CBL Properties Reports Strong Results for Fourth Quarter and Full-Year 2024
CBL Properties reported strong financial results for Q4 and full-year 2024. Same-center NOI increased 0.2% in 2024, with FFO per share rising to $6.69 from $6.66. The company completed significant transactions, including the $34.0 million sale of Monroeville Mall and acquiring partner's 50% interests in three high-performing centers for $22.5 million.
Portfolio occupancy was 90.3% as of December 31, 2024, showing a 100-basis-point increase from Q3 but a 60-bps decline year-over-year. The company executed nearly 4.5 million square feet of leases in 2024. Same-center tenant sales per square foot remained flat at $418 for the year.
CBL's Board declared a regular cash dividend of $0.40 per share and a special cash dividend of $0.80 per share. The company completed approximately $513.7 million in financing activity during Q4 2024 and provided 2025 FFO guidance of $6.98-$7.34 per share.
CBL Properties ha riportato risultati finanziari solidi per il quarto trimestre e l'intero anno 2024. L'NOI dei centri comparabili è aumentato dello 0,2% nel 2024, con l'FFO per azione che è salito a $6,69 rispetto a $6,66. L'azienda ha completato transazioni significative, tra cui la vendita del Monroeville Mall per 34,0 milioni di dollari e l'acquisto del 50% di interessi di un partner in tre centri ad alte prestazioni per 22,5 milioni di dollari.
Il tasso di occupazione del portafoglio era del 90,3% al 31 dicembre 2024, mostrando un aumento di 100 punti base rispetto al terzo trimestre, ma una diminuzione di 60 punti base su base annua. L'azienda ha eseguito quasi 4,5 milioni di piedi quadrati di contratti di locazione nel 2024. Le vendite per piede quadrato degli inquilini nei centri comparabili sono rimaste stabili a $418 per l'anno.
Il Consiglio di amministrazione di CBL ha dichiarato un dividendo in contante regolare di $0,40 per azione e un dividendo speciale in contante di $0,80 per azione. L'azienda ha completato circa 513,7 milioni di dollari in attività di finanziamento durante il quarto trimestre del 2024 e ha fornito una guida FFO per il 2025 di $6,98-$7,34 per azione.
CBL Properties reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. El NOI de centros comparables aumentó un 0,2% en 2024, con el FFO por acción subiendo a $6,69 desde $6,66. La compañía completó transacciones significativas, incluyendo la venta del Monroeville Mall por 34,0 millones de dólares y la adquisición del 50% de intereses de un socio en tres centros de alto rendimiento por 22,5 millones de dólares.
La ocupación de la cartera fue del 90,3% al 31 de diciembre de 2024, mostrando un aumento de 100 puntos básicos desde el tercer trimestre, pero una disminución de 60 puntos básicos en comparación con el año anterior. La compañía ejecutó casi 4,5 millones de pies cuadrados de arrendamientos en 2024. Las ventas por pie cuadrado de los inquilinos en centros comparables se mantuvieron estables en $418 durante el año.
La Junta de CBL declaró un dividendo en efectivo regular de $0,40 por acción y un dividendo especial en efectivo de $0,80 por acción. La compañía completó aproximadamente $513,7 millones en actividades de financiamiento durante el cuarto trimestre de 2024 y proporcionó una guía de FFO para 2025 de $6,98-$7,34 por acción.
CBL Properties는 2024년 4분기 및 전체 연도에 강력한 재무 결과를 보고했습니다. 동일 센터 NOI는 2024년에 0.2% 증가했으며, 주당 FFO는 $6.66에서 $6.69로 상승했습니다. 회사는 3,400만 달러에 Monroeville Mall을 판매하고, 성과가 뛰어난 세 개의 센터에 대한 파트너의 50% 지분을 2,250만 달러에 인수하는 등 중요한 거래를 완료했습니다.
2024년 12월 31일 기준 포트폴리오의 점유율은 90.3%로, 3분기 대비 100베이시스 포인트 증가했지만, 전년 대비 60베이시스 포인트 감소했습니다. 회사는 2024년에 거의 450만 평방피트의 임대 계약을 체결했습니다. 동일 센터의 세입자 판매는 연간 $418로 유지되었습니다.
CBL의 이사회는 주당 $0.40의 정기 현금 배당금과 주당 $0.80의 특별 현금 배당금을 선언했습니다. 회사는 2024년 4분기 동안 약 5억 1,370만 달러의 자금 조달 활동을 완료했으며, 2025년 FFO 가이드를 주당 $6.98-$7.34로 제공했습니다.
CBL Properties a rapporté des résultats financiers solides pour le quatrième trimestre et l'année complète 2024. Le NOI des centres comparables a augmenté de 0,2 % en 2024, avec un FFO par action passant de 6,66 $ à 6,69 $. L'entreprise a réalisé des transactions significatives, y compris la vente du Monroeville Mall pour 34,0 millions de dollars et l'acquisition de 50 % des parts d'un partenaire dans trois centres performants pour 22,5 millions de dollars.
Le taux d'occupation du portefeuille était de 90,3 % au 31 décembre 2024, affichant une augmentation de 100 points de base par rapport au troisième trimestre, mais une baisse de 60 points de base d'une année sur l'autre. L'entreprise a exécuté près de 4,5 millions de pieds carrés de baux en 2024. Les ventes par pied carré des locataires dans les centres comparables sont restées stables à 418 $ pour l'année.
Le conseil d'administration de CBL a déclaré un dividende en espèces régulier de 0,40 $ par action et un dividende spécial en espèces de 0,80 $ par action. L'entreprise a réalisé environ 513,7 millions de dollars d'activités de financement au cours du quatrième trimestre 2024 et a fourni une prévision de FFO pour 2025 de 6,98 $ à 7,34 $ par action.
CBL Properties berichtete über starke finanzielle Ergebnisse für das vierte Quartal und das gesamte Jahr 2024. Das NOI der vergleichbaren Zentren stieg 2024 um 0,2%, während das FFO pro Aktie von $6,66 auf $6,69 anstieg. Das Unternehmen schloss bedeutende Transaktionen ab, darunter den Verkauf des Monroeville Malls für 34,0 Millionen Dollar und den Erwerb von 50% der Anteile eines Partners an drei leistungsstarken Zentren für 22,5 Millionen Dollar.
Die Portfoliobelegung betrug zum 31. Dezember 2024 90,3%, was einen Anstieg um 100 Basispunkte im Vergleich zum dritten Quartal, jedoch einen Rückgang um 60 Basispunkte im Jahresvergleich zeigt. Das Unternehmen führte 2024 fast 4,5 Millionen Quadratfuß an Mietverträgen aus. Der Umsatz pro Quadratfuß der Mieter in den vergleichbaren Zentren blieb mit $418 für das Jahr stabil.
Der Vorstand von CBL erklärte eine reguläre Bardividende von $0,40 pro Aktie und eine Sonderbardividende von $0,80 pro Aktie. Das Unternehmen hat im vierten Quartal 2024 etwa 513,7 Millionen Dollar an Finanzierungsaktivitäten abgeschlossen und eine FFO-Prognose für 2025 von $6,98-$7,34 pro Aktie bereitgestellt.
- Same-center NOI increased 0.2% in 2024
- FFO per share improved to $6.69 from $6.66
- Generated $85 million from asset sales in 2024
- Completed $513.7 million in financing activity in Q4
- Declared special dividend of $0.80 per share in addition to regular $0.40 dividend
- Q4 same-center NOI declined 1.6% year-over-year
- Portfolio occupancy declined 60 basis points to 90.3% year-over-year
- Bankruptcy-related store closures impacted mall occupancy by 184 basis points
- Percentage rents decreased by $2.3 million in 2024
- 2025 guidance projects potential same-center NOI decline of up to 2.0%
Insights
The fourth quarter and full-year 2024 results demonstrate CBL Properties' successful execution of its strategic initiatives, particularly in portfolio optimization and balance sheet management. The company achieved several notable milestones:
The 0.2% increase in same-center NOI for 2024, while modest, reflects operational resilience in a challenging retail environment. This growth was achieved despite a $2.3 million reduction in percentage rents and increased uncollectable revenues, highlighting effective cost management through reduced operating expenses and tax savings.
The completion of $513.7 million in financing activity during Q4 2024 significantly strengthened the balance sheet. Notable transactions include the extension of the Oak Park Mall loan to 2030 at a favorable 5% fixed rate and the West County Center loan extension to 2026. These refinancing efforts have improved the debt maturity profile and reduced interest rate exposure.
Portfolio management actions were particularly strategic. The acquisition of partner interests in three high-performing centers (CoolSprings Galleria, Oak Park Mall, and West County Center) for
Leasing metrics reveal both opportunities and challenges. While achieving flat average rents for comparable leases in Q4, the company secured positive lease spreads of
The declaration of both a regular
Same-center NOI in 2024 increased
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Three Months Ended
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Year Ended
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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 attributable to common shareholders |
|
$ |
1.22 |
|
|
$ |
0.37 |
|
|
$ |
1.87 |
|
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$ |
0.17 |
|
Funds from Operations ("FFO") |
|
$ |
2.42 |
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|
$ |
1.80 |
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$ |
6.40 |
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$ |
6.59 |
|
FFO, as adjusted (1) |
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$ |
1.92 |
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|
$ |
1.94 |
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|
$ |
6.69 |
|
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$ |
6.66 |
|
(1) |
For a reconciliation of FFO to FFO, as adjusted, for the periods presented, please refer to the footnotes to the Company’s reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 8 of this news release. |
KEY TAKEAWAYS:
-
In January 2025, CBL closed on the sale of Monroeville Mall in
Monroeville, PA , for$34.0 million -
In December 2024, CBL closed on the acquisition of its partner’s
50% joint venture interests in three high-performing centers, CoolSprings Galleria inNashville, TN , Oak Park Mall inKansas City , KC, and West County Center inSt. Louis, MO. The interests were acquired for a total cash consideration of$22.5 million $266.7 million -
Same-center NOI for 2024 increased
0.2% compared with the prior-year period, and FFO, as adjusted, per share increased to$6.69 $6.66 1.6% for the fourth quarter 2024 compared with the prior-year period, and FFO, as adjusted, per share of$1.92 $1.94 - Nearly 4.5 million square feet of leases were executed in 2024, including nearly 1.4 million executed in the fourth quarter. Fourth quarter 2024 leasing results included comparable leases of approximately 859,000 square feet signed at roughly flat average rents versus the prior leases.
-
Portfolio occupancy was
90.3% as of December 31, 2024, a 100-basis-point-increase sequentially from September 30, 2024, and a 60-bps decline compared with portfolio occupancy of90.9% as of December 31, 2023. Same-center occupancy for malls, lifestyle centers and outlet centers was88.7% as of December 31, 2024, a 110-basis-point decline from89.8% as of December 31, 2023. Anticipated bankruptcy related store closures representing over 290,000-square-feet negatively impacted mall occupancy by 184 basis points, compared with the prior-year quarter. -
Same-center tenant sales per square foot for the fourth quarter 2024 increased approximately
1% as compared with the prior-year period. Same-center tenant sales per square foot for the 12-months ended December 31, 2024, of$418 -
As of December 31, 2024, the Company had
$283.9 million -
CBL's Board of Directors declared a regular cash dividend of
$0.40 $0.80
"2024 was an outstanding year for CBL," said CBL's chief executive officer, Stephen D. Lebovitz. "Financial results were strong, highlighted by the achievement of positive same-center NOI growth. We also completed significant financing and transactional activity that strengthened both our balance sheet and portfolio. Same-center NOI growth for the year benefited from overall positive rent spreads and new leasing activity as well as lower operating expenses and tax savings, partially offset by an unfavorable variance in uncollectable revenues and declines in percentage rent.
"Leasing volumes were healthy in 2024, with 1.4 million square feet of new and renewal leases signed in the fourth quarter, bringing the full year total to nearly 4.5 million square feet. Comparable shop leases were signed at positive lease spreads of
"In 2024, we were active on the transaction front, generating
"We made tremendous improvements to our balance sheet during the fourth quarter with more than
"With more than
"While uncertainty and certain headwinds remain a factor in 2025, we are focused on driving additional operational improvements across our portfolio through strategic leasing and redevelopment efforts. We will continue to pursue opportunities to utilize our portfolio and strong balance sheet position to generate cash flow improvements and enhanced shareholder returns. We are excited to hit the ground running this year and build off the strong momentum created in 2024."
Same-center Net Operating Income (“NOI”) (1):
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Three Months Ended December 31, |
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2024 |
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2023 |
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Total Revenues |
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$ |
177,826 |
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$ |
180,571 |
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Total Expenses |
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$ |
(56,103 |
) |
|
$ |
(56,867 |
) |
Total portfolio same-center NOI |
|
$ |
121,723 |
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$ |
123,704 |
|
Total same-center NOI percentage change |
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(1.6 |
)% |
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Estimate for uncollectable revenues (recovery) |
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$ |
1,039 |
|
|
$ |
(285 |
) |
(1) |
CBL’s definition of same-center NOI excludes the impact of lease termination fees and certain non-cash items such as straight-line rents and reimbursements, write-offs of landlord inducements and net amortization of above and below market leases. |
Same-center NOI for the fourth quarter 2024 declined
|
|
Year Ended December 31, |
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|||||
|
|
2024 |
|
|
2023 |
|
||
Total Revenues |
|
$ |
675,468 |
|
|
$ |
681,425 |
|
Total Expenses |
|
$ |
(219,901 |
) |
|
$ |
(226,934 |
) |
Total portfolio same-center NOI |
|
$ |
455,568 |
|
|
$ |
454,492 |
|
Total same-center NOI percentage change |
|
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0.2 |
% |
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||
Estimate for uncollectable revenues (recovery) |
|
$ |
3,667 |
|
|
$ |
1,211 |
|
Same-center NOI for the twelve months ended December 31, 2024 increased
PORTFOLIO OPERATIONAL RESULTS
Occupancy(1):
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As of December 31, |
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2024 |
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2023 |
Total portfolio |
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Malls, lifestyle centers and outlet centers: |
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Total malls |
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Total lifestyle centers |
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Total outlet centers |
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Total same-center malls, lifestyle centers and outlet centers |
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Open-air centers |
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All Other Properties |
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(1) |
Occupancy for malls, lifestyle centers and outlet centers represent percentage of in-line gross leasable area under 20,000 square feet occupied. Occupancy for open-air centers represents percentage of gross leasable area occupied. |
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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Year Ended
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2024 |
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2024 |
All Property Types |
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(0.6)% |
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|
Stabilized Malls, Lifestyle Centers and Outlet Centers |
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(0.8)% |
|
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New leases |
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Renewal leases |
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(2.2)% |
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Open Air Centers |
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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
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|||||
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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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$ |
418 |
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DIVIDEND
On February 12, 2025, CBL announced that its Board of Directors declared a regular cash dividend of
CBL’s Board of Directors also declared a special cash dividend of
FINANCING ACTIVITY
During the fourth quarter 2024, CBL completed approximately
In December 2024, CBL completed the extension of the
In November, CBL and its
In October, CBL and its joint venture partner closed on a new
CBL and its
In July 2024, CBL and its
In May 2024, CBL transferred the title to Westgate Mall in
In February 2024, CBL retired the
CBL is cooperating with the foreclosure or conveyance of Alamance Crossing East in
ACQUISITION ACTIVITY
In December 2024, CBL closed on the acquisition of its partner’s
DISPOSITION ACTIVITY
In January 2025, CBL completed the sale of Monroeville Mall and Annex in
In 2024, CBL completed more than
During the fourth quarter, CBL completed the sale of three outparcels, generating aggregate proceeds at its share of
DEVELOPMENT AND REDEVELOPMENT ACTIVITY
Detailed project information is available in CBL’s Financial Supplement for Q4 2024, which can be found in the Invest – Financial Reports section of CBL’s website at cblproperties.com
OUTLOOK AND GUIDANCE
Based on Management's expectations, CBL is initiating FFO, as adjusted, guidance for 2025 in the range of
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Low |
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High |
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2025 FFO, as adjusted (in millions) |
|
$ |
213.0 |
|
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$ |
224.0 |
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2025 WA Share Count |
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30.5 |
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30.5 |
|
2025 FFO, as adjusted, per share |
|
$ |
6.98 |
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$ |
7.34 |
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2025 Same-Center NOI ("SC NOI") (in millions) |
|
$ |
427.0 |
|
|
$ |
438.0 |
|
2025 change in same-center NOI |
|
|
(2.0 |
)% |
|
|
0.5 |
% |
2024 vs. 2025 Same-center NOI guidance bridge:
|
2025 SC NOI Low End |
|
2025 SC NOI High End |
|
Category Explanation |
||
2024 same-center NOI |
$ |
435.7 |
|
$ |
435.7 |
|
Non-core assets excluded from same center pool include Harford Mall, Imperial Valley Mall, Laurel Park Mall and Brookfield Square. |
Net impact from new and renewal leasing activity |
|
6.5 |
|
|
11.0 |
|
Net impact of new leases, renewal leases and contractual rent bumps for permanent and specialty leasing. |
Percentage rent |
|
(3.0 |
) |
|
(2.0 |
) |
Represents impact of flat to down sales expectations for the year, higher breakpoints upon lease renewal and conversion of percentage rent to base rent on renewal. |
Operating expense |
|
(7.0 |
) |
|
(4.0 |
) |
Represents potential increase in operating expenses. |
Credit loss |
|
(5.2 |
) |
|
(3.7 |
) |
Unbudgeted reserve for tenants that may file for bankruptcy/close stores. |
Uncollectable revenue variance |
|
- |
|
|
1.0 |
|
Represents the estimated impact of a variance in the estimate for uncollectable revenues. |
2025 SC NOI Guidance |
$ |
427.0 |
|
$ |
438.0 |
|
|
% change |
|
(2.0 |
)% |
|
0.5 |
% |
|
Reconciliation of GAAP Earnings Per Share to 2025 FFO, as Adjusted, Per Share:
|
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Low |
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|
High |
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Expected diluted earnings per common share |
|
$ |
1.07 |
|
|
$ |
1.43 |
|
Depreciation and amortization |
|
|
4.61 |
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|
|
4.61 |
|
Expected FFO, per diluted, fully converted common share |
|
|
5.68 |
|
|
|
6.04 |
|
Debt discount accretion, net of noncontrolling interests' share |
|
|
0.60 |
|
|
|
0.60 |
|
Adjustment for unconsolidated affiliates with negative investment |
|
|
0.70 |
|
|
|
0.70 |
|
Expected FFO, as adjusted, per diluted, fully converted common share |
|
$ |
6.98 |
|
|
$ |
7.34 |
|
2025 Estimate of Capital Items (in millions):
|
|
Low |
|
High |
|
||
2025 Estimated maintenance capital/tenant allowances (1) |
|
$ |
40.0 |
|
$ |
55.0 |
|
2025 Estimated development/redevelopment expenditures |
|
|
5.0 |
|
|
10.0 |
|
2025 Estimated principal amortization (including est. term loan ECF) |
|
|
85.0 |
|
|
95.0 |
|
Total Estimate |
|
$ |
130.0 |
|
$ |
160.0 |
|
(1) Excludes amounts related to properties which have |
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ABOUT CBL PROPERTIES
Headquartered in
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.
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.
Consolidated Statements of Operations (Unaudited; in thousands, except per share amounts) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Year Ended
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
REVENUES: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Rental revenues |
|
$ |
125,786 |
|
|
$ |
134,008 |
|
|
$ |
493,876 |
|
|
$ |
513,957 |
|
Management, development and leasing fees |
|
|
1,897 |
|
|
|
1,821 |
|
|
|
7,609 |
|
|
|
7,917 |
|
Other |
|
|
4,007 |
|
|
|
3,880 |
|
|
|
14,076 |
|
|
|
13,412 |
|
Total revenues |
|
|
131,690 |
|
|
|
139,709 |
|
|
|
515,561 |
|
|
|
535,286 |
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Property operating |
|
|
(22,149 |
) |
|
|
(22,254 |
) |
|
|
(90,052 |
) |
|
|
(90,996 |
) |
Depreciation and amortization |
|
|
(31,561 |
) |
|
|
(42,376 |
) |
|
|
(140,591 |
) |
|
|
(190,505 |
) |
Real estate taxes |
|
|
(11,797 |
) |
|
|
(11,744 |
) |
|
|
(47,365 |
) |
|
|
(54,807 |
) |
Maintenance and repairs |
|
|
(9,725 |
) |
|
|
(11,334 |
) |
|
|
(37,732 |
) |
|
|
(41,336 |
) |
General and administrative |
|
|
(16,607 |
) |
|
|
(14,283 |
) |
|
|
(67,254 |
) |
|
|
(64,066 |
) |
Loss on impairment |
|
|
(625 |
) |
|
|
— |
|
|
|
(1,461 |
) |
|
|
— |
|
Litigation settlement |
|
|
400 |
|
|
|
132 |
|
|
|
553 |
|
|
|
2,310 |
|
Other |
|
|
(88 |
) |
|
|
(23 |
) |
|
|
(230 |
) |
|
|
(221 |
) |
Total expenses |
|
|
(92,152 |
) |
|
|
(101,882 |
) |
|
|
(384,132 |
) |
|
|
(439,621 |
) |
OTHER INCOME (EXPENSES): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and other income |
|
|
3,604 |
|
|
|
3,939 |
|
|
|
15,713 |
|
|
|
13,199 |
|
Interest expense |
|
|
(36,418 |
) |
|
|
(42,317 |
) |
|
|
(154,486 |
) |
|
|
(172,905 |
) |
Gain (loss) on extinguishment of debt |
|
|
— |
|
|
|
3,270 |
|
|
|
(819 |
) |
|
|
3,270 |
|
Gain on deconsolidation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
47,879 |
|
Gain on consolidation |
|
|
26,727 |
|
|
|
— |
|
|
|
26,727 |
|
|
|
— |
|
Gain on sales of real estate assets |
|
|
189 |
|
|
|
229 |
|
|
|
16,676 |
|
|
|
5,125 |
|
Income tax (provision) benefit |
|
|
(199 |
) |
|
|
487 |
|
|
|
(1,055 |
) |
|
|
(894 |
) |
Equity in earnings of unconsolidated affiliates |
|
|
4,106 |
|
|
|
9,043 |
|
|
|
22,932 |
|
|
|
11,865 |
|
Total other expenses |
|
|
(1,991 |
) |
|
|
(25,349 |
) |
|
|
(74,312 |
) |
|
|
(92,461 |
) |
Net income |
|
|
37,547 |
|
|
|
12,478 |
|
|
|
57,117 |
|
|
|
3,204 |
|
Net (income) loss attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating Partnership |
|
|
(3 |
) |
|
|
(8 |
) |
|
|
(4 |
) |
|
|
(2 |
) |
Other consolidated subsidiaries |
|
|
434 |
|
|
|
(657 |
) |
|
|
1,857 |
|
|
|
3,344 |
|
Net income attributable to the Company |
|
|
37,978 |
|
|
|
11,813 |
|
|
|
58,970 |
|
|
|
6,546 |
|
Earnings allocable to unvested restricted stock |
|
|
(770 |
) |
|
|
(276 |
) |
|
|
(1,206 |
) |
|
|
(1,113 |
) |
Net income attributable to common shareholders |
|
$ |
37,208 |
|
|
$ |
11,537 |
|
|
$ |
57,764 |
|
|
$ |
5,433 |
|
Basic and diluted per share data attributable to common shareholders: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic earnings per share |
|
$ |
1.23 |
|
|
$ |
0.37 |
|
|
$ |
1.87 |
|
|
$ |
0.17 |
|
Diluted earnings per share |
|
|
1.22 |
|
|
|
0.37 |
|
|
|
1.87 |
|
|
|
0.17 |
|
Weighted-average basic shares |
|
|
30,178 |
|
|
|
31,291 |
|
|
|
30,905 |
|
|
|
31,303 |
|
Weighted-average diluted shares |
|
|
30,400 |
|
|
|
31,291 |
|
|
|
30,962 |
|
|
|
31,303 |
|
The Company's reconciliation of net income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders is as follows: (in thousands, except per share data) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Year Ended
|
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net income attributable to common shareholders |
|
$ |
37,208 |
|
|
$ |
11,537 |
|
|
$ |
57,764 |
|
|
$ |
5,433 |
|
Noncontrolling interest in income of Operating Partnership |
|
|
3 |
|
|
|
8 |
|
|
|
4 |
|
|
|
2 |
|
Earnings allocable to unvested restricted stock |
|
|
770 |
|
|
|
276 |
|
|
|
1,206 |
|
|
|
1,113 |
|
Depreciation and amortization expense of: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated properties |
|
|
31,561 |
|
|
|
42,376 |
|
|
|
140,591 |
|
|
|
190,505 |
|
Unconsolidated affiliates |
|
|
4,141 |
|
|
|
4,145 |
|
|
|
16,137 |
|
|
|
17,408 |
|
Non-real estate assets |
|
|
(418 |
) |
|
|
(232 |
) |
|
|
(1,187 |
) |
|
|
(905 |
) |
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries |
|
|
(446 |
) |
|
|
(507 |
) |
|
|
(1,916 |
) |
|
|
(2,442 |
) |
Loss on impairment, net of taxes |
|
|
625 |
|
|
|
— |
|
|
|
1,244 |
|
|
|
— |
|
Gain on depreciable property |
|
|
— |
|
|
|
— |
|
|
|
(15,651 |
) |
|
|
— |
|
FFO allocable to Operating Partnership common unitholders |
|
|
73,444 |
|
|
|
57,603 |
|
|
|
198,192 |
|
|
|
211,114 |
|
Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share (1) |
|
|
10,327 |
|
|
|
13,909 |
|
|
|
44,929 |
|
|
|
61,788 |
|
Adjustment for unconsolidated affiliates with negative investment (2) |
|
|
1,494 |
|
|
|
(6,062 |
) |
|
|
(9,974 |
) |
|
|
(7,242 |
) |
Litigation settlement (3) |
|
|
(400 |
) |
|
|
(132 |
) |
|
|
(553 |
) |
|
|
(2,310 |
) |
Non-cash default interest expense (4) |
|
|
374 |
|
|
|
— |
|
|
|
606 |
|
|
|
972 |
|
Gain on deconsolidation (5) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(47,879 |
) |
Gain on consolidation (6) |
|
|
(26,727 |
) |
|
|
— |
|
|
|
(26,727 |
) |
|
|
— |
|
(Gain) loss on extinguishment of debt (7) |
|
|
— |
|
|
|
(3,270 |
) |
|
|
819 |
|
|
|
(3,270 |
) |
FFO allocable to Operating Partnership common unitholders, as adjusted |
|
$ |
58,512 |
|
|
$ |
62,048 |
|
|
$ |
207,292 |
|
|
$ |
213,173 |
|
FFO per diluted share |
|
$ |
2.42 |
|
|
$ |
1.80 |
|
|
$ |
6.40 |
|
|
$ |
6.59 |
|
FFO, as adjusted, per diluted share |
|
$ |
1.92 |
|
|
$ |
1.94 |
|
|
$ |
6.69 |
|
|
$ |
6.66 |
|
Weighted-average common and potential dilutive common units outstanding |
|
|
30,406 |
|
|
|
32,007 |
|
|
|
30,967 |
|
|
|
32,015 |
|
(1) |
In conjunction with fresh start accounting upon emergence from bankruptcy, the Company recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable. The debt discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method. |
|
(2) |
Represents the Company’s share of the earnings (losses) before depreciation and amortization expense of unconsolidated affiliates where the Company is not recognizing equity in earnings (losses) because its investment in the unconsolidated affiliate is below zero. |
|
(3) |
Represents a credit to litigation settlement expense, in each respective period, related to claim amounts that were released pursuant to the terms of the settlement agreement related to the settlement of a class action lawsuit. |
|
(4) |
The three months and year ended December 31, 2024 includes default interest on loans past their maturity dates. The year ended December 31, 2023 includes default interest on loans past their maturity dates. |
|
(5) |
For the year ended December 31, 2023, the Company deconsolidated Alamance Crossing East and WestGate Mall due to a loss of control when the properties were placed into receivership in connection with the foreclosure process. |
|
(6) |
For the year ended December 31, 2024, the Company closed on the acquisition of its partners' |
|
(7) |
During the year ended December 31, 2024, the Company made a partial paydown on the open-air centers and outparcels loan and recognized loss on extinguishment of debt related to a prepayment fee. The three months and year ended December 31, 2023 includes a gain on extinguishment of debt related to the loan secured by The Outlet Shoppes at |
|
Three Months Ended
|
|
|
Year Ended December 31, |
|
|||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Diluted EPS attributable to common shareholders |
|
$ |
1.22 |
|
|
$ |
0.37 |
|
|
$ |
1.87 |
|
|
$ |
0.17 |
|
Add amounts per share included in FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Unvested restricted stock |
|
|
0.03 |
|
|
|
0.01 |
|
|
|
0.03 |
|
|
|
0.03 |
|
Eliminate amounts per share excluded from FFO: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization expense, including amounts from consolidated properties, unconsolidated affiliates, non-real estate assets and excluding amounts allocated to noncontrolling interests |
|
|
1.15 |
|
|
|
1.42 |
|
|
|
4.96 |
|
|
|
6.39 |
|
Loss on impairment, net of taxes |
|
|
0.02 |
|
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
Gain on depreciable property |
|
|
— |
|
|
|
— |
|
|
|
(0.50 |
) |
|
|
— |
|
FFO per diluted share |
|
$ |
2.42 |
|
|
$ |
1.80 |
|
|
$ |
6.40 |
|
|
$ |
6.59 |
|
|
|
Three Months Ended
|
|
|
Year Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
SUPPLEMENTAL FFO INFORMATION: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lease termination fees |
|
$ |
144 |
|
|
$ |
1,423 |
|
|
$ |
2,357 |
|
|
$ |
3,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Straight-line rental income adjustment |
|
$ |
804 |
|
|
$ |
1,432 |
|
|
$ |
974 |
|
|
$ |
6,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gain on outparcel sales, net of taxes |
|
$ |
257 |
|
|
$ |
229 |
|
|
$ |
951 |
|
|
$ |
5,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net amortization of acquired above- and below-market leases |
|
$ |
(5,134 |
) |
|
$ |
(5,626 |
) |
|
$ |
(15,616 |
) |
|
$ |
(20,736 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income tax (provision) benefit |
|
$ |
(199 |
) |
|
$ |
487 |
|
|
$ |
(1,055 |
) |
|
$ |
(894 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Abandoned projects expense |
|
$ |
(88 |
) |
|
$ |
(22 |
) |
|
$ |
(230 |
) |
|
$ |
(39 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest capitalized |
|
$ |
134 |
|
|
$ |
111 |
|
|
$ |
562 |
|
|
$ |
453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Estimate of uncollectable revenues |
|
$ |
(870 |
) |
|
$ |
1,081 |
|
|
$ |
(5,085 |
) |
|
$ |
(1,493 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
As of December 31, |
|
|||||||
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
||||
Straight-line rent receivable |
|
|
|
|
|
|
|
$ |
23,789 |
|
|
$ |
22,649 |
|
||
Same-center Net Operating Income (Dollars in thousands) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Year Ended December 31, |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Net income |
|
$ |
37,547 |
|
|
$ |
12,478 |
|
|
$ |
57,117 |
|
|
$ |
3,204 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
31,561 |
|
|
|
42,376 |
|
|
|
140,591 |
|
|
|
190,505 |
|
Depreciation and amortization from unconsolidated affiliates |
|
|
4,141 |
|
|
|
4,145 |
|
|
|
16,137 |
|
|
|
17,408 |
|
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries |
|
|
(446 |
) |
|
|
(507 |
) |
|
|
(1,916 |
) |
|
|
(2,442 |
) |
Interest expense |
|
|
36,418 |
|
|
|
42,317 |
|
|
|
154,486 |
|
|
|
172,905 |
|
Interest expense from unconsolidated affiliates |
|
|
16,070 |
|
|
|
17,753 |
|
|
|
67,108 |
|
|
|
71,867 |
|
Noncontrolling interests' share of interest expense in other consolidated subsidiaries |
|
|
(1,044 |
) |
|
|
(1,089 |
) |
|
|
(4,240 |
) |
|
|
(6,156 |
) |
Abandoned projects expense |
|
|
88 |
|
|
|
22 |
|
|
|
230 |
|
|
|
39 |
|
Gain on sales of real estate assets, net of taxes and noncontrolling interests' share |
|
|
(189 |
) |
|
|
(229 |
) |
|
|
(16,676 |
) |
|
|
(4,839 |
) |
Gain on sales of real estate assets of unconsolidated affiliates |
|
|
(68 |
) |
|
|
— |
|
|
|
(68 |
) |
|
|
(768 |
) |
Adjustment for unconsolidated affiliates with negative investment |
|
|
1,494 |
|
|
|
(6,062 |
) |
|
|
(9,974 |
) |
|
|
(7,242 |
) |
(Gain) loss on extinguishment of debt |
|
|
— |
|
|
|
(3,270 |
) |
|
|
819 |
|
|
|
(3,270 |
) |
Gain on deconsolidation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(47,879 |
) |
Gain on consolidation |
|
|
(26,727 |
) |
|
|
— |
|
|
|
(26,727 |
) |
|
|
— |
|
Loss on impairment |
|
|
625 |
|
|
|
— |
|
|
|
1,461 |
|
|
|
— |
|
Litigation settlement |
|
|
(400 |
) |
|
|
(132 |
) |
|
|
(553 |
) |
|
|
(2,310 |
) |
Income tax provision (benefit) |
|
|
199 |
|
|
|
(487 |
) |
|
|
1,055 |
|
|
|
894 |
|
Lease termination fees |
|
|
(144 |
) |
|
|
(1,423 |
) |
|
|
(2,357 |
) |
|
|
(3,504 |
) |
Straight-line rent and above- and below-market lease amortization |
|
|
4,330 |
|
|
|
4,194 |
|
|
|
14,642 |
|
|
|
13,896 |
|
Net loss (income) attributable to noncontrolling interests in other consolidated subsidiaries |
|
|
434 |
|
|
|
(657 |
) |
|
|
1,857 |
|
|
|
3,344 |
|
General and administrative expenses |
|
|
16,607 |
|
|
|
14,283 |
|
|
|
67,254 |
|
|
|
64,066 |
|
Management fees and non-property level revenues |
|
|
(5,979 |
) |
|
|
(4,360 |
) |
|
|
(25,049 |
) |
|
|
(19,087 |
) |
Operating Partnership's share of property NOI |
|
|
114,517 |
|
|
|
119,352 |
|
|
|
435,197 |
|
|
|
440,631 |
|
Non-comparable NOI |
|
|
7,206 |
|
|
|
4,352 |
|
|
|
20,371 |
|
|
|
13,861 |
|
Total same-center NOI (1)(2) |
|
$ |
121,723 |
|
|
$ |
123,704 |
|
|
$ |
455,568 |
|
|
$ |
454,492 |
|
Total same-center NOI percentage change |
|
|
(1.6 |
)% |
|
|
|
|
|
0.2 |
% |
|
|
|
||
(1) |
CBL 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). NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-offs of landlord inducement assets. We include a property in our same-center pool when we own all or a portion of the property as of December 31, 2024, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ending December 31, 2024. New properties are excluded from same-center NOI, until they meet these criteria. Properties excluded from the same-center pool that would otherwise meet these criteria are properties which are under major redevelopment or being considered for repositioning, where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender. |
|
(2) |
Due to the purchase of the Company's joint venture partner's |
|
Three Months Ended
|
|
|
Year Ended
|
|
|||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Malls |
|
$ |
86,968 |
|
|
$ |
89,941 |
|
|
$ |
318,288 |
|
|
$ |
322,534 |
|
Outlet centers |
|
|
5,927 |
|
|
|
5,505 |
|
|
|
22,202 |
|
|
|
21,044 |
|
Lifestyle centers |
|
|
9,190 |
|
|
|
9,126 |
|
|
|
36,089 |
|
|
|
35,849 |
|
Open-air centers |
|
|
13,882 |
|
|
|
13,604 |
|
|
|
56,517 |
|
|
|
53,971 |
|
Outparcels and other |
|
|
5,756 |
|
|
|
5,528 |
|
|
|
22,472 |
|
|
|
21,094 |
|
Total same-center NOI |
|
$ |
121,723 |
|
|
$ |
123,704 |
|
|
$ |
455,568 |
|
|
$ |
454,492 |
|
Percentage Change: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Malls |
|
|
(3.3 |
)% |
|
|
|
|
|
(1.3 |
)% |
|
|
|
||
Outlet centers |
|
|
7.7 |
% |
|
|
|
|
|
5.5 |
% |
|
|
|
||
Lifestyle centers |
|
|
0.7 |
% |
|
|
|
|
|
0.7 |
% |
|
|
|
||
Open-air centers |
|
|
2.0 |
% |
|
|
|
|
|
4.7 |
% |
|
|
|
||
Outparcels and other |
|
|
4.1 |
% |
|
|
|
|
|
6.5 |
% |
|
|
|
||
Total same-center NOI |
|
|
(1.6 |
)% |
|
|
|
|
|
0.2 |
% |
|
|
|
||
Company's Share of Consolidated and Unconsolidated Debt (Dollars in thousands) |
||||||||||||||||||||||||
|
|
As of December 31, 2024 |
|
|||||||||||||||||||||
|
|
Fixed Rate |
|
|
Variable
|
|
|
Total Debt |
|
|
Unamortized
|
|
|
Unamortized
|
|
|
Total, net |
|
||||||
Consolidated debt (2) |
|
$ |
1,403,798 |
|
|
$ |
928,106 |
|
|
$ |
2,331,904 |
|
|
$ |
(8,688 |
) |
|
$ |
(110,536 |
) |
|
$ |
2,212,680 |
|
Noncontrolling interests' share of consolidated debt |
|
|
(24,392 |
) |
|
|
(11,403 |
) |
|
|
(35,795 |
) |
|
|
168 |
|
|
|
1,803 |
|
|
|
(33,824 |
) |
Company's share of unconsolidated affiliates' debt |
|
|
372,939 |
|
|
|
26,989 |
|
|
|
399,928 |
|
|
|
(2,613 |
) |
|
|
— |
|
|
|
397,315 |
|
Other debt (3) |
|
|
41,122 |
|
|
|
— |
|
|
|
41,122 |
|
|
|
— |
|
|
|
— |
|
|
|
41,122 |
|
Company's share of consolidated, unconsolidated and other debt |
|
$ |
1,793,467 |
|
|
$ |
943,692 |
|
|
$ |
2,737,159 |
|
|
$ |
(11,133 |
) |
|
$ |
(108,733 |
) |
|
$ |
2,617,293 |
|
Weighted-average interest rate |
|
|
5.18 |
% |
|
|
7.66 |
% |
|
|
6.03 |
% |
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
As of December 31, 2023 |
|
|||||||||||||||||||||
|
|
Fixed Rate |
|
|
Variable
|
|
|
Total Debt |
|
|
Unamortized
|
|
|
Unamortized
|
|
|
Total, net |
|
||||||
Consolidated debt (2) |
|
$ |
915,753 |
|
|
$ |
1,028,213 |
|
|
$ |
1,943,966 |
|
|
$ |
(13,221 |
) |
|
$ |
(41,942 |
) |
|
$ |
1,888,803 |
|
Noncontrolling interests' share of consolidated debt |
|
|
(25,021 |
) |
|
|
(11,823 |
) |
|
|
(36,844 |
) |
|
|
249 |
|
|
|
3,706 |
|
|
|
(32,889 |
) |
Company's share of unconsolidated affiliates' debt |
|
|
622,169 |
|
|
|
57,274 |
|
|
|
679,443 |
|
|
|
(3,197 |
) |
|
|
— |
|
|
|
676,246 |
|
Other debt (3) |
|
|
69,783 |
|
|
|
— |
|
|
|
69,783 |
|
|
|
— |
|
|
|
— |
|
|
|
69,783 |
|
Company's share of consolidated, unconsolidated and other debt |
|
$ |
1,582,684 |
|
|
$ |
1,073,664 |
|
|
$ |
2,656,348 |
|
|
$ |
(16,169 |
) |
|
$ |
(38,236 |
) |
|
$ |
2,601,943 |
|
Weighted-average interest rate |
|
|
5.26 |
% |
|
|
8.42 |
% |
|
|
6.54 |
% |
|
|
|
|
|
|
|
|
|
|||
(1) |
In conjunction with the acquisition of the Company's partners' |
|
(2) |
At December 31, 2024, includes |
|
(3) |
Represents the outstanding loan balance for Alamance Crossing East, which was deconsolidated due to a loss of control when the property was placed into receivership in connection with the foreclosure process. Additionally, WestGate Mall was deconsolidated in September 2023 when the property was placed into receivership in connection with the foreclosure process, which was completed in May 2024. |
Consolidated Balance Sheets (Unaudited; in thousands, except share data) |
||||||||
|
|
December 31, |
|
|
December 31, |
|
||
|
|
2024 |
|
|
2023 |
|
||
ASSETS |
|
|
|
|
|
|
||
Real estate assets: |
|
|
|
|
|
|
||
Land |
|
$ |
588,153 |
|
|
$ |
585,191 |
|
Buildings and improvements |
|
|
1,505,232 |
|
|
|
1,216,054 |
|
|
|
|
2,093,385 |
|
|
|
1,801,245 |
|
Accumulated depreciation |
|
|
(283,785 |
) |
|
|
(228,034 |
) |
|
|
|
1,809,600 |
|
|
|
1,573,211 |
|
Held-for-sale |
|
|
56,075 |
|
|
|
— |
|
Developments in progress |
|
|
5,817 |
|
|
|
8,900 |
|
Net investment in real estate assets |
|
|
1,871,492 |
|
|
|
1,582,111 |
|
Cash and cash equivalents |
|
|
40,791 |
|
|
|
34,188 |
|
Restricted cash |
|
|
112,938 |
|
|
|
88,888 |
|
Available-for-sale securities - at fair value (amortized cost of |
|
|
243,148 |
|
|
|
262,142 |
|
Receivables: |
|
|
|
|
|
|
||
Tenant |
|
|
45,594 |
|
|
|
43,436 |
|
Other |
|
|
2,356 |
|
|
|
2,752 |
|
Investments in unconsolidated affiliates |
|
|
83,465 |
|
|
|
76,458 |
|
In-place leases, net |
|
|
186,561 |
|
|
|
157,639 |
|
Intangible lease assets and other assets |
|
|
160,846 |
|
|
|
158,291 |
|
|
|
$ |
2,747,191 |
|
|
$ |
2,405,905 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Mortgage and other indebtedness, net |
|
$ |
2,212,680 |
|
|
$ |
1,888,803 |
|
Accounts payable and accrued liabilities |
|
|
221,647 |
|
|
|
186,485 |
|
Total liabilities |
|
|
2,434,327 |
|
|
|
2,075,288 |
|
Shareholders' equity: |
|
|
|
|
|
|
||
Common stock, |
|
|
31 |
|
|
|
32 |
|
Additional paid-in capital |
|
|
694,566 |
|
|
|
719,125 |
|
Accumulated other comprehensive income |
|
|
782 |
|
|
|
610 |
|
Accumulated deficit |
|
|
(371,833 |
) |
|
|
(380,446 |
) |
Total shareholders' equity |
|
|
323,546 |
|
|
|
339,321 |
|
Noncontrolling interests |
|
|
(10,682 |
) |
|
|
(8,704 |
) |
Total equity |
|
|
312,864 |
|
|
|
330,617 |
|
|
|
$ |
2,747,191 |
|
|
$ |
2,405,905 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250214103239/en/
Katie Reinsmidt, Executive Vice President - Chief Operating Officer, 423.490.8301, katie.reinsmidt@cblproperties.com
Source: CBL Properties
FAQ
What was CBL Properties' same-center NOI growth in 2024?
How much did CBL's portfolio occupancy change in Q4 2024?
What dividends did CBL announce for Q1 2025?
What is CBL's FFO guidance for 2025?
How much financing activity did CBL complete in Q4 2024?
