Exhibit 99.1
Earnings Release and
Supplemental Financial and Operating Information
For the Three and Nine Months Ended
September 30, 2022
Earnings Release and Supplemental Financial and Operating Information
Table of Contents
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1 |
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7 |
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Reconciliations of Supplementary Non-GAAP Financial Measures: |
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9 |
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13 |
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16 |
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17 |
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Condensed Combined Financial Statements - Unconsolidated Affiliates |
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18 |
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19 |
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23 |
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24 |
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27 |
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29 |
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32 |
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34 |
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35 |
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Top 25 Tenants Based on Percentage of Total Annualized Revenues |
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37 |
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38 |
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39 |
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CBL Core Portfolio Exposure to Sears and Closed Bon-Ton Locations and Redevelopment Plans |
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40 |
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News Release
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Contact: Katie Reinsmidt, EVP & Chief Investment Officer, 423.490.8301, Katie.Reinsmidt@cblproperties.com
CBL PROPERTIES REPORTS RESULTS FOR THIRD QUARTER 2022
Improved Operating Performance Drives Increase in Full-Year NOI Guidance
CHATTANOOGA, Tenn. (November 14, 2022) – CBL Properties (NYSE: CBL) announced results for the third quarter ended September 30, 2022. Financial results for the periods from January 1, 2021, through September 30, 2021, are referred to as those of the “Predecessor” period. Financial results for the period from January 1, 2022, through September 30, 2022, are referred to as those of the “Successor” period. 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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Successor |
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Predecessor |
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Three Months Ended September 30, |
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Three Months Ended September 30, |
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2022 |
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2021 |
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Net loss attributable to common shareholders |
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$ |
(14,510 |
) |
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$ |
(41,720 |
) |
Funds from Operations ("FFO") |
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$ |
49,494 |
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$ |
74,491 |
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FFO, as adjusted (1) |
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$ |
59,001 |
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$ |
95,329 |
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Successor |
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Predecessor |
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Nine Months Ended September 30, |
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Nine Months Ended September 30, |
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2022 |
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2021 |
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Net loss attributable to common shareholders |
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$ |
(96,830 |
) |
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$ |
(77,365 |
) |
Funds from Operations ("FFO") |
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$ |
115,402 |
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$ |
215,526 |
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FFO, as adjusted (1) |
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$ |
176,348 |
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$ |
243,484 |
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KEY TAKEAWAYS:
1
“2022 has been an outstanding year for CBL, demonstrating the strength and resiliency of our portfolio and our company," said Stephen D. Lebovitz, CBL's chief executive officer. "We are pleased with our operating results in the third quarter, including 210-basis-point growth in quarter-over-quarter portfolio occupancy and our first quarter of overall positive lease spreads in several years, driving an increase in our full-year expectations for same-center NOI. Additionally, August and September sales growth was positive, a notable reversal of the year-to-date trend.
"Year-to-date, we completed over $1.1 billion in financing activity, significantly de-risking our balance sheet, reducing interest costs and increasing cash flow as we locked in favorable rates. As a result, we benefit from a simplified capital structure primarily comprised of non-recourse loans, a strong cash position, a pool of unencumbered assets and significant free cash flow. We are focused on maximizing shareholder returns and delivering capital to our shareholders through our dividend program. As announced, we expect to provide at least $1.00 per share of annualized regular cash dividends as well as a special dividend to be declared later this year. We are also committed to a highly disciplined approach to capital allocation as we evaluate opportunities to deploy capital at our properties as well as externally. We are in an ideal position to be selective and opportunistic.
"As we approach the holiday season, we are optimistic for a healthy close to 2022. Retailers are well stocked and aggressively promoting their business. Brick-and-mortar stores are a key ingredient to success in today’s retail world. Just a few weeks ago, we celebrated the grand opening of the new Von Maur premier fashion department store at West Towne Mall in Madison, Wisconsin. The community’s embrace of this opening is further evidence of the attraction of new and exciting stores and their power to drive traffic and sales. We are working on a number of value-enhancing projects across our portfolio, further demonstrating our expertise in delivering financially successful projects that create substantial value at the properties and for our company."
NON-GAAP FINANCIAL RESULTS
Net loss attributable to common shareholders for the three months ended September 30, 2022, was $14.5 million. Net loss for the three months ended September 30, 2021, was $41.7 million,
Net loss attributable to common shareholders for the nine months ended September 30, 2022, was $96.8 million. Net loss for the nine months ended September 30, 2021, was $77.4 million,
FFO, as adjusted, allocable to Operating Partnership common unitholders, for the three months ended September 30, 2022, was $59.0 million. FFO, as adjusted, allocable to Operating Partnership common unitholders was $95.3 million, for the three months ended September 30, 2021.
FFO, as adjusted, allocable to Operating Partnership common unitholders, for the nine months ended September 30, 2022, was $176.3 million. FFO, as adjusted, allocable to Operating Partnership common unitholders was $243.5 million, for the nine months ended September 30, 2021.
Same-center Net Operating Income (“NOI”) (1):
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Successor |
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Predecessor |
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Three Months Ended September 30, 2022 |
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Three Months Ended September 30, 2021 |
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Total Revenues |
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$ |
161,218 |
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$ |
164,895 |
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Total Expenses |
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$ |
55,671 |
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$ |
51,361 |
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Total portfolio same-center NOI |
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$ |
105,547 |
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$ |
113,534 |
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Estimate for uncollectable revenues (recovery) |
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$ |
(302 |
) |
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$ |
(3,670 |
) |
Same-center NOI for the third quarter declined $8.0 million or 7.0% from the prior-year period. The decline was driven by a $3.7 million decline in total revenues and a $4.3 million increase in operating expenses. Revenues were unfavorably impacted by a $3.4 million variance in the total estimate for uncollectable revenues.
2
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Successor |
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Predecessor |
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Nine Months Ended September 30, 2022 |
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Nine Months Ended September 30, 2021 |
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Total Revenues |
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$ |
484,232 |
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$ |
470,131 |
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Total Expenses |
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$ |
161,298 |
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$ |
152,770 |
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Total portfolio same-center NOI |
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$ |
322,933 |
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$ |
317,361 |
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Estimate for uncollectable revenues (recovery) |
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$ |
(3,719 |
) |
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$ |
2,828 |
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Same-center NOI for nine months ended September 30, 2022, increased $5.6 million or 1.8% from the prior-year period. The increase was driven by a $14.1 million increase in total revenues, partially offset by an $8.5 million increase in operating expenses. Revenues were favorably impacted by a $6.5 million variance in the total estimate for uncollectable revenues.
PORTFOLIO OPERATIONAL RESULTS
Occupancy(1):
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Successor |
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Predecessor |
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As of September 30, |
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As of September 30, |
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2022 |
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2021 |
Total portfolio |
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90.5% |
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88.4% |
Malls, Lifestyle Centers and Outlet Centers: |
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Total malls |
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88.7% |
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85.9% |
Total lifestyle centers |
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90.6% |
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86.8% |
Total outlet centers |
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90.9% |
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90.1% |
Total same-center malls, lifestyle centers and outlet centers |
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89.1% |
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86.7% |
All Other: |
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Total open-air centers |
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94.7% |
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94.7% |
Total other |
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93.0% |
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98.7% |
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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2022 |
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2022 |
Stabilized Malls, Lifestyle Centers and Outlet Centers |
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5.2% |
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(6.3)% |
New leases |
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85.3% |
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14.3% |
Renewal leases |
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(2.3)% |
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(9.1)% |
Same-Center Sales Per Square Foot for In-line Tenants 10,000 Square Feet or Less(1):
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Successor |
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Predecessor |
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Sales Per Square Foot for the Trailing Twelve Months Ended September 30, |
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Sales Per Square Foot for the Trailing Twelve Months Ended September 30, |
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2022 |
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2021 (1) |
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Mall, Lifestyle Center and Outlet Center same-center sales per square foot |
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$ |
440 |
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$ |
431 |
Same-center tenant sales per square foot for the trailing twelve months ended September 30, 2022, increased 2.1% as compared with the trailing twelve months ended September 30, 2021 (excludes 2020). Same-center tenant sales per square foot for the third quarter 2022, was $105.41. Same-center tenant sales per square foot for the third quarter 2021, was $107.32. Same-center tenant sales for the third quarter 2022 declined 1.8% as compared with the prior-year period.
3
DIVIDEND
On November 10, 2022, CBL’s Board of Directors declared a regular quarterly cash dividend for the three months ended December 31, 2022, of $0.25 per share. The dividend, which equates to an annual dividend payment of $1.00 per share, is payable on December 30, 2022, to shareholders of record as of December 1, 2022.
Additionally on November 10th, CBL announced that based on refined tax projections for the twelve months ending December 31, 2022, CBL expects to distribute a special one-time dividend in the range of $65 to $85 million to meet minimum distribution requirements. The exact amount of the special dividend will be determined by CBL’s Board of Directors before year-end and will be subject to the Board’s ongoing review of the Company’s tax projections over the remainder of the year in relation to current projections. Subject to IRS guidelines, the special dividend may be distributed in all cash or in a combination of cash and common stock, as determined at the time by CBL’s Board of Directors.
FINANCING ACTIVITY
Year-to-date, CBL completed more than $1.1 billion in financing activity. Details of financings completed in the third quarter 2022 and subsequent are outlined below.
During the third quarter, CBL completed the modification and extensions of the loan secured by Parkdale Mall in Beaumont, TX ($64.2 million). The loan was extended to March 2026, at the existing interest rate of 5.85%.
In October, CBL finalized the modification of the loan secured by Southpark Mall in Richmond, VA ($54.4 million). The loan was extended through June 2026 at the existing interest rate of 4.85%.
Additionally in October, the modification of the $35.2 million recourse loan secured by The Outlet Shoppes at Gettysburg in Gettysburg, PA was completed. The loan balance was reduced to $21.0 million ($10.5 million at CBL's share), and the loan was converted to non-recourse.
In August, CBL conveyed Asheville Mall in Asheville, NC, to the lender in exchange for cancelation of the $62.1 million loan secured by the property. In September, the foreclosure of Eastgate Mall in Cincinnati, OH, and in October, the foreclosure of Greenbrier Mall in Chesapeake, VA, were completed in satisfaction of an aggregate $91.6 million of loans. CBL is cooperating with a foreclosure or conveyance of Westgate Mall in Spartanburg, SC, ($29.6 million) and Alamance Crossing East in Burlington, NC, ($41.7 million) and anticipates both properties will be placed into receivership imminently. The foreclosures or conveyances of Westgate Mall, Alamance Crossing East and Greenbrier Mall result in a total of approximately $132.9 million of debt that will be removed from CBL’s pro rata share of total debt. The three loans generate an estimated debt yield of approximately 10%. CBL does not recognize earnings or receive cash flow from the properties in receivership.
In October, CBL completed a short-term extension to January 2023 for the loan secured by Cross Creek Mall in Fayetteville, NC ($98.7 million). CBL is in discussions with the lender for a two-year extension/modification of the loan, which it anticipates closing before year-end. CBL is also in discussions with the lender for a potential extension/modification of the loan secured by West County Center located in St. Louis, MO ($81.5 million at CBL’s share).
DISPOSITIONS
During the third quarter 2022, CBL completed the sale of three land parcels for $6.2 million. Year-to-date, CBL has grossed more than $9.4 million from dispositions.
REDEVELOPMENT ACTIVITY
On Saturday, October 15, CBL celebrated the opening of the Von Maur premier fashion department store at West Towne Mall in Madison, Wisconsin. The more than 82,000-square-foot store opened in the former Boston Store location and is one of only two department store openings in the country this year.
Detailed project information is available in CBL’s Financial Supplement for Q3 2022, which can be found in the Invest – Financial Reports section of CBL’s website at cblproperties.com.
OUTLOOK AND GUIDANCE
After incorporating results for the third quarter 2022, CBL is providing updated guidance for 2022 for FFO, as adjusted, in the range of $229.0 million - $237.0 million or $7.40 - $7.67 per diluted share. The assumption for same-center NOI for the year increased by $8.0 million at both the high and low end, to the range of $424.0 million to $438.0 million. The improved expectations are primarily as a result of better than anticipated leasing results and occupancy growth.
4
Key Guidance Assumptions:
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Low |
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High |
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2022 FFO, as adjusted |
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$229 million |
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$237 million |
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2022 FFO, as adjusted, per share |
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$ |
7.40 |
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$ |
7.67 |
|
Weighted Average Common Shares Outstanding |
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30.9 million |
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|
30.9 million |
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||
2022 Same-Center NOI ("SC NOI") |
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$424 million |
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|
$438 million |
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||
2022 Change in Same-Center NOI |
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(3.4 |
)% |
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(0.2 |
)% |
Reconciliation of GAAP Earnings Per Share to 2022 FFO, as Adjusted, Per Share:
|
|
Low |
|
|
High |
|
||
Expected diluted earnings per common share |
|
$ |
(4.83 |
) |
|
$ |
(4.56 |
) |
Depreciation and amortization |
|
|
9.57 |
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|
|
9.57 |
|
Debt discount accretion, net of noncontrolling interests' share |
|
|
5.68 |
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|
|
5.68 |
|
Loss on Impairment |
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|
0.01 |
|
|
|
0.01 |
|
Gain on depreciable property |
|
|
(0.02 |
) |
|
|
(0.02 |
) |
Adjustment for unconsolidated affiliates with negative investment |
|
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(1.17 |
) |
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(1.17 |
) |
Non-cash default interest expense |
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(0.64 |
) |
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(0.64 |
) |
Gain on deconsolidated |
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(1.17 |
) |
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(1.17 |
) |
Adjustment for litigation settlement |
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(0.02 |
) |
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(0.02 |
) |
Reorganization item, net |
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(0.01 |
) |
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(0.01 |
) |
Expected FFO, as adjusted, per diluted, fully converted common share |
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$ |
7.40 |
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$ |
7.67 |
|
2022 Estimate of Capital Items:
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Low |
|
High |
2022 Estimated Deferred Maintenance/Tenant Allowances |
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$35 million |
|
$45 million |
2022 Estimated Development/Redevelopment Expenditures |
|
$10 million |
|
$20 million |
2022 Estimated Principal Amortization (Including Est. Term Loan ECF) |
|
$85 million |
|
$105 million |
Total Estimate |
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$130 million |
|
$170 million |
ABOUT CBL PROPERTIES
Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL’s owned and managed portfolio is comprised of 94 properties totaling 58.5 million square feet across 22 states, including 56 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 less dividends on preferred stock of the Company or distributions on preferred units of the Operating Partnership, as applicable. 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 presents both FFO allocable to Operating Partnership common unitholders and FFO allocable to common shareholders, as it believes that both are useful performance measures. 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
5
noncontrolling interest in the Operating Partnership. The Company believes FFO allocable to its common shareholders is a useful performance measure because it is the performance measure that is most directly comparable to net income (loss) attributable to its common shareholders.
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. The Company then applies a percentage to FFO of the Operating Partnership common unitholders to arrive at FFO allocable to its common shareholders. The percentage is computed by taking the weighted-average number of common shares outstanding for the period and dividing it by the sum of the weighted-average number of common shares and the weighted-average number of Operating Partnership units held by noncontrolling interests during the period.
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 9 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 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)
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Three Months Ended September 30, |
|
|
|
Three Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
REVENUES: |
|
|
|
|
|
|
|
||
Rental revenues |
|
$ |
131,642 |
|
|
|
$ |
145,539 |
|
Management, development and leasing fees |
|
|
1,783 |
|
|
|
|
1,780 |
|
Other |
|
|
2,855 |
|
|
|
|
3,056 |
|
Total revenues |
|
|
136,280 |
|
|
|
|
150,375 |
|
EXPENSES: |
|
|
|
|
|
|
|
||
Property operating |
|
|
(24,390 |
) |
|
|
|
(23,818 |
) |
Depreciation and amortization |
|
|
(61,050 |
) |
|
|
|
(46,479 |
) |
Real estate taxes |
|
|
(13,880 |
) |
|
|
|
(13,957 |
) |
Maintenance and repairs |
|
|
(10,272 |
) |
|
|
|
(9,482 |
) |
General and administrative |
|
|
(14,625 |
) |
|
|
|
(13,502 |
) |
Loss on impairment |
|
|
— |
|
|
|
|
(63,160 |
) |
Litigation settlement |
|
|
36 |
|
|
|
|
89 |
|
Other |
|
|
— |
|
|
|
|
(104 |
) |
Total expenses |
|
|
(124,181 |
) |
|
|
|
(170,413 |
) |
OTHER INCOME (EXPENSES): |
|
|
|
|
|
|
|
||
Interest and other income |
|
|
152 |
|
|
|
|
510 |
|
Interest expense |
|
|
(37,652 |
) |
|
|
|
(19,039 |
) |
Loss on available-for-sale securities |
|
|
(39 |
) |
|
|
|
— |
|
Gain on sales of real estate assets |
|
|
3,528 |
|
|
|
|
8,684 |
|
Reorganization items, net |
|
|
1,220 |
|
|
|
|
(12,008 |
) |
Income tax (provision) benefit |
|
|
(2,422 |
) |
|
|
|
1,234 |
|
Equity in earnings (losses) of unconsolidated affiliates |
|
|
5,702 |
|
|
|
|
(2,224 |
) |
Total other expenses |
|
|
(29,511 |
) |
|
|
|
(22,843 |
) |
Net loss |
|
|
(17,412 |
) |
|
|
|
(42,881 |
) |
Net (income) loss attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
||
Operating Partnership |
|
|
(25 |
) |
|
|
|
1,085 |
|
Other consolidated subsidiaries |
|
|
3,143 |
|
|
|
|
76 |
|
Net loss attributable to the Company |
|
|
(14,294 |
) |
|
|
|
(41,720 |
) |
Dividends allocable to unvested restricted stock |
|
|
(216 |
) |
|
|
|
— |
|
Net loss attributable to common shareholders |
|
$ |
(14,510 |
) |
|
|
$ |
(41,720 |
) |
Basic and diluted per share data attributable to common shareholders: |
|
|
|
|
|
|
|
||
Net loss attributable to common shareholders |
|
$ |
(0.47 |
) |
|
|
$ |
(0.21 |
) |
Weighted-average common and potential dilutive common shares outstanding |
|
|
30,973 |
|
|
|
|
196,454 |
|
7
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Nine Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
REVENUES: |
|
|
|
|
|
|
|
||
Rental revenues |
|
$ |
398,806 |
|
|
|
$ |
405,030 |
|
Management, development and leasing fees |
|
|
5,338 |
|
|
|
|
4,888 |
|
Other |
|
|
9,256 |
|
|
|
|
10,202 |
|
Total revenues |
|
|
413,400 |
|
|
|
|
420,120 |
|
EXPENSES: |
|
|
|
|
|
|
|
||
Property operating |
|
|
(69,046 |
) |
|
|
|
(65,243 |
) |
Depreciation and amortization |
|
|
(194,469 |
) |
|
|
|
(142,090 |
) |
Real estate taxes |
|
|
(42,569 |
) |
|
|
|
(45,618 |
) |
Maintenance and repairs |
|
|
(31,068 |
) |
|
|
|
(29,047 |
) |
General and administrative |
|
|
(51,149 |
) |
|
|
|
(37,383 |
) |
Loss on impairment |
|
|
(252 |
) |
|
|
|
(120,342 |
) |
Litigation settlement |
|
|
182 |
|
|
|
|
890 |
|
Other |
|
|
(834 |
) |
|
|
|
(391 |
) |
Total expenses |
|
|
(389,205 |
) |
|
|
|
(439,224 |
) |
OTHER INCOME (EXPENSES): |
|
|
|
|
|
|
|
||
Interest and other income |
|
|
1,216 |
|
|
|
|
2,038 |
|
Interest expense |
|
|
(183,428 |
) |
|
|
|
(65,468 |
) |
Gain on deconsolidation |
|
|
36,250 |
|
|
|
|
55,131 |
|
Loss on available-for-sale securities |
|
|
(39 |
) |
|
|
|
— |
|
Gain on sales of real estate assets |
|
|
3,547 |
|
|
|
|
8,492 |
|
Reorganization items, net |
|
|
262 |
|
|
|
|
(52,014 |
) |
Income tax provision |
|
|
(2,751 |
) |
|
|
|
(222 |
) |
Equity in earnings (losses) of unconsolidated affiliates |
|
|
16,308 |
|
|
|
|
(9,575 |
) |
Total other expenses |
|
|
(128,635 |
) |
|
|
|
(61,618 |
) |
Net loss |
|
|
(104,440 |
) |
|
|
|
(80,722 |
) |
Net loss attributable to noncontrolling interests in: |
|
|
|
|
|
|
|
||
Operating Partnership |
|
|
34 |
|
|
|
|
2,013 |
|
Other consolidated subsidiaries |
|
|
8,002 |
|
|
|
|
1,344 |
|
Net loss attributable to the Company |
|
|
(96,404 |
) |
|
|
|
(77,365 |
) |
Dividends allocable to unvested restricted stock |
|
|
(426 |
) |
|
|
|
— |
|
Net loss attributable to common shareholders |
|
$ |
(96,830 |
) |
|
|
$ |
(77,365 |
) |
Basic and diluted per share data attributable to common shareholders: |
|
|
|
|
|
|
|
||
Net loss attributable to common shareholders |
|
$ |
(3.26 |
) |
|
|
$ |
(0.39 |
) |
Weighted-average common and potential dilutive common shares outstanding |
|
|
29,725 |
|
|
|
|
196,474 |
|
8
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
The Company's reconciliation of net loss attributable to common shareholders to FFO allocable to Operating Partnership common unitholders is as follows:
(in thousands, except per share data)
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Three Months Ended September 30, |
|
|
|
Three Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
Net loss attributable to common shareholders |
|
$ |
(14,510 |
) |
|
|
$ |
(41,720 |
) |
Noncontrolling interest in income (loss) of Operating Partnership |
|
|
25 |
|
|
|
|
(1,085 |
) |
Depreciation and amortization expense of: |
|
|
|
|
|
|
|
||
Consolidated properties |
|
|
61,050 |
|
|
|
|
46,479 |
|
Unconsolidated affiliates |
|
|
3,665 |
|
|
|
|
13,480 |
|
Non-real estate assets |
|
|
(123 |
) |
|
|
|
(416 |
) |
Dividends allocable to unvested restricted stock |
|
|
216 |
|
|
|
|
— |
|
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries |
|
|
(829 |
) |
|
|
|
(571 |
) |
Loss on impairment |
|
|
— |
|
|
|
|
63,160 |
|
Gain on depreciable property |
|
|
— |
|
|
|
|
(4,836 |
) |
FFO allocable to Operating Partnership common unitholders |
|
|
49,494 |
|
|
|
|
74,491 |
|
Debt discount accretion, net of noncontrolling interests' share (1) |
|
|
25,425 |
|
|
|
|
— |
|
Adjustment for unconsolidated affiliates with negative investment (2) |
|
|
(13,116 |
) |
|
|
|
— |
|
Litigation settlement (3) |
|
|
(36 |
) |
|
|
|
(89 |
) |
Non-cash default interest expense (4) |
|
|
(1,585 |
) |
|
|
|
8,919 |
|
Loss on available-for-sale securities |
|
|
39 |
|
|
|
|
— |
|
Reorganization items, net (5) |
|
|
(1,220 |
) |
|
|
|
12,008 |
|
FFO allocable to Operating Partnership common unitholders, as adjusted |
|
$ |
59,001 |
|
|
|
$ |
95,329 |
|
FFO per diluted share |
|
$ |
1.55 |
|
|
|
$ |
0.37 |
|
FFO, as adjusted, per diluted share |
|
$ |
1.85 |
|
|
|
$ |
0.47 |
|
Weighted-average common and potential dilutive common shares outstanding with Operating Partnership units fully converted |
|
|
31,831 |
|
|
|
|
201,559 |
|
9
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
The Company's reconciliation of net loss attributable to common shareholders to FFO allocable to Operating Partnership common unitholders is as follows:
(in thousands, except per share data)
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Nine Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
Net loss attributable to common shareholders |
|
$ |
(96,830 |
) |
|
|
$ |
(77,365 |
) |
Noncontrolling interest in loss of Operating Partnership |
|
|
(34 |
) |
|
|
|
(2,013 |
) |
Depreciation and amortization expense of: |
|
|
|
|
|
|
|
||
Consolidated properties |
|
|
194,469 |
|
|
|
|
142,090 |
|
Unconsolidated affiliates |
|
|
21,004 |
|
|
|
|
40,466 |
|
Non-real estate assets |
|
|
(524 |
) |
|
|
|
(1,448 |
) |
Dividends allocable to unvested restricted stock |
|
|
426 |
|
|
|
|
— |
|
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries |
|
|
(2,666 |
) |
|
|
|
(1,710 |
) |
Loss on impairment, net of taxes |
|
|
186 |
|
|
|
|
120,342 |
|
Gain on depreciable property |
|
|
(629 |
) |
|
|
|
(4,836 |
) |
FFO allocable to Operating Partnership common unitholders |
|
|
115,402 |
|
|
|
|
215,526 |
|
Debt discount accretion, net of noncontrolling interests' share (1) |
|
|
153,924 |
|
|
|
|
— |
|
Adjustment for unconsolidated affiliates with negative investment (2) |
|
|
(36,123 |
) |
|
|
|
— |
|
Senior secured notes fair value adjustment (3) |
|
|
(395 |
) |
|
|
|
— |
|
Litigation settlement (4) |
|
|
(182 |
) |
|
|
|
(890 |
) |
Non-cash default interest expense (5) |
|
|
(19,805 |
) |
|
|
|
31,965 |
|
Gain on deconsolidation (6) |
|
|
(36,250 |
) |
|
|
|
(55,131 |
) |
Loss on available-for-sale securities |
|
|
39 |
|
|
|
|
— |
|
Reorganization items, net (7) |
|
|
(262 |
) |
|
|
|
52,014 |
|
FFO allocable to Operating Partnership common unitholders, as adjusted |
|
$ |
176,348 |
|
|
|
$ |
243,484 |
|
FFO per diluted share |
|
$ |
3.78 |
|
|
|
$ |
1.07 |
|
FFO, as adjusted, per diluted share |
|
$ |
5.77 |
|
|
|
$ |
1.21 |
|
Weighted-average common and potential dilutive common shares outstanding with Operating Partnership units fully converted |
|
|
30,568 |
|
|
|
|
201,587 |
|
10
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Three Months Ended September 30, |
|
|
|
Three Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
Diluted EPS attributable to common shareholders |
|
$ |
(0.47 |
) |
|
|
$ |
(0.21 |
) |
Add amounts per share included in FFO: |
|
|
|
|
|
|
|
||
Unvested restricted stock |
|
|
0.02 |
|
|
|
|
— |
|
Eliminate amounts per share excluded from FFO: |
|
|
|
|
|
|
|
||
Depreciation and amortization expense, including amounts from |
|
|
2.00 |
|
|
|
|
0.29 |
|
Loss on impairment |
|
|
— |
|
|
|
|
0.31 |
|
Gain on depreciable property |
|
|
— |
|
|
|
|
(0.02 |
) |
FFO per diluted share |
|
$ |
1.55 |
|
|
|
$ |
0.37 |
|
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Nine Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
Diluted EPS attributable to common shareholders |
|
$ |
(3.26 |
) |
|
|
$ |
(0.39 |
) |
Add amounts per share included in FFO: |
|
|
|
|
|
|
|
||
Unvested restricted stock |
|
|
0.09 |
|
|
|
|
— |
|
Eliminate amounts per share excluded from FFO: |
|
|
|
|
|
|
|
||
Depreciation and amortization expense, including amounts from |
|
|
6.96 |
|
|
|
|
0.89 |
|
Loss on impairment, net of taxes |
|
|
0.01 |
|
|
|
|
0.59 |
|
Gain on depreciable property |
|
|
(0.02 |
) |
|
|
|
(0.02 |
) |
FFO per diluted share |
|
$ |
3.78 |
|
|
|
$ |
1.07 |
|
11
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Three Months Ended September 30, |
|
|
|
Three Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
SUPPLEMENTAL FFO INFORMATION: |
|
|
|
|
|
|
|
||
Lease termination fees |
|
$ |
1,572 |
|
|
|
$ |
2,051 |
|
|
|
|
|
|
|
|
|
||
Straight-line rental income adjustment |
|
$ |
2,058 |
|
|
|
$ |
2,711 |
|
|
|
|
|
|
|
|
|
||
Gain on outparcel sales, net of taxes |
|
$ |
3,561 |
|
|
|
$ |
3,864 |
|
|
|
|
|
|
|
|
|
||
Net amortization of acquired above- and below-market leases |
|
$ |
(5,438 |
) |
|
|
$ |
60 |
|
|
|
|
|
|
|
|
|
||
Income tax benefit (provision) |
|
$ |
(2,422 |
) |
|
|
$ |
1,234 |
|
|
|
|
|
|
|
|
|
||
Abandoned projects expense |
|
$ |
— |
|
|
|
$ |
(104 |
) |
|
|
|
|
|
|
|
|
||
Interest capitalized |
|
$ |
156 |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
||
Estimate of uncollectable revenues |
|
$ |
(368 |
) |
|
|
$ |
4,348 |
|
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Nine Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
SUPPLEMENTAL FFO INFORMATION: |
|
|
|
|
|
|
|
||
Lease termination fees |
|
$ |
4,020 |
|
|
|
$ |
3,329 |
|
|
|
|
|
|
|
|
|
||
Straight-line rental income adjustment |
|
$ |
9,400 |
|
|
|
$ |
(1,146 |
) |
|
|
|
|
|
|
|
|
||
Gain on outparcel sales, net of taxes |
|
$ |
3,580 |
|
|
|
$ |
3,655 |
|
|
|
|
|
|
|
|
|
||
Net amortization of acquired above- and below-market leases |
|
$ |
(16,487 |
) |
|
|
$ |
185 |
|
|
|
|
|
|
|
|
|
||
Income tax provision |
|
$ |
(2,751 |
) |
|
|
$ |
(222 |
) |
|
|
|
|
|
|
|
|
||
Abandoned projects expense |
|
$ |
(834 |
) |
|
|
$ |
(391 |
) |
|
|
|
|
|
|
|
|
||
Interest capitalized |
|
$ |
531 |
|
|
|
$ |
32 |
|
|
|
|
|
|
|
|
|
||
Estimate of uncollectable revenues |
|
$ |
3,850 |
|
|
|
$ |
(6,561 |
) |
|
|
|
|
|
|
|
|
||
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
As of September 30, |
|
|
|
As of September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
Straight-line rent receivable |
|
$ |
12,343 |
|
|
|
$ |
50,609 |
|
12
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Same-center Net Operating Income
(Dollars in thousands)
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Three Months Ended September 30, |
|
|
|
Three Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
Net loss |
|
$ |
(17,412 |
) |
|
|
$ |
(42,881 |
) |
Adjustments: |
|
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
61,050 |
|
|
|
|
46,479 |
|
Depreciation and amortization from unconsolidated affiliates |
|
|
3,665 |
|
|
|
|
13,480 |
|
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries |
|
|
(829 |
) |
|
|
|
(571 |
) |
Interest expense |
|
|
37,652 |
|
|
|
|
19,039 |
|
Interest expense from unconsolidated affiliates |
|
|
25,297 |
|
|
|
|
10,647 |
|
Noncontrolling interests' share of interest expense in other consolidated subsidiaries |
|
|
(2,688 |
) |
|
|
|
(663 |
) |
Abandoned projects expense |
|
|
— |
|
|
|
|
104 |
|
Gain on sales of real estate assets |
|
|
(3,528 |
) |
|
|
|
(8,684 |
) |
Gain on sales of real estate assets of unconsolidated affiliates |
|
|
(33 |
) |
|
|
|
(70 |
) |
Adjustment for unconsolidated affiliates with negative investment |
|
|
(13,116 |
) |
|
|
|
— |
|
Loss on available-for-sale securities |
|
|
39 |
|
|
|
|
— |
|
Loss on impairment |
|
|
— |
|
|
|
|
63,160 |
|
Litigation settlement |
|
|
(36 |
) |
|
|
|
(89 |
) |
Reorganization items, net |
|
|
(1,220 |
) |
|
|
|
12,008 |
|
Income tax provision (benefit) |
|
|
2,422 |
|
|
|
|
(1,234 |
) |
Lease termination fees |
|
|
(1,572 |
) |
|
|
|
(2,051 |
) |
Straight-line rent and above- and below-market lease amortization |
|
|
3,380 |
|
|
|
|
(2,771 |
) |
Net loss attributable to noncontrolling interests in other consolidated subsidiaries |
|
|
3,143 |
|
|
|
|
76 |
|
General and administrative expenses |
|
|
14,625 |
|
|
|
|
13,502 |
|
Management fees and non-property level revenues |
|
|
(683 |
) |
|
|
|
(1,344 |
) |
Operating Partnership's share of property NOI |
|
|
110,156 |
|
|
|
|
118,137 |
|
Non-comparable NOI |
|
|
(4,609 |
) |
|
|
|
(4,603 |
) |
Total same-center NOI (1)(2) |
|
$ |
105,547 |
|
|
|
$ |
113,534 |
|
13
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Same-center Net Operating Income
(Dollars in thousands)
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Nine Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
Net loss |
|
$ |
(104,440 |
) |
|
|
$ |
(80,722 |
) |
Adjustments: |
|
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
194,469 |
|
|
|
|
142,090 |
|
Depreciation and amortization from unconsolidated affiliates |
|
|
21,004 |
|
|
|
|
40,466 |
|
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries |
|
|
(2,666 |
) |
|
|
|
(1,710 |
) |
Interest expense |
|
|
183,428 |
|
|
|
|
65,468 |
|
Interest expense from unconsolidated affiliates |
|
|
65,454 |
|
|
|
|
31,008 |
|
Noncontrolling interests' share of interest expense in other consolidated subsidiaries |
|
|
(7,783 |
) |
|
|
|
(2,508 |
) |
Abandoned projects expense |
|
|
834 |
|
|
|
|
391 |
|
Gain on sales of real estate assets |
|
|
(3,547 |
) |
|
|
|
(8,492 |
) |
Gain on sales of real estate assets of unconsolidated affiliates |
|
|
(662 |
) |
|
|
|
(70 |
) |
Adjustment for unconsolidated affiliates with negative investment |
|
|
(36,123 |
) |
|
|
|
— |
|
Gain on deconsolidation |
|
|
(36,250 |
) |
|
|
|
(55,131 |
) |
Loss on available-for-sale securities |
|
|
39 |
|
|
|
|
— |
|
Loss on impairment |
|
|
252 |
|
|
|
|
120,342 |
|
Litigation settlement |
|
|
(182 |
) |
|
|
|
(890 |
) |
Reorganization items, net |
|
|
(262 |
) |
|
|
|
52,014 |
|
Income tax provision |
|
|
2,751 |
|
|
|
|
222 |
|
Lease termination fees |
|
|
(4,020 |
) |
|
|
|
(3,329 |
) |
Straight-line rent and above- and below-market lease amortization |
|
|
7,087 |
|
|
|
|
961 |
|
Net loss attributable to noncontrolling interests in other consolidated subsidiaries |
|
|
8,002 |
|
|
|
|
1,344 |
|
General and administrative expenses |
|
|
51,149 |
|
|
|
|
37,383 |
|
Management fees and non-property level revenues |
|
|
(1,798 |
) |
|
|
|
(7,135 |
) |
Operating Partnership's share of property NOI |
|
|
336,736 |
|
|
|
|
331,702 |
|
Non-comparable NOI |
|
|
(13,803 |
) |
|
|
|
(14,341 |
) |
Total same-center NOI (1)(2) |
|
$ |
322,933 |
|
|
|
$ |
317,361 |
|
14
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Same-center Net Operating Income
(Continued)
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Three Months Ended September 30, |
|
|
|
Three Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
Malls |
|
$ |
73,562 |
|
|
|
$ |
81,716 |
|
Outlet centers |
|
|
4,604 |
|
|
|
|
4,189 |
|
Lifestyle centers |
|
|
8,695 |
|
|
|
|
8,732 |
|
Open-air centers |
|
|
13,534 |
|
|
|
|
13,369 |
|
Outparcels and other |
|
|
5,152 |
|
|
|
|
5,528 |
|
Total same-center NOI (1) |
|
$ |
105,547 |
|
|
|
$ |
113,534 |
|
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Nine Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
Malls |
|
$ |
226,968 |
|
|
|
$ |
225,802 |
|
Outlet centers |
|
|
13,450 |
|
|
|
|
12,180 |
|
Lifestyle centers |
|
|
26,525 |
|
|
|
|
25,259 |
|
Open-air centers |
|
|
39,793 |
|
|
|
|
37,931 |
|
Outparcels and other |
|
|
16,197 |
|
|
|
|
16,189 |
|
Total same-center NOI (1) |
|
$ |
322,933 |
|
|
|
$ |
317,361 |
|
15
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
|
|
As of September 30, 2022 (Successor) |
|
|||||||||||||||||||||
|
|
Fixed Rate |
|
|
Variable |
|
|
Total per |
|
|
Unamortized |
|
|
Unamortized |
|
|
Total |
|
||||||
Consolidated debt |
|
$ |
1,049,307 |
|
|
$ |
1,074,839 |
|
|
$ |
2,124,146 |
|
|
$ |
(16,621 |
) |
|
$ |
(90,821 |
) |
|
$ |
2,016,704 |
|
Noncontrolling interests' share of consolidated debt |
|
|
(32,594 |
) |
|
|
(13,493 |
) |
|
|
(46,087 |
) |
|
|
85 |
|
|
|
13,548 |
|
|
|
(32,454 |
) |
Company's share of unconsolidated affiliates' debt |
|
|
624,670 |
|
|
|
73,356 |
|
|
|
698,026 |
|
|
|
(2,294 |
) |
|
|
— |
|
|
|
695,732 |
|
Other debt (2) |
|
|
61,647 |
|
|
|
— |
|
|
|
61,647 |
|
|
|
— |
|
|
|
— |
|
|
|
61,647 |
|
Company's share of consolidated, unconsolidated and other debt |
|
$ |
1,703,030 |
|
|
$ |
1,134,702 |
|
|
$ |
2,837,732 |
|
|
$ |
(18,830 |
) |
|
$ |
(77,273 |
) |
|
$ |
2,741,629 |
|
Weighted-average interest rate |
|
|
4.85 |
% |
|
|
5.53 |
% |
|
|
5.12 |
% |
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
As of September 30, 2021 (Predecessor) |
|
|||||||||||||||||||||
|
|
Fixed Rate |
|
|
Variable |
|
|
Total per |
|
|
Unamortized |
|
|
Unamortized |
|
|
Total |
|
||||||
Consolidated debt (3) |
|
$ |
2,330,175 |
|
|
$ |
1,181,787 |
|
|
$ |
3,511,962 |
|
|
$ |
(3,202 |
) |
|
$ |
— |
|
|
$ |
3,508,760 |
|
Noncontrolling interests' share of consolidated debt |
|
|
(29,563 |
) |
|
|
— |
|
|
|
(29,563 |
) |
|
|
225 |
|
|
|
— |
|
|
|
(29,338 |
) |
Company's share of unconsolidated affiliates' debt |
|
|
615,166 |
|
|
|
127,337 |
|
|
|
742,503 |
|
|
|
(2,404 |
) |
|
|
— |
|
|
|
740,099 |
|
Other debt (2) |
|
|
138,926 |
|
|
|
— |
|
|
|
138,926 |
|
|
|
— |
|
|
|
— |
|
|
|
138,926 |
|
Company's share of consolidated and unconsolidated debt |
|
$ |
3,054,704 |
|
|
$ |
1,309,124 |
|
|
$ |
4,363,828 |
|
|
$ |
(5,381 |
) |
|
$ |
— |
|
|
$ |
4,358,447 |
|
Weighted-average interest rate |
|
|
5.04 |
% |
|
|
8.52 |
% |
(4) |
|
6.09 |
% |
|
|
|
|
|
|
|
|
|
16
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Consolidated Balance Sheets
(Unaudited; in thousands, except share data)
|
|
|
|
|
|
|
||
|
|
September 30, |
|
|
December 31, |
|
||
ASSETS |
|
|
|
|
|
|
||
Real estate assets: |
|
|
|
|
|
|
||
Land |
|
$ |
598,201 |
|
|
$ |
599,283 |
|
Buildings and improvements |
|
|
1,188,200 |
|
|
|
1,173,106 |
|
|
|
|
1,786,401 |
|
|
|
1,772,389 |
|
Accumulated depreciation |
|
|
(107,462 |
) |
|
|
(19,939 |
) |
|
|
|
1,678,939 |
|
|
|
1,752,450 |
|
Developments in progress |
|
|
5,343 |
|
|
|
16,665 |
|
Net investment in real estate assets |
|
|
1,684,282 |
|
|
|
1,769,115 |
|
Cash and cash equivalents |
|
|
85,754 |
|
|
|
169,554 |
|
Available-for-sale securities - at fair value (amortized cost of $249,638 and $149,999 as of September 30, 2022 and December 31, 2021, respectively) |
|
|
249,912 |
|
|
|
149,996 |
|
Receivables: |
|
|
|
|
|
|
||
Tenant |
|
|
32,290 |
|
|
|
25,190 |
|
Other |
|
|
3,441 |
|
|
|
4,793 |
|
Investments in unconsolidated affiliates |
|
|
81,805 |
|
|
|
103,655 |
|
In-place leases, net |
|
|
277,443 |
|
|
|
384,705 |
|
Above market leases, net |
|
|
186,652 |
|
|
|
234,286 |
|
Intangible lease assets and other assets |
|
|
125,248 |
|
|
|
104,685 |
|
|
|
$ |
2,726,827 |
|
|
$ |
2,945,979 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Mortgage and other indebtedness, net |
|
$ |
2,016,704 |
|
|
$ |
1,813,209 |
|
10% senior secured notes - at fair value (carrying amount of $395,000 as of December 31, 2021) |
|
|
— |
|
|
|
395,395 |
|
Below market leases, net |
|
|
121,741 |
|
|
|
151,871 |
|
Accounts payable and accrued liabilities |
|
|
149,007 |
|
|
|
184,404 |
|
Total liabilities |
|
|
2,287,452 |
|
|
|
2,544,879 |
|
Shareholders' equity: |
|
|
|
|
|
|
||
Common stock, $.001 par value, 200,000,000 shares authorized, 31,834,178 and 20,774,716 issued and outstanding in 2022 and 2021, respectively |
|
|
32 |
|
|
|
21 |
|
Additional paid-in capital |
|
|
708,768 |
|
|
|
547,726 |
|
Accumulated other comprehensive income (loss) |
|
|
274 |
|
|
|
(3 |
) |
Accumulated deficit |
|
|
(263,862 |
) |
|
|
(151,545 |
) |
Total shareholders' equity |
|
|
445,212 |
|
|
|
396,199 |
|
Noncontrolling interests |
|
|
(5,837 |
) |
|
|
4,901 |
|
Total equity |
|
|
439,375 |
|
|
|
401,100 |
|
|
|
$ |
2,726,827 |
|
|
$ |
2,945,979 |
|
17
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Condensed Combined Financial Statements - Unconsolidated Affiliates
(Unaudited; in thousands)
|
|
September 30, 2022 |
|
|
December 31, 2021 |
|
||
ASSETS: |
|
|
|
|
|
|
||
Investment in real estate assets |
|
$ |
1,986,409 |
|
|
$ |
2,364,154 |
|
Accumulated depreciation |
|
|
(816,218 |
) |
|
|
(934,374 |
) |
|
|
|
1,170,191 |
|
|
|
1,429,780 |
|
Developments in progress |
|
|
8,802 |
|
|
|
7,288 |
|
Net investment in real estate assets |
|
|
1,178,993 |
|
|
|
1,437,068 |
|
Other assets |
|
|
192,930 |
|
|
|
188,683 |
|
Total assets |
|
$ |
1,371,923 |
|
|
$ |
1,625,751 |
|
LIABILITIES: |
|
|
|
|
|
|
||
Mortgage and other indebtedness, net |
|
$ |
1,403,629 |
|
|
$ |
1,452,794 |
|
Other liabilities |
|
|
52,707 |
|
|
|
64,598 |
|
Total liabilities |
|
|
1,456,336 |
|
|
|
1,517,392 |
|
OWNERS' EQUITY: |
|
|
|
|
|
|
||
The Company |
|
|
2,541 |
|
|
|
102,792 |
|
Other investors |
|
|
(86,954 |
) |
|
|
5,567 |
|
Total owners' equity (deficit) |
|
|
(84,413 |
) |
|
|
108,359 |
|
Total liabilities and owners’ equity |
|
$ |
1,371,923 |
|
|
$ |
1,625,751 |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
2022 |
|
|
|
2021 |
|
||||
Total revenues |
|
$ |
64,656 |
|
|
|
$ |
65,482 |
|
|
$ |
193,944 |
|
|
|
$ |
181,985 |
|
Depreciation and amortization |
|
|
(19,133 |
) |
|
|
|
(23,570 |
) |
|
|
(55,739 |
) |
|
|
|
(70,015 |
) |
Operating expenses |
|
|
(22,279 |
) |
|
|
|
(22,365 |
) |
|
|
(66,212 |
) |
|
|
|
(62,604 |
) |
Interest and other income |
|
|
335 |
|
|
|
|
329 |
|
|
|
1,000 |
|
|
|
|
1,068 |
|
Interest expense |
|
|
(16,594 |
) |
|
|
|
(23,465 |
) |
|
|
(36,239 |
) |
|
|
|
(67,042 |
) |
Gain on extinguishment of debt |
|
|
41,331 |
|
|
|
|
— |
|
|
|
41,331 |
|
|
|
|
— |
|
Gain on sales of real estate assets |
|
|
— |
|
|
|
|
383 |
|
|
|
3,293 |
|
|
|
|
383 |
|
Net income (loss) |
|
$ |
48,316 |
|
|
|
$ |
(3,206 |
) |
|
$ |
81,378 |
|
|
|
$ |
(16,225 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Company's Share for the Period |
|
|
Company's Share for the Period |
|
||||||||||||
|
|
Successor |
|
|
|
Predecessor |
|
|
Successor |
|
|
|
Predecessor |
|
||||
|
|
Three Months Ended September 30, |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
||||
|
|
2022 |
|
|
|
2021 |
|
|
2022 |
|
|
|
2021 |
|
||||
Total revenues |
|
$ |
32,323 |
|
|
|
$ |
32,093 |
|
|
$ |
96,973 |
|
|
|
$ |
91,099 |
|
Depreciation and amortization |
|
|
(13,318 |
) |
|
|
|
(13,480 |
) |
|
|
(41,912 |
) |
|
|
|
(40,466 |
) |
Operating expenses |
|
|
(11,039 |
) |
|
|
|
(10,490 |
) |
|
|
(31,659 |
) |
|
|
|
(30,001 |
) |
Interest and other income |
|
|
231 |
|
|
|
|
230 |
|
|
|
693 |
|
|
|
|
731 |
|
Interest expense |
|
|
(25,297 |
) |
|
|
|
(10,647 |
) |
|
|
(65,454 |
) |
|
|
|
(31,008 |
) |
Negative investment adjustment |
|
|
22,769 |
|
|
|
|
— |
|
|
|
57,031 |
|
|
|
|
— |
|
Loss on impairment |
|
|
— |
|
|
|
|
— |
|
|
|
(26 |
) |
|
|
|
— |
|
Gain on sales of real estate assets |
|
|
33 |
|
|
|
|
70 |
|
|
|
662 |
|
|
|
|
70 |
|
Net income (loss) |
|
$ |
5,702 |
|
|
|
$ |
(2,224 |
) |
|
$ |
16,308 |
|
|
|
$ |
(9,575 |
) |
18
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, losses (gains) on the dispositions of depreciable property and impairment write-downs of depreciable property, and after adjustments to reflect the Company's share of EBITDAre from unconsolidated affiliates. The Company also calculates Adjusted EBITDAre to exclude the non-controlling interest in EBITDAre of consolidated entities, abandoned projects expense, reorganization items, adjustments related to unconsolidated affiliates, losses on available-for-sale securities 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, 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)
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Three Months Ended September 30, |
|
|
|
Three Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
Net loss |
|
$ |
(17,412 |
) |
|
|
$ |
(42,881 |
) |
Depreciation and amortization |
|
|
61,050 |
|
|
|
|
46,479 |
|
Depreciation and amortization from unconsolidated affiliates |
|
|
3,665 |
|
|
|
|
13,480 |
|
Interest expense |
|
|
37,652 |
|
|
|
|
19,039 |
|
Interest expense from unconsolidated affiliates |
|
|
25,297 |
|
|
|
|
10,647 |
|
Income taxes |
|
|
2,290 |
|
|
|
|
(892 |
) |
Loss on impairment |
|
|
— |
|
|
|
|
63,160 |
|
Gain on depreciable property |
|
|
— |
|
|
|
|
(4,836 |
) |
EBITDAre (1) |
|
|
112,542 |
|
|
|
|
104,196 |
|
Loss on available-for-sale securities |
|
|
39 |
|
|
|
|
— |
|
Reorganization items, net (2) |
|
|
(1,220 |
) |
|
|
|
12,008 |
|
Litigation settlement |
|
|
(36 |
) |
|
|
|
(89 |
) |
Abandoned projects expense |
|
|
— |
|
|
|
|
104 |
|
Adjustment for unconsolidated affiliates with negative investment |
|
|
(13,116 |
) |
|
|
|
— |
|
Net loss attributable to noncontrolling interests in other consolidated subsidiaries |
|
|
3,143 |
|
|
|
|
76 |
|
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries |
|
|
(829 |
) |
|
|
|
(571 |
) |
Noncontrolling interests' share of interest expense in other consolidated subsidiaries |
|
|
(2,688 |
) |
|
|
|
(663 |
) |
Company's share of Adjusted EBITDAre |
|
$ |
97,835 |
|
|
|
$ |
115,061 |
|
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Three Months Ended September 30, |
|
|
|
Three Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
|
|
|
|
|
|
|
|
||
Interest Expense: |
|
|
|
|
|
|
|
||
Interest expense |
|
$ |
37,652 |
|
|
|
$ |
19,039 |
|
Interest expense from unconsolidated affiliates |
|
|
25,297 |
|
|
|
|
10,647 |
|
Debt discount accretion, net of noncontrolling interests' share |
|
|
(25,425 |
) |
|
|
|
— |
|
Noncontrolling interests' share of interest expense in other consolidated subsidiaries |
|
|
(813 |
) |
|
|
|
(663 |
) |
Company's share of interest expense |
|
$ |
36,711 |
|
|
|
$ |
29,023 |
|
Ratio of Adjusted EBITDAre to Interest Expense |
|
|
2.7 |
x |
|
|
|
4.0 |
x |
19
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Three Months Ended September 30, |
|
|
|
Three Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
Company's share of Adjusted EBITDAre |
|
$ |
97,835 |
|
|
|
$ |
115,061 |
|
Interest expense |
|
|
(37,652 |
) |
|
|
|
(19,039 |
) |
Noncontrolling interests' share of interest expense in other consolidated subsidiaries |
|
|
2,688 |
|
|
|
|
663 |
|
Reorganization items, net |
|
|
1,220 |
|
|
|
|
(12,008 |
) |
Income taxes |
|
|
(2,290 |
) |
|
|
|
892 |
|
Net amortization of deferred financing costs, debt premiums and discounts |
|
|
10,746 |
|
|
|
|
275 |
|
Net amortization of intangible lease assets and liabilities |
|
|
5,455 |
|
|
|
|
188 |
|
Depreciation and interest expense from unconsolidated affiliates |
|
|
(28,962 |
) |
|
|
|
(24,127 |
) |
Adjustment for unconsolidated affiliates with negative investment |
|
|
13,116 |
|
|
|
|
— |
|
Litigation settlement |
|
|
36 |
|
|
|
|
89 |
|
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries |
|
|
829 |
|
|
|
|
571 |
|
Net loss attributable to noncontrolling interests in other consolidated subsidiaries |
|
|
(3,143 |
) |
|
|
|
(76 |
) |
Gain on outparcel sales |
|
|
(3,528 |
) |
|
|
|
(3,848 |
) |
Gain on insurance proceeds |
|
|
(2 |
) |
|
|
|
— |
|
Equity in (earnings) losses of unconsolidated affiliates |
|
|
(5,702 |
) |
|
|
|
2,224 |
|
Distributions of earnings from unconsolidated affiliates |
|
|
5,602 |
|
|
|
|
7,806 |
|
Share-based compensation expense |
|
|
2,855 |
|
|
|
|
338 |
|
Change in estimate of uncollectable revenues |
|
|
(944 |
) |
|
|
|
(6,593 |
) |
Change in deferred tax assets |
|
|
358 |
|
|
|
|
— |
|
Changes in operating assets and liabilities |
|
|
7,214 |
|
|
|
|
9,827 |
|
Cash flows provided by operating activities |
|
$ |
65,731 |
|
|
|
$ |
72,243 |
|
20
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Ratio of Adjusted EBITDAre to Interest Expense
(Dollars in thousands)
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Nine Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
Net loss |
|
$ |
(104,440 |
) |
|
|
$ |
(80,722 |
) |
Depreciation and amortization |
|
|
194,469 |
|
|
|
|
142,090 |
|
Depreciation and amortization from unconsolidated affiliates |
|
|
21,004 |
|
|
|
|
40,466 |
|
Interest expense |
|
|
183,428 |
|
|
|
|
65,468 |
|
Interest expense from unconsolidated affiliates |
|
|
65,454 |
|
|
|
|
31,008 |
|
Income taxes |
|
|
2,892 |
|
|
|
|
1,231 |
|
Loss on impairment |
|
|
252 |
|
|
|
|
120,342 |
|
Gain on depreciable property |
|
|
(629 |
) |
|
|
|
(4,836 |
) |
Gain on deconsolidation |
|
|
(36,250 |
) |
|
|
|
(55,131 |
) |
EBITDAre (1) |
|
|
326,180 |
|
|
|
|
259,916 |
|
Loss on available-for-sale securities |
|
|
39 |
|
|
|
|
— |
|
Reorganization items, net (2) |
|
|
(262 |
) |
|
|
|
52,014 |
|
Litigation settlement |
|
|
(182 |
) |
|
|
|
(890 |
) |
Abandoned projects expense |
|
|
834 |
|
|
|
|
391 |
|
Adjustment for unconsolidated affiliates with negative investment |
|
|
(36,123 |
) |
|
|
|
— |
|
Net loss attributable to noncontrolling interests in other consolidated subsidiaries |
|
|
8,002 |
|
|
|
|
1,344 |
|
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries |
|
|
(2,666 |
) |
|
|
|
(1,710 |
) |
Noncontrolling interests' share of interest expense in other consolidated subsidiaries |
|
|
(7,783 |
) |
|
|
|
(2,508 |
) |
Company's share of Adjusted EBITDAre |
|
$ |
288,039 |
|
|
|
$ |
308,557 |
|
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Nine Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
|
|
|
|
|
|
|
|
||
Interest Expense: |
|
|
|
|
|
|
|
||
Interest expense |
|
$ |
183,428 |
|
|
|
$ |
65,468 |
|
Interest expense from unconsolidated affiliates |
|
|
65,454 |
|
|
|
|
31,008 |
|
Debt discount accretion, net of noncontrolling interests' share |
|
|
(153,924 |
) |
|
|
|
— |
|
Noncontrolling interests' share of interest expense in other consolidated subsidiaries |
|
|
(2,230 |
) |
|
|
|
(2,508 |
) |
Company's share of interest expense |
|
$ |
92,728 |
|
|
|
$ |
93,968 |
|
Ratio of Adjusted EBITDAre to Interest Expense |
|
|
3.1 |
x |
|
|
|
3.3 |
x |
21
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Nine Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
Company's share of Adjusted EBITDAre |
|
$ |
288,039 |
|
|
|
$ |
308,557 |
|
Interest expense |
|
|
(183,428 |
) |
|
|
|
(65,468 |
) |
Noncontrolling interests' share of interest expense in other consolidated subsidiaries |
|
|
7,783 |
|
|
|
|
2,508 |
|
Reorganization items, net |
|
|
262 |
|
|
|
|
(52,014 |
) |
Income taxes |
|
|
(2,892 |
) |
|
|
|
(1,231 |
) |
Net amortization of deferred financing costs, premiums on available-for-sale securities, debt premiums and discounts |
|
|
109,669 |
|
|
|
|
1,771 |
|
Net amortization of intangible lease assets and liabilities |
|
|
16,533 |
|
|
|
|
573 |
|
Depreciation and interest expense from unconsolidated affiliates |
|
|
(86,458 |
) |
|
|
|
(71,474 |
) |
Gain on depreciable property from unconsolidated affiliates |
|
|
629 |
|
|
|
|
— |
|
Adjustment for unconsolidated affiliates with negative investment |
|
|
36,123 |
|
|
|
|
— |
|
Litigation settlement |
|
|
182 |
|
|
|
|
890 |
|
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries |
|
|
2,666 |
|
|
|
|
1,710 |
|
Net loss attributable to noncontrolling interests in other consolidated subsidiaries |
|
|
(8,002 |
) |
|
|
|
(1,344 |
) |
Gain on outparcel sales |
|
|
(3,547 |
) |
|
|
|
(3,656 |
) |
Gain on insurance proceeds |
|
|
(805 |
) |
|
|
|
— |
|
Equity in (earnings) losses of unconsolidated affiliates |
|
|
(16,308 |
) |
|
|
|
9,575 |
|
Distributions of earnings from unconsolidated affiliates |
|
|
18,185 |
|
|
|
|
14,482 |
|
Share-based compensation expense |
|
|
8,416 |
|
|
|
|
1,077 |
|
Change in estimate of uncollectable revenues |
|
|
(3,643 |
) |
|
|
|
8,362 |
|
Change in deferred tax assets |
|
|
(976 |
) |
|
|
|
— |
|
Changes in operating assets and liabilities |
|
|
(28,608 |
) |
|
|
|
47,852 |
|
Cash flows provided by operating activities |
|
$ |
153,820 |
|
|
|
$ |
202,170 |
|
22
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Components of Consolidated Rental Revenues
The Company adopted Accounting Standards Codification (“ASC”) 842, Leases, effective January 1, 2019, which resulted in the Company revising the presentation of rental revenues in its consolidated statements of operations. In the past, certain components of rental revenues were shown separately in the consolidated statement of operations. Upon the adoption of ASC 842, these amounts have been combined into a single line item. As a result of the adoption of ASC 842, the Company believes that the following presentation is useful to users of the Company’s consolidated financial statements as it depicts how amounts reported in the Company’s historical financial statements prior to the adoption of ASC 842 are reflected in the current presentation in accordance with ASC 842.
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Three Months Ended September 30, |
|
|
|
Three Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
Minimum rents |
|
$ |
98,039 |
|
|
|
$ |
104,391 |
|
Percentage rents |
|
|
3,404 |
|
|
|
|
3,685 |
|
Other rents |
|
|
1,742 |
|
|
|
|
1,508 |
|
Tenant reimbursements |
|
|
27,911 |
|
|
|
|
29,547 |
|
Estimate of uncollectable amounts |
|
|
546 |
|
|
|
|
6,408 |
|
Total rental revenues |
|
$ |
131,642 |
|
|
|
$ |
145,539 |
|
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Nine Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
Minimum rents |
|
$ |
293,367 |
|
|
|
$ |
307,358 |
|
Percentage rents |
|
|
12,497 |
|
|
|
|
10,100 |
|
Other rents |
|
|
5,700 |
|
|
|
|
4,030 |
|
Tenant reimbursements |
|
|
83,780 |
|
|
|
|
92,664 |
|
Estimate of uncollectable amounts |
|
|
3,462 |
|
|
|
|
(9,122 |
) |
Total rental revenues |
|
$ |
398,806 |
|
|
|
$ |
405,030 |
|
23
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Schedule of Mortgage and Other Indebtedness
(Dollars in thousands)
Property |
|
Location |
|
Non- |
|
|
Original |
|
Optional |
|
Interest |
|
|
Balance as of September 30, 2022 |
|
|
Balance |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed |
|
|
Variable |
|
||||
Operating Properties: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Alamance Crossing (1)(2) |
|
Burlington, NC |
|
|
|
|
Jul-21 |
|
|
|
|
5.83 |
% |
|
$ |
41,708 |
|
|
$ |
41,708 |
|
|
$ |
— |
|
Southpark Mall (3) |
|
Colonial Heights, VA |
|
|
|
|
Jun-22 |
|
|
|
|
4.85 |
% |
|
|
54,417 |
|
|
|
54,417 |
|
|
|
— |
|
WestGate Mall (1)(2) |
|
Spartanburg, SC |
|
|
|
|
Jul-22 |
|
|
|
|
4.99 |
% |
|
|
29,560 |
|
|
|
29,560 |
|
|
|
— |
|
Cross Creek Mall (4)(5) |
|
Fayetteville, NC |
|
|
|
|
Oct-22 |
|
|
|
|
4.54 |
% |
|
|
98,662 |
|
|
|
98,662 |
|
|
|
— |
|
Fayette Mall (6) |
|
Lexington, KY |
|
|
|
|
May-23 |
|
May-26 |
|
|
4.25 |
% |
|
|
129,580 |
|
|
|
129,580 |
|
|
|
— |
|
The Outlet Shoppes at Laredo |
|
Laredo, TX |
|
|
|
|
Jun-23 |
|
Jun-24 |
|
|
5.81 |
% |
|
|
38,550 |
|
|
|
— |
|
|
|
38,550 |
|
Brookfield Square Anchor Redevelopment |
|
Brookfield, WI |
|
|
|
|
Dec-23 |
|
Dec-24 |
|
|
5.46 |
% |
|
|
18,465 |
|
|
|
— |
|
|
|
18,465 |
|
Volusia Mall |
|
Daytona Beach, FL |
|
|
|
|
May-24 |
|
|
|
|
4.56 |
% |
|
|
41,647 |
|
|
|
41,647 |
|
|
|
— |
|
The Outlet Shoppes at Gettysburg (7) |
|
Gettysburg, PA |
|
|
|
|
Oct-25 |
|
|
|
|
4.80 |
% |
|
|
35,209 |
|
|
|
35,209 |
|
|
|
— |
|
Parkdale Mall & Crossing |
|
Beaumont, TX |
|
|
|
|
Mar-26 |
|
|
|
|
5.85 |
% |
|
|
64,242 |
|
|
|
64,242 |
|
|
|
— |
|
Northwoods Mall |
|
North Charleston, SC |
|
|
|
|
Apr-26 |
|
|
|
|
5.08 |
% |
|
|
59,034 |
|
|
|
59,034 |
|
|
|
— |
|
Arbor Place |
|
Atlanta (Douglasville), GA |
|
|
|
|
May-26 |
|
|
|
|
5.10 |
% |
|
|
99,042 |
|
|
|
99,042 |
|
|
|
— |
|
Hamilton Place |
|
Chattanooga, TN |
|
|
|
|
Jun-26 |
|
|
|
|
4.36 |
% |
|
|
94,568 |
|
|
|
94,568 |
|
|
|
— |
|
Jefferson Mall (8) |
|
Louisville, KY |
|
|
|
|
Jun-26 |
|
|
|
|
4.75 |
% |
|
|
56,638 |
|
|
|
56,638 |
|
|
|
— |
|
Open-air centers and outparcels loan (9) |
|
|
|
|
|
|
Jun-27 |
|
Jun-29 |
|
|
6.78 |
% |
|
|
360,000 |
|
|
|
180,000 |
|
|
|
180,000 |
|
Hamilton Place open-air centers secured loan |
|
|
|
|
|
|
Jun-32 |
|
|
|
|
5.85 |
% |
|
|
65,000 |
|
|
|
65,000 |
|
|
|
— |
|
Total Loans On Operating Properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,286,322 |
|
|
|
1,049,307 |
|
|
|
237,015 |
|
|
Weighted-average interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.46 |
% |
|
|
5.25 |
% |
|
|
6.39 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Corporate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Secured term loan |
|
|
|
|
|
|
Nov-25 |
|
Nov-26/Nov-27 |
|
|
5.31 |
% |
|
|
837,824 |
|
|
|
— |
|
|
|
837,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Consolidated Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,124,146 |
|
(10) |
$ |
1,049,307 |
|
|
$ |
1,074,839 |
|
|
Weighted-average interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.40 |
% |
|
|
5.25 |
% |
|
|
5.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Plus CBL's Share Of Unconsolidated Affiliates' Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Northgate Mall Developments (Sears) (11) |
|
Chattanooga, TN |
|
|
|
|
Nov-22 |
|
|
|
|
7.00 |
% |
|
$ |
1,481 |
|
|
$ |
— |
|
|
$ |
1,481 |
|
West County Center |
|
Des Peres, MO |
|
|
|
|
Dec-22 |
|
|
|
|
3.40 |
% |
|
|
81,509 |
|
|
|
81,509 |
|
|
|
— |
|
Northgate Mall Developments (JC Penney) (12) |
|
Chattanooga, TN |
|
|
|
|
Feb-23 |
|
|
|
|
6.75 |
% |
|
|
827 |
|
|
|
— |
|
|
|
827 |
|
Friendly Center |
|
Greensboro, NC |
|
|
|
|
Apr-23 |
|
|
|
|
3.48 |
% |
|
|
43,198 |
|
|
|
43,198 |
|
|
|
— |
|
The Shops at Friendly Center |
|
Greensboro, NC |
|
|
|
|
Apr-23 |
|
|
|
|
3.34 |
% |
|
|
30,000 |
|
|
|
30,000 |
|
|
|
— |
|
The Outlet Shoppes of the Bluegrass - Phase II |
|
Simpsonville, KY |
|
|
|
|
Apr-23 |
|
|
|
|
7.01 |
% |
|
|
7,647 |
|
|
|
— |
|
|
|
7,647 |
|
The Outlet Shoppes at Atlanta |
|
Woodstock, GA |
|
|
|
|
Nov-23 |
|
|
|
|
4.90 |
% |
|
|
33,523 |
|
|
|
33,523 |
|
|
|
— |
|
The Outlet Shoppes at Atlanta - Phase II |
|
Woodstock, GA |
|
|
|
|
Nov-23 |
|
|
|
|
5.06 |
% |
|
|
4,388 |
|
|
|
— |
|
|
|
4,388 |
|
Coastal Grand |
|
Myrtle Beach, SC |
|
|
|
|
Aug-24 |
|
|
|
|
4.09 |
% |
|
|
50,328 |
|
|
|
50,328 |
|
|
|
— |
|
Coastal Grand Outparcel |
|
Myrtle Beach, SC |
|
|
|
|
Aug-24 |
|
|
|
|
4.09 |
% |
|
|
2,428 |
|
|
|
2,428 |
|
|
|
— |
|
Coastal Grand - Dick's Sporting Goods |
|
Myrtle Beach, SC |
|
|
|
|
Nov-24 |
|
|
|
|
5.05 |
% |
|
|
3,438 |
|
|
|
3,438 |
|
|
|
— |
|
24
Property |
|
Location |
|
Non- |
|
|
Original |
|
Optional |
|
Interest |
|
|
Balance as of September 30, 2022 |
|
|
Balance |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed |
|
|
Variable |
|
|||||
Hamilton Place Aloft Hotel |
|
Chattanooga, TN |
|
|
|
|
Nov-24 |
|
|
|
|
5.08 |
% |
|
|
8,310 |
|
|
|
— |
|
|
|
8,310 |
|
|
The Outlet Shoppes of the Bluegrass |
|
Simpsonville, KY |
|
|
|
|
Dec-24 |
|
|
|
|
4.05 |
% |
|
|
32,712 |
|
|
|
32,712 |
|
|
|
— |
|
|
Hammock Landing - Phase I |
|
West Melbourne, FL |
|
|
|
|
Feb-25 |
|
Feb-26 |
|
|
5.06 |
% |
|
|
18,985 |
|
|
|
— |
|
|
|
18,985 |
|
|
Hammock Landing - Phase II |
|
West Melbourne, FL |
|
|
|
|
Feb-25 |
|
Feb-26 |
|
|
5.06 |
% |
|
|
6,707 |
|
|
|
— |
|
|
|
6,707 |
|
|
The Pavilion at Port Orange |
|
Port Orange, FL |
|
|
|
|
Feb-25 |
|
Feb-26 |
|
|
5.06 |
% |
|
|
25,011 |
|
|
|
— |
|
|
|
25,011 |
|
|
Ambassador Town Center Infrastructure Improvements |
|
Lafayette, LA |
|
|
|
|
Mar-25 |
|
|
|
|
3.00 |
% |
|
|
7,001 |
|
|
|
7,001 |
|
|
|
— |
|
|
York Town Center |
|
York, PA |
|
|
|
|
Mar-25 |
|
|
|
|
4.75 |
% |
|
|
15,000 |
|
|
|
15,000 |
|
|
|
— |
|
|
Oak Park Mall |
|
Overland Park, KS |
|
|
|
|
Oct-25 |
|
|
|
|
3.97 |
% |
|
|
131,486 |
|
|
|
131,486 |
|
|
|
— |
|
|
Fremaux Town Center |
|
Slidell, LA |
|
|
|
|
Jun-26 |
|
|
|
|
3.70 |
% |
|
|
39,499 |
|
|
|
39,499 |
|
|
|
— |
|
|
CoolSprings Galleria |
|
Nashville, TN |
|
|
|
|
May-28 |
|
|
|
|
4.84 |
% |
|
|
71,963 |
|
|
|
71,963 |
|
|
|
— |
|
|
The Outlet Shoppes at El Paso |
|
El Paso, TX |
|
|
|
|
Oct-28 |
|
|
|
|
5.10 |
% |
|
|
35,205 |
|
|
|
35,205 |
|
|
|
— |
|
|
Ambassador Town Center |
|
Lafayette, LA |
|
|
|
|
Jun-29 |
|
|
|
|
4.35 |
% |
|
|
27,470 |
|
|
|
27,470 |
|
|
|
— |
|
|
The Shoppes at Eagle Point |
|
Cookeville, TN |
|
|
|
|
May-32 |
|
|
|
|
5.40 |
% |
|
|
19,910 |
|
|
|
19,910 |
|
|
|
— |
|
|
|
|
SUBTOTAL |
|
|
|
|
|
|
|
|
|
|
|
|
698,026 |
|
(10) |
|
624,670 |
|
|
|
73,356 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Plus Other Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Greenbrier Mall (13) |
|
Chesapeake, VA |
|
|
|
|
Dec-19 |
|
|
|
|
5.41 |
% |
|
|
61,647 |
|
|
|
61,647 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Less Noncontrolling Interests' Share Of Consolidated Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
The Outlet Shoppes at Laredo |
|
Laredo, TX |
|
|
35 |
% |
|
Jun-23 |
|
Jun-24 |
|
|
5.81 |
% |
|
|
(13,493 |
) |
|
|
— |
|
|
|
(13,493 |
) |
The Outlet Shoppes at Gettysburg (7) |
|
Gettysburg, PA |
|
|
50 |
% |
|
Oct-25 |
|
|
|
|
4.80 |
% |
|
|
(17,604 |
) |
|
|
(17,604 |
) |
|
|
— |
|
Hamilton Place |
|
Chattanooga, TN |
|
|
10 |
% |
|
Jun-26 |
|
|
|
|
4.36 |
% |
|
|
(9,457 |
) |
|
|
(9,457 |
) |
|
|
— |
|
Hamilton Place open-air centers secured loan |
|
|
|
8% - 10% |
|
|
Jun-32 |
|
|
|
|
5.85 |
% |
|
|
(5,533 |
) |
|
|
(5,533 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(46,087 |
) |
(10) |
|
(32,594 |
) |
|
|
(13,493 |
) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Company's Share Of Consolidated, Unconsolidated and Other Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
2,837,732 |
|
(10) |
$ |
1,703,030 |
|
|
$ |
1,134,702 |
|
||
Weighted-average interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.12 |
% |
|
|
4.85 |
% |
|
|
5.53 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Debt of Unconsolidated Affiliates: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Northgate Mall Developments (Sears) (11) |
|
Chattanooga, TN |
|
|
|
|
Nov-22 |
|
|
|
|
7.00 |
% |
|
$ |
2,961 |
|
|
$ |
— |
|
|
$ |
2,961 |
|
|
West County Center |
|
Des Peres, MO |
|
|
|
|
Dec-22 |
|
|
|
|
3.40 |
% |
|
|
163,018 |
|
|
|
163,018 |
|
|
|
— |
|
|
Northgate Mall Developments (JC Penney) (12) |
|
Chattanooga, TN |
|
|
|
|
Feb-23 |
|
|
|
|
6.75 |
% |
|
|
1,655 |
|
|
|
— |
|
|
|
1,655 |
|
|
Friendly Center |
|
Greensboro, NC |
|
|
|
|
Apr-23 |
|
|
|
|
3.48 |
% |
|
|
86,396 |
|
|
|
86,396 |
|
|
|
— |
|
|
The Shops at Friendly Center |
|
Greensboro, NC |
|
|
|
|
Apr-23 |
|
|
|
|
3.34 |
% |
|
|
60,000 |
|
|
|
60,000 |
|
|
|
— |
|
|
The Outlet Shoppes of the Bluegrass - Phase II |
|
Simpsonville, KY |
|
|
|
|
Apr-23 |
|
|
|
|
7.01 |
% |
|
|
7,647 |
|
|
|
— |
|
|
|
7,647 |
|
|
The Outlet Shoppes at Atlanta |
|
Woodstock, GA |
|
|
|
|
Nov-23 |
|
|
|
|
4.90 |
% |
|
|
67,045 |
|
|
|
67,045 |
|
|
|
— |
|
|
The Outlet Shoppes at Atlanta - Phase II |
|
Woodstock, GA |
|
|
|
|
Nov-23 |
|
|
|
|
5.06 |
% |
|
|
4,388 |
|
|
|
— |
|
|
|
4,388 |
|
|
Coastal Grand |
|
Myrtle Beach, SC |
|
|
|
|
Aug-24 |
|
|
|
|
4.09 |
% |
|
|
100,656 |
|
|
|
100,656 |
|
|
|
— |
|
|
Coastal Grand Outparcel |
|
Myrtle Beach, SC |
|
|
|
|
Aug-24 |
|
|
|
|
4.09 |
% |
|
|
4,857 |
|
|
|
4,857 |
|
|
|
— |
|
|
Coastal Grand - Dick's Sporting Goods |
|
Myrtle Beach, SC |
|
|
|
|
Nov-24 |
|
|
|
|
5.05 |
% |
|
|
6,876 |
|
|
|
6,876 |
|
|
|
— |
|
|
Hamilton Place Aloft Hotel |
|
Chattanooga, TN |
|
|
|
|
Nov-24 |
|
|
|
|
5.08 |
% |
|
|
16,620 |
|
|
|
— |
|
|
|
16,620 |
|
|
The Outlet Shoppes of the Bluegrass |
|
Simpsonville, KY |
|
|
|
|
Dec-24 |
|
|
|
|
4.05 |
% |
|
|
65,424 |
|
|
|
65,424 |
|
|
|
— |
|
|
Hammock Landing - Phase I |
|
West Melbourne, FL |
|
|
|
|
Feb-25 |
|
Feb-26 |
|
|
5.06 |
% |
|
|
37,971 |
|
|
|
— |
|
|
|
37,971 |
|
25
Property |
|
Location |
|
Non- |
|
|
Original |
|
Optional |
|
Interest |
|
|
Balance as of September 30, 2022 |
|
|
Balance |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed |
|
|
Variable |
|
||||
Hammock Landing - Phase II |
|
West Melbourne, FL |
|
|
|
|
Feb-25 |
|
Feb-26 |
|
|
5.06 |
% |
|
|
13,414 |
|
|
|
— |
|
|
|
13,414 |
|
The Pavilion at Port Orange |
|
Port Orange, FL |
|
|
|
|
Feb-25 |
|
Feb-26 |
|
|
5.06 |
% |
|
|
50,023 |
|
|
|
— |
|
|
|
50,023 |
|
Ambassador Town Center Infrastructure Improvements |
|
Lafayette, LA |
|
|
|
|
Mar-25 |
|
|
|
|
3.00 |
% |
|
|
7,001 |
|
|
|
7,001 |
|
|
|
— |
|
York Town Center |
|
York, PA |
|
|
|
|
Mar-25 |
|
|
|
|
4.75 |
% |
|
|
30,000 |
|
|
|
30,000 |
|
|
|
— |
|
Oak Park Mall |
|
Overland Park, KS |
|
|
|
|
Oct-25 |
|
|
|
|
3.97 |
% |
|
|
262,971 |
|
|
|
262,971 |
|
|
|
— |
|
Fremaux Town Center |
|
Slidell, LA |
|
|
|
|
Jun-26 |
|
|
|
|
3.70 |
% |
|
|
60,767 |
|
|
|
60,767 |
|
|
|
— |
|
CoolSprings Galleria |
|
Nashville, TN |
|
|
|
|
May-28 |
|
|
|
|
4.84 |
% |
|
|
143,926 |
|
|
|
143,926 |
|
|
|
— |
|
The Outlet Shoppes at El Paso |
|
El Paso, TX |
|
|
|
|
Oct-28 |
|
|
|
|
5.10 |
% |
|
|
70,411 |
|
|
|
70,411 |
|
|
|
— |
|
Ambassador Town Center |
|
Lafayette, LA |
|
|
|
|
Jun-29 |
|
|
|
|
4.35 |
% |
|
|
42,261 |
|
|
|
42,261 |
|
|
|
— |
|
The Shoppes at Eagle Point |
|
Cookeville, TN |
|
|
|
|
May-32 |
|
|
|
|
5.40 |
% |
|
|
39,820 |
|
|
|
39,820 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
1,346,108 |
|
|
$ |
1,211,429 |
|
|
$ |
134,679 |
|
|
Weighted-average interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.24 |
% |
|
|
4.13 |
% |
|
|
5.24 |
% |
26
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 |
|
|||||||
2019 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
61,647 |
|
|
$ |
— |
|
|
$ |
61,647 |
|
|
|
2.17 |
% |
|
|
5.41 |
% |
2021 |
|
|
41,708 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41,708 |
|
|
|
1.47 |
% |
|
|
5.83 |
% |
2022 |
|
|
182,639 |
|
|
|
82,990 |
|
|
|
— |
|
|
|
— |
|
|
|
265,629 |
|
|
|
9.36 |
% |
|
|
4.32 |
% |
2023 |
|
|
— |
|
|
|
119,583 |
|
|
|
— |
|
|
|
— |
|
|
|
119,583 |
|
|
|
4.21 |
% |
|
|
4.15 |
% |
2024 |
|
|
98,662 |
|
|
|
97,216 |
|
|
|
— |
|
|
|
(13,493 |
) |
|
|
182,385 |
|
|
|
6.43 |
% |
|
|
4.63 |
% |
2025 |
|
|
35,209 |
|
|
|
153,487 |
|
|
|
— |
|
|
|
(17,604 |
) |
|
|
171,092 |
|
|
|
6.03 |
% |
|
|
4.08 |
% |
2026 |
|
|
503,104 |
|
|
|
90,202 |
|
|
|
— |
|
|
|
(9,457 |
) |
|
|
583,849 |
|
|
|
20.57 |
% |
|
|
4.75 |
% |
2027 |
|
|
837,824 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
837,824 |
|
|
|
29.52 |
% |
|
|
5.31 |
% |
2028 |
|
|
— |
|
|
|
107,168 |
|
|
|
— |
|
|
|
— |
|
|
|
107,168 |
|
|
|
3.78 |
% |
|
|
4.93 |
% |
2029 |
|
|
360,000 |
|
|
|
27,470 |
|
|
|
— |
|
|
|
— |
|
|
|
387,470 |
|
|
|
13.65 |
% |
|
|
6.65 |
% |
2032 |
|
|
65,000 |
|
|
|
19,910 |
|
|
|
— |
|
|
|
(5,533 |
) |
|
|
79,377 |
|
|
|
2.80 |
% |
|
|
5.74 |
% |
Face Amount of Debt |
|
$ |
2,124,146 |
|
|
$ |
698,026 |
|
|
$ |
61,647 |
|
|
$ |
(46,087 |
) |
|
$ |
2,837,732 |
|
|
|
100.00 |
% |
|
|
5.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Based on Original Maturity Dates: |
|
|||||||||||||||||||||||||||
Year |
|
Consolidated |
|
|
CBL's Share of |
|
|
Other Debt (1) |
|
|
Noncontrolling |
|
|
CBL's Share of |
|
|
% of Total |
|
|
Weighted |
|
|||||||
2019 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
61,647 |
|
|
$ |
— |
|
|
$ |
61,647 |
|
|
|
2.17 |
% |
|
|
5.41 |
% |
2021 |
|
|
41,708 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41,708 |
|
|
|
1.47 |
% |
|
|
5.83 |
% |
2022 |
|
|
182,639 |
|
|
|
82,990 |
|
|
|
— |
|
|
|
— |
|
|
|
265,629 |
|
|
|
9.36 |
% |
|
|
4.32 |
% |
2023 |
|
|
186,595 |
|
|
|
119,583 |
|
|
|
— |
|
|
|
(13,493 |
) |
|
|
292,685 |
|
|
|
10.31 |
% |
|
|
4.42 |
% |
2024 |
|
|
41,647 |
|
|
|
97,216 |
|
|
|
— |
|
|
|
— |
|
|
|
138,863 |
|
|
|
4.89 |
% |
|
|
4.30 |
% |
2025 |
|
|
873,033 |
|
|
|
204,190 |
|
|
|
— |
|
|
|
(17,604 |
) |
|
|
1,059,619 |
|
|
|
37.34 |
% |
|
|
5.10 |
% |
2026 |
|
|
373,524 |
|
|
|
39,499 |
|
|
|
— |
|
|
|
(9,457 |
) |
|
|
403,566 |
|
|
|
14.22 |
% |
|
|
4.87 |
% |
2027 |
|
|
360,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
360,000 |
|
|
|
12.69 |
% |
|
|
6.91 |
% |
2028 |
|
|
— |
|
|
|
107,168 |
|
|
|
— |
|
|
|
— |
|
|
|
107,168 |
|
|
|
3.78 |
% |
|
|
4.93 |
% |
2029 |
|
|
— |
|
|
|
27,470 |
|
|
|
— |
|
|
|
— |
|
|
|
27,470 |
|
|
|
0.97 |
% |
|
|
3.22 |
% |
2032 |
|
|
65,000 |
|
|
|
19,910 |
|
|
|
— |
|
|
|
(5,533 |
) |
|
|
79,377 |
|
|
|
2.80 |
% |
|
|
5.74 |
% |
Face Amount of Debt |
|
$ |
2,124,146 |
|
|
$ |
698,026 |
|
|
$ |
61,647 |
|
|
$ |
(46,087 |
) |
|
$ |
2,837,732 |
|
|
|
100.00 |
% |
|
|
5.12 |
% |
27
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 grouped into 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. CBL previously included Lifestyle Centers in the Mall category.
Outlet Centers: The Outlet Centers are open-air centers that are anchored by one or more large discount or off-price store as well as a selection of brand name discount or off-price stores. CBL previously included Outlet Centers in the Mall category.
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, convenience offerings or other. Open-Air Centers may be located adjacent to CBL’s existing Malls or Lifestyle Centers. CBL previously reported its Open-Air Centers as Associated Centers and Community 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 that serve as collateral for the Secured Notes. The outparcels are generally single-tenant or multi-tenant buildings that are either structured on a ground lease or building lease. Outparcels were formerly reported as part of the Mall, Lifestyle Center, Outlet Center or Open-Air Center it is located at.
Other: Other includes other non-retail property types such as office, hotels, self-storage or vacant land.
The information provided in the tables below, including historic operational and financial information, is for Properties owned as of September 30, 2022, 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, 2022, 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.
28
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Property List:
|
|
|
|
Successor |
|
|
|
Predecessor |
|
|
Successor |
|
|
|
Predecessor |
|
||||
Property |
|
Location |
|
Sales Per Square Foot for the Trailing Twelve Months Ended (1) |
|
|
|
Sales Per Square Foot for the Trailing Twelve Months Ended (1)(2) |
|
|
In-Line Occupancy (3) |
|
|
|
In-Line Occupancy (3) |
|
||||
|
|
|
|
9/30/22 |
|
|
|
9/30/21 |
|
|
9/30/22 |
|
|
|
9/30/21 |
|
||||
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 |
|
El Centro, CA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Kirkwood Mall |
|
Bismarck, ND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Layton Hills Mall |
|
Layton, UT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mall del Norte |
|
Laredo, TX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Northgate Mall |
|
Chattanooga, TN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Post Oak Mall |
|
College Station, TX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Richland Mall |
|
Waco, TX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Sunrise Mall |
|
Brownsville, TX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Turtle Creek Mall |
|
Hattiesburg, MS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Valley View Mall |
|
Roanoke, VA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
West Towne Mall |
|
Madison, WI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Westmoreland Mall |
|
Greensburg, PA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Malls |
|
|
|
$ |
397 |
|
|
|
$ |
392 |
|
|
|
91.5 |
% |
|
|
|
88.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lifestyle Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mayfaire Town Center |
|
Wilmington, NC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pearland Town Center |
|
Pearland, TX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Southaven Towne Center |
|
Southaven, MS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Lifestyle Centers |
|
|
|
$ |
399 |
|
|
|
$ |
408 |
|
|
|
91.0 |
% |
|
|
|
91.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Open-Air Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Layton Hills Convenience Center |
|
Layton, UT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Layton Hills Plaza |
|
Layton, UT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Westmoreland Crossing |
|
Greensburg, PA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Open-Air Centers |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
98.0 |
% |
|
|
|
95.9 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Term Loan Assets (HoldCo I) |
|
|
|
$ |
398 |
|
|
|
$ |
395 |
|
|
|
91.8 |
% |
|
|
|
89.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
CONSOLIDATED UNENCUMBERED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Malls: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Brookfield Square |
|
Brookfield, WI |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dakota Square Mall |
|
Minot, ND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Eastland Mall |
|
Bloomington, IL |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Harford Mall |
|
Bel Air, MD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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 |
|
|
|
$ |
354 |
|
|
|
$ |
368 |
|
|
|
82.1 |
% |
|
|
|
79.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Open-Air Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Annex at Monroeville |
|
Pittsburgh, PA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
The Promenade |
|
D'Iberville, MS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
N/A |
|
|
|
N/A |
|
|
|
100.0 |
% |
|
|
|
99.8 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Outparcels and Other: |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
91.5 |
% |
|
|
|
98.4 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29
|
|
|
|
Successor |
|
|
|
Predecessor |
|
|
Successor |
|
|
|
Predecessor |
|
||||
Property |
|
Location |
|
Sales Per Square Foot for the Trailing Twelve Months Ended (1) |
|
|
|
Sales Per Square Foot for the Trailing Twelve Months Ended (1)(2) |
|
|
In-Line Occupancy (3) |
|
|
|
In-Line Occupancy (3) |
|
||||
|
|
|
|
9/30/22 |
|
|
|
9/30/21 |
|
|
9/30/22 |
|
|
|
9/30/21 |
|
||||
Total Consolidated Unencumbered |
|
|
|
$ |
354 |
|
|
|
$ |
368 |
|
|
|
84.9 |
% |
|
|
|
83.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
JOINT VENTURE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Malls: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Coastal Grand |
|
Myrtle Beach, SC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
CoolSprings Galleria |
|
Nashville, TN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Governor's Square |
|
Clarksville, TN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Kentucky Oaks Mall |
|
Paducah, KY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Oak Park Mall |
|
Overland Park, KS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
West County Center |
|
Des Peres, MO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Malls |
|
|
|
$ |
550 |
|
|
|
$ |
517 |
|
|
|
91.5 |
% |
|
|
|
88.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Outlet Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
The Outlet Shoppes at Atlanta |
|
Woodstock, GA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
The Outlet Shoppes at El Paso |
|
El Paso, TX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
The Outlet Shoppes at Gettysburg |
|
Gettysburg, PA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
The Outlet Shoppes at Laredo |
|
Laredo, TX |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
The Outlet Shoppes of the Bluegrass |
|
Simpsonville, KY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Outlet Centers |
|
|
|
$ |
440 |
|
|
|
$ |
429 |
|
|
|
90.9 |
% |
|
|
|
86.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lifestyle Centers: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Friendly Center and The Shops at Friendly |
|
Greensboro, NC |
|
$ |
585 |
|
|
|
$ |
530 |
|
|
|
90.3 |
% |
|
|
|
87.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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 |
|
|
|
92.6 |
% |
|
|
|
93.3 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Joint Venture Assets |
|
|
|
$ |
511 |
|
|
|
$ |
484 |
|
|
|
91.6 |
% |
|
|
|
89.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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 |
|
|
|
$ |
451 |
|
|
|
$ |
473 |
|
|
|
91.8 |
% |
|
|
|
89.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30
|
|
|
|
Successor |
|
|
|
Predecessor |
|
|
Successor |
|
|
|
Predecessor |
|
||||
Property |
|
Location |
|
Sales Per Square Foot for the Trailing Twelve Months Ended (1) |
|
|
|
Sales Per Square Foot for the Trailing Twelve Months Ended (1)(2) |
|
|
In-Line Occupancy (3) |
|
|
|
In-Line Occupancy (3) |
|
||||
|
|
|
|
9/30/22 |
|
|
|
9/30/21 |
|
|
9/30/22 |
|
|
|
9/30/21 |
|
||||
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 |
|
|
|
94.5 |
% |
|
|
|
94.2 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Outparcels: |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
92.6 |
% |
|
|
|
98.4 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Consolidated Encumbered Assets |
|
|
|
$ |
451 |
|
|
|
$ |
473 |
|
|
|
92.9 |
% |
|
|
|
91.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Same-Center Portfolio |
|
|
|
$ |
435 |
|
|
|
$ |
432 |
|
|
|
90.5 |
% |
|
|
|
88.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
EXCLUDED PROPERTIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Alamance Crossing East |
|
Burlington, NC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Greenbrier Mall |
|
Chesapeake, VA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
WestGate Mall |
|
Spartanburg, SC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Excluded Properties |
|
|
|
N/A |
|
|
|
N/A |
|
|
N/A |
|
|
|
N/A |
|
31
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Operating Metrics - Nine Months Ended September 30, 2022 at CBL Share |
|
||||||||||||||||||||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
NOI |
|
|
Capital |
|
|
Redevelopment |
|
|
Unleveraged |
|
|
Interest |
|
|
Non-Cash |
|
|
Amortization |
|
|
Cash Flow |
|
||||||||
TERM LOAN ASSETS (HOLDCO I) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Malls |
$ |
83,124 |
|
|
$ |
(7,340 |
) |
|
$ |
- |
|
|
$ |
75,784 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
75,784 |
|
Lifestyle Centers |
|
16,139 |
|
|
|
(1,648 |
) |
|
|
- |
|
|
|
14,491 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
14,491 |
|
Open-Air Centers |
|
3,024 |
|
|
|
(75 |
) |
|
|
- |
|
|
|
2,949 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,949 |
|
Term Loan Debt Service |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(27,060 |
) |
|
|
- |
|
|
|
(42,268 |
) |
|
|
(69,328 |
) |
Total Term Loan Assets (HoldCo I) |
|
102,287 |
|
|
|
(9,063 |
) |
|
|
- |
|
|
|
93,224 |
|
|
|
(27,060 |
) |
|
|
- |
|
|
|
(42,268 |
) |
|
|
23,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|||||||
CONSOLIDATED UNENCUMBERED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|||||||
Malls |
|
46,381 |
|
|
|
(4,805 |
) |
|
|
(1,891 |
) |
|
|
39,685 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
39,685 |
|
Open-Air Centers |
|
5,841 |
|
|
|
(266 |
) |
|
|
- |
|
|
|
5,575 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,575 |
|
Outparcels |
|
437 |
|
|
|
- |
|
|
|
- |
|
|
|
437 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
437 |
|
Other |
|
1,688 |
|
|
|
(265 |
) |
|
|
- |
|
|
|
1,423 |
|
|
|
(426 |
) |
|
|
135 |
|
|
|
(342 |
) |
|
|
790 |
|
Total Consolidated Unencumbered |
|
54,347 |
|
|
|
(5,336 |
) |
|
|
(1,891 |
) |
|
|
47,120 |
|
|
|
(426 |
) |
|
|
135 |
|
|
|
(342 |
) |
|
|
46,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|||||||
JOINT VENTURE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|||||||
Malls |
|
29,478 |
|
|
|
(1,758 |
) |
|
|
- |
|
|
|
27,720 |
|
|
|
(8,757 |
) |
|
|
(1,827 |
) |
|
|
(3,787 |
) |
|
|
13,349 |
|
Outlet Centers |
|
13,450 |
|
|
|
(729 |
) |
|
|
- |
|
|
|
12,721 |
|
|
|
(10,810 |
) |
|
|
5,361 |
|
|
|
(3,227 |
) |
|
|
4,045 |
|
Lifestyle Centers |
|
9,009 |
|
|
|
(342 |
) |
|
|
- |
|
|
|
8,667 |
|
|
|
(1,912 |
) |
|
|
- |
|
|
|
(876 |
) |
|
|
5,879 |
|
Open-Air Centers |
|
13,862 |
|
|
|
(972 |
) |
|
|
(972 |
) |
|
|
11,918 |
|
|
|
(2,466 |
) |
|
|
(2,525 |
) |
|
|
(5,109 |
) |
|
|
1,818 |
|
Total Joint Venture Assets |
|
65,799 |
|
|
|
(3,801 |
) |
|
|
(972 |
) |
|
|
61,026 |
|
|
|
(23,945 |
) |
|
|
1,009 |
|
|
|
(12,999 |
) |
|
|
25,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|||||||
CONSOLIDATED ENCUMBERED ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|||||||
Malls |
|
67,985 |
|
|
|
(3,979 |
) |
|
|
- |
|
|
|
64,006 |
|
|
|
(92,868 |
) |
|
|
66,192 |
|
|
|
(34,444 |
) |
|
|
2,886 |
|
Lifestyle Centers |
|
1,378 |
|
|
|
- |
|
|
|
- |
|
|
|
1,378 |
|
|
|
(417 |
) |
|
|
- |
|
|
|
- |
|
|
|
961 |
|
Open-Air Centers |
|
17,065 |
|
|
|
(534 |
) |
|
|
(416 |
) |
|
|
16,115 |
|
|
|
(4,807 |
) |
|
|
- |
|
|
|
(80 |
) |
|
|
11,228 |
|
Outparcels |
|
13,958 |
|
|
|
(149 |
) |
|
|
(2,380 |
) |
|
|
11,429 |
|
|
|
(4,238 |
) |
|
|
- |
|
|
|
- |
|
|
|
7,191 |
|
Other |
|
114 |
|
|
|
- |
|
|
|
- |
|
|
|
114 |
|
|
|
(24 |
) |
|
|
- |
|
|
|
- |
|
|
|
90 |
|
Total Consolidated Encumbered Assets |
|
100,500 |
|
|
|
(4,662 |
) |
|
|
(2,796 |
) |
|
|
93,042 |
|
|
|
(102,354 |
) |
|
|
66,192 |
|
|
|
(34,524 |
) |
|
|
22,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
|||||||
Secured Note Debt Service |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(17,721 |
) |
|
|
788 |
|
|
|
- |
|
|
|
(16,933 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Same-Center |
$ |
322,933 |
|
|
$ |
(22,862 |
) |
|
$ |
(5,659 |
) |
|
$ |
294,412 |
|
|
$ |
(171,506 |
) |
|
$ |
68,124 |
|
|
$ |
(90,133 |
) |
|
$ |
100,897 |
|
32
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Operating Metrics - Nine Months Ended September 30, 2021 at CBL Share (1) |
|
||||||||||||||||||||||||||||||
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
NOI |
|
|
Capital |
|
|
Redevelopment |
|
|
Unleveraged |
|
|
Interest |
|
|
Non-Cash |
|
|
Amortization |
|
|
Cash Flow |
|
||||||||
TERM LOAN ASSETS (HOLDCO I) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Malls |
$ |
83,009 |
|
|
$ |
(4,402 |
) |
|
$ |
- |
|
|
$ |
78,607 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
78,607 |
|
Lifestyle Centers |
|
15,297 |
|
|
|
(1,282 |
) |
|
|
(5,365 |
) |
|
|
8,650 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
8,650 |
|
Open-Air Centers |
|
2,721 |
|
|
|
(73 |
) |
|
|
- |
|
|
|
2,648 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,648 |
|
Total Term Loan Assets (HoldCo I) |
|
101,027 |
|
|
|
(5,757 |
) |
|
|
(5,365 |
) |
|
|
89,905 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
89,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
CONSOLIDATED UNENCUMBERED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Malls |
|
46,678 |
|
|
|
(5,468 |
) |
|
|
- |
|
|
|
41,210 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
41,210 |
|
Open-Air Centers |
|
5,780 |
|
|
|
(191 |
) |
|
|
- |
|
|
|
5,589 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,589 |
|
Outparcels |
|
295 |
|
|
|
- |
|
|
|
(4,532 |
) |
|
|
(4,237 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(4,237 |
) |
Other |
|
2,352 |
|
|
|
(57 |
) |
|
|
- |
|
|
|
2,295 |
|
|
|
(559 |
) |
|
|
- |
|
|
|
(591 |
) |
|
|
1,145 |
|
Total Consolidated Unencumbered |
|
55,105 |
|
|
|
(5,716 |
) |
|
|
(4,532 |
) |
|
|
44,857 |
|
|
|
(559 |
) |
|
|
- |
|
|
|
(591 |
) |
|
|
43,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
JOINT VENTURE ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Malls |
|
29,135 |
|
|
|
(314 |
) |
|
|
- |
|
|
|
28,821 |
|
|
|
(13,632 |
) |
|
|
2,986 |
|
|
|
(4,250 |
) |
|
|
13,925 |
|
Outlet Centers |
|
12,180 |
|
|
|
(662 |
) |
|
|
- |
|
|
|
11,518 |
|
|
|
(9,281 |
) |
|
|
3,809 |
|
|
|
(3,518 |
) |
|
|
2,528 |
|
Lifestyle Centers |
|
8,426 |
|
|
|
(370 |
) |
|
|
- |
|
|
|
8,056 |
|
|
|
(2,964 |
) |
|
|
1,022 |
|
|
|
(846 |
) |
|
|
5,268 |
|
Open-Air Centers |
|
13,643 |
|
|
|
(91 |
) |
|
|
- |
|
|
|
13,552 |
|
|
|
(6,151 |
) |
|
|
1,554 |
|
|
|
(4,788 |
) |
|
|
4,167 |
|
Total Joint Venture Assets |
|
63,384 |
|
|
|
(1,437 |
) |
|
|
- |
|
|
|
61,947 |
|
|
|
(32,028 |
) |
|
|
9,371 |
|
|
|
(13,402 |
) |
|
|
25,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
CONSOLIDATED ENCUMBERED ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Malls |
|
66,980 |
|
|
|
(917 |
) |
|
|
- |
|
|
|
66,063 |
|
|
|
(46,558 |
) |
|
|
17,940 |
|
|
|
(21,510 |
) |
|
|
15,935 |
|
Lifestyle Centers |
|
1,537 |
|
|
|
- |
|
|
|
- |
|
|
|
1,537 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,537 |
|
Open-Air Centers |
|
15,786 |
|
|
|
(902 |
) |
|
|
- |
|
|
|
14,884 |
|
|
|
(503 |
) |
|
|
167 |
|
|
|
(231 |
) |
|
|
14,317 |
|
Outparcels |
|
13,434 |
|
|
|
- |
|
|
|
- |
|
|
|
13,434 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
13,434 |
|
Other |
|
108 |
|
|
|
- |
|
|
|
- |
|
|
|
108 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
108 |
|
Total Consolidated Encumbered Assets |
|
97,845 |
|
|
|
(1,819 |
) |
|
|
- |
|
|
|
96,026 |
|
|
|
(47,061 |
) |
|
|
18,107 |
|
|
|
(21,741 |
) |
|
|
45,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Same-Center |
$ |
317,361 |
|
|
$ |
(14,729 |
) |
|
$ |
(9,897 |
) |
|
$ |
292,735 |
|
|
$ |
(79,648 |
) |
|
$ |
27,478 |
|
|
$ |
(35,734 |
) |
|
$ |
204,831 |
|
33
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 |
|
$ |
174,313 |
|
|
$ |
174,292 |
|
Buildings and improvements |
|
|
398,383 |
|
|
|
385,577 |
|
|
|
|
572,696 |
|
|
|
559,869 |
|
Accumulated depreciation |
|
|
(39,841 |
) |
|
|
(7,188 |
) |
|
|
|
532,855 |
|
|
|
552,681 |
|
Developments in progress |
|
|
765 |
|
|
|
3,884 |
|
Net investment in real estate assets |
|
|
533,620 |
|
|
|
556,565 |
|
Cash |
|
|
26,387 |
|
|
|
17,887 |
|
Restricted cash |
|
|
1,075 |
|
|
|
339 |
|
Receivables: |
|
|
|
|
|
|
||
Tenant |
|
|
11,579 |
|
|
|
14,180 |
|
Other |
|
|
4,537 |
|
|
|
354 |
|
In-place leases, net |
|
|
96,623 |
|
|
|
133,806 |
|
Above market leases, net |
|
|
61,142 |
|
|
|
77,466 |
|
Other assets |
|
|
3,773 |
|
|
|
1,893 |
|
|
|
$ |
738,736 |
|
|
$ |
802,490 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Senior secured term loan, net of deferred financing costs |
|
$ |
836,901 |
|
|
$ |
878,949 |
|
Below market leases, net |
|
|
40,092 |
|
|
|
51,333 |
|
Accounts payable and accrued liabilities |
|
|
39,222 |
|
|
|
41,042 |
|
Total liabilities |
|
|
916,215 |
|
|
|
971,324 |
|
Owner's deficit |
|
|
(177,479 |
) |
|
|
(168,834 |
) |
|
|
$ |
738,736 |
|
|
$ |
802,490 |
|
CBL & Associates HoldCo I, LLC - Consolidated Income Statement |
|
|||||||
(unaudited, in thousands) |
|
|||||||
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||
|
|
2022 |
|
|
2022 |
|
||
REVENUES: |
|
|
|
|
|
|
||
Rental revenues |
|
$ |
49,624 |
|
|
$ |
149,616 |
|
Other |
|
|
1,013 |
|
|
|
3,396 |
|
Total revenues |
|
|
50,637 |
|
|
|
153,012 |
|
EXPENSES: |
|
|
|
|
|
|
||
Property operating |
|
|
(8,397 |
) |
|
|
(24,182 |
) |
Depreciation and amortization |
|
|
(22,538 |
) |
|
|
(71,281 |
) |
Real estate taxes |
|
|
(4,878 |
) |
|
|
(14,539 |
) |
Maintenance and repairs |
|
|
(4,208 |
) |
|
|
(12,009 |
) |
Management fees |
|
|
(2,250 |
) |
|
|
(6,750 |
) |
Total expenses |
|
|
(42,271 |
) |
|
|
(128,761 |
) |
OTHER INCOME (EXPENSES): |
|
|
|
|
|
|
||
Other income |
|
|
12 |
|
|
|
845 |
|
Interest expense |
|
|
(10,791 |
) |
|
|
(27,284 |
) |
Total other expenses |
|
|
(10,779 |
) |
|
|
(26,439 |
) |
NET LOSS |
|
$ |
(2,413 |
) |
|
$ |
(2,188 |
) |
|
|
|
|
|
|
|
||
Modified Cash NOI (1) |
|
$ |
33,589 |
|
|
$ |
132,803 |
|
Interest Coverage Ratio (2) |
|
|
|
|
4.1x |
|
||
Interest Coverage Ratio - pro forma (2) |
|
|
|
|
4.1x |
|
34
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 |
|
||||||
Quarter-to-Date: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
All Property Types (2) |
|
|
371,178 |
|
|
$ |
35.20 |
|
|
$ |
37.03 |
|
|
|
5.2 |
% |
|
$ |
37.48 |
|
|
|
6.5 |
% |
Malls, Lifestyle Centers & Outlet Centers |
|
|
321,756 |
|
|
|
37.76 |
|
|
|
39.28 |
|
|
|
4.0 |
% |
|
|
39.72 |
|
|
|
5.2 |
% |
New leases |
|
|
28,278 |
|
|
|
36.47 |
|
|
|
64.08 |
|
|
|
75.7 |
% |
|
|
67.56 |
|
|
|
85.3 |
% |
Renewal leases |
|
|
293,478 |
|
|
|
37.89 |
|
|
|
36.89 |
|
|
|
(2.6 |
)% |
|
|
37.03 |
|
|
|
(2.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Year-to-Date: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
All Property Types (2) |
|
|
1,465,986 |
|
|
$ |
34.44 |
|
|
$ |
31.97 |
|
|
|
(7.2 |
)% |
|
$ |
32.54 |
|
|
|
(5.5 |
)% |
Malls, Lifestyle Centers & Outlet Centers |
|
|
1,341,160 |
|
|
|
35.90 |
|
|
|
33.06 |
|
|
|
(7.9 |
)% |
|
|
33.64 |
|
|
|
(6.3 |
)% |
New leases |
|
|
135,827 |
|
|
|
42.42 |
|
|
|
45.47 |
|
|
|
7.2 |
% |
|
|
48.49 |
|
|
|
14.3 |
% |
Renewal leases |
|
|
1,205,333 |
|
|
|
35.16 |
|
|
|
31.66 |
|
|
|
(9.9 |
)% |
|
|
31.97 |
|
|
|
(9.1 |
)% |
|
|
|
|
|
Average Annual Base Rents Per Square Foot (3) By Property Type For Small Shop Space Less Than 10,000 Square Feet: |
|
|||||||||
|
|
|
|
|
|
|
|||||||||
Total Leasing Activity: |
|
|
|
|
|
|
Successor |
|
|
|
Predecessor |
|
|||
|
|
Square Feet |
|
|
|
|
As of September 30, |
|
|
|
As of September 30, |
|
|||
Quarter-to-Date: |
|
|
|
|
|
|
2022 |
|
|
|
2021 |
|
|||
Operating portfolio: |
|
|
|
|
Same-center Malls, Lifestyle & Outlet Centers |
|
$ |
29.57 |
|
|
|
$ |
30.03 |
|
|
New leases |
|
|
272,462 |
|
|
Total Malls |
|
|
30.14 |
|
|
|
|
30.55 |
|
Renewal leases |
|
|
608,551 |
|
|
Total Lifestyle Centers |
|
|
28.53 |
|
|
|
|
27.00 |
|
Development portfolio: |
|
|
|
|
Total Outlet Centers |
|
|
26.45 |
|
|
|
|
27.32 |
|
|
New leases |
|
|
15,703 |
|
|
Total Malls, Lifestyle & Outlet Centers |
|
|
29.57 |
|
|
|
|
29.87 |
|
Total leased |
|
|
896,716 |
|
|
Open-Air Centers |
|
|
15.14 |
|
|
|
|
14.97 |
|
|
|
|
|
|
Other |
|
|
19.18 |
|
|
|
|
19.35 |
|
|
Year-to-Date: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Operating Portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
New leases |
|
|
903,104 |
|
|
|
|
|
|
|
|
|
|
||
Renewal leases |
|
|
2,058,920 |
|
|
|
|
|
|
|
|
|
|
||
Development portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
New leases |
|
|
15,703 |
|
|
|
|
|
|
|
|
|
|
||
Total leased |
|
|
2,977,727 |
|
|
|
|
|
|
|
|
|
|
35
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
For the Nine Months Ended September 30, 2022 Based on Commencement Date
|
|
Number |
|
|
Square |
|
|
Term |
|
|
Initial |
|
|
Average |
|
|
Expiring |
|
|
Initial Rent |
|
|
Average Rent |
|
||||||||||||||||
Commencement 2022: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New |
|
|
81 |
|
|
|
222,588 |
|
|
|
6.38 |
|
|
$ |
41.03 |
|
|
$ |
42.97 |
|
|
$ |
38.17 |
|
|
$ |
2.86 |
|
|
|
7.5 |
% |
|
$ |
4.80 |
|
|
|
12.6 |
% |
Renewal |
|
|
471 |
|
|
|
1,490,972 |
|
|
|
2.55 |
|
|
|
30.29 |
|
|
|
30.58 |
|
|
|
33.32 |
|
|
|
(3.03 |
) |
|
|
(9.1 |
)% |
|
|
(2.74 |
) |
|
|
(8.2 |
)% |
Commencement 2022 Total |
|
|
552 |
|
|
|
1,713,560 |
|
|
|
3.11 |
|
|
|
31.69 |
|
|
|
32.19 |
|
|
|
33.95 |
|
|
|
(2.26 |
) |
|
|
(6.7 |
)% |
|
|
(1.76 |
) |
|
|
(5.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commencement 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New |
|
|
6 |
|
|
|
18,617 |
|
|
|
8.36 |
|
|
|
29.84 |
|
|
|
42.36 |
|
|
|
31.57 |
|
|
|
(1.73 |
) |
|
|
(5.5 |
)% |
|
|
10.79 |
|
|
|
34.2 |
% |
Renewal |
|
|
99 |
|
|
|
258,840 |
|
|
|
2.75 |
|
|
|
45.72 |
|
|
|
46.10 |
|
|
|
46.02 |
|
|
|
(0.30 |
) |
|
|
(0.7 |
)% |
|
|
0.08 |
|
|
|
0.2 |
% |
Commencement 2023 Total |
|
|
105 |
|
|
|
277,457 |
|
|
|
3.07 |
|
|
|
44.66 |
|
|
|
45.85 |
|
|
|
45.05 |
|
|
|
(0.39 |
) |
|
|
(0.9 |
)% |
|
|
0.80 |
|
|
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total 2022/2023 |
|
|
657 |
|
|
|
1,991,017 |
|
|
|
3.10 |
|
|
$ |
33.50 |
|
|
$ |
34.09 |
|
|
$ |
35.50 |
|
|
$ |
(2.00 |
) |
|
|
(5.6 |
)% |
|
$ |
(1.41 |
) |
|
|
(4.0 |
)% |
36
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 Jewelers Ltd. (2) |
|
|
112 |
|
|
|
166,502 |
|
|
|
2.86 |
% |
2 |
|
Victoria's Secret & Co. (3) |
|
|
49 |
|
|
|
397,537 |
|
|
|
2.62 |
% |
3 |
|
Foot Locker, Inc. |
|
|
79 |
|
|
|
381,257 |
|
|
|
2.57 |
% |
4 |
|
American Eagle Outfitters, Inc. |
|
|
60 |
|
|
|
366,320 |
|
|
|
2.35 |
% |
5 |
|
Dick's Sporting Goods, Inc. (4) |
|
|
25 |
|
|
|
1,463,010 |
|
|
|
2.17 |
% |
6 |
|
Bath & Body Works, Inc. (3) |
|
|
57 |
|
|
|
231,813 |
|
|
|
1.95 |
% |
7 |
|
Genesco Inc. (5) |
|
|
82 |
|
|
|
160,462 |
|
|
|
1.58 |
% |
8 |
|
Finish Line, Inc. |
|
|
36 |
|
|
|
189,264 |
|
|
|
1.45 |
% |
9 |
|
The Buckle, Inc. |
|
|
37 |
|
|
|
191,577 |
|
|
|
1.23 |
% |
10 |
|
Luxottica Group S.P.A. (6) |
|
|
81 |
|
|
|
179,125 |
|
|
|
1.20 |
% |
11 |
|
Cinemark Holdings, Inc. |
|
|
9 |
|
|
|
467,190 |
|
|
|
1.15 |
% |
12 |
|
The Gap, Inc. |
|
|
45 |
|
|
|
534,986 |
|
|
|
1.14 |
% |
13 |
|
Express Fashions |
|
|
30 |
|
|
|
246,437 |
|
|
|
1.01 |
% |
14 |
|
Hot Topic, Inc. |
|
|
92 |
|
|
|
215,412 |
|
|
|
0.99 |
% |
15 |
|
Shoe Show, Inc. |
|
|
29 |
|
|
|
378,849 |
|
|
|
0.92 |
% |
16 |
|
H & M Hennes & Mauritz AB |
|
|
38 |
|
|
|
803,811 |
|
|
|
0.90 |
% |
17 |
|
Spencer Spirit Holdings, Inc. |
|
|
48 |
|
|
|
110,906 |
|
|
|
0.89 |
% |
18 |
|
Claire's Stores, Inc. |
|
|
69 |
|
|
|
86,405 |
|
|
|
0.86 |
% |
19 |
|
Barnes & Noble, Inc. |
|
|
17 |
|
|
|
465,199 |
|
|
|
0.84 |
% |
20 |
|
Abercrombie & Fitch, Co. |
|
|
27 |
|
|
|
185,243 |
|
|
|
0.80 |
% |
21 |
|
The TJX Companies, Inc. (7) |
|
|
18 |
|
|
|
520,475 |
|
|
|
0.79 |
% |
22 |
|
The Children's Place, Inc. |
|
|
35 |
|
|
|
151,723 |
|
|
|
0.75 |
% |
23 |
|
Ulta Salon, Cosmetics & Fragrance, Inc. |
|
|
23 |
|
|
|
237,961 |
|
|
|
0.73 |
% |
24 |
|
Focus Brands LLC (8) |
|
|
67 |
|
|
|
46,818 |
|
|
|
0.66 |
% |
25 |
|
Regal Entertainment Group |
|
|
7 |
|
|
|
370,773 |
|
|
|
0.65 |
% |
|
|
|
|
|
1,172 |
|
|
|
8,549,055 |
|
|
|
33.06 |
% |
37
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Capital Expenditures
(In thousands)
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Three Months Ended September 30, |
|
|
|
Three Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
Tenant allowances (1) |
|
$ |
5,639 |
|
|
|
$ |
4,990 |
|
Deferred maintenance: (2) |
|
|
|
|
|
|
|
||
Parking lot and parking lot lighting |
|
|
1,702 |
|
|
|
|
802 |
|
Roof replacements |
|
|
149 |
|
|
|
|
220 |
|
Other capital expenditures |
|
|
2,761 |
|
|
|
|
1,873 |
|
Total deferred maintenance expenditures |
|
|
4,612 |
|
|
|
|
2,895 |
|
Total capital expenditures |
|
$ |
10,251 |
|
|
|
$ |
7,885 |
|
|
|
Successor |
|
|
|
Predecessor |
|
||
|
|
Nine Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
||
|
|
2022 |
|
|
|
2021 |
|
||
Tenant allowances (1) |
|
$ |
12,679 |
|
|
|
$ |
9,242 |
|
Deferred maintenance: (2) |
|
|
|
|
|
|
|
||
Parking lot and parking lot lighting |
|
|
3,215 |
|
|
|
|
859 |
|
Roof replacements |
|
|
275 |
|
|
|
|
538 |
|
Other capital expenditures |
|
|
6,858 |
|
|
|
|
4,126 |
|
Total deferred maintenance expenditures |
|
|
10,348 |
|
|
|
|
5,523 |
|
Total capital expenditures |
|
$ |
23,027 |
|
|
|
$ |
14,765 |
|
38
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
Developments Completed at September 30, 2022
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
CBL's Share of |
|
|
|
|
|
||||||||||
Property |
|
Location |
|
CBL |
|
Total |
|
|
Total |
|
|
Cost to |
|
|
2022 |
|
|
Opening |
|
Initial |
||||
Outparcel Developments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Kirkwood Mall - Five Guys, Blaze Pizza, Thrifty White, Pancheros, Chick-fil-A |
|
Bismarck, ND |
|
100% |
|
|
15,275 |
|
|
$ |
7,976 |
|
|
$ |
6,738 |
|
|
$ |
2,380 |
|
|
Q2 '22 |
|
8.9% |
Redevelopments in Progress as of September 30, 2022
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
CBL's Share of |
|
|
|
|
|
||||||||||
Property |
|
Location |
|
CBL |
|
Total |
|
|
Total |
|
|
Cost to |
|
|
2022 |
|
|
Expected Opening |
|
Initial |
||||
Outparcel Development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mayfaire Town Center - hotel development |
|
Wilmington, NC |
|
49% |
|
|
83,021 |
|
|
$ |
15,435 |
|
|
$ |
- |
|
|
$ |
- |
|
|
Spring '24 |
|
11.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Redevelopments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dakota Square Herberger's - Five Below |
|
Minot, ND |
|
100% |
|
|
9,502 |
|
|
|
1,834 |
|
|
|
1,891 |
|
|
|
1,891 |
|
|
Fall '22 |
|
8.7% |
The Terrace - Nordstrom Rack (former Staples) |
|
Chattanooga, TN |
|
92% |
|
|
24,155 |
|
|
|
2,527 |
|
|
|
416 |
|
|
|
416 |
|
|
Spring '23 |
|
13.0% |
York Town Center - Burlington (former Bed Bath & Beyond) |
|
York, PA |
|
50% |
|
|
28,000 |
|
|
|
1,247 |
|
|
|
972 |
|
|
|
972 |
|
|
Spring '23 |
|
18.5% |
|
|
|
|
|
|
|
61,657 |
|
|
$ |
5,608 |
|
|
$ |
3,279 |
|
|
$ |
3,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Properties Under Development |
|
|
|
|
|
|
144,678 |
|
|
$ |
21,043 |
|
|
$ |
3,279 |
|
|
$ |
3,279 |
|
|
|
|
|
39
CBL & Associates Properties, Inc.
Supplemental Financial and Operating Information
CBL Core Portfolio Exposure to Sears and Closed Bon-Ton Locations and Redevelopment Plans
Property |
|
Location |
|
Sears Redevelopment Plans |
|
BonTon Redevelopment Plans |
Arbor Place |
|
Atlanta (Douglasville), GA |
|
Sears sold to third party developer for redevelopment. Lease executed with Conn's and UNG with entertainment use. |
|
|
Brookfield Square |
|
Brookfield, WI |
|
Redeveloped in 2019 with Movie Tavern, Whirlyball, Outback Steakhouse, Uncle Julio's, convention center/hotel. |
|
Sold to third party for future office use. |
CherryVale Mall |
|
Rockford, IL |
|
Redeveloped with Tilt in 2020. |
|
Gallery Furniture opened 2021. |
Coastal Grand |
|
Myrtle Beach, SC |
|
Owned by Sears. Under negotiation with sporting goods retailer for lower level. |
|
|
CoolSprings Galleria |
|
Nashville, TN |
|
Redeveloped in 2015. |
|
|
Cross Creek Mall |
|
Fayetteville, NC |
|
Sale of parcel to Rooms To Go. New store opened December 2021. Longhorn Steakhouse opened. Pad sale to Main Event completed in August. Opening in 2023. |
|
|
Dakota Square Mall |
|
Minot, ND |
|
Sold to Scheel's and new expanded store opened in fall 2022. |
|
Ross Dress For Less opened. Five Below estimated opening in fall 2022. |
East Towne Mall |
|
Madison, WI |
|
Owned by Sears. |
|
Owned by third party. |
Eastland Mall |
|
Bloomington, IL |
|
Closed. |
|
Closed. |
Fayette Mall |
|
Lexington, KY |
|
Redeveloped in 2016. |
|
|
Friendly Center and The Shops at Friendly |
|
Greensboro, NC |
|
Owned by Sears. Whole Foods sub-leases a third of the box. Sears still operating in remainder. Ground lease termination under negotiation for future redevelopment. |
|
|
Frontier Mall |
|
Cheyenne, WY |
|
Owned by third party. Jax Outdoor Gear purchased location and opened November 2019. |
|
|
Governor's Square |
|
Clarksville, TN |
|
50/50 joint venture property. Under negotiation/LOIs with tenants. |
|
|
Hamilton Place |
|
Chattanooga, TN |
|
Redevelopment with Cheesecake Factory (December 2019), Dick's Sporting Goods and Dave & Busters (March 2020). Malone's (opening TBD). Aloft hotel opened June 2021. |
|
|
Hanes Mall |
|
Winston-Salem, NC |
|
Owned by third party. Novant Health, Inc. purchased Sears and Sears TBA for future medical office. |
|
|
Harford Mall |
|
Bel Air, MD |
|
Sold to third party developer. New grocer under construction. |
|
|
Imperial Valley Mall |
|
El Centro, CA |
|
Owned by Seritage. |
|
|
Jefferson Mall |
|
Louisville, KY |
|
Currently occupied by Overstock. Under negotiation for sale to wholesale club. |
|
|
Kentucky Oaks Mall |
|
Paducah, KY |
|
Owned by Seritage. Redeveloped with Burlington and Ross Dress for Less. |
|
50/50 joint venture asset. HomeGoods and Five Below opened November 2019. |
Kirkwood Mall |
|
Bismarck, ND |
|
|
|
New Chick-fil-A, Five Guys, Thrifty White Pharmacy, Blaze Pizza and Panchero's restaurant opened in parking lot. Building lease out for signature with entertainment use. |
Laurel Park Place |
|
Livonia, MI |
|
|
|
Dunham's Sports opened November 2019. |
Layton Hills Mall |
|
Layton, UT |
|
|
|
|
Mall del Norte |
|
Laredo, TX |
|
Owned by Sears. |
|
|
Mayfaire Town Center |
|
Wilmington, NC |
|
|
|
|
Meridian Mall |
|
Lansing, MI |
|
|
|
High Caliber Karts opened fall 2019. Activey leasing women's store - pursuing non-retail use. |
Mid Rivers Mall |
|
St. Peters, MO |
|
Owned by Sears. |
|
|
Monroeville Mall |
|
Pittsburgh, PA |
|
|
|
|
40
Property |
|
Location |
|
Sears Redevelopment Plans |
|
BonTon Redevelopment Plans |
Northgate Mall |
|
Chattanooga, TN |
|
Building purchased by third party for non-retail development. CBL 50% partner. |
|
|
Northpark Mall |
|
Joplin, MO |
|
Building owned by Sears. |
|
|
Northwoods Mall |
|
North Charleston, SC |
|
Owned by Seritage. Redeveloped with Burlington. |
|
|
Oak Park Mall |
|
Overland Park, KS |
|
|
|
|
Old Hickory Mall |
|
Jackson, TN |
|
Actively leasing. |
|
|
Parkdale Mall |
|
Beaumont, TX |
|
Owned by Sears. |
|
|
Parkway Place |
|
Huntsville, AL |
|
|
|
|
Pearland Town Center |
|
Pearland, TX |
|
|
|
|
Post Oak Mall |
|
College Station, TX |
|
Location purchased from Sears by third party. Conn's opened. Home supply store under negotiation. |
|
|
Richland Mall |
|
Waco, TX |
|
Dillard's opened Q2 2020. |
|
|
South County Center |
|
St. Louis, MO |
|
Sears still paying rent under ground lease. |
|
|
Southaven Towne Center |
|
Southaven, MS |
|
|
|
|
Southpark Mall |
|
Colonial Heights, VA |
|
Under negotiation with non-retail use/healthcare. |
|
|
St. Clair Square |
|
Fairview Heights, IL |
|
Building owned by Sears on ground lease. |
|
|
Stroud Mall |
|
Stroudsburg, PA |
|
EFO Furniture Outlet opened February 2020. |
|
Shoprite opened October 2019. |
Sunrise Mall |
|
Brownsville, TX |
|
Sears sold to third party developer. TruFit and Main Event opened. |
|
|
The Outlet Shoppes at Atlanta |
|
Woodstock, GA |
|
|
|
|
The Outlet Shoppes at El Paso |
|
El Paso, TX |
|
|
|
|
The Outlet Shoppes at Gettysburg |
|
Gettysburg, PA |
|
|
|
|
The Outlet Shoppes at Laredo |
|
Laredo, TX |
|
|
|
|
The Outlet Shoppes of the Bluegrass |
|
Simpsonville, KY |
|
|
|
|
Turtle Creek Mall |
|
Hattiesburg, MS |
|
Owned by Sears. |
|
|
Valley View Mall |
|
Roanoke, VA |
|
Owned by Sears. |
|
|
Volusia Mall |
|
Daytona Beach, FL |
|
Sears sold to third party developer for future redevelopment. |
|
|
West County Center |
|
St. Louis, MO |
|
|
|
|
West Towne Mall |
|
Madison, WI |
|
Owned by Seritage. Redeveloped with Dave & Busters and Total Wine. Hobby Lobby opened June 2021. Portillo's restaurant opened fall 2022. |
|
Von Maur opening fall 2022. |
Westmoreland Mall |
|
Greensburg, PA |
|
Building owned by Sears on ground lease. Potential for non-retail. |
|
Stadium Casino opened November 2020. |
York Galleria |
|
York, PA |
|
Hollywood Casino opened August 2021. |
|
Extra Space Storage (store purchased and converted). |
41