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.
|
▪
|
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)
|
||||
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)
|
||||
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
|
|
(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
|
|
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.
|
(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
|
|
(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.
|
|
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.
|
|
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)
|
(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.
|
(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 Offering
SM
Sales Agreement, dated March 1, 2013, by and between CBL & Associates Properties, Inc. and Cantor Fitzgerald & Co. (w)
|
10.13.2
|
|
Controlled Equity Offering
SM
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 Offering
SM
Sales Agreement, dated March 1, 2013, by and between CBL & Associates Properties, Inc. and KeyBanc Capital Markets Inc. (w)
|
10.13.4
|
|
Controlled Equity Offering
SM
Sales Agreement, dated March 1, 2013, by and between CBL & Associates Properties, Inc. and RBC Capital Markets, LLC (w)
|
10.13.5
|
|
Controlled Equity Offering
SM
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
|
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.
|