XML 28 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 118,444 $ 115,659
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 225,461 220,505
Net amortization of deferred financing costs, debt premiums and discounts 2,904 2,019
Net amortization of intangible lease assets and liabilities (1,235) (204)
Gain on sales of real estate assets (86,904) (14,503)
Loss on investment 6,197 0
Write-off of development projects 5,151 44
Share-based compensation expense 4,569 4,011
Loss on impairment 71,401 116,736
Gain on extinguishment of debt (30,927) 0
Equity in earnings of unconsolidated affiliates (16,404) (107,217)
Distributions of earnings from unconsolidated affiliates 16,361 12,337
Provision for doubtful accounts 3,353 3,377
Change in deferred tax accounts 2,911 (1,780)
Changes in:    
Tenant and other receivables (4,893) (7,759)
Other assets (12,368) (10,028)
Accounts payable and accrued liabilities 32,929 6,428
Net cash provided by operating activities 336,950 339,625
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to real estate assets (149,302) (165,091)
Acquisitions of real estate assets (79,799) 0
(Additions) reductions to restricted cash 1,261 (10,020)
Proceeds from sales of real estate assets 201,291 125,606
Proceeds from disposal of investment 9,000 0
Additions to mortgage and other notes receivable (4,118) (3,259)
Payments received on mortgage and other notes receivable 3,443 790
Additional investments in and advances to unconsolidated affiliates (17,199) (21,805)
Distributions in excess of equity in earnings of unconsolidated affiliates 15,743 74,242
Changes in other assets (14,471) (4,786)
Net cash used in investing activities (34,151) (4,323)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from mortgage and other indebtedness 1,097,006 614,671
Principal payments on mortgage and other indebtedness (1,151,494) (755,579)
Additions to deferred financing costs (5,003) (1,169)
Prepayment fees on extinguishment of debt (8,871) 0
Proceeds from issuances of common stock 150 131
Purchases of noncontrolling interests in the Operating Partnership (593) (11,754)
Contributions from noncontrolling interests 263 11,085
Payment of tax withholdings for restricted stock awards (322) 0
Distributions to noncontrolling interests (51,925) (35,742)
Dividends paid to holders of preferred stock (33,669) (33,669)
Dividends paid to common shareholders (135,941) (135,700)
Net cash used in financing activities (290,399) (347,726)
NET CHANGE IN CASH AND CASH EQUIVALENTS 12,400 (12,424)
CASH AND CASH EQUIVALENTS, beginning of period 18,951 [1] 36,892
CASH AND CASH EQUIVALENTS, end of period 31,351 [1] 24,468
SUPPLEMENTAL INFORMATION:    
Cash paid for interest, net of amounts capitalized 150,816 150,512
CBL & Associates Limited Partnership    
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income 118,444 115,659
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 225,461 220,505
Net amortization of deferred financing costs, debt premiums and discounts 2,904 2,019
Net amortization of intangible lease assets and liabilities (1,235) (204)
Gain on sales of real estate assets (86,904) (14,503)
Loss on investment 6,197 0
Write-off of development projects 5,151 44
Share-based compensation expense 4,569 4,011
Loss on impairment 71,401 116,736
Gain on extinguishment of debt (30,927) 0
Equity in earnings of unconsolidated affiliates (16,404) (107,217)
Distributions of earnings from unconsolidated affiliates 16,362 12,366
Provision for doubtful accounts 3,353 3,377
Change in deferred tax accounts 2,911 (1,780)
Changes in:    
Tenant and other receivables (4,893) (7,710)
Other assets (12,368) (10,028)
Accounts payable and accrued liabilities 32,935 6,349
Net cash provided by operating activities 336,957 339,624
CASH FLOWS FROM INVESTING ACTIVITIES:    
Additions to real estate assets (149,302) (165,091)
Acquisitions of real estate assets (79,799) 0
(Additions) reductions to restricted cash 1,261 (10,020)
Proceeds from sales of real estate assets 201,291 125,606
Proceeds from disposal of investment 9,000 0
Additions to mortgage and other notes receivable (4,118) (3,259)
Payments received on mortgage and other notes receivable 3,443 790
Additional investments in and advances to unconsolidated affiliates (17,199) (21,805)
Distributions in excess of equity in earnings of unconsolidated affiliates 15,743 74,242
Changes in other assets (14,471) (4,786)
Net cash used in investing activities (34,151) (4,323)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from mortgage and other indebtedness 1,097,006 614,671
Principal payments on mortgage and other indebtedness (1,151,494) (755,579)
Additions to deferred financing costs (5,003) (1,169)
Prepayment fees on extinguishment of debt (8,871) 0
Proceeds from issuances of common stock 150 131
Redemptions of common units (593) (11,754)
Contributions from noncontrolling interests 263 11,085
Payment of tax withholdings for restricted stock awards (322) 0
Distributions to noncontrolling interests (28,203) (11,246)
Dividends paid to holders of preferred stock (33,669) (33,669)
Dividends paid to common shareholders (159,663) (160,196)
Net cash used in financing activities (290,399) (347,726)
NET CHANGE IN CASH AND CASH EQUIVALENTS 12,407 (12,425)
CASH AND CASH EQUIVALENTS, beginning of period 18,943 [1] 36,887
CASH AND CASH EQUIVALENTS, end of period 31,350 [1] 24,462
SUPPLEMENTAL INFORMATION:    
Cash paid for interest, net of amounts capitalized $ 150,816 $ 150,512
[1] As of September 30, 2017, includes $652,439 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $379,786 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 5.