||||||||||||||||||||||
Regency Mall, Racine, WI | — | 3,539 | 36,839 | (40,090 | ) | (288 | ) | — | — | — | — | 2001 | ||||||||||||||||||||||||||
River Ridge Mall, Lynchburg, VA | — | 4,824 | 59,052 | (63,624 | ) | (252 | ) | — | — | — | — | 2003 | ||||||||||||||||||||||||||
Walnut Square, Dalton, GA | — | 50 | 15,138 | (15,186 | ) | (2 | ) | — | — | — | — | 1984-1985 | ||||||||||||||||||||||||||
Other | 39,263 | 1,332 | 2,272 | (684 | ) | (324 | ) | 908 | 1,688 | 2,596 | (1,640 | ) | ||||||||||||||||||||||||||
Developments in progress consisting of construction and Development Properties | — | — | — | 178,355 | — | — | 178,355 | 178,355 | — | |||||||||||||||||||||||||||||
TOTALS | $ | 2,534,255 | $ | 875,107 | $ | 5,584,943 | $ | 1,523,786 | $ | (36,189 | ) | $ | 820,775 | $ | 7,126,872 | $ | 7,947,647 | $ | (2,427,108 | ) | ||||||||||||||||||
(1) | Initial cost represents the total cost capitalized including carrying cost at the end of the first fiscal year in which the Property opened or was acquired. |
(2) | Encumbrances represent the face amount of the mortgage and other indebtedness balance at December 31, 2016, excluding debt premium or discount. |
(3) | The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $7.843 billion. |
(4) | Depreciation for all Properties is computed over the useful life which is generally 40 years for buildings, 10-20 years for certain improvements and 7-10 years for equipment and fixtures. |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
REAL ESTATE ASSETS: | |||||||||||
Balance at beginning of period | $ | 8,240,521 | $ | 8,187,183 | $ | 8,123,514 | |||||
Additions during the period: | |||||||||||
Additions and improvements | 263,265 | 230,990 | 282,282 | ||||||||
Acquisitions of real estate assets | — | 182,747 | — | ||||||||
Deductions during the period: | |||||||||||
Disposals, deconsolidations and accumulated depreciation on impairments | (435,331 | ) | (249,716 | ) | (189,372 | ) | |||||
Transfers from real estate assets | (3,986 | ) | (4,738 | ) | (11,383 | ) | |||||
Impairment of real estate assets | (116,822 | ) | (105,945 | ) | (17,858 | ) | |||||
Balance at end of period | $ | 7,947,647 | $ | 8,240,521 | $ | 8,187,183 | |||||
ACCUMULATED DEPRECIATION: | |||||||||||
Balance at beginning of period | $ | 2,382,568 | $ | 2,240,007 | $ | 2,056,357 | |||||
Depreciation expense | 272,697 | 274,544 | 269,602 | ||||||||
Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired | (228,157 | ) | (131,983 | ) | (85,952 | ) | |||||
Balance at end of period | $ | 2,427,108 | $ | 2,382,568 | $ | 2,240,007 |
Schedule IV | |||||||||||||||||||||||||||
CBL & ASSOCIATES PROPERTIES, INC. CBL & ASSOCIATES LIMITED PARTNERSHIP MORTGAGE NOTES RECEIVABLE ON REAL ESTATE At December 31, 2016 (In thousands) | |||||||||||||||||||||||||||
Name Of Center/Location | Interest Rate | Final Maturity Date | Monthly Payment Amount (1) | Balloon Payment At Maturity | Prior Liens | Face Amount Of Mortgage | Carrying Amount Of Mortgage (2) | Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | |||||||||||||||||||
FIRST MORTGAGES: | |||||||||||||||||||||||||||
Columbia Place Outparcel | 5.00% | Feb-22 | $ | 3 | $ | 210 | None | $ | 360 | $ | 321 | $ | — | ||||||||||||||
One Park Place - Chattanooga, TN | 5.00% | May-2022 | 21 | — | None | 3,200 | 1,194 | — | |||||||||||||||||||
Village Square - Houghton Lake, MI | 3.75% | Mar-2018 | 9 | 1,583 | None | 2,627 | 1,644 | — | |||||||||||||||||||
Other | 3.27% - 9.50% | (3) | Dec-2016 / Jan-2047 | (4) | 15 | 2,534 | 2,597 | 2,521 | 1,100 | ||||||||||||||||||
$ | 48 | $ | 4,327 | $ | 8,784 | $ | 5,680 | $ | 1,100 |
(1) | Equal monthly installments comprised of principal and interest, unless otherwise noted. |
(2) | The aggregate carrying value for federal income tax purposes was $5,680 at December 31, 2016. |
(3) | Mortgage notes receivable aggregated in Other include a variable-rate note that bears interest at prime plus 2.0%, currently at 5.75%, and a variable-rate note that bears interest at LIBOR plus 2.50%. |
(4) | A $1,100 note for The Promenade at D'Iberville with a maturity date of December 2016 is in default at December 31, 2016. See Note 10 to the consolidated financial statements for additional information. |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
Beginning balance | $ | 7,776 | $ | 9,323 | $ | 19,120 | |||||
Additions | — | — | 360 | ||||||||
Payments | (250 | ) | (1,547 | ) | (10,157 | ) | |||||
Write-Offs (1) | (1,846 | ) | — | — | |||||||
Ending balance | $ | 5,680 | $ | 7,776 | $ | 9,323 |
(1) | See Note 10 to the consolidated financial statements for more information. |
Exhibit Number | Description | |
3.1 | Amended and Restated Certificate of Incorporation of the Company, as amended through May 6, 2016 | |
3.2 | Third Amended and Restated Bylaws of the Company, as amended through February 11, 2016 (z) | |
4.1 | See Amended and Restated Certificate of Incorporation of the Company, as amended, and Third Amended and Restated Bylaws of the Company relating to the Common Stock, Exhibits 3.1 and 3.2 above | |
4.2 | Certificate of Designations, dated June 25, 1998, relating to the 9.0% Series A Cumulative Redeemable Preferred Stock (c) | |
4.3 | Certificate of Designation, dated April 30, 1999, relating to the Series 1999 Junior Participating Preferred Stock (c) | |
4.4 | Terms of Series J Special Common Units of the Operating Partnership, pursuant to Article 4.4 of the Second Amended and Restated Partnership Agreement of the Operating Partnership (c) | |
4.5 | Certificate of Designations, dated June 11, 2002, relating to the 8.75% Series B Cumulative Redeemable Preferred Stock (d) | |
4.6 | Acknowledgment Regarding Issuance of Partnership Interests and Assumption of Partnership Agreement (f) | |
4.7 | Certificate of Designations, dated August 13, 2003, relating to the 7.75% Series C Cumulative Redeemable Preferred Stock (e) | |
4.8 | Certificate of Correction of the Certificate of Designations relating to the 7.75% Series C Cumulative Redeemable Preferred Stock (g) | |
4.9 | Certificate of Designations, dated December 10, 2004, relating to the 7.375% Series D Cumulative Redeemable Preferred Stock (g) | |
4.9.1 | Amended and Restated Certificate of Designations, dated February 25, 2010, relating to the 7.375% Series D Cumulative Redeemable Preferred Stock (l) | |
4.9.2 | Second Amended and Restated Certificate of Designations, dated October 14, 2010, relating to the 7.375% Series D Cumulative Redeemable Preferred Stock (n) | |
4.10 | Certificate of Designations, dated October 1, 2012, relating to the 6.625% Series E Cumulative Redeemable Preferred Stock (r) | |
4.11 | Terms of the Series S Special Common Units of the Operating Partnership, pursuant to the Third Amendment to the Second Amended and Restated Partnership Agreement of the Operating Partnership (h) | |
4.12 | Terms of the Series L Special Common Units of the Operating Partnership, pursuant to the Fourth Amendment to the Second Amended and Restated Partnership Agreement of the Operating Partnership (i) | |
4.13 | Terms of the Series K Special Common Units of the Operating Partnership, pursuant to the First Amendment to the Third Amended and Restated Partnership Agreement of the Operating Partnership (i) | |
4.14.1 | Indenture dated as of November 26, 2013, among CBL & Associates Limited Partnership, CBL & Associates Properties, Inc. and U.S. Bank National Association (aa) | |
4.14.2 | First Supplemental Indenture, dated as of November 26, 2013, among CBL & Associates Limited Partnership, CBL & Associates Properties, Inc. and U.S. Bank National Association (aa) | |
4.14.3 | Second Supplemental Indenture, dated as of December 13, 2016, among CBL & Associates Limited Partnership, CBL & Associates Properties, Inc. and U.S. Bank National Association (bb) | |
4.14.4 | Limited Guarantee, dated as of November 26, 2013, of CBL & Associates Properties, Inc. (aa) | |
4.14.5 | Global Note evidencing the 5.250% Senior Notes Due 2023 (aa) | |
4.14.6 | Global Note evidencing the 4.60% Senior Notes Due 2024 (cc) | |
4.14.7 | Global Note evidencing the 5.950% Senior Notes Due 2026 (bb) | |
10.1.1 | Fourth Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated November 2, 2010 (o) | |
10.1.2 | Certificate of Designation, dated October 1, 2012, relating to the 6.625% Series E Cumulative Preferred Units (s) | |
10.2.1 | CBL & Associates Properties, Inc. Second Amended and Restated Stock Incentive Plan† (m) |
Exhibit Number | Description | |
10.2.2 | Form of Stock Restriction Agreement for restricted stock awards in 2006 and subsequent years† (k) | |
10.2.3 | First Amendment to CBL & Associates Properties, Inc. Second Amended and Restated Stock Incentive Plan† (p) | |
10.2.4 | CBL & Associates Properties, Inc. 2012 Stock Incentive Plan† (q) | |
10.2.5 | Original Form of Stock Restriction Agreement for Restricted Stock Awards under CBL & Associates Properties, Inc. 2012 Stock Incentive Plan† (v) | |
10.2.6 | Form of Stock Restriction Agreement for Restricted Stock Awards under CBL & Associates Properties, Inc. 2012 Stock Incentive Plan (effective May 2013)† (x)* | |
10.2.7 | Amendment No. 1 to CBL & Associates Properties, Inc. 2012 Stock Incentive Plan† (dd) | |
10.2.8 | Form of Performance Stock Unit Award Agreement under CBL & Associates Properties, Inc. 2012 Stock Incentive Plan† (ee) | |
10.2.9 | Form of Named Executive Officer Stock Restriction Agreement under CBL & Associates Properties, Inc. 2012 Stock Incentive Plan† (ee) | |
10.2.10 | CBL & Associates Properties, Inc. Named Executive Officer Annual Incentive Compensation Plan (AIP) (Fiscal Year 2015)† (ee) | |
10.2.11 | CBL & Associates Properties, Inc. Named Executive Officer Annual Incentive Compensation Plan (AIP) (Fiscal Year 2016)† (z) | |
10.2.12 | CBL & Associates Properties, Inc. Named Executive Officer Annual Incentive Compensation Plan (AIP) (Fiscal Year 2017)† (hh) | |
10.3.1 | Form of Indemnification Agreements between the Company and the Management Company and their officers and directors, for agreements executed prior to 2013 (a) | |
10.3.2 | Form of Indemnification Agreements between the Company and the Management Company and their officers and directors, for agreements executed in 2013 and subsequent years (ee) | |
10.4.1 | Employment Agreement for Charles B. Lebovitz† (a) | |
10.4.2 | Employment Agreement for Stephen D. Lebovitz† (a) | |
10.4.3 | Summary Description of CBL & Associates Properties, Inc. Director Compensation Arrangements† | |
10.4.4 | CBL & Associates Properties, Inc. Tier III Post-65 Retiree Program† (t) | |
10.5 | Option Agreement relating to Outparcels (a) | |
10.6 | Share Ownership Agreement by and among the Company and its related parties and the Jacobs entities, dated as of January 31, 2001 (b) | |
10.7.1 | Registration Rights Agreement by and between the Company and the Holders of SCU’s listed on Schedule A thereto, dated as of January 31, 2001 (b) | |
10.7.2 | Registration Rights Agreement by and between the Company and Frankel Midland Limited Partnership, dated as of January 31, 2001 (b) | |
10.7.3 | Registration Rights Agreement by and between the Company and Hess Abroms Properties of Huntsville, dated as of January 31, 2001 (b) | |
10.7.4 | Registration Rights Agreement by and between the Company and the Holders of Series S Special Common Units of the Operating Partnership listed on Schedule A thereto, dated July 28, 2004 (h) | |
10.7.5 | Form of Registration Rights Agreements between the Company and Certain Holders of Series K Special Common Units of the Operating Partnership, dated as of November 16, 2005 (i) | |
10.8.1 | Amended and Restated Loan Agreement by and among the Operating Partnership, the Company and First Tennessee Bank National Association, et. a. dated February 22, 2013 (u) | |
10.8.2 | First Modification to Amended and Restated Loan Agreement by and among the Operating Partnership, the Company and First Tennessee Bank National Association, et. al. dated December 16, 2013 (dd) | |
10.8.3 | Second Modification to Amended and Restated Loan Agreement by and among the Operating Partnership, the Company and First Tennessee Bank National Association, et. al dated January 16, 2015 (ff) | |
10.8.4 | Third Modification to Amended and Restated Loan Agreement by and among the Operating Partnership, the Company and First Tennessee Bank National Association, et. al. dated October 20, 2015 (gg) |
Exhibit Number | Description | |
10.9 | Amended and Restated Limited Liability Company Agreement of JG Gulf Coast Town Center LLC by and between JG Gulf Coast Member LLC, an Ohio limited liability company and CBL/Gulf Coast, LLC, a Florida limited liability company, dated April 27, 2005 (i) | |
10.10.1 | Contribution Agreement and Joint Escrow Instructions between the Company and the owners of Oak Park Mall named therein, dated as of October 17, 2005 (i) | |
10.10.2 | First Amendment to Contribution Agreement and Joint Escrow Instructions between the Company and the owners of Oak Park Mall named therein, dated as of November 8, 2005 (i) | |
10.10.3 | Contribution Agreement and Joint Escrow Instructions between the Company and the owners of Eastland Mall named therein, dated as of October 17, 2005 (i) | |
10.10.4 | First Amendment to Contribution Agreement and Joint Escrow Instructions between the Company and the owners of Eastland Mall named therein, dated as of November 8, 2005 (i) | |
10.10.5 | Purchase and Sale Agreement and Joint Escrow Instructions between the Company and the owners of Hickory Point Mall named therein, dated as of October 17, 2005 (i) | |
10.10.6 | Purchase and Sale Agreement and Joint Escrow Instructions between the Company and the owner of Eastland Medical Building, dated as of October 17, 2005 (i) | |
10.10.7 | Letter Agreement, dated as of October 17, 2005, between the Company and the other parties to the acquisition agreements listed above for Oak Park Mall, Eastland Mall, Hickory Point Mall and Eastland Medical Building (i) | |
10.11.1 | Master Transaction Agreement by and among REJ Realty LLC, JG Realty Investors Corp., JG Manager LLC, JG North Raleigh L.L.C., JG Triangle Peripheral South LLC, and the Operating Partnership, effective October 24, 2005 (j) | |
10.11.2 | Amended and Restated Limited Liability Company Agreement of Triangle Town Member, LLC by and among CBL Triangle Town Member, LLC and REJ Realty LLC, JG Realty Investors Corp. and JG Manager LLC, effective as of November 16, 2005 (j) | |
10.12.1 | Term Loan Agreement by and among the Operating Partnership and the Company, and Wells Fargo Bank, National Association, et al., dated July 30, 2013 (y) | |
10.12.2 | First Amendment to Term Loan Agreement by and among the Operating Partnership and the Company, and Wells Fargo Bank, National Association, et. al., dated October 16, 2015 (ff) | |
10.13.1 | Controlled Equity OfferingSM Sales Agreement, dated March 1, 2013, by and between CBL & Associates Properties, Inc. and Cantor Fitzgerald & Co. (w) | |
10.13.2 | Controlled Equity OfferingSM Sales Agreement, dated March 1, 2013, by and between CBL & Associates Properties, Inc. and J.P. Morgan Securities LLC (w) | |
10.13.3 | Controlled Equity OfferingSM Sales Agreement, dated March 1, 2013, by and between CBL & Associates Properties, Inc. and KeyBanc Capital Markets Inc. (w) | |
10.13.4 | Controlled Equity OfferingSM Sales Agreement, dated March 1, 2013, by and between CBL & Associates Properties, Inc. and RBC Capital Markets, LLC (w) | |
10.13.5 | Controlled Equity OfferingSM Sales Agreement, dated March 1, 2013, by and between CBL & Associates Properties, Inc. and Wells Fargo Securities, LLC (w) | |
10.14 | Term Loan Agreement by and among the Operating Partnership and the Company, and Wells Fargo Bank, National Association, et. al., dated October 16, 2015 (gg) | |
10.15 | Fourth Amended and Restated Credit Agreement by and among the Operating Partnership and the Company, and Wells Fargo Bank, National Association, et. al, dated October 16, 2015 (gg) | |
10.16 | Ninth Amended and Restated Credit Agreement by and among the Operating Partnership and the Company, and Wells Fargo Bank, National Association, et. al,, dated October 16, 2015 (gg) | |
12.1 | Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends of CBL & Associates Properties, Inc. | |
12.2 | Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Dividends of CBL & Associates Limited Partnership | |
12.3 | Computation of Ratio of Earnings to Fixed Charges of CBL & Associates Properties, Inc. | |
12.4 | Computation of Ratio of Earnings to Fixed Charges of CBL & Associates Limited Partnership | |
21 | Subsidiaries of CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | |
23.1 | Consent of Deloitte & Touche LLP (for the Company) | |
23.2 | Consent of Deloitte & Touche LLP (for the Operating Partnership) |
Exhibit Number | Description | |
24 | Power of Attorney | |
31.1 | Certification pursuant to Securities Exchange Act Rule 13a-14(a) by the Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Properties, Inc. | |
31.2 | Certification pursuant to Securities Exchange Act Rule 13a-14(a) by the Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Properties, Inc. | |
31.3 | Certification pursuant to Securities Exchange Act Rule 13a-14(a) by the Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Limited Partnership | |
31.4 | Certification pursuant to Securities Exchange Act Rule 13a-14(a) by the Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Limited Partnership | |
32.1 | Certification pursuant to Securities Exchange Act Rule 13a-14(b) by the Chief Executive Officer, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Properties, Inc. | |
32.2 | Certification pursuant to Securities Exchange Act Rule 13a-14(b) by the Chief Financial Officer as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Properties, Inc. | |
32.3 | Certification pursuant to Securities Exchange Act Rule 13a-14(b) by the Chief Executive Officer, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Limited Partnership | |
32.4 | Certification pursuant to Securities Exchange Act Rule 13a-14(b) by the Chief Financial Officer as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Limited Partnership | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
(a) | Incorporated by reference to Post-Effective Amendment No. 1 to the Company's Registration Statement on Form S-11 (No. 33-67372), as filed with the Commission on January 27, 1994.* |
(b) | Incorporated by reference from the Company's Current Report on Form 8-K, filed on February 6, 2001.* |
(c) | Incorporated by reference from the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2001.* |
(d) | Incorporated by reference from the Company's Current Report on Form 8-K, dated June 10, 2002, filed on June 17, 2002.* |
(e) | Incorporated by reference from the Company's Registration Statement on Form 8-A, filed on August 21, 2003.* |
(f) | Incorporated by reference from the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2002.* |
(g) | Incorporated by reference from the Company's Registration Statement on Form 8-A, filed on December 10, 2004.* |
(h) | Incorporated by reference from the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2004.* |
(i) | Incorporated by reference from the Company's Current Report on Form 8-K, filed on November 22, 2005.* |
(j) | Incorporated by reference from the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2005.* |
(k) | Incorporated by reference from the Company's Current Report on Form 8-K, filed on May 24, 2006.* |
(l) | Incorporated by reference from the Company's Current Report on Form 8-K, filed on March 1, 2010.* |
(m) | Incorporated by reference from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2010.* |
(n) | Incorporated by reference from the Company's Current Report on Form 8-K, filed on October 18, 2010.* |
(o) | Incorporated by reference from the Company's Current Report on Form 8-K, filed on November 5, 2010.* |
(p) | Incorporated by reference from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2011.* |
(q) | Incorporated by reference from the Company's Current Report on Form 8-K, filed on May 10, 2012.* |
(r) | Incorporated by reference from the Company's Registration Statement on Form 8-A, filed on October 1, 2012.* |
(s) | Incorporated by reference from the Company's Current Report on Form 8-K, filed on October 5, 2012.* |
(t) | Incorporated by reference from the Company's Current Report on Form 8-K, filed on November 9, 2012.* |
(u) | Incorporated by reference from the Company's Current Report on Form 8-K, filed on February 28, 2013.* |
(v) | Incorporated by reference from the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012.* |
(w) | Incorporated by reference from the Company's Current Report on Form 8-K, filed on March 1, 2013.* |
(x) | Incorporated by reference from the Company's Current Report on Form 8-K, filed on May 17, 2013.* |
(y) | Incorporated by reference from the Company's Current Report on Form 8-K, filed on August 5, 2013.* |
(z) | Incorporated by reference from the Company’s Current Report on Form 8-K, filed on February 16, 2016.** |
(aa) | Incorporated by reference from the Company's Current Report on Form 8-K, dated and filed on November 26, 2013.** |
(bb) | Incorporated by reference from the Company’s Current Report on Form 8-K, filed December 13, 2016.** |
(cc) | Incorporated by reference from the Company’s Current Report on Form 8-K, filed October 8, 2014.** |
(dd) | Incorporated by reference from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014.** |
(ee) | Incorporated by reference from the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013.** |
(ff) | Incorporated by reference from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015.** |
(gg) | Incorporated by reference from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015.** |
(hh) | Incorporated by reference from the Company’s Current Report on Form 8-K, filed on February 3, 2017.** |
† | A management contract or compensatory plan or arrangement required to be filed pursuant to Item 15(b) of this report. |
Description | Amount of Fee Prior to January 1, 2017 | New Fees Effective January 1, 2014 |
Annual Fee for each Non-Employee Director | $35,000 | $40,000 |
Meeting Fee for each Board, Compensation Committee, Nominating/Corporate Governance Committee or Audit Committee Meeting Attended (1) | $2,250 | — |
Monthly Fee for each Non-Employee Director Who Serves as a Member of the Executive Committee (in lieu of Executive Committee Meeting Fees) | $1,250 | — |
Fee for each Telephonic Board or Committee Meeting | $1,125 | — |
Annual Audit Committee Member Fee | — | $20,000 |
Annual Committee Member Fee (Compensation Committee; Nominating/Corporate Governance Committee Executive Committee) (2) | — | $15,000 |
Monthly Fee for the Audit Committee Chairman (1) | $1,500 | — |
Annual Fee – Audit Committee Chairman (2) | — | $25,000 |
Annual Fee – Compensation Committee Chairman (2) | — | $20,000 |
Annual Fee – Nominating/Corporate Governance Committee Chairman (2) | — | $20,000 |
Monthly Fee for the Lead Independent Director | $1,500 | — |
Annual Fee – Lead Independent Director | — | $25,000 |
(1) | Prior to January 1, 2017, the Non-Employee Director serving as Chairman of the Audit Committee received a monthly fee in lieu of meeting fees for his participation on the Audit Committee. |
(2) | Beginning January 1, 2017, each Committee Chair will receive the stated annual fee in lieu of the applicable annual Committee Member fee. |
Year Ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 75,935 | $ | 103,756 | $ | 242,675 | $ | 105,006 | $ | 179,140 | |||||||||
Fixed charges less capitalized interest and preferred dividends | 216,318 | 229,458 | 239,844 | 231,934 | 242,357 | ||||||||||||||
Distributed income of equity investees | 16,603 | 21,095 | 21,866 | 15,995 | 17,074 | ||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | — | (197 | ) | (63 | ) | (44 | ) | — | |||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (127 | ) | (152 | ) | (273 | ) | (3,069 | ) | (3,729 | ) | |||||||||
Total earnings | $ | 308,729 | $ | 353,960 | $ | 504,049 | $ | 349,822 | $ | 434,842 | |||||||||
Combined fixed charges and preferred dividends (1): | |||||||||||||||||||
Interest expense (2) | $ | 216,318 | $ | 229,458 | $ | 239,844 | $ | 231,934 | $ | 242,357 | |||||||||
Capitalized interest | 2,302 | 4,153 | 7,246 | 5,837 | 2,671 | ||||||||||||||
Preferred dividends (3) | 44,892 | 44,892 | 44,892 | 59,529 | 68,197 | ||||||||||||||
Total combined fixed charges and preferred dividends | $ | 263,512 | $ | 278,503 | $ | 291,982 | $ | 297,300 | $ | 313,225 | |||||||||
Ratio of earnings to combined fixed charges and preferred dividends | 1.17 | 1.27 | 1.73 | 1.18 | 1.39 |
(1) | The interest portion of rental expense is not calculated because the rental expense of the Company is not significant. | ||||||
(2) | Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts. | ||||||
(3) | Includes preferred distributions to the Company's partner in CW Joint Venture, LLC through September 2013, when the outstanding perpetual preferred joint venture units were redeemed. |
Year Ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 75,935 | $ | 103,756 | $ | 242,675 | $ | 105,006 | $ | 179,140 | |||||||||
Fixed charges less capitalized interest and preferred dividends | 216,318 | 229,458 | 239,844 | 231,934 | 242,357 | ||||||||||||||
Distributed income of equity investees | 16,633 | 21,092 | 21,866 | 15,995 | 17,074 | ||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | — | (197 | ) | (63 | ) | (44 | ) | — | |||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (127 | ) | (152 | ) | (273 | ) | (3,069 | ) | (3,729 | ) | |||||||||
Total earnings | $ | 308,759 | $ | 353,957 | $ | 504,049 | $ | 349,822 | $ | 434,842 | |||||||||
Combined fixed charges and preferred dividends (1): | |||||||||||||||||||
Interest expense (2) | $ | 216,318 | $ | 229,458 | $ | 239,844 | $ | 231,934 | $ | 242,357 | |||||||||
Capitalized interest | 2,302 | 4,153 | 7,246 | 5,837 | 2,671 | ||||||||||||||
Preferred dividends (3) | 44,892 | 44,892 | 44,892 | 59,529 | 68,197 | ||||||||||||||
Total combined fixed charges and preferred dividends | $ | 263,512 | $ | 278,503 | $ | 291,982 | $ | 297,300 | $ | 313,225 | |||||||||
Ratio of earnings to combined fixed charges and preferred dividends | 1.17 | 1.27 | 1.73 | 1.18 | 1.39 |
(1) | The interest portion of rental expense is not calculated because the rental expense of the Operating Partnership is not significant. | ||||||
(2) | Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts. | ||||||
(3) | Includes preferred distributions to the Operating Partnership's partner in CW Joint Venture, LLC through September 2013, when the outstanding perpetual preferred joint venture units were redeemed. |
Year Ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 75,935 | $ | 103,756 | $ | 242,675 | $ | 105,006 | $ | 179,140 | |||||||||
Fixed charges less capitalized interest | 216,318 | 229,458 | 239,844 | 231,934 | 242,357 | ||||||||||||||
Distributed income of equity investees | 16,603 | 21,095 | 21,866 | 15,995 | 17,074 | ||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | — | (197 | ) | (63 | ) | (44 | ) | — | |||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (127 | ) | (152 | ) | (273 | ) | (3,069 | ) | (3,729 | ) | |||||||||
Total earnings | $ | 308,729 | $ | 353,960 | $ | 504,049 | $ | 349,822 | $ | 434,842 | |||||||||
Fixed charges (1): | |||||||||||||||||||
Interest expense (2) | $ | 216,318 | $ | 229,458 | $ | 239,844 | $ | 231,934 | $ | 242,357 | |||||||||
Capitalized interest | 2,302 | 4,153 | 7,246 | 5,837 | 2,671 | ||||||||||||||
Total fixed charges | $ | 218,620 | $ | 233,611 | $ | 247,090 | $ | 237,771 | $ | 245,028 | |||||||||
Ratio of earnings to fixed charges | 1.41 | 1.52 | 2.04 | 1.47 | 1.77 |
(1) | The interest portion of rental expense is not calculated because the rental expense of the Company is not significant. | ||||||
(2) | Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts. |
Year Ended December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
Earnings: | |||||||||||||||||||
Income before discontinued operations, equity in earnings and noncontrolling interests | $ | 75,935 | $ | 103,756 | $ | 242,675 | $ | 105,006 | $ | 179,140 | |||||||||
Fixed charges less capitalized interest | 216,318 | 229,458 | 239,844 | 231,934 | 242,357 | ||||||||||||||
Distributed income of equity investees | 16,633 | 21,092 | 21,866 | 15,995 | 17,074 | ||||||||||||||
Equity in losses of equity investees for which charges arise from guarantees | — | (197 | ) | (63 | ) | (44 | ) | — | |||||||||||
Noncontrolling interest in earnings of subsidiaries that have not incurred fixed charges | (127 | ) | (152 | ) | (273 | ) | (3,069 | ) | (3,729 | ) | |||||||||
Total earnings | $ | 308,759 | $ | 353,957 | $ | 504,049 | $ | 349,822 | $ | 434,842 | |||||||||
Fixed charges (1): | |||||||||||||||||||
Interest expense (2) | $ | 216,318 | $ | 229,458 | $ | 239,844 | $ | 231,934 | $ | 242,357 | |||||||||
Capitalized interest | 2,302 | 4,153 | 7,246 | 5,837 | 2,671 | ||||||||||||||
Total fixed charges | $ | 218,620 | $ | 233,611 | $ | 247,090 | $ | 237,771 | $ | 245,028 | |||||||||
Ratio of earnings to fixed charges | 1.41 | 1.52 | 2.04 | 1.47 | 1.77 |
(1) | The interest portion of rental expense is not calculated because the rental expense of the Operating Partnership is not significant. | ||||||
(2) | Interest expense includes amortization of capitalized debt expenses and amortization of premiums and discounts. |
Subsidiaries of CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
As of December 31, 2016 | ||
Subsidiary | State of Incorporation or Formation | |
1105 Anchor Limited Partnership | North Carolina | |
2030 Insurance, LLC | Delaware | |
2030 Insurance Protected Cell Series 2013-45 | Tennessee | |
Acadiana Expansion Parcel, LLC | Louisiana | |
Acadiana Mall CMBS, LLC | Delaware | |
Acadiana Mall of Delaware, LLC | Delaware | |
Acadiana Outparcel, LLC | Delaware | |
Akron Mall Land, LLC | Delaware | |
Alamance Crossing CMBS, LLC | Delaware | |
Alamance Crossing II, LLC | North Carolina | |
Alamance Crossing, LLC | North Carolina | |
Ambassador Infrastructure, LLC | Louisiana | |
Ambassador Town Center JV, LLC | Louisiana | |
APWM, LLC | Georgia | |
Arbor Place GP, Inc. | Georgia | |
Arbor Place II, LLC | Delaware | |
Arbor Place Limited Partnership | Georgia | |
Asheville Mall CMBS, LLC | Delaware | |
Asheville, LLC | North Carolina | |
Atlanta Outlet JV, LLC | Delaware | |
Atlanta Outlet Outparcels, LLC | Delaware | |
Atlanta Outlet Shoppes II, LLC | Delaware | |
Atlanta Outlet Shoppes, LLC | Delaware | |
Bluegrass Outlet Shoppes CMBS, LLC | Delaware | |
Bluegrass Outlet Shoppes II, LLC | Kentucky | |
Bonita Lakes Mall Limited Partnership | Mississippi | |
Brewery District, LLC | Texas | |
Brookfield Square Joint Venture | Ohio | |
Brookfield Square Parcel, LLC | Wisconsin | |
Burnsville Center SPE, LLC | Delaware | |
C.H. of Akron II, LLC | Delaware | |
Cary Venture Limited Partnership | Delaware | |
CBL & Associates Limited Partnership | Delaware | |
CBL & Associates Management Sub, LLC | Delaware | |
CBL & Associates Management, Inc. | Delaware | |
CBL Ambassador Member, LLC | Louisiana | |
CBL Brazil-Brasilia Member, LLC | Delaware | |
CBL Brazil-Juiz de Fora Member, LLC | Delaware | |
CBL Brazil-Macae Member, LLC | Delaware |
Subsidiaries of CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
As of December 31, 2016 | ||
Subsidiary | State of Incorporation or Formation | |
CBL Brazil-Macapa Member, LLC | Delaware | |
CBL Brazil-Manaus Member, LLC | Delaware | |
CBL Brazil-Tenco SC Member, LLC | Delaware | |
CBL Eagle Point Member LLC | Delaware | |
CBL El Paso Member, LLC | Delaware | |
CBL El Paso Outparcel Member, LLC | Texas | |
CBL El Paso Pref Lender, LLC | Delaware | |
CBL Entertainment Parcel, LLC | Tennessee | |
CBL Fremaux Member, LLC | Delaware | |
CBL Gettysburg Member, LLC | Delaware | |
CBL Grandview Forum, LLC | Mississippi | |
CBL Hartford Member LLC | Connecticut | |
CBL Holdings I, Inc. (1) | Delaware | |
CBL Holdings II, Inc. (1) | Delaware | |
CBL Laredo Member, LLC | Texas | |
CBL Lee's Summit East, LLC | Missouri | |
CBL Lee's Summit Peripheral, LLC | Missouri | |
CBL Louisville Member, LLC | Kentucky | |
CBL Louisville Outparcel Member, LLC | Kentucky | |
CBL Member - Mansfield, LLC | Texas | |
CBL Morristown, LTD. | Tennessee | |
CBL Old Hickory Mall, Inc. | Tennessee | |
CBL RM-Waco, LLC | Texas | |
CBL SM-Brownsville, LLC | Texas | |
CBL Statesboro Member, LLC | Georgia | |
CBL Terrace Limited Partnership | Tennessee | |
CBL Triangle Town Member, LLC | North Carolina | |
CBL TTC Member, LLC | North Carolina | |
CBL Walden Park, LLC | Texas | |
CBL Woodstock Investments Member, LLC | Georgia | |
CBL Woodstock Member, LLC | Georgia | |
CBL Woodstock Outparcel Member, LLC | Georgia | |
CBL/Brookfield I, LLC | Delaware | |
CBL/Brookfield II, LLC | Delaware | |
CBL/Cary I, LLC | Delaware | |
CBL/Cary II, LLC | Delaware | |
CBL/Cherryvale I, LLC | Delaware | |
CBL/Citadel I, LLC | Delaware | |
CBL/Citadel II, LLC | Delaware | |
CBL/Columbia I, LLC | Delaware | |
CBL/Columbia II, LLC | Delaware |
Subsidiaries of CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
As of December 31, 2016 | ||
Subsidiary | State of Incorporation or Formation | |
CBL/Columbia Place, LLC | Delaware | |
CBL/CREA Broad Street, LLC | Texas | |
CBL/Eastgate I, LLC | Delaware | |
CBL/Eastgate II, LLC | Delaware | |
CBL/Eastgate Mall, LLC | Delaware | |
CBL/Fayette I, LLC | Delaware | |
CBL/Fayette II, LLC | Delaware | |
CBL/Foothills Plaza Partnership | Tennessee | |
CBL/GP Cary, Inc. | North Carolina | |
CBL/GP I, Inc. | Tennessee | |
CBL/GP II, Inc. | Wyoming | |
CBL/GP III, Inc. | Mississippi | |
CBL/GP V, Inc. | Tennessee | |
CBL/GP VI, Inc. | Tennessee | |
CBL/GP, Inc. | Wyoming | |
CBL/Gulf Coast, LLC | Florida | |
CBL/High Pointe GP, LLC | Delaware | |
CBL/Huntsville, LLC | Delaware | |
CBL/Imperial Valley GP, LLC | California | |
CBL/J I, LLC | Delaware | |
CBL/J II, LLC | Delaware | |
CBL/Kentucky Oaks, LLC | Delaware | |
CBL/Kirkwood Mall, LLC | Delaware | |
CBL/Low Limited Partnership | Wyoming | |
CBL/Madison I, LLC | Delaware | |
CBL/Madison II, LLC | Delaware | |
CBL/Midland I, LLC | Delaware | |
CBL/Midland II, LLC | Delaware | |
CBL/Monroeville Expansion I, LLC | Pennsylvania | |
CBL/Monroeville Expansion II, LLC | Pennsylvania | |
CBL/Monroeville Expansion III, LLC | Pennsylvania | |
CBL/Monroeville Expansion Partner, L.P. | Pennsylvania | |
CBL/Monroeville Expansion, L.P. | Pennsylvania | |
CBL/Monroeville I, LLC | Delaware | |
CBL/Monroeville II, LLC | Pennsylvania | |
CBL/Monroeville III, LLC | Pennsylvania | |
CBL/Monroeville Partner, L.P. | Pennsylvania | |
CBL/Monroeville, L.P. | Pennsylvania | |
CBL/MS General Partnership | Delaware | |
CBL/MSC II, LLC | South Carolina | |
CBL/MSC, LLC | South Carolina |
Subsidiaries of CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
As of December 31, 2016 | ||
Subsidiary | State of Incorporation or Formation | |
CBL/Nashua Limited Partnership | New Hampshire | |
CBL/Old Hickory I, LLC | Delaware | |
CBL/Old Hickory II, LLC | Delaware | |
CBL/Park Plaza GP, LLC | Arkansas | |
CBL/Park Plaza Mall, LLC | Delaware | |
CBL/Park Plaza, Limited Partnership | Arkansas | |
CBL/Parkdale Crossing GP, LLC | Delaware | |
CBL/Parkdale Crossing, L.P. | Texas | |
CBL/Parkdale Mall GP, LLC | Delaware | |
CBL/Parkdale, LLC | Texas | |
CBL/Penn Investments, LLC | Delaware | |
CBL/Regency I, LLC | Delaware | |
CBL/Regency II, LLC | Delaware | |
CBL/Richland G.P., LLC | Texas | |
CBL/San Antonio, LLC | Texas | |
CBL/Stroud, Inc. | Pennsylvania | |
CBL/Sunrise Commons GP, LLC | Delaware | |
CBL/Sunrise Commons, L.P. | Texas | |
CBL/Sunrise GP, LLC | Delaware | |
CBL/Sunrise Land, LLC | Texas | |
CBL/Sunrise XS Land, L.P. | Texas | |
CBL/T-C, LLC | Delaware | |
CBL/Towne Mall I, LLC | Delaware | |
CBL/Towne Mall II, LLC | Delaware | |
CBL/Wausau I, LLC | Delaware | |
CBL/Wausau II, LLC | Delaware | |
CBL/Wausau III, LLC | Delaware | |
CBL/Wausau IV, LLC | Delaware | |
CBL/Westmoreland Ground, LLC | Delaware | |
CBL/Westmoreland I, LLC | Delaware | |
CBL/Westmoreland II, LLC | Pennsylvania | |
CBL/Westmoreland, L.P. | Pennsylvania | |
CBL/York Town Center GP, LLC | Delaware | |
CBL/York Town Center, LLC | Delaware | |
CBL/York, Inc. | Pennsylvania | |
CBL-706 Building, LLC | North Carolina | |
CBL-708 Land, LLC | North Carolina | |
CBL-840 GC, LLC | Virginia | |
CBL-850 GC, LLC | Virginia | |
CBL-BA Building, LLC | North Carolina | |
CBL-Brassfield Shopping Center, LLC | North Carolina |
Subsidiaries of CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
As of December 31, 2016 | ||
Subsidiary | State of Incorporation or Formation | |
CBL-Caldwell Court, LLC | North Carolina | |
CBL-D'Iberville Member, LLC | Mississippi | |
CBL-FC Building, LLC | North Carolina | |
CBL-Friendly Center, LLC | North Carolina | |
CBL-Friendly Center CMBS, LLC | Delaware | |
CBL-Garden Square, LLC | North Carolina | |
CBL-Hunt Village, LLC | North Carolina | |
CBL-LP Office Building, LLC | North Carolina | |
CBL-MS GP, LLC | Delaware | |
CBL-New Garden Crossing, LLC | North Carolina | |
CBL-Northwest Centre, LLC | North Carolina | |
CBL-Oak Hollow Square, LLC | North Carolina | |
CBL-OB Business Center, LLC | North Carolina | |
CBL-Offices at Friendly, LLC | North Carolina | |
CBL-One Oyster Point, LLC | Virginia | |
CBL-PB Center I, LLC | Virginia | |
CBL-Shops at Friendly II, LLC | North Carolina | |
CBL-Shops at Friendly, LLC | Delaware | |
CBL-ST Building, LLC | North Carolina | |
CBL-Sunday Drive, LLC | North Carolina | |
CBL-TRS Joint Venture II, LLC | Delaware | |
CBL-TRS Joint Venture, LLC | Delaware | |
CBL-TRS Member I, LLC | Delaware | |
CBL-TRS Member II, LLC | Delaware | |
CBL-Two Oyster Point, LLC | Virginia | |
CBL-Westridge Square, LLC | North Carolina | |
CBL-Westridge Suites, LLC | North Carolina | |
Charleston Joint Venture | Ohio | |
Cherryvale Mall, LLC | Delaware | |
Chesterfield Mall LLC | Delaware | |
Chesterfield Parcel, LLC | Missouri | |
Chicopee Marketplace III, LLC | Massachusetts | |
CHM/Akron, LLC | Delaware | |
Citadel Mall CMBS, LLC | Delaware | |
Citadel Mall DSG, LLC | South Carolina | |
Coastal Grand CMBS, LLC | Delaware | |
Coastal Grand Outparcel CMBS, LLC | Delaware | |
Cobblestone Village at Palm Coast, LLC | Florida | |
College Station Partners, Ltd. | Texas | |
Columbia Joint Venture | Ohio | |
Columbia Place/Anchor, LLC | South Carolina |
Subsidiaries of CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
As of December 31, 2016 | ||
Subsidiary | State of Incorporation or Formation | |
Coolsprings Crossing Limited Partnership | Tennessee | |
Coolsprings GL Parcel, LLC | Tennessee | |
Coolsprings Mall, LLC | Tennessee | |
Courtyard at Hickory Hollow Limited Partnership | Delaware | |
Cross Creek Mall SPE, L.P. | North Carolina | |
Cross Creek Mall, LLC | North Carolina | |
Crossings at Marshalls Creek I LLC | Pennsylvania | |
Crossings at Marshalls Creek II LLC | Pennsylvania | |
Crossings at Marshalls Creek Limited Partnership | Pennsylvania | |
CV at North Columbus, LLC | Georgia | |
CVPC-Lo, LLC | Florida | |
CVPC-Outparcels, LLC | Florida | |
CW Joint Venture LLC | Delaware | |
Dakota Square Mall CMBS, LLC | Delaware | |
Dallan Acquisitions, LLC | Delaware | |
Deco Mall, LLC | Delaware | |
Development Options Centers, LLC | Delaware | |
Development Options, Inc. | Wyoming | |
Development Options/Cobblestone, LLC | Florida | |
DM-Cayman, Inc. | Cayman Islands | |
Dunite Acquisitions, LLC | Delaware | |
Eastgate Company | Ohio | |
Eastgate Crossing CMBS, LLC | Delaware | |
Eastgate Mall CMBS, LLC | Delaware | |
Eastland Holding I, LLC | Illinois | |
Eastland Holding II, LLC | Illinois | |
Eastland Mall, LLC | Delaware | |
Eastland Medical Building, LLC | Illinois | |
Eastland Member, LLC | Illinois | |
El Paso Outlet Center Holding, LLC | Delaware | |
El Paso Outlet Center II Expansion, LLC | Texas | |
El Paso Outlet Center II, LLC | Delaware | |
El Paso Outlet Center Manager, Inc. | Delaware | |
El Paso Outlet Center, LLC | Delaware | |
El Paso Outlet Outparcels, LLC | Delaware | |
Evin Acquisitions, LLC | Delaware | |
Fashion Square Mall CMBS, LLC | Delaware | |
Fayette Development Property, LLC | Kentucky | |
Fayette Mall SPE, LLC | Delaware | |
Fayette Middle Anchor, LLC | Kentucky | |
Fayette Plaza CMBS, LLC | Delaware |
Subsidiaries of CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
As of December 31, 2016 | ||
Subsidiary | State of Incorporation or Formation | |
FHM Anchor, LLC | Tennessee | |
FHP Expansion GP I, LLC | Tennessee | |
FHP Expansion GP II, LLC | Tennessee | |
Foothills Mall Associates, LP | Tennessee | |
Foothills Mall, Inc. | Tennessee | |
Fremaux Town Center JV, LLC | Delaware | |
Fremaux Town Center SPE, LLC | Delaware | |
Frontier Mall Associates Limited Partnership | Wyoming | |
G&I VIII CBL Triangle LLC | Delaware | |
Galleria Associates, L.P., The | Tennessee | |
GCTC Peripheral III, LLC | Florida | |
GCTC Peripheral IV, LLC | Florida | |
GCTC Peripheral V, LLC | Florida | |
Gettysburg Outlet Center CMBS, LLC | Delaware | |
Gettysburg Outlet Center GP, Inc. | Delaware | |
Gettysburg Outlet Center Holding, LLC | Delaware | |
Gettysburg Outlet Center, LLC | Delaware | |
Gettysburg Outlet Center, LP | Pennsylvania | |
Governor’s Square Company IB | Ohio | |
Governor's Square Company | Ohio | |
Greenbrier Mall II, LLC | Delaware | |
Greenbrier Mall, LLC | Delaware | |
Gulf Coast Town Center CMBS, LLC | Delaware | |
Gulf Coast Town Center Peripheral I, LLC | Florida | |
Gulf Coast Town Center Peripheral II, LLC | Florida | |
Gunbarrel Commons, LLC | Tennessee | |
Hamilton Corner CMBS General Partnership | Tennessee | |
Hamilton Corner GP I LLC | Delaware | |
Hamilton Corner GP II LLC | Delaware | |
Hamilton Crossing CMBS, LLC | Delaware | |
Hamilton Place CMBS, LLC | Delaware | |
Hamilton Place Mall/GP I, LLC | Delaware | |
Hamilton Place Mall/GP II, LLC | Delaware | |
Hammock Landing Collecting Agent, LLC | Florida | |
Hammock Landing/West Melbourne, LLC | Florida | |
Hanes Mall Parcels, LLC | North Carolina | |
Harford Mall Business Trust | Maryland | |
Hartford Outlet JV, LLC | Delaware | |
Henderson Square Limited Partnership | North Carolina | |
Hickory Hollow Courtyard, Inc. | Delaware | |
Hickory Hollow Mall Limited Partnership | Delaware |
Subsidiaries of CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
As of December 31, 2016 | ||
Subsidiary | State of Incorporation or Formation | |
Hickory Hollow Mall, Inc. | Delaware | |
Hickory Hollow/SB, LLC | Tennessee | |
Hickory Point Outparcels, LLC | Illinois | |
Hickory Point, LLC | Delaware | |
Hickory Point-OP Outparcel, LLC | Illinois | |
High Point Development Limited Partnership | North Carolina | |
High Point Development Limited Partnership II | North Carolina | |
Hixson Mall, LLC | Tennessee | |
Honey Creek Mall Member SPE, LLC | Delaware | |
Honey Creek Mall, LLC | Indiana | |
Huckleberry Place, LLC | Georgia | |
Hwy 287 & Broad Street, LLC | Texas | |
Imperial Valley Commons, L.P. | California | |
Imperial Valley Mall GP, LLC | Delaware | |
Imperial Valley Mall II, L.P. | California | |
Imperial Valley Mall, L.P. | California | |
Imperial Valley Peripheral, L.P. | California | |
IV Commons, LLC | California | |
IV Outparcels, LLC | California | |
Janesville Mall Limited Partnership | Wisconsin | |
Janesville Wisconsin, Inc. | Wisconsin | |
Jarnigan Road II, LLC | Delaware | |
Jarnigan Road Limited Partnership | Tennessee | |
Jefferson Mall CMBS, LLC | Delaware | |
Jefferson Mall Company II, LLC | Delaware | |
JG Gulf Coast Town Center, LLC | Ohio | |
JG Randolph II, LLC | Delaware | |
JG Randolph, LLC | Ohio | |
JG Saginaw II, LLC | Delaware | |
JG Saginaw, LLC | Ohio | |
JG Winston-Salem, LLC | Ohio | |
Kentucky Oaks Mall Company | Ohio | |
Kirkwood Mall Acquisitions, LLC | Delaware | |
Kirkwood Mall Mezz, LLC | Delaware | |
Lakes Mall, LLC, The | Michigan | |
Lakeshore/Sebring Limited Partnership | Florida | |
Lakeview Pointe, LLC | Oklahoma | |
Landing at Arbor Place II, LLC, The | Delaware | |
Laredo Outlet JV, LLC | Delaware | |
Laredo Outlet Shoppes, LLC | Delaware | |
Laredo/MDN II Limited Partnership | Texas |
Subsidiaries of CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
As of December 31, 2016 | ||
Subsidiary | State of Incorporation or Formation | |
Laurel Park Retail Holding LLC | Michigan | |
Laurel Park Retail Properties LLC | Delaware | |
Layton Hills Mall CMBS, LLC | Delaware | |
LeaseCo, Inc. | New York | |
Lebcon Associates | Tennessee | |
Lebcon I, Ltd. | Tennessee | |
Lee Partners | Tennessee | |
Lexington Joint Venture | Ohio | |
LHM-Utah, LLC | Delaware | |
Louisville Outlet Outparcels, LLC | Delaware | |
Louisville Outlet Shoppes, LLC | Delaware | |
Madison Grandview Forum, LLC | Mississippi | |
Madison Ground, LLC | Mississippi | |
Madison Joint Venture | Ohio | |
Madison Plaza Associates, Ltd. | Alabama | |
Madison Square Associates, Ltd. | Alabama | |
Madison/East Towne, LLC | Delaware | |
Madison/West Towne, LLC | Delaware | |
Mall Del Norte, LLC | Texas | |
Mall of South Carolina Limited Partnership | South Carolina | |
Mall of South Carolina Outparcel Limited Partnership | South Carolina | |
Mall Shopping Center Company, L.P. | Texas | |
Maryville Department Store Associates | Tennessee | |
Maryville Partners, L.P. | Tennessee | |
Mayfaire GP, LLC | Delaware | |
Mayfaire Town Center, LP | Delaware | |
MDN/Laredo GP II, LLC | Delaware | |
MDN/Laredo GP, LLC | Delaware | |
Meridian Mall Company, Inc. | Michigan | |
Meridian Mall Limited Partnership | Michigan | |
Mid Rivers Land LLC | Delaware | |
Mid Rivers Mall CMBS, LLC | Delaware | |
Midland Mall LLC | Delaware | |
Midland Venture Limited Partnership | Michigan | |
Milford Marketplace, LLC | Connecticut | |
Monroeville Anchor Limited Partnership | Pennsylvania | |
Montgomery Partners, L.P. | Tennessee | |
Mortgage Holdings II, LLC | Delaware | |
Mortgage Holdings, LLC | Delaware | |
Multi-GP Holdings, LLC | Delaware | |
Newco Mortgage, LLC | Delaware |
Subsidiaries of CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
As of December 31, 2016 | ||
Subsidiary | State of Incorporation or Formation | |
NewLease Corp. | Tennessee | |
North Charleston Joint Venture II, LLC | Delaware | |
Northpark Mall/Joplin, LLC | Delaware | |
Northwoods Mall CMBS, LLC | Delaware | |
Oak Park Holding I, LLC | Kansas | |
Oak Park Mall, LLC | Delaware | |
OK City JV, LLC | Delaware | |
OK City Member, LLC | Delaware | |
OK City Outlets II, LLC | Delaware | |
OK City Outlets III, LLC | Delaware | |
OK City Outlets, LLC | Delaware | |
Old Hickory Mall Venture | Tennessee | |
Old Hickory Mall Venture II, LLC | Delaware | |
Panama City Peripheral, LLC | Florida | |
Park Plaza Mall CMBS, LLC | Delaware | |
Parkdale Crossing CMBS, LLC | Delaware | |
Parkdale Crossing GP, Inc. | Texas | |
Parkdale Crossing Limited Partnership | Texas | |
Parkdale Mall Associates | Texas | |
Parkdale Mall CMBS, LLC | Delaware | |
Parkdale Mall, LLC | Texas | |
Parkway Place Limited Partnership | Alabama | |
Parkway Place SPE, LLC | Delaware | |
Parkway Place, Inc. | Alabama | |
Pavilion at Port Orange, LLC, The | Florida | |
Pavilion Collecting Agent, LLC, The | Florida | |
Pearland Ground, LLC | Texas | |
Pearland Hotel Operator, Inc. | Texas | |
Pearland Town Center GP, LLC | Delaware | |
Pearland Town Center Limited Partnership | Texas | |
Pearland-OP Parcel 8, LLC | Texas | |
POM-College Station, LLC | Texas | |
Popps Ferry Road, LLC | Mississippi | |
Port Orange Holdings II, LLC | Florida | |
Port Orange I, LLC | Florida | |
Port Orange Town Center, LLC | Delaware | |
Promenade D'Iberville, LLC, The | Mississippi | |
Property Taxperts, LLC | Nevada | |
Racine Joint Venture | Ohio | |
Racine Joint Venture II, LLC | Delaware | |
Renaissance Member II, LLC | Delaware |
Subsidiaries of CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
As of December 31, 2016 | ||
Subsidiary | State of Incorporation or Formation | |
Renaissance Phase II CMBS, LLC | Delaware | |
Renaissance Retail LLC | North Carolina | |
Renaissance SPE Member, LLC | Delaware | |
River Ridge Mall JV, LLC | Virginia | |
River Ridge Mall, LLC | Virginia | |
Rivergate Mall, Inc. | Delaware | |
Seacoast Shopping Center Limited Partnership | New Hampshire | |
Shoppes at Eagle Point, LLC | Tennessee | |
Shoppes at Hamilton Place, LLC, The | Tennessee | |
Shoppes at St. Clair CMBS, LLC | Delaware | |
Shoppes at St. Clair Square, LLC | Illinois | |
Shopping Center Finance Corp. | Wyoming | |
Shops at Pineda Ridge, LLC, The | Florida | |
Slidell Development Company, L.L.C. | Delaware | |
South County Shoppingtown LLC | Delaware | |
Southaven Towne Center II, LLC | Delaware | |
Southaven Towne Center, LLC | Mississippi | |
Southpark Mall CMBS, LLC | Delaware | |
Southpark Mall, LLC | Virginia | |
Southpark Mall-DSG, LLC | Virginia | |
Springdale/Mobile GP II, Inc. | Alabama | |
Springdale/Mobile GP, Inc. | Alabama | |
Springhill/Coastal Landing, LLC | Florida | |
St. Clair Square GP I, LLC | Illinois | |
St. Clair Square GP, Inc. | Illinois | |
St. Clair Square Limited Partnership | Illinois | |
St. Clair Square SPE, LLC | Delaware | |
Statesboro Crossing, LLC | Georgia | |
Stroud Mall LLC | Pennsylvania | |
SubREIT Investor-Boston General Partnership | Massachusetts | |
SubREIT Investor-Boston GP I, LLC | Massachusetts | |
Sutton Plaza GP, Inc. | New Jersey | |
Tenn-GP Holdings, LLC | Tennessee | |
Towne Mall Company | Ohio | |
Triangle Town Center, LLC | Delaware | |
Triangle Town Member, LLC | North Carolina | |
Turtle Creek Limited Partnership | Mississippi | |
Valley View Mall SPE, LLC | Delaware | |
Village at Newnan Crossing, LLC, The | Georgia | |
Village at Orchard Hills, LLC | Michigan | |
Village at Rivergate, Inc. | Delaware |
Subsidiaries of CBL & Associates Properties, Inc. and CBL & Associates Limited Partnership | ||
As of December 31, 2016 | ||
Subsidiary | State of Incorporation or Formation | |
Volusia Mall GP, Inc. | New York | |
Volusia Mall Limited Partnership | New York | |
Volusia Mall Member SPE, LLC | Delaware | |
Volusia Mall, LLC | Florida | |
Volusia-OP Peripheral LLC | Florida | |
Walnut Square Associates Limited Partnership | Wyoming | |
Waterford Commons of CT III, LLC | Connecticut | |
Wausau Center CMBS, LLC | Delaware | |
Wausau Joint Venture | Ohio | |
Wausau Penney CMBS, LLC | Delaware | |
Wausau Penney Investor Joint Venture | Ohio | |
West County Mall CMBS, LLC | Delaware | |
West County Shoppingtown LLC | Delaware | |
West Melbourne Holdings II, LLC | Florida | |
West Melbourne I, LLC | Delaware | |
West Melbourne Town Center LLC | Delaware | |
West Towne District, LLC | Wisconsin | |
Westgate Crossing Limited Partnership | South Carolina | |
Westgate Mall CMBS, LLC | Delaware | |
Westgate Mall II, LLC | Delaware | |
Westgate Mall Limited Partnership | South Carolina | |
Wilkes-Barre Marketplace GP, LLC | Pennsylvania | |
Wilkes-Barre Marketplace I, LLC | Pennsylvania | |
Wilkes-Barre Marketplace, L.P. | Pennsylvania | |
Willowbrook Plaza Limited Partnership | Maine | |
WMTC-Peripheral, LLC | Florida | |
WNC Shopping Center, LLC | North Carolina | |
Woodstock GA Investments LLC | Delaware | |
WPMP Holding LLC | Delaware | |
York Galleria Limited Partnership | Virginia | |
York Town Center Holding GP, LLC | Delaware | |
York Town Center Holding, LP | Pennsylvania | |
York Town Center, LP | Pennsylvania |
Signature | Title | Date | ||
/s/ Charles B. Lebovitz | Chairman of the Board | February 7, 2017 | ||
Charles B. Lebovitz | ||||
/s/ Stephen D. Lebovitz | Director, President and Chief Executive Officer (Principal Executive Officer) | February 7, 2017 | ||
Stephen D. Lebovitz | ||||
/s/ Farzana Khaleel | Executive Vice President - Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) | February 7, 2017 | ||
Farzana Khaleel | ||||
/s/ Gary L. Bryenton | Director | February 7, 2017 | ||
Gary L. Bryenton | ||||
/s/ A. Larry Chapman | Director | February 7, 2017 | ||
A. Larry Chapman | ||||
/s/ Matthew S. Dominski | Director | February 7, 2017 | ||
Matthew S. Dominski | ||||
/s/ John D. Griffith | Director | February 7, 2017 | ||
John D. Griffith | ||||
/s/ Richard J. Lieb | Director | February 7, 2017 | ||
Richard J. Lieb | ||||
/s/ Gary J. Nay | Director | February 7, 2017 | ||
Gary J. Nay | ||||
/s/ Kathleen M. Nelson | Director | February 7, 2017 | ||
Kathleen M. Nelson | ||||
(1) | I have reviewed this annual report on Form 10-K of CBL & Associates Properties, Inc.; |
(2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
(3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
(4) | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
(5) | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
(1) | I have reviewed this annual report on Form 10-K of CBL & Associates Properties, Inc.; |
(2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
(3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
(4) | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
(5) | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
(1) | I have reviewed this annual report on Form 10-K of CBL & Associates Limited Partnership; |
(2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
(3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
(4) | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
(5) | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
(1) | I have reviewed this annual report on Form 10-K of CBL & Associates Limited Partnership; |
(2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
(3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
(4) | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
(5) | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Feb. 23, 2017 |
Jun. 30, 2016 |
|
Entity Information [Line Items] | |||
Entity Registrant Name | CBL & ASSOCIATES PROPERTIES INC | ||
Entity Central Index Key | 0000910612 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 171,093,419 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,555,736,797 | ||
CBL & Associates Limited Partnership | |||
Entity Information [Line Items] | |||
Entity Registrant Name | CBL & Associates Limited Partnership | ||
Entity Central Index Key | 0000915140 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets (Parenthetical - OP) - CBL & Associates Limited Partnership - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Tenant receivables allowance for doubtful accounts | $ 1,910 | $ 1,923 |
Other receivables allowance for doubtful accounts | $ 838 | $ 1,276 |
Consolidated Balance Sheets (Parenthetical - REIT) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 15,000,000 | |
Series E preferred stock | ||
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, dividend rate (percent) | 6.625% | 6.625% |
CBL & Associates Properties, Inc. | ||
Receivables: | ||
Tenant receivables allowance for doubtful accounts | $ 1,910 | $ 1,923 |
Other receivables allowance for doubtful accounts | $ 838 | $ 1,276 |
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 350,000,000 | 350,000,000 |
Common stock, shares issued (in shares) | 170,792,645 | 170,490,948 |
Common stock, shares outstanding (in shares) | 170,792,645 | 170,490,948 |
CBL & Associates Properties, Inc. | Series D preferred stock | ||
Shareholders' equity: | ||
Preferred stock, dividend rate (percent) | 7.375% | 7.375% |
Preferred stock, shares outstanding (in shares) | 1,815,000 | 1,815,000 |
CBL & Associates Properties, Inc. | Series E preferred stock | ||
Shareholders' equity: | ||
Preferred stock, dividend rate (percent) | 6.625% | 6.625% |
Preferred stock, shares outstanding (in shares) | 690,000 | 690,000 |
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
REVENUES: | |||
Total revenues | $ 1,028,257 | $ 1,055,018 | $ 1,060,739 |
OPERATING EXPENSES: | |||
Depreciation and amortization | 292,693 | 299,069 | 291,273 |
General and administrative | 63,332 | 62,118 | 50,271 |
Loss on impairment | 116,822 | 105,945 | 17,858 |
Other | 20,326 | 26,957 | 32,297 |
Income from operations | 253,628 | 277,584 | |
Interest and other income | 1,524 | 6,467 | 14,121 |
Interest expense | (216,318) | (229,343) | (239,824) |
Gain on extinguishment of debt | 256 | ||
Gain on investments | 7,534 | 16,560 | 87,893 |
Income tax benefit (provision) | 2,063 | (2,941) | (4,499) |
Equity in earnings of unconsolidated affiliates | 117,533 | 18,200 | 14,803 |
Gain on sales of real estate assets | 29,567 | 32,232 | 5,342 |
Income from continuing operations | 195,531 | 119,015 | 252,979 |
Net income | 195,531 | 119,015 | |
Net income attributable to noncontrolling interests in: | |||
Net income attributable to the Company | 172,882 | 103,371 | |
Net income attributable to common shareholders/unitholders | $ 127,990 | $ 58,479 | |
Basic per share/unit data attributable to common shareholders/unitholders: | |||
Net income attributable to common shareholders/unitholders (in dollars per share) | $ 0.75 | $ 0.34 | |
Diluted per share/unit data attributable to common shareholders/unitholders: | |||
Net income attributable to common shareholders/unitholders (in dollars per share) | $ 0.75 | $ 0.34 | |
Amounts attributable to common shareholders/unitholders: | |||
Net income attributable to common shareholders/unitholders | $ 127,990 | $ 58,479 | |
CBL & Associates Properties, Inc. | |||
REVENUES: | |||
Minimum rents | 670,565 | 684,309 | 682,584 |
Percentage rents | 17,803 | 18,063 | 16,876 |
Other rents | 23,110 | 21,934 | 22,314 |
Tenant reimbursements | 280,438 | 288,279 | 290,561 |
Management, development and leasing fees | 14,925 | 10,953 | 12,986 |
Other | 21,416 | 31,480 | 35,418 |
Total revenues | 1,028,257 | 1,055,018 | 1,060,739 |
OPERATING EXPENSES: | |||
Property operating | 137,760 | 141,030 | 149,774 |
Depreciation and amortization | 292,693 | 299,069 | 291,273 |
Real estate taxes | 90,110 | 90,799 | 89,281 |
Maintenance and repairs | 53,586 | 51,516 | 54,842 |
General and administrative | 63,332 | 62,118 | 50,271 |
Loss on impairment | 116,822 | 105,945 | 17,858 |
Other | 20,326 | 26,957 | 32,297 |
Total operating expenses | 774,629 | 777,434 | 685,596 |
Income from operations | 253,628 | 277,584 | 375,143 |
Interest and other income | 1,524 | 6,467 | 14,121 |
Interest expense | (216,318) | (229,343) | (239,824) |
Gain on extinguishment of debt | 0 | 256 | 87,893 |
Gain on investments | 7,534 | 16,560 | 0 |
Income tax benefit (provision) | 2,063 | (2,941) | (4,499) |
Equity in earnings of unconsolidated affiliates | 117,533 | 18,200 | 14,803 |
Income from continuing operations before gain on sales of real estate assets | 165,964 | 86,783 | 247,637 |
Gain on sales of real estate assets | 29,567 | 32,232 | 5,342 |
Income from continuing operations | 195,531 | 119,015 | 252,979 |
Operating loss of discontinued operations | 0 | 0 | (222) |
Gain on discontinued operations | 0 | 0 | 276 |
Net income | 195,531 | 119,015 | 253,033 |
Net income attributable to noncontrolling interests in: | |||
Operating Partnership | (21,537) | (10,171) | (30,106) |
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | (1,112) | (5,473) | (3,777) |
Net income attributable to the Company | 172,882 | 103,371 | 219,150 |
Preferred dividends/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) |
Net income attributable to common shareholders/unitholders | $ 127,990 | $ 58,479 | $ 174,258 |
Basic per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends (in dollars per share) | $ 0.75 | $ 0.34 | $ 1.02 |
Discontinued operations (in dollars per share) | 0.00 | 0.00 | 0.00 |
Net income attributable to common shareholders/unitholders (in dollars per share) | $ 0.75 | $ 0.34 | $ 1.02 |
Weighted-average common shares/units outstanding (in shares) | 170,762 | 170,476 | 170,247 |
Diluted per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends/distributions (in dollars per share) | $ 0.75 | $ 0.34 | $ 1.02 |
Discontinued operations (in dollars per share) | 0.00 | 0.00 | 0.00 |
Net income attributable to common shareholders/unitholders (in dollars per share) | $ 0.75 | $ 0.34 | $ 1.02 |
Weighted-average common and potential dilutive common shares/units outstanding (in shares) | 170,836 | 170,499 | 170,247 |
Amounts attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred distributions | $ 127,990 | $ 58,479 | $ 174,212 |
Discontinued operations | 0 | 0 | 46 |
Net income attributable to common shareholders/unitholders | 127,990 | 58,479 | 174,258 |
CBL & Associates Limited Partnership | |||
REVENUES: | |||
Minimum rents | 670,565 | 684,309 | 682,584 |
Percentage rents | 17,803 | 18,063 | 16,876 |
Other rents | 23,110 | 21,934 | 22,314 |
Tenant reimbursements | 280,438 | 288,279 | 290,561 |
Management, development and leasing fees | 14,925 | 10,953 | 12,986 |
Other | 21,416 | 31,480 | 35,418 |
Total revenues | 1,028,257 | 1,055,018 | 1,060,739 |
OPERATING EXPENSES: | |||
Property operating | 137,760 | 141,030 | 149,774 |
Depreciation and amortization | 292,693 | 299,069 | 291,273 |
Real estate taxes | 90,110 | 90,799 | 89,281 |
Maintenance and repairs | 53,586 | 51,516 | 54,842 |
General and administrative | 63,332 | 62,118 | 50,271 |
Loss on impairment | 116,822 | 105,945 | 17,858 |
Other | 20,326 | 26,957 | 32,297 |
Total operating expenses | 774,629 | 777,434 | 685,596 |
Income from operations | 253,628 | 277,584 | 375,143 |
Interest and other income | 1,524 | 6,467 | 14,121 |
Interest expense | (216,318) | (229,343) | (239,824) |
Gain on extinguishment of debt | 0 | 256 | 87,893 |
Gain on investments | 7,534 | 16,560 | 0 |
Income tax benefit (provision) | 2,063 | (2,941) | (4,499) |
Equity in earnings of unconsolidated affiliates | 117,533 | 18,200 | 14,803 |
Income from continuing operations before gain on sales of real estate assets | 165,964 | 86,783 | 247,637 |
Gain on sales of real estate assets | 29,567 | 32,232 | 5,342 |
Income from continuing operations | 195,531 | 119,015 | 252,979 |
Operating loss of discontinued operations | 0 | 0 | (222) |
Gain on discontinued operations | 0 | 0 | 276 |
Net income | 195,531 | 119,015 | 253,033 |
Net income attributable to noncontrolling interests in: | |||
Other consolidated subsidiaries/Net income attributable to noncontrolling interests | (1,112) | (5,473) | (3,777) |
Net income attributable to the Company | 194,419 | 113,542 | 249,256 |
Preferred dividends/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) |
Net income attributable to common shareholders/unitholders | $ 149,527 | $ 68,650 | $ 204,364 |
Basic per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends (in dollars per share) | $ 0.75 | $ 0.34 | $ 1.02 |
Discontinued operations (in dollars per share) | 0.00 | 0.00 | 0.00 |
Net income attributable to common shareholders/unitholders (in dollars per share) | $ 0.75 | $ 0.34 | $ 1.02 |
Weighted-average common shares/units outstanding (in shares) | 199,764 | 199,734 | 199,660 |
Diluted per share/unit data attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred dividends/distributions (in dollars per share) | $ 0.75 | $ 0.34 | $ 1.02 |
Discontinued operations (in dollars per share) | 0.00 | 0.00 | 0.00 |
Net income attributable to common shareholders/unitholders (in dollars per share) | $ 0.75 | $ 0.34 | $ 1.02 |
Weighted-average common and potential dilutive common shares/units outstanding (in shares) | 199,838 | 199,757 | 199,660 |
Amounts attributable to common shareholders/unitholders: | |||
Income from continuing operations, net of preferred distributions | $ 149,527 | $ 68,650 | $ 204,318 |
Discontinued operations | 0 | 0 | 46 |
Net income attributable to common shareholders/unitholders | $ 149,527 | $ 68,650 | $ 204,364 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Net income | $ 195,531 | $ 119,015 | |
Other comprehensive income (loss): | |||
Total other comprehensive income (loss) | 434 | (14,403) | $ 8,325 |
CBL & Associates Properties, Inc. | |||
Net income | 195,531 | 119,015 | 253,033 |
Other comprehensive income (loss): | |||
Unrealized holding gain on available-for-sale securities | 0 | 242 | 6,543 |
Reclassification to net income of realized gain on available-for-sale securities | 0 | (16,560) | 0 |
Unrealized gain on hedging instruments | 877 | 4,111 | 3,977 |
Reclassification of hedging effect on earnings | (443) | (2,196) | (2,195) |
Total other comprehensive income (loss) | 434 | (14,403) | 8,325 |
Comprehensive income | 195,965 | 104,612 | 261,358 |
Comprehensive income attributable to noncontrolling interests in: | |||
Operating Partnership | (21,600) | (7,244) | (31,345) |
Other consolidated subsidiaries | (1,112) | (5,473) | (3,777) |
Comprehensive income attributable to the Company | 173,253 | 91,895 | 226,236 |
CBL & Associates Limited Partnership | |||
Net income | 195,531 | 119,015 | 253,033 |
Other comprehensive income (loss): | |||
Unrealized holding gain on available-for-sale securities | 0 | 242 | 6,543 |
Reclassification to net income of realized gain on available-for-sale securities | 0 | (16,560) | 0 |
Unrealized gain on hedging instruments | 877 | 4,111 | 3,977 |
Reclassification of hedging effect on earnings | (443) | (2,196) | (2,195) |
Total other comprehensive income (loss) | 434 | (14,403) | 8,325 |
Comprehensive income | 195,965 | 104,612 | 261,358 |
Comprehensive income attributable to noncontrolling interests in: | |||
Other consolidated subsidiaries | (1,112) | (5,473) | (3,777) |
Comprehensive income attributable to the Company | $ 194,853 | $ 99,139 | $ 257,581 |
Consolidated Statements of Equity/Capital - USD ($) $ in Thousands |
Total |
CBL & Associates Properties, Inc. |
CBL & Associates Properties, Inc.
Preferred Stock
|
CBL & Associates Properties, Inc.
Common Stock
|
CBL & Associates Properties, Inc.
Additional Paid-in Capital
|
CBL & Associates Properties, Inc.
Accumulated Other Comprehensive Income
|
CBL & Associates Properties, Inc.
Dividends in Excess of Cumulative Earnings
|
CBL & Associates Properties, Inc.
Total Shareholders' Equity
|
CBL & Associates Properties, Inc.
Noncontrolling Interests
|
CBL & Associates Properties, Inc.
Redeemable Noncontrolling Interests
|
CBL & Associates Limited Partnership |
CBL & Associates Limited Partnership
Redeemable Partnership Interests
|
CBL & Associates Limited Partnership
Redeemable Common Units
|
CBL & Associates Limited Partnership
Total Redeemable Interests
|
Preferred Units
CBL & Associates Limited Partnership
|
Common Units
CBL & Associates Limited Partnership
|
General Partner
CBL & Associates Limited Partnership
|
Limited Partners
CBL & Associates Limited Partnership
|
Accumulated Other Comprehensive Income
CBL & Associates Limited Partnership
|
Total Partner's Capital
CBL & Associates Limited Partnership
|
Noncontrolling Interests
CBL & Associates Limited Partnership
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Redeemable common units, beginning balance at Dec. 31, 2013 | $ 34,639 | ||||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income | 3,425 | ||||||||||||||||||||
Other comprehensive income (loss) | $ 8,260 | $ 7,086 | $ 7,086 | $ 1,174 | 65 | $ 8,260 | $ 65 | $ 65 | $ 8,260 | $ 8,260 | |||||||||||
Adjustment for noncontrolling interests | (2,937) | $ (8,231) | (8,231) | 5,294 | 2,937 | ||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (5,336) | (5,014) | (5,014) | (322) | 5,337 | (5,336) | $ 3,017 | 2,319 | 5,336 | $ (55) | $ (5,281) | (5,336) | |||||||||
Distributions to noncontrolling interests | (44,257) | (44,257) | (8,844) | (13,089) | (4,272) | (4,272) | 0 | $ (13,089) | |||||||||||||
Redeemable common units, ending balance at Dec. 31, 2014 | 37,559 | ||||||||||||||||||||
Beginning balance, shareholders' equity at Dec. 31, 2013 | 1,559,934 | $ 25 | $ 1,700 | 1,967,644 | 6,325 | $ (570,781) | 1,404,913 | 155,021 | |||||||||||||
Beginning balance, partners' capital at Dec. 31, 2013 | 1,560,355 | 5,883 | 28,756 | 34,639 | $ 565,212 | 9,866 | 961,175 | 4,923 | 1,541,176 | 19,179 | |||||||||||
Beginning balance, partners' capital units (in shares) at Dec. 31, 2013 | 25,050,000 | 199,593,000 | |||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income (loss) | 249,539 | 219,150 | 219,150 | 30,389 | 249,539 | 1,827 | 1,598 | 3,425 | $ 44,892 | 2,081 | 200,686 | 247,659 | 1,880 | ||||||||
Other comprehensive income (loss) | 8,260 | 7,086 | 7,086 | 1,174 | 65 | 8,260 | 65 | 65 | 8,260 | 8,260 | |||||||||||
Redemption of common units (in shares) | (273,000) | ||||||||||||||||||||
Redemptions of common units | $ (4,861) | (4,861) | (4,861) | (4,861) | |||||||||||||||||
Issuance of common units (in shares) | 246,000 | ||||||||||||||||||||
Issuance of common units | 683 | 683 | 683 | ||||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership/Acquire controlling interest in shopping center property | (4,861) | 0 | (4,861) | ||||||||||||||||||
Dividends/distributions declared - common stock/units | (170,262) | (170,262) | (170,262) | (201,483) | (4,571) | (4,571) | (1,479) | (200,004) | (201,483) | ||||||||||||
Dividends declared/distributions - preferred stock/units | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | |||||||||||||||
Issuance of shares of common stock and restricted common stock | 683 | 3 | 680 | 683 | |||||||||||||||||
Cancellation of restricted common stock (in shares) | (34,000) | ||||||||||||||||||||
Cancellation of restricted common stock, value | (389) | (389) | (389) | (389) | (389) | (389) | |||||||||||||||
Amortization of deferred compensation | 3,508 | 3,508 | 3,508 | 3,508 | 36 | 3,472 | 3,508 | ||||||||||||||
Allocation of partners' capital | (2,792) | 2,937 | 2,937 | (660) | (2,132) | (2,792) | |||||||||||||||
Adjustment for noncontrolling interests | (2,937) | (8,231) | (8,231) | 5,294 | 2,937 | ||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (5,336) | (5,014) | (5,014) | (322) | 5,337 | (5,336) | 3,017 | 2,319 | 5,336 | (55) | (5,281) | (5,336) | |||||||||
Distributions to noncontrolling interests | (44,257) | (44,257) | (8,844) | (13,089) | (4,272) | (4,272) | 0 | (13,089) | |||||||||||||
Contributions from noncontrolling interests | 938 | 938 | 938 | 938 | |||||||||||||||||
Ending balance, shareholders' equity at Dec. 31, 2014 | 1,549,928 | 25 | 1,703 | 1,958,198 | 13,411 | (566,785) | 1,406,552 | 143,376 | |||||||||||||
Ending balance, partners' capital at Dec. 31, 2014 | 1,550,441 | 6,455 | 31,104 | 37,559 | $ 565,212 | 9,789 | 953,349 | 13,183 | 1,541,533 | 8,908 | |||||||||||
Ending balance, partners' capital units (in shares) at Dec. 31, 2014 | 25,050,000 | 199,532,000 | |||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income | 3,902 | ||||||||||||||||||||
Other comprehensive income (loss) | (14,051) | (11,476) | (11,476) | (2,575) | (352) | (14,051) | (352) | (352) | (14,051) | (14,051) | |||||||||||
Adjustment for noncontrolling interests | (2,980) | (2,773) | (2,773) | (207) | 2,981 | ||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 11,617 | 10,225 | 10,225 | 1,392 | (11,617) | 11,617 | (1,658) | (9,959) | (11,617) | 119 | 11,498 | 11,617 | |||||||||
Distributions to noncontrolling interests | (40,534) | (40,534) | (7,143) | (7,866) | (2,571) | (2,571) | (7,866) | ||||||||||||||
Redeemable common units, ending balance at Dec. 31, 2015 | 25,330 | 19,744 | |||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income (loss) | 115,113 | 103,371 | 103,371 | 11,742 | 115,113 | 3,360 | 542 | 3,902 | $ 44,892 | 699 | 67,409 | 113,000 | 2,113 | ||||||||
Other comprehensive income (loss) | (14,051) | (11,476) | (11,476) | (2,575) | (352) | (14,051) | (352) | (352) | (14,051) | (14,051) | |||||||||||
Redemption of common units (in shares) | (15,000) | ||||||||||||||||||||
Redemptions of common units | (286) | (286) | (286) | ||||||||||||||||||
Issuance of common units (in shares) | 278,000 | ||||||||||||||||||||
Issuance of common units | 679 | 679 | 679 | ||||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership/Acquire controlling interest in shopping center property | (286) | (286) | |||||||||||||||||||
Dividends/distributions declared - common stock/units | (180,722) | (180,722) | (180,722) | (213,391) | (4,572) | (4,572) | (2,133) | (211,258) | (213,391) | ||||||||||||
Dividends declared/distributions - preferred stock/units | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | |||||||||||||||
Issuance of shares of common stock and restricted common stock | 679 | 3 | 676 | 679 | |||||||||||||||||
Cancellation of restricted common stock (in shares) | (47,000) | ||||||||||||||||||||
Cancellation of restricted common stock, value | (770) | (1) | (769) | (770) | (770) | (770) | (770) | ||||||||||||||
Performance stock units | 624 | 624 | 624 | 624 | 6 | 618 | 624 | ||||||||||||||
Amortization of deferred compensation | 4,152 | 4,152 | 4,152 | 4,152 | 43 | 4,109 | 4,152 | ||||||||||||||
Allocation of partners' capital | (3,053) | 2,981 | 2,981 | (88) | (2,965) | (3,053) | |||||||||||||||
Adjustment for noncontrolling interests | (2,980) | (2,773) | (2,773) | (207) | 2,981 | ||||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | 11,617 | 10,225 | 10,225 | 1,392 | (11,617) | 11,617 | (1,658) | (9,959) | (11,617) | 119 | 11,498 | 11,617 | |||||||||
Distributions to noncontrolling interests | (40,534) | (40,534) | (7,143) | (7,866) | (2,571) | (2,571) | (7,866) | ||||||||||||||
Contributions from noncontrolling interests | 1,721 | 1,721 | 1,721 | 1,721 | |||||||||||||||||
Ending balance, shareholders' equity at Dec. 31, 2015 | 1,399,599 | 25 | 1,705 | 1,970,333 | 1,935 | (689,028) | 1,284,970 | 114,629 | |||||||||||||
Ending balance, partners' capital at Dec. 31, 2015 | 1,400,038 | 5,586 | 19,744 | 25,330 | $ 565,212 | 8,435 | 822,383 | (868) | 1,395,162 | 4,876 | |||||||||||
Ending balance, partners' capital units (in shares) at Dec. 31, 2015 | 25,050,000 | 199,748,000 | |||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income | (1,603) | ||||||||||||||||||||
Other comprehensive income (loss) | 431 | 371 | 371 | 60 | 3 | 431 | 3 | 3 | 431 | 431 | |||||||||||
Redemption of redeemable noncontrolling interest | 9,636 | 9,636 | 9,636 | (3,206) | 9,636 | (3,206) | (3,206) | 99 | 9,537 | 9,636 | |||||||||||
Adjustment for noncontrolling interests | (2,454) | (13,773) | (2,306) | (16,079) | 13,625 | 2,454 | |||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (1,937) | (2,061) | (2,061) | 124 | 1,937 | (1,937) | 2,729 | (792) | 1,937 | (20) | (1,917) | (1,937) | |||||||||
Distributions to noncontrolling interests | (40,039) | (40,039) | (6,919) | (7,888) | (2,347) | (2,347) | (7,888) | ||||||||||||||
Redeemable common units, ending balance at Dec. 31, 2016 | 17,996 | 17,996 | |||||||||||||||||||
Redeemable Noncontrolling Interests | |||||||||||||||||||||
Net income (loss) | 197,134 | 172,882 | 172,882 | 24,252 | 197,134 | (2,762) | 1,159 | (1,603) | $ 44,892 | 1,523 | 146,845 | 193,260 | 3,874 | ||||||||
Other comprehensive income (loss) | 431 | 371 | 371 | 60 | 3 | 431 | 3 | 3 | 431 | 431 | |||||||||||
Redemption of common units (in shares) | (965,000) | ||||||||||||||||||||
Redemptions of common units | $ (11,754) | (11,754) | (11,754) | (11,754) | |||||||||||||||||
Issuance of common units (in shares) | 336,000 | ||||||||||||||||||||
Issuance of common units | 481 | 481 | 481 | ||||||||||||||||||
Purchase of noncontrolling interests in Operating Partnership/Acquire controlling interest in shopping center property | (11,754) | (11,754) | |||||||||||||||||||
Redemption of redeemable noncontrolling interest | 9,636 | 9,636 | 9,636 | (3,206) | 9,636 | (3,206) | (3,206) | 99 | 9,537 | 9,636 | |||||||||||
Dividends/distributions declared - common stock/units | (181,040) | (181,040) | (181,040) | (213,191) | (4,572) | (4,572) | (2,133) | (211,058) | (213,191) | ||||||||||||
Dividends declared/distributions - preferred stock/units | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | (44,892) | |||||||||||||||
Issuance of shares of common stock and restricted common stock | $ 481 | 3 | $ 478 | $ 481 | |||||||||||||||||
Cancellation of restricted common stock (in shares) | (267,000) | (267,000) | (267,000) | (34,000) | |||||||||||||||||
Cancellation of restricted common stock, value | (267) | (267) | (267) | ||||||||||||||||||
Performance stock units | $ 1,033 | $ 1,033 | $ 1,033 | 1,033 | 11 | 1,022 | 1,033 | ||||||||||||||
Amortization of deferred compensation | 3,680 | 3,680 | 3,680 | 3,680 | 38 | 3,642 | 3,680 | ||||||||||||||
Allocation of partners' capital | (2,566) | 2,454 | 2,454 | (172) | (2,831) | 437 | (2,566) | ||||||||||||||
Adjustment for noncontrolling interests | (2,454) | (13,773) | (2,306) | (16,079) | 13,625 | 2,454 | |||||||||||||||
Adjustment to record redeemable noncontrolling interests at redemption value | (1,937) | (2,061) | (2,061) | 124 | 1,937 | (1,937) | 2,729 | (792) | 1,937 | (20) | (1,917) | (1,937) | |||||||||
Distributions to noncontrolling interests | (40,039) | (40,039) | $ (6,919) | (7,888) | (2,347) | (2,347) | (7,888) | ||||||||||||||
Contributions from noncontrolling interests | 11,241 | 11,241 | 11,241 | 11,241 | |||||||||||||||||
Ending balance, shareholders' equity at Dec. 31, 2016 | $ 1,340,852 | $ 25 | $ 1,708 | $ 1,969,059 | $ 0 | $ (742,078) | $ 1,228,714 | $ 112,138 | |||||||||||||
Ending balance, partners' capital at Dec. 31, 2016 | $ 1,341,179 | $ 0 | $ 17,996 | $ 17,996 | $ 565,212 | $ 7,781 | $ 756,083 | $ 0 | $ 1,329,076 | $ 12,103 | |||||||||||
Ending balance, partners' capital units (in shares) at Dec. 31, 2016 | 25,050,000 | 199,085,000 |
Consolidated Statements of Equity (Parenthetical) - shares |
12 Months Ended | ||
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Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Statement of Stockholders' Equity [Abstract] | |||
Issuance of shares of stock (in shares) | 335,417 | 278,093 | 246,168 |
Shares of restricted common stock canceled (in shares) | 33,720 | 47,418 | 34,039 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ 195,531 | $ 119,015 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Loss on impairment | 116,822 | 105,945 | $ 17,858 | ||||
Equity in earnings of unconsolidated affiliates | (117,533) | (18,200) | (14,803) | ||||
Change in deferred tax accounts | (907) | (152) | 1,329 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Proceeds from sale of available-for-sale securities | 20,755 | ||||||
CBL & Associates Properties, Inc. | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | 195,531 | 119,015 | 253,033 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 292,693 | 299,069 | 291,273 | ||||
Net amortization of deferred financing costs, debt premiums and discounts | 2,952 | 4,948 | 4,405 | ||||
Net amortization of intangible lease assets and liabilities | 113 | (1,487) | 368 | ||||
Gain on sales of real estate assets | (29,567) | (32,232) | (5,342) | ||||
Gain on discontinued operations | 0 | 0 | (276) | ||||
Write-off of development projects | 56 | 2,373 | 136 | ||||
Share-based compensation expense | 5,027 | 5,218 | 3,979 | ||||
Gain on investments | (7,534) | (16,560) | 0 | ||||
Loss on impairment | 116,822 | 105,945 | 17,858 | ||||
Loss on impairment from discontinued operations | 0 | 0 | 681 | ||||
Gain on extinguishment of debt | 0 | (256) | (87,893) | ||||
Equity in earnings of unconsolidated affiliates | (117,533) | (18,200) | (14,803) | ||||
Distributions of earnings from unconsolidated affiliates | 16,603 | 21,095 | 21,866 | ||||
Provision for doubtful accounts | 4,058 | 2,254 | 2,643 | ||||
Change in deferred tax accounts | (907) | (153) | 1,329 | ||||
Changes in: | |||||||
Tenant and other receivables | (7,979) | (5,455) | (4,053) | ||||
Other assets | (4,386) | 1,803 | 1,101 | ||||
Accounts payable and accrued liabilities | 2,630 | 7,638 | (18,244) | ||||
Net cash provided by operating activities | 468,579 | 495,015 | 468,061 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Additions to real estate assets | (248,004) | (218,891) | (277,624) | ||||
Acquisitions of real estate assets | 0 | (191,988) | 0 | ||||
(Additions) reductions to restricted cash | (11,434) | 5,491 | 4,880 | ||||
Proceeds from sales of real estate assets | 189,489 | 132,231 | 16,513 | ||||
Net proceeds from disposal of investments | 10,299 | 0 | 0 | ||||
Additions to mortgage and other notes receivable | (3,259) | (3,096) | 0 | ||||
Payments received on mortgage and other notes receivable | 1,069 | 1,610 | 20,973 | ||||
Proceeds from sale of available-for-sale securities | 0 | 20,755 | 0 | ||||
Additional investments in and advances to unconsolidated affiliates | (28,510) | (15,200) | (30,404) | ||||
Distributions in excess of equity in earnings of unconsolidated affiliates | 95,958 | 20,807 | 39,229 | ||||
Changes in other assets | (7,054) | (11,534) | (8,422) | ||||
Net cash used in investing activities | (1,446) | (259,815) | (234,855) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from mortgage and other indebtedness | 1,174,409 | 1,358,296 | 1,061,928 | ||||
Principal payments on mortgage and other indebtedness | (1,377,739) | (1,315,094) | (1,050,647) | ||||
Additions to deferred financing costs | (8,345) | (6,796) | (2,386) | ||||
Prepayment fees on extinguishment of debt | 0 | 0 | (1,506) | ||||
Proceeds from issuances of common stock/units | 179 | 188 | 175 | ||||
Purchases of noncontrolling interests in the Operating Partnership | (11,754) | (286) | (4,861) | ||||
Contributions from noncontrolling interests | 11,241 | 682 | 938 | ||||
Distributions to noncontrolling interests | (47,213) | (47,682) | (52,712) | ||||
Dividends paid to holders of preferred stock/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) | ||||
Dividends paid to common shareholders/unitholders | (180,960) | (180,662) | (166,805) | ||||
Net cash used in financing activities | (485,074) | (236,246) | (260,768) | ||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (17,941) | (1,046) | (27,562) | ||||
CASH AND CASH EQUIVALENTS, beginning of period | 36,892 | [1] | 37,938 | 65,500 | |||
CASH AND CASH EQUIVALENTS, end of period | 18,951 | [1] | 36,892 | [1] | 37,938 | ||
CBL & Associates Limited Partnership | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | 195,531 | 119,015 | 253,033 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 292,693 | 299,069 | 291,273 | ||||
Net amortization of deferred financing costs, debt premiums and discounts | 2,952 | 4,948 | 4,405 | ||||
Net amortization of intangible lease assets and liabilities | 113 | (1,487) | 368 | ||||
Gain on sales of real estate assets | (29,567) | (32,232) | (5,342) | ||||
Gain on discontinued operations | 0 | 0 | (276) | ||||
Write-off of development projects | 56 | 2,373 | 136 | ||||
Share-based compensation expense | 5,027 | 5,218 | 3,979 | ||||
Gain on investments | (7,534) | (16,560) | 0 | ||||
Loss on impairment | 116,822 | 105,945 | 17,858 | ||||
Loss on impairment from discontinued operations | 0 | 0 | 681 | ||||
Gain on extinguishment of debt | 0 | (256) | (87,893) | ||||
Equity in earnings of unconsolidated affiliates | (117,533) | (18,200) | (14,803) | ||||
Distributions of earnings from unconsolidated affiliates | 16,633 | 21,092 | 21,866 | ||||
Provision for doubtful accounts | 4,058 | 2,254 | 2,643 | ||||
Change in deferred tax accounts | (907) | (153) | 1,329 | ||||
Changes in: | |||||||
Tenant and other receivables | (7,931) | (5,455) | (4,053) | ||||
Other assets | (4,386) | 1,803 | 1,101 | ||||
Accounts payable and accrued liabilities | 2,550 | 7,648 | (18,242) | ||||
Net cash provided by operating activities | 468,577 | 495,022 | 468,063 | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Additions to real estate assets | (248,004) | (218,891) | (277,624) | ||||
Acquisitions of real estate assets | 0 | (191,988) | 0 | ||||
(Additions) reductions to restricted cash | (11,434) | 5,491 | 4,880 | ||||
Proceeds from sales of real estate assets | 189,489 | 132,231 | 16,513 | ||||
Net proceeds from disposal of investments | 10,299 | 0 | 0 | ||||
Additions to mortgage and other notes receivable | (3,259) | (3,096) | 0 | ||||
Payments received on mortgage and other notes receivable | 1,069 | 1,610 | 20,973 | ||||
Proceeds from sale of available-for-sale securities | 0 | 20,755 | 0 | ||||
Additional investments in and advances to unconsolidated affiliates | (28,510) | (15,200) | (30,404) | ||||
Distributions in excess of equity in earnings of unconsolidated affiliates | 95,958 | 20,807 | 39,229 | ||||
Changes in other assets | (7,054) | (11,534) | (8,422) | ||||
Net cash used in investing activities | (1,446) | (259,815) | (234,855) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Proceeds from mortgage and other indebtedness | 1,174,409 | 1,358,296 | 1,061,928 | ||||
Principal payments on mortgage and other indebtedness | (1,377,739) | (1,315,094) | (1,050,647) | ||||
Additions to deferred financing costs | (8,345) | (6,796) | (2,386) | ||||
Prepayment fees on extinguishment of debt | 0 | 0 | (1,506) | ||||
Proceeds from issuances of common stock/units | 179 | 188 | 175 | ||||
Redemption of common units | (11,754) | (286) | (4,861) | ||||
Contributions from noncontrolling interests | 11,240 | 682 | 938 | ||||
Distributions to noncontrolling interests | (14,807) | (17,084) | (52,712) | ||||
Dividends paid to holders of preferred stock/Distributions to preferred unitholders | (44,892) | (44,892) | (44,892) | ||||
Dividends paid to common shareholders/unitholders | (213,366) | (211,260) | (166,805) | ||||
Net cash used in financing activities | (485,075) | (236,246) | (260,768) | ||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (17,944) | (1,039) | (27,560) | ||||
CASH AND CASH EQUIVALENTS, beginning of period | 36,887 | [1] | 37,926 | 65,486 | |||
CASH AND CASH EQUIVALENTS, end of period | $ 18,943 | [1] | $ 36,887 | [1] | $ 37,926 | ||
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ORGANIZATION |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ORGANIZATION | ORGANIZATION CBL, a Delaware corporation, is a self-managed, self-administered, fully-integrated REIT that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, open-air and mixed-use centers, outlet centers, associated centers, community centers and office properties. Its Properties are located in 27 states, but are primarily in the southeastern and midwestern United States. CBL conducts substantially all of its business through the Operating Partnership, which is a VIE. In accordance with the guidance in Accounting Standards Codification ("ASC") 810, Consolidations, the Company is exempt from providing further disclosures related to the Operating Partnership's VIE classification. The Operating Partnership consolidates the financial statements of all entities in which it has a controlling financial interest or where it is the primary beneficiary of a VIE. As of December 31, 2016, the Operating Partnership owned interests in the following Properties:
At December 31, 2016, the Operating Partnership had interests in the following Construction Properties:
The Operating Partnership also holds options to acquire certain development properties owned by third parties. CBL is the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. At December 31, 2016, CBL Holdings I, Inc., the sole general partner of the Operating Partnership, owned a 1.0% general partner interest in the Operating Partnership and CBL Holdings II, Inc. owned an 84.8% limited partner interest for a combined interest held by CBL of 85.8%. As used herein, the term "Company" includes CBL & Associates Properties, Inc. and its subsidiaries, including CBL & Associates Limited Partnership and its subsidiaries, unless the context indicates otherwise. The term "Operating Partnership" refers to CBL & Associates Limited Partnership and its subsidiaries. The noncontrolling interest in the Operating Partnership is held by CBL's Predecessor, all of which contributed their interests in certain real estate properties and joint ventures to the Operating Partnership in exchange for a limited partner interest when the Operating Partnership was formed in November 1993, and by various third parties. At December 31, 2016, CBL’s Predecessor owned a 9.1% limited partner interest and third parties owned a 5.1% limited partner interest in the Operating Partnership. CBL’s Predecessor also owned 3.7 million shares of the Company's common stock at December 31, 2016, for a total combined effective interest of 11.0% in the Operating Partnership. The Operating Partnership conducts the Company's property management and development activities through its wholly-owned subsidiary, the Management Company, to comply with certain requirements of the Internal Revenue Code. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation This Form 10-K provides separate consolidated financial statements for the Company and the Operating Partnership. Due to the Company's ability as general partner to control the Operating Partnership, the Company consolidates the Operating Partnership within its consolidated financial statements for financial reporting purposes. The notes to consolidated financial statements apply to both the Company and the Operating Partnership, unless specifically noted otherwise. The accompanying consolidated financial statements include the consolidated accounts of the Company, the Operating Partnership and their wholly owned subsidiaries, as well as entities in which the Company has a controlling financial interest or entities where the Company is deemed to be the primary beneficiary of a VIE. For entities in which the Company has less than a controlling financial interest or entities where the Company is not deemed to be the primary beneficiary of a VIE, the entities are accounted for using the equity method of accounting. Accordingly, the Company's share of the net earnings or losses of these entities is included in consolidated net income. The accompanying consolidated financial statements have been prepared in accordance with GAAP. All intercompany transactions have been eliminated. Accounting Guidance Adopted In August 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 requires management to perform an analysis regarding an entity's ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. ASU 2014-15 was effective for annual periods ending after December 15, 2016 and for annual and interim periods thereafter. The Company adopted ASU 2014-15 as of December 31, 2016. The adoption of ASU 2014-15 did not have an impact on the Company's consolidated financial statements or disclosures. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"). The guidance modified the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminated the presumption that a general partner should consolidate a limited partnership and affected the evaluation of fee arrangements and related party relationships in the primary beneficiary determination. For public companies, ASU 2015-02 was effective for annual periods beginning after December 15, 2015 and interim periods within those years using either a retrospective or a modified retrospective approach. The Company adopted ASU 2015-02 as of January 1, 2016 using a modified retrospective approach. The adoption of ASU 2015-02 resulted in the identification of several VIEs as discussed in Note 8 but did not alter any of the Company's consolidation conclusions. The adoption of the guidance did not have an impact on the Company's consolidated financial statements other than the additional disclosures. See ASU 2016-17, Interests Held Through Related Parties That Are under Common Control ("ASU 2016-17") below which amends ASU 2015-02. Accounting Guidance Not Yet Effective In May 2014, the FASB and the International Accounting Standards Board jointly issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The objective of this converged standard is to enable financial statement users to better understand and analyze revenue by replacing current transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that the entity expects to be entitled to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other guidance such as lease and insurance contracts. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date, ("ASU 2015-14") which allows an additional one year deferral of ASU 2014-09. As a result, ASU 2014-09 is effective for annual periods beginning after December 15, 2017 and interim periods within those years using one of two retrospective application methods. Early adoption would be permitted only for annual reporting periods beginning after December 15, 2016 and interim periods within those years. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08"). The guidance in ASU 2016-08 clarifies the implementation of ASU 2014-09 on principal versus agent consideration and has the same effective date as ASU 2014-09, as deferred by ASU 2015-14. During the quarter ended June 30, 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing, ASU 2016-11, Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, and ASU 2016-12, Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. These amendments are intended to improve and clarify the implementation guidance of ASU 2014-09 and have the same effective date as ASU 2014-09, as deferred by ASU 2015-14. As the majority of the Company's revenue is derived from real estate lease contracts, the Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and expects to adopt the guidance as of January 1, 2018. It is in the process of determining which method to use for the application of this guidance. In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"). The objective of ASU 2016-02 is to increase transparency and comparability by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, lessees will be required to recognize a right-of-use asset and corresponding lease liability on the balance sheet for all leases with terms greater than 12 months. The guidance applied by a lessor under ASU 2016-02 is substantially similar to existing GAAP. For public companies, ASU 2016-02 is effective for annual periods beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted. Lessees and lessors are required to use a modified retrospective transition method for all leases existing at, or entered into after, the date of initial application. Accordingly, they would apply the new accounting model for the earliest year presented in the financial statements. A number of practical expedients may also be elected. Under the new guidance, common area maintenance recoveries must be accounted for as a non-lease component. The Company will be evaluating whether the bifurcation of common area maintenance will affect the timing or recognition of certain lease revenues. Also, only direct leasing costs may be capitalized under ASU 2016-02. Current guidance also allows the capitalization of indirect leasing costs. Additionally, the Company will be analyzing its current ground lease obligations under ASU 2016-02. The Company has done a preliminary assessment and continues to evaluate the potential impact the guidance may have on its consolidated financial statements and related disclosures. It is considering the practicality of adopting ASU 2016-02 concurrently with the adoption of ASU 2014-09 as the standards overlap and concurrent adoption would align them if ASU 2016-02 was adopted as of January 1, 2018. If early adoption is not practicable, the Company would adopt ASU 2016-02 as of January 1, 2019. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 identifies areas for simplification of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. For public companies, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period and may be applied on a modified retrospective basis as a cumulative-effect adjustment to retained earnings as of the date of adoption. Early adoption is permitted. The Company adopted ASU 2016-09 as of January 1, 2017 and it did not have a material impact on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The objective of ASU 2016-13 is to provide financial statement users with information about expected credit losses on financial assets and other commitments to extend credit by a reporting entity. The guidance replaces the current incurred loss impairment model, which reflects credit events, with a current expected credit loss model, which recognizes an allowance for credit losses based on an entity's estimate of contractual cash flows not expected to be collected. For public companies that are SEC filers, ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years. Early adoption is permitted. The guidance is to be applied on a modified retrospective basis. The Company expects to adopt ASU 2016-13 as of January 1, 2020 and is evaluating the impact that this update may have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). The objective of ASU 2016-15 is to reduce diversity in practice in the classification of certain items in the statement of cash flows, including the classification of distributions received from equity method investees. For public companies, ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within those fiscal years. Early adoption is permitted. The guidance is to be applied on a retrospective basis. The Company expects to adopt ASU 2016-15 as of January 1, 2018 and does not expect the guidance to have a material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-17 which amends the consolidation guidance in ASU 2015-02 to change how a reporting entity that is a single decision maker of a VIE should consider indirect interests in a VIE held through related parties that are under common control with the entity when determining whether it is the primary beneficiary of the VIE. ASU 2016-17 simplifies the analysis to require consideration of only an entity's proportionate indirect interest in a VIE held through a party under common control. For public companies, ASU 2016-17 is effective for fiscal years beginning after December 15, 2016 including interim periods therein. Early adoption is permitted. The guidance is to be applied retrospectively to all periods in fiscal year 2016, which is the period in which ASU 2015-02 was adopted by the Company. The Company adopted ASU 2016-17 as of January 1, 2017 and it did not have a material impact on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Restricted Cash, ("ASU 2016-18") to address diversity in practice related to the classification and presentation of changes in restricted cash. The update requires a reporting entity to explain the change in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents in reconciling the beginning-of-period and end-of-period total amounts on the statement of cash flows. For public companies, ASU 2016-18 is effective on a retrospective basis for fiscal years beginning after December 15, 2017, including interim periods therein. Early adoption is permitted. The Company expects to adopt the update as of January 1, 2018 and does not expect ASU 2016-18 to have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business, ("ASU 2017-01"), which provides a more narrow definition of a business to be used in determining the accounting treatment of an acquisition. Under ASC 805, Business Combinations, the Company generally accounts for acquisitions of shopping center properties as acquisitions of a business. Under ASU 2017-01, more acquisitions are expected to be accounted for as acquisitions of assets. Transaction costs for asset acquisitions are capitalized while those related to business acquisitions are expensed. For public companies, ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, including interim periods therein and is to be applied prospectively to any transactions occurring within the period of adoption. Early adoption is permitted. The Company adopted ASU 2017-01 as of January 1, 2017. The Company expects most of its future acquisitions of shopping center properties would be accounted for as acquisitions of assets in accordance with the guidance in ASU 2017-01. Real Estate Assets The Company capitalizes predevelopment project costs paid to third parties. All previously capitalized predevelopment costs are expensed when it is no longer probable that the project will be completed. Once development of a project commences, all direct costs incurred to construct the project, including interest and real estate taxes, are capitalized. Additionally, certain general and administrative expenses are allocated to the projects and capitalized based on the amount of time applicable personnel work on the development project. Ordinary repairs and maintenance are expensed as incurred. Major replacements and improvements are capitalized and depreciated over their estimated useful lives. All acquired real estate assets have been accounted for using the acquisition method of accounting and accordingly, the results of operations are included in the consolidated statements of operations from the respective dates of acquisition. The Company allocates the purchase price to (i) tangible assets, consisting of land, buildings and improvements, as if vacant, and tenant improvements, and (ii) identifiable intangible assets and liabilities, generally consisting of above-market leases, in-place leases and tenant relationships, which are included in other assets, and below-market leases, which are included in accounts payable and accrued liabilities. The Company uses estimates of fair value based on estimated cash flows, using appropriate discount rates, and other valuation techniques to allocate the purchase price to the acquired tangible and intangible assets. Liabilities assumed generally consist of mortgage debt on the real estate assets acquired. Assumed debt is recorded at its fair value based on estimated market interest rates at the date of acquisition. Depreciation is computed on a straight-line basis over estimated lives of 40 years for buildings, 10 to 20 years for certain improvements and 7 to 10 years for equipment and fixtures. Tenant improvements are capitalized and depreciated on a straight-line basis over the term of the related lease. Lease-related intangibles from acquisitions of real estate assets are generally amortized over the remaining terms of the related leases. The amortization of above- and below-market leases is recorded as an adjustment to minimum rental revenue, while the amortization of all other lease-related intangibles is recorded as amortization expense. Any difference between the face value of the debt assumed and its fair value is amortized to interest expense over the remaining term of the debt using the effective interest method. The Company’s intangibles and their balance sheet classifications as of December 31, 2016 and 2015, are summarized as follows:
These intangibles are related to specific tenant leases. Should a termination occur earlier than the date indicated in the lease, the related unamortized intangible assets or liabilities, if any, related to the lease are recorded as expense or income, as applicable. The total net amortization expense of the above intangibles was $8,687, $12,939 and $13,973 in 2016, 2015 and 2014, respectively. The estimated total net amortization expense for the next five succeeding years is $6,378 in 2017, $3,589 in 2018, $2,502 in 2019, $1,923 in 2020 and $1,882 in 2021. Total interest expense capitalized was $2,182, $3,697 and $7,122 in 2016, 2015 and 2014, respectively. Carrying Value of Long-Lived Assets The Company monitors events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of a long-lived asset may not be recoverable, the Company assesses the recoverability of the asset by determining whether the asset’s carrying value will be recovered through the estimated undiscounted future cash flows expected from the Company’s probability weighted use of the asset and its eventual disposition. In the event that such undiscounted future cash flows do not exceed the carrying value, the Company adjusts the carrying value of the long-lived asset to its estimated fair value and recognizes an impairment loss. The estimated fair value is calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value. Certain of the Company’s long-lived assets may be carried at more than an amount that could be realized in a current disposition transaction. Projections of expected future operating cash flows require that the Company estimates future market rental income amounts subsequent to expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the Property, and the number of years the Property is held for investment, among other factors. As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management’s estimates of future possible outcomes. Therefore, the future cash flows estimated in the Company’s impairment analyses may not be achieved. See Note 4 and Note 15 for information related to the impairment of long-lived assets for 2016, 2015 and 2014. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less as cash equivalents. Restricted Cash Restricted cash of $46,119 and $34,684 was included in intangible lease assets and other assets at December 31, 2016 and 2015, respectively. Restricted cash consists primarily of cash held in escrow accounts for debt service, insurance, real estate taxes, capital improvements and deferred maintenance as required by the terms of certain mortgage notes payable. Allowance for Doubtful Accounts The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are realizable based on factors affecting the collectability of those balances. The Company’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income. The Company recorded a provision for doubtful accounts of $4,058, $2,254 and $2,643 for 2016, 2015 and 2014, respectively. Investments in Unconsolidated Affiliates The Company evaluates its joint venture arrangements to determine whether they should be recorded on a consolidated basis. The percentage of ownership interest in the joint venture, an evaluation of control and whether a VIE exists are all considered in the Company’s consolidation assessment. Initial investments in joint ventures that are in economic substance a capital contribution to the joint venture are recorded in an amount equal to the Company’s historical carryover basis in the real estate contributed. Initial investments in joint ventures that are in economic substance the sale of a portion of the Company’s interest in the real estate are accounted for as a contribution of real estate recorded in an amount equal to the Company’s historical carryover basis in the ownership percentage retained and as a sale of real estate with profit recognized to the extent of the other joint venturers’ interests in the joint venture. Profit recognition assumes the Company has no commitment to reinvest with respect to the percentage of the real estate sold and the accounting requirements of the full accrual method are met. The Company accounts for its investment in joint ventures where it owns a noncontrolling interest or where it is not the primary beneficiary of a VIE using the equity method of accounting. Under the equity method, the Company’s cost of investment is adjusted for additional contributions to and distributions from the unconsolidated affiliate, as well as its share of equity in the earnings of the unconsolidated affiliate and reduced by distributions received. Generally, distributions of cash flows from operations and capital events are first made to partners to pay cumulative unpaid preferences on unreturned capital balances and then to the partners in accordance with the terms of the joint venture agreements. Any differences between the cost of the Company’s investment in an unconsolidated affiliate and its underlying equity as reflected in the unconsolidated affiliate’s financial statements generally result from costs of the Company’s investment that are not reflected on the unconsolidated affiliate’s financial statements, capitalized interest on its investment and the Company’s share of development and leasing fees that are paid by the unconsolidated affiliate to the Company for development and leasing services provided to the unconsolidated affiliate during any development periods. At December 31, 2016 and 2015, the net difference between the Company’s investment in unconsolidated affiliates and the underlying equity of unconsolidated affiliates, which are amortized over a period equal to the useful life of the unconsolidated affiliates' asset/liability that is related to the basis difference, was $(6,966) and $13,334, respectively. On a periodic basis, the Company assesses whether there are any indicators that the fair value of the Company's investments in unconsolidated affiliates may be impaired. An investment is impaired only if the Company’s estimate of the fair value of the investment is less than the carrying value of the investment and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Company's estimates of fair value for each investment are based on a number of assumptions that are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter the Company’s assumptions, the fair values estimated in the impairment analyses may not be realized. No impairments of investments in unconsolidated affiliates were recorded in 2016, 2015 and 2014. Deferred Financing Costs Net deferred financing costs related to the Company's lines of credit of $4,890 and $6,431 were included in intangible lease assets and other assets at December 31, 2016 and 2015, respectively. Net deferred financing costs related to the Company's other indebtedness of $17,855 and $16,059 were included in net mortgage and other indebtedness at December 31, 2016 and 2015, respectively. Deferred financing costs include fees and costs incurred to obtain financing and are amortized on a straight-line basis to interest expense over the terms of the related indebtedness. Amortization expense related to deferred financing costs was $5,010, $7,116 and $6,910 in 2016, 2015 and 2014, respectively. Accumulated amortization of deferred financing costs was $13,370 and $12,413 as of December 31, 2016 and 2015, respectively. Marketable Securities The Company recognized a realized gain of $16,560, for the difference between the net proceeds of $20,755 less the adjusted cost of $4,195 related to the sale of all its marketable securities in 2015. The Company did not recognize any realized gains or losses related to sales of marketable securities in 2014. Unrealized gains and losses on available-for-sale securities that are deemed to be temporary in nature are recorded as a component of accumulated other comprehensive income (loss) ("AOCI/L") in redeemable noncontrolling interests, shareholders’ equity and partners' capital, and noncontrolling interests. Realized gains are recorded in gain on investments. Gains or losses on securities sold were based on the specific identification method. If a decline in the value of an investment is deemed to be other than temporary, the investment is written down to fair value and an impairment loss is recognized in the current period to the extent of the decline in value. In determining when a decline in fair value below cost of an investment in marketable securities is other-than-temporary, the following factors, among others, are evaluated:
There were no other-than-temporary impairments of marketable securities incurred during 2016, 2015 and 2014. Interest Rate Hedging Instruments The Company recognizes its derivative financial instruments in either accounts payable and accrued liabilities or intangible lease assets and other assets, as applicable, in the consolidated balance sheets and measures those instruments at fair value. The accounting for changes in the fair value (i.e., gain or loss) of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. To qualify as a hedging instrument, a derivative must pass prescribed effectiveness tests, performed quarterly using both qualitative and quantitative methods. The Company had entered into derivative agreements as of December 31, 2015 that qualified as hedging instruments and were designated, based upon the exposure being hedged, as cash flow hedges. The fair value of these cash flow hedges as of December 31, 2015 was $434 and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. To the extent they are effective, changes in the fair values of cash flow hedges are reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged item affects earnings. The ineffective portion of the hedge, if any, is recognized in current earnings during the period of change in fair value. The gain or loss on the termination of an effective cash flow hedge is reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged item affects earnings. The Company also assesses the credit risk that the counterparty will not perform according to the terms of the contract. See Notes 6 and 15 for additional information regarding the Company’s interest rate hedging instruments. Revenue Recognition Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms of the related leases. Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements. Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable. The Company receives reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses as provided in the lease agreements. Tenant reimbursements are recognized when earned in accordance with the tenant lease agreements. Tenant reimbursements related to certain capital expenditures are billed to tenants over periods of 5 to 15 years and are recognized as revenue in accordance with the underlying lease terms. The Company receives management, leasing and development fees from third parties and unconsolidated affiliates. Management fees are charged as a percentage of revenues (as defined in the management agreement) and are recognized as revenue when earned. Development fees are recognized as revenue on a pro rata basis over the development period. Leasing fees are charged for newly executed leases and lease renewals and are recognized as revenue when earned. Development and leasing fees received from an unconsolidated affiliate during the development period are recognized as revenue only to the extent of the third-party partner’s ownership interest. Development and leasing fees during the development period, to the extent of the Company’s ownership interest, are recorded as a reduction to the Company’s investment in the unconsolidated affiliate. Gain on Sales of Real Estate Assets Gain on sales of real estate assets is recognized when it is determined that the sale has been consummated, the buyer’s initial and continuing investment is adequate, the Company’s receivable, if any, is not subject to future subordination, and the buyer has assumed the usual risks and rewards of ownership of the asset. When the Company has an ownership interest in the buyer, gain is recognized to the extent of the third party partner’s ownership interest. Income Taxes The Company is qualified as a REIT under the provisions of the Internal Revenue Code. To maintain qualification as a REIT, the Company is required to distribute at least 90% of its taxable income to shareholders and meet certain other requirements. As a REIT, the Company is generally not liable for federal corporate income taxes. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal and state income taxes on its taxable income at regular corporate tax rates. Even if the Company maintains its qualification as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed income. State tax expense was $3,458, $3,460 and $4,079 during 2016, 2015 and 2014, respectively. The Company has also elected taxable REIT subsidiary status for some of its subsidiaries. This enables the Company to receive income and provide services that would otherwise be impermissible for REITs. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income or expense, as applicable. The Company recorded an income tax benefit (provision) as follows for the years ended December 31, 2016, 2015 and 2014:
The Company had a net deferred tax asset of $5,841 at December 31, 2016 and a net deferred tax liability of $672 at December 31, 2015. The net deferred tax asset at December 31, 2016 is included in intangible lease assets and other assets. The net deferred tax liability at December 31, 2015 is included in accounts payable and accrued liabilities. These balances primarily consisted of operating expense accruals and differences between book and tax depreciation. As of December 31, 2016, tax years that generally remain subject to examination by the Company’s major tax jurisdictions include 2013, 2014, 2015 and 2016. The Company reports any income tax penalties attributable to its Properties as property operating expenses and any corporate-related income tax penalties as general and administrative expenses in its consolidated statement of operations. In addition, any interest incurred on tax assessments is reported as interest expense. The Company incurred nominal interest and penalty amounts in 2016, 2015 and 2014. Concentration of Credit Risk The Company’s tenants include national, regional and local retailers. Financial instruments that subject the Company to concentrations of credit risk consist primarily of tenant receivables. The Company generally does not obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of tenants. The Company derives a substantial portion of its rental income from various national and regional retail companies; however, no single tenant collectively accounted for more than 3.6% of the Company’s total revenues in 2016. Earnings per Share and Earnings per Unit See Note 7 for information regarding significant CBL equity offerings that affected per share and per unit amounts for each period presented. Earnings per Share of the Company Basic EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS assumes the issuance of common stock for all potential dilutive common shares outstanding. The limited partners’ rights to convert their noncontrolling interests in the Operating Partnership into shares of common stock are not dilutive. There were no anti-dilutive shares for the years ended December 31, 2016 and 2015. There were no potential dilutive common shares and there were no anti-dilutive shares for the year ended December 31, 2014. The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS for the years ended December 31, 2016 and 2015:
(1) Performance stock units are contingently issuable common shares and are included in earnings per share if the effect is dilutive. See Note 16 for a description of the long-term incentive program, which was adopted in 2015, that these units relate to. Earnings per Unit of the Operating Partnership Basic earnings per unit ("EPU") is computed by dividing net income attributable to common unitholders by the weighted-average number of common units outstanding for the period. Diluted EPU assumes the issuance of common units for all potential dilutive common units outstanding. There were no anti-dilutive units for the years ended December 31, 2016 and 2015. There were no potential dilutive common units and there were no anti-dilutive units for the year ended December 31, 2014. The following summarizes the impact of potential dilutive common units on the denominator used to compute EPU for the years ended December 31, 2016 and 2015:
(1) Performance stock units are contingently issuable common shares and are included in earnings per unit if the effect is dilutive. See Note 16 for a description of the long-term incentive program, which was adopted in 2015, that these units relate to. Comprehensive Income Accumulated Other Comprehensive Income (Loss) of the Company Comprehensive income (loss) of the Company includes all changes in redeemable noncontrolling interests and total equity during the period, except those resulting from investments by shareholders and partners, distributions to shareholders and partners and redemption valuation adjustments. Other comprehensive income (loss) (“OCI/L”) includes changes in unrealized gains (losses) on available-for-sale securities and interest rate hedge agreements. The changes in the components of AOCI for the years ended December 31, 2016, 2015 and 2014 are as follows:
Accumulated Other Comprehensive Income (Loss) of the Operating Partnership Comprehensive income (loss) of the Operating Partnership includes all changes in redeemable common units and partners' capital during the period, except those resulting from investments by unitholders, distributions to unitholders and redemption valuation adjustments. OCI/L includes changes in unrealized gains (losses) on available-for-sale securities and interest rate hedge agreements. The changes in the components of AOCI for the years ended December 31, 2016, 2015 and 2014 are as follows:
Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. |
ACQUISITIONS |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITIONS | ACQUISITIONS The Company includes the results of operations of real estate assets acquired in the consolidated statements of operations from the date of the related acquisition. The pro forma effect of these acquisitions was not material. The Company did not acquire any consolidated shopping center properties during the years ended December 31, 2014 and 2016. The following is a summary of the Company's acquisitions during the year ended December 31, 2015:
The following table summarizes the final allocation of the estimated fair values of the assets acquired and liabilities assumed as of the June 2015 acquisition date for Mayfaire Town Center and Community Center:
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DISPOSITIONS AND HELD FOR SALE |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DISPOSITIONS AND HELD FOR SALE | DISPOSITIONS AND HELD FOR SALE The Company evaluates its disposals utilizing the guidance in ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Based on its analysis, the Company determined that the dispositions described below do not meet the criteria for classification as discontinued operations and are not considered to be significant disposals based on its quantitative and qualitative evaluation. Thus, the results of operations of the shopping center Properties described below, as well as any related gain or impairment loss, are included in net income for all periods presented, as applicable. 2016 Dispositions Net proceeds realized from the 2016 dispositions were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2016 dispositions by sale:
See Note 15 for additional information related to the impairment losses described above. The Company also realized a gain of $21,385 primarily related to the sale of 18 outparcels, $2,184 related to a parking deck project, $1,621 from a parcel project at The Outlet Shoppes at Atlanta and $657 in contingent consideration earned in 2016 related to the sale of EastGate Crossing noted below. 2016 Held for Sale Two office buildings, One Oyster Point and Two Oyster Point, are classified as held for sale, and the $5,861 on the Company's consolidated balance sheets at December 31, 2016 represents the net investment in real estate assets at December 31, 2016, which approximates 0.1% of the Company's total assets as of December 31, 2016. There are no other material assets or liabilities associated with these office buildings. The office buildings were sold subsequent to December 31, 2016. See Note 15 and Note 19 for additional information on these Properties. 2015 Dispositions Net proceeds from the 2015 dispositions were used to reduce the outstanding balances on the Company's credit facilities. The following is a summary of the Company's 2015 dispositions:
See Note 15 for additional information related to the impairment losses described above. 2014 Dispositions Net proceeds from the 2014 dispositions were used to reduce the outstanding balances on the Company's credit facilities, unless otherwise noted. The following is a summary of the Company's 2014 dispositions by sale:
The Company recognized a gain on extinguishment of debt for each of the Properties listed below, representing the amount by which the outstanding debt balance exceeded the net book value of the Property as of the transfer date. See Note 6 for additional information. The following is a summary of the Company's other 2014 dispositions:
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UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT |
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Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT | UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT Unconsolidated Affiliates At December 31, 2016, the Company had investments in the following 17 entities, which are accounted for using the equity method of accounting:
Although the Company had majority ownership of certain joint ventures during 2016, 2015 and 2014, it evaluated the investments and concluded that the other partners or owners in these joint ventures had substantive participating rights, such as approvals of:
As a result of the joint control over these joint ventures, the Company accounts for these investments using the equity method of accounting. Activity - Unconsolidated Affiliates CBL-TRS Joint Venture, LLC In December 2016, CBL-TRS Joint Venture, LLC, sold four office buildings, located in Greensboro, NC, for a gross sales price of $26,000 and net proceeds of approximately $25,406, of which $12,703 represents each partner's share. The unconsolidated affiliate recognized a gain on sale of real estate assets of $51, of which each partner's share was approximately $25. The Company's share of the gain is included in Equity in Earnings of Unconsolidated Affiliates in the consolidated statements of operations. G&I VIII CBL Triangle LLC In December 2016, G&I VIII CBL Triangle LLC, sold Triangle Town Place, an associated center located in Raleigh, NC, for a gross sales price of $30,250 and net proceeds of approximately $29,802. Net proceeds from the sale were used to retire the outstanding principal balance of the $29,342 loan secured by the Property. See Loan Repayments below for additional information on this loan. The unconsolidated affiliate recognized a gain on sale of real estate assets of $2,820, of which the Company's share was approximately $282 and the joint venture partner's share was $2,538. The Company's share of the gain is included in Equity in Earnings of Unconsolidated Affiliates in the consolidated statements of operations. G&I VIII CBL Triangle LLC is a 10/90 joint venture, formed in the first quarter of 2016, between the Company and DRA Advisors, which acquired Triangle Town Center, Triangle Town Commons and Triangle Town Place from an existing 50/50 joint venture, Triangle Town Member LLC, between the Company and The R.E. Jacobs Group for $174,000, including the assumption of the $171,092 loan, of which each selling partner's share was $85,546 as of the closing date. Triangle Town Member LLC recognized a gain on sale of real estate assets of $80,979 in connection with the sale of its interests to G&I VIII CBL Triangle LLC. Concurrent with the formation of the new joint venture, the new entity closed on a modification and restructuring of the $171,092 loan, of which the Company's share is $17,109. See information on the new loan under Financings below. The Company also made an equity contribution of $3,060 to the joint venture at closing. The Company continues to lease and manage the remaining Properties. High Pointe Commons In the third quarter of 2016, High Pointe Commons, LP and High Pointe Commons II-HAP, LP, two 50/50 subsidiaries of the Company, and their joint venture partner closed on the sale of High Pointe Commons, a community center located in Harrisburg, PA, for a gross sales price of $33,800 and net proceeds of $14,962, of which $7,481 represents each partner's share. The existing mortgages secured by the property, which had an aggregate balance of $17,388 at the time of closing, were paid off in conjunction with the sale. See Loan Repayments below for additional information on these loans. The unconsolidated affiliate recognized a gain on sale of real estate assets of $16,649, of which each partner's share was approximately $8,324. Additionally, the unconsolidated affiliates recorded a loss on extinguishment of debt of $393, of which each partner's share was approximately $197. The Company's share of the gain and share of the loss on extinguishment of debt is included in Equity in Earnings of Unconsolidated Affiliates in the consolidated statements of operations. CBL-TRS Joint Venture II, LLC In the second quarter of 2016, CBL-TRS Joint Venture II, LLC, sold Renaissance Center, a community center located in Durham, NC, for a gross sales price of $129,200 and net proceeds of $80,324, of which $40,162 represents each partner's share. In conjunction with the sale, the buyer assumed the $16,000 loan secured by the Property's second phase. The loan secured by the first phase, which had a principal balance of $31,484 as of closing, was retired. See Loan Repayments below for additional information on this loan. The unconsolidated affiliate recognized a gain on sale of real estate assets of $59,977, of which each partner's share was approximately $29,989. The Company's share of the gain is included in Equity in Earnings of Unconsolidated Affiliates in the consolidated statements of operations. JG Gulf Coast Town Center LLC - Phases I and II In the second quarter of 2016, the foreclosure process was completed and the mortgage lender received title to the mall in satisfaction of the non-recourse mortgage loan secured by Phases I and II of Gulf Coast Town Center in Ft. Myers, FL. Gulf Coast Town Center generated insufficient cash flow to cover the debt service on the mortgage, which had a balance of $190,800 (of which the Company's 50% share was $95,400) and a contractual maturity date of July 2017. In the third quarter of 2015, the lender on the loan began receiving the net operating cash flows of the property each month in lieu of scheduled monthly mortgage payments. The joint venture recognized a gain on extinguishment of debt of $63,294 upon the disposition of Gulf Coast. The Company recognized a gain on the net investment in Gulf Coast of $29,267 upon the disposition of the Property, which is included in Equity in Earnings of Unconsolidated Affiliates in the consolidated statements of operations. River Ridge Mall JV, LLC In the first quarter of 2016, the Company entered into a 25/75 joint venture, River Ridge Mall JV, LLC, ("River Ridge") with an unaffiliated partner. The Company contributed River Ridge Mall, located in Lynchburg, VA, to River Ridge and the partner contributed $33,500 of cash and an anchor parcel at River Ridge Mall that it already owned having a value of $7,000. The $33,500 of cash was distributed to the Company and, after closing costs, $32,819 was used to reduce outstanding balances on its lines of credit. Following the initial formation, all required future contributions will be funded on a pro rata basis. The Company has accounted for the formation of River Ridge as the sale of a partial interest and recorded a loss on impairment of $9,594 in 2016, which includes a reserve of $2,100 for future capital expenditures. See Note 4 and Note 15 for more information. The Company continues to manage and lease the mall. The Company has the right to require its 75% partner to purchase its 25% interest in River Ridge if the Company ceases to manage the Property at the partner's election. Other An unconsolidated affiliate recognized a gain on sale of real estate assets of $501 related to the sale of an outparcel, of which each partner's share was approximately $251. The Company's share of the gain is included in Equity in Earnings of Unconsolidated Affiliates in the consolidated statements of operations. Condensed Combined Financial Statements - Unconsolidated Affiliates Condensed combined financial statement information of the unconsolidated affiliates is as follows:
Financings - Unconsolidated Affiliates 2016 Financings The following table presents the loan activity of the Company's unconsolidated affiliates in 2016:
2015 Financings The following table presents the loan activity of the Company's unconsolidated affiliates in 2015:
All of the debt on the Properties owned by the unconsolidated affiliates listed above is non-recourse, except for Ambassador Infrastructure, Hammock Landing and The Pavilion at Port Orange. See Note 14 for a description of guarantees the Operating Partnership has issued related to certain unconsolidated affiliates. 2016 Loan Repayments The Company's unconsolidated affiliates retired the following loans, secured by the related unconsolidated Properties, in 2016:
The Company's unconsolidated affiliates retired the following construction loans, secured by the related unconsolidated Properties, in 2016:
Cost Method Investment The Company owned a 6.2% noncontrolling interest in Jinsheng, an established mall operating and real estate development company located in Nanjing, China, which owned controlling interests in home furnishing shopping malls. In November 2016, the Company received $15,538 from Jinsheng for the redemption of its interest that had a carrying value of $5,325 and recorded a gain on investment of $10,136. The Company had previously recorded an other-than-temporary impairment of $5,306 related to this investment in 2009 upon the decline of China's real estate market. The Company accounted for its noncontrolling interest in Jinsheng using the cost method because the Company did not exercise significant influence over Jinsheng and there was no readily determinable market value of Jinsheng’s shares since they are not publicly traded. The noncontrolling interest was reflected as Investments in Unconsolidated Affiliates in the consolidated balance sheets as of December 31, 2015. |
MORTGAGE AND OTHER INDEBTEDNESS, NET |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MORTGAGE AND OTHER INDEBTEDNESS, NET | MORTGAGE AND OTHER INDEBTEDNESS, NET Debt of the Company CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries, that it has a direct or indirect ownership interest in, is the borrower on all of the Company's debt. CBL is a limited guarantor of the Notes, issued by the Operating Partnership in November 2013, October 2014 and December 2016, respectively, for losses suffered solely by reason of fraud or willful misrepresentation by the Operating Partnership or its affiliates. The Company also provides a similar limited guarantee of the Operating Partnership's obligations with respect to its unsecured credit facilities and three unsecured term loans as of December 31, 2016. Debt of the Operating Partnership Mortgage and other indebtedness consisted of the following:
Non-recourse and recourse term loans include loans that are secured by Properties owned by the Company that have a net carrying value of $2,655,928 at December 31, 2016. Senior Unsecured Notes
After deducting underwriting and other offering expenses of $3,671 and a discount of $5,740, the net proceeds from the sale of the 2026 Notes were $390,589. The Operating Partnership used the net proceeds from the issuance of the 2026 Notes to reduce the outstanding balances on its unsecured credit facilities and for general business purposes. Unsecured Lines of Credit The Company has three unsecured credit facilities that are used for retirement of secured loans, repayment of term loans, working capital, construction and acquisition purposes, and issuances of letters of credit. In the fourth quarter of 2015, the Company closed on the extension and modification of its three unsecured credit facilities. The $1,100,000 of total capacity consists of two $500,000 credit facilities and a $100,000 credit facility. Each facility bears interest at LIBOR plus a spread of 87.5 to 155 basis points based on the Company's credit ratings. The former credit facilities bore interest at LIBOR plus a spread of 100 to 175 basis points based on the Company's credit ratings. Additionally, the annual facility fee for the aggregate $1,100,000 facility was reduced to a range of 0.125% to 0.300%, based on the Company's credit ratings. The annual facility fee on the former credit facilities ranged from 0.15% to 0.35% of the total capacity of each facility. As of December 31, 2016, the Company's interest rate, based on its credit ratings of Baa3 from Moody's and BBB- from S&P and Fitch, is LIBOR plus 120 basis points. As of December 31, 2016, the annual facility fee was 0.25%. The three unsecured lines of credit had a weighted-average interest rate of 1.82% at December 31, 2016. The following summarizes certain information about the Company's unsecured lines of credit as of December 31, 2016:
Unsecured Term Loans In October 2015, the Company closed on a $350,000 unsecured term loan. Net proceeds from the term loan were used to reduce outstanding balances on the Company's credit facilities. The term loan bears interest at LIBOR plus a spread of 90 to 175 basis points based on the Company's credit ratings. Based on the Company's current credit ratings, the term loan bears interest at LIBOR plus 135 basis points. The loan matures in October 2017 and has two one-year extension options for an outside maturity date of October 2019. At December 31, 2016, the outstanding borrowings of $350,000 had an interest rate of 1.94%. The Company has a $400,000 unsecured term loan, that bears interest at a variable-rate of LIBOR plus 150 basis points, based on the Company's current credit ratings, and has a maturity date of July 2018. At December 31, 2016, the outstanding borrowings of $400,000 had an interest rate of 2.12%. The Company also has a $50,000 unsecured term loan that matures in February 2018. In the first quarter of 2015, the Company modified the terms of the term loan to reduce the variable interest rate from LIBOR plus 190 basis points to LIBOR plus 155 basis points. At December 31, 2016, the outstanding borrowings of $50,000 had a weighted-average interest rate of 2.17%. Other In the first quarter of 2016, a consolidated joint venture of the Management Company retired a term loan with a principal balance of $2,625 that bore interest at a fixed rate of 3.5% and was scheduled to mature in May 2017. Additionally, the subsidiary of the Management Company also retired a $3,500 revolving line of credit obtained that bore interest at a variable rate of LIBOR plus 249 basis points and was scheduled to mature in June 2017. At the time of retirement, the revolver had no amount outstanding. Fixed-Rate Debt As of December 31, 2016, fixed-rate loans on operating Properties bear interest at stated rates ranging from 4.00% to 8.00%. Outstanding borrowings under fixed-rate loans include net unamortized debt premiums of $2,119 that were recorded when the Company assumed debt to acquire real estate assets that was at a net above-market interest rate compared to similar debt instruments at the date of acquisition. Fixed-rate loans on operating Properties generally provide for monthly payments of principal and/or interest and mature at various dates through June 2026, with a weighted-average maturity of 3.7 years. Financings The following table presents the fixed-rate loans, secured by the related consolidated Properties, that were entered into in 2016 and 2015:
Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2016 and 2015:
Additionally, the $38,150 loan secured by Fashion Square was assumed by the buyer in conjunction with the sale of the mall in July 2016. The fixed-rate loan bore interest at 4.95% and had a maturity date of June 2022. Subsequent to December 31, 2016, the Company retired several fixed-rate operating Property loans. See Note 19 for more information. Other The fixed-rate non-recourse loans secured by Chesterfield Mall, Midland Mall and Wausau Center are in default and in receivership at December 31, 2016. The malls generate insufficient income levels to cover the debt service on the mortgages, which had an aggregate balance of $189,642 at December 31, 2016. Subsequent to December 31, 2016, the foreclosure process was complete and Midland Mall was conveyed to the lender in satisfaction of the non-recourse debt secured by the mall. See Note 19 for additional information. The Company anticipates foreclosure proceedings will be complete in early 2017 on the remaining malls. Variable-Rate Debt Term loans for the Company’s operating Properties bear interest at variable interest rates indexed to the LIBOR rate. At December 31, 2016, interest rates on such variable-rate loans varied from 2.57% to 5.03%. These loans mature at various dates from June 2017 to July 2020, with a weighted-average maturity of 1.9 years, and have extension options of up to two years. Financing The following table presents the variable-rate loan, secured by the related consolidated Property, that was entered into in 2016:
Construction Loans Financings The following table presents the construction loans, secured by the related consolidated Properties, that were entered into in 2016 and 2015:
Loan Repayment The Company repaid the following construction loan, secured by the related consolidated Property, in 2016:
Financial Covenants and Restrictions The agreements for the unsecured lines of credit, the Notes and unsecured term loans contain, among other restrictions, certain financial covenants including the maintenance of certain financial coverage ratios, minimum unencumbered asset and interest ratios, maximum secured indebtedness ratios, maximum total indebtedness ratios and limitations on cash flow distributions. The Company believes that it was in compliance with all financial covenants and restrictions at December 31, 2016. Unsecured Lines of Credit and Unsecured Term Loans The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of December 31, 2016:
The agreements for the unsecured credit facilities and unsecured term loans described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 or any non-recourse indebtedness greater than $150,000 (for the Company's ownership share) of CBL, the Operating Partnership or any Subsidiary, as defined, will constitute an event of default under the agreements to the credit facilities. The credit facilities also restrict the Company's ability to enter into any transaction that could result in certain changes in its ownership or structure as described under the heading “Change of Control/Change in Management” in the agreements for the credit facilities. Senior Unsecured Notes The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of December 31, 2016:
The agreements for the Notes described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 of the Operating Partnership will constitute an event of default under the Notes. Other Several of the Company’s malls/open-air centers, associated centers and community centers, in addition to the corporate office buildings, are owned by special purpose entities, created as a requirement under certain loan agreements, that are included in the Company’s consolidated financial statements. The sole business purpose of the special purpose entities is to own and operate these Properties. The real estate and other assets owned by these special purpose entities are restricted under the loan agreements in that they are not available to settle other debts of the Company. However, so long as the loans are not under an event of default, as defined in the loan agreements, the cash flows from these Properties, after payments of debt service, operating expenses and reserves, are available for distribution to the Company. Scheduled Principal Payments As of December 31, 2016, 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:
Of the $757,314 of scheduled principal payments in 2017, $361,794 relates to the maturing principal balances of eight operating Property loans, $350,000 represents the principal balance of an unsecured term loan and $45,520 relates to scheduled principal amortization. Of the 2017 maturities, an operating Property loan with a principal balance of $10,962 has a one-year extension option and the $350,000 unsecured term loan has two one-year extension options, which are at the Company's option, leaving approximately $350,832 of loan maturities in 2017 that must be retired or refinanced. The Company plans to refinance the $62,355 loan secured by The Outlet Shoppes at El Paso and is evaluating whether to retire or refinance the remaining loans. Subsequent to December 31, 2016, the Company retired several operating Property loans. See Note 19 for details. Interest Rate Hedging Instruments The Company records its derivative instruments in its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the derivative has been designated as a hedge and, if so, whether the hedge has met the criteria necessary to apply hedge accounting. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in AOCI/L and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The Company's outstanding interest rate derivatives, that were designated as cash flow hedges of interest rate risk, matured on April 1, 2016. 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 in 2016 and 2015:
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SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL | SHAREHOLDERS’ EQUITY AND PARTNERS' CAPITAL Common Stock and Common Units The Company's authorized common stock consists of 350,000,000 shares at $0.01 par value per share. The Company had 170,792,645 and 170,490,948 shares of common stock issued and outstanding as of December 31, 2016 and 2015, respectively. Partners in the Operating Partnership hold their ownership through common and special common units of limited partnership interest, hereinafter referred to as "common units." A common unit and a share of CBL's common stock have essentially the same economic characteristics, as they effectively participate equally in the net income and distributions of the Operating Partnership. For each share of common stock issued by CBL, the Operating Partnership has issued a corresponding number of common units to CBL in exchange for the proceeds from the stock issuance. The Operating Partnership had 199,085,032 and 199,748,131 common units outstanding as of December 31, 2016 and 2015, respectively. Each limited partner in the Operating Partnership has the right to exchange all or a portion of its common units for shares of CBL's common stock, or at CBL's election, their cash equivalent. When an exchange for common stock occurs, CBL assumes the limited partner's common units in the Operating Partnership. The number of shares of common stock received by a limited partner of the Operating Partnership upon exercise of its exchange rights will be equal, on a one-for-one basis, to the number of common units exchanged by the limited partner. If CBL elects to pay cash, the amount of cash paid by the Operating Partnership to redeem the limited partner's common units will be based on the five-day trailing average of the trading price, at the time of exchange, of the shares of common stock that would otherwise have been received by the limited partner in the exchange. Neither the common units nor the shares of common stock of CBL are subject to any right of mandatory redemption. At-The-Market Equity Program On March 1, 2013, the Company entered into the Sales Agreements with a number of sales agents to sell shares of CBL's common stock, having an aggregate offering price of up to $300,000, from time to time in the ATM program. In accordance with the Sales Agreements, the Company will set the parameters for the sales of shares, including the number of shares to be issued, the time period during which sales are to be made and any minimum price below which sales may not be made. The Sales Agreements provide that the sales agents will be entitled to compensation for their services at a mutually agreed commission rate not to exceed 2.0% of the gross proceeds from the sales of shares sold through the ATM program. For each share of common stock issued by CBL, the Operating Partnership issues a corresponding number of common units of limited partnership interest to CBL in exchange for the contribution of the proceeds from the stock issuance. The Company includes only share issuances that have settled in the calculation of shares outstanding at the end of each period. Since inception, the Company has sold $211,493 shares of common stock through the ATM program, at a weighted-average sales price of $25.12, generating net proceeds of $209,596, which were used to reduce the balances on the Company's credit facilities. Since the commencement of the ATM program, the Company has issued 8,419,298 shares of common stock and approximately $88,507 remains available that may be sold under this program as of December 31, 2016. The Company did not sell any shares under the ATM program during 2016 or 2015. Actual future sales under this program, if any, will depend on a variety of factors including but not limited to market conditions, the trading price of CBL's common stock and the Company's capital needs. The Company has no obligation to sell the remaining shares available under the ATM program. Common Stock Repurchase Program In the third quarter of 2015, CBL's Board of Directors authorized a common stock repurchase program, which expired on August 31, 2016. Under the program, the Company could 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. The Company was not obligated to repurchase any shares of stock under the program. No shares were repurchased under the program prior to its expiration. Common Unit Activity During 2016, the Operating Partnership elected to pay cash of $11,754 to four holders of 964,796 common units in the Operating Partnership upon the exercise of their conversion rights. During 2015, no holders of common units exercised their conversion rights. During 2014, the Operating Partnership elected to pay $4,861 in cash to four holders of 272,952 common units of limited partnership interest in the Operating Partnership upon the exercise of their conversion rights. Preferred Stock and Preferred Units The Company's authorized preferred stock consists of 15,000,000 shares at $0.01 par value per share. A description of the Company's cumulative redeemable preferred stock is listed below. The Operating Partnership issues an equivalent number of preferred units to CBL in exchange for the contribution of the proceeds from CBL to the Operating Partnership when CBL issues preferred stock. The preferred units generally have the same terms and economic characteristics as the corresponding series of preferred stock. The Company has 6,900,000 depositary shares, each representing 1/10th of a share of CBL's 6.625% Series E Preferred Stock with a par value of $0.01 per share, outstanding as of December 31, 2016 and 2015. The Series E Preferred Stock has a liquidation preference of $250.00 per share ($25.00 per depositary share). The dividends on the Series E Preferred Stock are cumulative, accrue from the date of issuance and are payable quarterly in arrears at a rate of $16.5625 per share ($1.65625 per depositary share) per annum. The Company may not redeem the Series E Preferred Stock before October 12, 2017, except in limited circumstances to preserve CBL's REIT status or in connection with a change of control. On or after October 12, 2017, the Company may, at its option, redeem the Series E Preferred Stock in whole at any time or in part from time to time by paying $25.00 per depositary share, plus any accrued and unpaid dividends up to, but not including, the date of redemption. The Series E Preferred Stock generally has no stated maturity and will not be subject to any sinking fund or mandatory redemption. The Series E Preferred Stock is not convertible into any of the Company's securities, except under certain circumstances in connection with a change of control. Owners of the depositary shares representing Series E Preferred Stock generally have no voting rights except under dividend default. The Company has 18,150,000 depositary shares, each representing 1/10th of a share of CBL's 7.375% Series D Preferred Stock with a par value of $0.01 per share, outstanding as of December 31, 2016 and 2015. The Series D Preferred Stock has a liquidation preference of $250.00 per share ($25.00 per depositary share). The dividends on the Series D Preferred Stock are cumulative, accrue from the date of issuance and are payable quarterly in arrears at a rate of $18.4375 per share ($1.84375 per depositary share) per annum. The Series D Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption, and is not convertible into any other securities of the Company. The Company may redeem shares, in whole or in part, at any time for a cash redemption price of $250.00 per share ($25.00 per depositary share) plus accrued and unpaid dividends. Dividends - CBL CBL paid first, second and third quarter 2016 cash dividends on its common stock of $0.265 per share on April 15th, July 15th and October 14th 2016, respectively. On November 3, 2016, CBL's Board of Directors declared a fourth quarter cash dividend of $0.265 per share that was paid on January 16, 2017, to shareholders of record as of December 30, 2016. The dividend declared in the fourth quarter of 2016, totaling $45,259, is included in accounts payable and accrued liabilities at December 31, 2016. The total dividend included in accounts payable and accrued liabilities at December 31, 2015 was $45,179. The allocations of dividends declared and paid for income tax purposes are as follows:
Distributions - The Operating Partnership The Operating Partnership paid first, second and third quarter 2016 cash distributions on its redeemable common units and common units of $0.7322 and $0.2692 per share, respectively, on April 15th, July 15th and October 14th 2016, respectively. On November 3, 2016, the Operating Partnership declared a fourth quarter cash distribution on its redeemable common units and common units of $0.7322 and $0.2692 per share, respectively, that was paid on January 16, 2017. The distribution declared in the fourth quarter of 2016, totaling $9,054, is included in accounts payable and accrued liabilities at December 31, 2016. The total dividend included in accounts payable and accrued liabilities at December 31, 2015 was $9,310. |
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS |
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Redeemable Noncontrolling Interests and Noncontrolling Interests [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS | REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS Redeemable Noncontrolling Interests and Noncontrolling Interests of the Company Partnership Interests in the Operating Partnership that Are Not Owned by the Company The common units that the Company does not own are reflected in the Company's consolidated balance sheets as redeemable noncontrolling interest and noncontrolling interests in the Operating Partnership. Series S Special Common Units Redeemable noncontrolling interest includes a noncontrolling partnership interest in the Operating Partnership for which the partnership agreement includes redemption provisions that may require the Operating Partnership to redeem the partnership interest for real property. In July 2004, the Operating Partnership issued 1,560,940 Series S special common units (“S-SCUs”), all of which are outstanding as of December 31, 2016, in connection with the acquisition of Monroeville Mall. Under the terms of the Operating Partnership’s limited partnership agreement, the holder of the S-SCUs has the right to exchange all or a portion of its partnership interest for shares of the Company’s common stock or, at the Company’s election, their cash equivalent. The holder has the additional right to, at any time after the seventh anniversary of the issuance of the S-SCUs, require the Operating Partnership to acquire a qualifying property and distribute it to the holder in exchange for the S-SCUs. Generally, the acquisition price of the qualifying property cannot be more than the lesser of the consideration that would be received in a normal exchange, as discussed above, or $20,000, subject to certain limited exceptions. Should the consideration that would be received in a normal exchange exceed the maximum property acquisition price as described in the preceding sentence, the excess portion of its partnership interest could be exchanged for shares of the Company’s stock or, at the Company’s election, their cash equivalent. The S-SCUs received a minimum distribution of $2.53825 per unit per year for the first five years, and receive a minimum distribution of $2.92875 per unit per year thereafter. Series L Special Common Units In June 2005, the Operating Partnership issued 571,700 L-SCUs, all of which are outstanding as of December 31, 2016, in connection with the acquisition of Laurel Park Place. The L-SCUs receive a minimum distribution of $0.7572 per unit per quarter ($3.0288 per unit per year). Upon the earlier to occur of June 1, 2020, or when the distribution on the common units exceeds $0.7572 per unit for four consecutive calendar quarters, the L-SCUs will thereafter receive a distribution equal to the amount paid on the common units. In December 2012, the Operating Partnership issued 622,278 common units valued at $14,000 to acquire the remaining 30% noncontrolling interest in Laurel Park Place. Series K Special Common Units In November 2005, the Operating Partnership issued 1,144,924 K-SCUs, all of which are outstanding as of December 31, 2016, in connection with the acquisition of Oak Park Mall, Eastland Mall and Hickory Point Mall. The K-SCUs received a dividend at a rate of 6.0%, or $2.85 per K-SCU, for the first year following the close of the transaction and receive a dividend at a rate of 6.25%, or $2.96875 per K-SCU, thereafter. When the quarterly distribution on the Operating Partnership’s common units exceeds the quarterly K-SCU distribution for four consecutive quarters, the K-SCUs will receive distributions at the rate equal to that paid on the Operating Partnership’s common units. At any time following the first anniversary of the closing date, the holders of the K-SCUs may exchange them, on a one-for-one basis, for shares of the Company’s common stock or, at the Company’s election, their cash equivalent. Outstanding rights to convert redeemable noncontrolling interests and noncontrolling interests in the Operating Partnership to common stock were held by the following parties at December 31, 2016 and 2015:
The assets and liabilities allocated to the Operating Partnership’s redeemable noncontrolling interest and noncontrolling interests are based on their ownership percentages of the Operating Partnership at December 31, 2016 and 2015. The ownership percentages are determined by dividing the number of common units held by each of the redeemable noncontrolling interest and the noncontrolling interests at December 31, 2016 and 2015 by the total common units outstanding at December 31, 2016 and 2015, respectively. The redeemable noncontrolling interest ownership percentage in assets and liabilities of the Operating Partnership was 0.8% at December 31, 2016 and 2015. The noncontrolling interest ownership percentage in assets and liabilities of the Operating Partnership was 13.4% and 14.3% at December 31, 2016 and 2015, respectively. Income is allocated to the Operating Partnership’s redeemable noncontrolling interest and noncontrolling interests based on their weighted-average ownership during the year. The ownership percentages are determined by dividing the weighted-average number of common units held by each of the redeemable noncontrolling interest and noncontrolling interests by the total weighted-average number of common units outstanding during the year. A change in the number of shares of common stock or common units changes the percentage ownership of all partners of the Operating Partnership. A common unit is considered to be equivalent to a share of common stock since it generally is exchangeable for shares of the Company’s common stock or, at the Company’s election, their cash equivalent. As a result, an allocation is made between redeemable noncontrolling interests, shareholders’ equity and noncontrolling interests in the Operating Partnership in the Company's accompanying balance sheets to reflect the change in ownership of the Operating Partnership’s underlying equity when there is a change in the number of shares and/or common units outstanding. During 2016, 2015 and 2014, the Company allocated $2,454, $2,981 and $2,937, respectively, from shareholders’ equity to redeemable noncontrolling interest. During 2016 the Company allocated $13,625 from shareholders' equity to noncontrolling interest. During 2015 and 2014, the Company allocated $207 and $322, respectively, from noncontrolling interest to shareholders' equity. The total redeemable noncontrolling interest in the Operating Partnership was $17,996 and $19,744 at December 31, 2016 and 2015, respectively. The total noncontrolling interest in the Operating Partnership was $100,035 and $109,753 at December 31, 2016 and 2015, respectively. Redeemable Noncontrolling Interests and Noncontrolling Interests in Other Consolidated Subsidiaries Redeemable noncontrolling interests included the aggregate noncontrolling ownership interest in four of the Company’s other consolidated subsidiaries held by third parties which were redeemed in the fourth quarter of 2016 for $3,800, which was comprised of $300 in cash and a $3,500 promissory note. See Note 10 for additional information on the note. The Company recognized a net loss of $2,602 on the disposal of its interests. The loss is included in Gain on Investments in the consolidated statements of operations. The total redeemable noncontrolling interests in other consolidated subsidiaries was $5,586 at December 31, 2015. The redeemable noncontrolling interests in other consolidated subsidiaries included the third party interest in the Company’s former subsidiary that provides security and maintenance services. The Company had 25 and 23 other consolidated subsidiaries at December 31, 2016 and 2015, respectively, that had noncontrolling interests held by third parties and for which the related partnership agreements either do not include redemption provisions or are subject to redemption provisions that do not require classification outside of permanent equity. The total noncontrolling interests in other consolidated subsidiaries were $12,103 and $4,876 at December 31, 2016 and 2015, respectively. The assets and liabilities allocated to the redeemable noncontrolling interests and noncontrolling interests in other consolidated subsidiaries are based on the third parties’ ownership percentages in each subsidiary at December 31, 2016 and 2015. Income is allocated to the redeemable noncontrolling interests and noncontrolling interests in other consolidated subsidiaries based on the third parties’ weighted-average ownership in each subsidiary during the year. Redeemable Interests and Noncontrolling Interests of the Operating Partnership The aggregate noncontrolling ownership interest in four of the Company’s other consolidated subsidiaries described above that were reflected as redeemable noncontrolling interest in the Company's consolidated balance sheets were also reflected as redeemable noncontrolling interest in the Operating Partnership's consolidated balance sheets. The S-SCUs described above that are reflected as redeemable noncontrolling interests in the Company's consolidated balance sheets are reflected as redeemable common units in the Operating Partnership's consolidated balance sheets. The noncontrolling interests in other consolidated subsidiaries that are held by third parties that are reflected as a component of noncontrolling interests in the Company's consolidated balance sheets comprise the entire amount that is reflected as noncontrolling interests in the Operating Partnership's consolidated balance sheets. Variable Interest Entities As discussed in Note 2, the Company adopted ASU 2015-02 as of January 1, 2016 using a modified retrospective approach. As a result, the Operating Partnership and certain of its subsidiaries are deemed to have the characteristics of a VIE primarily because the limited partners of these entities do not collectively possess substantive kick-out or participating rights. However, the Company was not required to consolidate any previously unconsolidated entities or deconsolidate any previously consolidated entities as a result of the change in classification. Accordingly, the adoption of ASU 2015-02 affected disclosure only and did not change amounts within the consolidated financial statements. The Company consolidates the Operating Partnership, which is a VIE, for which the Company is the primary beneficiary. The Company, through the Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Generally, a VIE, is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether the Company is the primary beneficiary of a VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Company's investment; the obligation or likelihood for the Company or other investors to provide financial support; and the similarity with and significance to our business activities and the business activities of the other investors. The table below lists the Company's VIEs as of December 31, 2016 and 2015, which do not reflect the elimination of any internal debt the consolidated VIE has with the Operating Partnership:
Variable Interest Entities - Reconsideration Events Triangle Town Member LLC The Company held a 50% ownership interest in this joint venture, which represented an interest in a VIE as of December 31, 2015. As noted above, the Company's 50% interest in this joint venture was sold to G&I VIII CBL Triangle LLC in the first quarter of 2016. JG Gulf Coast Town Center LLC The Company holds a 50% ownership interest in this joint venture. In the second quarter of 2016, the foreclosure process was complete and Phases I and II of Gulf Coast Town Center in Ft. Myers, FL were returned to the lender in satisfaction of the non-recourse mortgage loan secured by the Properties. The Company determined that the unconsolidated affiliate, JG Gulf Coast Town Center LLC no longer represents a VIE based upon the criteria noted above. |
MINIMUM RENTS |
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Operating Leases, Future Minimum Payments Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||
MINIMUM RENTS | MINIMUM RENTS The Company receives rental income by leasing retail shopping center space under operating leases. Future minimum rents are scheduled to be received under non-cancellable tenant leases at December 31, 2016, as follows:
Future minimum rents do not include percentage rents or tenant reimbursements that may become due. |
MORTGAGE AND OTHER NOTES RECEIVABLE |
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Mortgage and Other Notes Receivable [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MORTGAGE AND OTHER NOTES RECEIVABLE | MORTGAGE AND OTHER NOTES RECEIVABLE Each of the Company's mortgage notes receivable is collateralized by either a first mortgage, a second mortgage or by an assignment of 100% of the partnership interests that own the real estate assets. Other notes receivable include amounts due from tenants or government sponsored districts and unsecured notes received from third parties as whole or partial consideration for property or investments. The Company reviews its mortgage and other notes receivable to determine if the balances are realizable based on factors affecting the collectability of those balances. Factors may include credit quality, timeliness of required periodic payments, past due status and management discussions with obligors. Mortgage and other notes receivable consist of the following:
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SEGMENT INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION The Company measures performance and allocates resources according to property type, which is determined based on certain criteria such as type of tenants, capital requirements, economic risks, leasing terms, and short- and long-term returns on capital. Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments. The accounting policies of the reportable segments are the same as those described in Note 2. Information on the Company’s reportable segments is presented as follows:
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SUPPLEMENTAL AND NONCASH INFORMATION |
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUPPLEMENTAL AND NONCASH INFORMATION | SUPPLEMENTAL AND NONCASH INFORMATION The Company paid cash for interest, net of amounts capitalized, in the amount of $209,566, $226,233 and $238,531 during 2016, 2015 and 2014, respectively. The Company’s noncash investing and financing activities for 2016, 2015 and 2014 were as follows:
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RELATED PARTY TRANSACTIONS |
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Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Certain executive officers of the Company and members of the immediate family of Charles B. Lebovitz, Chairman of the Board of the Company, collectively had a significant noncontrolling interest in EMJ Corporation ("EMJ"), a construction company that the Company engaged to build substantially all of the Company’s development Properties. This noncontrolling interest was sold in the third quarter of 2015. The Company paid approximately $26,993 and $31,398 to EMJ in 2015 and 2014, respectively, for construction and development activities. The Company had accounts payable to EMJ of $4,121 at December 31, 2015. The Management Company provides management, development and leasing services to the Company’s unconsolidated affiliates and other affiliated partnerships. Revenues recognized for these services amounted to $9,144, $7,748 and $9,444 in 2016, 2015 and 2014, respectively. |
CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CONTINGENCIES | CONTINGENCIES Litigation The Company is currently involved in certain litigation that arises in the ordinary course of business, most of which is expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of the Company. On May 27, 2016, Tommy French filed a putative class action in the United States District Court for the Eastern District of Tennessee on behalf of himself and all persons who purchased the Company's common stock between August 8, 2013 and May 24, 2016. Two additional suits were filed shortly thereafter with similar allegations. On June 9, 2016, The Allan J. and Sherry R. Potts Living Trust filed a putative class action in the same Court on behalf of the trust and all persons who purchased the Company's common stock between August 8, 2013 and May 24, 2016, and on June 24, 2016, International Union of Painters & Allied Trades District Council No. 35 Pension Plan filed another putative class action in the same Court on behalf of itself and all persons who purchased the Company's common stock between August 9, 2011 and May 24, 2016, containing similar allegations. On July 26, 2016, motions were submitted to the Court for the consolidation of these three cases, as well as for the appointment of a lead plaintiff. On September 26, 2016, the Court granted the motion, consolidated the cases into one action, and appointed the New Mexico Educational Retirement Board as lead plaintiff and its counsel, Bernstein Liebhard, as lead counsel. The Court granted the lead plaintiff 60 days to file a consolidated amended complaint, and once filed, the Company will file a response. The previously filed complaints are all based on substantially similar allegations that certain of the Company’s financing arrangements were obtained through fraud and/or misrepresentation, and that the Company and certain of its officers and directors made materially misleading statements to the market by failing to disclose material information concerning these alleged misrepresentations, and concerning the supposed involvement by insiders of the Company in alleged trading in the Company’s stock by a United States senator on the basis of material nonpublic information. Based on these allegations, these complaints assert claims for violation of the securities laws and seek a variety of relief, including unspecified monetary damages as well as costs and attorneys’ fees. The above-referenced plaintiffs voluntarily dismissed their claims on December 20 and 21, 2016, respectively, and on January 4, 2017, the Court administratively closed the case. The Company made no payment or entered into any agreement as part of this matter, and as such, the Company now considers this matter closed. On July 29, 2016, Henry Shebitz filed a shareholder derivative suit in the Chancery Court for Hamilton County, Tennessee alleging that the Company's directors, three former directors and certain current and former officers breached their fiduciary duties by causing the Company to make materially misleading statements to the market by failing to disclose material information concerning these alleged misrepresentations, and concerning the supposed involvement by insiders of the Company in alleged trading in the Company’s stock by a United States senator on the basis of material nonpublic information. The complaint further alleged that certain of the Company's current and former officers and directors improperly engaged in transactions in the Company’s stock while in possession of material nonpublic information concerning the Company’s alleged misleading statements. The complaint purported to seek relief on behalf of the Company for unspecified damages as well as costs and attorneys’ fees. On or about January 31, 2017, the plaintiff filed a Notice of Voluntary Dismissal, and on February 2, 2017, the Court entered an order dismissing the suit without prejudice. The Company made no payment or entered into any agreement as part of this matter, and as such, the Company now considers this matter closed. Environmental Contingencies The Company evaluates potential loss contingencies related to environmental matters using the same criteria described above related to litigation matters. Based on current information, an unfavorable outcome concerning such environmental matters, both individually and in the aggregate, is considered to be reasonably possible. However, the Company believes its maximum potential exposure to loss would not be material to its results of operations or financial condition. The Company has a master insurance policy that provides coverage through 2022 for certain environmental claims up to $10,000 per occurrence and up to $50,000 in the aggregate, subject to deductibles and certain exclusions. Guarantees The Company may guarantee the debt of a joint venture primarily because it allows the joint venture to obtain funding at a lower cost than could be obtained otherwise. This results in a higher return for the joint venture on its investment, and a higher return on the Company’s investment in the joint venture. The Company may receive a fee from the joint venture for providing the guaranty. Additionally, when the Company issues a guaranty, the terms of the joint venture agreement typically provide that the Company may receive indemnification from the joint venture or have the ability to increase its ownership interest. The guarantees expire upon repayment of the debt, unless noted otherwise. The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying consolidated balance sheets as of December 31, 2016 and 2015:
The Company has guaranteed the lease performance of YTC, an unconsolidated affiliate in which it owns a 50% interest, under the terms of an agreement with a third party that owns property as part of York Town Center. Under the terms of that agreement, YTC is obligated to cause performance of the third party’s obligations as landlord under its lease with its sole tenant, including, but not limited to, provisions such as co-tenancy and exclusivity requirements. Should YTC fail to cause performance, then the tenant under the third party landlord’s lease may pursue certain remedies ranging from rights to terminate its lease to receiving reductions in rent. The Company has guaranteed YTC’s performance under this agreement up to a maximum of $22,000, which decreases by $800 annually until the guaranteed amount is reduced to $10,000. The guaranty expires on December 31, 2020. The maximum guaranteed obligation was $14,000 as of December 31, 2016. The Company entered into an agreement with its joint venture partner under which the joint venture partner has agreed to reimburse the Company 50% of any amounts it is obligated to fund under the guaranty. The Company did not record an obligation for this guaranty because it determined that the fair value of the guaranty was not material as of December 31, 2016 and 2015. Performance Bonds The Company has issued various bonds that it would have to satisfy in the event of non-performance. The total amount outstanding on these bonds was $21,446 and $16,452 at December 31, 2016 and 2015, respectively. Ground Leases The Company is the lessee of land at certain of its Properties under long-term operating leases, which include scheduled increases in minimum rents. The Company recognizes these scheduled rent increases on a straight-line basis over the initial lease terms. Most leases have initial terms of at least 20 years and contain one or more renewal options, generally for a minimum of 5- or 10-year periods. Lease expense recognized in the consolidated statements of operations for 2016, 2015 and 2014 was $1,301, $1,215 and $1,290, respectively. The future obligations under these operating leases at December 31, 2016, are as follows:
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company has categorized its financial assets and financial liabilities that are recorded at fair value into a hierarchy in accordance with ASC 820, Fair Value Measurements and Disclosure, ("ASC 820") based on whether the inputs to valuation techniques are observable or unobservable. The fair value hierarchy contains three levels of inputs that may be used to measure fair value as follows: Level 1 – Inputs represent quoted prices in active markets for identical assets and liabilities as of the measurement date. Level 2 – Inputs, other than those included in Level 1, represent observable measurements for similar instruments in active markets, or identical or similar instruments in markets that are not active, and observable measurements or market data for instruments with substantially the full term of the asset or liability. Level 3 – Inputs represent unobservable measurements, supported by little, if any, market activity, and require considerable assumptions that are significant to the fair value of the asset or liability. Market valuations must often be determined using discounted cash flow methodologies, pricing models or similar techniques based on the Company’s assumptions and best judgment. The asset or liability's fair value within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Under ASC 820, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction at the measurement date. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs and consider assumptions such as inherent risk, transfer restrictions and risk of nonperformance. Fair Value Measurements on a Recurring Basis The following table sets forth information regarding the Company’s financial instruments that were measured at fair value on a recurring basis in the accompanying consolidated balance sheets as of December 31, 2015. The interest rate swaps matured April 1, 2016:
The Company recognizes transfers in and out of every level at the end of each reporting period. There were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2016 and 2015. Intangible lease assets and other assets in the consolidated balance sheets included marketable securities consisting of corporate equity securities that were classified as available-for-sale. Net unrealized gains and losses on available-for-sale securities that are deemed to be temporary in nature are recorded as a component of AOCI in redeemable noncontrolling interests, shareholders’ equity and partners' capital, and noncontrolling interests. The Company sold all of its marketable securities during 2015 and realized a gain of $16,560 for the difference between the net proceeds of $20,755 less the adjusted cost of $4,195. The Company did not recognize any realized gains or losses related to sales of marketable securities during 2016 and 2014. During the years ended December 31, 2016, 2015 and 2014, the Company did not recognize any write-downs for other-than-temporary impairments. The Company uses interest rate swaps to mitigate the effect of interest rate movements on its variable-rate debt. The Company had four interest rate swaps as of December 31, 2015, that qualified as hedging instruments and were designated as cash flow hedges. The interest rate swaps are reflected in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. The swaps have predominantly met the effectiveness test criteria since inception and changes in their fair values are, thus, primarily reported in OCI/L and are reclassified into earnings in the same period or periods during which the hedged item affects earnings. The fair values of the Company’s interest rate hedges, classified under Level 2, are determined based on prevailing market data for contracts with matching durations, current and anticipated LIBOR information, consideration of the Company’s credit standing, credit risk of the counterparties and reasonable estimates about relevant future market conditions. See Notes 2 and 6 for additional information regarding the Company’s interest rate hedging instruments. The carrying values of cash and cash equivalents, receivables, accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short-term nature of these financial instruments. Based on the interest rates for similar financial instruments, the carrying value of mortgage and other notes receivable is a reasonable estimate of fair value. The estimated fair value of mortgage and other indebtedness was $4,737,077 and $4,945,622 at December 31, 2016 and 2015, respectively. The fair value was calculated using Level 2 inputs by discounting future cash flows for mortgage and other indebtedness using estimated market rates at which similar loans would be made currently. The carrying amount of net mortgage and other indebtedness was $4,465,294 and $4,710,628 at December 31, 2016 and 2015, respectively. Fair Value Measurements on a Nonrecurring Basis The Company measures the fair value of certain long-lived assets on a nonrecurring basis, through quarterly impairment testing or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company considers both quantitative and qualitative factors in its impairment analysis of long-lived assets. Significant quantitative factors include historical and forecasted information for each Property such as NOI, occupancy statistics and sales levels. Significant qualitative factors used include market conditions, age and condition of the Property and tenant mix. Due to the significant unobservable estimates and assumptions used in the valuation of long-lived assets that experience impairment, the Company classifies such long-lived assets under Level 3 in the fair value hierarchy. Level 3 inputs primarily consist of sales and market data, independent valuations and discounted cash flow models. See below for a description of the estimates and assumptions the Company used in its impairment analysis. See Note 2 for additional information describing the Company's impairment review process. The following table sets forth information regarding the Company’s assets that are measured at fair value on a nonrecurring basis and related impairment charges for the years ended December 31, 2016 and 2015:
Long-lived Assets Measured at Fair Value in 2016 During the year ended December 31, 2016, the Company recognized impairments of real estate of $116,822 when it wrote down nine malls, an associated center, a community center, three office buildings and three outparcels to their estimated fair values. The Properties are classified for segment reporting purposes as listed below (see section below for information on outparcels). See Note 11 for segment information.
Other Impairment Loss in 2016 During the year ended December 31, 2016, the Company recorded impairments of $854 related to the sales of three outparcels. These outparcels are classified for segment reporting purposes in the All Other category. See Note 11 for segment information. Long-lived Assets Measured at Fair Value in 2015 During the year ended December 31, 2015, the Company wrote down four properties to their estimated fair values. These Properties were Chesterfield Mall, Mayfaire Community Center, Chapel Hill Crossing and Madison Square. Of these four Properties, all but Chesterfield Mall were disposed of as of December 31, 2015 as described below. In accordance with the Company's quarterly impairment review process, the Company recorded impairments of real estate of $99,969 in the fourth quarter of 2015 related to Chesterfield Mall, located in Chesterfield, MO, to write-down the depreciated book value to its estimated fair value of $125,000 as of December 31, 2015. The mall had experienced declining cash flows as competition from several new outlet shopping centers in the area impacted its sales. The fair value analysis for Chesterfield Mall as of December 31, 2015 used assumptions including an 11-year holding period with a sale at the end of the holding period, a capitalization rate of 8.25% and a discount rate of 8.25%. The revenues of Chesterfield Mall accounted for approximately 1.5% of total consolidated revenues for the year ended December 31, 2015. The mall is in foreclosure, which is expected to be complete in early 2017. See Note 6. The Company wrote down the book values of Chapel Hill Crossing and Mayfaire Community Center to their net sales prices and recognized a non-cash impairment of real estate of $1,914 and $397, respectively, in the fourth quarter of 2015. Chapel Hill Crossing, an associated center located in Akron, OH was sold for $2,300 and Mayfaire Community Center located in Wilmington, NC was sold for $56,300. See Note 4 for additional information related to these sales. The Company also recognized impairment of real estate of $2,620 in the second quarter of 2015 when it adjusted the book value of Madison Square, a mall located in Huntsville, AL, to its net sales price of $5,000 based on its sale in April 2015. See Note 4 for further information on this sale. Other Impairment Loss in 2015 During 2015, the Company recorded an impairment of real estate of $161 related to the sale of a building at a formerly owned mall for total net proceeds after sales costs of $750, which was less than its carrying amount of $911. The Company also recognized $884 of impairment from the sale of two outparcels. Long-lived Assets Measured at Fair Value in 2014 During the year ended December 31, 2014, the Company wrote down three properties to their estimated fair values. These properties were Chapel Hill Mall, Lakeshore Mall and Pemberton Plaza. All three of these properties were disposed of as of December 31, 2014 as described below. In accordance with the Company's quarterly impairment review process, the Company recorded impairments of real estate of $12,050 in the first quarter of 2014 related to Chapel Hill Mall, located in Akron, OH, to write-down the depreciated book value to its estimated fair value of $53,348 as of March 31, 2014. The mall had experienced declining cash flows which were insufficient to cover the debt service on the mortgage secured by the property and the non-recourse loan was in default. The revenues of Chapel Hill Mall accounted for approximately 0.4% of total consolidated revenues for the year ended December 31, 2014. In the third quarter of 2014, the Company conveyed Chapel Hill Mall to the lender by a deed-in-lieu of foreclosure. The Company recognized impairment of real estate of $5,100 in the first quarter of 2014 when it adjusted the book value of Lakeshore Mall, located in Sebring, FL, to its estimated fair value of $13,780 based on a binding purchase agreement signed in April 2014. The sale closed in May 2014 and the Company recognized an impairment loss of $106 in the second quarter of 2014 as a result of additional closing costs. The revenues of Lakeshore Mall accounted for approximately 0.2% of total consolidated revenues for the year ended December 31, 2014. In the third quarter of 2014, the Company recognized an impairment loss of $497 to write down the book value of Pemberton Plaza, a community center located in Vicksburg, MS, to its sales price. The revenues of Pemberton Plaza accounted for approximately 0.0% of total consolidated revenues for the year ended December 31, 2014. Other Impairment Loss in 2014 During 2014, the Company recorded an impairment of real estate of $105 related to the sale an outparcel for total net proceeds after sales costs of $176, which was less than its total carrying amount of $281. |
SHARE-BASED COMPENSATION |
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Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION As of December 31, 2016, there were two share-based compensation plans under which the Company has outstanding awards, the CBL & Associates Properties, Inc. 2012 Stock Incentive Plan ("the 2012 Plan") and CBL & Associates Properties, Inc. Second Amended and Restated Stock Incentive Plan ("the 1993 Plan"). The Company can only make new awards under the 2012 Plan, which was approved by the Company's shareholders in May 2012. The 2012 Plan permits the Company to issue stock options and common stock to selected officers, employees and non-employee directors of the Company up to a total of 10,400,000 shares. The Company did not issue any new awards under the 1993 Plan, which was approved by the Company's shareholders in May 2003, between the adoption of the 2012 Plan to replace the 1993 Plan in May 2012 and the termination of the 1993 Plan (as to new awards) on May 5, 2013. As the primary operating subsidiary of the Company, the Operating Partnership participates in and bears the compensation expense associated with the Company's share-based compensation plans. The Compensation Committee of the Board of Directors (the “Committee”) administers the plans. Stock Awards Under the plans, common stock may be awarded either alone, in addition to, or in tandem with other stock awards granted under the plans. The Committee has the authority to determine eligible persons to whom common stock will be awarded, the number of shares to be awarded and the duration of the vesting period, as defined. Generally, an award of common stock vests either immediately at grant or in equal installments over a period of five years. Stock awarded to independent directors is fully vested upon grant; however, the independent directors may not transfer such shares during their board term. The Committee may also provide for the issuance of common stock under the plans on a deferred basis pursuant to deferred compensation arrangements. The fair value of common stock awarded under the plans is determined based on the market price of CBL’s common stock on the grant date and the related compensation expense is recognized over the vesting period on a straight-line basis. The Company may make restricted stock awards to independent directors, officers and its employees under the 2012 Plan. These awards are generally granted based on the performance of the Company and its employees. None of these awards have performance requirements other than a service condition of continued employment, unless otherwise provided. Compensation expense is recognized on a straight-line basis over the requisite service period. The share-based compensation cost related to the restricted stock awards was $4,681, $4,287 and $3,442 for 2016, 2015 and 2014, respectively. Share-based compensation cost resulting from share-based awards is recorded at the Management Company, which is a taxable entity. Share-based compensation cost capitalized as part of real estate assets was $351, $274 and $268 in 2016, 2015 and 2014, respectively. A summary of the status of the Company’s nonvested restricted stock awards as of December 31, 2016, and changes during the year ended December 31, 2016, is presented below:
The weighted-average grant-date fair value of shares granted during 2016, 2015 and 2014 was $10.02, $20.30 and $17.11, respectively. The total fair value of shares vested during 2016, 2015 and 2014 was $2,605, $4,298 and $3,484, respectively. As of December 31, 2016, there was $6,794 of total unrecognized compensation cost related to nonvested stock awards granted under the plans, which is expected to be recognized over a weighted-average period of 2.7 years. Long-Term Incentive Program In 2015, the Company adopted a long-term incentive program ("LTIP") for its named executive officers, which consists of performance stock unit ("PSU") awards and annual restricted stock awards, that may be issued under the 2012 Plan. The number of shares related to the PSU awards that each named executive officer may receive upon the conclusion of a three-year performance period is determined based on the Company's achievement of specified levels of long-term total stockholder return ("TSR") performance relative to the NAREIT Retail Index, provided that at least a "Threshold" level must be attained for any shares to be earned. Annual Restricted Stock Awards Under the LTIP, annual restricted stock awards consist of shares of time-vested restricted stock awarded based on a qualitative evaluation of the performance of the Company and the named executive officer during the fiscal year. Annual restricted stock awards under the LTIP vest 20% on the date of grant with the remainder vesting in four annual equal installments. Performance Stock Units In February 2016, the Company granted 282,995 PSUs at a grant-date fair value of $4.98 per PSU (the "2016 PSUs"). In March 2015, the Company granted 138,680 PSUs at a grant-date fair value of $15.52 per PSU (the "2015 PSUs"). Shares earned pursuant to the PSU awards vest 60% at the conclusion of the performance period while the remaining 40% of the PSU award vests 20% on each of the first two anniversaries thereafter. The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the 2016 PSUs, which had a grant date of February 10, 2016:
Compensation cost is recognized on a tranche-by-tranche basis using the accelerated attribution method. The resulting expense is recorded regardless of whether any PSU awards are earned as long as the required service period is met. Share-based compensation expense related to the PSUs was $1,033 and $624 for the year ended December 31, 2016 and 2015, respectively. Unrecognized compensation costs related to the PSUs was $1,905 as of December 31, 2016. |
EMPLOYEE BENEFIT PLANS |
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Compensation and Retirement Disclosure [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS 401(k) Plan The Management Company maintains a 401(k) profit sharing plan, which is qualified under Section 401(a) and Section 401(k) of the Code to cover employees of the Management Company. All employees who have attained the age of 21 and have completed at least 60 days of service are eligible to participate in the plan. The plan provides for employer matching contributions on behalf of each participant equal to 50% of the portion of such participant’s contribution that does not exceed 2.5% of such participant’s compensation for the plan year. Additionally, the Management Company has the discretion to make additional profit-sharing-type contributions not related to participant elective contributions. Total contributions by the Management Company were $987, $997 and $928 in 2016, 2015 and 2014, respectively. Employee Stock Purchase Plan The Company maintains an employee stock purchase plan that allows eligible employees to acquire shares of the Company’s common stock in the open market without incurring brokerage or transaction fees. Under the plan, eligible employees make payroll deductions that are used to purchase shares of the Company’s common stock. The shares are purchased at the prevailing market price of the stock at the time of purchase. Deferred Compensation Arrangements The Company has entered into an agreement with an officer that allows the officer to defer receipt of selected salary increases and/or bonus compensation for periods ranging from 5 to 10 years. The deferred compensation arrangement provides that bonus compensation is deferred in the form of a note payable to the officer. Interest accumulates on these notes at 5.0%. When an arrangement terminates, the note payable plus accrued interest is paid to the officer in cash. At December 31, 2016 and 2015, the Company had notes payable, including accrued interest, of $122 and $81, respectively, related to this arrangement. |
QUARTERLY INFORMATION (UNAUDITED) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QUARTERLY INFORMATION (UNAUDITED) | QUARTERLY INFORMATION (UNAUDITED)
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SUBSEQUENT EVENTS |
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Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS In January 2017, the Company sold One Oyster Point and Two Oyster Point, two office buildings located in Newport News, VA for an aggregate sales price of $6,250. The Company recognized impairment of real estate assets of $3,844 in the third quarter of 2016 when it wrote down the fair value of the office buildings based upon a signed contract with a third party buyer, adjusted to reflect estimated disposition costs. See Note 15 for additional information. In January 2017, the foreclosure of Midland Mall was complete, and the lender received the deed to the Property in satisfaction of the non-recourse debt, which had a balance of $31,953 as of December 31, 2016. The Company expects to record a gain on extinguishment of debt of approximately $4,088 in the first quarter of 2017. In January 2017, the Company retired two operating Property loans, with an aggregate principal balance of $55,973 as of December 31, 2016, with borrowings from its unsecured credit facilities. The loans were secured by The Plaza at Fayette in Lexington, KY and The Shoppes at St. Clair in Fairview Heights, IL. The loans were scheduled to mature in April 2017. In February 2017 and March 2017, the Company retired two operating Property loans with an aggregate principal balance of $104,179 as of December 31, 2016 with borrowings from its unsecured credit facilities. The loans were secured by Layton Hills Mall in Layton , UT and Hamilton Corner in Chattanooga, TN. Both loans were scheduled to mature in April 2017. In January 2017, the Company closed on a sale-leaseback transaction for five Sears department stores and two Sears Auto Centers at several of the Company's malls to control these locations for future redevelopment. The Company acquired the locations for a total consideration of $72,500. Sears will continue to operate the department stores under new 10-year leases. Under the terms of the leases, the Company will receive aggregate initial base rent of approximately $5,075. Sears will be responsible for paying common area maintenance charges, taxes, insurance and utilities under the terms of the leases. The Company will have the right to terminate each Sears' lease at any time (except November through January), with six months advance notice. Additionally in January 2017, the Company closed on the acquisition of four Macy's stores located at several of the Company's malls for future redevelopment. The Company acquired the locations for $7,000. In January 2017, the maturity date of the note receivable for $300 between the Company and Horizon Group was extended to July 2017. The note receivable was originally scheduled to mature in January 2017. |
Schedule II - VALUATION AND QUALIFYING ACCOUNTS |
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Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | Schedule II CBL & ASSOCIATES PROPERTIES, INC. CBL & ASSOCIATES LIMITED PARTNERSHIP VALUATION AND QUALIFYING ACCOUNTS (In thousands)
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Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION |
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SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION |
The changes in real estate assets and accumulated depreciation for the years ending December 31, 2016, 2015, and 2014 are set forth below (in thousands):
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Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE |
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Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE |
The changes in mortgage notes receivable were as follows (in thousands):
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation This Form 10-K provides separate consolidated financial statements for the Company and the Operating Partnership. Due to the Company's ability as general partner to control the Operating Partnership, the Company consolidates the Operating Partnership within its consolidated financial statements for financial reporting purposes. The notes to consolidated financial statements apply to both the Company and the Operating Partnership, unless specifically noted otherwise. The accompanying consolidated financial statements include the consolidated accounts of the Company, the Operating Partnership and their wholly owned subsidiaries, as well as entities in which the Company has a controlling financial interest or entities where the Company is deemed to be the primary beneficiary of a VIE. For entities in which the Company has less than a controlling financial interest or entities where the Company is not deemed to be the primary beneficiary of a VIE, the entities are accounted for using the equity method of accounting. Accordingly, the Company's share of the net earnings or losses of these entities is included in consolidated net income. The accompanying consolidated financial statements have been prepared in accordance with GAAP. All intercompany transactions have been eliminated. |
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Accounting Guidance Adopted and Not Yet Effective | Accounting Guidance Adopted In August 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 requires management to perform an analysis regarding an entity's ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. ASU 2014-15 was effective for annual periods ending after December 15, 2016 and for annual and interim periods thereafter. The Company adopted ASU 2014-15 as of December 31, 2016. The adoption of ASU 2014-15 did not have an impact on the Company's consolidated financial statements or disclosures. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"). The guidance modified the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminated the presumption that a general partner should consolidate a limited partnership and affected the evaluation of fee arrangements and related party relationships in the primary beneficiary determination. For public companies, ASU 2015-02 was effective for annual periods beginning after December 15, 2015 and interim periods within those years using either a retrospective or a modified retrospective approach. The Company adopted ASU 2015-02 as of January 1, 2016 using a modified retrospective approach. The adoption of ASU 2015-02 resulted in the identification of several VIEs as discussed in Note 8 but did not alter any of the Company's consolidation conclusions. The adoption of the guidance did not have an impact on the Company's consolidated financial statements other than the additional disclosures. See ASU 2016-17, Interests Held Through Related Parties That Are under Common Control ("ASU 2016-17") below which amends ASU 2015-02. Accounting Guidance Not Yet Effective In May 2014, the FASB and the International Accounting Standards Board jointly issued ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"). The objective of this converged standard is to enable financial statement users to better understand and analyze revenue by replacing current transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that the entity expects to be entitled to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other guidance such as lease and insurance contracts. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date, ("ASU 2015-14") which allows an additional one year deferral of ASU 2014-09. As a result, ASU 2014-09 is effective for annual periods beginning after December 15, 2017 and interim periods within those years using one of two retrospective application methods. Early adoption would be permitted only for annual reporting periods beginning after December 15, 2016 and interim periods within those years. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) ("ASU 2016-08"). The guidance in ASU 2016-08 clarifies the implementation of ASU 2014-09 on principal versus agent consideration and has the same effective date as ASU 2014-09, as deferred by ASU 2015-14. During the quarter ended June 30, 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing, ASU 2016-11, Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, and ASU 2016-12, Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. These amendments are intended to improve and clarify the implementation guidance of ASU 2014-09 and have the same effective date as ASU 2014-09, as deferred by ASU 2015-14. As the majority of the Company's revenue is derived from real estate lease contracts, the Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements and expects to adopt the guidance as of January 1, 2018. It is in the process of determining which method to use for the application of this guidance. In February 2016, the FASB issued ASU 2016-02, Leases ("ASU 2016-02"). The objective of ASU 2016-02 is to increase transparency and comparability by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, lessees will be required to recognize a right-of-use asset and corresponding lease liability on the balance sheet for all leases with terms greater than 12 months. The guidance applied by a lessor under ASU 2016-02 is substantially similar to existing GAAP. For public companies, ASU 2016-02 is effective for annual periods beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted. Lessees and lessors are required to use a modified retrospective transition method for all leases existing at, or entered into after, the date of initial application. Accordingly, they would apply the new accounting model for the earliest year presented in the financial statements. A number of practical expedients may also be elected. Under the new guidance, common area maintenance recoveries must be accounted for as a non-lease component. The Company will be evaluating whether the bifurcation of common area maintenance will affect the timing or recognition of certain lease revenues. Also, only direct leasing costs may be capitalized under ASU 2016-02. Current guidance also allows the capitalization of indirect leasing costs. Additionally, the Company will be analyzing its current ground lease obligations under ASU 2016-02. The Company has done a preliminary assessment and continues to evaluate the potential impact the guidance may have on its consolidated financial statements and related disclosures. It is considering the practicality of adopting ASU 2016-02 concurrently with the adoption of ASU 2014-09 as the standards overlap and concurrent adoption would align them if ASU 2016-02 was adopted as of January 1, 2018. If early adoption is not practicable, the Company would adopt ASU 2016-02 as of January 1, 2019. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 identifies areas for simplification of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. For public companies, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period and may be applied on a modified retrospective basis as a cumulative-effect adjustment to retained earnings as of the date of adoption. Early adoption is permitted. The Company adopted ASU 2016-09 as of January 1, 2017 and it did not have a material impact on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The objective of ASU 2016-13 is to provide financial statement users with information about expected credit losses on financial assets and other commitments to extend credit by a reporting entity. The guidance replaces the current incurred loss impairment model, which reflects credit events, with a current expected credit loss model, which recognizes an allowance for credit losses based on an entity's estimate of contractual cash flows not expected to be collected. For public companies that are SEC filers, ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years. Early adoption is permitted. The guidance is to be applied on a modified retrospective basis. The Company expects to adopt ASU 2016-13 as of January 1, 2020 and is evaluating the impact that this update may have on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). The objective of ASU 2016-15 is to reduce diversity in practice in the classification of certain items in the statement of cash flows, including the classification of distributions received from equity method investees. For public companies, ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within those fiscal years. Early adoption is permitted. The guidance is to be applied on a retrospective basis. The Company expects to adopt ASU 2016-15 as of January 1, 2018 and does not expect the guidance to have a material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-17 which amends the consolidation guidance in ASU 2015-02 to change how a reporting entity that is a single decision maker of a VIE should consider indirect interests in a VIE held through related parties that are under common control with the entity when determining whether it is the primary beneficiary of the VIE. ASU 2016-17 simplifies the analysis to require consideration of only an entity's proportionate indirect interest in a VIE held through a party under common control. For public companies, ASU 2016-17 is effective for fiscal years beginning after December 15, 2016 including interim periods therein. Early adoption is permitted. The guidance is to be applied retrospectively to all periods in fiscal year 2016, which is the period in which ASU 2015-02 was adopted by the Company. The Company adopted ASU 2016-17 as of January 1, 2017 and it did not have a material impact on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU 2016-18, Restricted Cash, ("ASU 2016-18") to address diversity in practice related to the classification and presentation of changes in restricted cash. The update requires a reporting entity to explain the change in the total of cash, cash equivalents and amounts generally described as restricted cash and restricted cash equivalents in reconciling the beginning-of-period and end-of-period total amounts on the statement of cash flows. For public companies, ASU 2016-18 is effective on a retrospective basis for fiscal years beginning after December 15, 2017, including interim periods therein. Early adoption is permitted. The Company expects to adopt the update as of January 1, 2018 and does not expect ASU 2016-18 to have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business, ("ASU 2017-01"), which provides a more narrow definition of a business to be used in determining the accounting treatment of an acquisition. Under ASC 805, Business Combinations, the Company generally accounts for acquisitions of shopping center properties as acquisitions of a business. Under ASU 2017-01, more acquisitions are expected to be accounted for as acquisitions of assets. Transaction costs for asset acquisitions are capitalized while those related to business acquisitions are expensed. For public companies, ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, including interim periods therein and is to be applied prospectively to any transactions occurring within the period of adoption. Early adoption is permitted. The Company adopted ASU 2017-01 as of January 1, 2017. The Company expects most of its future acquisitions of shopping center properties would be accounted for as acquisitions of assets in accordance with the guidance in ASU 2017-01. |
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Real Estate Assets | Real Estate Assets The Company capitalizes predevelopment project costs paid to third parties. All previously capitalized predevelopment costs are expensed when it is no longer probable that the project will be completed. Once development of a project commences, all direct costs incurred to construct the project, including interest and real estate taxes, are capitalized. Additionally, certain general and administrative expenses are allocated to the projects and capitalized based on the amount of time applicable personnel work on the development project. Ordinary repairs and maintenance are expensed as incurred. Major replacements and improvements are capitalized and depreciated over their estimated useful lives. All acquired real estate assets have been accounted for using the acquisition method of accounting and accordingly, the results of operations are included in the consolidated statements of operations from the respective dates of acquisition. The Company allocates the purchase price to (i) tangible assets, consisting of land, buildings and improvements, as if vacant, and tenant improvements, and (ii) identifiable intangible assets and liabilities, generally consisting of above-market leases, in-place leases and tenant relationships, which are included in other assets, and below-market leases, which are included in accounts payable and accrued liabilities. The Company uses estimates of fair value based on estimated cash flows, using appropriate discount rates, and other valuation techniques to allocate the purchase price to the acquired tangible and intangible assets. Liabilities assumed generally consist of mortgage debt on the real estate assets acquired. Assumed debt is recorded at its fair value based on estimated market interest rates at the date of acquisition. Depreciation is computed on a straight-line basis over estimated lives of 40 years for buildings, 10 to 20 years for certain improvements and 7 to 10 years for equipment and fixtures. Tenant improvements are capitalized and depreciated on a straight-line basis over the term of the related lease. Lease-related intangibles from acquisitions of real estate assets are generally amortized over the remaining terms of the related leases. The amortization of above- and below-market leases is recorded as an adjustment to minimum rental revenue, while the amortization of all other lease-related intangibles is recorded as amortization expense. Any difference between the face value of the debt assumed and its fair value is amortized to interest expense over the remaining term of the debt using the effective interest method. |
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Carrying Value of Long-Lived Assets | Carrying Value of Long-Lived Assets The Company monitors events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable. When indicators of potential impairment are present that suggest that the carrying amounts of a long-lived asset may not be recoverable, the Company assesses the recoverability of the asset by determining whether the asset’s carrying value will be recovered through the estimated undiscounted future cash flows expected from the Company’s probability weighted use of the asset and its eventual disposition. In the event that such undiscounted future cash flows do not exceed the carrying value, the Company adjusts the carrying value of the long-lived asset to its estimated fair value and recognizes an impairment loss. The estimated fair value is calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value. Certain of the Company’s long-lived assets may be carried at more than an amount that could be realized in a current disposition transaction. Projections of expected future operating cash flows require that the Company estimates future market rental income amounts subsequent to expiration of current lease agreements, property operating expenses, the number of months it takes to re-lease the Property, and the number of years the Property is held for investment, among other factors. As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management’s estimates of future possible outcomes. Therefore, the future cash flows estimated in the Company’s impairment analyses may not be achieved. |
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Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less as cash equivalents. |
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Restricted Cash | Restricted Cash Restricted cash of $46,119 and $34,684 was included in intangible lease assets and other assets at December 31, 2016 and 2015, respectively. Restricted cash consists primarily of cash held in escrow accounts for debt service, insurance, real estate taxes, capital improvements and deferred maintenance as required by the terms of certain mortgage notes payable. |
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Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company periodically performs a detailed review of amounts due from tenants to determine if accounts receivable balances are realizable based on factors affecting the collectability of those balances. The Company’s estimate of the allowance for doubtful accounts requires management to exercise significant judgment about the timing, frequency and severity of collection losses, which affects the allowance and net income. |
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Investments in Unconsolidated Affiliates | Investments in Unconsolidated Affiliates The Company evaluates its joint venture arrangements to determine whether they should be recorded on a consolidated basis. The percentage of ownership interest in the joint venture, an evaluation of control and whether a VIE exists are all considered in the Company’s consolidation assessment. Initial investments in joint ventures that are in economic substance a capital contribution to the joint venture are recorded in an amount equal to the Company’s historical carryover basis in the real estate contributed. Initial investments in joint ventures that are in economic substance the sale of a portion of the Company’s interest in the real estate are accounted for as a contribution of real estate recorded in an amount equal to the Company’s historical carryover basis in the ownership percentage retained and as a sale of real estate with profit recognized to the extent of the other joint venturers’ interests in the joint venture. Profit recognition assumes the Company has no commitment to reinvest with respect to the percentage of the real estate sold and the accounting requirements of the full accrual method are met. The Company accounts for its investment in joint ventures where it owns a noncontrolling interest or where it is not the primary beneficiary of a VIE using the equity method of accounting. Under the equity method, the Company’s cost of investment is adjusted for additional contributions to and distributions from the unconsolidated affiliate, as well as its share of equity in the earnings of the unconsolidated affiliate and reduced by distributions received. Generally, distributions of cash flows from operations and capital events are first made to partners to pay cumulative unpaid preferences on unreturned capital balances and then to the partners in accordance with the terms of the joint venture agreements. Any differences between the cost of the Company’s investment in an unconsolidated affiliate and its underlying equity as reflected in the unconsolidated affiliate’s financial statements generally result from costs of the Company’s investment that are not reflected on the unconsolidated affiliate’s financial statements, capitalized interest on its investment and the Company’s share of development and leasing fees that are paid by the unconsolidated affiliate to the Company for development and leasing services provided to the unconsolidated affiliate during any development periods. At December 31, 2016 and 2015, the net difference between the Company’s investment in unconsolidated affiliates and the underlying equity of unconsolidated affiliates, which are amortized over a period equal to the useful life of the unconsolidated affiliates' asset/liability that is related to the basis difference, was $(6,966) and $13,334, respectively. On a periodic basis, the Company assesses whether there are any indicators that the fair value of the Company's investments in unconsolidated affiliates may be impaired. An investment is impaired only if the Company’s estimate of the fair value of the investment is less than the carrying value of the investment and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Company's estimates of fair value for each investment are based on a number of assumptions that are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter the Company’s assumptions, the fair values estimated in the impairment analyses may not be realized. |
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Deferred Financing Costs | Deferred Financing Costs Net deferred financing costs related to the Company's lines of credit of $4,890 and $6,431 were included in intangible lease assets and other assets at December 31, 2016 and 2015, respectively. Net deferred financing costs related to the Company's other indebtedness of $17,855 and $16,059 were included in net mortgage and other indebtedness at December 31, 2016 and 2015, respectively. Deferred financing costs include fees and costs incurred to obtain financing and are amortized on a straight-line basis to interest expense over the terms of the related indebtedness. |
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Marketable Securities | Marketable Securities The Company recognized a realized gain of $16,560, for the difference between the net proceeds of $20,755 less the adjusted cost of $4,195 related to the sale of all its marketable securities in 2015. The Company did not recognize any realized gains or losses related to sales of marketable securities in 2014. Unrealized gains and losses on available-for-sale securities that are deemed to be temporary in nature are recorded as a component of accumulated other comprehensive income (loss) ("AOCI/L") in redeemable noncontrolling interests, shareholders’ equity and partners' capital, and noncontrolling interests. Realized gains are recorded in gain on investments. Gains or losses on securities sold were based on the specific identification method. If a decline in the value of an investment is deemed to be other than temporary, the investment is written down to fair value and an impairment loss is recognized in the current period to the extent of the decline in value. In determining when a decline in fair value below cost of an investment in marketable securities is other-than-temporary, the following factors, among others, are evaluated:
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Interest Rate Hedging Instruments | Interest Rate Hedging Instruments The Company recognizes its derivative financial instruments in either accounts payable and accrued liabilities or intangible lease assets and other assets, as applicable, in the consolidated balance sheets and measures those instruments at fair value. The accounting for changes in the fair value (i.e., gain or loss) of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship, and further, on the type of hedging relationship. To qualify as a hedging instrument, a derivative must pass prescribed effectiveness tests, performed quarterly using both qualitative and quantitative methods. The Company had entered into derivative agreements as of December 31, 2015 that qualified as hedging instruments and were designated, based upon the exposure being hedged, as cash flow hedges. The fair value of these cash flow hedges as of December 31, 2015 was $434 and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. To the extent they are effective, changes in the fair values of cash flow hedges are reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged item affects earnings. The ineffective portion of the hedge, if any, is recognized in current earnings during the period of change in fair value. The gain or loss on the termination of an effective cash flow hedge is reported in other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged item affects earnings. The Company also assesses the credit risk that the counterparty will not perform according to the terms of the contract. |
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Revenue Recognition | Revenue Recognition Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms of the related leases. Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements. Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable. The Company receives reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses as provided in the lease agreements. Tenant reimbursements are recognized when earned in accordance with the tenant lease agreements. Tenant reimbursements related to certain capital expenditures are billed to tenants over periods of 5 to 15 years and are recognized as revenue in accordance with the underlying lease terms. The Company receives management, leasing and development fees from third parties and unconsolidated affiliates. Management fees are charged as a percentage of revenues (as defined in the management agreement) and are recognized as revenue when earned. Development fees are recognized as revenue on a pro rata basis over the development period. Leasing fees are charged for newly executed leases and lease renewals and are recognized as revenue when earned. Development and leasing fees received from an unconsolidated affiliate during the development period are recognized as revenue only to the extent of the third-party partner’s ownership interest. Development and leasing fees during the development period, to the extent of the Company’s ownership interest, are recorded as a reduction to the Company’s investment in the unconsolidated affiliate. |
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Gain on Sales of Real Estate Assets | Gain on Sales of Real Estate Assets Gain on sales of real estate assets is recognized when it is determined that the sale has been consummated, the buyer’s initial and continuing investment is adequate, the Company’s receivable, if any, is not subject to future subordination, and the buyer has assumed the usual risks and rewards of ownership of the asset. When the Company has an ownership interest in the buyer, gain is recognized to the extent of the third party partner’s ownership interest. |
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Income Taxes | Income Taxes The Company is qualified as a REIT under the provisions of the Internal Revenue Code. To maintain qualification as a REIT, the Company is required to distribute at least 90% of its taxable income to shareholders and meet certain other requirements. As a REIT, the Company is generally not liable for federal corporate income taxes. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal and state income taxes on its taxable income at regular corporate tax rates. Even if the Company maintains its qualification as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed income. State tax expense was $3,458, $3,460 and $4,079 during 2016, 2015 and 2014, respectively. The Company has also elected taxable REIT subsidiary status for some of its subsidiaries. This enables the Company to receive income and provide services that would otherwise be impermissible for REITs. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in income or expense, as applicable. The Company recorded an income tax benefit (provision) as follows for the years ended December 31, 2016, 2015 and 2014:
The Company had a net deferred tax asset of $5,841 at December 31, 2016 and a net deferred tax liability of $672 at December 31, 2015. The net deferred tax asset at December 31, 2016 is included in intangible lease assets and other assets. The net deferred tax liability at December 31, 2015 is included in accounts payable and accrued liabilities. These balances primarily consisted of operating expense accruals and differences between book and tax depreciation. As of December 31, 2016, tax years that generally remain subject to examination by the Company’s major tax jurisdictions include 2013, 2014, 2015 and 2016. The Company reports any income tax penalties attributable to its Properties as property operating expenses and any corporate-related income tax penalties as general and administrative expenses in its consolidated statement of operations. In addition, any interest incurred on tax assessments is reported as interest expense. |
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Concentration of Credit Risk | Concentration of Credit Risk The Company’s tenants include national, regional and local retailers. Financial instruments that subject the Company to concentrations of credit risk consist primarily of tenant receivables. The Company generally does not obtain collateral or other security to support financial instruments subject to credit risk, but monitors the credit standing of tenants. The Company derives a substantial portion of its rental income from various national and regional retail companies |
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Earnings per Share and Earnings per Unit | Earnings per Unit of the Operating Partnership Basic earnings per unit ("EPU") is computed by dividing net income attributable to common unitholders by the weighted-average number of common units outstanding for the period. Diluted EPU assumes the issuance of common units for all potential dilutive common units outstanding. Earnings per Share of the Company Basic EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS assumes the issuance of common stock for all potential dilutive common shares outstanding. The limited partners’ rights to convert their noncontrolling interests in the Operating Partnership into shares of common stock are not dilutive. |
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Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) of the Operating Partnership Comprehensive income (loss) of the Operating Partnership includes all changes in redeemable common units and partners' capital during the period, except those resulting from investments by unitholders, distributions to unitholders and redemption valuation adjustments. OCI/L includes changes in unrealized gains (losses) on available-for-sale securities and interest rate hedge agreements. Accumulated Other Comprehensive Income (Loss) of the Company Comprehensive income (loss) of the Company includes all changes in redeemable noncontrolling interests and total equity during the period, except those resulting from investments by shareholders and partners, distributions to shareholders and partners and redemption valuation adjustments. Other comprehensive income (loss) (“OCI/L”) includes changes in unrealized gains (losses) on available-for-sale securities and interest rate hedge agreements. |
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. |
ORGANIZATION (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Properties | As of December 31, 2016, the Operating Partnership owned interests in the following Properties:
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Properties Under Development | At December 31, 2016, the Operating Partnership had interests in the following Construction Properties:
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Intangible Assets and Balance Sheet Classifications | The Company’s intangibles and their balance sheet classifications as of December 31, 2016 and 2015, are summarized as follows:
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Schedule of Income Tax Provision | The Company recorded an income tax benefit (provision) as follows for the years ended December 31, 2016, 2015 and 2014:
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Summary of Impact of Potential Dilutive Common Shares on the Denominator Used to Compute Earnings Per Share | The following summarizes the impact of potential dilutive common units on the denominator used to compute EPU for the years ended December 31, 2016 and 2015:
(1) Performance stock units are contingently issuable common shares and are included in earnings per unit if the effect is dilutive. See Note 16 for a description of the long-term incentive program, which was adopted in 2015, that these units relate to. The following summarizes the impact of potential dilutive common shares on the denominator used to compute EPS for the years ended December 31, 2016 and 2015:
(1) Performance stock units are contingently issuable common shares and are included in earnings per share if the effect is dilutive. See Note 16 for a description of the long-term incentive program, which was adopted in 2015, that these units relate to. |
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Components of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCI for the years ended December 31, 2016, 2015 and 2014 are as follows:
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Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCI for the years ended December 31, 2016, 2015 and 2014 are as follows:
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ACQUISITIONS (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions | The following is a summary of the Company's acquisitions during the year ended December 31, 2015:
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Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the final allocation of the estimated fair values of the assets acquired and liabilities assumed as of the June 2015 acquisition date for Mayfaire Town Center and Community Center:
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DISPOSITIONS AND HELD FOR SALE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Dispositions | The following is a summary of the Company's 2015 dispositions:
The following is a summary of the Company's 2014 dispositions by sale:
The following is a summary of the Company's 2016 dispositions by sale:
The following is a summary of the Company's other 2014 dispositions:
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UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Accounted for using the Equity method of Accounting | At December 31, 2016, the Company had investments in the following 17 entities, which are accounted for using the equity method of accounting:
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Condensed combined financial statement information - unconsolidated affiliates | Condensed combined financial statement information of the unconsolidated affiliates is as follows:
Financings - Unconsolidated Affiliates 2016 Financings The following table presents the loan activity of the Company's unconsolidated affiliates in 2016:
2015 Financings The following table presents the loan activity of the Company's unconsolidated affiliates in 2015:
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Schedule of fixed rate loans | 2016 Loan Repayments The Company's unconsolidated affiliates retired the following loans, secured by the related unconsolidated Properties, in 2016:
The Company's unconsolidated affiliates retired the following construction loans, secured by the related unconsolidated Properties, in 2016:
The following table presents the fixed-rate loans, secured by the related consolidated Properties, that were entered into in 2016 and 2015:
Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2016 and 2015:
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MORTGAGE AND OTHER INDEBTEDNESS, NET (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of mortgage and other indebtedness | Mortgage and other indebtedness consisted of the following:
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Schedule of unsecured lines of credit | The following summarizes certain information about the Company's unsecured lines of credit as of December 31, 2016:
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Schedule of fixed rate loans | 2016 Loan Repayments The Company's unconsolidated affiliates retired the following loans, secured by the related unconsolidated Properties, in 2016:
The Company's unconsolidated affiliates retired the following construction loans, secured by the related unconsolidated Properties, in 2016:
The following table presents the fixed-rate loans, secured by the related consolidated Properties, that were entered into in 2016 and 2015:
Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2016 and 2015:
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Schedule of variable rate loans | The following table presents the variable-rate loan, secured by the related consolidated Property, that was entered into in 2016:
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Schedule of loans secured by real estate | The following table presents the construction loans, secured by the related consolidated Properties, that were entered into in 2016 and 2015:
Loan Repayment The Company repaid the following construction loan, secured by the related consolidated Property, in 2016:
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Schedule of covenant compliance | The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of December 31, 2016:
The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of December 31, 2016:
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Schedule of principal repayments | As of December 31, 2016, 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:
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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 in 2016 and 2015:
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Schedule of gain (loss) recognized in other comprehensive income (loss) |
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SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends Declared and Paid For Income Tax Purposes | The allocations of dividends declared and paid for income tax purposes are as follows:
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REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interests and Noncontrolling Interests [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Redeemable Noncontrolling Interest Conversion Right | Outstanding rights to convert redeemable noncontrolling interests and noncontrolling interests in the Operating Partnership to common stock were held by the following parties at December 31, 2016 and 2015:
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Schedule of Variable Interest Entities | The table below lists the Company's VIEs as of December 31, 2016 and 2015, which do not reflect the elimination of any internal debt the consolidated VIE has with the Operating Partnership:
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MINIMUM RENTS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rents Scheduled to be Received Under Noncancellable Tenant Leases | Future minimum rents are scheduled to be received under non-cancellable tenant leases at December 31, 2016, as follows:
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MORTGAGE AND OTHER NOTES RECEIVABLE (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and Other Notes Receivable [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of mortgage and other notes receivable | Mortgage and other notes receivable consist of the following:
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SEGMENT INFORMATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information on Reportable Segments | Information on the Company’s reportable segments is presented as follows:
|
SUPPLEMENTAL AND NONCASH INFORMATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncash Investing and Financing Activities | The Company’s noncash investing and financing activities for 2016, 2015 and 2014 were as follows:
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CONTINGENCIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Guarantees | The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying consolidated balance sheets as of December 31, 2016 and 2015:
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Schedule of Future Obligations Under Operating Leases | The future obligations under these operating leases at December 31, 2016, are as follows:
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FAIR VALUE MEASUREMENTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements of Assets and Liabilities | The following table sets forth information regarding the Company’s financial instruments that were measured at fair value on a recurring basis in the accompanying consolidated balance sheets as of December 31, 2015. The interest rate swaps matured April 1, 2016:
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Schedule of Assets Measured at Fair Value on Nonrecurring Basis | The following table sets forth information regarding the Company’s assets that are measured at fair value on a nonrecurring basis and related impairment charges for the years ended December 31, 2016 and 2015:
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Schedule of Impairment on Real Estate Properties | The Properties are classified for segment reporting purposes as listed below (see section below for information on outparcels). See Note 11 for segment information.
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SHARE-BASED COMPENSATION (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Company Stock Awards | A summary of the status of the Company’s nonvested restricted stock awards as of December 31, 2016, and changes during the year ended December 31, 2016, is presented below:
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Summary of Assumptions used in the Monte Carlo Simulation Pricing Models | The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the 2016 PSUs, which had a grant date of February 10, 2016:
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QUARTERLY INFORMATION (UNAUDITED) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Information |
|
ORGANIZATION (Details) shares in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2016
property
associated_center
mixed_use_center
state
mall
community_center
subsidiary
office_building
shares
|
Dec. 31, 2015
property
|
|
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of regional malls/open-air centers in which interest is owned by the partnership | 74 | |
Number of associated centers in which interest is owned by the partnership | associated_center | 23 | |
Number of community centers in which interest is owned by the partnership | community_center | 9 | |
Number of office buildings in which interest is owned by the partnership | office_building | 7 | |
Number of real estate properties | property | 113 | 4 |
Parent | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of regional malls/open-air centers in which interest is owned by the partnership | 65 | |
Number of associated centers in which interest is owned by the partnership | associated_center | 20 | |
Number of community centers in which interest is owned by the partnership | community_center | 4 | |
Number of office buildings in which interest is owned by the partnership | office_building | 7 | |
Number of real estate properties | property | 96 | |
Number of mixed-use centers owned | mixed_use_center | 1 | |
Number of Malls under development | 1 | |
Number of Malls under expansion | 3 | |
Number of mall redevelopments under construction | 3 | |
Percentage ownership of the sole general partner in partnership (in hundredths) | 9.10% | |
Percentage of non controlling limited partner interest of third parties in Operating partnership (in hundredth) | 5.10% | |
Number of company's common stock owned by CBL's Predecessor (in shares) | shares | 3.7 | |
Total combined effective interest of CBL's Predecessor in Operating Partnership (in hundredths) | 11.00% | |
Noncontrolling Interests | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of regional malls/open-air centers in which interest is owned by the partnership | 9 | |
Number of associated centers in which interest is owned by the partnership | associated_center | 3 | |
Number of community centers in which interest is owned by the partnership | community_center | 5 | |
Number of office buildings in which interest is owned by the partnership | office_building | 0 | |
Number of real estate properties | property | 17 | |
Number of office buildings held for sale | office_building | 2 | |
Subsidiaries | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of states in which entity operates | state | 27 | |
Percentage ownership interest in qualified subsidiaries (in hundredths) | 100.00% | |
Number of subsidiaries owned by the company | subsidiary | 2 | |
Percentage ownership of the sole general partner in partnership (in hundredths) | 1.00% | |
Percentage of limited partnership interest owned by CBL Holdings II, Inc. in the operating partnership (in hundredths) | 84.80% | |
Combined percentage ownership by the subsidiaries in operating partnership (in hundredths) | 85.80% | |
Subsidiaries | Parent | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of office buildings in which interest is owned by the partnership | office_building | 2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Real Estate Assets) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Net amortization expense of acquired intangibles | $ 8,687 | $ 12,939 | $ 13,973 |
Future amortization expense, 2017 | 6,378 | ||
Future amortization expense, 2018 | 3,589 | ||
Future amortization expense, 2019 | 2,502 | ||
Future amortization expense, 2020 | 1,923 | ||
Future amortization expense, 2021 | 1,882 | ||
Interest expense capitalized | 2,182 | 3,697 | $ 7,122 |
Intangible lease assets and other assets | Above-market/Below-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 49,310 | 54,080 | |
Intangible lease assets and liabilities, Accumulated Amortization | (38,197) | (39,228) | |
Intangible lease assets and other assets | In-place leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 110,968 | 113,335 | |
Intangible lease assets and liabilities, Accumulated Amortization | (80,256) | (71,460) | |
Intangible lease assets and other assets | Tenant relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 29,494 | 29,742 | |
Intangible lease assets and liabilities, Accumulated Amortization | (6,610) | (5,868) | |
Accounts payable and accrued liabilities | Above-market/Below-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible lease assets and liabilities, Cost | 87,266 | 89,182 | |
Intangible lease assets and liabilities, Accumulated Amortization | $ (60,286) | $ (54,999) | |
Buildings | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 40 years | ||
Certain Improvements | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 10 years | ||
Certain Improvements | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 20 years | ||
Equipment and Fixtures | Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 7 years | ||
Equipment and Fixtures | Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful life (years) | 10 years |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Restricted Cash) (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounting Policies [Abstract] | ||
Restricted cash and cash equivalents | $ 46,119 | $ 34,684 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Allowance for Tenant Receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Provision for doubtful accounts | $ 4,058 | $ 2,254 | $ 2,643 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Investments in Unconsolidated Affiliates) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Accounting Policies [Abstract] | ||
Net difference between investment and underlying equity in unconsolidated affiliates | $ (6,966) | $ 13,334 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Deferred Financing Costs) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred financing costs | $ 17,855 | $ 16,059 | |
Amortization expense | 5,010 | 7,116 | $ 6,910 |
Accumulated amortization | 13,370 | 12,413 | |
Intangible lease assets and other assets | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred financing costs | 4,890 | 6,431 | |
Mortgage and Other Indebtedness | Adjustments for New Accounting Pronouncement | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred financing costs | $ 17,855 | $ 16,059 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Marketable Securities) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Schedule of Available-for-sale Securities [Line Items] | |||
Net realized gain on sale of available-for-sale securities | $ 0 | $ 16,560,000 | $ 0 |
Proceeds from sale of available-for-sale securities | 20,755,000 | ||
Common Stock | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Adjusted Cost | $ 4,195,000 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Interest Rate Hedging Instruments) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Accounting Policies [Abstract] | |
Fair value of cash flow hedges | $ 434 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Revenue Recognition) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Tenant reimbursements period related to certain capital expenditures, minimum (in years) | 5 years |
Tenant reimbursements period related to certain capital expenditures, maximum (in years) | 15 years |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Income Taxes) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Accounting Policies [Abstract] | |||
Percentage of taxable income required to be distributed to shareholders | 90.00% | ||
State tax expense | $ 3,458 | $ 3,460 | $ 4,079 |
Current tax benefit (provision) | 1,156 | (3,093) | (3,170) |
Deferred tax benefit (provision) | 907 | 152 | (1,329) |
Income tax benefit (provision) | 2,063 | (2,941) | $ (4,499) |
Net deferred tax asset | $ 5,841 | ||
Net deferred tax liability | $ (672) |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Concentration of Credit Risk) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2016 | |
Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 3.60% |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Earnings Per Share) (Details) - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
CBL & Associates Properties, Inc. | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Denominator – basic (in shares) | 170,762 | 170,476 | 170,247 |
Effect of performance stock units (in shares) | 74 | 23 | |
Denominator – diluted (in shares) | 170,836 | 170,499 | 170,247 |
CBL & Associates Limited Partnership | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Denominator – basic (in shares) | 199,764 | 199,734 | 199,660 |
Effect of performance stock units (in shares) | 74 | 23 | |
Denominator – diluted (in shares) | 199,838 | 199,757 | 199,660 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Components of AOCI) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
OCI before reclassifications | $ 877 | $ 4,353 | $ 10,520 |
Amounts reclassified from AOCI | (443) | (18,756) | (2,195) |
Total other comprehensive income (loss) | 434 | (14,403) | 8,325 |
Realized gain on available-for-sale securities, reclassified | 16,560 | ||
Redeemable Noncontrolling Interests/Common Units, Unrealized Gains (Losses), Hedging Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 433 | 401 | 387 |
OCI before reclassifications | 3 | 32 | 14 |
Amounts reclassified from AOCI | (436) | 0 | 0 |
Total other comprehensive income (loss) | (433) | 32 | 14 |
Ending balance, shareholders' equity | 0 | 433 | 401 |
Redeemable Noncontrolling Interests/Common Units, Unrealized Gains (Losses), Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 0 | 384 | 333 |
OCI before reclassifications | 0 | 10 | 51 |
Amounts reclassified from AOCI | 0 | (394) | 0 |
Total other comprehensive income (loss) | 0 | (384) | 51 |
Ending balance, shareholders' equity | 0 | 0 | 384 |
The Company/Partner's Capital, Unrealized Gains (Losses), Hedging Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 1,935 | 303 | (1,214) |
OCI before reclassifications | 814 | 3,828 | 3,712 |
Amounts reclassified from AOCI | (2,749) | (2,196) | (2,195) |
Total other comprehensive income (loss) | (1,935) | 1,632 | 1,517 |
Ending balance, shareholders' equity | 0 | 1,935 | 303 |
Interest on cash flow hedges reclassified to interest expense | (443) | (2,196) | (2,195) |
The Company/Partner's Capital, Unrealized Gains (Losses), Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 0 | 13,108 | 7,539 |
OCI before reclassifications | 0 | 160 | 5,569 |
Amounts reclassified from AOCI | 0 | (13,268) | 0 |
Total other comprehensive income (loss) | 0 | (13,108) | 5,569 |
Ending balance, shareholders' equity | 0 | 0 | 13,108 |
Noncontrolling Interests, Unrealized Gains (Losses), Hedging Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | (2,802) | (3,053) | (3,304) |
OCI before reclassifications | 60 | 251 | 251 |
Amounts reclassified from AOCI | 2,742 | 0 | 0 |
Total other comprehensive income (loss) | 2,802 | 251 | 251 |
Ending balance, shareholders' equity | 0 | (2,802) | (3,053) |
Noncontrolling Interests, Unrealized Gains (Losses), Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 0 | 2,826 | 1,903 |
OCI before reclassifications | 0 | 72 | 923 |
Amounts reclassified from AOCI | 0 | (2,898) | 0 |
Total other comprehensive income (loss) | 0 | (2,826) | 923 |
Ending balance, shareholders' equity | 0 | 0 | 2,826 |
AOCI Including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | (434) | 13,969 | 5,644 |
Ending balance, shareholders' equity | 0 | (434) | 13,969 |
CBL And Associates Limited Partnership [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
OCI before reclassifications | 877 | 4,353 | 10,520 |
Amounts reclassified from AOCI | (443) | (18,756) | (2,195) |
Total other comprehensive income (loss) | 434 | (14,403) | 8,325 |
Realized gain on available-for-sale securities, reclassified | 16,560 | ||
CBL And Associates Limited Partnership [Member] | Redeemable Noncontrolling Interests/Common Units, Unrealized Gains (Losses), Hedging Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 434 | 401 | 387 |
OCI before reclassifications | 3 | 33 | 14 |
Amounts reclassified from AOCI | (437) | 0 | 0 |
Total other comprehensive income (loss) | (434) | 33 | 14 |
Ending balance, shareholders' equity | 0 | 434 | 401 |
CBL And Associates Limited Partnership [Member] | Redeemable Noncontrolling Interests/Common Units, Unrealized Gains (Losses), Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 0 | 384 | 333 |
OCI before reclassifications | 0 | 10 | 51 |
Amounts reclassified from AOCI | 0 | (394) | 0 |
Total other comprehensive income (loss) | 0 | (384) | 51 |
Ending balance, shareholders' equity | 0 | 0 | 384 |
CBL And Associates Limited Partnership [Member] | The Company/Partner's Capital, Unrealized Gains (Losses), Hedging Agreements | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | (868) | (2,750) | (4,518) |
OCI before reclassifications | 874 | 4,078 | 3,963 |
Amounts reclassified from AOCI | (6) | (2,196) | (2,195) |
Total other comprehensive income (loss) | 868 | 1,882 | 1,768 |
Ending balance, shareholders' equity | 0 | (868) | (2,750) |
Interest on cash flow hedges reclassified to interest expense | (443) | (2,196) | (2,195) |
CBL And Associates Limited Partnership [Member] | The Company/Partner's Capital, Unrealized Gains (Losses), Available-for-Sale Securities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | 0 | 15,934 | 9,442 |
OCI before reclassifications | 232 | 6,492 | |
Amounts reclassified from AOCI | (16,166) | 0 | |
Total other comprehensive income (loss) | 0 | (15,934) | 6,492 |
Ending balance, shareholders' equity | 0 | 0 | 15,934 |
CBL And Associates Limited Partnership [Member] | AOCI Including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance, shareholders' equity | (434) | 13,969 | 5,644 |
Ending balance, shareholders' equity | $ 0 | $ (434) | $ 13,969 |
ACQUISITIONS (Summary) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 18, 2015 |
|
Business Acquisition [Line Items] | |||||||||||||
Purchase Price | $ 191,988 | ||||||||||||
Revenues | $ 258,493 | $ 251,721 | $ 254,965 | $ 263,078 | $ 277,630 | $ 262,636 | 253,843 | $ 260,909 | $ 1,028,257 | $ 1,055,018 | $ 1,060,739 | ||
Net income | $ 79,872 | $ 670 | $ 73,097 | $ 41,892 | $ (26,953) | $ 44,432 | $ 48,331 | $ 53,205 | $ 195,531 | $ 119,015 | |||
Mayfaire Community Center | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Ownership Percentage Acquired | 100.00% | ||||||||||||
Cash | $ 191,988 | ||||||||||||
Purchase Price | $ 191,988 | ||||||||||||
Revenues | $ 8,982 | ||||||||||||
Net income | $ 410 |
ACQUISITIONS (Assets Acquired Liabilities Assumed) (Details) $ in Thousands |
Jun. 30, 2015
USD ($)
|
---|---|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract] | |
Land | $ 39,598 |
Buildings and improvements | 139,818 |
Tenant improvements | 3,331 |
Above-market leases | 393 |
In-place leases | 22,673 |
Total assets | 205,813 |
Below-market leases | (13,825) |
Net assets acquired | $ 191,988 |
DISPOSITIONS AND HELD FOR SALE (Summary) (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
office_building
|
Sep. 30, 2016
USD ($)
|
Jul. 31, 2016
USD ($)
|
May 31, 2016
USD ($)
|
Apr. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Nov. 30, 2015
USD ($)
|
Jul. 31, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Apr. 30, 2015
USD ($)
|
Oct. 31, 2014
USD ($)
|
Sep. 30, 2014
USD ($)
|
Jun. 30, 2014
USD ($)
|
May 31, 2014
USD ($)
|
Jan. 31, 2014
USD ($)
|
Dec. 31, 2016
USD ($)
office_building
|
Sep. 30, 2016
USD ($)
mall
|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Sep. 30, 2014
USD ($)
|
Jun. 30, 2014
USD ($)
|
Mar. 31, 2014
USD ($)
|
Dec. 31, 2016
USD ($)
outparcel
office_building
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2011
USD ($)
|
Apr. 30, 2014
USD ($)
|
||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 194,710 | $ 104,860 | $ 18,615 | |||||||||||||||||||||||||||||||
Sales Price, Net | 189,531 | 103,537 | 17,886 | |||||||||||||||||||||||||||||||
Gain/ (Loss) | 3,720 | 21,331 | 937 | |||||||||||||||||||||||||||||||
Loss on impairment | $ 116,822 | 105,945 | 17,858 | |||||||||||||||||||||||||||||||
Real estate held for sale as percentage of total assets | 0.10% | 0.10% | 0.10% | |||||||||||||||||||||||||||||||
Note receivable from sale of mall | $ 16,803 | $ 18,238 | $ 16,803 | $ 18,238 | $ 16,803 | 18,238 | ||||||||||||||||||||||||||||
Fair value of long-lived assets | 46,200 | 125,000 | 46,200 | 125,000 | 46,200 | 125,000 | ||||||||||||||||||||||||||||
Gain on extinguishment of debt | 256 | |||||||||||||||||||||||||||||||||
Fair Value, Inputs, Level 3 | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Fair value of long-lived assets | 46,200 | 125,000 | 46,200 | 125,000 | 46,200 | 125,000 | ||||||||||||||||||||||||||||
Notes Receivable | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Note receivable from sale of mall | 11,123 | 10,462 | 11,123 | 10,462 | 11,123 | 10,462 | ||||||||||||||||||||||||||||
EastGate Crossing | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Net proceeds from related to the lease of a tenant space | 574 | |||||||||||||||||||||||||||||||||
Earn out proceeds, amount earned | 625 | |||||||||||||||||||||||||||||||||
Columbia Place, Chapel Hill Mall and Citadel Mall | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Balance of Non-recourse Debt | 163,997 | |||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | 89,399 | |||||||||||||||||||||||||||||||||
Cobblestone Village at Palm Coast | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Gross | 8,500 | |||||||||||||||||||||||||||||||||
Sales Price, Net | 8,106 | |||||||||||||||||||||||||||||||||
Gain/ (Loss) | 0 | |||||||||||||||||||||||||||||||||
Loss on impairment | 150 | $ 6,298 | ||||||||||||||||||||||||||||||||
Randolph Mall, Regency Mall, and Walnut Square | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Gross | 32,250 | |||||||||||||||||||||||||||||||||
Sales Price, Net | 31,453 | |||||||||||||||||||||||||||||||||
Gain/ (Loss) | $ 0 | |||||||||||||||||||||||||||||||||
Loss on impairment | (150) | $ 43,294 | ||||||||||||||||||||||||||||||||
Number of Malls with Impairment | mall | 3 | |||||||||||||||||||||||||||||||||
Oak Branch Business Center, Greensboro, NC | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 2,400 | |||||||||||||||||||||||||||||||||
Sales Price, Net | 2,148 | |||||||||||||||||||||||||||||||||
Gain/ (Loss) | 0 | |||||||||||||||||||||||||||||||||
Loss on impairment | $ 122 | (22) | ||||||||||||||||||||||||||||||||
The Lakes and Fashion Square | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 66,500 | |||||||||||||||||||||||||||||||||
Sales Price, Net | 65,514 | |||||||||||||||||||||||||||||||||
Gain/ (Loss) | 273 | |||||||||||||||||||||||||||||||||
Loss on impairment | $ 32,096 | |||||||||||||||||||||||||||||||||
Bonita Lakes Mall and Crossing | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 27,910 | |||||||||||||||||||||||||||||||||
Sales Price, Net | 27,614 | |||||||||||||||||||||||||||||||||
Gain/ (Loss) | $ 208 | |||||||||||||||||||||||||||||||||
Loss on impairment | $ 5,323 | |||||||||||||||||||||||||||||||||
The Crossings at Marshalls Creek | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 23,650 | |||||||||||||||||||||||||||||||||
Sales Price, Net | 21,791 | |||||||||||||||||||||||||||||||||
Gain/ (Loss) | $ 3,239 | |||||||||||||||||||||||||||||||||
River Ridge Mall, Lynchburg, VA | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 33,500 | |||||||||||||||||||||||||||||||||
Sales Price, Net | 32,905 | |||||||||||||||||||||||||||||||||
Gain/ (Loss) | $ 0 | |||||||||||||||||||||||||||||||||
Loss on impairment | $ 84 | $ 9,510 | $ 9,594 | |||||||||||||||||||||||||||||||
Percentage owned in disposed asset | 75.00% | 75.00% | ||||||||||||||||||||||||||||||||
EastGate Crossing | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 21,060 | |||||||||||||||||||||||||||||||||
Sales Price, Net | 20,688 | |||||||||||||||||||||||||||||||||
Gain/ (Loss) | 13,491 | |||||||||||||||||||||||||||||||||
Net proceeds from related to the lease of a tenant space | $ 657 | |||||||||||||||||||||||||||||||||
Mortgage debt assumed by buyer of real estate assets | $ 14,570 | $ 38,150 | 14,570 | 0 | ||||||||||||||||||||||||||||||
Mayfaire Community Center | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Gross | 56,300 | |||||||||||||||||||||||||||||||||
Sales Price, Net | 55,955 | |||||||||||||||||||||||||||||||||
Gain/ (Loss) | 0 | |||||||||||||||||||||||||||||||||
Loss on impairment | 397 | |||||||||||||||||||||||||||||||||
Chapel Hill Crossing | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Gross | 2,300 | |||||||||||||||||||||||||||||||||
Sales Price, Net | 2,178 | |||||||||||||||||||||||||||||||||
Gain/ (Loss) | 0 | |||||||||||||||||||||||||||||||||
Loss on impairment | 1,914 | |||||||||||||||||||||||||||||||||
Waynesville Commons | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 14,500 | |||||||||||||||||||||||||||||||||
Sales Price, Net | 14,289 | |||||||||||||||||||||||||||||||||
Gain/ (Loss) | $ 5,071 | |||||||||||||||||||||||||||||||||
Madison Plaza | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 5,700 | |||||||||||||||||||||||||||||||||
Sales Price, Net | 5,472 | |||||||||||||||||||||||||||||||||
Gain/ (Loss) | $ 2,769 | |||||||||||||||||||||||||||||||||
Madison Square | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 5,000 | |||||||||||||||||||||||||||||||||
Sales Price, Net | 4,955 | |||||||||||||||||||||||||||||||||
Gain/ (Loss) | $ 0 | |||||||||||||||||||||||||||||||||
Loss on impairment | $ 2,620 | |||||||||||||||||||||||||||||||||
Pemberton Plaza | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 1,975 | |||||||||||||||||||||||||||||||||
Sales Price, Net | 1,886 | |||||||||||||||||||||||||||||||||
Gain/ (Loss) | 0 | |||||||||||||||||||||||||||||||||
Loss on impairment | $ 497 | |||||||||||||||||||||||||||||||||
Foothills Plaza Expansion | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 2,640 | |||||||||||||||||||||||||||||||||
Sales Price, Net | 2,387 | |||||||||||||||||||||||||||||||||
Gain/ (Loss) | $ 937 | |||||||||||||||||||||||||||||||||
Lakeshore Mall | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Gross | $ 14,000 | |||||||||||||||||||||||||||||||||
Sales Price, Net | 13,613 | |||||||||||||||||||||||||||||||||
Gain/ (Loss) | 0 | |||||||||||||||||||||||||||||||||
Loss on impairment | $ 106 | $ 5,100 | ||||||||||||||||||||||||||||||||
Lakeshore Mall | Fair Value, Inputs, Level 3 | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Fair value of long-lived assets | $ 13,780 | |||||||||||||||||||||||||||||||||
Lakeshore Mall | Notes Receivable | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Note receivable from sale of mall | 10,000 | |||||||||||||||||||||||||||||||||
Lakeshore Mall | Cash | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Sales Price, Net | $ 4,000 | |||||||||||||||||||||||||||||||||
Columbia Place | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Loss on impairment | $ 50,683 | |||||||||||||||||||||||||||||||||
Balance of Non-recourse Debt | $ 27,265 | |||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | $ 27,171 | |||||||||||||||||||||||||||||||||
Non-cash default interest expense | $ 3,181 | |||||||||||||||||||||||||||||||||
Chapel Hill Suburban | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Loss on impairment | 12,050 | |||||||||||||||||||||||||||||||||
Balance of Non-recourse Debt | 68,563 | |||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | $ 18,296 | |||||||||||||||||||||||||||||||||
Non-cash default interest expense | 1,514 | |||||||||||||||||||||||||||||||||
Citadel Mall | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Loss on impairment | $ 20,453 | |||||||||||||||||||||||||||||||||
Balance of Non-recourse Debt | $ 68,169 | |||||||||||||||||||||||||||||||||
Gain on extinguishment of debt | $ 43,932 | |||||||||||||||||||||||||||||||||
River Ridge Mall, Lynchburg, VA | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Company's ownership interest (as a percent) | 25.00% | 25.00% | 25.00% | |||||||||||||||||||||||||||||||
Mortgages | Fashion Square, Saginaw, MI | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Mortgage note payables assumed | $ 38,150 | |||||||||||||||||||||||||||||||||
Outparcel Sale | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Gain on sales of real estate assets | $ 21,385 | |||||||||||||||||||||||||||||||||
Number of outparcels sold | outparcel | 18 | |||||||||||||||||||||||||||||||||
Parking Deck Project | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Gain on sales of real estate assets | $ 2,184 | |||||||||||||||||||||||||||||||||
Parcel Project | The Outlet Shoppes at Atlanta - Parcel Development | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Gain on sales of real estate assets | $ 1,621 | |||||||||||||||||||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Number of office buildings held for sale | office_building | 2 | 2 | 2 | |||||||||||||||||||||||||||||||
CBL & Associates Properties, Inc. | ||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||||||||||||||||||||
Loss on impairment | $ 116,822 | 105,945 | 17,858 | |||||||||||||||||||||||||||||||
Gain on sales of real estate assets | 29,567 | 32,232 | 5,342 | |||||||||||||||||||||||||||||||
Held for sale | [1] | $ 5,861 | 0 | $ 5,861 | 0 | 5,861 | 0 | |||||||||||||||||||||||||||
Note receivable from sale of mall | [1] | $ 16,803 | $ 18,238 | $ 16,803 | $ 18,238 | 16,803 | 18,238 | |||||||||||||||||||||||||||
Gain on extinguishment of debt | $ 0 | $ 256 | $ 87,893 | |||||||||||||||||||||||||||||||
|
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Details) - entity |
Dec. 31, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
---|---|---|---|
Schedule of Equity Method Investments [Line Items] | |||
Number of entities - equity method of accounting | 17 | ||
Governor’s Square Company | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 47.50% | ||
River Ridge Mall JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 25.00% | ||
Parent Company | Ambassador Infrastructure, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 65.00% | ||
Parent Company | Ambassador Town Center JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 65.00% | ||
Parent Company | CBL/T-C, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | CBL-TRS Joint Venture, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | El Paso Outlet Outparcels, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | Fremaux Town Center JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 65.00% | ||
Parent Company | G&I VIII CBL Triangle LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 10.00% | ||
Parent Company | Governor’s Square IB | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | JG Gulf Coast Town Center LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | 50.00% | |
Parent Company | Kentucky Oaks Mall Company | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | Mall of South Carolina L.P. | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | Mall of South Carolina Outparcel L.P. | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | Port Orange I, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | River Ridge Mall JV, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 25.00% | 25.00% | |
Parent Company | West Melbourne I, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% | ||
Parent Company | York Town Center, LP | |||
Schedule of Equity Method Investments [Line Items] | |||
Joint venture, ownership percentage | 50.00% |
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Joint Ventures) (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
office_building
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
subsidiary
|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales price, gross | $ 194,710 | $ 104,860 | $ 18,615 | |||||||||
Sales Price, Net | 189,531 | 103,537 | 17,886 | |||||||||
Gain on sales of real estate assets | $ 14,065 | $ 14,173 | 29,567 | 32,232 | 5,342 | |||||||
Mortgage and other indebtedness, variable-rate debt | $ 888,770 | $ 888,770 | 1,241,379 | 888,770 | 1,241,379 | |||||||
Gain on extinguishment of debt | 256 | |||||||||||
Gain on investments | $ 16,560 | 7,534 | 16,560 | 87,893 | ||||||||
Loss on impairment | $ 116,822 | 105,945 | 17,858 | |||||||||
Triangle Town Member LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain on sales of real estate assets | $ 2,820 | |||||||||||
High Pointe Commons, LP and High Pointe Commons II-HAP, LP | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of subsidiaries owned by the company | subsidiary | 2 | |||||||||||
JG Gulf Coast Town Center LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain on investments | $ 29,267 | |||||||||||
River Ridge Mall JV, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Joint venture, ownership percentage | 25.00% | 25.00% | 25.00% | |||||||||
Corporate Joint Venture | CBL-TRS Joint Venture, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of office buildings sold | office_building | 4 | |||||||||||
Sales price, gross | $ 26,000 | |||||||||||
Sales Price, Net | 25,406 | $ 14,962 | ||||||||||
Gain on sales of real estate assets | 51 | |||||||||||
Corporate Joint Venture | Triangle Town Member LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales price, gross | 30,250 | $ 174,000 | ||||||||||
Sales Price, Net | 29,802 | |||||||||||
Gain on sales of real estate assets | 2,538 | $ 80,979 | ||||||||||
Mortgage and other indebtedness, variable-rate debt | $ 29,342 | $ 29,342 | $ 29,342 | |||||||||
Joint venture, ownership percentage | 90.00% | 50.00% | 90.00% | 50.00% | 90.00% | |||||||
Equity contribution | $ 3,060 | |||||||||||
Corporate Joint Venture | High Pointe Commons | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales price, gross | 33,800 | |||||||||||
Gain on sales of real estate assets | $ 16,649 | |||||||||||
Joint venture, ownership percentage | 50.00% | |||||||||||
Gain on extinguishment of debt | $ 393 | |||||||||||
Corporate Joint Venture | Renaissance Center | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales Price, Net | 80,324 | |||||||||||
Gain on sales of real estate assets | 59,977 | |||||||||||
Corporate Joint Venture | JG Gulf Coast Town Center LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain on extinguishment of debt | $ 63,294 | |||||||||||
Corporate Joint Venture | River Ridge Mall JV, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Joint venture, ownership percentage | 75.00% | 75.00% | ||||||||||
Parent Company | CBL-TRS Joint Venture, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Joint venture, ownership percentage | 50.00% | 50.00% | 50.00% | |||||||||
Parent Company | Triangle Town Member LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain on sales of real estate assets | $ 282 | |||||||||||
Joint venture, ownership percentage | 10.00% | 50.00% | 10.00% | 50.00% | 10.00% | |||||||
Parent Company | High Pointe Commons | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Joint venture, ownership percentage | 50.00% | |||||||||||
Parent Company | JG Gulf Coast Town Center LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Joint venture, ownership percentage | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||
Parent Company | River Ridge Mall JV, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Joint venture, ownership percentage | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | |||||||
CBL & Associates Properties, Inc. | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain on sales of real estate assets | $ 29,567 | 32,232 | 5,342 | |||||||||
Gain on extinguishment of debt | 0 | 256 | 87,893 | |||||||||
Gain on investments | 7,534 | 16,560 | 0 | |||||||||
Loss on impairment | 116,822 | 105,945 | $ 17,858 | |||||||||
Unconsolidated Affiliate and Other Affiliated Partnerships | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain on sales of real estate assets | 501 | |||||||||||
Other Ownership Interest | Corporate Joint Venture | CBL-TRS Joint Venture, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales Price, Net | $ 12,703 | |||||||||||
Gain on sales of real estate assets | 25 | |||||||||||
Other Ownership Interest | Corporate Joint Venture | High Pointe Commons | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales Price, Net | $ 7,481 | |||||||||||
Gain on sales of real estate assets | 8,324 | |||||||||||
Gain on extinguishment of debt | 197 | |||||||||||
Other Ownership Interest | Corporate Joint Venture | Renaissance Center | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales Price, Net | $ 40,162 | |||||||||||
Gain on sales of real estate assets | 29,989 | |||||||||||
Other Ownership Interest | Unconsolidated Affiliate and Other Affiliated Partnerships | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain on sales of real estate assets | 251 | |||||||||||
Mortgages | High Pointe Commons | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Extinguishment of debt | $ 17,388 | |||||||||||
Mortgages | Corporate Joint Venture | Triangle Town Member LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Mortgage note payables assumed | $ 171,092 | $ 171,092 | ||||||||||
Mortgages | Parent Company | Triangle Town Member LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Mortgage note payables assumed | 17,109 | 17,109 | ||||||||||
Mortgages | Other Ownership Interest | Corporate Joint Venture | Triangle Town Member LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Mortgage note payables assumed | 85,546 | 85,546 | ||||||||||
Non Recourse Loans On Operating Properties | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Mortgage and other indebtedness, variable-rate debt | $ 19,055 | $ 19,055 | $ 16,840 | 19,055 | $ 16,840 | |||||||
Non Recourse Loans On Operating Properties | JG Gulf Coast Town Center LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Mortgage and other indebtedness, variable-rate debt | 190,800 | |||||||||||
Non Recourse Loans On Operating Properties | CBL & Associates Properties, Inc. | JG Gulf Coast Town Center LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Mortgage and other indebtedness, variable-rate debt | 95,400 | |||||||||||
Renaissance Center | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales price, gross | 129,200 | |||||||||||
Gain on sales of real estate assets | 29,437 | |||||||||||
Renaissance Center - Phase I | Mortgages | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Mortgage debt assumed by buyer of real estate assets | 16,000 | |||||||||||
Defeasance of debt in disposition | $ 31,484 | |||||||||||
River Ridge Mall JV, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Sales price, gross | 33,500 | |||||||||||
Sales Price, Net | $ 32,905 | |||||||||||
Loss on impairment | $ 84 | 9,510 | 9,594 | |||||||||
Reserve for future capital expenditures | 2,100 | $ 2,100 | ||||||||||
Percentage owned in disposed asset | 75.00% | 75.00% | ||||||||||
River Ridge Mall JV, LLC | Corporate Joint Venture | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Cash contributed by third party | 33,500 | |||||||||||
Quoted market value | $ 7,000 | 7,000 | ||||||||||
Repayment of long term line of credit | $ 32,819 |
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Summarized Financial Information) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Equity Method Investment, Summarized Financial Information, Balance Sheet [Abstract] | |||
Investment in real estate assets | $ 2,137,666 | $ 2,357,902 | |
Accumulated depreciation | (564,612) | (677,448) | |
Investment in real estate, net | 1,573,054 | 1,680,454 | |
Developments in progress | 9,210 | 59,592 | |
Net investment in real estate assets | 1,582,264 | 1,740,046 | |
Other assets | 223,347 | 168,540 | |
Total assets | 1,805,611 | 1,908,586 | |
Mortgage and other indebtedness | 1,266,046 | 1,546,272 | |
Other liabilities | 46,160 | 51,357 | |
Total liabilities | 1,312,206 | 1,597,629 | |
The Company | 228,313 | 184,868 | |
Other investors | 265,092 | 126,089 | |
Total owners' equity | 493,405 | 310,957 | |
Total liabilities and owners’ equity | 1,805,611 | 1,908,586 | |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | |||
Total revenues | 250,361 | 253,399 | $ 250,248 |
Depreciation and amortization | (83,640) | (79,870) | (79,059) |
Other operating expenses | (76,328) | (75,875) | (73,218) |
Income from operations | 90,393 | 97,654 | 97,971 |
Interest and other income | 1,352 | 1,337 | 1,358 |
Interest expense | (55,227) | (75,485) | (74,754) |
Gain on extinguishment of debt | 62,901 | 0 | 0 |
Gain on sales of real estate assets | 160,977 | 2,551 | 1,697 |
Net income | $ 260,396 | $ 26,057 | $ 26,272 |
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Joint Venture Financings) (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
extension_option
|
Jun. 30, 2016
USD ($)
|
Feb. 29, 2016
USD ($)
|
Jan. 31, 2016 |
Dec. 31, 2015
USD ($)
|
Oct. 31, 2015
USD ($)
|
Jul. 31, 2015
USD ($)
|
Dec. 31, 2016
USD ($)
extension_option
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Oct. 31, 2016 |
|
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | $ 0 | $ 0 | $ 360 | ||||||||
Mortgage and other indebtedness, variable-rate debt | $ 888,770 | $ 1,241,379 | 888,770 | 1,241,379 | |||||||
Mortgage and other indebtedness, net | 4,465,294 | 4,710,628 | 4,465,294 | 4,710,628 | |||||||
Construction loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Mortgage and other indebtedness, variable-rate debt | 39,263 | 0 | 39,263 | 0 | |||||||
Non Recourse Loans On Operating Properties | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Mortgage and other indebtedness, variable-rate debt | 19,055 | 16,840 | 19,055 | $ 16,840 | |||||||
The Shops at Friendly Center | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | $ 60,000 | ||||||||||
Debt instrument, term | 6 years | ||||||||||
Mortgage and other indebtedness, net | $ 37,640 | 37,640 | |||||||||
Fremaux Town Center JV, LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | $ 73,000 | ||||||||||
Fremaux Town Center JV, LLC | Construction loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Mortgage and other indebtedness, net | 71,125 | 71,125 | |||||||||
Ambassador Town Center JV, LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | $ 47,660 | ||||||||||
Ambassador Town Center JV, LLC | Construction loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Mortgage and other indebtedness, net | $ 41,885 | 41,885 | |||||||||
The Pavilion at Port Orange | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | $ 58,628 | 58,820 | |||||||||
Hammock Landing - Phase I | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | 43,347 | 39,475 | $ 39,475 | ||||||||
Hammock Landing - Phase II | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | 16,757 | $ 16,757 | |||||||||
Triangle Town Center, Triangle Town Commons and Triangle Town Place | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | $ 171,092 | ||||||||||
Extension option, term (years) | 1 year | ||||||||||
Number of extension options available | extension_option | 2 | 2 | |||||||||
Port Orange and Hammock Landing - Phase I and II | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage Guaranteed by the Company | 20.00% | 25.00% | |||||||||
Extension option, term (years) | 1 year | ||||||||||
Oak Park Mall | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | $ 276,000 | ||||||||||
Gulf Coast Town Center - Phase III | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Amount Financed or Extended | $ 5,352 | ||||||||||
LIBOR | The Shops at Friendly Center | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 3.34% | 3.34% | |||||||||
LIBOR | Fremaux Town Center JV, LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 3.699% | 3.699% | |||||||||
LIBOR | Ambassador Town Center JV, LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 3.22% | ||||||||||
LIBOR | The Pavilion at Port Orange | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 2.00% | 2.00% | 2.00% | ||||||||
LIBOR | Hammock Landing - Phase I | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 2.00% | 2.00% | 2.00% | ||||||||
LIBOR | Hammock Landing - Phase II | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 2.00% | 2.00% | 2.00% | ||||||||
LIBOR | Triangle Town Center, Triangle Town Commons and Triangle Town Place | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 4.00% | 4.00% | 5.74% | 4.00% | 5.74% | ||||||
LIBOR | Oak Park Mall | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 3.97% | ||||||||||
LIBOR | Gulf Coast Town Center - Phase III | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 2.00% | ||||||||||
Oak Park Mall | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 5.85% | ||||||||||
Oak Park Mall | Non Recourse Loans On Operating Properties | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Mortgage and other indebtedness, variable-rate debt | $ 275,700 | ||||||||||
Interest Rate Swap | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notional amount of interest rate swaps held | $ 101,151 | $ 101,151 | |||||||||
Interest Rate Swap | Fremaux Town Center JV, LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notional amount of interest rate swaps held | $ 73,000 | $ 73,000 | |||||||||
Derivative liability | 52,130 | 52,130 | |||||||||
Interest Rate Swap | Ambassador Town Center JV, LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Notional amount of interest rate swaps held | 47,660 | 47,660 | |||||||||
Derivative liability | $ 38,866 | $ 38,866 | |||||||||
FIxed Rate Loan Maturing in January 2017 | LIBOR | The Shops at Friendly Center | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 5.90% | 5.90% | |||||||||
If Extension One is Exercised | Triangle Town Center, Triangle Town Commons and Triangle Town Place | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, lender fees | $ 5,000 | $ 5,000 | |||||||||
Debt instrument, commitment fee percentage | 0.50% | 0.50% | |||||||||
If Extension Two is Exercised | Triangle Town Center, Triangle Town Commons and Triangle Town Place | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, lender fees | $ 8,000 | $ 8,000 | |||||||||
Debt instrument, commitment fee percentage | 0.75% | 0.75% | |||||||||
If Extension Two is Exercised | LIBOR | Triangle Town Center, Triangle Town Commons and Triangle Town Place | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (percent) | 5.737% | 5.737% |
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Repayments) (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jul. 31, 2016 |
Jun. 30, 2016 |
Apr. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Schedule of Equity Method Investments [Line Items] | ||||||||
Mortgage loan | $ 0 | $ 0 | $ 360 | |||||
The Shops at Friendly Center | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 5.90% | 5.90% | ||||||
Principal Balance Repaid | $ 37,640 | |||||||
Mortgage loan | $ 60,000 | |||||||
Triangle Town Place | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 4.00% | 4.00% | ||||||
Principal Balance Repaid | $ 29,342 | |||||||
Governor’s Square Company | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 8.23% | |||||||
Principal Balance Repaid | $ 14,089 | |||||||
Joint venture, ownership percentage | 47.50% | 47.50% | ||||||
High Pointe Commons - Phase I | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 5.74% | |||||||
Principal Balance Repaid | $ 12,401 | |||||||
High Pointe Commons - PetCo | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 3.20% | |||||||
Principal Balance Repaid | $ 19 | |||||||
Joint venture, ownership percentage | 50.00% | |||||||
High Pointe Commons - Phase II | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 6.10% | |||||||
Principal Balance Repaid | $ 4,968 | |||||||
Kentucky Oaks Mall Company | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 5.27% | |||||||
Principal Balance Repaid | $ 19,912 | |||||||
Renaissance Center - Phase I | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 5.61% | |||||||
Principal Balance Repaid | $ 31,484 | |||||||
Triangle Town Center and Triangle Town Commons | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Mortgage loan | $ 141,126 | |||||||
Fremaux Town Center JV, LLC - Phase I | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 2.44% | |||||||
Principal Balance Repaid | $ 40,530 | |||||||
Fremaux Town Center JV, LLC - Phase II | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 2.44% | |||||||
Principal Balance Repaid | $ 30,595 | |||||||
Ambassador Town Center JV, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Interest Rate at Repayment Date (percent) | 2.24% | |||||||
Principal Balance Repaid | $ 41,885 | |||||||
Mortgage loan | 47,660 | |||||||
Fremaux Town Center JV, LLC | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Mortgage loan | $ 73,000 | |||||||
Parent | Governor’s Square Company | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Principal Balance Repaid | $ 6,692 | |||||||
Parent | Kentucky Oaks Mall Company | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Principal Balance Repaid | $ 9,956 | |||||||
Parent | Triangle Town Center and Triangle Town Commons | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Mortgage loan | $ 14,113 |
UNCONSOLIDATED AFFILIATES AND COST METHOD INVESTMENT (Cost Method Investments) (Details) - Jinsheng - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Nov. 30, 2016 |
Dec. 31, 2009 |
Dec. 31, 2016 |
|
Cost Method Investments [Abstract] | |||
Percentage of ownership interest in Jinsheng (in hundredths) | 6.20% | ||
Cost-method investments, payments received for redemption of interest | $ 15,538 | ||
Cost method investments | 5,325 | ||
Cost-method investment, gain | $ 10,136 | ||
Cost-method investment, OTTI recognized | $ 5,306 |
MORTGAGE AND OTHER INDEBTEDNESS, NET (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
loan
|
Dec. 31, 2015
USD ($)
loan
derivative_instrument
|
Oct. 31, 2015
USD ($)
loan
|
|
Debt Instrument [Line Items] | |||
Loan, outstanding amount | $ 3,594,379,000 | $ 3,485,308,000 | |
Mortgage and other indebtedness, variable-rate debt | 888,770,000 | 1,241,379,000 | |
Total fixed-rate and variable-rate debt | 4,483,149,000 | 4,726,687,000 | |
Deferred financing costs | 17,855,000 | 16,059,000 | |
Mortgage and other indebtedness | $ 4,465,294,000 | $ 4,710,628,000 | |
Weighted average interest rate (percent) | 4.82% | 4.54% | |
Unsecured term loan | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, variable-rate debt | $ 350,000,000 | ||
Weighted average interest rate (percent) | 1.94% | ||
Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Number of debt instruments | loan | 4 | ||
Number of instruments held | derivative_instrument | 4 | ||
Notional amount of interest rate swaps held | $ 101,151,000 | ||
Minimum | |||
Debt Instrument [Line Items] | |||
Notice required to redeem debt (days) | 30 days | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Notice required to redeem debt (days) | 60 days | ||
Non Recourse Loans On Operating Properties | |||
Debt Instrument [Line Items] | |||
Loan, outstanding amount | $ 2,453,628,000 | 2,736,538,000 | |
Mortgage and other indebtedness, variable-rate debt | 19,055,000 | 16,840,000 | |
Senior unsecured notes due 2023 | |||
Debt Instrument [Line Items] | |||
Loan, outstanding amount | 446,552,000 | 446,151,000 | |
Debt instrument, face value | $ 450,000,000 | ||
Senior unsecured notes due 2023 | Treasury Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate (percent) | 0.40% | ||
Senior unsecured notes due 2024 | |||
Debt Instrument [Line Items] | |||
Loan, outstanding amount | $ 299,939,000 | 299,933,000 | |
Debt instrument, unamortized discount | 61,000 | 67,000 | |
Debt instrument, face value | $ 300,000,000 | ||
Senior unsecured notes due 2024 | Treasury Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate (percent) | 0.35% | ||
Senior unsecured notes due 2024 | Minimum | |||
Debt Instrument [Line Items] | |||
Secured debt to total assets (percent) | 40.00% | ||
Senior unsecured notes due 2024 | Maximum | |||
Debt Instrument [Line Items] | |||
Secured debt to total assets (percent) | 45.00% | ||
Senior unsecured notes due 2026 | |||
Debt Instrument [Line Items] | |||
Loan, outstanding amount | $ 394,260,000 | 0 | |
Deferred financing costs | 3,671,000 | ||
Debt instrument, unamortized discount | 5,740,000 | ||
Debt instrument, face value | 400,000,000 | ||
Proceeds from debt | $ 390,589,000 | ||
Senior unsecured notes due 2026 | Treasury Rate | |||
Debt Instrument [Line Items] | |||
Basis spread on variable interest rate (percent) | 0.50% | ||
Senior unsecured notes due 2026 | Minimum | |||
Debt Instrument [Line Items] | |||
Secured debt to total assets (percent) | 40.00% | ||
Other | |||
Debt Instrument [Line Items] | |||
Loan, outstanding amount | $ 0 | 2,686,000 | |
Recourse term loans on operating Properties | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, variable-rate debt | 24,428,000 | 25,635,000 | |
Construction loan | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, variable-rate debt | 39,263,000 | 0 | |
Unsecured lines of credit | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, variable-rate debt | $ 6,024,000 | 398,904,000 | |
Unsecured term loans | |||
Debt Instrument [Line Items] | |||
Number of debt instruments | loan | 3 | 3 | |
Mortgage and other indebtedness, variable-rate debt | $ 800,000,000 | 800,000,000 | |
Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument, unamortized discount | $ 3,448,000 | $ 3,849,000 | |
Senior Unsecured Notes | Minimum | |||
Debt Instrument [Line Items] | |||
Secured debt to total assets (percent) | 40.00% | ||
Recourse and Nonrecourse Term Loans | |||
Debt Instrument [Line Items] | |||
Secured non-recourse and recourse term loans | $ 2,655,928,000 | ||
Fixed Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 5.48% | 5.53% | |
Fixed Rate Interest | Non Recourse Loans On Operating Properties | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 5.55% | 5.68% | |
Fixed Rate Interest | Senior unsecured notes due 2023 | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 5.25% | 5.25% | |
Fixed Rate Interest | Senior unsecured notes due 2024 | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 4.60% | 4.60% | |
Fixed Rate Interest | Senior unsecured notes due 2026 | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, variable-rate debt | $ 0.0000 | ||
Weighted average interest rate (percent) | 5.95% | ||
Fixed Rate Interest | Other | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 0.00% | 3.50% | |
Fixed Rate Interest | Senior Notes Due 2023 and 2024 | Minimum | |||
Debt Instrument [Line Items] | |||
Increase in variable interest rate basis | 0.25% | ||
Fixed Rate Interest | Senior Notes Due 2023 and 2024 | Maximum | |||
Debt Instrument [Line Items] | |||
Increase in variable interest rate basis | 1.00% | ||
Variable Rate Interest | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 2.15% | 1.76% | |
Variable Rate Interest | Non Recourse Loans On Operating Properties | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 3.13% | 2.49% | |
Variable Rate Interest | Recourse term loans on operating Properties | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 3.29% | 2.97% | |
Variable Rate Interest | Construction loan | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 3.12% | 0.00% | |
Variable Rate Interest | Unsecured lines of credit | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 1.82% | 1.54% | |
Variable Rate Interest | Unsecured term loans | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate (percent) | 2.04% | 1.82% | |
Actual | Senior Unsecured Notes | |||
Debt Instrument [Line Items] | |||
Secured debt to total assets (percent) | 30.00% |
MORTGAGE AND OTHER INDEBTEDNESS, NET (Unsecured Lines of Credit and Unsecured Term Loans)(Details) |
1 Months Ended | 3 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Oct. 31, 2015
USD ($)
extension_option
|
Mar. 31, 2015 |
Dec. 31, 2016
USD ($)
extension_option
credit_line
|
Dec. 31, 2015
USD ($)
credit_line
|
|
Debt Instrument [Line Items] | ||||
Mortgage and other indebtedness, variable-rate debt | $ 888,770,000 | $ 1,241,379,000 | ||
Weighted average interest rate (percent) | 4.82% | 4.54% | ||
Mortgage and other indebtedness, net | $ 4,465,294,000 | $ 4,710,628,000 | ||
Loan, outstanding amount | $ 3,594,379,000 | 3,485,308,000 | ||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Number of extension options available | extension_option | 1 | |||
Unsecured lines of credit | ||||
Debt Instrument [Line Items] | ||||
Number of debt instruments | credit_line | 3 | |||
Secured credit facility, borrowing capacity | $ 1,100,000,000 | $ 1,100,000,000 | ||
Credit facility, facility fee percentage | 0.25% | |||
Weighted-average interest rate | 1.82% | |||
Mortgage and other indebtedness, variable-rate debt | $ 6,024,000 | |||
Unsecured lines of credit | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 1.20% | |||
Unsecured lines of credit | Minimum | ||||
Debt Instrument [Line Items] | ||||
Credit facility, commitment fee percentage | 0.125% | 0.15% | ||
Unsecured lines of credit | Minimum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 0.875% | 1.00% | ||
Unsecured lines of credit | Maximum | ||||
Debt Instrument [Line Items] | ||||
Credit facility, commitment fee percentage | 0.30% | 0.35% | ||
Unsecured lines of credit | Maximum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 1.55% | 1.75% | ||
Unsecured lines of credit | Wells Fargo Bank | ||||
Debt Instrument [Line Items] | ||||
Credit facility, extension fee percentage | 0.15% | |||
Unsecured lines of credit 3 and 4 | ||||
Debt Instrument [Line Items] | ||||
Number of debt instruments | credit_line | 2 | |||
Secured credit facility, borrowing capacity | $ 500,000,000 | |||
Unsecured line of credit 5 | ||||
Debt Instrument [Line Items] | ||||
Secured credit facility, borrowing capacity | $ 100,000,000 | |||
Wells Fargo - Facility A | ||||
Debt Instrument [Line Items] | ||||
Secured credit facility, borrowing capacity | $ 500,000,000 | |||
Mortgage and other indebtedness, variable-rate debt | 0 | |||
Amount outstanding on letter of credit | 150,000 | |||
First Tennessee | ||||
Debt Instrument [Line Items] | ||||
Secured credit facility, borrowing capacity | 100,000,000 | |||
Mortgage and other indebtedness, variable-rate debt | 1,400,000 | |||
Additional secured and unsecured lines of credit with commitment | $ 20,000,000 | |||
First Tennessee | Wells Fargo Bank | ||||
Debt Instrument [Line Items] | ||||
Credit facility, extension fee percentage | 0.20% | |||
Wells Fargo - Facility B | ||||
Debt Instrument [Line Items] | ||||
Secured credit facility, borrowing capacity | $ 500,000,000 | |||
Mortgage and other indebtedness, variable-rate debt | 4,624,000 | |||
Amount outstanding on letter of credit | 123,000 | |||
Unsecured Line of Credit, Facilities A and B | ||||
Debt Instrument [Line Items] | ||||
Additional secured and unsecured lines of credit with commitment | $ 30,000,000 | |||
Unsecured term loan 4 | ||||
Debt Instrument [Line Items] | ||||
Mortgage and other indebtedness, variable-rate debt | $ 350,000,000 | |||
Number of extension options available | extension_option | 2 | |||
Extension option, term (years) | 1 year | |||
Weighted average interest rate (percent) | 1.94% | |||
Unsecured term loan 4 | Minimum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 0.90% | |||
Unsecured term loan 4 | Maximum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 1.75% | |||
Unsecured term loan 4 | Weighted Average | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 1.35% | |||
Unsecured Term Loan 1 | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate (percent) | 2.17% | |||
Debt instrument, face value | $ 400,000,000 | |||
Mortgage and other indebtedness, net | $ 400,000,000 | |||
Interest Rate at Repayment Date (percent) | 2.12% | |||
Unsecured Term Loan 1 | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 1.50% | |||
Unsecured Term Loan 2 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face value | $ 50,000,000 | |||
Mortgage and other indebtedness, net | $ 50,000,000 | |||
Unsecured Term Loan 2 | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 1.90% | 1.55% |
MORTGAGE AND OTHER INDEBTEDNESS, NET (Other) (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, net | $ 4,465,294,000 | $ 4,710,628,000 | |
Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Extinguishment of debt | $ 2,625,000 | ||
Stated interest rate (percent) | 3.50% | ||
Other Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Secured credit facility, borrowing capacity | $ 3,500,000 | ||
Secured credit facility, amount outstanding | $ 0 | ||
Other Variable Rate Debt | LIBOR | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate (percent) | 2.49% | ||
Chesterfield Mall, Midland Mall, and Wausau Center | Mortgages | |||
Debt Instrument [Line Items] | |||
Mortgage and other indebtedness, net | $ 189,642,000 |
MORTGAGE AND OTHER INDEBTEDNESS, NET (Fixed Rate Loans Financed) (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
extension_option
|
Jun. 30, 2016
USD ($)
|
Apr. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2016
USD ($)
extension_option
|
Jan. 01, 2018 |
Nov. 30, 2016 |
|
Debt Instrument [Line Items] | ||||||||||
Net unamortized premiums | $ 7,130 | $ 7,130 | ||||||||
Fixed Rate Operating Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Net unamortized premiums | $ (2,119) | $ (2,119) | ||||||||
Weighted average remaining term to maturity (years) | 3 years 7 months 26 days | |||||||||
Cary Towne Center | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (percent) | 4.00% | 4.00% | 8.50% | |||||||
Amount Financed | $ 46,716 | |||||||||
Number of extension options available | extension_option | 1 | 1 | ||||||||
Extension option, term (years) | 2 years | |||||||||
Greenbrier Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (percent) | 5.00% | 5.00% | 5.91% | |||||||
Amount Financed | $ 70,801 | |||||||||
Extension option, term (years) | 1 year | |||||||||
Hamilton Place | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (percent) | 4.36% | |||||||||
Amount Financed | $ 107,000 | |||||||||
Principal Balance Repaid | 98,181 | |||||||||
Hickory Point | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (percent) | 5.85% | |||||||||
Amount Financed | $ 27,446 | |||||||||
Extension option, term (years) | 1 year | |||||||||
Outlet Shoppes at Gettysburg | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (percent) | 4.80% | |||||||||
Amount Financed | $ 38,450 | |||||||||
Principal Balance Repaid | 38,112 | |||||||||
Outlet Shoppes at Gettysburg | Fixed Rate Operating Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal Balance Repaid | $ 38,112 | |||||||||
Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of extension options available | extension_option | 1 | 1 | ||||||||
Minimum | Fixed Rate Operating Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fixed interest, percentage rate | 4.00% | 4.00% | ||||||||
Maximum | Fixed Rate Operating Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fixed interest, percentage rate | 8.00% | 8.00% | ||||||||
Real Estate Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Extinguishment of debt | $ 98,181 | |||||||||
Real Estate Loan | Hamilton Place | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (percent) | 5.86% | |||||||||
Scenario, Forecast | Greenbrier Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (percent) | 5.4075% | |||||||||
Monthly principal payments required | $ 325 | $ 300 | $ 225 |
MORTGAGE AND OTHER INDEBTEDNESS, NET (Fixed Rate Loans Repaid) (Details) - USD ($) $ in Thousands |
1 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Oct. 31, 2016 |
Aug. 31, 2016 |
Jun. 30, 2016 |
Apr. 30, 2016 |
Sep. 30, 2015 |
Jul. 31, 2015 |
May 31, 2015 |
Dec. 31, 2016 |
Jul. 31, 2016 |
Dec. 31, 2015 |
|
Debt Instrument [Line Items] | ||||||||||
Mortgage and other indebtedness, net | $ 4,465,294 | $ 4,710,628 | ||||||||
Southaven Towne Center | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 5.50% | |||||||||
Principal Balance Repaid | $ 38,314 | |||||||||
Dakota Square Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 6.23% | |||||||||
Principal Balance Repaid | $ 55,103 | |||||||||
Hamilton Place | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 5.86% | |||||||||
Principal Balance Repaid | $ 98,181 | |||||||||
Loan amount | $ 107,000 | |||||||||
Stated interest rate (percent) | 4.36% | |||||||||
Cool Springs Crossing | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 4.54% | |||||||||
Principal Balance Repaid | $ 11,313 | |||||||||
Gunbarrel Pointe | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 4.64% | |||||||||
Principal Balance Repaid | $ 10,083 | |||||||||
Stroud Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 4.59% | |||||||||
Principal Balance Repaid | $ 30,276 | |||||||||
York Galleria | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 4.55% | |||||||||
Principal Balance Repaid | $ 48,337 | |||||||||
Outlet Shoppes at Gettysburg | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 5.87% | |||||||||
Principal Balance Repaid | $ 38,112 | |||||||||
Loan amount | $ 38,450 | |||||||||
Stated interest rate (percent) | 4.80% | |||||||||
Outlet Shoppes at Gettysburg | Non-Recourse Mortgage Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loan amount | $ 38,450 | |||||||||
Eastland Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 5.85% | |||||||||
Principal Balance Repaid | $ 59,400 | |||||||||
Brookfield Square | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 5.08% | |||||||||
Principal Balance Repaid | $ 86,621 | |||||||||
CherryVale Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 5.00% | |||||||||
Principal Balance Repaid | $ 77,198 | |||||||||
East Towne Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 5.00% | |||||||||
Principal Balance Repaid | $ 65,856 | |||||||||
West Towne Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 5.00% | |||||||||
Principal Balance Repaid | $ 93,021 | |||||||||
Imperial Valley Mall | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate at Repayment Date (percent) | 4.99% | |||||||||
Principal Balance Repaid | $ 49,486 | |||||||||
Fashion Square | Mortgages | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Mortgage and other indebtedness, net | $ 38,150 | |||||||||
Stated interest rate (percent) | 4.95% |
MORTGAGE AND OTHER INDEBTEDNESS, NET (Variable Rate Loans Financed) (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2016 |
Dec. 31, 2016 |
|
Statesboro Crossing, LLC | ||
Debt Instrument [Line Items] | ||
Extension option, term (years) | 1 year | |
Amount Financed | $ 11,035 | |
Statesboro Crossing, LLC | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 1.80% | |
Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Weighted average remaining term to maturity (years) | 1 year 10 months 24 days | |
Minimum | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Variable interest, percentage rate | 2.57% | |
Maximum | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Variable interest, percentage rate | 5.03% | |
Extension option, term (years) | 2 years |
MORTGAGE AND OTHER INDEBTEDNESS, NET (Construction Loans Financed) (Details) $ in Thousands |
1 Months Ended | |||
---|---|---|---|---|
May 31, 2016
USD ($)
extension_option
|
Jul. 31, 2015
USD ($)
|
May 31, 2015
USD ($)
|
Dec. 31, 2014 |
|
Laredo Outlet JV, LLC | ||||
Debt Instrument [Line Items] | ||||
Amount Financed | $ 91,300 | |||
Laredo Outlet JV, LLC | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 2.50% | |||
The Outlet Shoppes of the Bluegrass - Phase II | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 2.35% | |||
Amount Financed | $ 11,320 | |||
Percentage Guaranteed by the Company | 100.00% | |||
The Outlet Shoppes of the Bluegrass - Phase II | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 2.50% | |||
The Outlet Shoppes at Atlanta - Phase II | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 2.35% | |||
Amount Financed | $ 6,200 | |||
Percentage Guaranteed by the Company | 100.00% | |||
The Outlet Shoppes at Atlanta - Phase II | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 2.50% | |||
Laredo Outlet JV, LLC | ||||
Debt Instrument [Line Items] | ||||
Percentage Guaranteed by the Company | 100.00% | |||
Number of extension options available | extension_option | 1 | |||
Extension option, term (years) | 24 months | |||
Laredo Outlet JV, LLC | Parent Company | ||||
Debt Instrument [Line Items] | ||||
Company's ownership interest (as a percent) | 65.00% | |||
Laredo Outlet JV, LLC | Corporate Joint Venture | ||||
Debt Instrument [Line Items] | ||||
Company's ownership interest (as a percent) | 35.00% | |||
The Outlet Shoppes of Laredo, Phase I | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (percent) | 2.25% | |||
The Outlet Shoppes of the Bluegrass - Phase II | Parent Company | ||||
Debt Instrument [Line Items] | ||||
Company's ownership interest (as a percent) | 65.00% | |||
The Outlet Shoppes of the Bluegrass - Phase II | Corporate Joint Venture | ||||
Debt Instrument [Line Items] | ||||
Company's ownership interest (as a percent) | 35.00% | |||
The Outlet Shoppes at Atlanta - Phase II | Parent Company | ||||
Debt Instrument [Line Items] | ||||
Company's ownership interest (as a percent) | 75.00% | |||
The Outlet Shoppes at Atlanta - Phase II | Corporate Joint Venture | ||||
Debt Instrument [Line Items] | ||||
Company's ownership interest (as a percent) | 25.00% |
MORTGAGE AND OTHER INDEBTEDNESS, NET (Construction Loan Repaid) (Details) - The Outlet Shoppes at Atlanta, Woodstock, GA $ in Thousands |
1 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Debt Instrument [Line Items] | |
Interest Rate at Repayment Date (percent) | 3.02% |
Principal Balance Repaid | $ 2,124 |
MORTGAGE AND OTHER INDEBTEDNESS, NET (Covenants) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Non Recourse Loans On Operating Properties | |
Debt Instrument [Line Items] | |
Debt instrument, debt default threshold, minimum loan amount (greater than) | $ 50,000,000 |
Recourse term loans on operating Properties | |
Debt Instrument [Line Items] | |
Debt instrument, debt default threshold, minimum loan amount (greater than) | $ 150,000,000 |
Senior Unsecured Notes | Minimum | |
Debt Instrument [Line Items] | |
Secured debt to total assets (percent) (less than) | 40.00% |
Senior unsecured notes due 2026 | Minimum | |
Debt Instrument [Line Items] | |
Secured debt to total assets (percent) (less than) | 40.00% |
Required | Unsecured Credit Facility and Term Loan | |
Debt Instrument [Line Items] | |
Total debt to total assets (percent) | 60.00% |
Total unencumbered assets to unsecured debt (percent) | 160.00% |
Unencumbered NOI to unsecured interest expense (percent) | 175.00% |
EBITDA to fixed charges (debt service) (percent) | 150.00% |
Required | Senior Unsecured Notes | |
Debt Instrument [Line Items] | |
Total debt to total assets (percent) | 60.00% |
Total unencumbered assets to unsecured debt (percent) | 150.00% |
Secured debt to total assets (percent) (less than) | 45.00% |
Consolidated income available for debt service to annual debt service charge (percent) | 150.00% |
Actual | Unsecured Credit Facility and Term Loan | |
Debt Instrument [Line Items] | |
Total debt to total assets (percent) | 48.00% |
Total unencumbered assets to unsecured debt (percent) | 240.00% |
Unencumbered NOI to unsecured interest expense (percent) | 520.00% |
EBITDA to fixed charges (debt service) (percent) | 250.00% |
Actual | Senior Unsecured Notes | |
Debt Instrument [Line Items] | |
Total debt to total assets (percent) | 53.00% |
Total unencumbered assets to unsecured debt (percent) | 221.00% |
Secured debt to total assets (percent) (less than) | 30.00% |
Consolidated income available for debt service to annual debt service charge (percent) | 300.00% |
MORTGAGE AND OTHER INDEBTEDNESS, NET (Scheduled Principal Payments) (Details) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2016
USD ($)
loan
extension_option
|
Dec. 31, 2015
USD ($)
|
|
Maturities of Long-term Debt [Abstract] | ||
2017 | $ 757,314 | |
2018 | 711,645 | |
2019 | 275,477 | |
2020 | 213,608 | |
2021 | 455,026 | |
Thereafter | 1,887,567 | |
Total | 4,300,637 | |
Net unamortized discounts | (7,130) | |
Unamortized deferred financing costs | (17,855) | $ (16,059) |
Mortgage and other indebtedness, net | 4,465,294 | $ 4,710,628 |
Operating Property Loan | ||
Maturities of Long-term Debt [Abstract] | ||
2017 | $ 361,794 | |
Number of operating property loans | loan | 8 | |
Unsecured Term Loan | ||
Maturities of Long-term Debt [Abstract] | ||
2017 | $ 350,000 | |
Number of extension options available | extension_option | 2 | |
Extension option, term (years) | 1 year | |
Mortgages | Operating Property Loan | ||
Maturities of Long-term Debt [Abstract] | ||
2017 | $ 10,962 | |
Extension option, term (years) | 1 year | |
Mortgages | Remaining Loans | ||
Maturities of Long-term Debt [Abstract] | ||
2017 | $ 350,832 | |
Principal Amortization | ||
Maturities of Long-term Debt [Abstract] | ||
2017 | 45,520 | |
Chesterfield Mall, Midland Mall, and Wausau Center | Mortgages | ||
Maturities of Long-term Debt [Abstract] | ||
Mortgage and other indebtedness, net | $ 189,642 | |
Number of debt instruments | loan | 3 | |
Wausau Center | Mortgages | ||
Maturities of Long-term Debt [Abstract] | ||
Mortgage and other indebtedness, net | $ 17,689 | |
The Outlet Shoppes at El Paso, El Paso, TX | ||
Maturities of Long-term Debt [Abstract] | ||
Secured loan | $ 62,355 |
MORTGAGE AND OTHER INDEBTEDNESS, NET (Derivative Instrument Risk) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value | $ (434) | ||
Pay fixed/Receive variable swap 1 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swaps held | 48,337 | ||
Amortizing interest rate swap | $ 48,337 | ||
Strike rate (percent) | 2.149% | ||
Fair value | $ (208) | ||
Pay fixed/Receive variable swap 2 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swaps held | 30,276 | ||
Amortizing interest rate swap | $ 30,276 | ||
Strike rate (percent) | 2.187% | ||
Fair value | $ (133) | ||
Pay fixed/Receive variable swap 3 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swaps held | 11,313 | ||
Amortizing interest rate swap | $ 11,313 | ||
Strike rate (percent) | 2.142% | ||
Fair value | $ (48) | ||
Pay fixed/Receive variable swap 4 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional amount of interest rate swaps held | 10,083 | ||
Amortizing interest rate swap | $ 10,083 | ||
Strike rate (percent) | 2.236% | ||
Fair value | $ (45) | ||
Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain Recognized in OCI/L (Effective Portion) | 434 | $ 1,915 | $ 1,782 |
Interest rate contracts | Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss Recognized in Earnings (Effective Portion) | (443) | (2,196) | (2,195) |
Gain Recognized in Earnings (Ineffective Portion) | $ 0 | $ 0 | $ 0 |
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Details) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2015
USD ($)
shares
|
Dec. 31, 2016
USD ($)
unitholder
$ / shares
shares
|
Dec. 31, 2015
$ / shares
shares
|
Dec. 31, 2014
USD ($)
unitholder
shares
|
|
Common Stock [Abstract] | ||||
Stock repurchase program, authorized amount | $ | $ 200,000 | |||
Shares repurchased in period | shares | 0 | |||
Redemption of units, value | $ | $ 11,754,000 | $ 4,861,000 | ||
Number of holders of common units who received cash for their units | unitholder | 4 | 4 | ||
Redeemable noncontrolling interest, units exercised for conversion (shares) | shares | 964,796 | 272,952 | ||
Preferred Stock [Abstract] | ||||
Preferred stock, shares authorized (in shares) | shares | 15,000,000 | |||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||
Public offering, shares issued | shares | 335,417 | 278,093 | 246,168 | |
Operating Partnership | ||||
Common Stock [Abstract] | ||||
Common units outstanding | shares | 199,085,032 | 199,748,131 | ||
Operating Partnership | Common Units | ||||
Common Stock [Abstract] | ||||
Noncontrolling interest conversion, calculation of trailing average of trading price, term (days) | 5 days | |||
Common Stock | ||||
Common Stock [Abstract] | ||||
Common stock, shares authorized (in shares) | shares | 350,000,000 | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||
Common stock, shares outstanding (in shares) | shares | 170,792,645 | 170,490,948 | ||
Preferred Stock [Abstract] | ||||
Public offering, shares issued | shares | 8,419,298 | |||
Series E preferred stock | ||||
Preferred Stock [Abstract] | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Public offering, shares issued | shares | 6,900,000 | 6,900,000 | ||
Preferred stock represented by one depository share (in shares) | shares | 0.1 | 0.1 | ||
Dividend rate (in thousandths) | 6.625% | 6.625% | ||
Preferred stock, liquidation preference per share | $ / shares | $ 250.00 | |||
Depositary shares, liquidation preference (in dollars per share) | $ / shares | 25 | |||
Dividends in arrears per share (in dollars per share) | $ / shares | 16.5625 | |||
Dividends in arrears per depositary share (in dollars per share) | $ / shares | 1.65625 | |||
7.375% Series D Cumulative Redeemable Preferred Stock | ||||
Preferred Stock [Abstract] | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Preferred stock represented by one depository share (in shares) | shares | 0.1 | 0.1 | ||
Dividend rate (in thousandths) | 7.375% | 7.375% | ||
Preferred stock, liquidation preference per share | $ / shares | $ 250 | |||
Depositary shares, liquidation preference (in dollars per share) | $ / shares | 25 | |||
Dividends in arrears per share (in dollars per share) | $ / shares | 18.4375 | |||
Dividends in arrears per depositary share (in dollars per share) | $ / shares | $ 1.84375 | |||
Depositary shares outstanding | shares | 18,150,000 | 18,150,000 |
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (At-The-Market Equity Program) (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Mar. 01, 2013 |
|
Class of Stock [Line Items] | ||||
Common stock offering, maximum aggregate price | $ 300,000,000 | |||
Commission to sales agent, percent | 2.00% | |||
Issuance of shares of stock (in shares) | 335,417 | 278,093 | 246,168 | |
Common stock offering, maximum remaining aggregate price | $ 88,507,000 | |||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Issuance of shares of stock (in shares) | 8,419,298 | |||
Net proceeds | $ 209,596,000 | |||
At The Market Stock Sales | ||||
Class of Stock [Line Items] | ||||
Issuance of shares of stock (in shares) | 211,493,000 | |||
Proceeds from sale of common stock weighted average price per share | $ 25.12 |
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Allocations of Dividends and Declared and Paid For Income Tax Purposes) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jan. 16, 2017 |
Oct. 14, 2016 |
Jul. 15, 2016 |
Apr. 15, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Shareholders Equity [Line Items] | |||||||
Common stock cash dividends per share (in dollars per share) | $ 0.265 | $ 0.265 | $ 0.265 | ||||
Dividends payable | $ 45,259 | $ 45,179 | |||||
Common Stock | |||||||
Shareholders Equity [Line Items] | |||||||
Dividends declared (in usd per share) | $ 0.88 | $ 1.06 | $ 1.00 | ||||
Allocations (percent) | 100.00% | 100.00% | 100.00% | ||||
Common Stock | Ordinary income | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 100.00% | 100.00% | 100.00% | ||||
Common Stock | Capital gains 25% rate | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 0.00% | 0.00% | 0.00% | ||||
Common Stock | Return of capital | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 0.00% | 0.00% | 0.00% | ||||
Series D preferred stock | |||||||
Shareholders Equity [Line Items] | |||||||
Dividends declared (in usd per share) | $ 18.44 | $ 18.44 | $ 18.44 | ||||
Series E preferred stock | |||||||
Shareholders Equity [Line Items] | |||||||
Dividends declared (in usd per share) | $ 16.56 | $ 16.56 | $ 16.56 | ||||
Preferred Stock | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 100.00% | 100.00% | 100.00% | ||||
Preferred Stock | Ordinary income | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 100.00% | 100.00% | 100.00% | ||||
Preferred Stock | Capital gains 25% rate | |||||||
Shareholders Equity [Line Items] | |||||||
Allocations (percent) | 0.00% | 0.00% | 0.00% | ||||
Subsequent Event | |||||||
Shareholders Equity [Line Items] | |||||||
Common stock cash dividends per share (in dollars per share) | $ 0.265 | ||||||
Tax Year 2016 | Subsequent Event | |||||||
Shareholders Equity [Line Items] | |||||||
Common stock cash dividends per share (in dollars per share) | 0.081 | ||||||
Tax Year 2017 | Subsequent Event | |||||||
Shareholders Equity [Line Items] | |||||||
Common stock cash dividends per share (in dollars per share) | $ 0.184 |
SHAREHOLDERS' EQUITY AND PARTNERS' CAPITAL (Distributions - Operating Partnership) (Details) - CBL & Associates Limited Partnership - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Nov. 03, 2016 |
Apr. 15, 2016 |
|
Distribution Made to Limited Partner [Line Items] | ||||
Cash distributions paid | $ 9,054 | $ 9,310 | ||
Redeemable Common Units | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Distributions declared, amount (in usd per share) | $ 0.7322 | $ 0.7322 | ||
Common Units | ||||
Distribution Made to Limited Partner [Line Items] | ||||
Distributions declared, amount (in usd per share) | $ 0.2692 | $ 0.2692 |
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS Operating Partnership (Details) - Operating Partnership $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Nov. 30, 2005
quarter
$ / shares
shares
|
Jul. 31, 2004
USD ($)
$ / shares
shares
|
Dec. 31, 2016
USD ($)
shares
|
Dec. 31, 2015
USD ($)
shares
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2012
USD ($)
shares
|
Jun. 30, 2005
quarter
$ / shares
shares
|
|
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 28,292,387,000 | 29,257,183,000 | |||||
Redeemable noncontrolling interest, ownership percentage by noncontrolling owners | 0.80% | 0.80% | |||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 13.40% | 14.30% | |||||
Redeemable noncontrolling interest, allocation from (to) shareholders' equity, adjustment | $ | $ 2,454 | $ 2,981 | $ 2,937 | ||||
Noncontrolling interest, allocation from (to) Shareholders' Equity, adjustment | $ | $ 13,625 | $ (207) | $ (322) | ||||
CBL’s Predecessor | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 18,172,690,000 | 18,172,690,000 | |||||
Third parties | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 10,119,697,000 | 11,084,493,000 | |||||
The Company | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Redeemable noncontrolling interests | $ | $ 17,996 | $ 19,744 | |||||
Partners' capital attributable to noncontrolling interest | $ | $ 100,035 | $ 109,753 | |||||
S-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 1,560,940 | ||||||
Limited partnership agreement, noncontrolling interest redemption right, acquisition price threshold of qualifying property | $ | $ 20,000 | ||||||
L-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 571,700 | ||||||
Limited partnership agreement, condition to participate in distribution at common unit rate, number of consecutive quarters of distribution exceeding minimum (years) | quarter | 4 | ||||||
Common Units | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 622,278 | ||||||
Partnership units, value | $ | $ 14,000 | ||||||
Business acquisition, ownership percentage acquired | 30.00% | ||||||
K-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Units of partnership interest (shares) | 1,144,924 | ||||||
Limited partnership agreement, condition to participate in distribution at common unit rate, number of consecutive quarters of distribution exceeding minimum (years) | quarter | 4 | ||||||
First Five Years | S-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Limited partnership agreement, annual distribution term, amount per unit (in usd per unit) | $ / shares | $ 2.53825 | ||||||
Limited partnership agreement, annual distribution term (years) | 5 years | ||||||
After Five Years | S-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Limited partnership agreement, annual distribution term, amount per unit (in usd per unit) | $ / shares | $ 2.92875 | ||||||
Earlier of June 1, 2020 Or When Distribution Exceeds Minimum | L-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Limited partnership agreement, annual distribution term, amount per unit (in usd per unit) | $ / shares | $ 3.0288 | ||||||
Limited partnership agreement, quarterly distribution term, amount per unit (in usd per unit) | $ / shares | $ 0.7572 | ||||||
First Year | K-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Partnership unit, dividend rate (percentage) | 6.00% | ||||||
Partnership unit, dividends (in dollars per unit) | $ / shares | $ 2.85 | ||||||
After First Year | K-SCUs | |||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||
Partnership unit, dividend rate (percentage) | 6.25% | ||||||
Partnership unit, dividends (in dollars per unit) | $ / shares | $ 2.96875 | ||||||
Limited partnership agreement, redemption right, conversion rate to common stock, per share (shares) | 1 |
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS Other Consolidated Subsidiaries and Variable Interest Entities (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 31, 2016
USD ($)
subsidiary
|
Dec. 31, 2016
USD ($)
subsidiary
|
Dec. 31, 2015
USD ($)
subsidiary
|
Dec. 31, 2014
USD ($)
|
Jun. 30, 2016 |
Mar. 31, 2016 |
|
Redeemable Noncontrolling Interest [Line Items] | ||||||
Number of other consolidated subsidiaries | subsidiary | 25 | 25 | 23 | |||
Redeemable noncontrolling interest, redemption value, note receivable amount | $ 0 | $ 0 | $ 360 | |||
Total assets | $ 186,749 | 186,749 | 240,429 | |||
Total liabilities | 163,474 | 163,474 | 366,984 | |||
Other Consolidated Subsidiaries | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Redeemable noncontrolling interest, net gain (loss) on disposal of interest | (2,602) | |||||
Redeemable noncontrolling interests | 5,586 | |||||
Other noncontrolling interests | $ 12,103 | $ 12,103 | 4,876 | |||
Contain Redemption Provisions | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Number of other consolidated subsidiaries | subsidiary | 4 | 4 | ||||
Triangle Town Member LLC | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Total assets | 98,408 | |||||
Total liabilities | 171,092 | |||||
JG Gulf Coast Town Center LLC | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Total assets | 142,021 | |||||
Total liabilities | $ 195,892 | |||||
Triangle Town Member LLC | Parent Company | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Joint venture, ownership percentage | 10.00% | 10.00% | 50.00% | |||
JG Gulf Coast Town Center LLC | Parent Company | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Joint venture, ownership percentage | 50.00% | 50.00% | 50.00% | |||
Notes Receivable | Other Consolidated Subsidiaries | ||||||
Redeemable Noncontrolling Interest [Line Items] | ||||||
Redeemable noncontrolling interest, redemption value | $ 3,800 | $ 3,800 | ||||
Redeemable noncontrolling interest, redemption value, cash amount | 300 | $ 300 | ||||
Redeemable noncontrolling interest, redemption value, note receivable amount | $ 3,500 |
REDEEMABLE INTERESTS AND NONCONTROLLING INTERESTS Variable Interest Entities (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
May 31, 2016 |
Mar. 31, 2016 |
|
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | $ 659,494 | $ 144,800 | |||||
Liabilities, Consolidated | 616,386 | 101,908 | |||||
Assets, Unconsolidated | 186,749 | 240,429 | |||||
Liabilities, Unconsolidated | 163,474 | 366,984 | |||||
Capital contribution of note receivable to joint venture | 5,280 | 0 | $ 0 | ||||
Atlanta Outlet Outparcels, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 914 | ||||||
Liabilities, Consolidated | 4 | ||||||
Atlanta Outlet JV, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 63,361 | ||||||
Liabilities, Consolidated | 81,128 | ||||||
CBL Terrace LP | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 16,714 | ||||||
Liabilities, Consolidated | 13,509 | ||||||
El Paso Outlet Center Holding, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 103,232 | 107,337 | |||||
Liabilities, Consolidated | 69,535 | 63,458 | |||||
El Paso Outlet Center II, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 8,638 | ||||||
Liabilities, Consolidated | 7,028 | ||||||
Guaranteed amount | 6,745 | ||||||
Foothills Mall Associates | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 9,811 | ||||||
Liabilities, Consolidated | 34,997 | ||||||
Gettysburg Outlet Center Holding, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 36,542 | ||||||
Liabilities, Consolidated | 39,476 | ||||||
Gettysburg Outlet Center, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 7,203 | 37,463 | |||||
Liabilities, Consolidated | 37 | 38,450 | |||||
High Point Development LP II | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 1,104 | ||||||
Liabilities, Consolidated | 55 | ||||||
Jarnigan Road LP | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 41,392 | ||||||
Liabilities, Consolidated | 20,988 | ||||||
Laredo Outlet JV, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 89,353 | ||||||
Liabilities, Consolidated | 58,822 | ||||||
Guaranteed amount | 39,263 | ||||||
Lebcon Associates | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 47,721 | ||||||
Liabilities, Consolidated | 121,529 | ||||||
Lebcon I, Ltd | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 9,290 | ||||||
Liabilities, Consolidated | 9,711 | ||||||
Lee Partners | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 1,195 | ||||||
Liabilities, Consolidated | 0 | ||||||
Louisville Outlet Outparcels, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 62 | ||||||
Liabilities, Consolidated | 0 | ||||||
Louisville Outlet Shoppes, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 76,831 | ||||||
Liabilities, Consolidated | 85,132 | ||||||
Madison Grandview Forum, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 33,196 | ||||||
Liabilities, Consolidated | 13,622 | ||||||
The Promenade at D'Iberville | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 84,470 | ||||||
Liabilities, Consolidated | 46,570 | ||||||
Statesboro Crossing, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 18,869 | ||||||
Liabilities, Consolidated | 11,058 | ||||||
Village at Orchard Hills, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 498 | ||||||
Liabilities, Consolidated | 0 | ||||||
Woodstock GA Investments, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Consolidated | 9,098 | ||||||
Liabilities, Consolidated | 3,185 | ||||||
Ambassador Infrastructure, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Unconsolidated | 14,279 | ||||||
Liabilities, Unconsolidated | 14,279 | ||||||
G&I VIII CBL Triangle LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Unconsolidated | 172,470 | ||||||
Liabilities, Unconsolidated | 149,195 | ||||||
JG Gulf Coast Town Center LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Unconsolidated | 142,021 | ||||||
Liabilities, Unconsolidated | 195,892 | ||||||
Triangle Town Member LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Assets, Unconsolidated | 98,408 | ||||||
Liabilities, Unconsolidated | $ 171,092 | ||||||
The Outlet Shoppes at Atlanta - Phase II | |||||||
Variable Interest Entity [Line Items] | |||||||
Guaranteed amount | 4,839 | ||||||
The Outlet Shoppes of the Bluegrass - Phase II | |||||||
Variable Interest Entity [Line Items] | |||||||
Guaranteed amount | $ 10,101 | ||||||
Parent Company | Laredo Outlet JV, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Company's ownership interest (as a percent) | 65.00% | 65.00% | 65.00% | ||||
Amount of contribution | $ 19,846 | $ 7,714 | |||||
Cash contribution | 2,434 | ||||||
Percentage of capital contributed | 100.00% | ||||||
Parent Company | Laredo Outlet JV, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Company's ownership interest (as a percent) | 65.00% | ||||||
Capital contribution of note receivable to joint venture | $ 5,280 | ||||||
Parent Company | Triangle Town Member LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Company's ownership interest (as a percent) | 10.00% | 50.00% | |||||
Parent Company | JG Gulf Coast Town Center LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Company's ownership interest (as a percent) | 50.00% | 50.00% | |||||
Corporate Joint Venture | Laredo Outlet JV, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Company's ownership interest (as a percent) | 35.00% | 35.00% | |||||
Cash contributed by third party | $ 10,686 | ||||||
Corporate Joint Venture | Laredo Outlet JV, LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Company's ownership interest (as a percent) | 35.00% | ||||||
Corporate Joint Venture | Triangle Town Member LLC | |||||||
Variable Interest Entity [Line Items] | |||||||
Company's ownership interest (as a percent) | 90.00% | 50.00% |
MINIMUM RENTS (Details) $ in Thousands |
Dec. 31, 2016
USD ($)
|
---|---|
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2017 | $ 559,804 |
2018 | 468,622 |
2019 | 403,625 |
2020 | 341,958 |
2021 | 283,553 |
Thereafter | 771,041 |
Total | $ 2,828,603 |
MORTGAGE AND OTHER NOTES RECEIVABLE (Details) |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
May 31, 2016 |
Apr. 30, 2016 |
Dec. 31, 2016
USD ($)
subsidiary
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Mar. 31, 2016
USD ($)
|
|
Mortgage and Other Notes Receivable [Line Items] | ||||||
Percentage of assignment of the partnership interest | 100.00% | |||||
Interest rate (percent) | 7.00% | |||||
Mortgage and other notes receivable balance, fully collectible | $ 16,803,000 | $ 18,238,000 | ||||
Write-off of note receivable | 1,846,000 | 0 | $ 0 | |||
Note receivable from sale of land | $ 0 | $ 0 | $ 360,000 | |||
Columbia Place Outparcel | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 5.00% | 5.00% | ||||
One Park Place | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 5.00% | 5.00% | ||||
Village Square | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 3.75% | 3.50% | ||||
ERMC | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 4.00% | 0.00% | ||||
Horizon Group | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 0.00% | |||||
Horizon Group | Mortgage Note Payable | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Debt instrument, face value | $ 300,000 | |||||
Horizon Group, 2 | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 0.00% | 7.00% | ||||
Horizon Group, 2 | Mortgage Note Payable | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Debt instrument, face value | $ 5,280,000 | |||||
RED Development Inc. | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 5.00% | 5.00% | ||||
Woodstock land | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 5.00% | 0.00% | ||||
Mortgage Holdings, LLC | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Number of subsidiaries owned by the company | subsidiary | 2 | |||||
Mortgage Receivable | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | $ 5,680,000 | $ 7,776,000 | ||||
Mortgage Receivable | Columbia Place Outparcel | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | 321,000 | 342,000 | ||||
Mortgage Receivable | One Park Place | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | 1,194,000 | 1,369,000 | ||||
Mortgage Receivable | Village Square | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 3.75% | 3.50% | ||||
Mortgage and other notes receivable balance, fully collectible | $ 1,644,000 | 1,685,000 | ||||
Interest rate in one year (as a percent) | 4.00% | |||||
Mortgage Receivable | Other | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | $ 2,521,000 | 4,380,000 | ||||
Notes Receivable | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | 11,123,000 | 10,462,000 | ||||
Notes Receivable | ERMC | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | 3,500,000 | 0 | ||||
Note receivable from sale of land | $ 3,500,000 | |||||
Company's ownership interest (as a percent) | 50.00% | |||||
Number of subsidiaries owned by the company | subsidiary | 4 | |||||
Notes Receivable | Horizon Group | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | $ 300,000 | 0 | ||||
Notes Receivable | Horizon Group, 2 | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | 0 | 3,096,000 | ||||
Notes Receivable | RED Development Inc. | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | 6,588,000 | 7,366,000 | ||||
Notes Receivable | Woodstock land | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Mortgage and other notes receivable balance, fully collectible | $ 735,000 | $ 0 | ||||
Notes Receivable | JG Gulf Coast Town Center LLC | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Note receivable, interest rate (as a percent) | 6.32% | |||||
Minimum | Other | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 3.27% | 2.93% | ||||
Maximum | Other | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Interest rate (percent) | 9.50% | 9.50% | ||||
JG Gulf Coast Town Center LLC | Notes Receivable | ||||||
Mortgage and Other Notes Receivable [Line Items] | ||||||
Write-off of note receivable | $ 1,846,000 |
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 258,493 | $ 251,721 | $ 254,965 | $ 263,078 | $ 277,630 | $ 262,636 | $ 253,843 | $ 260,909 | $ 1,028,257 | $ 1,055,018 | $ 1,060,739 |
Property operating expenses | (281,456) | (283,345) | (293,897) | ||||||||
Interest expense | (216,318) | (229,343) | (239,824) | ||||||||
Other expense | (20,326) | (26,957) | (32,297) | ||||||||
Gain on sales of real estate assets | 14,065 | $ 14,173 | 29,567 | 32,232 | 5,342 | ||||||
Segment profit | 539,724 | 547,605 | 500,063 | ||||||||
Depreciation and amortization expense | (292,693) | (299,069) | (291,273) | ||||||||
General and administrative expense | (63,332) | (62,118) | (50,271) | ||||||||
Interest and other income | 1,524 | 6,467 | 14,121 | ||||||||
Gain on extinguishment of debt | 256 | ||||||||||
Loss on impairment | (116,822) | (105,945) | (17,858) | ||||||||
Gain on investments | $ 16,560 | 7,534 | 16,560 | 87,893 | |||||||
Income tax benefit (provision) | 2,063 | (2,941) | (4,499) | ||||||||
Equity in earnings of unconsolidated affiliates | 117,533 | 18,200 | 14,803 | ||||||||
Income from continuing operations | 195,531 | 119,015 | 252,979 | ||||||||
Total assets | 6,104,640 | 6,479,991 | 6,104,640 | 6,479,991 | |||||||
Capital expenditures | 267,803 | 424,813 | |||||||||
Malls | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 928,214 | 944,553 | 933,736 | ||||||||
Property operating expenses | (268,898) | (274,288) | (282,796) | ||||||||
Interest expense | (143,903) | (166,922) | (198,758) | ||||||||
Other expense | 0 | (19) | (20) | ||||||||
Gain on sales of real estate assets | 481 | 264 | 3,537 | ||||||||
Segment profit | 515,894 | 503,588 | 455,699 | ||||||||
Total assets | 5,383,937 | 5,766,084 | 5,383,937 | 5,766,084 | |||||||
Capital expenditures | 165,230 | 393,194 | |||||||||
Associated Centers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 39,259 | 40,392 | 41,527 | ||||||||
Property operating expenses | (8,246) | (9,364) | (9,500) | ||||||||
Interest expense | (5,972) | (7,285) | (7,959) | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Gain on sales of real estate assets | 657 | 16,260 | 937 | ||||||||
Segment profit | 25,698 | 40,003 | 25,005 | ||||||||
Total assets | 259,966 | 252,188 | 259,966 | 252,188 | |||||||
Capital expenditures | 5,705 | 5,186 | |||||||||
Community Centers | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 17,393 | 19,944 | 18,600 | ||||||||
Property operating expenses | (4,293) | (4,500) | (5,260) | ||||||||
Interest expense | (285) | (4,236) | (2,510) | ||||||||
Other expense | 0 | 0 | 0 | ||||||||
Gain on sales of real estate assets | 3,239 | 5,071 | 107 | ||||||||
Segment profit | 16,054 | 16,279 | 10,937 | ||||||||
Total assets | 215,917 | 263,614 | 215,917 | 263,614 | |||||||
Capital expenditures | 6,149 | 2,299 | |||||||||
All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 43,391 | 50,129 | 66,876 | ||||||||
Property operating expenses | (19) | 4,807 | 3,659 | ||||||||
Interest expense | (66,158) | (50,900) | (30,597) | ||||||||
Other expense | (20,326) | (26,938) | (32,277) | ||||||||
Gain on sales of real estate assets | 25,190 | 10,637 | 761 | ||||||||
Segment profit | (17,922) | (12,265) | $ 8,422 | ||||||||
Total assets | $ 244,820 | $ 198,105 | 244,820 | 198,105 | |||||||
Capital expenditures | $ 90,719 | $ 24,134 |
SUPPLEMENTAL AND NONCASH INFORMATION (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Other Significant Noncash Transactions [Line Items] | ||||
Cash paid for interest, net of amounts capitalized | $ 209,566 | $ 226,233 | $ 238,531 | |
Accrued dividends and distributions payable | 54,313 | 54,489 | 54,433 | |
Additions to real estate assets accrued but not yet paid | 24,881 | 26,345 | 25,332 | |
Capital contribution of note receivable to joint venture | 5,280 | 0 | 0 | |
Capital contribution from noncontrolling interest to joint venture | 155 | 0 | 0 | |
Write-off of note receivable | 1,846 | 0 | 0 | |
Note receivable from sale of land | $ 0 | $ 0 | 360 | |
Weighted average interest rate (percent) | 4.82% | 4.54% | ||
EastGate Crossing, Cincinnati, OH | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Mortgage debt assumed by buyer of real estate assets | $ 14,570 | $ 38,150 | $ 14,570 | 0 |
Columbia Place, Chapel Hill Mall and Citadel Mall | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Decrease in real estate assets | 0 | 0 | (79,398) | |
Decrease in mortgage and other indebtedness | 0 | 0 | 163,998 | |
Decrease in operating assets and liabilities | 0 | 0 | 4,799 | |
Lakeshore Mall | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Note receivable from sale of Lakeshore Mall | 0 | 0 | 10,000 | |
Senior unsecured notes due 2026 | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Discount on issuance of Senior Notes | 5,740 | 0 | 0 | |
4.60% Senior Notes Due 2024 | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Discount on issuance of Senior Notes | $ 0 | 0 | 75 | |
Senior Unsecured Notes | Senior unsecured notes due 2026 | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Weighted average interest rate (percent) | 5.95% | |||
Senior Unsecured Notes | 4.60% Senior Notes Due 2024 | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Weighted average interest rate (percent) | 4.60% | |||
Partnership Interest | ||||
Other Significant Noncash Transactions [Line Items] | ||||
Decrease in real estate assets | $ (14,025) | 0 | 0 | |
Increase in investment in unconsolidated affiliates | 14,030 | 0 | 0 | |
Decrease in accounts payable and accrued liabilities | $ (5) | $ 0 | $ 0 |
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Predecessor and Certain Officers | |||
Related Party Transaction [Line Items] | |||
Amounts paid in transaction | $ 26,993 | $ 31,398 | |
Accounts payable to related party | 4,121 | ||
Unconsolidated Affiliate and Other Affiliated Partnerships | |||
Related Party Transaction [Line Items] | |||
Revenues recognized, from related party transactions | $ 9,144 | $ 7,748 | $ 9,444 |
CONTINGENCIES (Details) |
1 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jul. 29, 2016
defendant
|
Jun. 24, 2016
claim
|
Feb. 29, 2016 |
Jan. 31, 2016 |
Dec. 31, 2014 |
Dec. 31, 2016
USD ($)
extension_option
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Guarantor Obligations [Line Items] | ||||||||
Loss contingency, new claims filed | claim | 3 | |||||||
Environmental liability insurance, maximum coverage per incident | $ 10,000,000 | |||||||
Environmental liability insurance, aggregate coverage limit | 50,000,000 | |||||||
Guarantees [Abstract] | ||||||||
Obligation recorded to reflect guaranty | 412,000 | $ 1,196,000 | ||||||
Performance Bonds [Abstract] | ||||||||
Malpractice Loss Contingency, Letters of Credit and Surety Bonds | $ 21,446,000 | 16,452,000 | ||||||
Initial term of lease (years) | 20 years | |||||||
Lease expense | $ 1,301,000 | 1,215,000 | $ 1,290,000 | |||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||||
2017 | 588,000 | |||||||
2018 | 594,000 | |||||||
2019 | 601,000 | |||||||
2020 | 607,000 | |||||||
2021 | 614,000 | |||||||
Thereafter | 12,636,000 | |||||||
Total lease payments due | $ 15,640,000 | |||||||
Minimum | ||||||||
Guarantees [Abstract] | ||||||||
Number of extension options available | extension_option | 1 | |||||||
Performance Bonds [Abstract] | ||||||||
Term of renewal option (years) | 5 years | |||||||
Maximum | ||||||||
Performance Bonds [Abstract] | ||||||||
Term of renewal option (years) | 10 years | |||||||
West Melbourne I, LLC - Phase I | ||||||||
Guarantees [Abstract] | ||||||||
Company's ownership interest (as a percent) | 50.00% | |||||||
Outstanding Balance | $ 42,847,000 | |||||||
Percentage Guaranteed by the Company | 20.00% | |||||||
Maximum Guaranteed Amount | $ 8,569,000 | |||||||
Obligation recorded to reflect guaranty | $ 86,000 | 99,000 | ||||||
West Melbourne I, LLC - Phase II | ||||||||
Guarantees [Abstract] | ||||||||
Company's ownership interest (as a percent) | 50.00% | |||||||
Outstanding Balance | $ 16,557,000 | |||||||
Percentage Guaranteed by the Company | 20.00% | |||||||
Maximum Guaranteed Amount | $ 3,311,000 | |||||||
Obligation recorded to reflect guaranty | $ 33,000 | 87,000 | ||||||
Port Orange I, LLC | ||||||||
Guarantees [Abstract] | ||||||||
Company's ownership interest (as a percent) | 50.00% | |||||||
Outstanding Balance | $ 57,927,000 | |||||||
Percentage Guaranteed by the Company | 20.00% | |||||||
Maximum Guaranteed Amount | $ 11,586,000 | |||||||
Obligation recorded to reflect guaranty | $ 116,000 | 148,000 | ||||||
Extension option, term (years) | 1 year | |||||||
Fremaux Town Center JV, LLC - Phase I | ||||||||
Guarantees [Abstract] | ||||||||
Company's ownership interest (as a percent) | 65.00% | |||||||
Outstanding Balance | $ 0 | |||||||
Percentage Guaranteed by the Company | 0.00% | |||||||
Maximum Guaranteed Amount | $ 0 | |||||||
Obligation recorded to reflect guaranty | $ 0 | 62,000 | ||||||
Fremaux Town Center JV, LLC - Phase II | ||||||||
Guarantees [Abstract] | ||||||||
Company's ownership interest (as a percent) | 65.00% | |||||||
Outstanding Balance | $ 0 | |||||||
Percentage Guaranteed by the Company | 0.00% | |||||||
Maximum Guaranteed Amount | $ 0 | |||||||
Obligation recorded to reflect guaranty | $ 0 | 161,000 | ||||||
Ambassador Town Center JV, LLC | ||||||||
Guarantees [Abstract] | ||||||||
Company's ownership interest (as a percent) | 65.00% | |||||||
Outstanding Balance | $ 0 | |||||||
Percentage Guaranteed by the Company | 0.00% | |||||||
Maximum Guaranteed Amount | $ 0 | |||||||
Obligation recorded to reflect guaranty | $ 0 | 462,000 | ||||||
Ambassador Infrastructure, LLC | ||||||||
Guarantees [Abstract] | ||||||||
Company's ownership interest (as a percent) | 65.00% | |||||||
Outstanding Balance | $ 11,700,000 | |||||||
Percentage Guaranteed by the Company | 100.00% | |||||||
Maximum Guaranteed Amount | $ 11,700,000 | |||||||
Obligation recorded to reflect guaranty | $ 177,000 | $ 177,000 | ||||||
Extension option, term (years) | 1 year | |||||||
Loan guaranty, fee income (percent) | 1.00% | |||||||
Number of extension options available | extension_option | 2 | |||||||
West Melbourne I, II and Port Orange I | ||||||||
Guarantees [Abstract] | ||||||||
Percentage Guaranteed by the Company | 20.00% | 25.00% | ||||||
Ambassador Infrastructure, following any calendar year in which PILOT payments received are $1,200 or more | ||||||||
Guarantees [Abstract] | ||||||||
Percentage Guaranteed by the Company | 50.00% | |||||||
PILOT Payment threshold for change in guarantor percentage | $ 1,200,000 | |||||||
Ambassador Infrastructure, following any calendar year in which PILOT payments received are $1,400 or more | ||||||||
Guarantees [Abstract] | ||||||||
Percentage Guaranteed by the Company | 20.00% | |||||||
PILOT Payment threshold for change in guarantor percentage | $ 1,400,000 | |||||||
York Town Center, LP | ||||||||
Guarantees [Abstract] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | |||||||
Initial maximum guaranteed amount of third party's construction loan | $ 22,000,000 | |||||||
Annual reductions to the guarantor's obligations | 800,000 | |||||||
Guaranteed minimum exposure amount | 10,000,000 | |||||||
Guaranteed amount of the outstanding loan | $ 14,000,000 | |||||||
Percentage of guaranty obligation agreed to be reimbursed by joint venture partner (in hundredths) | 50.00% | |||||||
Director | ||||||||
Guarantor Obligations [Line Items] | ||||||||
Loss contingency, number of defendants | defendant | 3 |
FAIR VALUE MEASUREMENTS - Recurring Basis (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
derivative_instrument
|
Dec. 31, 2014
USD ($)
|
|
Liabilities: | |||
Interest rate swaps | $ 434,000 | ||
Net realized gains and losses on sale of available-for-sale securities | $ 0 | 16,560,000 | $ 0 |
Proceeds from sale of available-for-sale securities | 20,755,000 | ||
Fair value of mortgage and other indebtedness | 4,737,077,000 | 4,945,622,000 | |
Mortgage and other indebtedness | $ 4,465,294,000 | 4,710,628,000 | |
Common Stock | |||
Liabilities: | |||
Adjusted cost | $ 4,195,000 | ||
Interest Rate Swap | Fair Value, Measurements, Recurring | |||
Liabilities: | |||
Number of instruments held | derivative_instrument | 4 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Liabilities: | |||
Interest rate swaps | $ 0 | ||
Significant Other Observable Inputs (Level 2) | |||
Liabilities: | |||
Interest rate swaps | 434,000 | ||
Significant Unobservable Inputs (Level 3) | |||
Liabilities: | |||
Interest rate swaps | $ 0 |
FAIR VALUE MEASUREMENTS - Nonrecurring Basis (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of long-lived assets | $ 46,200 | $ 125,000 | |
Loss on impairment | 116,822 | 105,945 | $ 17,858 |
Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of long-lived assets | 46,200 | 125,000 | |
Lakeshore Mall, Pemberton Plaza, and Chapel Hill | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 116,822 | ||
Madison Square and Citadel Mall | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss on impairment | $ 104,900 |
FAIR VALUE MEASUREMENTS - Long-Lived Assets Measure at Fair Value (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
property
|
Sep. 30, 2016
USD ($)
mall
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
property
|
Jun. 30, 2015
USD ($)
|
Sep. 30, 2014
USD ($)
|
Jun. 30, 2014
USD ($)
|
Mar. 31, 2014
USD ($)
|
Dec. 31, 2016
USD ($)
property
mall
outparcel
office_building
anchor_store
|
Sep. 30, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
property
outparcel
|
Dec. 31, 2014
USD ($)
property
|
Apr. 30, 2015
USD ($)
|
Apr. 30, 2014
USD ($)
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 116,822 | $ 105,945 | $ 17,858 | ||||||||||||||||
Fair Value | $ 46,200 | $ 125,000 | 46,200 | 125,000 | |||||||||||||||
Purchase Price | $ 191,988 | ||||||||||||||||||
Mortgage and other indebtedness, net | $ 4,465,294 | $ 4,710,628 | $ 4,465,294 | $ 4,710,628 | |||||||||||||||
Number of properties disposed of | property | 3 | ||||||||||||||||||
Number of properties written down | property | 113 | 4 | 113 | 4 | |||||||||||||||
Air Transportation Equipment | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 105 | ||||||||||||||||||
Net proceeds from sale of real estate | 176 | ||||||||||||||||||
Real estate investment property, net | $ 281 | ||||||||||||||||||
Fair Value, Inputs, Level 3 | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Fair Value | $ 46,200 | $ 125,000 | $ 46,200 | $ 125,000 | |||||||||||||||
The Lakes and Fashion Square, Wausau Center, Bonita Lakes, Midland Mall and Ridge River Mall | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 116,822 | ||||||||||||||||||
Number of Malls with Impairment | mall | 9 | ||||||||||||||||||
Number of Office Buildings with Impairment | office_building | 3 | ||||||||||||||||||
Number of Stores with Impairment | outparcel | 3 | ||||||||||||||||||
Randolph Mall, Regency Mall, and Walnut Square | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 43,144 | (150) | $ 43,294 | ||||||||||||||||
Number of Malls with Impairment | mall | 3 | ||||||||||||||||||
Fair Value | 31,318 | 0 | $ 31,318 | $ 0 | $ 31,318 | ||||||||||||||
Purchase Price | 32,250 | 32,250 | $ 32,250 | ||||||||||||||||
Concentration risk, percent of total revenue | 1.50% | ||||||||||||||||||
One and Two Oyster Point | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | 3,844 | ||||||||||||||||||
Number of Office Buildings with Impairment | office_building | 2 | ||||||||||||||||||
Fair Value | 6,000 | $ 6,000 | |||||||||||||||||
Concentration risk, percent of total revenue | 0.30% | ||||||||||||||||||
Capitalization rate (as a percent) | 8.00% | ||||||||||||||||||
Discount rate (as a percent) | 10.00% | ||||||||||||||||||
Estimated selling costs as percentage of total fair value | 2.00% | ||||||||||||||||||
Oak Branch Business Center | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | 100 | (22) | 122 | ||||||||||||||||
Fair Value | 0 | $ 0 | |||||||||||||||||
Cobblestone Village at Palm Coast | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 6,448 | 150 | $ 6,298 | ||||||||||||||||
Fair Value | 0 | 0 | |||||||||||||||||
Concentration risk, percent of total revenue | 0.10% | ||||||||||||||||||
Capitalization rate (as a percent) | 9.00% | ||||||||||||||||||
Discount rate (as a percent) | 10.75% | ||||||||||||||||||
Estimated selling costs as percentage of total fair value | 2.00% | ||||||||||||||||||
The Lakes and Fashion Square | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 32,096 | ||||||||||||||||||
Fair Value | 65,447 | 0 | 0 | $ 65,447 | |||||||||||||||
Purchase Price | 66,500 | $ 66,500 | |||||||||||||||||
Concentration risk, percent of total revenue | 1.60% | ||||||||||||||||||
Wausau Center | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 10,738 | ||||||||||||||||||
Fair Value | 11,000 | $ 11,000 | |||||||||||||||||
Concentration risk, percent of total revenue | 0.30% | ||||||||||||||||||
Holding period (in years) | 10 years | ||||||||||||||||||
Capitalization rate (as a percent) | 13.25% | ||||||||||||||||||
Discount rate (as a percent) | 13.00% | ||||||||||||||||||
Estimated selling costs as percentage of total fair value | 4.00% | ||||||||||||||||||
Number of stores sold | anchor_store | 2 | ||||||||||||||||||
Bonita Lakes Mall and Crossing | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 5,323 | ||||||||||||||||||
Fair Value | 27,440 | 0 | $ 27,440 | $ 0 | $ 27,440 | ||||||||||||||
Purchase Price | 27,910 | 27,910 | $ 27,910 | ||||||||||||||||
Concentration risk, percent of total revenue | 0.70% | ||||||||||||||||||
Midland Mall | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | 4,681 | ||||||||||||||||||
Fair Value | 29,200 | $ 29,200 | |||||||||||||||||
Concentration risk, percent of total revenue | 0.60% | ||||||||||||||||||
Holding period (in years) | 10 years | ||||||||||||||||||
Capitalization rate (as a percent) | 9.75% | ||||||||||||||||||
Discount rate (as a percent) | 11.50% | ||||||||||||||||||
Estimated selling costs as percentage of total fair value | 2.00% | ||||||||||||||||||
River Ridge Mall | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 9,594 | 84 | 9,510 | ||||||||||||||||
Fair Value | 0 | $ 0 | |||||||||||||||||
Concentration risk, percent of total revenue | 0.60% | ||||||||||||||||||
Outparcel Sale | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 884 | ||||||||||||||||||
Non-cash impairment of long-lived asset | $ 854 | ||||||||||||||||||
Number of properties disposed of | 3 | 2 | |||||||||||||||||
Chesterfield Mall | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | 99,969 | ||||||||||||||||||
Fair Value | 125,000 | $ 125,000 | |||||||||||||||||
Concentration risk, percent of total revenue | 1.50% | ||||||||||||||||||
Holding period (in years) | 11 years | ||||||||||||||||||
Capitalization rate (as a percent) | 8.25% | ||||||||||||||||||
Discount rate (as a percent) | 8.25% | ||||||||||||||||||
Chapel Hill Crossing | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | 1,914 | ||||||||||||||||||
Net proceeds from sale of real estate | 2,300 | ||||||||||||||||||
Mayfaire Community Center | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | 397 | ||||||||||||||||||
Net proceeds from sale of real estate | 56,300 | ||||||||||||||||||
Madison Square | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 2,620 | ||||||||||||||||||
Fair Value | $ 5,000 | ||||||||||||||||||
Burlington | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 161 | ||||||||||||||||||
Net proceeds from sale of real estate | 750 | ||||||||||||||||||
Carrying amount | $ 911 | $ 911 | |||||||||||||||||
Chapel Hill Suburban | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 12,050 | ||||||||||||||||||
Concentration risk, percent of total revenue | 0.40% | ||||||||||||||||||
Chapel Hill Suburban | Fair Value, Inputs, Level 3 | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Fair Value | 53,348 | ||||||||||||||||||
Lakeshore Mall | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 106 | $ 5,100 | |||||||||||||||||
Concentration risk, percent of total revenue | 0.20% | ||||||||||||||||||
Lakeshore Mall | Fair Value, Inputs, Level 3 | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Fair Value | $ 13,780 | ||||||||||||||||||
Pemberton Plaza | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 497 | ||||||||||||||||||
Concentration risk, percent of total revenue | 0.00% | ||||||||||||||||||
Minimum | One and Two Oyster Point | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Holding period (in years) | 1 year | ||||||||||||||||||
Maximum | One and Two Oyster Point | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Holding period (in years) | 2 years | ||||||||||||||||||
Non Recourse Loans On Operating Properties | Wausau Center | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Mortgage and other indebtedness, net | 17,689 | $ 17,689 | |||||||||||||||||
River Ridge Mall | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 84 | 9,510 | $ 9,594 | ||||||||||||||||
Percentage owned in disposed asset | 75.00% | 75.00% | |||||||||||||||||
Reserve for future capital expenditures | $ 2,100 | $ 2,100 | |||||||||||||||||
Retail Site | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||||||||
Loss on impairment | $ 115,968 |
SHARE-BASED COMPENSATION (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Feb. 10, 2016
$ / shares
|
Feb. 29, 2016
$ / shares
shares
|
Mar. 31, 2015
$ / shares
shares
|
Dec. 31, 2016
USD ($)
plan
installment
$ / shares
shares
|
Dec. 31, 2015
USD ($)
$ / shares
shares
|
Dec. 31, 2014
USD ($)
$ / shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of share-based compensation plans | plan | 2 | |||||
Number of shares authorized | shares | 10,400,000 | |||||
Award vesting period (years) | 5 years | |||||
Share-based compensation expense | $ | $ 4,681 | $ 4,287 | $ 3,442 | |||
Share-based compensation cost capitalized as part of real estate assets | $ | 351 | $ 274 | $ 268 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Unrecognized compensation cost related to nonvested stock awards | $ | $ 6,794 | |||||
Compensation cost to be recognized over a weighted average period | 2 years 8 months 12 days | |||||
Restricted Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Nonvested, beginning of period (in shares) | shares | 533,404 | |||||
Granted (in shares) | shares | 319,660 | |||||
Vested (in shares) | shares | (238,822) | |||||
Forfeited (in shares) | shares | (12,080) | |||||
Nonvested, end of period (in shares) | shares | 602,162 | 533,404 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Weighted average grant-date fair value, nonvested, beginning of period (in dollars per share) | $ / shares | $ 19.19 | |||||
Weighted average grant-date fair value, granted (in dollars per share) | $ / shares | 10.02 | $ 20.30 | $ 17.11 | |||
Weighted average grant-date fair value, vested (in dollars per share) | $ / shares | 16.57 | |||||
Weighted average grant-date fair value, forfeited (in dollars per share) | $ / shares | 16.76 | |||||
Weighted average grant-date fair value, nonvested, ending of period (in dollars per share) | $ / shares | $ 15.41 | $ 19.19 | ||||
Total fair value of shares vested | $ | $ 2,605 | $ 4,298 | $ 3,484 | |||
Vesting percentage | 20.00% | |||||
Number of annual installments | installment | 4 | |||||
Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ | $ 1,033 | $ 624 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Granted (in shares) | shares | 282,995 | 138,680 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Weighted average grant-date fair value, granted (in dollars per share) | $ / shares | $ 4.98 | $ 15.52 | ||||
Weighted average grant-date fair value, nonvested, ending of period (in dollars per share) | $ / shares | $ 4.98 | |||||
Unrecognized compensation cost related to nonvested stock awards | $ | $ 1,905 | |||||
Service period (in years) | 3 years | |||||
Risk-free interest rate (as a percent) | 0.92% | |||||
Expected share price volatility (as a percent) | 30.95% | |||||
Performance Shares | Vested at conclusion of performance period | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Vesting percentage | 60.00% | |||||
Performance Shares | Remaining percentage after performance period | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Vesting percentage | 40.00% | |||||
Performance Shares | Vested each year for the first two anniversaries after conclusion of performance period | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||||
Vesting percentage | 20.00% |
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined contribution plan, age of eligibility (years) | 21 years | ||
Defined contribution plan, required service period prior to plan participation (days) | 60 days | ||
Defined contribution plan, employer matching contribution (percent) | 50.00% | ||
Defined contribution plan, maximum annual contribution per employee (percent) | 2.50% | ||
Defined contribution plan, employer discretionary contribution amount | $ 987 | $ 997 | $ 928 |
Deferred compensation arrangement with individual, interest rate on notes payable (percent) | 5.00% | ||
Deferred compensation arrangement with individual, notes payable plus accrued interest | $ 122 | $ 81 | |
Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation arrangement with individual, requisite service period (years) | 5 years | ||
Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Deferred compensation arrangement with individual, requisite service period (years) | 10 years |
QUARTERLY INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Real Estate Properties [Line Items] | ||||||||||||
Total revenues | $ 258,493 | $ 251,721 | $ 254,965 | $ 263,078 | $ 277,630 | $ 262,636 | $ 253,843 | $ 260,909 | $ 1,028,257 | $ 1,055,018 | $ 1,060,739 | |
Income from operations | 101,015 | 36,727 | 52,056 | 63,830 | 8,687 | 94,007 | 89,858 | 85,032 | 253,628 | 277,584 | ||
Net income (loss) | 79,872 | 670 | 73,097 | 41,892 | (26,953) | 44,432 | 48,331 | 53,205 | 195,531 | 119,015 | ||
Net income attributable to the Company | 68,830 | 1,059 | 62,919 | 40,074 | (22,257) | 37,569 | 41,895 | 46,164 | 172,882 | 103,371 | ||
Net income (loss) attributable to common shareholders | $ 57,607 | $ (10,164) | $ 51,696 | $ 28,851 | $ (33,480) | $ 26,346 | $ 30,672 | $ 34,941 | $ 127,990 | $ 58,479 | ||
Basic per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Net income (loss) attributable to common shareholders (in usd per share) | $ 0.34 | $ (0.06) | $ 0.30 | $ 0.17 | $ (0.20) | $ 0.15 | $ 0.18 | $ 0.21 | $ 0.75 | $ 0.34 | ||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Net income (loss) attributable to common shareholders (in usd per share) | $ 0.34 | $ (0.06) | $ 0.30 | $ 0.17 | $ (0.20) | $ 0.15 | $ 0.18 | $ 0.20 | $ 0.75 | $ 0.34 | ||
Loss on impairment of real estate | $ 116,822 | $ 105,945 | 17,858 | |||||||||
Gain on sales of real estate assets | $ 14,065 | $ 14,173 | 29,567 | 32,232 | 5,342 | |||||||
Gain on investments | $ 16,560 | $ 7,534 | $ 16,560 | $ 87,893 | ||||||||
2016 Dispositions | ||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Loss on impairment of real estate | $ 53,558 | $ 43,493 | $ 19,685 | |||||||||
Triangle Town Center | ||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Gain on sales of real estate assets | $ 26,395 | |||||||||||
JG Gulf Coast Town Center LLC | ||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Gain on investments | 29,267 | |||||||||||
Renaissance Center | ||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Gain on sales of real estate assets | $ 29,437 | |||||||||||
Chesterfield Mall | ||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Loss on impairment of real estate | $ 102,280 | |||||||||||
Triangle Town Member LLC | ||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Gain on sales of real estate assets | $ 2,820 | |||||||||||
Parent Company | Triangle Town Member LLC | ||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Gain on sales of real estate assets | $ 282 | |||||||||||
Company's ownership interest (as a percent) | 10.00% | 10.00% | 50.00% | 10.00% | ||||||||
Corporate Joint Venture | Triangle Town Member LLC | ||||||||||||
Diluted per share/unit data attributable to common shareholders/unitholders: | ||||||||||||
Gain on sales of real estate assets | $ 2,538 | $ 80,979 | ||||||||||
Company's ownership interest (as a percent) | 90.00% | 90.00% | 50.00% | 90.00% |
SUBSEQUENT EVENTS (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Feb. 28, 2017
USD ($)
loan
|
Jan. 31, 2017
USD ($)
office_building
loan
store
|
Sep. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Subsequent Event [Line Items] | ||||||||
Sales price, gross | $ 194,710 | $ 104,860 | $ 18,615 | |||||
Loss on impairment | 116,822 | 105,945 | $ 17,858 | |||||
Mortgage and other indebtedness, variable-rate debt | 888,770 | 1,241,379 | ||||||
Mortgage and other notes receivable | 16,803 | 18,238 | ||||||
Non Recourse Loans On Operating Properties | ||||||||
Subsequent Event [Line Items] | ||||||||
Mortgage and other indebtedness, variable-rate debt | 19,055 | 16,840 | ||||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Purchase price | $ 7,000 | |||||||
One and Two Oyster Point | ||||||||
Subsequent Event [Line Items] | ||||||||
Loss on impairment | $ 3,844 | |||||||
One and Two Oyster Point | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of office buildings sold | office_building | 2 | |||||||
Sales price, gross | $ 6,250 | |||||||
Loss on impairment | $ 3,844 | |||||||
Midland Mall, Midland, MI | ||||||||
Subsequent Event [Line Items] | ||||||||
Loss on impairment | $ 4,681 | |||||||
Midland Mall, Midland, MI | Non Recourse Loans On Operating Properties | ||||||||
Subsequent Event [Line Items] | ||||||||
Mortgage and other indebtedness, variable-rate debt | 31,953 | |||||||
Midland Mall, Midland, MI | Subsequent Event | Non Recourse Loans On Operating Properties | ||||||||
Subsequent Event [Line Items] | ||||||||
Gain on extinguishment of debt | $ 4,088 | |||||||
The Plaza at Lafayette and The Shoppes at St. Clair | Mortgages | ||||||||
Subsequent Event [Line Items] | ||||||||
Mortgage and other indebtedness, variable-rate debt | 55,973 | |||||||
The Plaza at Lafayette and The Shoppes at St. Clair | Subsequent Event | Mortgages | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of loans retired | loan | 2 | |||||||
Hamilton Corner, Chattanooga, TN | Subsequent Event | Mortgages | ||||||||
Subsequent Event [Line Items] | ||||||||
Mortgage and other indebtedness, variable-rate debt | $ 104,179 | |||||||
Number of loans retired | loan | 2 | |||||||
Sears Department Stores | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of business acquired | store | 5 | |||||||
Sears Auto Centers | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of business acquired | store | 2 | |||||||
Sears Department Stores and Auto Centers | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Purchase price | $ 72,500 | |||||||
Lease term (in years) | 10 years | |||||||
Monthly lease revenue receivable | $ 5,075 | |||||||
Required notice period for cancellation of lease (in months) | 6 months | |||||||
Macy's | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of business acquired | store | 4 | |||||||
Notes Receivable | ||||||||
Subsequent Event [Line Items] | ||||||||
Mortgage and other notes receivable | 11,123 | 10,462 | ||||||
Horizon Group | Notes Receivable | ||||||||
Subsequent Event [Line Items] | ||||||||
Mortgage and other notes receivable | $ 300 | $ 0 | ||||||
Horizon Group | Notes Receivable | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Mortgage and other notes receivable | $ 300 |
Schedule II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Allowance for Tenant Receivables | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, beginning of year | $ 1,923 | $ 2,368 | $ 2,379 |
Additions in allowance charged to expense | 4,058 | 2,254 | 2,643 |
Bad debts charged against allowance | (4,071) | (2,699) | (2,654) |
Balance, end of year | 1,910 | 1,923 | 2,368 |
Allowance for Other Receivables | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance, beginning of year | 1,276 | 1,285 | 1,241 |
Additions in allowance charged to expense | 0 | 277 | 3,689 |
Bad debts charged against allowance | (438) | (286) | (3,645) |
Balance, end of year | $ 838 | $ 1,276 | $ 1,285 |
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,534,255 | |||
Initial Cost, Land | 875,107 | |||
Initial Cost, Buildings and Improvements | 5,584,943 | |||
Costs Capitalized Subsequent to Acquisition | 1,523,786 | |||
Sales of Outparcel Land | (36,189) | |||
Gross Amounts at Which Carried at Close of Period, Land | 820,775 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 7,126,872 | |||
Gross Amounts at Which Carried at Close of Period, Total | 7,947,647 | $ 8,240,521 | $ 8,187,183 | $ 8,123,514 |
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,427,108) | $ (2,382,568) | $ (2,240,007) | $ (2,056,357) |
Land and buildings and improvements, gross | $ 7,843,000 | |||
Buildings | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 40 years | |||
Certain Improvements | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 10 years | |||
Certain Improvements | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 20 years | |||
Equipment and Fixtures | Minimum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 7 years | |||
Equipment and Fixtures | Maximum | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Estimated useful life (years) | 10 years | |||
Acadiana Mall, Lafayette, LA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 125,829 | |||
Initial Cost, Land | 22,511 | |||
Initial Cost, Buildings and Improvements | 145,769 | |||
Costs Capitalized Subsequent to Acquisition | 11,174 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 19,919 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 159,535 | |||
Gross Amounts at Which Carried at Close of Period, Total | 179,454 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (70,172) | |||
Alamance Crossing, Burlington, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 47,160 | |||
Initial Cost, Land | 20,853 | |||
Initial Cost, Buildings and Improvements | 63,105 | |||
Costs Capitalized Subsequent to Acquisition | 40,214 | |||
Sales of Outparcel Land | (2,803) | |||
Gross Amounts at Which Carried at Close of Period, Land | 18,050 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 103,319 | |||
Gross Amounts at Which Carried at Close of Period, Total | 121,369 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (30,642) | |||
Arbor Place, Atlanta (Douglasville), GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 113,574 | |||
Initial Cost, Land | 7,862 | |||
Initial Cost, Buildings and Improvements | 95,330 | |||
Costs Capitalized Subsequent to Acquisition | 27,305 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 7,862 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 122,635 | |||
Gross Amounts at Which Carried at Close of Period, Total | 130,497 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (61,490) | |||
Asheville Mall, Asheville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 69,722 | |||
Initial Cost, Land | 7,139 | |||
Initial Cost, Buildings and Improvements | 58,747 | |||
Costs Capitalized Subsequent to Acquisition | 56,912 | |||
Sales of Outparcel Land | (805) | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,334 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 115,659 | |||
Gross Amounts at Which Carried at Close of Period, Total | 121,993 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (51,150) | |||
Brookfield Square, Brookfield, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,996 | |||
Initial Cost, Buildings and Improvements | 84,250 | |||
Costs Capitalized Subsequent to Acquisition | 55,700 | |||
Sales of Outparcel Land | (18) | |||
Gross Amounts at Which Carried at Close of Period, Land | 9,170 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 139,758 | |||
Gross Amounts at Which Carried at Close of Period, Total | 148,928 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (62,415) | |||
Burnsville Center, Burnsville, MN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 71,785 | |||
Initial Cost, Land | 12,804 | |||
Initial Cost, Buildings and Improvements | 71,355 | |||
Costs Capitalized Subsequent to Acquisition | 59,475 | |||
Sales of Outparcel Land | (1,157) | |||
Gross Amounts at Which Carried at Close of Period, Land | 16,102 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 126,375 | |||
Gross Amounts at Which Carried at Close of Period, Total | 142,477 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (56,832) | |||
Cary Towne Center, Cary, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 46,716 | |||
Initial Cost, Land | 23,688 | |||
Initial Cost, Buildings and Improvements | 74,432 | |||
Costs Capitalized Subsequent to Acquisition | 32,675 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 24,949 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 105,846 | |||
Gross Amounts at Which Carried at Close of Period, Total | 130,795 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (40,748) | |||
CherryVale Mall, Rockford, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 11,892 | |||
Initial Cost, Buildings and Improvements | 63,973 | |||
Costs Capitalized Subsequent to Acquisition | 57,704 | |||
Sales of Outparcel Land | (1,667) | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,608 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 120,294 | |||
Gross Amounts at Which Carried at Close of Period, Total | 131,902 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (47,789) | |||
Chesterfield Mall, Chesterfield, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 140,000 | |||
Initial Cost, Land | 11,083 | |||
Initial Cost, Buildings and Improvements | 282,140 | |||
Costs Capitalized Subsequent to Acquisition | (173,528) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,083 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 108,612 | |||
Gross Amounts at Which Carried at Close of Period, Total | 119,695 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,246) | |||
College Square, Morristown, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,954 | |||
Initial Cost, Buildings and Improvements | 17,787 | |||
Costs Capitalized Subsequent to Acquisition | 33,393 | |||
Sales of Outparcel Land | (88) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,866 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 51,180 | |||
Gross Amounts at Which Carried at Close of Period, Total | 54,046 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (23,212) | |||
Cross Creek Mall, Fayetteville, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 123,398 | |||
Initial Cost, Land | 19,155 | |||
Initial Cost, Buildings and Improvements | 104,353 | |||
Costs Capitalized Subsequent to Acquisition | 36,094 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 20,169 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 139,433 | |||
Gross Amounts at Which Carried at Close of Period, Total | 159,602 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (48,554) | |||
Dakota Square Mall, Minot, ND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,552 | |||
Initial Cost, Buildings and Improvements | 87,625 | |||
Costs Capitalized Subsequent to Acquisition | 25,253 | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 4,552 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 112,878 | |||
Gross Amounts at Which Carried at Close of Period, Total | 117,430 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (15,305) | |||
Eastland Mall, Bloomington, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,746 | |||
Initial Cost, Buildings and Improvements | 75,893 | |||
Costs Capitalized Subsequent to Acquisition | 6,875 | |||
Sales of Outparcel Land | (753) | |||
Gross Amounts at Which Carried at Close of Period, Land | 5,304 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 82,457 | |||
Gross Amounts at Which Carried at Close of Period, Total | 87,761 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (31,211) | |||
East Towne Mall, Madison, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,496 | |||
Initial Cost, Buildings and Improvements | 63,867 | |||
Costs Capitalized Subsequent to Acquisition | 50,590 | |||
Sales of Outparcel Land | (715) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,781 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 114,457 | |||
Gross Amounts at Which Carried at Close of Period, Total | 118,238 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (45,830) | |||
EastGate Mall, Cincinnati, OH | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 37,123 | |||
Initial Cost, Land | 13,046 | |||
Initial Cost, Buildings and Improvements | 44,949 | |||
Costs Capitalized Subsequent to Acquisition | 28,553 | |||
Sales of Outparcel Land | (1,017) | |||
Gross Amounts at Which Carried at Close of Period, Land | 12,029 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 73,502 | |||
Gross Amounts at Which Carried at Close of Period, Total | 85,531 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (28,211) | |||
Fayette Mall, Lexington, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 162,240 | |||
Initial Cost, Land | 25,205 | |||
Initial Cost, Buildings and Improvements | 84,256 | |||
Costs Capitalized Subsequent to Acquisition | 106,369 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 25,205 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 190,625 | |||
Gross Amounts at Which Carried at Close of Period, Total | 215,830 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (56,800) | |||
Frontier Mall, Cheyenne, WY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,681 | |||
Initial Cost, Buildings and Improvements | 15,858 | |||
Costs Capitalized Subsequent to Acquisition | 21,925 | |||
Sales of Outparcel Land | (80) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,601 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 37,783 | |||
Gross Amounts at Which Carried at Close of Period, Total | 40,384 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (23,211) | |||
Foothills Mall, Maryville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 6,376 | |||
Initial Cost, Buildings and Improvements | 27,376 | |||
Costs Capitalized Subsequent to Acquisition | 11,773 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,392 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 39,133 | |||
Gross Amounts at Which Carried at Close of Period, Total | 45,525 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (26,604) | |||
Greenbrier Mall, Chesapeake, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 70,801 | |||
Initial Cost, Land | 3,181 | |||
Initial Cost, Buildings and Improvements | 107,355 | |||
Costs Capitalized Subsequent to Acquisition | 14,121 | |||
Sales of Outparcel Land | (626) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,555 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 121,476 | |||
Gross Amounts at Which Carried at Close of Period, Total | 124,031 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (40,768) | |||
Hamilton Place, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 106,138 | |||
Initial Cost, Land | 3,532 | |||
Initial Cost, Buildings and Improvements | 42,623 | |||
Costs Capitalized Subsequent to Acquisition | 45,422 | |||
Sales of Outparcel Land | (441) | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,034 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 87,102 | |||
Gross Amounts at Which Carried at Close of Period, Total | 91,136 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (50,871) | |||
Hanes Mall, Winston-Salem, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 146,268 | |||
Initial Cost, Land | 17,176 | |||
Initial Cost, Buildings and Improvements | 133,376 | |||
Costs Capitalized Subsequent to Acquisition | 53,563 | |||
Sales of Outparcel Land | (948) | |||
Gross Amounts at Which Carried at Close of Period, Land | 18,629 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 184,538 | |||
Gross Amounts at Which Carried at Close of Period, Total | 203,167 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (73,315) | |||
Harford Mall, Bel Air, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,699 | |||
Initial Cost, Buildings and Improvements | 45,704 | |||
Costs Capitalized Subsequent to Acquisition | 23,104 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,699 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 68,808 | |||
Gross Amounts at Which Carried at Close of Period, Total | 77,507 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (25,954) | |||
Hickory Point Mall, Forsyth, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 27,446 | |||
Initial Cost, Land | 10,731 | |||
Initial Cost, Buildings and Improvements | 31,728 | |||
Costs Capitalized Subsequent to Acquisition | 17,036 | |||
Sales of Outparcel Land | (293) | |||
Gross Amounts at Which Carried at Close of Period, Land | 10,021 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 48,763 | |||
Gross Amounts at Which Carried at Close of Period, Total | 58,784 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (18,837) | |||
Honey Creek Mall, Terre Haute, IN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 26,700 | |||
Initial Cost, Land | 3,108 | |||
Initial Cost, Buildings and Improvements | 83,358 | |||
Costs Capitalized Subsequent to Acquisition | 18,968 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,108 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 102,326 | |||
Gross Amounts at Which Carried at Close of Period, Total | 105,434 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (34,643) | |||
Imperial Valley Mall, El Centro, CA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 35,378 | |||
Initial Cost, Buildings and Improvements | 70,549 | |||
Costs Capitalized Subsequent to Acquisition | 3,778 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 35,378 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 74,327 | |||
Gross Amounts at Which Carried at Close of Period, Total | 109,705 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (10,135) | |||
Janesville Mall, Janesville, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,074 | |||
Initial Cost, Buildings and Improvements | 26,009 | |||
Costs Capitalized Subsequent to Acquisition | 21,659 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,074 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 47,668 | |||
Gross Amounts at Which Carried at Close of Period, Total | 55,742 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (18,249) | |||
Jefferson Mall, Louisville, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 66,051 | |||
Initial Cost, Land | 13,125 | |||
Initial Cost, Buildings and Improvements | 40,234 | |||
Costs Capitalized Subsequent to Acquisition | 28,898 | |||
Sales of Outparcel Land | (521) | |||
Gross Amounts at Which Carried at Close of Period, Land | 12,604 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 69,132 | |||
Gross Amounts at Which Carried at Close of Period, Total | 81,736 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (27,268) | |||
Kirkwood Mall, Bismarck, ND | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 37,984 | |||
Initial Cost, Land | 3,368 | |||
Initial Cost, Buildings and Improvements | 118,945 | |||
Costs Capitalized Subsequent to Acquisition | 20,767 | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 3,368 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 139,712 | |||
Gross Amounts at Which Carried at Close of Period, Total | 143,080 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (16,009) | |||
Laurel Park Place, Livonia, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 13,289 | |||
Initial Cost, Buildings and Improvements | 92,579 | |||
Costs Capitalized Subsequent to Acquisition | 19,562 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 13,289 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 112,141 | |||
Gross Amounts at Which Carried at Close of Period, Total | 125,430 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (43,350) | |||
Layton Hills Mall, Layton, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 89,921 | |||
Initial Cost, Land | 20,464 | |||
Initial Cost, Buildings and Improvements | 99,836 | |||
Costs Capitalized Subsequent to Acquisition | 10,683 | |||
Sales of Outparcel Land | (340) | |||
Gross Amounts at Which Carried at Close of Period, Land | 20,124 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 110,519 | |||
Gross Amounts at Which Carried at Close of Period, Total | 130,643 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (37,440) | |||
Mall del Norte, Laredo, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 21,734 | |||
Initial Cost, Buildings and Improvements | 142,049 | |||
Costs Capitalized Subsequent to Acquisition | 53,239 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 21,734 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 195,288 | |||
Gross Amounts at Which Carried at Close of Period, Total | 217,022 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (78,157) | |||
Mayfaire Town Center, Wilmington, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 26,333 | |||
Initial Cost, Buildings and Improvements | 101,087 | |||
Costs Capitalized Subsequent to Acquisition | 628 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 26,333 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 101,715 | |||
Gross Amounts at Which Carried at Close of Period, Total | 128,048 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,952) | |||
Meridian Mall, Lansing, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 529 | |||
Initial Cost, Buildings and Improvements | 103,678 | |||
Costs Capitalized Subsequent to Acquisition | 80,810 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,232 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 182,785 | |||
Gross Amounts at Which Carried at Close of Period, Total | 185,017 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (83,060) | |||
Midland Mall, Midland, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 31,953 | |||
Initial Cost, Land | 10,321 | |||
Initial Cost, Buildings and Improvements | 29,429 | |||
Costs Capitalized Subsequent to Acquisition | (10,545) | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 8,898 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 20,308 | |||
Gross Amounts at Which Carried at Close of Period, Total | 29,206 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (935) | |||
Mid Rivers Mall, St. Peters, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 16,384 | |||
Initial Cost, Buildings and Improvements | 170,582 | |||
Costs Capitalized Subsequent to Acquisition | 19,431 | |||
Sales of Outparcel Land | (626) | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,758 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 190,013 | |||
Gross Amounts at Which Carried at Close of Period, Total | 205,771 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (55,095) | |||
Monroeville Mall, Pittsburgh, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 22,911 | |||
Initial Cost, Buildings and Improvements | 177,214 | |||
Costs Capitalized Subsequent to Acquisition | 78,215 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 25,432 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 252,908 | |||
Gross Amounts at Which Carried at Close of Period, Total | 278,340 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (79,067) | |||
Northgate Mall, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,330 | |||
Initial Cost, Buildings and Improvements | 8,960 | |||
Costs Capitalized Subsequent to Acquisition | 23,441 | |||
Sales of Outparcel Land | (74) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,256 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 32,401 | |||
Gross Amounts at Which Carried at Close of Period, Total | 34,657 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (7,181) | |||
Northpark Mall, Joplin, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,977 | |||
Initial Cost, Buildings and Improvements | 65,481 | |||
Costs Capitalized Subsequent to Acquisition | 45,400 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 10,962 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 109,896 | |||
Gross Amounts at Which Carried at Close of Period, Total | 120,858 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (42,028) | |||
Northwoods Mall, North Charleston, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 67,827 | |||
Initial Cost, Land | 14,867 | |||
Initial Cost, Buildings and Improvements | 49,647 | |||
Costs Capitalized Subsequent to Acquisition | 24,502 | |||
Sales of Outparcel Land | (2,339) | |||
Gross Amounts at Which Carried at Close of Period, Land | 12,528 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 74,149 | |||
Gross Amounts at Which Carried at Close of Period, Total | 86,677 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (28,792) | |||
Old Hickory Mall, Jackson, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 15,527 | |||
Initial Cost, Buildings and Improvements | 29,413 | |||
Costs Capitalized Subsequent to Acquisition | 7,915 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,527 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 37,328 | |||
Gross Amounts at Which Carried at Close of Period, Total | 52,855 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (15,662) | |||
The Outlet Shoppes at Atlanta, Woodstock, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 83,432 | |||
Initial Cost, Land | 8,598 | |||
Initial Cost, Buildings and Improvements | 100,613 | |||
Costs Capitalized Subsequent to Acquisition | (29,169) | |||
Sales of Outparcel Land | (740) | |||
Gross Amounts at Which Carried at Close of Period, Land | 16,427 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 62,875 | |||
Gross Amounts at Which Carried at Close of Period, Total | 79,302 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (12,222) | |||
The Outlet Shoppes at El Paso, El Paso, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 69,100 | |||
Initial Cost, Land | 7,345 | |||
Initial Cost, Buildings and Improvements | 98,602 | |||
Costs Capitalized Subsequent to Acquisition | 12,219 | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 7,569 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 110,597 | |||
Gross Amounts at Which Carried at Close of Period, Total | 118,166 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (17,945) | |||
The Outlet Shoppes at Gettysburg, Gettysburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 38,450 | |||
Initial Cost, Land | 20,779 | |||
Initial Cost, Buildings and Improvements | 22,180 | |||
Costs Capitalized Subsequent to Acquisition | 1,328 | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 20,778 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 23,508 | |||
Gross Amounts at Which Carried at Close of Period, Total | 44,286 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,831) | |||
The Outlet Shoppes at Oklahoma City, Oklahoma City, OK | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 62,207 | |||
Initial Cost, Land | 7,402 | |||
Initial Cost, Buildings and Improvements | 50,268 | |||
Costs Capitalized Subsequent to Acquisition | 13,361 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,833 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 64,198 | |||
Gross Amounts at Which Carried at Close of Period, Total | 71,031 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (21,867) | |||
The Outlet Shoppes of the Bluegrass, Simpsonville, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 84,837 | |||
Initial Cost, Land | 3,193 | |||
Initial Cost, Buildings and Improvements | 72,962 | |||
Costs Capitalized Subsequent to Acquisition | 4,096 | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 3,193 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 77,058 | |||
Gross Amounts at Which Carried at Close of Period, Total | 80,251 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (9,705) | |||
Parkdale Mall, Beaumont, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 83,527 | |||
Initial Cost, Land | 23,850 | |||
Initial Cost, Buildings and Improvements | 47,390 | |||
Costs Capitalized Subsequent to Acquisition | 59,072 | |||
Sales of Outparcel Land | (307) | |||
Gross Amounts at Which Carried at Close of Period, Land | 23,544 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 106,461 | |||
Gross Amounts at Which Carried at Close of Period, Total | 130,005 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (43,060) | |||
Park Plaza Mall, Little Rock, AR | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 86,737 | |||
Initial Cost, Land | 6,297 | |||
Initial Cost, Buildings and Improvements | 81,638 | |||
Costs Capitalized Subsequent to Acquisition | 35,456 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,304 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 117,087 | |||
Gross Amounts at Which Carried at Close of Period, Total | 123,391 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (49,628) | |||
Parkway Place, Huntsville, AL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 36,659 | |||
Initial Cost, Land | 6,364 | |||
Initial Cost, Buildings and Improvements | 67,067 | |||
Costs Capitalized Subsequent to Acquisition | 5,701 | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 6,364 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 72,768 | |||
Gross Amounts at Which Carried at Close of Period, Total | 79,132 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (16,027) | |||
Pearland Town Center, Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 16,300 | |||
Initial Cost, Buildings and Improvements | 108,615 | |||
Costs Capitalized Subsequent to Acquisition | 15,340 | |||
Sales of Outparcel Land | (857) | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,443 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 123,955 | |||
Gross Amounts at Which Carried at Close of Period, Total | 139,398 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (39,504) | |||
Post Oak Mall, College Station, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,936 | |||
Initial Cost, Buildings and Improvements | 48,948 | |||
Costs Capitalized Subsequent to Acquisition | 15,857 | |||
Sales of Outparcel Land | (327) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,608 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 64,806 | |||
Gross Amounts at Which Carried at Close of Period, Total | 68,414 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (33,951) | |||
Richland Mall, Waco, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,874 | |||
Initial Cost, Buildings and Improvements | 34,793 | |||
Costs Capitalized Subsequent to Acquisition | 19,760 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 9,887 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 54,540 | |||
Gross Amounts at Which Carried at Close of Period, Total | 64,427 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (20,444) | |||
South County Center, St. Louis, MO | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 15,754 | |||
Initial Cost, Buildings and Improvements | 159,249 | |||
Costs Capitalized Subsequent to Acquisition | 14,403 | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 15,754 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 173,652 | |||
Gross Amounts at Which Carried at Close of Period, Total | 189,406 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (48,721) | |||
Southaven Towne Center, Southaven, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,255 | |||
Initial Cost, Buildings and Improvements | 29,380 | |||
Costs Capitalized Subsequent to Acquisition | 13,462 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,896 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 42,619 | |||
Gross Amounts at Which Carried at Close of Period, Total | 51,515 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (18,188) | |||
Southpark Mall, Colonial Heights, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 62,246 | |||
Initial Cost, Land | 9,501 | |||
Initial Cost, Buildings and Improvements | 73,262 | |||
Costs Capitalized Subsequent to Acquisition | 38,132 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,282 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 109,613 | |||
Gross Amounts at Which Carried at Close of Period, Total | 120,895 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (39,776) | |||
Stroud Mall, Stroudsburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 14,711 | |||
Initial Cost, Buildings and Improvements | 23,936 | |||
Costs Capitalized Subsequent to Acquisition | 20,932 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 14,711 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 44,868 | |||
Gross Amounts at Which Carried at Close of Period, Total | 59,579 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (18,598) | |||
St. Clair Square, Fairview Heights, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 11,027 | |||
Initial Cost, Buildings and Improvements | 75,620 | |||
Costs Capitalized Subsequent to Acquisition | 35,095 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,027 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 110,715 | |||
Gross Amounts at Which Carried at Close of Period, Total | 121,742 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (52,531) | |||
Sunrise Mall, Brownsville, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 11,156 | |||
Initial Cost, Buildings and Improvements | 59,047 | |||
Costs Capitalized Subsequent to Acquisition | 15,417 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 11,156 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 74,464 | |||
Gross Amounts at Which Carried at Close of Period, Total | 85,620 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (22,966) | |||
Turtle Creek Mall, Hattiesburg, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,345 | |||
Initial Cost, Buildings and Improvements | 26,418 | |||
Costs Capitalized Subsequent to Acquisition | 17,838 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,535 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 43,066 | |||
Gross Amounts at Which Carried at Close of Period, Total | 46,601 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (23,349) | |||
Valley View Mall, Roanoke, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 56,734 | |||
Initial Cost, Land | 15,985 | |||
Initial Cost, Buildings and Improvements | 77,771 | |||
Costs Capitalized Subsequent to Acquisition | 21,867 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 15,999 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 99,624 | |||
Gross Amounts at Which Carried at Close of Period, Total | 115,623 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (35,147) | |||
Volusia Mall, Daytona Beach, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 45,929 | |||
Initial Cost, Land | 2,526 | |||
Initial Cost, Buildings and Improvements | 120,242 | |||
Costs Capitalized Subsequent to Acquisition | 28,693 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,431 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 145,030 | |||
Gross Amounts at Which Carried at Close of Period, Total | 151,461 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (45,827) | |||
Wausau Center, Wausau, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,689 | |||
Initial Cost, Land | 5,231 | |||
Initial Cost, Buildings and Improvements | 24,705 | |||
Costs Capitalized Subsequent to Acquisition | (13,707) | |||
Sales of Outparcel Land | (5,231) | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 10,998 | |||
Gross Amounts at Which Carried at Close of Period, Total | 10,998 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (387) | |||
West Towne Mall, Madison, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,545 | |||
Initial Cost, Buildings and Improvements | 83,084 | |||
Costs Capitalized Subsequent to Acquisition | 51,879 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 9,545 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 134,963 | |||
Gross Amounts at Which Carried at Close of Period, Total | 144,508 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (52,750) | |||
WestGate Mall, Spartanburg, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 36,021 | |||
Initial Cost, Land | 2,149 | |||
Initial Cost, Buildings and Improvements | 23,257 | |||
Costs Capitalized Subsequent to Acquisition | 47,192 | |||
Sales of Outparcel Land | (432) | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,742 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 70,424 | |||
Gross Amounts at Which Carried at Close of Period, Total | 72,166 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (37,706) | |||
Westmoreland Mall, Greensburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,621 | |||
Initial Cost, Buildings and Improvements | 84,215 | |||
Costs Capitalized Subsequent to Acquisition | 26,897 | |||
Sales of Outparcel Land | (316) | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,305 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 111,112 | |||
Gross Amounts at Which Carried at Close of Period, Total | 115,417 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (40,716) | |||
York Galleria, York, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,757 | |||
Initial Cost, Buildings and Improvements | 63,316 | |||
Costs Capitalized Subsequent to Acquisition | 12,356 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 5,757 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 75,672 | |||
Gross Amounts at Which Carried at Close of Period, Total | 81,429 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (32,799) | |||
Annex at Monroeville, Pittsburgh, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 29,496 | |||
Costs Capitalized Subsequent to Acquisition | (444) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 29,052 | |||
Gross Amounts at Which Carried at Close of Period, Total | 29,052 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (9,159) | |||
CoolSprings Crossing, Nashville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,803 | |||
Initial Cost, Buildings and Improvements | 14,985 | |||
Costs Capitalized Subsequent to Acquisition | 5,750 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,554 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 19,984 | |||
Gross Amounts at Which Carried at Close of Period, Total | 23,538 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (12,400) | |||
Courtyard at Hickory Hollow, Nashville, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,314 | |||
Initial Cost, Buildings and Improvements | 2,771 | |||
Costs Capitalized Subsequent to Acquisition | (1,618) | |||
Sales of Outparcel Land | (231) | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,500 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 2,736 | |||
Gross Amounts at Which Carried at Close of Period, Total | 4,236 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (753) | |||
Frontier Square, Cheyenne, WY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 346 | |||
Initial Cost, Buildings and Improvements | 684 | |||
Costs Capitalized Subsequent to Acquisition | 434 | |||
Sales of Outparcel Land | (86) | |||
Gross Amounts at Which Carried at Close of Period, Land | 260 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 1,118 | |||
Gross Amounts at Which Carried at Close of Period, Total | 1,378 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (673) | |||
Gunbarrel Pointe, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,170 | |||
Initial Cost, Buildings and Improvements | 10,874 | |||
Costs Capitalized Subsequent to Acquisition | 3,491 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,170 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 14,365 | |||
Gross Amounts at Which Carried at Close of Period, Total | 18,535 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (5,881) | |||
Hamilton Corner, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,258 | |||
Initial Cost, Land | 630 | |||
Initial Cost, Buildings and Improvements | 5,532 | |||
Costs Capitalized Subsequent to Acquisition | 8,568 | |||
Sales of Outparcel Land | ||||
Gross Amounts at Which Carried at Close of Period, Land | 734 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 13,996 | |||
Gross Amounts at Which Carried at Close of Period, Total | 14,730 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (7,201) | |||
Hamilton Crossing, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,368 | |||
Initial Cost, Land | 4,014 | |||
Initial Cost, Buildings and Improvements | 5,906 | |||
Costs Capitalized Subsequent to Acquisition | 6,851 | |||
Sales of Outparcel Land | (1,370) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,644 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 12,757 | |||
Gross Amounts at Which Carried at Close of Period, Total | 15,401 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,896) | |||
Harford Annex, Bel Air, MD | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,854 | |||
Initial Cost, Buildings and Improvements | 9,718 | |||
Costs Capitalized Subsequent to Acquisition | 1,355 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,854 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 11,073 | |||
Gross Amounts at Which Carried at Close of Period, Total | 13,927 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,618) | |||
The Landing at Arbor Place, Atlanta (Douglasville), GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,993 | |||
Initial Cost, Buildings and Improvements | 14,330 | |||
Costs Capitalized Subsequent to Acquisition | 1,555 | |||
Sales of Outparcel Land | (1,886) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,107 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 15,885 | |||
Gross Amounts at Which Carried at Close of Period, Total | 18,992 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (9,015) | |||
Layton Hills Convenience Center, Layton, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 8 | |||
Costs Capitalized Subsequent to Acquisition | 2,619 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 2,627 | |||
Gross Amounts at Which Carried at Close of Period, Total | 2,627 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (674) | |||
Layton Hills Plaza, Layton, UT | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 2 | |||
Costs Capitalized Subsequent to Acquisition | 299 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 301 | |||
Gross Amounts at Which Carried at Close of Period, Total | 301 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (212) | |||
The Plaza at Fayette, Lexington, KY | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 37,146 | |||
Initial Cost, Land | 9,531 | |||
Initial Cost, Buildings and Improvements | 27,646 | |||
Costs Capitalized Subsequent to Acquisition | 4,169 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 9,531 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 31,815 | |||
Gross Amounts at Which Carried at Close of Period, Total | 41,346 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (10,882) | |||
Parkdale Crossing, Beaumont, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,994 | |||
Initial Cost, Buildings and Improvements | 7,408 | |||
Costs Capitalized Subsequent to Acquisition | 2,282 | |||
Sales of Outparcel Land | (355) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,639 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 9,690 | |||
Gross Amounts at Which Carried at Close of Period, Total | 12,329 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,471) | |||
The Shoppes At Hamilton Place, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,894 | |||
Initial Cost, Buildings and Improvements | 11,700 | |||
Costs Capitalized Subsequent to Acquisition | 1,614 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 4,894 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 13,314 | |||
Gross Amounts at Which Carried at Close of Period, Total | 18,208 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,526) | |||
Sunrise Commons, Brownsville, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,013 | |||
Initial Cost, Buildings and Improvements | 7,525 | |||
Costs Capitalized Subsequent to Acquisition | 2,520 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,013 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 10,045 | |||
Gross Amounts at Which Carried at Close of Period, Total | 11,058 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (3,318) | |||
The Shoppes at St. Clair Square, Fairview Heights, IL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,827 | |||
Initial Cost, Land | 8,250 | |||
Initial Cost, Buildings and Improvements | 23,623 | |||
Costs Capitalized Subsequent to Acquisition | 513 | |||
Sales of Outparcel Land | (5,044) | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,206 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 24,136 | |||
Gross Amounts at Which Carried at Close of Period, Total | 27,342 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (8,973) | |||
The Terrace, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,057 | |||
Initial Cost, Land | 4,166 | |||
Initial Cost, Buildings and Improvements | 9,929 | |||
Costs Capitalized Subsequent to Acquisition | 8,117 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 6,536 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 15,676 | |||
Gross Amounts at Which Carried at Close of Period, Total | 22,212 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (6,006) | |||
West Towne Crossing, Madison, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,151 | |||
Initial Cost, Buildings and Improvements | 2,955 | |||
Costs Capitalized Subsequent to Acquisition | 7,940 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,126 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 9,920 | |||
Gross Amounts at Which Carried at Close of Period, Total | 12,046 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,647) | |||
WestGate Crossing, Spartanburg, SC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,082 | |||
Initial Cost, Buildings and Improvements | 3,422 | |||
Costs Capitalized Subsequent to Acquisition | 8,211 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 1,082 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 11,633 | |||
Gross Amounts at Which Carried at Close of Period, Total | 12,715 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,631) | |||
Westmoreland Crossing, Greensburg, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,898 | |||
Initial Cost, Buildings and Improvements | 21,167 | |||
Costs Capitalized Subsequent to Acquisition | 9,234 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,898 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 30,401 | |||
Gross Amounts at Which Carried at Close of Period, Total | 33,299 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (10,820) | |||
The Forum at Grandview, Madison, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,234 | |||
Initial Cost, Buildings and Improvements | 17,285 | |||
Costs Capitalized Subsequent to Acquisition | 20,561 | |||
Sales of Outparcel Land | (684) | |||
Gross Amounts at Which Carried at Close of Period, Land | 8,652 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 37,744 | |||
Gross Amounts at Which Carried at Close of Period, Total | 46,396 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,808) | |||
Parkway Plaza, Fort Oglethorpe, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,675 | |||
Initial Cost, Buildings and Improvements | 13,435 | |||
Costs Capitalized Subsequent to Acquisition | 6 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,675 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 13,441 | |||
Gross Amounts at Which Carried at Close of Period, Total | 16,116 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (850) | |||
The Promenade, D'Iberville, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 16,278 | |||
Initial Cost, Buildings and Improvements | 48,806 | |||
Costs Capitalized Subsequent to Acquisition | 24,886 | |||
Sales of Outparcel Land | (706) | |||
Gross Amounts at Which Carried at Close of Period, Land | 17,953 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 71,311 | |||
Gross Amounts at Which Carried at Close of Period, Total | 89,264 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (16,041) | |||
Statesboro Crossing, Statesboro, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,962 | |||
Initial Cost, Land | 2,855 | |||
Initial Cost, Buildings and Improvements | 17,805 | |||
Costs Capitalized Subsequent to Acquisition | 2,235 | |||
Sales of Outparcel Land | (235) | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,840 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 19,820 | |||
Gross Amounts at Which Carried at Close of Period, Total | 22,660 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,865) | |||
840 Greenbrier Circle, Chesapeake, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,096 | |||
Initial Cost, Buildings and Improvements | 3,091 | |||
Costs Capitalized Subsequent to Acquisition | 179 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 2,096 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 3,270 | |||
Gross Amounts at Which Carried at Close of Period, Total | 5,366 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,189) | |||
850 Greenbrier Circle, Chesapeake, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,154 | |||
Initial Cost, Buildings and Improvements | 6,881 | |||
Costs Capitalized Subsequent to Acquisition | (289) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 3,154 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 6,592 | |||
Gross Amounts at Which Carried at Close of Period, Total | 9,746 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,805) | |||
CBL Center, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,170 | |||
Initial Cost, Land | 140 | |||
Initial Cost, Buildings and Improvements | 24,675 | |||
Costs Capitalized Subsequent to Acquisition | 181 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 140 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 24,856 | |||
Gross Amounts at Which Carried at Close of Period, Total | 24,996 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (14,042) | |||
CBL Center II, Chattanooga, TN | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 13,648 | |||
Costs Capitalized Subsequent to Acquisition | 1,137 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 14,785 | |||
Gross Amounts at Which Carried at Close of Period, Total | 14,785 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,579) | |||
One Oyster Point, Newport News, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,822 | |||
Initial Cost, Buildings and Improvements | 3,623 | |||
Costs Capitalized Subsequent to Acquisition | (2,128) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 3,317 | |||
Gross Amounts at Which Carried at Close of Period, Total | 3,317 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Pearland Hotel, Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 16,149 | |||
Costs Capitalized Subsequent to Acquisition | 652 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 16,801 | |||
Gross Amounts at Which Carried at Close of Period, Total | 16,801 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (4,472) | |||
Pearland Office, Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 7,849 | |||
Costs Capitalized Subsequent to Acquisition | 2,844 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 10,693 | |||
Gross Amounts at Which Carried at Close of Period, Total | 10,693 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,964) | |||
Pearland Residential Mgmt, Pearland, TX | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 9,666 | |||
Costs Capitalized Subsequent to Acquisition | 9 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 9,675 | |||
Gross Amounts at Which Carried at Close of Period, Total | 9,675 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (2,262) | |||
Two Oyster Point, Newport News, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,543 | |||
Initial Cost, Buildings and Improvements | 3,974 | |||
Costs Capitalized Subsequent to Acquisition | (2,974) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 2,543 | |||
Gross Amounts at Which Carried at Close of Period, Total | 2,543 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Bonita Lakes Crossing, Meridian, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 794 | |||
Initial Cost, Buildings and Improvements | 4,786 | |||
Costs Capitalized Subsequent to Acquisition | (5,580) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Bonita Lakes Mall, Meridian, MS | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,924 | |||
Initial Cost, Buildings and Improvements | 31,933 | |||
Costs Capitalized Subsequent to Acquisition | (35,872) | |||
Sales of Outparcel Land | (985) | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Cobblestone Village at Palm Coast, Palm Coast, FL | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 6,082 | |||
Initial Cost, Buildings and Improvements | 12,070 | |||
Costs Capitalized Subsequent to Acquisition | (17,932) | |||
Sales of Outparcel Land | (220) | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
The Crossings at Marshall Creek, Marshalls Creek, PA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 6,456 | |||
Initial Cost, Buildings and Improvements | 15,351 | |||
Costs Capitalized Subsequent to Acquisition | (21,807) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Fashion Square, Saginaw, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 15,218 | |||
Initial Cost, Buildings and Improvements | 64,970 | |||
Costs Capitalized Subsequent to Acquisition | (80,188) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
The Lakes Mall, Muskegon, MI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,328 | |||
Initial Cost, Buildings and Improvements | 42,366 | |||
Costs Capitalized Subsequent to Acquisition | (45,694) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Oak Branch Business Center, Greensboro, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 535 | |||
Initial Cost, Buildings and Improvements | 2,192 | |||
Costs Capitalized Subsequent to Acquisition | (2,727) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Randolph Mall, Asheboro, NC | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,547 | |||
Initial Cost, Buildings and Improvements | 13,927 | |||
Costs Capitalized Subsequent to Acquisition | (18,474) | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Regency Mall, Racine, WI | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,539 | |||
Initial Cost, Buildings and Improvements | 36,839 | |||
Costs Capitalized Subsequent to Acquisition | (40,090) | |||
Sales of Outparcel Land | (288) | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
River Ridge Mall, Lynchburg, VA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,824 | |||
Initial Cost, Buildings and Improvements | 59,052 | |||
Costs Capitalized Subsequent to Acquisition | (63,624) | |||
Sales of Outparcel Land | (252) | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Walnut Square, Dalton, GA | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 50 | |||
Initial Cost, Buildings and Improvements | 15,138 | |||
Costs Capitalized Subsequent to Acquisition | (15,186) | |||
Sales of Outparcel Land | (2) | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 0 | |||
Gross Amounts at Which Carried at Close of Period, Total | 0 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | 0 | |||
Other | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 39,263 | |||
Initial Cost, Land | 1,332 | |||
Initial Cost, Buildings and Improvements | 2,272 | |||
Costs Capitalized Subsequent to Acquisition | (684) | |||
Sales of Outparcel Land | (324) | |||
Gross Amounts at Which Carried at Close of Period, Land | 908 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 1,688 | |||
Gross Amounts at Which Carried at Close of Period, Total | 2,596 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | (1,640) | |||
Developments in progress consisting of construction and Development Properties | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings and Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition | 178,355 | |||
Sales of Outparcel Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Land | 0 | |||
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements | 178,355 | |||
Gross Amounts at Which Carried at Close of Period, Total | 178,355 | |||
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation | $ 0 |
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION Activity (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Reconciliation of Carrying Amount of Real Estate Investments and Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of period | $ 8,240,521 | $ 8,187,183 | $ 8,123,514 |
Additions and improvements | 263,265 | 230,990 | 282,282 |
Acquisitions of real estate assets | 0 | 182,747 | 0 |
Disposals, deconsolidations and accumulated depreciation on impairments | (435,331) | (249,716) | (189,372) |
Transfers from real estate assets | (3,986) | (4,738) | (11,383) |
Impairment of real estate assets | (116,822) | (105,945) | (17,858) |
Balance at end of period | 7,947,647 | 8,240,521 | 8,187,183 |
Accumulated depreciation, beginning of period | 2,382,568 | 2,240,007 | 2,056,357 |
Depreciation expense | 272,697 | 274,544 | 269,602 |
Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired | (228,157) | (131,983) | (85,952) |
Accumulated depreciation, end of period | $ 2,427,108 | $ 2,382,568 | $ 2,240,007 |
Schedule IV - MORTGAGE NOTES RECEIVABLE ON REAL ESTATE (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 7.00% | ||
Monthly payment amount | $ 48 | ||
Balloon Payment At Maturity | 4,327 | ||
Face Amount Of Mortgage | 8,784 | ||
Carrying Amount of Mortgage | 5,680 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | 1,100 | ||
Mortgage and other notes receivable | 16,803 | $ 18,238 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Beginning balance | 7,776 | 9,323 | $ 19,120 |
Additions | 0 | 0 | 360 |
Payments | (250) | (1,547) | (10,157) |
Write-Offs | (1,846) | 0 | 0 |
Ending balance | 5,680 | 7,776 | $ 9,323 |
Other | |||
Mortgage Loans on Real Estate [Line Items] | |||
Monthly payment amount | 15 | ||
Balloon Payment At Maturity | 2,534 | ||
Face Amount Of Mortgage | 2,597 | ||
Carrying Amount of Mortgage | 2,521 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 1,100 | ||
Interest rate, current variable rate (percent) | 5.75% | ||
Other | Prime Rate | |||
Mortgage Loans on Real Estate [Line Items] | |||
Basis spread on variable rate (percent) | 2.00% | ||
Columbia Place Outparcel | First Mortgage | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 5.00% | ||
Monthly payment amount | $ 3 | ||
Balloon Payment At Maturity | 210 | ||
Face Amount Of Mortgage | 360 | ||
Carrying Amount of Mortgage | 321 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 0 | ||
One Park Place - Chattanooga, TN | First Mortgage | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 5.00% | ||
Monthly payment amount | $ 21 | ||
Balloon Payment At Maturity | 0 | ||
Face Amount Of Mortgage | 3,200 | ||
Carrying Amount of Mortgage | 1,194 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 0 | ||
Village Square - Houghton Lake, MI | First Mortgage | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 3.75% | ||
Monthly payment amount | $ 9 | ||
Balloon Payment At Maturity | 1,583 | ||
Face Amount Of Mortgage | 2,627 | ||
Carrying Amount of Mortgage | 1,644 | ||
Principal Amount Of Mortgage Subject To Delinquent Principal Or Interest | $ 0 | ||
New Garden Crossing | First Mortgage | LIBOR | |||
Mortgage Loans on Real Estate [Line Items] | |||
Basis spread on variable rate (percent) | 2.50% | ||
Minimum | Other | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 3.27% | ||
Maximum | Other | |||
Mortgage Loans on Real Estate [Line Items] | |||
Interest rate (percent) | 9.50% | ||
Mortgage Receivable | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage and other notes receivable | $ 5,680 | $ 7,776 | |
The Promenade, D'Iberville, MS | Mortgage Receivable | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage and other notes receivable | $ 1,100 |
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