CBL CBL and Associates Properties Inc

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 09, 2024

 

 

CBL & ASSOCIATES PROPERTIES, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			1-12494	62-1545718
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
2030 Hamilton Place Blvd., Suite 500
Chattanooga, Tennessee				37421-6000
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 423 855-0001

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value		CBL		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

On August 9, 2024, CBL & Associates Properties, Inc. (the "Company") reported its results for the second quarter ended June 30, 2024. The Company's earnings release and supplemental financial and operating information for the second quarter ended June 30, 2024 are attached as Exhibit 99.1.

The information in this Form 8-K and the Exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
99.1		Earnings Release dated August 9, 2024 and Supplemental Financial and Operating Information - For the Three and Six Months Ended June 30, 2024.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			CBL & ASSOCIATES PROPERTIES, INC.
Date:	August 9, 2024	By:	/s/ Benjamin W. Jaenicke
			Benjamin W. Jaenicke Executive Vice President - Chief Financial Officer and Treasurer

 

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Exhibit 99.1

 

 

 

 

 

Earnings Release and

Supplemental Financial and Operating Information

 

For the Three and Six Months Ended

June 30, 2024

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Earnings Release and Supplemental Financial and Operating Information

Table of Contents

 

		Page
Earnings Release		1
Consolidated Statements of Operations		6
Reconciliations of Supplementary Non-GAAP Financial Measures:
Funds from Operations (FFO)		7
Same-center Net Operating Income (NOI)		9
Share of Consolidated and Unconsolidated Debt		10
Consolidated Balance Sheets		11
Condensed Combined Financial Statements - Unconsolidated Affiliates		12
Ratio of Adjusted EBITDAre to Interest Expense and Reconciliation of Adjusted EBITDAre to Operating Cash Flows		13
Components of Rental Revenues		14
Schedule of Mortgage and Other Indebtedness		15
Schedule of Maturities		17
Property List		19
Operating Metrics by Collateral Pool		22
CBL & Associates HoldCo I, LLC Financial Statements		24
Leasing Activity and Average Annual Base Rents		26
Top 25 Tenants Based on Percentage of Total Annualized Revenues		27
Capital Expenditures		27
Development Activity		28

 

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	News Release

Contact: Katie Reinsmidt, Executive Vice President - Chief Operating Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com

 

CBL PROPERTIES REPORTS STRONG RESULTS FOR SECOND QUARTER 2024

Same-center NOI increased 1.5% over the prior-year period

CHATTANOOGA, Tenn. (August 9, 2024) – CBL Properties (NYSE: CBL) announced results for the second quarter ended June 30, 2024. Results of operations as reported in the consolidated financial statements for these periods are prepared in accordance with GAAP. A description of each supplemental non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located at the end of this news release.

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Net income (loss) attributable to common shareholders		$	0.14			$	(0.67	)		$	0.14			$	(0.61	)
Funds from Operations ("FFO")		$	1.51			$	1.01			$	2.72			$	2.87
FFO, as adjusted (1)		$	1.73			$	1.56			$	3.23			$	3.12

KEY TAKEAWAYS:

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“CBL’s second quarter financial and operational results reflected the growing strength of the retail real estate sector," said CBL's chief executive officer, Stephen D. Lebovitz. "Same-center NOI grew 1.5% for the quarter, generated through contributions from new leasing, operating expense savings, and a positive variance from uncollectible revenues, partially offset by a decline in percentage rents and lost rent from recent tenant bankruptcy activity.

"Leasing volume was strong with healthy demand from tenants for space across our portfolio. We executed more than one million square feet of leases in the second quarter, a 23% increase from the prior-year period, including over 360,000 square feet of new leases. Notable leases signed in the quarter include three lululemon locations including two new stores, as well as the planned expansion of their high-performing store at our West County Center in St. Louis. We opened a Tilt family entertainment venue at Jefferson Mall in Louisville and inked a deal for Shoe Station to open this year in the former Bed, Bath, and Beyond location at our open-air center in Chattanooga. Despite high leasing volumes, occupancy levels declined in the quarter, primarily due to anticipated bankruptcy-related store closures including approximately 234,000-square-feet related to the bankruptcies of Express and rue21. However, we signed several leases with the new owners of rue21 and anticipate an initial 14 locations will reopen by first quarter 2025, with the potential for additional locations to be added in subsequent months.

“Positive spreads on both new and renewal leasing showcased our focus on replacing underperforming tenants and locking in better performing tenants at improving rents. With the exception of April, which was down due to the Easter holiday, sales were another bright spot in the quarter. May and June posted solid 2% sales increases. Back to school shopping is underway now with tax free weekend promotions driving traffic across the CBL portfolio.

"As we make progress strengthening our balance sheet, debt levels declined with the quarter end's balance representing a more than $126 million reduction in CBL's pro rata share from the prior-year period. We were pleased to recently close on the sale of Layton Hills Mall in Layton, UT, which served as collateral for our non-recourse term loan. Proceeds from this sale were used to reduce the principal balance and progressed our goal of meeting our term loan extension test in 2025 while minimizing use of our corporate cash reserves."

Same-center Net Operating Income (“NOI”)(1):

		Three Months Ended June 30,
		2024				2023
Total Revenues		$	158,970			$	158,943
Total Expenses		$	(50,711	)		$	(52,332	)
Total portfolio same-center NOI		$	108,259			$	106,611
Total same-center NOI percentage change			1.5	%
Estimate for uncollectable revenues (recovery)		$	779			$	2,066

Same-center NOI for the second quarter 2024 increased $1.6 million. Second quarter 2024 results included a $1.6 million improvement in operating expense, primarily driven by lower third-party contract expense, net benefit of real estate and other tax expense savings. Expenses also benefited from lower third-party contract expense. Expense savings were partially offset by $0.6 million higher insurance expense in the quarter. The estimate for uncollectible revenues positively impacted the quarter by approximately $1.3 million. Percentage rents declined $0.3 million due to lower tenant sales.

		Six Months Ended June 30,
		2024				2023
Total Revenues		$	318,491			$	321,590
Total Expenses		$	(101,420	)		$	(109,969	)
Total portfolio same-center NOI		$	217,071			$	211,621
Total same-center NOI percentage change			2.6	%
Estimate for uncollectable revenues (recovery)		$	1,915			$	983

Same-center NOI for the six months ended June 30, 2024 increased $5.5 million. Results included real estate and other tax expense saving and improved operating expenses from lower third-party contract expense. Percentage rents for the six months ended June 30, 2024, were $0.6 million lower. The estimate for uncollectible revenues negatively impacted the current six month period by $0.9 million.

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PORTFOLIO OPERATIONAL RESULTS

Occupancy(1):

		As of June 30,
		2024		2023
Total portfolio		88.7%		89.8%
Malls, lifestyle centers and outlet centers:
Total malls		85.9%		88.2%
Total lifestyle centers		90.6%		92.4%
Total outlet centers		89.9%		88.4%
Total same-center malls, lifestyle centers and outlet centers		86.8%		88.6%
All Other Properties:
Total open-air centers		94.9%		94.7%
Total other		87.9%		74.2%

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet:

% Change in Average Gross Rent Per Square Foot:
		Three Months Ended June 30,		Six Months Ended June 30,
		2024		2024
All Property Types		8.8%		9.6%
Stabilized Malls, Lifestyle Centers and Outlet Centers		9.0%		9.4%
New leases		30.8%		65.3%
Renewal leases		6.2%		3.4%

Same-Center Sales Per Square Foot for In-line Tenants 10,000 Square Feet or Less:

		Sales Per Square Foot for the Trailing Twelve Months Ended June 30,
		2024				2023				% Change
Malls, lifestyle centers and outlet centers same-center sales per square foot		$	417			$	426			(2.1)%

DIVIDEND

On August 7, 2024, CBL’s Board of Directors declared the regular quarterly cash dividend for the three months ended September 30, 2024, of $0.40 per share. The dividend, which equates to an annual dividend payment of $1.60 per share, is payable on September 30, 2024, to shareholders of record as of September 13, 2024.

FINANCING ACTIVITY

In July 2024, CBL and its 50% joint venture partner closed on a new $14.5 million five-year loan secured by the Aloft Hotel at Hamilton Place in Chattanooga, TN. The loan bears a fixed interest rate of 7.2% and is non-recourse to CBL and replaced the existing $16.0 million loan that was set to mature in November 2024.

In February 2024, CBL retired the $15.3 million recourse loan secured by Brookfield Square Anchor Redevelopment in Brookfield, WI.

In May 2024, CBL transferred the title of Westgate Mall in Spartanburg, SC, to the mortgage holder in satisfaction of the $28.7 million non-recourse loan secured by the property.

CBL is cooperating with the foreclosure or conveyance of Alamance Crossing East in Burlington, NC, ($41.1 million).

STOCK REPURCHASE PROGRAM ACTIVITY

On August 10, 2023, CBL announced that its Board of Directors authorized a stock repurchase program for the Company to buy up to $25.0 million of its common stock. Since commencement, CBL has repurchased 858,510 shares at an average price of $22.55 per share under the program. On August 7, 2024, CBL's Board of Directors approved an extension of the program through December 31, 2024.

DISPOSITIONS

On August 6, 2024, CBL closed on the sale of Layton Hills Mall in Layton, UT, for $37.125 million. The property served as collateral under CBL's non-recourse term loan. Net proceeds from the sale were used to reduce the term loan balance to $749.8 million.

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CBL did not complete any dispositions during the second quarter. Year-to-date, in addition to the sale of Layton Hills Mall, CBL has completed the sale of two land parcels, generating more than $7.7 million in gross proceeds at CBL's share.

DEVELOPMENT AND REDEVELOPMENT ACTIVITY

Detailed project information is available in CBL’s Financial Supplement for Q2 2024, which can be found in the Invest – Financial Reports section of CBL’s website at cblproperties.com.

OUTLOOK AND GUIDANCE

Based on year-to-date results, Management's expectations and after incorporating the impact of the sale of Layton Hills Mall, CBL is reiterating its full-year 2024 FFO, as adjusted, guidance. Per share amounts have also been adjusted to reflect the impact of year-to-date share repurchase activity. Management anticipates same-center NOI for full-year 2024 in the range of (1.2)% to 1.4%. Guidance excludes the impact of any unannounced transactions.

		Low				High
2024 FFO, as adjusted (in millions)		$	196.0			$	210.0
2024 WA Share Count			31.2				31.2
2024 FFO, as adjusted, per share		$	6.28			$	6.72
2024 Same-Center NOI ("SC NOI") (in millions)		$	425.0			$	436.0
2024 change in same-center NOI			(1.2	)%			1.4	%

Reconciliation of GAAP Earnings Per Share to 2024 FFO, as Adjusted, Per Share:

		Low				High
Expected diluted earnings per common share		$	0.08			$	0.52
Depreciation and amortization			4.86				4.86
Dividends allocable to unvested restricted stock			0.03				0.03
Gain on depreciable property			(0.12	)			(0.12	)
Loss on impairment			0.02				0.02
Debt discount accretion, net of noncontrolling interests' share			1.44				1.44
Adjustment for unconsolidated affiliates with negative investment			(0.02	)			(0.02	)
Adjustment for litigation settlement			(0.01	)			(0.01	)
Expected FFO, as adjusted, per diluted, fully converted common share		$	6.28			$	6.72

2024 Estimate of Capital Items (in millions):

		Low			High
2024 Estimated maintenance capital/tenant allowances		$	40.0		$	55.0
2024 Estimated development/redevelopment expenditures			10.0			15.0
2024 Estimated principal amortization (including est. term loan ECF)			75.0			85.0
Total Estimate		$	125.0		$	155.0

ABOUT CBL PROPERTIES

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 93 properties totaling more than 57.8 million square feet across 22 states, including 55 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.

NON-GAAP FINANCIAL MEASURES

Funds From Operations

FFO is a widely used non-GAAP measure of the operating performance of real estate companies that supplements net income (loss) determined in accordance with GAAP. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP) excluding gains or losses on sales of depreciable operating properties and impairment losses of depreciable properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. We define FFO as defined above by NAREIT. The Company’s method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

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The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors’ understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company’s properties and interest rates, but also by its capital structure.

The Company believes FFO allocable to Operating Partnership common unitholders is a useful performance measure since it conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership.

In the reconciliation of net income (loss) attributable to the Company’s common shareholders to FFO allocable to Operating Partnership common unitholders, located in this earnings release, the Company makes an adjustment to add back noncontrolling interest in income (loss) of its Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders.

FFO does not represent cash flows from operations as defined by GAAP, is not necessarily indicative of cash available to fund all cash flow needs and should not be considered as an alternative to net income (loss) for purposes of evaluating the Company’s operating performance or to cash flow as a measure of liquidity.

The Company believes that it is important to identify the impact of certain significant items on its FFO measures for a reader to have a complete understanding of the Company’s results of operations. Therefore, the Company has also presented adjusted FFO measures excluding these items from the applicable periods. Please refer to the reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 7 of this news release for a description of these adjustments.

Same-center Net Operating Income

NOI is a supplemental non-GAAP measure of the operating performance of the Company’s shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs).

The Company computes NOI based on the Operating Partnership’s pro rata share of both consolidated and unconsolidated properties. The Company believes that presenting NOI and same-center NOI (described below) based on its Operating Partnership’s pro rata share of both consolidated and unconsolidated properties is useful since the Company conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company’s common shareholders and the noncontrolling interest in the Operating Partnership. The Company's definition of NOI may be different than that used by other companies and, accordingly, the Company's calculation of NOI may not be comparable to that of other companies.

Since NOI includes only those revenues and expenses related to the operations of the Company’s shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates, sales at the malls and operating costs and the impact of those trends on the Company’s results of operations. The Company’s calculation of same-center NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-off of landlord inducement assets in order to enhance the comparability of results from one period to another. A reconciliation of same-center NOI to net income (loss) is located at the end of this earnings release.

Pro Rata Share of Debt

The Company presents debt based on the carrying value of its pro rata ownership share (including the carrying value of the Company’s pro rata share of unconsolidated affiliates and excluding noncontrolling interests’ share of consolidated properties) because it believes this provides investors a clearer understanding of the Company’s total debt obligations which affect the Company’s liquidity. A reconciliation of the Company’s pro rata share of debt to the amount of debt on the Company’s condensed consolidated balance sheet is located at the end of this earnings release.

Information included herein contains “forward-looking statements” within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K, and the “Management's Discussion and Analysis of Financial Condition and Results of Operations” included therein, for a discussion of such risks and uncertainties.

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Consolidated Statements of Operations

(Unaudited; in thousands, except per share amounts)

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
REVENUES:
Rental revenues		$	124,071			$	124,842			$	248,098			$	255,166
Management, development and leasing fees			1,817				1,822				3,722				4,256
Other			3,777				3,203				6,962				6,804
Total revenues			129,665				129,867				258,782				266,226
EXPENSES:
Property operating			(20,740	)			(21,507	)			(44,567	)			(46,121	)
Depreciation and amortization			(38,664	)			(49,742	)			(76,704	)			(103,011	)
Real estate taxes			(13,028	)			(14,481	)			(22,297	)			(29,269	)
Maintenance and repairs			(9,179	)			(9,991	)			(19,117	)			(21,515	)
General and administrative			(14,831	)			(16,156	)			(35,245	)			(35,385	)
Loss on impairment			—				—				(836	)			—
Litigation settlement			72				74				140				118
Other			(127	)			—				(127	)			(198	)
Total expenses			(96,497	)			(111,803	)			(198,753	)			(235,381	)
OTHER INCOME (EXPENSES):
Interest and other income			4,082				2,967				8,086				5,632
Interest expense			(39,407	)			(44,173	)			(79,219	)			(87,697	)
Gain on deconsolidation			—				—				—				28,151
(Loss) gain on sales of real estate assets			(50	)			(114	)			3,671				1,482
Income tax provision			(650	)			(219	)			(492	)			(118	)
Equity in earnings (losses) of unconsolidated affiliates			7,148				812				11,742				(444	)
Total other expenses			(28,877	)			(40,727	)			(56,212	)			(52,994	)
Net income (loss)			4,291				(22,663	)			3,817				(22,149	)
Net (income) loss attributable to noncontrolling interests in:
Operating Partnership			—				—				—				—
Other consolidated subsidiaries			453				1,875				977				3,620
Net income (loss) attributable to the Company			4,744				(20,788	)			4,794				(18,529	)
Earnings allocable to unvested restricted stock			(260	)			(281	)			(519	)			(561	)
Net income (loss) attributable to common shareholders		$	4,484			$	(21,069	)		$	4,275			$	(19,090	)
Basic and diluted per share data attributable to common shareholders:
Basic earnings per share		$	0.14			$	(0.67	)		$	0.14			$	(0.61	)
Diluted earnings per share			0.14				(0.67	)			0.14				(0.61	)
Weighted-average basic shares			31,150				31,313				31,348				31,309
Weighted-average diluted shares			31,156				31,313				31,351				31,309

 

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

The Company's reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders is as follows:

(in thousands, except per share data)

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Net income (loss) attributable to common shareholders		$	4,484			$	(21,069	)		$	4,275			$	(19,090	)
Noncontrolling interest in income (loss) of Operating Partnership			—				—				—				—
Earnings allocable to unvested restricted stock			260				281				519				561
Depreciation and amortization expense of:
Consolidated properties			38,664				49,742				76,704				103,011
Unconsolidated affiliates			4,473				4,433				8,462				9,071
Non-real estate assets			(254	)			(304	)			(513	)			(452	)
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries			(472	)			(708	)			(1,032	)			(1,373	)
Loss on impairment, net of taxes			—				—				619				—
Gain on depreciable property			—				—				(3,721	)			—
FFO allocable to Operating Partnership common unitholders			47,155				32,375				85,313				91,728
Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share (1)			11,722				16,574				23,517				33,190
Adjustment for unconsolidated affiliates with negative investment (2)			(4,801	)			888				(7,369	)			2,479
Litigation settlement (3)			(72	)			(74	)			(140	)			(118	)
Non-cash default interest expense (4)			—				287				—				781
Gain on deconsolidation (5)			—				—				—				(28,151	)
FFO allocable to Operating Partnership common unitholders, as adjusted		$	54,004			$	50,050			$	101,321			$	99,909
FFO per diluted share		$	1.51			$	1.01			$	2.72			$	2.87
FFO, as adjusted, per diluted share		$	1.73			$	1.56			$	3.23			$	3.12
Weighted-average common and potential dilutive common shares outstanding			31,156				32,071				31,351				32,000

 

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Diluted EPS attributable to common shareholders		$	0.14			$	(0.67	)		$	0.14			$	(0.61	)
Add amounts per share included in FFO:
Unvested restricted stock			0.01				0.02				0.01				0.03
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			1.36				1.66				2.67				3.45
Loss on impairment, net of taxes			—				—				0.02				—
Gain on depreciable property			—				—				(0.12	)			—
FFO per diluted share		$	1.51			$	1.01			$	2.72			$	2.87

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees		$	706			$	793			$	1,689			$	1,954
Straight-line rental income adjustment		$	210			$	1,722			$	(305	)		$	3,355
Gain on outparcel sales, net of taxes		$	(50	)		$	725			$	(50	)		$	2,305
Net amortization of acquired above- and below-market leases		$	(2,684	)		$	(5,123	)		$	(6,176	)		$	(10,445	)
Income tax provision		$	(650	)		$	(219	)		$	(492	)		$	(118	)
Abandoned projects expense		$	(127	)		$	—			$	(127	)		$	(17	)
Interest capitalized		$	139			$	111			$	273			$	217
Estimate of uncollectable revenues		$	(1,962	)		$	(2,375	)		$	(7,792	)		$	(1,616	)
										As of June 30,
										2024				2023
Straight-line rent receivable										$	22,948			$	18,902

 

 

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Same-center Net Operating Income

(Dollars in thousands)

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Net income (loss)		$	4,291			$	(22,663	)		$	3,817			$	(22,149	)
Adjustments:
Depreciation and amortization			38,664				49,742				76,704				103,011
Depreciation and amortization from unconsolidated affiliates			4,473				4,433				8,462				9,071
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries			(472	)			(708	)			(1,032	)			(1,373	)
Interest expense			39,407				44,173				79,219				87,697
Interest expense from unconsolidated affiliates			17,074				18,531				34,355				36,056
Noncontrolling interests' share of interest expense in other consolidated subsidiaries			(1,061	)			(1,918	)			(2,126	)			(3,961	)
Abandoned projects expense			127				—				127				17
Loss (gain) on sales of real estate assets, net of taxes and noncontrolling interests' share			50				59				(3,671	)			(1,537	)
Gain on sales of real estate assets of unconsolidated affiliates			—				(784	)			—				(768	)
Adjustment for unconsolidated affiliates with negative investment			(4,801	)			888				(7,369	)			2,479
Gain on deconsolidation			—				—				—				(28,151	)
Loss on impairment			—				—				836				—
Litigation settlement			(72	)			(74	)			(140	)			(118	)
Income tax provision			650				219				492				118
Lease termination fees			(706	)			(793	)			(1,689	)			(1,954	)
Straight-line rent and above- and below-market lease amortization			2,474				3,401				6,481				7,090
Net loss attributable to noncontrolling interests in other consolidated subsidiaries			453				1,875				977				3,620
General and administrative expenses			14,831				16,156				35,245				35,385
Management fees and non-property level revenues			(6,543	)			(5,038	)			(12,990	)			(10,018	)
Operating Partnership's share of property NOI			108,839				107,499				217,698				214,515
Non-comparable NOI			(580	)			(888	)			(627	)			(2,894	)
Total same-center NOI (1)		$	108,259			$	106,611			$	217,071			$	211,621
Total same-center NOI percentage change			1.5	%							2.6	%

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Malls		$	72,808			$	73,446			$	146,899			$	145,271
Outlet centers			5,304				5,301				10,924				10,414
Lifestyle centers			9,047				8,742				18,286				17,758
Open-air centers			14,698				13,307				29,264				27,101
Outparcels and other			6,402				5,815				11,698				11,077
Total same-center NOI		$	108,259			$	106,611			$	217,071			$	211,621
Percentage Change:
Malls			(0.9	)%							1.1	%
Outlet centers			0.1	%							4.9	%
Lifestyle centers			3.5	%							3.0	%
Open-air centers			10.5	%							8.0	%
Outparcels and other			10.1	%							5.6	%
Total same-center NOI			1.5	%							2.6	%

 

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Company's Share of Consolidated and Unconsolidated Debt

(Dollars in thousands)

		As of June 30, 2024
		Fixed Rate				Variable Rate				Total Debt				Unamortized Deferred Financing Costs				Unamortized Debt Discounts (1)				Total, net
Consolidated debt		$	897,058			$	999,950			$	1,897,008			$	(10,952	)		$	(32,715	)		$	1,853,341
Noncontrolling interests' share of consolidated debt			(24,711	)			(11,613	)			(36,324	)			200				2,755				(33,369	)
Company's share of unconsolidated affiliates' debt			615,961				55,149				671,110				(2,573	)			—				668,537
Other debt (2)			41,122				—				41,122				—				—				41,122
Company's share of consolidated, unconsolidated and other debt		$	1,529,430			$	1,043,486			$	2,572,916			$	(13,325	)		$	(29,960	)		$	2,529,631
Weighted-average interest rate			5.27	%			8.42	%			6.55	%
		As of June 30, 2023
		Fixed Rate				Variable Rate				Total Debt				Unamortized Deferred Financing Costs				Unamortized Debt Discounts (1)				Total, net
Consolidated debt		$	963,501			$	1,048,478			$	2,011,979			$	(15,407	)		$	(54,523	)		$	1,942,049
Noncontrolling interests' share of consolidated debt			(25,222	)			(13,177	)			(38,399	)			298				4,680				(33,421	)
Company's share of unconsolidated affiliates' debt			622,022				62,919				684,941				(3,397	)			—				681,544
Other debt (2)			41,122				—				41,122				—				—				41,122
Company's share of consolidated, unconsolidated and other debt		$	1,601,423			$	1,098,220			$	2,699,643			$	(18,506	)		$	(49,843	)		$	2,631,294
Weighted-average interest rate			5.18	%			8.15	%			6.39	%

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Consolidated Balance Sheets

(Unaudited; in thousands, except share data)

		June 30,				December 31,
		2024				2023
ASSETS
Real estate assets:
Land		$	582,949			$	585,191
Buildings and improvements			1,219,644				1,216,054
			1,802,593				1,801,245
Accumulated depreciation			(263,950	)			(228,034	)
			1,538,643				1,573,211
Developments in progress			8,905				8,900
Net investment in real estate assets			1,547,548				1,582,111
Cash and cash equivalents			57,679				34,188
Restricted cash			83,559				88,888
Available-for-sale securities - at fair value (amortized cost of $238,300 and $261,869 as of June 30, 2024 and December 31, 2023, respectively)			238,108				262,142
Receivables:
Tenant			38,213				43,436
Other			2,795				2,752
Investments in unconsolidated affiliates			82,553				76,458
In-place leases, net			127,818				157,639
Intangible lease assets and other assets			143,428				158,291
		$	2,321,701			$	2,405,905
LIABILITIES AND EQUITY
Mortgage and other indebtedness, net		$	1,853,341			$	1,888,803
Accounts payable and accrued liabilities			169,374				186,485
Total liabilities			2,022,715				2,075,288
Shareholders' equity:
Common stock, $.001 par value, 200,000,000 shares authorized, 31,551,142 and 31,975,645 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively (excluding 12,534 treasury shares as of June 30, 2024 and excluding 34 treasury shares as of December 31, 2023)			32				32
Additional paid-in capital			709,307				719,125
Accumulated other comprehensive income			643				610
Accumulated deficit			(401,193	)			(380,446	)
Total shareholders' equity			308,789				339,321
Noncontrolling interests			(9,803	)			(8,704	)
Total equity			298,986				330,617
		$	2,321,701			$	2,405,905

 

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Condensed Combined Financial Statements - Unconsolidated Affiliates

(Unaudited; in thousands)

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

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Total revenues		$	63,875			$	62,943			$	127,872			$	123,476
Depreciation and amortization			(18,688	)			(17,389	)			(37,087	)			(34,252	)
Operating expenses			(20,144	)			(19,062	)			(41,632	)			(38,791	)
Interest and other income			737				603				1,349				1,147
Interest expense			(18,204	)			(17,572	)			(36,662	)			(32,844	)
Gain on extinguishment of debt			20,752				—				20,752				—
Gain on sales of real estate assets			—				1,569				—				1,537
Net income		$	28,328			$	11,092			$	34,592			$	20,273
		Company's Share for the Period								Company's Share for the Period
		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Total revenues		$	33,233			$	33,512			$	66,941			$	66,083
Depreciation and amortization			(9,585	)			(11,468	)			(20,387	)			(23,568	)
Operating expenses			(9,821	)			(10,048	)			(20,595	)			(20,495	)
Interest and other income			483				416				844				806
Interest expense			(17,074	)			(18,531	)			(34,355	)			(36,056	)
Negative investment adjustment			9,912				6,147				19,294				12,018
Gain on sales of real estate assets			—				784				—				768
Net income (loss)		$	7,148			$	812			$	11,742			$	(444	)

 

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

EBITDA for real estate ("EBITDAre") is a non-GAAP financial measure which NAREIT defines as net income (loss) (computed in accordance with GAAP), plus interest expense, income tax expense, depreciation and amortization, gains on the dispositions of depreciable property and impairment write-downs of depreciable property, and after adjustments to reflect the Company's share of EBITDAre from unconsolidated affiliates. The Company also calculates Adjusted EBITDAre to exclude the non-controlling interest in EBITDAre of consolidated entities, abandoned projects expense, adjustments related to unconsolidated affiliates and litigation settlement.

The Company presents the ratio of Adjusted EBITDAre to interest expense because the Company believes that the Adjusted EBITDAre to interest coverage ratio, along with cash flows from operating activities, investing activities and financing activities, provides investors an additional indicator of the Company's ability to incur and service debt. Adjusted EBITDAre excludes items that are not a normal result of operations which assists the Company and investors in distinguishing changes related to the growth or decline of operations at our properties. EBITDAre and Adjusted EBITDAre, as presented, may not be comparable to similar measures calculated by other companies. This non-GAAP measure should not be considered as an alternative to net income (loss), cash from operating activities or any other measure calculated in accordance with GAAP. Pro rata amounts listed below are calculated using the Company's ownership percentage in the respective joint venture and any other applicable terms.

Ratio of Adjusted EBITDAre to Interest Expense

(Dollars in thousands)

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Net income (loss)		$	4,291			$	(22,663	)		$	3,817			$	(22,149	)
Depreciation and amortization			38,664				49,742				76,704				103,011
Depreciation and amortization from unconsolidated affiliates			4,473				4,433				8,462				9,071
Interest expense			39,407				44,173				79,219				87,697
Interest expense from unconsolidated affiliates			17,074				18,531				34,355				36,056
Income taxes			650				236				492				181
Loss on impairment			—				—				836				—
Gain on depreciable property			—				—				(3,721	)			—
Gain on deconsolidation			—				—				—				(28,151	)
EBITDAre (1)			104,559				94,452				200,164				185,716
Litigation settlement			(72	)			(74	)			(140	)			(118	)
Abandoned projects expense			127				—				127				17
Adjustment for unconsolidated affiliates with negative investment			(4,801	)			888				(7,369	)			2,479
Net loss attributable to noncontrolling interests in other consolidated subsidiaries			453				1,875				977				3,620
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries			(472	)			(708	)			(1,032	)			(1,373	)
Noncontrolling interests' share of interest expense in other consolidated subsidiaries			(1,061	)			(1,918	)			(2,126	)			(3,961	)
Company's share of Adjusted EBITDAre		$	98,733			$	94,515			$	190,601			$	186,380

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Interest Expense:
Interest expense		$	39,407			$	44,173			$	79,219			$	87,697
Interest expense from unconsolidated affiliates			17,074				18,531				34,355				36,056
Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share			(11,722	)			(16,574	)			(23,517	)			(33,190	)
Noncontrolling interests' share of interest expense in other consolidated subsidiaries, excluding noncontrolling interests' share of debt discount accretion			(587	)			(545	)			(1,175	)			(1,192	)
Company's share of interest expense		$	44,172			$	45,585			$	88,882			$	89,371
Ratio of Adjusted EBITDAre to Interest Expense			2.2	x			2.1	x			2.1	x			2.1	x

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Company's share of Adjusted EBITDAre		$	98,733			$	94,515			$	190,601			$	186,380
Interest expense			(39,407	)			(44,173	)			(79,219	)			(87,697	)
Noncontrolling interests' share of interest expense in other consolidated subsidiaries			1,061				1,918				2,126				3,961
Income taxes			(650	)			(236	)			(492	)			(181	)
Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts			2,504				7,478				4,963				15,330
Net amortization of intangible lease assets and liabilities			2,699				5,378				6,148				10,715
Depreciation and interest expense from unconsolidated affiliates			(21,547	)			(22,964	)			(42,817	)			(45,127	)
Adjustment for unconsolidated affiliates with negative investment			4,801				(888	)			7,369				(2,479	)
Litigation settlement			72				74				140				118
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries			472				708				1,032				1,373
Net loss attributable to noncontrolling interests in other consolidated subsidiaries			(453	)			(1,875	)			(977	)			(3,620	)
Loss (gain) on outparcel sales			50				114				50				(1,482	)
Gain on insurance proceeds			—				(49	)			—				(49	)
Equity in (earnings) losses of unconsolidated affiliates			(7,148	)			(812	)			(11,742	)			444
Distributions of earnings from unconsolidated affiliates			6,042				3,215				9,734				6,550
Share-based compensation expense			3,565				3,207				7,244				6,459
Change in estimate of uncollectable revenues			822				1,589				2,344				1,451
Change in deferred tax assets			(1,118	)			(1,064	)			213				(839	)
Changes in operating assets and liabilities			13,728				4,926				(1,753	)			(7,071	)
Cash flows provided by operating activities		$	64,226			$	51,061			$	94,964			$	84,236

 

Components of Consolidated Rental Revenues

The Company believes the following summary is useful to users of its consolidated financial statements because it provides more detail regarding the components of rental revenues in the consolidated financial statements and trends in these components for the periods shown.

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Minimum rents		$	94,889			$	93,853			$	188,435			$	189,043
Percentage rents			2,748				3,283				5,538				6,447
Other rents			1,815				1,754				3,647				3,450
Tenant reimbursements			25,720				27,753				52,599				57,271
Estimate of uncollectable amounts			(1,101	)			(1,801	)			(2,121	)			(1,045	)
Total rental revenues		$	124,071			$	124,842			$	248,098			$	255,166

 

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Schedule of Mortgage and Other Indebtedness

(Dollars in thousands)

Property		Location		Original Maturity Date		Optional Extended Maturity Date		Interest Rate				Balance as of June 30, 2024 (1)				Balance
																Fixed				Variable
Operating Properties:
Fayette Mall		Lexington, KY		May-25		May-26			4.25	%		$	115,037			$	115,037			$	—
Cross Creek Mall		Fayetteville, NC		Jun-25					8.19	%			88,973				88,973				—
The Outlet Shoppes at Laredo		Laredo, TX		Jun-25					8.83	%			33,180				—				33,180
The Outlet Shoppes at Gettysburg		Gettysburg, PA		Oct-25					4.80	%			20,269				20,269				—
Parkdale Mall & Crossing		Beaumont, TX		Mar-26					5.85	%			55,493				55,493				—
Northwoods Mall		North Charleston, SC		Apr-26					5.08	%			52,458				52,458				—
Arbor Place		Atlanta (Douglasville), GA		May-26					5.10	%			91,578				91,578				—
Volusia Mall		Daytona Beach, FL		May-26					4.56	%			35,531				35,531				—
Hamilton Place		Chattanooga, TN		Jun-26					4.36	%			90,436				90,436				—
Jefferson Mall		Louisville, KY		Jun-26					4.75	%			52,433				52,433				—
Southpark Mall		Colonial Heights, VA		Jun-26					4.85	%			50,670				50,670				—
Open-air centers and outparcels loan (2)				Jun-27		Jun-29			8.19	%			358,360				179,180				179,180
Hamilton Place open-air centers loan				Jun-32					5.85	%			65,000				65,000				—
Total Loans On Operating Properties													1,109,418				897,058				212,360
Weighted-average interest rate													6.34	%			5.63	%			9.34	%
Corporate Debt:
Secured term loan (3)				Nov-25		Nov-26/Nov-27			8.19	%			787,590				—				787,590
Total Consolidated Debt												$	1,897,008			$	897,058			$	999,950
Weighted-average interest rate													7.11	%			5.63	%			8.44	%
Plus CBL's Share Of Unconsolidated Affiliates' Debt:
Coastal Grand Mall (4)		Myrtle Beach, SC		Aug-24					4.09	%		$	47,752			$	47,752			$	—
Coastal Grand Mall Outparcel (4)		Myrtle Beach, SC		Aug-24					4.09	%			2,304				2,304				—
Coastal Grand Mall - Dick's Sporting Goods		Myrtle Beach, SC		Nov-24					5.05	%			3,348				3,348				—
Hamilton Place Aloft Hotel (5)		Chattanooga, TN		Nov-24					7.20	%			7,260				—				7,260
The Outlet Shoppes of the Bluegrass		Simpsonville, KY		Dec-24					4.05	%			40,387				40,387				—
West County Center		Des Peres, MO		Dec-24		Dec-26			3.40	%			75,040				75,040				—
Hammock Landing - Phase I		West Melbourne, FL		Feb-25		Feb-26			8.33	%			17,224				—				17,224
Hammock Landing - Phase II		West Melbourne, FL		Feb-25		Feb-26			8.33	%			5,348				—				5,348
The Pavilion at Port Orange		Port Orange, FL		Feb-25		Feb-26			8.33	%			22,924				—				22,924
Ambassador Town Center Infrastructure Improvements		Lafayette, LA		Mar-25					3.00	%			4,361				4,361				—
York Town Center		York, PA		Mar-25					4.75	%			14,712				14,712				—
Oak Park Mall		Overland Park, KS		Oct-25					3.97	%			127,150				127,150				—
Northgate Mall Developments		Chattanooga, TN		Nov-25					8.25	%			2,393				—				2,393
Fremaux Town Center		Slidell, LA		Jun-26					3.70	%			36,917				36,917				—
CoolSprings Galleria		Nashville, TN		May-28					4.84	%			69,376				69,376				—
Friendly Center		Greensboro, NC		May-28					6.44	%			72,862				72,862				—
The Outlet Shoppes at El Paso		El Paso, TX		Oct-28					5.10	%			34,023				34,023				—
Ambassador Town Center		Lafayette, LA		Jun-29					4.35	%			26,355				26,355				—
Friendly Center Medical Office		Greensboro, NC		Jun-30					6.11	%			2,298				2,298
The Shoppes at Eagle Point		Cookeville, TN		May-32					5.40	%			19,411				19,411				—
The Outlet Shoppes at Atlanta		Woodstock, GA		Oct-33					7.85	%			39,665				39,665				—
													671,110				615,961				55,149
Plus Other Debt:
Alamance Crossing (6)		Burlington, NC		Jul-21					5.83	%			41,122				41,122				—
Less Noncontrolling Interests' Share Of Consolidated Debt:
The Outlet Shoppes at Laredo (35%)		Laredo, TX		Jun-25					8.83	%			(11,613	)			—				(11,613	)
The Outlet Shoppes at Gettysburg (50%)		Gettysburg, PA		Oct-25					4.80	%			(10,134	)			(10,134	)			—
Hamilton Place (10%)		Chattanooga, TN		Jun-26					4.36	%			(9,044	)			(9,044	)			—
Hamilton Place open-air centers loan (8% - 10%)				Jun-32					5.85	%			(5,533	)			(5,533	)			—

---

Property		Location		Original Maturity Date		Optional Extended Maturity Date		Interest Rate				Balance as of June 30, 2024 (1)				Balance
																Fixed				Variable
													(36,324	)			(24,711	)			(11,613	)
Company's Share Of Consolidated, Unconsolidated and Other Debt (7)												$	2,572,916			$	1,529,430			$	1,043,486
Weighted-average interest rate													6.55	%			5.27	%			8.42	%
Total Debt of Unconsolidated Affiliates:
Coastal Grand Mall (4)		Myrtle Beach, SC		Aug-24					4.09	%		$	95,504			$	95,504			$	—
Coastal Grand Mall Outparcel (4)		Myrtle Beach, SC		Aug-24					4.09	%			4,608				4,608				—
Coastal Grand Mall - Dick's Sporting Goods		Myrtle Beach, SC		Nov-24					5.05	%			6,696				6,696				—
Hamilton Place Aloft Hotel (5)		Chattanooga, TN		Nov-24					7.20	%			14,520				—				14,520
The Outlet Shoppes of the Bluegrass		Simpsonville, KY		Dec-24					4.05	%			62,134				62,134				—
West County Center		Des Peres, MO		Dec-24		Dec-26			3.40	%			150,080				150,080				—
Hammock Landing - Phase I		West Melbourne, FL		Feb-25		Feb-26			8.33	%			34,447				—				34,447
Hammock Landing - Phase II		West Melbourne, FL		Feb-25		Feb-26			8.33	%			10,696				—				10,696
The Pavilion at Port Orange		Port Orange, FL		Feb-25		Feb-26			8.33	%			45,848				—				45,848
Ambassador Town Center Infrastructure Improvements		Lafayette, LA		Mar-25					3.00	%			4,361				4,361				—
York Town Center		York, PA		Mar-25					4.75	%			29,424				29,424				—
Oak Park Mall		Overland Park, KS		Oct-25					3.97	%			254,301				254,301				—
Northgate Mall Developments		Chattanooga, TN		Nov-25					8.25	%			4,787				—				4,787
Fremaux Town Center		Slidell, LA		Jun-26					3.70	%			56,795				56,795				—
CoolSprings Galleria		Nashville, TN		May-28					4.84	%			138,753				138,753				—
Friendly Center		Greensboro, NC		May-28					6.44	%			145,724				145,724				—
The Outlet Shoppes at El Paso		El Paso, TX		Oct-28					5.10	%			68,046				68,046				—
Ambassador Town Center		Lafayette, LA		Jun-29					4.35	%			40,545				40,545				—
Friendly Center Medical Office		Greensboro, NC		Jun-30					6.11	%			2,298				2,298				—
The Shoppes at Eagle Point		Cookeville, TN		May-32					5.40	%			38,822				38,822				—
The Outlet Shoppes at Atlanta		Woodstock, GA		Oct-33					7.85	%			79,330				79,330				—
												$	1,287,719			$	1,177,421			$	110,298
Weighted-average interest rate													5.02	%			4.72	%			8.18	%

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

 

Schedule of Maturities of Mortgage and Other Indebtedness

(Dollars in thousands)

Based on Maturity Dates As Though All Extension Options Available Have Been Exercised:

Year		Consolidated Debt				CBL's Share of Unconsolidated Affiliates' Debt				Other Debt (1)				Noncontrolling Interests' Share of Consolidated Debt				CBL's Share of Consolidated, Unconsolidated and Other Debt				% of Total				Weighted Average Interest Rate
2021		$	—			$	—			$	41,122			$	—			$	41,122				1.60	%			5.83	%
2024			—				101,051				—				—				101,051				3.93	%			4.33	%
2025			142,422				148,616				—				(21,747	)			269,291				10.47	%			5.85	%
2026			543,636				157,453				—				(9,044	)			692,045				26.89	%			4.81	%
2027			787,590				—				—				—				787,590				30.61	%			8.19	%
2028			—				176,261				—				—				176,261				6.85	%			5.55	%
2029			358,360				26,355				—				—				384,715				14.95	%			7.92	%
2030			—				2,298				—				—				2,298				0.09	%			6.11	%
2032			65,000				19,411				—				(5,533	)			78,878				3.07	%			5.74	%
2033			—				39,665				—				—				39,665				1.54	%			7.85	%
Face Amount of Debt		$	1,897,008			$	671,110			$	41,122			$	(36,324	)		$	2,572,916				100.00	%			6.55	%
Based on Original Maturity Dates:
Year		Consolidated Debt				CBL's Share of Unconsolidated Affiliates' Debt				Other Debt (1)				Noncontrolling Interests' Share of Consolidated Debt				CBL's Share of Consolidated, Unconsolidated and Other Debt				% of Total				Weighted Average Interest Rate
2021		$	—			$	—			$	41,122			$	—			$	41,122				1.60	%			5.83	%
2024			—				176,091				—				—				176,091				6.84	%			3.93	%
2025			1,045,049				194,112				—				(21,747	)			1,217,414				47.32	%			7.31	%
2026			428,599				36,917				—				(9,044	)			456,472				17.74	%			4.83	%
2027			358,360				—				—				—				358,360				13.93	%			8.19	%
2028			—				176,261				—				—				176,261				6.85	%			5.55	%
2029			—				26,355				—				—				26,355				1.02	%			4.35	%
2030			—				2,298				—				—				2,298				0.09	%			6.11	%
2032			65,000				19,411				—				(5,533	)			78,878				3.07	%			5.74	%
2033			—				39,665				—				—				39,665				1.54	%			7.85	%
Face Amount of Debt		$	1,897,008			$	671,110			$	41,122			$	(36,324	)		$	2,572,916				100.00	%			6.55	%

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Operating Metrics by Collateral Pool

Basis of Presentation

The tables below provide certain property level financial information by property type and by categories based on the debt supported. The property types include Malls, Lifestyle Centers, Outlet Centers, Open-Air Centers, Outparcels and Other, each as defined below:

Malls: The Malls are enclosed regional or super-regional shopping centers, generally anchored by two or more anchors or junior anchors and a wide variety of in-line stores.

Lifestyle Centers: The Lifestyle Centers are large regional or super-regional open-air centers, generally anchored by two or more anchors or junior anchors and a wide variety of stores that are often similar to the tenancy of Mall stores.

Outlet Centers: The Outlet Centers are open-air centers that are anchored by one or more large discount or off-price stores as well as a selection of brand name discount or off-price stores.

Open-Air Centers: The Open-Air Centers are designed to attract local and regional customers. They are typically anchored by a combination of supermarkets, value-priced stores, big-box retailers or may also feature traditional department stores. Open-Air Centers also feature a selection of shops that may include traditional retail stores, services or convenience offerings. Open-Air Centers may be located adjacent to CBL’s existing Malls or Lifestyle Centers.

Outparcels: The outparcels are subdivided improved parcels of land located at or adjacent to our Malls, Lifestyle Centers, Outlet Centers or Open-Air Centers. The outparcels are generally single-tenant or multi-tenant buildings that are either structured on a ground lease or building lease.

Other: Other includes other non-retail property types such as office, hotels or vacant land.

The information provided in the tables below, including historic operational and financial information, is for properties owned as of June 30, 2024, as listed on the Property List table. Information is provided on a “same-center” basis and any properties or interests in properties acquired or disposed of prior to June 30, 2024, were assumed to have been acquired or disposed for all periods presented.

Net Operating Income (NOI) and other financial information included in the presentation is reflected based on CBL’s share of ownership.

NOI is a supplemental non-GAAP measure of the operating performance of our shopping centers and other properties. We define NOI as property operating revenues (rental revenues and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes straight-line rents, above/below market lease rates, landlord inducement write-offs, lease buyouts and management fees.

Due to the exclusions noted above, NOI should only be used as a supplemental measure of our performance and not as an alternative to GAAP operating income (loss) or net income (loss).

Interest is calculated on a GAAP basis including amortization of deferred financing costs and accretion of debt discounts.

 

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Property List:

Property

Location

Sales Per Square Foot for the Trailing Twelve Months Ended (1)

In-Line Occupancy (2)

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

TERM LOAN ASSETS (HOLDCO I)

Malls:

CherryVale Mall

Rockford, IL

East Towne Mall

Madison, WI

Frontier Mall

Cheyenne, WY

Hanes Mall

Winston-Salem, NC

Imperial Valley Mall

El Centro, CA

Kirkwood Mall

Bismarck, ND

Layton Hills Mall

Layton, UT

Mall del Norte

Laredo, TX

Northgate Mall

Chattanooga, TN

Post Oak Mall

College Station, TX

Richland Mall

Waco, TX

Sunrise Mall

Brownsville, TX

Turtle Creek Mall

Hattiesburg, MS

Valley View Mall

Roanoke, VA

West Towne Mall

Madison, WI

Westmoreland Mall

Greensburg, PA

Total Malls

$

372

$

384

88.7

%

90.4

%

Lifestyle Centers:

Mayfaire Town Center

Wilmington, NC

Pearland Town Center

Pearland, TX

Southaven Towne Center

Southaven, MS

Total Lifestyle Centers

$

388

$

392

89.5

%

92.0

%

Open-Air Centers:

Layton Hills Convenience Center

Layton, UT

Layton Hills Plaza

Layton, UT

Westmoreland Crossing

Greensburg, PA

Total Open-Air Centers

N/A

N/A

99.6

%

98.7

%

Outparcels and Other

N/A

N/A

91.6

%

100.0

%

Total Term Loan Assets (HoldCo I)

$

375

$

386

89.7

%

91.3

%

CONSOLIDATED UNENCUMBERED

Malls:

Brookfield Square

Brookfield, WI

Dakota Square Mall

Minot, ND

Eastland Mall

Bloomington, IL

Laurel Park Place

Livonia, MI

Meridian Mall

Lansing, MI

Mid Rivers Mall

St. Peters, MO

Monroeville Mall

Pittsburgh, PA

Northpark Mall

Joplin, MO

Old Hickory Mall

Jackson, TN

Parkway Place

Huntsville, AL

South County Center

St. Louis, MO

St. Clair Square

Fairview Heights, IL

Stroud Mall

Stroudsburg, PA

York Galleria

York, PA

Total Malls

$

308

$

326

76.9

%

80.1

%

Open-Air Centers:

Annex at Monroeville

Pittsburgh, PA

The Promenade

D'Iberville, MS

Total Open-Air Centers

N/A

N/A

97.7

%

98.7

%

Outparcels and Other

N/A

N/A

85.3

%

75.5

%

Total Consolidated Unencumbered

$

308

$

326

80.2

%

82.3

%

JOINT VENTURE ASSETS

Malls:

---

Property

Location

Sales Per Square Foot for the Trailing Twelve Months Ended (1)

In-Line Occupancy (2)

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Coastal Grand Mall

Myrtle Beach, SC

CoolSprings Galleria

Nashville, TN

Governor's Square

Clarksville, TN

Kentucky Oaks Mall

Paducah, KY

Oak Park Mall

Overland Park, KS

West County Center

Des Peres, MO

Total Malls

$

545

$

547

89.6

%

90.8

%

Outlet Centers:

The Outlet Shoppes at Atlanta

Woodstock, GA

The Outlet Shoppes at El Paso

El Paso, TX

The Outlet Shoppes of the Bluegrass

Simpsonville, KY

Total Outlet Centers

$

487

$

494

93.7

%

93.2

%

Lifestyle Centers:

Friendly Center and The Shops at Friendly

Greensboro, NC

$

592

$

600

91.4

%

90.1

%

Open-Air Centers:

Ambassador Town Center

Lafayette, LA

Coastal Grand Crossing

Myrtle Beach, SC

Fremaux Town Center

Slidell, LA

Governor's Square Plaza

Clarksville, TN

Hammock Landing

West Melbourne, FL

The Pavilion at Port Orange

Port Orange, FL

The Shoppes at Eagle Point

Cookeville, TN

York Town Center

York, PA

Total Open-Air Centers

N/A

N/A

93.6

%

95.7

%

Total Joint Venture Assets

$

532

$

537

92.0

%

92.9

%

CONSOLIDATED ENCUMBERED ASSETS

Malls:

Arbor Place

Atlanta (Douglasville), GA

Cross Creek Mall

Fayetteville, NC

Fayette Mall

Lexington, KY

Hamilton Place

Chattanooga, TN

Jefferson Mall

Louisville, KY

Northwoods Mall

North Charleston, SC

Parkdale Mall

Beaumont, TX

Southpark Mall

Colonial Heights, VA

Volusia Mall

Daytona Beach, FL

Total Malls

$

416

$

434

90.4

%

93.1

%

Outlet Centers:

The Outlet Shoppes at Gettysburg

Gettysburg, PA

The Outlet Shoppes at Laredo

Laredo, TX

Total Outlet Centers

$

292

$

273

82.1

%

74.6

%

Lifestyle Centers:

Alamance Crossing West

Burlington, NC

N/A

N/A

100.0

%

73.7

%

Open-Air Centers:

CoolSprings Crossing

Nashville, TN

Courtyard at Hickory Hollow

Nashville, TN

Frontier Square

Cheyenne, WY

Gunbarrel Pointe

Chattanooga, TN

Hamilton Corner

Chattanooga, TN

Hamilton Crossing

Chattanooga, TN

Harford Annex

Bel Air, MD

The Landing at Arbor Place

Atlanta (Douglasville), GA

Parkdale Crossing

Beaumont, TX

The Plaza at Fayette

Lexington, KY

The Shoppes at Hamilton Place

Chattanooga, TN

The Shoppes at St. Clair Square

Fairview Heights, IL

Sunrise Commons

Brownsville, TX

The Terrace

Chattanooga, TN

West Towne Crossing

Madison, WI

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Property		Location		Sales Per Square Foot for the Trailing Twelve Months Ended (1)								In-Line Occupancy (2)
				June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
WestGate Crossing		Spartanburg, SC
Total Open-Air Centers				N/A				N/A					94.2	%			94.7	%
Outparcels				N/A				N/A					97.7	%			92.5	%
Total Consolidated Encumbered Assets				$	397			$	409				91.2	%			91.5	%
Total Same-Center Portfolio				$	417			$	426				86.8	%			88.6	%
EXCLUDED PROPERTIES
Alamance Crossing East		Burlington, NC
Harford Mall		Bel Air, MD
Total Excluded Properties				N/A				N/A				N/A				N/A

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

 

Operating Metrics - Six Months Ended June 30, 2024 at CBL Share
(Dollars in thousands)
	NOI				Capital Expenditures				Redevelopment				Unleveraged Cash Flow				Interest Expense				Non-Cash Interest Expense (1)				Amortization				Cash Flow
TERM LOAN ASSETS (HOLDCO I)
Malls	$	54,311			$	(2,601	)		$	-			$	51,710			$	-			$	-			$	-			$	51,710
Lifestyle Centers		11,329				(1,231	)			-				10,098				-				-				-				10,098
Open-Air Centers		1,793				(35	)			-				1,758				-				-				-				1,758
Outparcels		371				-				-				371				-				-				-				371
Other		551				(25	)			-				526				-				-				-				526
Term Loan Debt Service		-				-				-				-				(33,027	)			200				(12,323	)			(45,150	)
Total Term Loan Assets (HoldCo I)		68,355				(3,892	)			-				64,463				(33,027	)			200				(12,323	)			19,313
CONSOLIDATED UNENCUMBERED
Malls (2)		28,171				(3,037	)			-				25,134				(136	)			-				(150	)			24,848
Outlet Centers		(14	)			-				-				(14	)			-				-				-				(14	)
Open-Air Centers		4,839				(14	)			-				4,825				-				-				-				4,825
Outparcels		134				-				-				134				-				-				-				134
Other		1,189				(570	)			-				619				-				-				-				619
Total Consolidated Unencumbered		34,319				(3,621	)			-				30,698				(136	)			-				(150	)			30,412
JOINT VENTURE ASSETS
Malls		20,930				(4,758	)			-				16,172				(6,912	)			321				(4,093	)			5,488
Outlet Centers		8,934				(39	)			-				8,895				(3,339	)			72				(975	)			4,653
Lifestyle Centers		5,944				-				-				5,944				(2,465	)			83				(512	)			3,050
Open-Air Centers		9,912				(165	)			-				9,747				(6,269	)			159				(4,143	)			(506	)
Other		323				(346	)			-				(23	)			(324	)			-				(825	)			(1,172	)
Total Joint Venture Assets		46,043				(5,308	)			-				40,735				(19,309	)			635				(10,548	)			11,513
CONSOLIDATED ENCUMBERED ASSETS
Malls		43,487				(2,668	)			(17	)			40,802				(26,405	)			8,558				(18,197	)			4,758
Outlet Centers		2,004				(950	)			-				1,054				(1,888	)			677				(579	)			(736	)
Lifestyle Centers		1,013				(1,088	)			-				(75	)			(805	)			56				-				(824	)
Open-Air Centers		12,720				(275	)			-				12,445				(7,808	)			470				-				5,107
Outparcels		9,130				(14	)			-				9,116				(7,620	)			534				-				2,030
Total Consolidated Encumbered Assets		68,354				(4,995	)			(17	)			63,342				(44,526	)			10,295				(18,776	)			10,335
Total Same-Center	$	217,071			$	(17,816	)		$	(17	)		$	199,238			$	(96,998	)		$	11,130			$	(41,797	)		$	71,573

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

 

Operating Metrics - Six Months Ended June 30, 2023 at CBL Share
(Dollars in thousands)
	NOI				Capital Expenditures				Redevelopment				Unleveraged Cash Flow				Interest Expense				Non-Cash Interest Expense (1)				Amortization				Cash Flow
TERM LOAN ASSETS (HOLDCO I)
Malls	$	53,271			$	(3,177	)		$	(797	)		$	49,297			$	-			$	-			$	-			$	49,297
Lifestyle Centers		10,888				(780	)			-				10,108				-				-				-				10,108
Open-Air Centers		1,632				(36	)			-				1,596				-				-				-				1,596
Outparcels		373				-				-				373				-				-				-				373
Other		427				-				-				427				-				-				-				427
Term Loan Debt Service		-				-				-				-				(31,171	)			200				(16,414	)			(47,385	)
Total Term Loan Assets (HoldCo I)		66,591				(3,993	)			(797	)			61,801				(31,171	)			200				(16,414	)			14,416
CONSOLIDATED UNENCUMBERED
Malls (2)		25,789				(2,807	)			-				22,982				(711	)			17				(450	)			21,838
Outlet Centers		(15	)			-				-				(15	)			-				-				-				(15	)
Open-Air Centers		4,100				(133	)			-				3,967				-				-				-				3,967
Outparcels		166				(14	)			-				152				-				-				-				152
Other		919				(623	)			-				296				-				-				-				296
Total Consolidated Unencumbered		30,959				(3,577	)			-				27,382				(711	)			17				(450	)			26,238
JOINT VENTURE ASSETS
Malls		20,926				(1,074	)			-				19,852				(7,006	)			236				(6,440	)			6,642
Outlet Centers		8,700				(297	)			-				8,403				(2,867	)			99				(1,574	)			4,061
Lifestyle Centers		5,920				(1,174	)			-				4,746				(1,864	)			52				(457	)			2,477
Open-Air Centers		9,615				(492	)			(851	)			8,272				(6,208	)			159				(3,622	)			(1,399	)
Other		317				(4	)			-				313				(294	)			-				(90	)			(71	)
Total Joint Venture Assets		45,478				(3,041	)			(851	)			41,586				(18,239	)			546				(12,183	)			11,710
CONSOLIDATED ENCUMBERED ASSETS
Malls		45,285				(3,180	)			(128	)			41,977				(29,136	)			11,928				(18,095	)			6,674
Outlet Centers		1,730				(193	)			-				1,537				(5,261	)			4,028				(472	)			(168	)
Lifestyle Centers		950				-				-				950				(783	)			56				-				223
Open-Air Centers		11,753				(885	)			-				10,868				(7,640	)			471				-				3,699
Outparcels		8,875				(289	)			(704	)			7,882				(7,408	)			535				-				1,009
Total Consolidated Encumbered Assets		68,593				(4,547	)			(832	)			63,214				(50,228	)			17,018				(18,567	)			11,437
Total Same-Center	$	211,621			$	(15,158	)		$	(2,480	)		$	193,983			$	(100,349	)		$	17,781			$	(47,614	)		$	63,801

 

 

 

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

 

CBL & Associates HoldCo I, LLC - Consolidated Balance Sheet
(unaudited, in thousands)
		June 30, 2024				December 31, 2023
ASSETS
Real estate assets:
Land		$	174,157			$	174,157
Buildings and improvements			411,675				411,064
			585,832				585,221
Accumulated depreciation			(98,599	)			(85,464	)
			487,233				499,757
Developments in progress			1,760				571
Net investment in real estate assets			488,993				500,328
Cash			27,897				35,741
Receivables:
Tenant			14,148				16,464
Other			5,893				5,608
In-place leases, net			42,916				53,273
Above market leases, net			30,844				37,841
Other assets			9,365				6,344
		$	620,056			$	655,599
LIABILITIES AND EQUITY
Senior secured term loan, net of deferred financing costs		$	787,158			$	799,282
Below market leases, net			20,226				24,358
Accounts payable and accrued liabilities			35,281				38,621
Total liabilities			842,665				862,261
Owner's deficit			(222,609	)			(206,662	)
		$	620,056			$	655,599

 

CBL & Associates HoldCo I, LLC - Consolidated Income Statement
(unaudited, in thousands)
		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Revenues:
Rental revenues		$	48,197			$	49,320			$	96,890			$	99,105
Other			1,381				1,149				2,813				2,492
Total revenues			49,578				50,469				99,703				101,597
Expenses:
Property operating			(8,192	)			(7,773	)			(17,237	)			(17,218	)
Depreciation and amortization			(13,453	)			(18,991	)			(27,144	)			(39,186	)
Real estate taxes			(4,509	)			(5,027	)			(9,310	)			(10,116	)
Maintenance and repairs			(4,042	)			(3,915	)			(7,852	)			(8,618	)
Management fees			(2,250	)			(2,250	)			(4,500	)			(4,500	)
Total expenses			(32,446	)			(37,956	)			(66,043	)			(79,638	)
Other income (expenses):
Other income			179				88				425				209
Interest expense			(16,421	)			(16,073	)			(33,027	)			(31,170	)
Total other expenses			(16,242	)			(15,985	)			(32,602	)			(30,961	)
Net income (loss)		$	890			$	(3,472	)		$	1,058			$	(9,002	)
Modified Cash NOI (1)		$	34,098			$	34,456			$	69,168			$	67,222
Interest Coverage Ratio (2)										2.2x				2.5x

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CBL & Associates HoldCo I, LLC - Consolidated Statement of Cash Flows
(unaudited, in thousands)
		Six Months Ended June 30,				Six Months Ended June 30,
		2024				2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$	1,058			$	(9,002	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			27,144				39,186
Net amortization of deferred financing costs and debt discounts			200				200
Net amortization of intangible lease assets and liabilities			2,873				3,031
Write-off of development projects			—				17
Change in estimate of uncollectable revenues			(1,281	)			(278	)
Changes in:
Tenant and other receivables			3,311				2,042
Other assets			(633	)			(925	)
Accounts payable and accrued liabilities			(4,364	)			(4,571	)
Net cash provided by operating activities			28,308				29,700
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate assets			(4,877	)			(5,299	)
Changes in other assets			(289	)			(293	)
Net cash used in investing activities			(5,166	)			(5,592	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on mortgage and other indebtedness			(12,323	)			(16,414	)
Distributions to member			(16,457	)			(17,408	)
Net cash used in financing activities			(28,780	)			(33,822	)
NET CHANGE IN CASH AND CASH EQUIVALENTS			(5,638	)			(9,714	)
CASH AND CASH EQUIVALENTS, beginning of period			35,741				39,105
CASH AND CASH EQUIVALENTS, end of period		$	30,103			$	29,391
Reconciliation from consolidated statement of cash flows to consolidated balance sheets:
Cash and cash equivalents		$	27,897			$	19,877
Restricted cash			2,206				9,514
CASH AND CASH EQUIVALENTS, end of period		$	30,103			$	29,391

 

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet

Property Type		Square Feet				Prior Gross Rent PSF				New Initial Gross Rent PSF				% Change Initial				New Average Gross Rent PSF				% Change Average
Three Months Ended June 30, 2024:
All Property Types (1)			694,627			$	32.37			$	34.41				6.3	%		$	35.23				8.8	%
Malls, Lifestyle Centers & Outlet Centers			645,567				32.92				35.06				6.5	%			35.89				9.0	%
New leases			90,941				26.78				33.11				23.6	%			35.02				30.8	%
Renewal leases			554,626				33.93				35.38				4.3	%			36.03				6.2	%
Six Months Ended June 30, 2024:
All Property Types (1)			1,469,259			$	31.99			$	34.14				6.7	%		$	35.05				9.6	%
Malls, Lifestyle Centers & Outlet Centers			1,378,255				32.33				34.52				6.8	%			35.38				9.4	%
New leases			178,328				24.33				37.37				53.6	%			40.21				65.3	%
Renewal leases			1,199,927				33.52				34.10				1.7	%			34.67				3.4	%

 

Total Leasing Activity:						Average Annual Base Rents Per Square Foot (2) By Property Type For Small Shop Space Less Than 10,000 Square Feet:
		Square Feet
Three Months Ended June 30, 2024:
Operating portfolio:								As of June 30,				As of June 30,
New leases			363,628					2024				2023
Renewal leases			710,986			Same-center Malls, Lifestyle & Outlet Centers		$	31.16			$	30.08
Total leased			1,074,614			Total Malls			31.49				30.50
						Total Lifestyle Centers			31.20				29.30
Six Months Ended June 30, 2024:						Total Outlet Centers			29.09				27.76
Operating portfolio:						Total Malls, Lifestyle & Outlet Centers			31.16				30.08
New leases			585,998			Open-Air Centers			15.52				15.29
Renewal leases			1,635,417			Other			20.76				19.94
Total leased			2,221,415

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet

For the Six Months Ended June 30, 2024 Based on Commencement Date

		Number of Leases				Square Feet				Term (in years)				Initial Rent PSF				Average Rent PSF				Expiring Rent PSF				Initial Rent Spread								Average Rent Spread
Commencement 2024:
New			69				248,607				6.68			$	35.10			$	38.04			$	23.98			$	11.12				46.4	%		$	14.06				58.6	%
Renewal			541				1,827,723				2.76				34.32				34.90				35.17				(0.85	)			(2.4	)%			(0.27	)			(0.8	)%
Commencement 2024 Total			610				2,076,330				3.20				34.41				35.28				33.83				0.58				1.7	%			1.45				4.3	%
Commencement 2025:
New			7				10,898				8.04				69.26				76.27				56.11				13.15				23.4	%			20.16				35.9	%
Renewal			54				185,591				3.37				33.19				34.07				32.06				1.13				3.5	%			2.01				6.3	%
Commencement 2025 Total			61				196,489				3.90				35.19				36.41				33.39				1.80				5.4	%			3.02				9.0	%
Total 2024/2025			671				2,272,819				3.27			$	34.48			$	35.38			$	33.80			$	0.68				2.0	%		$	1.58				4.7	%

 

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Top 25 Tenants Based On Percentage Of Total Annualized Revenues

		Tenant		Number of Stores				Square Feet				Percentage of Total Revenues (1)
1		Victoria's Secret & Co.			47				388,510				2.69	%
2		Signet Group, PLC (2)			108				165,275				2.64	%
3		Dick's Sporting Goods, Inc. (3)			26				1,662,221				2.40	%
4		American Eagle Outfitters, Inc.			60				363,615				2.14	%
5		Pentland Group			60				335,020				2.08	%
6		Foot Locker, Inc.			63				312,436				2.06	%
7		Bath & Body Works, Inc.			57				235,092				1.84	%
8		Genesco Inc. (4)			76				152,215				1.57	%
9		Knitwell Group			89				394,109				1.36	%
10		Cinemark Corp.			9				467,190				1.23	%
11		Luxottica Group S.P.A. (5)			77				172,765				1.21	%
12		The Buckle, Inc.			34				176,604				1.18	%
13		The Gap Inc.			42				513,428				1.15	%
14		Hot Topic, Inc.			100				251,394				1.06	%
15		The TJX Companies, Inc. (6)			19				542,607				0.96	%
16		Shoe Show, Inc.			28				357,714				0.86	%
17		Barnes & Noble, Inc.			16				457,337				0.84	%
18		Spencer Spirit Holdings, Inc.			47				110,033				0.84	%
19		Claire's Stores, Inc.			66				84,384				0.83	%
20		Express Fashions			26				212,174				0.80	%
21		H & M Hennes & Mauritz AB			37				783,529				0.79	%
22		Abercrombie & Fitch, Co.			28				189,942				0.78	%
23		Ulta Salon, Cosmetics & Fragrance, Inc.			23				237,961				0.74	%
24		Focus Brands LLC (7)			65				47,195				0.70	%
25		Chick-fil-A, Inc.			27				54,895				0.65	%
					1,230				8,667,645				33.40	%

Capital Expenditures

(In thousands)

		Three Months Ended June 30,								Six Months Ended June 30,
		2024				2023				2024				2023
Tenant allowances (1)		$	4,070			$	3,075			$	6,052			$	6,649
Maintenance capital expenditures: (2)
Parking lot and parking lot lighting			1,005				865				1,285				1,196
Roof replacements			1,041				888				1,989				1,425
Other capital expenditures			4,301				4,331				8,490				5,989
Total maintenance capital expenditures			6,347				6,084				11,764				8,610
Total capital expenditures		$	10,417			$	9,159			$	17,816			$	15,259

 

(1) Tenant allowances, sometimes made to third-generation tenants, are recovered through minimum rents from the tenants over the term of the lease.

(2) The capital expenditures incurred for maintenance such as parking lot repairs, parking lot lighting and roofs are classified as maintenance capital expenditures.

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CBL & Associates Properties, Inc.

Supplemental Financial and Operating Information

Properties Under Development at June 30, 2024

(Dollars in thousands)

										CBL's Share of
Property		Location		CBL Ownership Interest		Total Project Square Feet				Total Cost (1)				Cost to Date (2)				2024 Cost				Expected Opening Date		Initial Unleveraged Yield
Outparcel Development:
Mayfaire Town Center - hotel development		Wilmington, NC		49%			83,021			$	15,435			$	5,874			$	2,676			Summer '25		11.0%
Redevelopments:
Hamilton Place - Crunch Fitness		Chattanooga, TN		100%			36,640				2,648				1,872				17			Winter '24		23.3%
Total Properties Under Development							119,661			$	18,083			$	7,746			$	2,693

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v3.24.2.u1

Document And Entity Information	Aug. 09, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 09, 2024
Entity Registrant Name	CBL & ASSOCIATES PROPERTIES, INC.
Entity Central Index Key	0000910612
Entity Emerging Growth Company	false
Entity File Number	1-12494
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	62-1545718
Entity Address, Address Line One	2030 Hamilton Place Blvd., Suite 500
Entity Address, City or Town	Chattanooga
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37421-6000
City Area Code	423
Local Phone Number	855-0001
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	CBL
Security Exchange Name	NYSE

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