XML 37 R30.htm IDEA: XBRL DOCUMENT

Unconsolidated Affiliates and Noncontrolling Interests (Tables)

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Condensed Combined Financial Statement Information - Unconsolidated Affiliates

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


	June 30, 2024			December 31, 2023
ASSETS:
Investment in real estate assets	$	2,008,116		$	2,010,269
Accumulated depreciation		(913,330	)		(886,712	)
		1,094,786			1,123,557
Developments in progress		25,370			17,261
Net investment in real estate assets		1,120,156			1,140,818
Other assets		197,016			200,289
Total assets	$	1,317,172		$	1,341,107
LIABILITIES:
Mortgage and other indebtedness, net	$	1,321,646		$	1,368,031
Other liabilities		43,680			45,577
Total liabilities		1,365,326			1,413,608
OWNERS' EQUITY (DEFICIT):
The Company		13,759			12,290
Other investors		(61,913	)		(84,791	)
Total owners' deficit		(48,154	)		(72,501	)
Total liabilities and owners’ deficit	$	1,317,172		$	1,341,107


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Total revenues	$	63,875	$	62,943	$	127,872	$	123,476
Net income (1)	$	28,328	$	11,092	$	34,592	$	20,273

(1)

The Company's pro rata share of net income was $7,148 and $812 for the three months ended June 30, 2024 and 2023, respectively. The Company's pro rata share of net income (loss) was $11,742 and $(444) for the six months ended June 30, 2024 and 2023, respectively.

Schedule of Variable Interest Entities

The table below lists the Company's unconsolidated VIEs as of June 30, 2024:


Unconsolidated VIEs:	Investment in Real Estate Joint Ventures and Partnerships		Maximum Risk of Loss
Alamance Crossing CMBS, LLC (1)	$	—	$	—
Ambassador Infrastructure, LLC (2)		—		4,361
Atlanta Outlet JV, LLC		—		—
BI Development, LLC		117		117
BI Development II, LLC		679		679
CBL-T/C, LLC		—		—
CBL-TRS Med OFC Holding, LLC (3)		1,264		3,562
El Paso Outlet Center Holding, LLC		—		—
Fremaux Town Center JV, LLC		—		—
Louisville Outlet Shoppes, LLC		—		—
Mall of South Carolina L.P.		—		—
Vision - CBL Hamilton Place, LLC		3,570		3,570
Vision - CBL Mayfaire TC Hotel, LLC		6,174		6,174
	$	11,804	$	18,463

(1)

During the year ended December 31, 2023, the property was placed into receivership.

(2)

The Operating Partnership has guaranteed all or a portion of the debt. See Note 11 for more information.

(3)

The Operating Partnership has guaranteed the construction debt of CBL DMC I, LLC, the joint venture in which CBL-TRS Med OFC Holding, LLC owns a 50% interest. See Note 11 for more information.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details