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Unconsolidated Affiliates and Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Condensed Combined Financial Statement Information - Unconsolidated Affiliates

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


	September 30, 2025			December 31, 2024
ASSETS:
Investment in real estate assets	$	1,336,444		$	1,284,494
Accumulated depreciation		(604,249	)		(576,289	)
		732,195			708,205
Developments in progress		5,419			32,114
Net investment in real estate assets		737,614			740,319
Other assets		146,865			156,363
Total assets	$	884,479		$	896,682
LIABILITIES:
Mortgage and other indebtedness, net	$	774,359		$	780,536
Other liabilities		30,240			36,253
Total liabilities		804,599			816,789
OWNERS' EQUITY:
The Company		79,362			76,607
Other investors		518			3,286
Total owners' equity		79,880			79,893
Total liabilities and owners’ equity	$	884,479		$	896,682


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total revenues	$	45,121	$	63,450	$	133,959	$	191,322
Net income (1)	$	10,238	$	7,578	$	62,784	$	42,170

(1)

The Company's pro rata share of net income was $1,696 and $7,084 for the three months ended September 30, 2025 and 2024, respectively. The Company's pro rata share of net income was $15,046 and $18,826 for the nine months ended September 30, 2025 and 2024, respectively.

Schedule of Variable Interest Entities

The table below lists the Company's unconsolidated VIEs as of September 30, 2025:


Unconsolidated VIEs:	Investment in Real Estate Joint Ventures and Partnerships		Maximum Risk of Loss
Ambassador Infrastructure, LLC (1)	$	—	$	2,797
Atlanta Outlet JV, LLC		—		—
BI Development, LLC		81		81
El Paso Outlet Center Holding, LLC		—		—
Fremaux Town Center JV, LLC (2)		—		—
Louisville Outlet Shoppes, LLC		—		—
Mall of South Carolina L.P.		—		—
Southpark Mall CMBS, LLC		—		—
Vision - CBL Hamilton Place, LLC		3,702		3,702
Vision - CBL Mayfaire TC Hotel, LLC		6,117		6,117
	$	9,900	$	12,697

(1)

The Operating Partnership has guaranteed all or a portion of the debt. See Note 12 for more information.

(2)

Subsequent to September 2025, the Company sold its interest in the property to its joint venture partner. See Note 15 for more information.

- Definition

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

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