Exhibit 99.1
Earnings Release and
Supplemental Financial and Operating Information
For the Three and Nine Months Ended
September 30, 2024
Earnings Release and Supplemental Financial and Operating Information
Table of Contents
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7 |
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Reconciliations of Supplementary Non-GAAP Financial Measures: |
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8 |
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10 |
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11 |
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12 |
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Condensed Combined Financial Statements - Unconsolidated Affiliates |
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13 |
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14 |
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15 |
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23 |
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25 |
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26 |
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Top 25 Tenants Based on Percentage of Total Annualized Revenues |
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27 |
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27 |
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News Release
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Contact: Katie Reinsmidt, Executive Vice President - Chief Operating Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com
CBL PROPERTIES REPORTS STRONG RESULTS FOR THIRD QUARTER 2024
Same-center NOI for the nine months ended September 30, 2024,
increased 1% over the prior-year period
CHATTANOOGA, Tenn. (November 11, 2024) – CBL Properties (NYSE: CBL) announced results for the third quarter ended September 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.
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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||||||||||
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2024 |
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2023 |
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2024 |
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2023 |
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||||
Net income (loss) attributable to common shareholders |
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$ |
0.52 |
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|
$ |
0.41 |
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$ |
0.65 |
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$ |
(0.19 |
) |
Funds from Operations ("FFO") |
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$ |
1.28 |
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$ |
1.93 |
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$ |
4.00 |
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$ |
4.79 |
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FFO, as adjusted (1) |
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$ |
1.54 |
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$ |
1.60 |
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$ |
4.77 |
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$ |
4.72 |
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KEY TAKEAWAYS:
1
"The overall environment for the shopping center industry remains positive," said CBL's chief executive officer, Stephen D. Lebovitz. "While same-center NOI declined 2% for the third quarter, we have achieved a 1% year-to-date increase, tracking near the high-end of our full-year guidance. Revenue on a same-center basis was relatively flat for the quarter with new tenant openings partially offsetting the impact of recent bankruptcy-related closures as well as a $1.1 million decline in percentage rents. We also experienced increased operating expense related to the timing of maintenance and repair projects and higher net utility and insurance expense.
"Leasing results remained strong in our portfolio. We signed over 880,000 square feet of leases during the third quarter with 9.5% increases for comparable new and renewal leases. We also added two new retailers to our portfolio, signing our first lease with popular western wear retailer Cavender's during the third quarter as well as our first two leases with Rowan, a fashionable jewelry and piercing store. We added four new leases with Miniso, which will bring them into a total of 24 CBL properties. During the quarter, portfolio occupancy decreased 150 basis points primarily from the 234,000-square-feet of store closures in the previous quarter related to the bankruptcies of Express and rue21 as well as additional closures of underperforming tenants. We have a solid pipeline of new leasing that we expect to offset this decrease over time.
"Tenant sales per square foot showed positive growth of 1.5% across the portfolio in the third quarter. The back-to-school season started earlier this year with promotions and high inventory levels driving traffic and sales beginning in July. Our teams are gearing up for an active holiday sales season with forecasts calling for sales growth despite the short timeframe between Thanksgiving and Christmas.
"In October, we further demonstrated our commitment to returning significant capital to shareholders with the repurchase of 500,000 CBL shares. We also completed our previously announced $25 million repurchase program, acquiring more than one million shares through the program. This is in addition to our fourth quarter dividend of $0.40 per share which we declared on October 14th. These meaningful investments underscore our confidence in CBL's value and its future.
"We also made progress strengthening our balance sheet. Including the Layton Hills sales this quarter, we have reduced our debt by more than $188 million from the prior year period. We proactively refinanced two partial recourse loans that were secured by one of our open-air centers in Florida. The new 10-year loan is fully non-recourse and bears a fixed interest rate of 5.86%, over 200 basis points in savings compared with the prior floating rate. We also successfully refinanced the maturing loan secured by The Outlet Shoppes of the Bluegrass with a new $66.0 million loan, extending the maturity through 2034. We are actively pursuing additional opportunities to further improve and de-risk our balance sheet and strengthen our overall financial position."
Same-center Net Operating Income (“NOI”)(1):
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Three Months Ended September 30, |
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|||||
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2024 |
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2023 |
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Total Revenues |
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$ |
155,185 |
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$ |
155,611 |
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Total Expenses |
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$ |
(53,464 |
) |
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$ |
(51,842 |
) |
Total portfolio same-center NOI |
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$ |
101,722 |
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$ |
103,769 |
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Total same-center NOI percentage change |
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(2.0 |
)% |
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Estimate for uncollectable revenues (recovery) |
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$ |
1,603 |
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$ |
2,342 |
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2
Same-center NOI for the third quarter 2024 declined $2.0 million. Third quarter 2024 results were impacted by a $1.1 million decline in percentage rents. Operating expense was $1.6 million higher, primarily driven by the timing of maintenance and repair projects and higher utility and insurance expense, partially offset by increases in tenant recoveries. The estimate for uncollectible revenues positively impacted the quarter by approximately $0.7 million.
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Nine Months Ended September 30, |
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2024 |
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2023 |
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Total Revenues |
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$ |
468,362 |
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$ |
471,993 |
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Total Expenses |
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$ |
(153,506 |
) |
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$ |
(160,264 |
) |
Total portfolio same-center NOI |
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$ |
314,856 |
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$ |
311,729 |
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Total same-center NOI percentage change |
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1.0 |
% |
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Estimate for uncollectable revenues (recovery) |
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$ |
2,941 |
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$ |
3,046 |
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Same-center NOI for the nine months ended September 30, 2024 increased $3.1 million. Results included real estate and other tax expense savings and improved operating expenses from lower third-party contract expense. Percentage rents for the nine months ended September 30, 2024, were $1.8 million lower. The estimate for uncollectible revenues favorably impacted the current nine-month period by $0.1 million.
PORTFOLIO OPERATIONAL RESULTS
Occupancy(1):
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As of September 30, |
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2024 |
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2023 |
Total portfolio |
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89.3% |
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90.8% |
Malls, lifestyle centers and outlet centers: |
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Total malls |
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86.4% |
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89.2% |
Total lifestyle centers |
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91.2% |
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92.6% |
Total outlet centers |
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91.6% |
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90.3% |
Total same-center malls, lifestyle centers and outlet centers |
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87.4% |
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89.7% |
All Other Properties: |
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Total open-air centers |
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95.4% |
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94.9% |
Total other |
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88.0% |
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82.5% |
New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet:
% Change in Average Gross Rent Per Square Foot: |
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Three Months Ended |
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Nine Months Ended |
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2024 |
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2024 |
All Property Types |
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9.5% |
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9.6% |
Stabilized Malls, Lifestyle Centers and Outlet Centers |
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8.9% |
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9.3% |
New leases |
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48.4% |
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60.5% |
Renewal leases |
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3.3% |
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3.4% |
3
Same-Center Sales Per Square Foot for In-line Tenants 10,000 Square Feet or Less:
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Sales Per Square Foot for the Trailing Twelve Months Ended September 30, |
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2024 |
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2023 |
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% Change |
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Malls, lifestyle centers and outlet centers same-center sales per square foot |
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$ |
418 |
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$ |
421 |
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(0.7)% |
DIVIDEND
On November 7, 2024, CBL announced that its Board of Directors had approved an accelerated record and payment date for the cash dividend of $0.40 per common share for the quarter ending December 31, 2024, previously declared on October 14, 2024. The dividend, which equates to an annual dividend payment of $1.60 per share, is payable on December 11, 2024, to shareholders of record as of November 25, 2024.
FINANCING ACTIVITY
In November, CBL and its 50% joint venture partner took advantage of improved financing terms and closed on new non-recourse ten-year loans totaling $45.0 million, secured by Hammock Landing in West Melbourne, FL. The loans bear a fixed interest rate of 5.86% and replace two existing partially guaranteed loans totaling $44.5 million, which bore a floating interest rate (8.2% as of September 30, 2024). The loans had a maturity of February 2025, with one additional one-year extension option to February 2026.
In October, CBL and its joint venture partner closed on a new $66 million loan secured by The Outlet Shoppes of the Bluegrass. The new non-recourse loan bears a fixed interest rate of 6.84% and matures in October 2034. Proceeds were used to retire the $61.6 million existing loan that was set to mature in December 2024.
In August 2024, CBL and its 50% joint venture partner began discussion with the lender regarding a loan modification/extension of the $91.2 million in loans secured by Coastal Grand Mall and Coastal Grand Crossing in Myrtle Beach, NC.
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 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.
In February 2024, CBL retired the $15.3 million recourse loan secured by Brookfield Square Anchor Redevelopment in Brookfield, WI.
CBL is cooperating with the foreclosure or conveyance of Alamance Crossing East in Burlington, NC, ($41.1 million).
STOCK REPURCHASE PROGRAM ACTIVITY
On October 10, 2024, CBL announced that it completed the repurchase of 500,000 shares of CBL stock for $12.525 million, in a privately negotiated block trade from a single shareholder. The block repurchase was completed separately from CBL’s existing stock repurchase program described below.
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. As of September 20, 2024, CBL had completed all repurchase activity under this program. A total of 1,074,826 shares were repurchased under the program at a weighted average share price of $23.259 per share.
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.
In September, CBL closed on the sale of Layton Hills Convenience Center, Layton Hills Plaza and nine related outparcels in Layton (Salt Lake City), UT, to an unaffiliated third party for $28.5 million, all cash. Layton Hills Convenience Center and Plaza served as collateral under CBL’s non-recourse term loan. The nine improved outparcels served as collateral under CBL’s non-recourse open-air and outparcel loan. Net proceeds from the sale were applied to the term loan principal balance and open-air and outparcel loan, as applicable.
In addition to the sale of Layton Hills Mall and adjacent properties, CBL completed the sale of two outparcels for $1.2 million during the third quarter. Year-to-date, CBL's disposition activity has generated approximately $74.2 million in gross proceeds at CBL's share.
4
DEVELOPMENT AND REDEVELOPMENT ACTIVITY
Detailed project information is available in CBL’s Financial Supplement for Q3 2024, which can be found in the Invest – Financial Reports section of CBL’s website at cblproperties.com
OUTLOOK AND GUIDANCE
Based on year-to-date results and Management's expectations, CBL is reiterating its full-year 2024 FFO, as adjusted, guidance. Per share amounts have been adjusted to reflect the impact of year-to-date share repurchase activity. Management anticipates same-center NOI for full-year 2024 in the range of (1.2)% to 1.4%. Guidance excludes the impact of any unannounced transactions.
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Low |
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High |
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2024 FFO, as adjusted (in millions) |
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$ |
196.0 |
|
|
$ |
210.0 |
|
2024 WA Share Count |
|
|
30.9 |
|
|
|
30.9 |
|
2024 FFO, as adjusted, per share |
|
$ |
6.34 |
|
|
$ |
6.80 |
|
2024 Same-Center NOI ("SC NOI") (in millions) |
|
$ |
425.0 |
|
|
$ |
436.0 |
|
2024 change in same-center NOI |
|
|
(1.2 |
)% |
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|
1.4 |
% |
Reconciliation of GAAP Earnings Per Share to 2024 FFO, as Adjusted, Per Share:
|
|
Low |
|
|
|
High |
|
|||
Expected diluted earnings per common share |
|
$ |
0.59 |
|
|
|
$ |
1.05 |
|
|
Depreciation and amortization |
|
|
4.87 |
|
|
|
|
4.87 |
|
|
Dividends allocable to unvested restricted stock |
|
|
0.03 |
|
|
|
|
0.03 |
|
|
Gain on depreciable property |
|
|
(0.51 |
) |
|
|
|
(0.51 |
) |
|
Loss on impairment |
|
|
0.02 |
|
|
- |
|
|
0.02 |
|
Expected FFO, per diluted, fully converted common share |
|
$ |
5.00 |
|
|
|
$ |
5.46 |
|
|
Debt discount accretion, net of noncontrolling interests' share |
|
|
1.45 |
|
|
|
|
1.45 |
|
|
Loss on extinguishment of debt |
|
|
0.03 |
|
|
|
|
0.03 |
|
|
Adjustment for unconsolidated affiliates with negative investment |
|
|
(0.16 |
) |
|
|
|
(0.16 |
) |
|
Adjustment for litigation settlement |
|
|
0.01 |
|
|
|
|
0.01 |
|
|
Non-cash default interest expense |
|
|
0.01 |
|
|
|
|
0.01 |
|
|
Expected FFO, as adjusted, per diluted, fully converted common share |
|
$ |
6.34 |
|
|
|
$ |
6.80 |
|
|
2024 Estimate of Capital Items (in millions):
|
|
Low |
|
High |
|
||
2024 Estimated maintenance capital/tenant allowances |
|
$ |
40.0 |
|
$ |
45.0 |
|
2024 Estimated development/redevelopment expenditures |
|
|
10.0 |
|
|
15.0 |
|
2024 Estimated principal amortization (including est. term loan ECF) |
|
|
75.0 |
|
|
85.0 |
|
Total Estimate |
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$ |
125.0 |
|
$ |
145.0 |
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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 91 properties totaling more than 57.7 million square feet across 21 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.
5
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 8 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.
6
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Rental revenues |
|
$ |
119,992 |
|
|
$ |
124,783 |
|
|
$ |
368,090 |
|
|
$ |
379,949 |
|
Management, development and leasing fees |
|
|
1,990 |
|
|
|
1,840 |
|
|
|
5,712 |
|
|
|
6,096 |
|
Other |
|
|
3,107 |
|
|
|
2,728 |
|
|
|
10,069 |
|
|
|
9,532 |
|
Total revenues |
|
|
125,089 |
|
|
|
129,351 |
|
|
|
383,871 |
|
|
|
395,577 |
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Property operating |
|
|
(23,336 |
) |
|
|
(22,621 |
) |
|
|
(67,903 |
) |
|
|
(68,742 |
) |
Depreciation and amortization |
|
|
(32,326 |
) |
|
|
(45,118 |
) |
|
|
(109,030 |
) |
|
|
(148,129 |
) |
Real estate taxes |
|
|
(13,271 |
) |
|
|
(13,794 |
) |
|
|
(35,568 |
) |
|
|
(43,063 |
) |
Maintenance and repairs |
|
|
(8,890 |
) |
|
|
(8,487 |
) |
|
|
(28,007 |
) |
|
|
(30,002 |
) |
General and administrative |
|
|
(15,402 |
) |
|
|
(14,398 |
) |
|
|
(50,647 |
) |
|
|
(49,783 |
) |
Loss on impairment |
|
|
— |
|
|
|
— |
|
|
|
(836 |
) |
|
|
— |
|
Litigation settlement |
|
|
13 |
|
|
|
2,060 |
|
|
|
153 |
|
|
|
2,178 |
|
Other |
|
|
(15 |
) |
|
|
— |
|
|
|
(142 |
) |
|
|
(198 |
) |
Total expenses |
|
|
(93,227 |
) |
|
|
(102,358 |
) |
|
|
(291,980 |
) |
|
|
(337,739 |
) |
OTHER INCOME (EXPENSES): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and other income |
|
|
4,023 |
|
|
|
3,628 |
|
|
|
12,109 |
|
|
|
9,260 |
|
Interest expense |
|
|
(38,849 |
) |
|
|
(42,891 |
) |
|
|
(118,068 |
) |
|
|
(130,588 |
) |
Loss on extinguishment of debt |
|
|
(819 |
) |
|
|
— |
|
|
|
(819 |
) |
|
|
— |
|
Gain on deconsolidation |
|
|
— |
|
|
|
19,728 |
|
|
|
— |
|
|
|
47,879 |
|
Gain on sales of real estate assets |
|
|
12,816 |
|
|
|
3,414 |
|
|
|
16,487 |
|
|
|
4,896 |
|
Income tax provision |
|
|
(364 |
) |
|
|
(1,263 |
) |
|
|
(856 |
) |
|
|
(1,381 |
) |
Equity in earnings of unconsolidated affiliates |
|
|
7,084 |
|
|
|
3,266 |
|
|
|
18,826 |
|
|
|
2,822 |
|
Total other expenses |
|
|
(16,109 |
) |
|
|
(14,118 |
) |
|
|
(72,321 |
) |
|
|
(67,112 |
) |
Net income (loss) |
|
|
15,753 |
|
|
|
12,875 |
|
|
|
19,570 |
|
|
|
(9,274 |
) |
Net (income) loss attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating Partnership |
|
|
(1 |
) |
|
|
6 |
|
|
|
(1 |
) |
|
|
6 |
|
Other consolidated subsidiaries |
|
|
446 |
|
|
|
381 |
|
|
|
1,423 |
|
|
|
4,001 |
|
Net income (loss) attributable to the Company |
|
|
16,198 |
|
|
|
13,262 |
|
|
|
20,992 |
|
|
|
(5,267 |
) |
Earnings allocable to unvested restricted stock |
|
|
(333 |
) |
|
|
(305 |
) |
|
|
(852 |
) |
|
|
(837 |
) |
Net income (loss) attributable to common shareholders |
|
$ |
15,865 |
|
|
$ |
12,957 |
|
|
$ |
20,140 |
|
|
$ |
(6,104 |
) |
Basic and diluted per share data attributable to common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic earnings per share |
|
$ |
0.52 |
|
|
$ |
0.41 |
|
|
$ |
0.65 |
|
|
$ |
(0.19 |
) |
Diluted earnings per share |
|
|
0.52 |
|
|
|
0.41 |
|
|
|
0.65 |
|
|
|
(0.19 |
) |
Weighted-average basic shares |
|
|
30,756 |
|
|
|
31,305 |
|
|
|
31,149 |
|
|
|
31,307 |
|
Weighted-average diluted shares |
|
|
30,756 |
|
|
|
31,305 |
|
|
|
31,151 |
|
|
|
31,307 |
|
7
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 September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net income (loss) attributable to common shareholders |
|
$ |
15,865 |
|
|
$ |
12,957 |
|
|
$ |
20,140 |
|
|
$ |
(6,104 |
) |
Noncontrolling interest in income (loss) of Operating Partnership |
|
|
1 |
|
|
|
(6 |
) |
|
|
1 |
|
|
|
(6 |
) |
Earnings allocable to unvested restricted stock |
|
|
333 |
|
|
|
305 |
|
|
|
852 |
|
|
|
837 |
|
Depreciation and amortization expense of: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated properties |
|
|
32,326 |
|
|
|
45,118 |
|
|
|
109,030 |
|
|
|
148,129 |
|
Unconsolidated affiliates |
|
|
3,534 |
|
|
|
4,192 |
|
|
|
11,996 |
|
|
|
13,263 |
|
Non-real estate assets |
|
|
(256 |
) |
|
|
(221 |
) |
|
|
(769 |
) |
|
|
(673 |
) |
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries |
|
|
(438 |
) |
|
|
(562 |
) |
|
|
(1,470 |
) |
|
|
(1,935 |
) |
Loss on impairment, net of taxes |
|
|
— |
|
|
|
— |
|
|
|
619 |
|
|
|
— |
|
Gain on depreciable property |
|
|
(11,930 |
) |
|
|
— |
|
|
|
(15,651 |
) |
|
|
— |
|
FFO allocable to Operating Partnership common unitholders |
|
|
39,435 |
|
|
|
61,783 |
|
|
|
124,748 |
|
|
|
153,511 |
|
Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share (1) |
|
|
11,085 |
|
|
|
14,689 |
|
|
|
34,602 |
|
|
|
47,879 |
|
Adjustment for unconsolidated affiliates with negative investment (2) |
|
|
(4,099 |
) |
|
|
(3,659 |
) |
|
|
(11,468 |
) |
|
|
(1,180 |
) |
Litigation settlement (3) |
|
|
(13 |
) |
|
|
(2,060 |
) |
|
|
(153 |
) |
|
|
(2,178 |
) |
Non-cash default interest expense (4) |
|
|
232 |
|
|
|
191 |
|
|
|
232 |
|
|
|
972 |
|
Gain on deconsolidation (5) |
|
|
— |
|
|
|
(19,728 |
) |
|
|
— |
|
|
|
(47,879 |
) |
Loss on extinguishment of debt (6) |
|
|
819 |
|
|
|
— |
|
|
|
819 |
|
|
|
— |
|
FFO allocable to Operating Partnership common unitholders, as adjusted |
|
$ |
47,459 |
|
|
$ |
51,216 |
|
|
$ |
148,780 |
|
|
$ |
151,125 |
|
FFO per diluted share |
|
$ |
1.28 |
|
|
$ |
1.93 |
|
|
$ |
4.00 |
|
|
$ |
4.79 |
|
FFO, as adjusted, per diluted share |
|
$ |
1.54 |
|
|
$ |
1.60 |
|
|
$ |
4.78 |
|
|
$ |
4.72 |
|
Weighted-average common and potential dilutive common units outstanding |
|
|
30,761 |
|
|
|
32,054 |
|
|
|
31,154 |
|
|
|
32,018 |
|
8
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Diluted EPS attributable to common shareholders |
|
$ |
0.52 |
|
|
$ |
0.41 |
|
|
$ |
0.65 |
|
|
$ |
(0.19 |
) |
Add amounts per share included in FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unvested restricted stock |
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.02 |
|
Eliminate amounts per share excluded from FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization expense, including amounts from |
|
|
1.14 |
|
|
|
1.50 |
|
|
|
3.81 |
|
|
|
4.96 |
|
Loss on impairment, net of taxes |
|
|
— |
|
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
Gain on depreciable property |
|
|
(0.39 |
) |
|
|
— |
|
|
|
(0.50 |
) |
|
|
— |
|
FFO per diluted share |
|
$ |
1.28 |
|
|
$ |
1.93 |
|
|
$ |
4.00 |
|
|
$ |
4.79 |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
SUPPLEMENTAL FFO INFORMATION: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lease termination fees |
|
$ |
524 |
|
|
$ |
127 |
|
|
$ |
2,213 |
|
|
$ |
2,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Straight-line rental income adjustment |
|
$ |
475 |
|
|
$ |
2,053 |
|
|
$ |
170 |
|
|
$ |
5,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gain on outparcel sales, net of taxes |
|
$ |
744 |
|
|
$ |
3,073 |
|
|
$ |
694 |
|
|
$ |
5,378 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net amortization of acquired above- and below-market leases |
|
$ |
(4,306 |
) |
|
$ |
(4,665 |
) |
|
$ |
(10,482 |
) |
|
$ |
(15,110 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax provision |
|
$ |
(364 |
) |
|
$ |
(1,263 |
) |
|
$ |
(856 |
) |
|
$ |
(1,381 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Abandoned projects expense |
|
$ |
(15 |
) |
|
$ |
— |
|
|
$ |
(142 |
) |
|
$ |
(17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest capitalized |
|
$ |
155 |
|
|
$ |
125 |
|
|
$ |
428 |
|
|
$ |
342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Estimate of uncollectable revenues |
|
$ |
(2,035 |
) |
|
$ |
(2,692 |
) |
|
$ |
(4,826 |
) |
|
$ |
(4,194 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
As of September 30, |
|
|||||||
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
||||
Straight-line rent receivable |
|
|
|
|
|
|
|
$ |
23,549 |
|
|
$ |
21,205 |
|
||
9
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Same-center Net Operating Income
(Dollars in thousands)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net income (loss) |
|
$ |
15,753 |
|
|
$ |
12,875 |
|
|
$ |
19,570 |
|
|
$ |
(9,274 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
32,326 |
|
|
|
45,118 |
|
|
|
109,030 |
|
|
|
148,129 |
|
Depreciation and amortization from unconsolidated affiliates |
|
|
3,534 |
|
|
|
4,192 |
|
|
|
11,996 |
|
|
|
13,263 |
|
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries |
|
|
(438 |
) |
|
|
(562 |
) |
|
|
(1,470 |
) |
|
|
(1,935 |
) |
Interest expense |
|
|
38,849 |
|
|
|
42,891 |
|
|
|
118,068 |
|
|
|
130,588 |
|
Interest expense from unconsolidated affiliates |
|
|
16,683 |
|
|
|
18,058 |
|
|
|
51,038 |
|
|
|
54,114 |
|
Noncontrolling interests' share of interest expense in other consolidated subsidiaries |
|
|
(1,070 |
) |
|
|
(1,106 |
) |
|
|
(3,196 |
) |
|
|
(5,067 |
) |
Abandoned projects expense |
|
|
15 |
|
|
|
— |
|
|
|
142 |
|
|
|
17 |
|
Gain on sales of real estate assets, net of taxes and noncontrolling interests' share |
|
|
(12,816 |
) |
|
|
(3,073 |
) |
|
|
(16,487 |
) |
|
|
(4,610 |
) |
Gain on sales of real estate assets of unconsolidated affiliates |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(768 |
) |
Adjustment for unconsolidated affiliates with negative investment |
|
|
(4,099 |
) |
|
|
(3,659 |
) |
|
|
(11,468 |
) |
|
|
(1,180 |
) |
Loss on extinguishment of debt |
|
|
819 |
|
|
|
— |
|
|
|
819 |
|
|
|
— |
|
Gain on deconsolidation |
|
|
— |
|
|
|
(19,728 |
) |
|
|
— |
|
|
|
(47,879 |
) |
Loss on impairment |
|
|
— |
|
|
|
— |
|
|
|
836 |
|
|
|
— |
|
Litigation settlement |
|
|
(13 |
) |
|
|
(2,060 |
) |
|
|
(153 |
) |
|
|
(2,178 |
) |
Income tax provision |
|
|
364 |
|
|
|
1,263 |
|
|
|
856 |
|
|
|
1,381 |
|
Lease termination fees |
|
|
(524 |
) |
|
|
(127 |
) |
|
|
(2,213 |
) |
|
|
(2,081 |
) |
Straight-line rent and above- and below-market lease amortization |
|
|
3,831 |
|
|
|
2,612 |
|
|
|
10,312 |
|
|
|
9,702 |
|
Net loss attributable to noncontrolling interests in other consolidated subsidiaries |
|
|
446 |
|
|
|
381 |
|
|
|
1,423 |
|
|
|
4,001 |
|
General and administrative expenses |
|
|
15,402 |
|
|
|
14,398 |
|
|
|
50,647 |
|
|
|
49,783 |
|
Management fees and non-property level revenues |
|
|
(6,080 |
) |
|
|
(4,709 |
) |
|
|
(19,070 |
) |
|
|
(14,727 |
) |
Operating Partnership's share of property NOI |
|
|
102,982 |
|
|
|
106,764 |
|
|
|
320,680 |
|
|
|
321,279 |
|
Non-comparable NOI |
|
|
(1,260 |
) |
|
|
(2,995 |
) |
|
|
(5,824 |
) |
|
|
(9,550 |
) |
Total same-center NOI (1) |
|
$ |
101,722 |
|
|
$ |
103,769 |
|
|
$ |
314,856 |
|
|
$ |
311,729 |
|
Total same-center NOI percentage change |
|
|
(2.0 |
)% |
|
|
|
|
|
1.0 |
% |
|
|
|
||
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Malls |
|
$ |
68,466 |
|
|
$ |
71,069 |
|
|
$ |
212,659 |
|
|
$ |
213,860 |
|
Outlet centers |
|
|
5,351 |
|
|
|
5,125 |
|
|
|
16,275 |
|
|
|
15,539 |
|
Lifestyle centers |
|
|
8,613 |
|
|
|
8,964 |
|
|
|
26,900 |
|
|
|
26,723 |
|
Open-air centers |
|
|
13,826 |
|
|
|
13,562 |
|
|
|
42,635 |
|
|
|
40,367 |
|
Outparcels and other |
|
|
5,466 |
|
|
|
5,049 |
|
|
|
16,387 |
|
|
|
15,240 |
|
Total same-center NOI |
|
$ |
101,722 |
|
|
$ |
103,769 |
|
|
$ |
314,856 |
|
|
$ |
311,729 |
|
Percentage Change: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Malls |
|
|
(3.7 |
)% |
|
|
|
|
|
(0.6 |
)% |
|
|
|
||
Outlet centers |
|
|
4.4 |
% |
|
|
|
|
|
4.7 |
% |
|
|
|
||
Lifestyle centers |
|
|
(3.9 |
)% |
|
|
|
|
|
0.7 |
% |
|
|
|
||
Open-air centers |
|
|
1.9 |
% |
|
|
|
|
|
5.6 |
% |
|
|
|
||
Outparcels and other |
|
|
8.3 |
% |
|
|
|
|
|
7.5 |
% |
|
|
|
||
Total same-center NOI |
|
|
(2.0 |
)% |
|
|
|
|
|
1.0 |
% |
|
|
|
||
10
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
|
|
As of September 30, 2024 |
|
|||||||||||||||||||||
|
|
Fixed Rate |
|
|
Variable |
|
|
Total Debt |
|
|
Unamortized |
|
|
Unamortized |
|
|
Total, net |
|
||||||
Consolidated debt |
|
$ |
879,488 |
|
|
$ |
933,374 |
|
|
$ |
1,812,862 |
|
|
$ |
(9,644 |
) |
|
$ |
(28,099 |
) |
|
$ |
1,775,119 |
|
Noncontrolling interests' share of consolidated debt |
|
|
(24,513 |
) |
|
|
(11,508 |
) |
|
|
(36,021 |
) |
|
|
201 |
|
|
|
2,278 |
|
|
|
(33,542 |
) |
Company's share of unconsolidated affiliates' debt |
|
|
619,112 |
|
|
|
49,437 |
|
|
|
668,549 |
|
|
|
(2,277 |
) |
|
|
— |
|
|
|
666,272 |
|
Other debt (2) |
|
|
41,122 |
|
|
|
— |
|
|
|
41,122 |
|
|
|
— |
|
|
|
— |
|
|
|
41,122 |
|
Company's share of consolidated, unconsolidated and other debt |
|
$ |
1,515,209 |
|
|
$ |
971,303 |
|
|
$ |
2,486,512 |
|
|
$ |
(11,720 |
) |
|
$ |
(25,821 |
) |
|
$ |
2,448,971 |
|
Weighted-average interest rate |
|
|
5.27 |
% |
|
|
8.30 |
% |
|
|
6.45 |
% |
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
As of September 30, 2023 |
|
|||||||||||||||||||||
|
|
Fixed Rate |
|
|
Variable |
|
|
Total Debt |
|
|
Unamortized |
|
|
Unamortized |
|
|
Total, net |
|
||||||
Consolidated debt |
|
$ |
925,963 |
|
|
$ |
1,036,975 |
|
|
$ |
1,962,938 |
|
|
$ |
(14,264 |
) |
|
$ |
(48,201 |
) |
|
$ |
1,900,473 |
|
Noncontrolling interests' share of consolidated debt |
|
|
(25,122 |
) |
|
|
(13,072 |
) |
|
|
(38,194 |
) |
|
|
274 |
|
|
|
4,192 |
|
|
|
(33,728 |
) |
Company's share of unconsolidated affiliates' debt |
|
|
618,477 |
|
|
|
62,256 |
|
|
|
680,733 |
|
|
|
(3,185 |
) |
|
|
— |
|
|
|
677,548 |
|
Other debt (2) |
|
|
69,783 |
|
|
|
— |
|
|
|
69,783 |
|
|
|
— |
|
|
|
— |
|
|
|
69,783 |
|
Company's share of consolidated, unconsolidated and other debt |
|
$ |
1,589,101 |
|
|
$ |
1,086,159 |
|
|
$ |
2,675,260 |
|
|
$ |
(17,175 |
) |
|
$ |
(44,009 |
) |
|
$ |
2,614,076 |
|
Weighted-average interest rate |
|
|
5.18 |
% |
|
|
8.40 |
% |
|
|
6.49 |
% |
|
|
|
|
|
|
|
|
|
|||
11
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Consolidated Balance Sheets
(Unaudited; in thousands, except share data)
|
|
September 30, |
|
|
December 31, |
|
||
|
|
2024 |
|
|
2023 |
|
||
ASSETS |
|
|
|
|
|
|
||
Real estate assets: |
|
|
|
|
|
|
||
Land |
|
$ |
563,426 |
|
|
$ |
585,191 |
|
Buildings and improvements |
|
|
1,195,757 |
|
|
|
1,216,054 |
|
|
|
|
1,759,183 |
|
|
|
1,801,245 |
|
Accumulated depreciation |
|
|
(277,484 |
) |
|
|
(228,034 |
) |
|
|
|
1,481,699 |
|
|
|
1,573,211 |
|
Developments in progress |
|
|
8,816 |
|
|
|
8,900 |
|
Net investment in real estate assets |
|
|
1,490,515 |
|
|
|
1,582,111 |
|
Cash and cash equivalents |
|
|
65,113 |
|
|
|
34,188 |
|
Restricted cash |
|
|
76,355 |
|
|
|
88,888 |
|
Available-for-sale securities - at fair value (amortized cost of $241,289 and $261,869 as of September 30, 2024 and December 31, 2023, respectively) |
|
|
241,930 |
|
|
|
262,142 |
|
Receivables: |
|
|
|
|
|
|
||
Tenant |
|
|
39,846 |
|
|
|
43,436 |
|
Other |
|
|
2,231 |
|
|
|
2,752 |
|
Investments in unconsolidated affiliates |
|
|
83,701 |
|
|
|
76,458 |
|
In-place leases, net |
|
|
114,099 |
|
|
|
157,639 |
|
Intangible lease assets and other assets |
|
|
133,826 |
|
|
|
158,291 |
|
|
|
$ |
2,247,616 |
|
|
$ |
2,405,905 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Mortgage and other indebtedness, net |
|
$ |
1,775,119 |
|
|
$ |
1,888,803 |
|
Accounts payable and accrued liabilities |
|
|
174,402 |
|
|
|
186,485 |
|
Total liabilities |
|
|
1,949,521 |
|
|
|
2,075,288 |
|
Shareholders' equity: |
|
|
|
|
|
|
||
Common stock, $.001 par value, 200,000,000 shares authorized, 31,249,272 and 31,975,645 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively (in each case, excluding 34 treasury shares) |
|
|
31 |
|
|
|
32 |
|
Additional paid-in capital |
|
|
705,181 |
|
|
|
719,125 |
|
Accumulated other comprehensive income |
|
|
645 |
|
|
|
610 |
|
Accumulated deficit |
|
|
(397,511 |
) |
|
|
(380,446 |
) |
Total shareholders' equity |
|
|
308,346 |
|
|
|
339,321 |
|
Noncontrolling interests |
|
|
(10,251 |
) |
|
|
(8,704 |
) |
Total equity |
|
|
298,095 |
|
|
|
330,617 |
|
|
|
$ |
2,247,616 |
|
|
$ |
2,405,905 |
|
12
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Condensed Combined Financial Statements - Unconsolidated Affiliates
(Unaudited; in thousands)
|
|
September 30, |
|
|
December 31, |
|
||
ASSETS: |
|
|
|
|
|
|
||
Investment in real estate assets |
|
$ |
2,013,433 |
|
|
$ |
2,010,269 |
|
Accumulated depreciation |
|
|
(927,826 |
) |
|
|
(886,712 |
) |
|
|
|
1,085,607 |
|
|
|
1,123,557 |
|
Developments in progress |
|
|
33,341 |
|
|
|
17,261 |
|
Net investment in real estate assets |
|
|
1,118,948 |
|
|
|
1,140,818 |
|
Other assets |
|
|
200,171 |
|
|
|
200,289 |
|
Total assets |
|
$ |
1,319,119 |
|
|
$ |
1,341,107 |
|
LIABILITIES: |
|
|
|
|
|
|
||
Mortgage and other indebtedness, net |
|
$ |
1,319,066 |
|
|
$ |
1,368,031 |
|
Other liabilities |
|
|
50,370 |
|
|
|
45,577 |
|
Total liabilities |
|
|
1,369,436 |
|
|
|
1,413,608 |
|
OWNERS' EQUITY (DEFICIT): |
|
|
|
|
|
|
||
The Company |
|
|
11,756 |
|
|
|
12,290 |
|
Other investors |
|
|
(62,073 |
) |
|
|
(84,791 |
) |
Total owners' deficit |
|
|
(50,317 |
) |
|
|
(72,501 |
) |
Total liabilities and owners’ deficit |
|
$ |
1,319,119 |
|
|
$ |
1,341,107 |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Total revenues |
|
$ |
63,450 |
|
|
$ |
62,354 |
|
|
$ |
191,322 |
|
|
$ |
185,830 |
|
Depreciation and amortization |
|
|
(17,133 |
) |
|
|
(17,181 |
) |
|
|
(54,220 |
) |
|
|
(51,433 |
) |
Operating expenses |
|
|
(21,259 |
) |
|
|
(20,904 |
) |
|
|
(62,891 |
) |
|
|
(59,695 |
) |
Interest and other income |
|
|
688 |
|
|
|
504 |
|
|
|
2,037 |
|
|
|
1,651 |
|
Interest expense |
|
|
(18,168 |
) |
|
|
(17,611 |
) |
|
|
(54,830 |
) |
|
|
(50,455 |
) |
Gain on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
20,752 |
|
|
|
— |
|
Gain on sales of real estate assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,537 |
|
Net income |
|
$ |
7,578 |
|
|
$ |
7,162 |
|
|
$ |
42,170 |
|
|
$ |
27,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Company's Share for the Period |
|
|
Company's Share for the Period |
|
||||||||||
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Total revenues |
|
$ |
33,802 |
|
|
$ |
32,142 |
|
|
$ |
100,743 |
|
|
$ |
98,225 |
|
Depreciation and amortization |
|
|
(8,511 |
) |
|
|
(10,581 |
) |
|
|
(28,898 |
) |
|
|
(34,149 |
) |
Operating expenses |
|
|
(11,009 |
) |
|
|
(10,605 |
) |
|
|
(31,604 |
) |
|
|
(31,100 |
) |
Interest and other income |
|
|
409 |
|
|
|
320 |
|
|
|
1,253 |
|
|
|
1,126 |
|
Interest expense |
|
|
(16,683 |
) |
|
|
(18,058 |
) |
|
|
(51,038 |
) |
|
|
(54,114 |
) |
Negative investment adjustment |
|
|
9,076 |
|
|
|
10,048 |
|
|
|
28,370 |
|
|
|
22,066 |
|
Gain on sales of real estate assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
768 |
|
Net income |
|
$ |
7,084 |
|
|
$ |
3,266 |
|
|
$ |
18,826 |
|
|
$ |
2,822 |
|
13
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, losses on extinguishment of debt, 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 September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net income (loss) |
|
$ |
15,753 |
|
|
$ |
12,875 |
|
|
$ |
19,570 |
|
|
$ |
(9,274 |
) |
Depreciation and amortization |
|
|
32,326 |
|
|
|
45,118 |
|
|
|
109,030 |
|
|
|
148,129 |
|
Depreciation and amortization from unconsolidated affiliates |
|
|
3,534 |
|
|
|
4,192 |
|
|
|
11,996 |
|
|
|
13,263 |
|
Interest expense |
|
|
38,849 |
|
|
|
42,891 |
|
|
|
118,068 |
|
|
|
130,588 |
|
Interest expense from unconsolidated affiliates |
|
|
16,683 |
|
|
|
18,058 |
|
|
|
51,038 |
|
|
|
54,114 |
|
Income taxes |
|
|
364 |
|
|
|
1,304 |
|
|
|
856 |
|
|
|
1,485 |
|
Loss on impairment |
|
|
— |
|
|
|
— |
|
|
|
836 |
|
|
|
— |
|
Gain on depreciable property |
|
|
(11,930 |
) |
|
|
— |
|
|
|
(15,651 |
) |
|
|
— |
|
Gain on deconsolidation |
|
|
— |
|
|
|
(19,728 |
) |
|
|
— |
|
|
|
(47,879 |
) |
EBITDAre (1) |
|
|
95,579 |
|
|
|
104,710 |
|
|
|
295,743 |
|
|
|
290,426 |
|
Loss on extinguishment of debt |
|
|
819 |
|
|
|
— |
|
|
|
819 |
|
|
|
— |
|
Litigation settlement |
|
|
(13 |
) |
|
|
(2,060 |
) |
|
|
(153 |
) |
|
|
(2,178 |
) |
Abandoned projects expense |
|
|
15 |
|
|
|
— |
|
|
|
142 |
|
|
|
17 |
|
Adjustment for unconsolidated affiliates with negative investment |
|
|
(4,099 |
) |
|
|
(3,659 |
) |
|
|
(11,468 |
) |
|
|
(1,180 |
) |
Net loss attributable to noncontrolling interests in other consolidated subsidiaries |
|
|
446 |
|
|
|
381 |
|
|
|
1,423 |
|
|
|
4,001 |
|
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries |
|
|
(438 |
) |
|
|
(562 |
) |
|
|
(1,470 |
) |
|
|
(1,935 |
) |
Noncontrolling interests' share of interest expense in other consolidated subsidiaries |
|
|
(1,070 |
) |
|
|
(1,106 |
) |
|
|
(3,196 |
) |
|
|
(5,067 |
) |
Company's share of Adjusted EBITDAre |
|
$ |
91,239 |
|
|
$ |
97,704 |
|
|
$ |
281,840 |
|
|
$ |
284,084 |
|
14
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
$ |
38,849 |
|
|
$ |
42,891 |
|
|
$ |
118,068 |
|
|
$ |
130,588 |
|
Interest expense from unconsolidated affiliates |
|
|
16,683 |
|
|
|
18,058 |
|
|
|
51,038 |
|
|
|
54,114 |
|
Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share |
|
|
(11,085 |
) |
|
|
(14,689 |
) |
|
|
(34,602 |
) |
|
|
(47,879 |
) |
Noncontrolling interests' share of interest expense in other consolidated subsidiaries, excluding noncontrolling interests' share of debt discount accretion |
|
|
(593 |
) |
|
|
(619 |
) |
|
|
(1,768 |
) |
|
|
(1,811 |
) |
Company's share of interest expense |
|
$ |
43,854 |
|
|
$ |
45,641 |
|
|
$ |
132,736 |
|
|
$ |
135,012 |
|
Ratio of Adjusted EBITDAre to Interest Expense |
|
|
2.1 |
x |
|
|
2.1 |
x |
|
|
2.1 |
x |
|
|
2.1 |
x |
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Company's share of Adjusted EBITDAre |
|
$ |
91,239 |
|
|
$ |
97,704 |
|
|
$ |
281,840 |
|
|
$ |
284,084 |
|
Interest expense |
|
|
(38,849 |
) |
|
|
(42,891 |
) |
|
|
(118,068 |
) |
|
|
(130,588 |
) |
Noncontrolling interests' share of interest expense in other consolidated subsidiaries |
|
|
1,070 |
|
|
|
1,106 |
|
|
|
3,196 |
|
|
|
5,067 |
|
Income taxes |
|
|
(364 |
) |
|
|
(1,304 |
) |
|
|
(856 |
) |
|
|
(1,485 |
) |
Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts |
|
|
2,703 |
|
|
|
4,479 |
|
|
|
7,666 |
|
|
|
19,809 |
|
Net amortization of intangible lease assets and liabilities |
|
|
4,341 |
|
|
|
5,042 |
|
|
|
10,489 |
|
|
|
15,757 |
|
Depreciation and interest expense from unconsolidated affiliates |
|
|
(20,217 |
) |
|
|
(22,250 |
) |
|
|
(63,034 |
) |
|
|
(67,377 |
) |
Adjustment for unconsolidated affiliates with negative investment |
|
|
4,099 |
|
|
|
3,659 |
|
|
|
11,468 |
|
|
|
1,180 |
|
Litigation settlement |
|
|
13 |
|
|
|
2,060 |
|
|
|
153 |
|
|
|
2,178 |
|
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries |
|
|
438 |
|
|
|
562 |
|
|
|
1,470 |
|
|
|
1,935 |
|
Net loss attributable to noncontrolling interests in other consolidated subsidiaries |
|
|
(446 |
) |
|
|
(381 |
) |
|
|
(1,423 |
) |
|
|
(4,001 |
) |
Gain on outparcel sales |
|
|
(886 |
) |
|
|
(3,414 |
) |
|
|
(836 |
) |
|
|
(4,896 |
) |
Gain on insurance proceeds |
|
|
— |
|
|
|
46 |
|
|
|
— |
|
|
|
(3 |
) |
Equity in earnings of unconsolidated affiliates |
|
|
(7,084 |
) |
|
|
(3,266 |
) |
|
|
(18,826 |
) |
|
|
(2,822 |
) |
Distributions of earnings from unconsolidated affiliates |
|
|
6,415 |
|
|
|
3,183 |
|
|
|
16,149 |
|
|
|
9,733 |
|
Share-based compensation expense |
|
|
3,839 |
|
|
|
3,245 |
|
|
|
11,083 |
|
|
|
9,704 |
|
Change in estimate of uncollectable revenues |
|
|
1,598 |
|
|
|
2,419 |
|
|
|
3,942 |
|
|
|
3,870 |
|
Change in deferred tax assets |
|
|
(1,315 |
) |
|
|
(809 |
) |
|
|
(1,102 |
) |
|
|
(1,648 |
) |
Changes in operating assets and liabilities |
|
|
14,465 |
|
|
|
729 |
|
|
|
12,712 |
|
|
|
(6,342 |
) |
Cash flows provided by operating activities |
|
$ |
61,059 |
|
|
$ |
49,919 |
|
|
$ |
156,023 |
|
|
$ |
134,155 |
|
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 September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Minimum rents |
|
$ |
91,300 |
|
|
$ |
95,807 |
|
|
$ |
279,417 |
|
|
$ |
284,737 |
|
Percentage rents |
|
|
2,215 |
|
|
|
3,071 |
|
|
|
7,753 |
|
|
|
9,518 |
|
Other rents |
|
|
1,429 |
|
|
|
1,755 |
|
|
|
5,076 |
|
|
|
5,205 |
|
Tenant reimbursements |
|
|
27,036 |
|
|
|
26,741 |
|
|
|
79,635 |
|
|
|
84,012 |
|
Estimate of uncollectable amounts |
|
|
(1,988 |
) |
|
|
(2,591 |
) |
|
|
(3,791 |
) |
|
|
(3,523 |
) |
Total rental revenues |
|
$ |
119,992 |
|
|
$ |
124,783 |
|
|
$ |
368,090 |
|
|
$ |
379,949 |
|
15
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Schedule of Mortgage and Other Indebtedness
(Dollars in thousands)
Property |
|
Location |
|
Original |
|
Optional |
|
Interest |
|
|
Balance as of September 30, 2024 (1) |
|
|
Balance |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed |
|
|
Variable |
|
||||
Operating Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fayette Mall |
|
Lexington, KY |
|
May-25 |
|
May-26 |
|
|
4.25 |
% |
|
$ |
112,870 |
|
|
$ |
112,870 |
|
|
$ |
— |
|
Cross Creek Mall |
|
Fayetteville, NC |
|
Jun-25 |
|
|
|
|
8.19 |
% |
|
|
87,579 |
|
|
|
87,579 |
|
|
|
— |
|
The Outlet Shoppes at Laredo |
|
Laredo, TX |
|
Jun-25 |
|
|
|
|
8.70 |
% |
|
|
32,880 |
|
|
|
— |
|
|
|
32,880 |
|
The Outlet Shoppes at Gettysburg |
|
Gettysburg, PA |
|
Oct-25 |
|
|
|
|
4.80 |
% |
|
|
19,996 |
|
|
|
19,996 |
|
|
|
— |
|
Parkdale Mall & Crossing |
|
Beaumont, TX |
|
Mar-26 |
|
|
|
|
5.85 |
% |
|
|
54,489 |
|
|
|
54,489 |
|
|
|
— |
|
Northwoods Mall |
|
North Charleston, SC |
|
Apr-26 |
|
|
|
|
5.08 |
% |
|
|
51,698 |
|
|
|
51,698 |
|
|
|
— |
|
Arbor Place |
|
Atlanta (Douglasville), GA |
|
May-26 |
|
|
|
|
5.10 |
% |
|
|
90,676 |
|
|
|
90,676 |
|
|
|
— |
|
Volusia Mall |
|
Daytona Beach, FL |
|
May-26 |
|
|
|
|
4.56 |
% |
|
|
35,310 |
|
|
|
35,310 |
|
|
|
— |
|
Hamilton Place |
|
Chattanooga, TN |
|
Jun-26 |
|
|
|
|
4.36 |
% |
|
|
89,820 |
|
|
|
89,820 |
|
|
|
— |
|
Jefferson Mall |
|
Louisville, KY |
|
Jun-26 |
|
|
|
|
4.75 |
% |
|
|
51,853 |
|
|
|
51,853 |
|
|
|
— |
|
Southpark Mall |
|
Colonial Heights, VA |
|
Jun-26 |
|
|
|
|
4.85 |
% |
|
|
50,166 |
|
|
|
50,166 |
|
|
|
— |
|
Open-air centers and outparcels loan (2) |
|
|
|
Jun-27 |
|
Jun-29 |
|
|
8.13 |
% |
|
|
340,062 |
|
|
|
170,031 |
|
|
|
170,031 |
|
Hamilton Place open-air centers loan |
|
|
|
Jun-32 |
|
|
|
|
5.85 |
% |
|
|
65,000 |
|
|
|
65,000 |
|
|
|
— |
|
Total Loans On Operating Properties |
|
|
|
|
|
|
|
|
|
|
|
1,082,399 |
|
|
|
879,488 |
|
|
|
202,911 |
|
|
Weighted-average interest rate |
|
|
|
|
|
|
|
|
|
|
|
6.29 |
% |
|
|
5.62 |
% |
|
|
9.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Secured term loan |
|
|
|
Nov-25 |
|
Nov-26/Nov-27 |
|
|
8.07 |
% |
|
|
730,463 |
|
|
|
— |
|
|
|
730,463 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Consolidated Debt |
|
|
|
|
|
|
|
|
|
|
$ |
1,812,862 |
|
|
$ |
879,488 |
|
|
$ |
933,374 |
|
|
Weighted-average interest rate |
|
|
|
|
|
|
|
|
|
|
|
7.01 |
% |
|
|
5.62 |
% |
|
|
8.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Plus CBL's Share Of Unconsolidated Affiliates' Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Coastal Grand Mall (3) |
|
Myrtle Beach, SC |
|
Aug-24 |
|
|
|
|
4.09 |
% |
|
$ |
47,369 |
|
|
$ |
47,369 |
|
|
$ |
— |
|
Coastal Grand Mall Outparcel (3) |
|
Myrtle Beach, SC |
|
Aug-24 |
|
|
|
|
4.09 |
% |
|
|
2,286 |
|
|
|
2,286 |
|
|
|
— |
|
Coastal Grand Mall - Dick's Sporting Goods (4) |
|
Myrtle Beach, SC |
|
Nov-24 |
|
|
|
|
5.05 |
% |
|
|
3,335 |
|
|
|
3,335 |
|
|
|
— |
|
The Outlet Shoppes of the Bluegrass (5) |
|
Simpsonville, KY |
|
Dec-24 |
|
|
|
|
4.05 |
% |
|
|
40,069 |
|
|
|
40,069 |
|
|
|
— |
|
West County Center |
|
Des Peres, MO |
|
Dec-24 |
|
Dec-26 |
|
|
3.40 |
% |
|
|
74,460 |
|
|
|
74,460 |
|
|
|
— |
|
Hammock Landing - Phase I (6) |
|
West Melbourne, FL |
|
Feb-25 |
|
Feb-26 |
|
|
8.20 |
% |
|
|
16,993 |
|
|
|
— |
|
|
|
16,993 |
|
Hammock Landing - Phase II (6) |
|
West Melbourne, FL |
|
Feb-25 |
|
Feb-26 |
|
|
8.20 |
% |
|
|
5,242 |
|
|
|
— |
|
|
|
5,242 |
|
The Pavilion at Port Orange |
|
Port Orange, FL |
|
Feb-25 |
|
Feb-26 |
|
|
8.20 |
% |
|
|
22,586 |
|
|
|
— |
|
|
|
22,586 |
|
Ambassador Town Center Infrastructure Improvements |
|
Lafayette, LA |
|
Mar-25 |
|
|
|
|
3.00 |
% |
|
|
4,361 |
|
|
|
4,361 |
|
|
|
— |
|
York Town Center |
|
York, PA |
|
Mar-25 |
|
|
|
|
4.75 |
% |
|
|
14,615 |
|
|
|
14,615 |
|
|
|
— |
|
Oak Park Mall |
|
Overland Park, KS |
|
Oct-25 |
|
|
|
|
3.97 |
% |
|
|
126,441 |
|
|
|
126,441 |
|
|
|
— |
|
Northgate Mall Developments (7) |
|
Chattanooga, TN |
|
Nov-25 |
|
|
|
|
7.75 |
% |
|
|
2,393 |
|
|
|
— |
|
|
|
2,393 |
|
Fremaux Town Center |
|
Slidell, LA |
|
Jun-26 |
|
|
|
|
3.70 |
% |
|
|
36,536 |
|
|
|
36,536 |
|
|
|
— |
|
Mayfaire Town Center Aloft Hotel |
|
Wilmington, NC |
|
Jan-28 |
|
|
|
|
8.45 |
% |
|
|
2,223 |
|
|
|
— |
|
|
|
2,223 |
|
CoolSprings Galleria |
|
Nashville, TN |
|
May-28 |
|
|
|
|
4.84 |
% |
|
|
68,989 |
|
|
|
68,989 |
|
|
|
— |
|
Friendly Center |
|
Greensboro, NC |
|
May-28 |
|
|
|
|
6.44 |
% |
|
|
72,705 |
|
|
|
72,705 |
|
|
|
— |
|
The Outlet Shoppes at El Paso |
|
El Paso, TX |
|
Oct-28 |
|
|
|
|
5.10 |
% |
|
|
33,845 |
|
|
|
33,845 |
|
|
|
— |
|
Ambassador Town Center |
|
Lafayette, LA |
|
Jun-29 |
|
|
|
|
4.35 |
% |
|
|
26,190 |
|
|
|
26,190 |
|
|
|
— |
|
Hamilton Place Aloft Hotel |
|
Chattanooga, TN |
|
Jun-29 |
|
|
|
|
7.20 |
% |
|
|
7,210 |
|
|
|
7,210 |
|
|
|
— |
|
Friendly Center Medical Office |
|
Greensboro, NC |
|
Jun-30 |
|
|
|
|
6.11 |
% |
|
|
1,700 |
|
|
|
1,700 |
|
|
|
— |
|
The Shoppes at Eagle Point |
|
Cookeville, TN |
|
May-32 |
|
|
|
|
5.40 |
% |
|
|
19,336 |
|
|
|
19,336 |
|
|
|
— |
|
The Outlet Shoppes at Atlanta |
|
Woodstock, GA |
|
Oct-33 |
|
|
|
|
7.85 |
% |
|
|
39,665 |
|
|
|
39,665 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
668,549 |
|
|
|
619,112 |
|
|
|
49,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Plus Other Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Alamance Crossing (8) |
|
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 |
|
|
|
|
8.70 |
% |
|
|
(11,508 |
) |
|
|
— |
|
|
|
(11,508 |
) |
The Outlet Shoppes at Gettysburg (50%) |
|
Gettysburg, PA |
|
Oct-25 |
|
|
|
|
4.80 |
% |
|
|
(9,998 |
) |
|
|
(9,998 |
) |
|
|
— |
|
Hamilton Place (10%) |
|
Chattanooga, TN |
|
Jun-26 |
|
|
|
|
4.36 |
% |
|
|
(8,982 |
) |
|
|
(8,982 |
) |
|
|
— |
|
16
Property |
|
Location |
|
Original |
|
Optional |
|
Interest |
|
|
Balance as of September 30, 2024 (1) |
|
|
Balance |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed |
|
|
Variable |
|
||||
Hamilton Place open-air centers loan (8% - 10%) |
|
|
|
Jun-32 |
|
|
|
|
5.85 |
% |
|
|
(5,533 |
) |
|
|
(5,533 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
(36,021 |
) |
|
|
(24,513 |
) |
|
|
(11,508 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Company's Share Of Consolidated, Unconsolidated and Other Debt (9) |
|
|
|
|
|
|
|
|
|
|
$ |
2,486,512 |
|
|
$ |
1,515,209 |
|
|
$ |
971,303 |
|
|
Weighted-average interest rate |
|
|
|
|
|
|
|
|
|
|
|
6.45 |
% |
|
|
5.27 |
% |
|
|
8.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Debt of Unconsolidated Affiliates: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Coastal Grand Mall (3) |
|
Myrtle Beach, SC |
|
Aug-24 |
|
|
|
|
4.09 |
% |
|
$ |
94,737 |
|
|
$ |
94,737 |
|
|
$ |
— |
|
Coastal Grand Mall Outparcel (3) |
|
Myrtle Beach, SC |
|
Aug-24 |
|
|
|
|
4.09 |
% |
|
|
4,571 |
|
|
|
4,571 |
|
|
|
— |
|
Coastal Grand Mall - Dick's Sporting Goods (4) |
|
Myrtle Beach, SC |
|
Nov-24 |
|
|
|
|
5.05 |
% |
|
|
6,670 |
|
|
|
6,670 |
|
|
|
— |
|
The Outlet Shoppes of the Bluegrass (5) |
|
Simpsonville, KY |
|
Dec-24 |
|
|
|
|
4.05 |
% |
|
|
61,645 |
|
|
|
61,645 |
|
|
|
— |
|
West County Center |
|
Des Peres, MO |
|
Dec-24 |
|
Dec-26 |
|
|
3.40 |
% |
|
|
148,920 |
|
|
|
148,920 |
|
|
|
— |
|
Hammock Landing - Phase I (6) |
|
West Melbourne, FL |
|
Feb-25 |
|
Feb-26 |
|
|
8.20 |
% |
|
|
33,985 |
|
|
|
— |
|
|
|
33,985 |
|
Hammock Landing - Phase II (6) |
|
West Melbourne, FL |
|
Feb-25 |
|
Feb-26 |
|
|
8.20 |
% |
|
|
10,483 |
|
|
|
— |
|
|
|
10,483 |
|
The Pavilion at Port Orange |
|
Port Orange, FL |
|
Feb-25 |
|
Feb-26 |
|
|
8.20 |
% |
|
|
45,173 |
|
|
|
— |
|
|
|
45,173 |
|
Ambassador Town Center Infrastructure Improvements |
|
Lafayette, LA |
|
Mar-25 |
|
|
|
|
3.00 |
% |
|
|
4,361 |
|
|
|
4,361 |
|
|
|
— |
|
York Town Center |
|
York, PA |
|
Mar-25 |
|
|
|
|
4.75 |
% |
|
|
29,230 |
|
|
|
29,230 |
|
|
|
— |
|
Oak Park Mall |
|
Overland Park, KS |
|
Oct-25 |
|
|
|
|
3.97 |
% |
|
|
252,881 |
|
|
|
252,881 |
|
|
|
— |
|
Northgate Mall Developments (7) |
|
Chattanooga, TN |
|
Nov-25 |
|
|
|
|
7.75 |
% |
|
|
4,787 |
|
|
|
— |
|
|
|
4,787 |
|
Fremaux Town Center |
|
Slidell, LA |
|
Jun-26 |
|
|
|
|
3.70 |
% |
|
|
56,210 |
|
|
|
56,210 |
|
|
|
— |
|
Mayfaire Town Center Aloft Hotel |
|
Wilmington, NC |
|
Jan-28 |
|
|
|
|
8.45 |
% |
|
|
4,538 |
|
|
|
— |
|
|
|
4,538 |
|
CoolSprings Galleria |
|
Nashville, TN |
|
May-28 |
|
|
|
|
4.84 |
% |
|
|
137,978 |
|
|
|
137,978 |
|
|
|
— |
|
Friendly Center |
|
Greensboro, NC |
|
May-28 |
|
|
|
|
6.44 |
% |
|
|
145,410 |
|
|
|
145,410 |
|
|
|
— |
|
The Outlet Shoppes at El Paso |
|
El Paso, TX |
|
Oct-28 |
|
|
|
|
5.10 |
% |
|
|
67,690 |
|
|
|
67,690 |
|
|
|
— |
|
Ambassador Town Center |
|
Lafayette, LA |
|
Jun-29 |
|
|
|
|
4.35 |
% |
|
|
40,293 |
|
|
|
40,293 |
|
|
|
— |
|
Hamilton Place Aloft Hotel |
|
Chattanooga, TN |
|
Jun-29 |
|
|
|
|
7.20 |
% |
|
|
14,420 |
|
|
|
14,420 |
|
|
|
— |
|
Friendly Center Medical Office |
|
Greensboro, NC |
|
Jun-30 |
|
|
|
|
6.11 |
% |
|
|
6,800 |
|
|
|
6,800 |
|
|
|
— |
|
The Shoppes at Eagle Point |
|
Cookeville, TN |
|
May-32 |
|
|
|
|
5.40 |
% |
|
|
38,672 |
|
|
|
38,672 |
|
|
|
— |
|
The Outlet Shoppes at Atlanta |
|
Woodstock, GA |
|
Oct-33 |
|
|
|
|
7.85 |
% |
|
|
79,330 |
|
|
|
79,330 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,288,784 |
|
|
$ |
1,189,818 |
|
|
$ |
98,966 |
|
|
Weighted-average interest rate |
|
|
|
|
|
|
|
|
|
|
|
5.02 |
% |
|
|
4.76 |
% |
|
|
8.19 |
% |
|
17
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 |
|
|
CBL's Share of |
|
|
Other Debt (1) |
|
|
Noncontrolling |
|
|
CBL's Share of |
|
|
% of Total |
|
|
Weighted |
|
|||||||
2021 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
41,122 |
|
|
$ |
— |
|
|
$ |
41,122 |
|
|
|
1.65 |
% |
|
|
5.83 |
% |
2024 |
|
|
— |
|
|
|
93,059 |
|
|
|
— |
|
|
|
— |
|
|
|
93,059 |
|
|
|
3.74 |
% |
|
|
4.10 |
% |
2025 |
|
|
140,455 |
|
|
|
147,810 |
|
|
|
— |
|
|
|
(21,506 |
) |
|
|
266,759 |
|
|
|
10.73 |
% |
|
|
5.83 |
% |
2026 |
|
|
536,882 |
|
|
|
155,817 |
|
|
|
— |
|
|
|
(8,982 |
) |
|
|
683,717 |
|
|
|
27.49 |
% |
|
|
4.80 |
% |
2027 |
|
|
730,463 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
730,463 |
|
|
|
29.38 |
% |
|
|
8.07 |
% |
2028 |
|
|
— |
|
|
|
177,762 |
|
|
|
— |
|
|
|
— |
|
|
|
177,762 |
|
|
|
7.15 |
% |
|
|
5.59 |
% |
2029 |
|
|
340,062 |
|
|
|
33,400 |
|
|
|
— |
|
|
|
— |
|
|
|
373,462 |
|
|
|
15.02 |
% |
|
|
7.84 |
% |
2030 |
|
|
— |
|
|
|
1,700 |
|
|
|
— |
|
|
|
— |
|
|
|
1,700 |
|
|
|
0.07 |
% |
|
|
6.11 |
% |
2032 |
|
|
65,000 |
|
|
|
19,336 |
|
|
|
— |
|
|
|
(5,533 |
) |
|
|
78,803 |
|
|
|
3.17 |
% |
|
|
5.74 |
% |
2033 |
|
|
— |
|
|
|
39,665 |
|
|
|
— |
|
|
|
— |
|
|
|
39,665 |
|
|
|
1.60 |
% |
|
|
7.85 |
% |
Face Amount of Debt |
|
$ |
1,812,862 |
|
|
$ |
668,549 |
|
|
$ |
41,122 |
|
|
$ |
(36,021 |
) |
|
$ |
2,486,512 |
|
|
|
100.00 |
% |
|
|
6.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Based on Original Maturity Dates: |
|
|||||||||||||||||||||||||||
Year |
|
Consolidated |
|
|
CBL's Share of |
|
|
Other Debt (1) |
|
|
Noncontrolling |
|
|
CBL's Share of |
|
|
% of Total |
|
|
Weighted |
|
|||||||
2021 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
41,122 |
|
|
$ |
— |
|
|
$ |
41,122 |
|
|
|
1.65 |
% |
|
|
5.83 |
% |
2024 |
|
|
— |
|
|
|
167,519 |
|
|
|
— |
|
|
|
— |
|
|
|
167,519 |
|
|
|
6.74 |
% |
|
|
3.79 |
% |
2025 |
|
|
983,788 |
|
|
|
192,631 |
|
|
|
— |
|
|
|
(21,506 |
) |
|
|
1,154,913 |
|
|
|
46.45 |
% |
|
|
7.18 |
% |
2026 |
|
|
424,012 |
|
|
|
36,536 |
|
|
|
— |
|
|
|
(8,982 |
) |
|
|
451,566 |
|
|
|
18.16 |
% |
|
|
4.83 |
% |
2027 |
|
|
340,062 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
340,062 |
|
|
|
13.68 |
% |
|
|
8.13 |
% |
2028 |
|
|
— |
|
|
|
177,762 |
|
|
|
— |
|
|
|
— |
|
|
|
177,762 |
|
|
|
7.15 |
% |
|
|
5.59 |
% |
2029 |
|
|
— |
|
|
|
33,400 |
|
|
|
— |
|
|
|
— |
|
|
|
33,400 |
|
|
|
1.33 |
% |
|
|
4.97 |
% |
2030 |
|
|
— |
|
|
|
1,700 |
|
|
|
— |
|
|
|
— |
|
|
|
1,700 |
|
|
|
0.07 |
% |
|
|
6.11 |
% |
2032 |
|
|
65,000 |
|
|
|
19,336 |
|
|
|
— |
|
|
|
(5,533 |
) |
|
|
78,803 |
|
|
|
3.17 |
% |
|
|
5.74 |
% |
2033 |
|
|
— |
|
|
|
39,665 |
|
|
|
— |
|
|
|
— |
|
|
|
39,665 |
|
|
|
1.60 |
% |
|
|
7.85 |
% |
Face Amount of Debt |
|
$ |
1,812,862 |
|
|
$ |
668,549 |
|
|
$ |
41,122 |
|
|
$ |
(36,021 |
) |
|
$ |
2,486,512 |
|
|
|
100.00 |
% |
|
|
6.45 |
% |
18
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 September 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 September 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.
19
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) |
|
||||||||||
|
|
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 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 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
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 |
|
|
|
$ |
373 |
|
|
$ |
377 |
|
|
|
88.4 |
% |
|
|
91.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lifestyle Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mayfaire Town Center |
|
Wilmington, NC |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pearland Town Center |
|
Pearland, TX |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Southaven Towne Center |
|
Southaven, MS |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Lifestyle Centers |
|
|
|
$ |
390 |
|
|
$ |
386 |
|
|
|
91.8 |
% |
|
|
92.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Open-Air Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Westmoreland Crossing |
|
Greensburg, PA |
|
N/A |
|
|
N/A |
|
|
|
100.0 |
% |
|
|
96.5 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Outparcels and Other |
|
|
|
N/A |
|
|
N/A |
|
|
|
91.6 |
% |
|
|
91.6 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Term Loan Assets (HoldCo I) |
|
|
|
$ |
376 |
|
|
$ |
378 |
|
|
|
89.6 |
% |
|
|
92.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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 |
|
|
|
$ |
310 |
|
|
$ |
317 |
|
|
|
78.1 |
% |
|
|
82.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Open-Air Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Annex at Monroeville |
|
Pittsburgh, PA |
|
|
|
|
|
|
|
|
|
|
|
|
||||
The Promenade |
|
D'Iberville, MS |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Open-Air Centers |
|
|
|
N/A |
|
|
N/A |
|
|
|
97.9 |
% |
|
|
100.0 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Outparcels and Other |
|
|
|
N/A |
|
|
N/A |
|
|
|
85.4 |
% |
|
|
78.9 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Consolidated Unencumbered |
|
|
|
$ |
310 |
|
|
$ |
317 |
|
|
|
81.1 |
% |
|
|
84.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
JOINT VENTURE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Malls: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Coastal Grand Mall |
|
Myrtle Beach, SC |
|
|
|
|
|
|
|
|
|
|
|
|
||||
CoolSprings Galleria |
|
Nashville, TN |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Governor's Square |
|
Clarksville, TN |
|
|
|
|
|
|
|
|
|
|
|
|
||||
20
Property |
|
Location |
|
Sales Per Square Foot for the Trailing Twelve Months Ended (1) |
|
|
In-Line Occupancy (2) |
|
||||||||||
|
|
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
Kentucky Oaks Mall |
|
Paducah, KY |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Oak Park Mall |
|
Overland Park, KS |
|
|
|
|
|
|
|
|
|
|
|
|
||||
West County Center |
|
Des Peres, MO |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Malls |
|
|
|
$ |
548 |
|
|
$ |
545 |
|
|
|
90.9 |
% |
|
|
90.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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 |
|
|
|
$ |
475 |
|
|
$ |
497 |
|
|
|
94.2 |
% |
|
|
94.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lifestyle Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Friendly Center and The Shops at Friendly |
|
Greensboro, NC |
|
$ |
593 |
|
|
$ |
593 |
|
|
|
89.7 |
% |
|
|
92.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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 |
|
|
|
94.4 |
% |
|
|
91.7 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Joint Venture Assets |
|
|
|
$ |
530 |
|
|
$ |
536 |
|
|
|
92.7 |
% |
|
|
91.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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 |
|
|
$ |
425 |
|
|
|
90.9 |
% |
|
|
93.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Outlet Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
The Outlet Shoppes at Gettysburg |
|
Gettysburg, PA |
|
|
|
|
|
|
|
|
|
|
|
|
||||
The Outlet Shoppes at Laredo |
|
Laredo, TX |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Outlet Centers |
|
|
|
$ |
291 |
|
|
$ |
278 |
|
|
|
86.1 |
% |
|
|
81.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lifestyle Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Alamance Crossing West |
|
Burlington, NC |
|
N/A |
|
|
N/A |
|
|
|
100.0 |
% |
|
|
100.0 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
WestGate Crossing |
|
Spartanburg, SC |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Open-Air Centers |
|
|
|
N/A |
|
|
N/A |
|
|
|
94.6 |
% |
|
|
96.5 |
% |
||
21
Property |
|
Location |
|
Sales Per Square Foot for the Trailing Twelve Months Ended (1) |
|
|
In-Line Occupancy (2) |
|
||||||||||
|
|
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Outparcels |
|
|
|
N/A |
|
|
N/A |
|
|
|
97.8 |
% |
|
|
96.2 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Consolidated Encumbered Assets |
|
|
|
$ |
397 |
|
|
$ |
403 |
|
|
|
92.0 |
% |
|
|
93.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Same-Center Portfolio |
|
|
|
$ |
418 |
|
|
$ |
421 |
|
|
|
89.3 |
% |
|
|
90.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
EXCLUDED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Alamance Crossing East |
|
Burlington, NC |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Harford Mall |
|
Bel Air, MD |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Excluded Properties |
|
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
N/A |
|
||||
22
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Operating Metrics - Nine Months Ended September 30, 2024 at CBL Share |
|
||||||||||||||||||||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
NOI |
|
|
Capital |
|
|
Redevelopment |
|
|
Unleveraged |
|
|
Interest Expense |
|
|
Non-Cash |
|
|
Amortization |
|
|
Cash Flow |
|
||||||||
TERM LOAN ASSETS (HOLDCO I) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Malls |
$ |
76,091 |
|
|
$ |
(7,654 |
) |
|
$ |
- |
|
|
$ |
68,437 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
68,437 |
|
Lifestyle Centers |
|
16,460 |
|
|
|
(1,331 |
) |
|
|
- |
|
|
|
15,129 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
15,129 |
|
Open-Air Centers |
|
2,055 |
|
|
|
(88 |
) |
|
|
- |
|
|
|
1,967 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,967 |
|
Outparcels |
|
202 |
|
|
|
(148 |
) |
|
|
- |
|
|
|
54 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
54 |
|
Other |
|
872 |
|
|
|
(25 |
) |
|
|
- |
|
|
|
847 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
847 |
|
Term Loan Debt Service |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(48,974 |
) |
|
|
299 |
|
|
|
(23,451 |
) |
|
|
(72,126 |
) |
Total Term Loan Assets (HoldCo I) |
|
95,680 |
|
|
|
(9,246 |
) |
|
|
- |
|
|
|
86,434 |
|
|
|
(48,974 |
) |
|
|
299 |
|
|
|
(23,451 |
) |
|
|
14,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
CONSOLIDATED UNENCUMBERED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Malls (3) |
|
40,409 |
|
|
|
(4,939 |
) |
|
|
- |
|
|
|
35,470 |
|
|
|
(136 |
) |
|
|
- |
|
|
|
(15,340 |
) |
|
|
19,994 |
|
Outlet Centers |
|
(20 |
) |
|
|
- |
|
|
|
- |
|
|
|
(20 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(20 |
) |
Open-Air Centers |
|
6,936 |
|
|
|
(14 |
) |
|
|
- |
|
|
|
6,922 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,922 |
|
Outparcels |
|
166 |
|
|
|
- |
|
|
|
- |
|
|
|
166 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
166 |
|
Other |
|
1,666 |
|
|
|
(580 |
) |
|
|
- |
|
|
|
1,086 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,086 |
|
Total Consolidated Unencumbered |
|
49,157 |
|
|
|
(5,533 |
) |
|
|
- |
|
|
|
43,624 |
|
|
|
(136 |
) |
|
|
- |
|
|
|
(15,340 |
) |
|
|
28,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
JOINT VENTURE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Malls |
|
31,041 |
|
|
|
(5,296 |
) |
|
|
- |
|
|
|
25,745 |
|
|
|
(10,563 |
) |
|
|
700 |
|
|
|
(6,167 |
) |
|
|
9,715 |
|
Outlet Centers |
|
13,359 |
|
|
|
(1,001 |
) |
|
|
- |
|
|
|
12,358 |
|
|
|
(5,010 |
) |
|
|
107 |
|
|
|
(1,471 |
) |
|
|
5,984 |
|
Lifestyle Centers |
|
8,941 |
|
|
|
(1,830 |
) |
|
|
- |
|
|
|
7,111 |
|
|
|
(3,705 |
) |
|
|
124 |
|
|
|
(668 |
) |
|
|
2,862 |
|
Open-Air Centers |
|
14,741 |
|
|
|
(383 |
) |
|
|
- |
|
|
|
14,358 |
|
|
|
(9,415 |
) |
|
|
249 |
|
|
|
(5,553 |
) |
|
|
(361 |
) |
Other |
|
508 |
|
|
|
(22 |
) |
|
|
- |
|
|
|
486 |
|
|
|
(479 |
) |
|
|
- |
|
|
|
(875 |
) |
|
|
(868 |
) |
Total Joint Venture Assets |
|
68,590 |
|
|
|
(8,532 |
) |
|
|
- |
|
|
|
60,058 |
|
|
|
(29,172 |
) |
|
|
1,180 |
|
|
|
(14,734 |
) |
|
|
17,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
CONSOLIDATED ENCUMBERED ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Malls |
|
65,118 |
|
|
|
(9,620 |
) |
|
|
(228 |
) |
|
|
55,270 |
|
|
|
(39,467 |
) |
|
|
12,836 |
|
|
|
(26,284 |
) |
|
|
2,355 |
|
Outlet Centers |
|
2,937 |
|
|
|
(449 |
) |
|
|
- |
|
|
|
2,488 |
|
|
|
(2,847 |
) |
|
|
1,032 |
|
|
|
(910 |
) |
|
|
(237 |
) |
Lifestyle Centers |
|
1,499 |
|
|
|
- |
|
|
|
- |
|
|
|
1,499 |
|
|
|
(1,212 |
) |
|
|
85 |
|
|
|
- |
|
|
|
372 |
|
Open-Air Centers |
|
18,902 |
|
|
|
(947 |
) |
|
|
- |
|
|
|
17,955 |
|
|
|
(11,744 |
) |
|
|
706 |
|
|
|
- |
|
|
|
6,917 |
|
Outparcels |
|
12,973 |
|
|
|
(475 |
) |
|
|
- |
|
|
|
12,498 |
|
|
|
(10,527 |
) |
|
|
734 |
|
|
|
- |
|
|
|
2,705 |
|
Total Consolidated Encumbered Assets |
|
101,429 |
|
|
|
(11,491 |
) |
|
|
(228 |
) |
|
|
89,710 |
|
|
|
(65,797 |
) |
|
|
15,393 |
|
|
|
(27,194 |
) |
|
|
12,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Same-Center |
$ |
314,856 |
|
|
$ |
(34,802 |
) |
|
$ |
(228 |
) |
|
$ |
279,826 |
|
|
$ |
(144,079 |
) |
|
$ |
16,872 |
|
|
$ |
(80,719 |
) |
|
$ |
71,900 |
|
23
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Operating Metrics - Nine Months Ended September 30, 2023 at CBL Share |
|
||||||||||||||||||||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
NOI |
|
|
Capital |
|
|
Redevelopment |
|
|
Unleveraged |
|
|
Interest Expense |
|
|
Non-Cash |
|
|
Amortization |
|
|
Cash Flow |
|
||||||||
TERM LOAN ASSETS (HOLDCO I) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Malls |
$ |
76,092 |
|
|
$ |
(5,705 |
) |
|
$ |
(1,193 |
) |
|
$ |
69,194 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
69,194 |
|
Lifestyle Centers |
|
16,334 |
|
|
|
(1,965 |
) |
|
|
- |
|
|
|
14,369 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
14,369 |
|
Open-Air Centers |
|
1,993 |
|
|
|
(15 |
) |
|
|
- |
|
|
|
1,978 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,978 |
|
Outparcels |
|
225 |
|
|
|
- |
|
|
|
- |
|
|
|
225 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
225 |
|
Other |
|
643 |
|
|
|
- |
|
|
|
- |
|
|
|
643 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
643 |
|
Term Loan Debt Service |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(48,027 |
) |
|
|
299 |
|
|
|
(26,807 |
) |
|
|
(74,535 |
) |
Total Term Loan Assets (HoldCo I) |
|
95,287 |
|
|
|
(7,685 |
) |
|
|
(1,193 |
) |
|
|
86,409 |
|
|
|
(48,027 |
) |
|
|
299 |
|
|
|
(26,807 |
) |
|
|
11,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
CONSOLIDATED UNENCUMBERED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Malls (3) |
|
39,015 |
|
|
|
(4,698 |
) |
|
|
- |
|
|
|
34,317 |
|
|
|
(1,087 |
) |
|
|
26 |
|
|
|
(675 |
) |
|
|
32,581 |
|
Outlet Centers |
|
(21 |
) |
|
|
- |
|
|
|
- |
|
|
|
(21 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(21 |
) |
Open-Air Centers |
|
6,143 |
|
|
|
(297 |
) |
|
|
- |
|
|
|
5,846 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,846 |
|
Outparcels |
|
226 |
|
|
|
(14 |
) |
|
|
- |
|
|
|
212 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
212 |
|
Other |
|
1,378 |
|
|
|
(1,117 |
) |
|
|
- |
|
|
|
261 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
261 |
|
Total Consolidated Unencumbered |
|
46,741 |
|
|
|
(6,126 |
) |
|
|
- |
|
|
|
40,615 |
|
|
|
(1,087 |
) |
|
|
26 |
|
|
|
(675 |
) |
|
|
38,879 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
JOINT VENTURE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Malls |
|
30,688 |
|
|
|
(3,148 |
) |
|
|
- |
|
|
|
27,540 |
|
|
|
(10,522 |
) |
|
|
397 |
|
|
|
(8,432 |
) |
|
|
8,983 |
|
Outlet Centers |
|
13,115 |
|
|
|
(958 |
) |
|
|
- |
|
|
|
12,157 |
|
|
|
(4,209 |
) |
|
|
140 |
|
|
|
(2,233 |
) |
|
|
5,855 |
|
Lifestyle Centers |
|
8,948 |
|
|
|
(1,194 |
) |
|
|
- |
|
|
|
7,754 |
|
|
|
(3,120 |
) |
|
|
93 |
|
|
|
(690 |
) |
|
|
4,037 |
|
Open-Air Centers |
|
14,245 |
|
|
|
(820 |
) |
|
|
(1,670 |
) |
|
|
11,755 |
|
|
|
(9,393 |
) |
|
|
238 |
|
|
|
(4,834 |
) |
|
|
(2,234 |
) |
Other |
|
461 |
|
|
|
(16 |
) |
|
|
- |
|
|
|
445 |
|
|
|
(462 |
) |
|
|
- |
|
|
|
(135 |
) |
|
|
(152 |
) |
Total Joint Venture Assets |
|
67,457 |
|
|
|
(6,136 |
) |
|
|
(1,670 |
) |
|
|
59,651 |
|
|
|
(27,706 |
) |
|
|
868 |
|
|
|
(16,324 |
) |
|
|
16,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
CONSOLIDATED ENCUMBERED ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Malls |
|
68,065 |
|
|
|
(6,398 |
) |
|
|
(994 |
) |
|
|
60,673 |
|
|
|
(44,374 |
) |
|
|
17,896 |
|
|
|
(26,337 |
) |
|
|
7,858 |
|
Outlet Centers |
|
2,445 |
|
|
|
(224 |
) |
|
|
- |
|
|
|
2,221 |
|
|
|
(6,267 |
) |
|
|
4,375 |
|
|
|
(708 |
) |
|
|
(379 |
) |
Lifestyle Centers |
|
1,440 |
|
|
|
- |
|
|
|
- |
|
|
|
1,440 |
|
|
|
(1,187 |
) |
|
|
85 |
|
|
|
(60 |
) |
|
|
278 |
|
Open-Air Centers |
|
17,987 |
|
|
|
(1,770 |
) |
|
|
(127 |
) |
|
|
16,090 |
|
|
|
(11,557 |
) |
|
|
707 |
|
|
|
(450 |
) |
|
|
4,790 |
|
Outparcels |
|
12,307 |
|
|
|
(289 |
) |
|
|
(1,692 |
) |
|
|
10,326 |
|
|
|
(10,310 |
) |
|
|
735 |
|
|
|
(523 |
) |
|
|
228 |
|
Total Consolidated Encumbered Assets |
|
102,244 |
|
|
|
(8,681 |
) |
|
|
(2,813 |
) |
|
|
90,750 |
|
|
|
(73,695 |
) |
|
|
23,798 |
|
|
|
(28,078 |
) |
|
|
12,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Same-Center |
$ |
311,729 |
|
|
$ |
(28,628 |
) |
|
$ |
(5,676 |
) |
|
$ |
277,425 |
|
|
$ |
(150,515 |
) |
|
$ |
24,991 |
|
|
$ |
(71,884 |
) |
|
$ |
80,017 |
|
24
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
CBL & Associates HoldCo I, LLC - Consolidated Balance Sheet |
|
|||||||
(unaudited, in thousands) |
|
|||||||
|
|
September 30, |
|
|
December 31, |
|
||
ASSETS |
|
|
|
|
|
|
||
Real estate assets: |
|
|
|
|
|
|
||
Land |
|
$ |
159,318 |
|
|
$ |
174,157 |
|
Buildings and improvements |
|
|
393,907 |
|
|
|
411,064 |
|
|
|
|
553,225 |
|
|
|
585,221 |
|
Accumulated depreciation |
|
|
(101,556 |
) |
|
|
(85,464 |
) |
|
|
|
451,669 |
|
|
|
499,757 |
|
Developments in progress |
|
|
1,012 |
|
|
|
571 |
|
Net investment in real estate assets |
|
|
452,681 |
|
|
|
500,328 |
|
Cash |
|
|
21,397 |
|
|
|
35,741 |
|
Receivables: |
|
|
|
|
|
|
||
Tenant |
|
|
20,214 |
|
|
|
16,464 |
|
Other |
|
|
358 |
|
|
|
5,608 |
|
In-place leases, net |
|
|
37,032 |
|
|
|
53,273 |
|
Above market leases, net |
|
|
26,698 |
|
|
|
37,841 |
|
Other assets |
|
|
7,361 |
|
|
|
6,344 |
|
|
|
$ |
565,741 |
|
|
$ |
655,599 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Senior secured term loan, net of deferred financing costs |
|
$ |
730,130 |
|
|
$ |
799,282 |
|
Below market leases, net |
|
|
17,023 |
|
|
|
24,358 |
|
Accounts payable and accrued liabilities |
|
|
37,899 |
|
|
|
38,621 |
|
Total liabilities |
|
|
785,052 |
|
|
|
862,261 |
|
Owner's deficit |
|
|
(219,311 |
) |
|
|
(206,662 |
) |
|
|
$ |
565,741 |
|
|
$ |
655,599 |
|
CBL & Associates HoldCo I, LLC - Consolidated Income Statement |
|
|
|
|
|
|
|
|||||||||
(unaudited, in thousands) |
|
|
|
|
|
|
|
|||||||||
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Rental revenues |
|
$ |
46,373 |
|
|
$ |
49,520 |
|
|
$ |
143,263 |
|
|
$ |
148,625 |
|
Other |
|
|
1,271 |
|
|
|
823 |
|
|
|
4,084 |
|
|
|
3,315 |
|
Total revenues |
|
|
47,644 |
|
|
|
50,343 |
|
|
|
147,347 |
|
|
|
151,940 |
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Property operating |
|
|
(8,956 |
) |
|
|
(8,195 |
) |
|
|
(26,193 |
) |
|
|
(25,413 |
) |
Depreciation and amortization |
|
|
(11,718 |
) |
|
|
(17,462 |
) |
|
|
(38,862 |
) |
|
|
(56,648 |
) |
Real estate taxes |
|
|
(4,700 |
) |
|
|
(4,537 |
) |
|
|
(14,010 |
) |
|
|
(14,653 |
) |
Maintenance and repairs |
|
|
(3,693 |
) |
|
|
(3,379 |
) |
|
|
(11,545 |
) |
|
|
(11,997 |
) |
Management fees |
|
|
(2,250 |
) |
|
|
(2,250 |
) |
|
|
(6,750 |
) |
|
|
(6,750 |
) |
Total expenses |
|
|
(31,317 |
) |
|
|
(35,823 |
) |
|
|
(97,360 |
) |
|
|
(115,461 |
) |
Other income (expenses): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income |
|
|
237 |
|
|
|
6 |
|
|
|
662 |
|
|
|
215 |
|
Interest expense |
|
|
(15,947 |
) |
|
|
(16,857 |
) |
|
|
(48,974 |
) |
|
|
(48,027 |
) |
Gain on sales of real estate assets |
|
|
10,593 |
|
|
|
|
|
|
10,593 |
|
|
|
— |
|
|
Total other expenses |
|
|
(5,117 |
) |
|
|
(16,851 |
) |
|
|
(37,719 |
) |
|
|
(47,812 |
) |
Net income (loss) |
|
$ |
11,210 |
|
|
$ |
(2,331 |
) |
|
$ |
12,268 |
|
|
$ |
(11,333 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Modified Cash NOI (1) |
|
$ |
31,887 |
|
|
$ |
33,432 |
|
|
$ |
101,055 |
|
|
$ |
100,654 |
|
Interest Coverage Ratio (2) |
|
|
|
|
|
|
|
2.1x |
|
|
2.3x |
|
||||
25
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 |
|
|
Prior Gross |
|
|
New Initial |
|
|
% Change |
|
|
New Average |
|
|
% Change |
|
||||||
Three Months Ended September 30, 2024: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
All Property Types (1) |
|
|
361,830 |
|
|
$ |
39.15 |
|
|
$ |
41.85 |
|
|
|
6.9 |
% |
|
$ |
42.86 |
|
|
|
9.5 |
% |
Malls, Lifestyle Centers & Outlet Centers |
|
|
331,339 |
|
|
|
40.77 |
|
|
|
43.38 |
|
|
|
6.4 |
% |
|
|
44.41 |
|
|
|
8.9 |
% |
New leases |
|
|
39,494 |
|
|
|
42.69 |
|
|
|
58.84 |
|
|
|
37.8 |
% |
|
|
63.34 |
|
|
|
48.4 |
% |
Renewal leases |
|
|
291,845 |
|
|
|
40.51 |
|
|
|
41.29 |
|
|
|
1.9 |
% |
|
|
41.85 |
|
|
|
3.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Nine Months Ended September 30, 2024: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
All Property Types (1) |
|
|
1,831,089 |
|
|
$ |
33.40 |
|
|
$ |
35.66 |
|
|
|
6.8 |
% |
|
$ |
36.59 |
|
|
|
9.6 |
% |
Malls, Lifestyle Centers & Outlet Centers |
|
|
1,709,594 |
|
|
|
33.97 |
|
|
|
36.24 |
|
|
|
6.7 |
% |
|
|
37.13 |
|
|
|
9.3 |
% |
New leases |
|
|
217,822 |
|
|
|
27.66 |
|
|
|
41.27 |
|
|
|
49.2 |
% |
|
|
44.40 |
|
|
|
60.5 |
% |
Renewal leases |
|
|
1,491,772 |
|
|
|
34.89 |
|
|
|
35.50 |
|
|
|
1.7 |
% |
|
|
36.07 |
|
|
|
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 September 30, 2024: |
|
|
|
|
|
|
|
|
|
|
|
|||
Operating portfolio: |
|
|
|
|
|
|
As of September 30, |
|
|
As of September 30, |
|
|||
New leases |
|
|
143,207 |
|
|
|
|
2024 |
|
|
2023 |
|
||
Renewal leases |
|
|
739,089 |
|
|
Same-center Malls, Lifestyle & Outlet Centers |
|
$ |
31.05 |
|
|
$ |
29.94 |
|
Total leased |
|
|
882,296 |
|
|
Total Malls |
|
|
31.29 |
|
|
|
30.28 |
|
|
|
|
|
|
Total Lifestyle Centers |
|
|
31.57 |
|
|
|
29.76 |
|
|
Nine Months Ended September 30, 2024: |
|
|
|
|
Total Outlet Centers |
|
|
29.02 |
|
|
|
27.57 |
|
|
Operating portfolio: |
|
|
|
|
Total Malls, Lifestyle & Outlet Centers |
|
|
31.05 |
|
|
|
29.94 |
|
|
New leases |
|
|
729,205 |
|
|
Open-Air Centers |
|
|
15.80 |
|
|
|
15.26 |
|
Renewal leases |
|
|
2,374,506 |
|
|
Other |
|
|
20.84 |
|
|
|
18.76 |
|
Total leased |
|
|
3,103,711 |
|
|
|
|
|
|
|
|
|
||
New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet
For the Nine Months Ended September 30, 2024 Based on Commencement Date
|
|
Number |
|
|
Square |
|
|
Term |
|
|
Initial |
|
|
Average |
|
|
Expiring |
|
|
Initial Rent |
|
|
Average Rent |
|
||||||||||||||||
Commencement 2024: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New |
|
|
75 |
|
|
|
276,852 |
|
|
|
6.51 |
|
|
$ |
36.34 |
|
|
$ |
39.57 |
|
|
$ |
25.83 |
|
|
$ |
10.51 |
|
|
|
40.7 |
% |
|
$ |
13.74 |
|
|
|
53.2 |
% |
Renewal |
|
|
586 |
|
|
|
1,929,696 |
|
|
|
2.79 |
|
|
|
34.69 |
|
|
|
35.33 |
|
|
|
35.58 |
|
|
|
(0.89 |
) |
|
|
(2.5 |
)% |
|
|
(0.25 |
) |
|
|
(0.7 |
)% |
Commencement 2024 Total |
|
|
661 |
|
|
|
2,206,548 |
|
|
|
3.21 |
|
|
|
34.89 |
|
|
|
35.86 |
|
|
|
34.36 |
|
|
|
0.53 |
|
|
|
1.5 |
% |
|
|
1.50 |
|
|
|
4.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commencement 2025: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New |
|
|
13 |
|
|
|
34,410 |
|
|
|
8.03 |
|
|
|
61.07 |
|
|
|
66.37 |
|
|
|
37.37 |
|
|
|
23.70 |
|
|
|
63.4 |
% |
|
|
29.00 |
|
|
|
77.6 |
% |
Renewal |
|
|
106 |
|
|
|
346,991 |
|
|
|
3.38 |
|
|
|
35.70 |
|
|
|
36.52 |
|
|
|
34.68 |
|
|
|
1.02 |
|
|
|
2.9 |
% |
|
|
1.84 |
|
|
|
5.3 |
% |
Commencement 2025 Total |
|
|
119 |
|
|
|
381,401 |
|
|
|
3.89 |
|
|
|
37.99 |
|
|
|
39.21 |
|
|
|
34.92 |
|
|
|
3.07 |
|
|
|
8.8 |
% |
|
|
4.29 |
|
|
|
12.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total 2024/2025 |
|
|
780 |
|
|
|
2,587,949 |
|
|
|
3.31 |
|
|
$ |
35.35 |
|
|
$ |
36.36 |
|
|
$ |
34.44 |
|
|
$ |
0.91 |
|
|
|
2.6 |
% |
|
$ |
1.92 |
|
|
|
5.6 |
% |
26
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Top 25 Tenants Based On Percentage Of Total Annualized Revenues
|
|
Tenant |
|
Number of |
|
|
Square |
|
|
Percentage |
|
|||
1 |
|
Signet Group, PLC (2) |
|
|
107 |
|
|
|
163,523 |
|
|
|
2.69 |
% |
2 |
|
Victoria's Secret & Co. |
|
|
46 |
|
|
|
381,193 |
|
|
|
2.64 |
% |
3 |
|
Dick's Sporting Goods, Inc. (3) |
|
|
25 |
|
|
|
1,615,698 |
|
|
|
2.34 |
% |
4 |
|
American Eagle Outfitters, Inc. |
|
|
59 |
|
|
|
356,008 |
|
|
|
2.18 |
% |
5 |
|
Pentland Group |
|
|
59 |
|
|
|
331,015 |
|
|
|
2.08 |
% |
6 |
|
Foot Locker, Inc. |
|
|
62 |
|
|
|
308,548 |
|
|
|
2.03 |
% |
7 |
|
Bath & Body Works, Inc. |
|
|
56 |
|
|
|
232,923 |
|
|
|
1.82 |
% |
8 |
|
Genesco Inc. (4) |
|
|
75 |
|
|
|
150,235 |
|
|
|
1.58 |
% |
9 |
|
Knitwell Group |
|
|
87 |
|
|
|
389,176 |
|
|
|
1.39 |
% |
10 |
|
Luxottica Group S.P.A. (5) |
|
|
76 |
|
|
|
172,615 |
|
|
|
1.22 |
% |
11 |
|
The Gap Inc. |
|
|
41 |
|
|
|
504,161 |
|
|
|
1.20 |
% |
12 |
|
Cinemark Corp. |
|
|
8 |
|
|
|
430,944 |
|
|
|
1.18 |
% |
13 |
|
The Buckle, Inc. |
|
|
31 |
|
|
|
162,079 |
|
|
|
1.14 |
% |
14 |
|
Hot Topic, Inc. |
|
|
96 |
|
|
|
241,327 |
|
|
|
1.04 |
% |
15 |
|
The TJX Companies, Inc. (6) |
|
|
19 |
|
|
|
542,607 |
|
|
|
0.97 |
% |
16 |
|
H & M Hennes & Mauritz AB |
|
|
38 |
|
|
|
799,232 |
|
|
|
0.87 |
% |
17 |
|
Shoe Show, Inc. |
|
|
28 |
|
|
|
357,714 |
|
|
|
0.86 |
% |
18 |
|
Barnes & Noble Inc. |
|
|
18 |
|
|
|
473,816 |
|
|
|
0.85 |
% |
19 |
|
Spencer Spirit Holdings, Inc. |
|
|
46 |
|
|
|
108,379 |
|
|
|
0.84 |
% |
20 |
|
Abercrombie & Fitch, Co. |
|
|
27 |
|
|
|
184,814 |
|
|
|
0.80 |
% |
21 |
|
Claire's Stores, Inc. |
|
|
64 |
|
|
|
82,679 |
|
|
|
0.80 |
% |
22 |
|
Ulta Salon, Cosmetics & Fragrance, Inc. |
|
|
23 |
|
|
|
237,961 |
|
|
|
0.75 |
% |
23 |
|
Focus Brands LLC (7) |
|
|
64 |
|
|
|
46,362 |
|
|
|
0.73 |
% |
24 |
|
Chick-fil-A, Inc. |
|
|
26 |
|
|
|
53,930 |
|
|
|
0.66 |
% |
25 |
|
Darden Restaurants, Inc. |
|
|
32 |
|
|
|
225,770 |
|
|
|
0.62 |
% |
|
|
|
|
|
1,213 |
|
|
|
8,552,709 |
|
|
|
33.28 |
% |
Capital Expenditures
(In thousands)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Tenant allowances (1) |
|
$ |
5,795 |
|
|
$ |
6,616 |
|
|
$ |
11,847 |
|
|
$ |
13,265 |
|
Maintenance capital expenditures: (2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Parking lot and parking lot lighting |
|
|
2,487 |
|
|
|
1,604 |
|
|
|
3,772 |
|
|
|
2,800 |
|
Roof replacements |
|
|
2,915 |
|
|
|
1,396 |
|
|
|
4,904 |
|
|
|
2,821 |
|
Other capital expenditures |
|
|
6,106 |
|
|
|
4,014 |
|
|
|
14,596 |
|
|
|
10,003 |
|
Total maintenance capital expenditures |
|
|
11,508 |
|
|
|
7,014 |
|
|
|
23,272 |
|
|
|
15,624 |
|
Total capital expenditures |
|
$ |
17,303 |
|
|
$ |
13,630 |
|
|
$ |
35,119 |
|
|
$ |
28,889 |
|
(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.
27
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Properties Under Development at September 30, 2024
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
CBL's Share of |
|
|
|
|
|
||||||||||
Property |
|
Location |
|
CBL |
|
Total |
|
|
Total |
|
|
Cost to |
|
|
2024 |
|
|
Expected Opening |
|
Initial |
||||
Outparcel Development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mayfaire Town Center - hotel development |
|
Wilmington, NC |
|
49% |
|
|
83,021 |
|
|
$ |
15,435 |
|
|
$ |
8,739 |
|
|
$ |
5,542 |
|
|
Summer '25 |
|
11.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Redevelopments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Hamilton Place - Crunch Fitness |
|
Chattanooga, TN |
|
100% |
|
|
36,640 |
|
|
|
2,648 |
|
|
|
2,083 |
|
|
|
228 |
|
|
Winter '24 |
|
23.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Properties Under Development |
|
|
|
|
|
|
119,661 |
|
|
$ |
18,083 |
|
|
$ |
10,822 |
|
|
$ |
5,770 |
|
|
|
|
|
28
