10-Q

UNITED STATES OF AMERICA

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM ____________ TO _______________

COMMISSION FILE NO. 1-12494 (CBL & ASSOCIATES PROPERTIES, INC.)

CBL & ASSOCIATES PROPERTIES, INC.

(Exact Name of registrant as specified in its charter)

Delaware	62-1545718
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)

2030 Hamilton Place Blvd., Suite 500, Chattanooga, TN 37421-6000

(Address of principal executive office, including zip code)

423-855-0001

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered under Section 12(b) of the Act:

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

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

  Yes ☐ No ☒

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

  Yes ☒ No ☐

As of May 3, 2024, 31,872,406 shares of common stock were outstanding, excluding 34 treasury shares.

CBL & Associates Properties, Inc.

Table of Contents

PART I	FINANCIAL INFORMATION	1
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023	1
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023	2
	Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 31, 2024 and 2023	3
	Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2024 and 2023	4
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023	5
	Notes to Unaudited Condensed Consolidated Financial Statements	6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	33
PART II	OTHER INFORMATION	34
Item 1.	Legal Proceedings	34
Item1A.	Risk Factors	34
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 3.	Defaults Upon Senior Securities	34
Item 4.	Mine Safety Disclosures	34
Item 5.	Other Information	34
Item 6.	Exhibits	35
	SIGNATURES	36

PART I – FINANCIAL INFORMATION

ITEM 1: Condensed Consolidated Financial Statements (Unaudited)

CBL & Associates Properties, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

	March 31,			December 31,
ASSETS (1)	2024			2023
Real estate assets:
Land	$	582,949		$	585,191
Buildings and improvements		1,218,746			1,216,054
		1,801,695			1,801,245
Accumulated depreciation		(247,387	)		(228,034	)
		1,554,308			1,573,211
Developments in progress		7,479			8,900
Net investment in real estate assets		1,561,787			1,582,111
Cash and cash equivalents		60,311			34,188
Restricted cash		66,946			88,888
Available-for-sale securities - at fair value (amortized cost of $235,072 and $261,869 as of March 31, 2024 and December 31, 2023, respectively)		234,998			262,142
Receivables:
Tenant		37,588			43,436
Other		7,246			2,752
Investments in unconsolidated affiliates		77,818			76,458
In-place leases, net		142,683			157,639
Intangible lease assets and other assets		154,439			158,291
	$	2,343,816		$	2,405,905
LIABILITIES AND EQUITY
Mortgage and other indebtedness, net	$	1,860,294		$	1,888,803
Accounts payable and accrued liabilities		168,672			186,485
Total liabilities (1)		2,028,966			2,075,288
Shareholders' equity:
Common stock, $.001 par value, 200,000,000 shares authorized, 32,033,939 and 31,975,645 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively (excluding 140,034 treasury shares as of March 31, 2024 and excluding 34 treasury shares as of December 31, 2023)	32				32
Additional paid-in capital		716,706			719,125
Accumulated other comprehensive income		726			610
Accumulated deficit		(393,266	)		(380,446	)
Total shareholders' equity		324,198			339,321
Noncontrolling interests		(9,348	)		(8,704	)
Total equity		314,850			330,617
	$	2,343,816		$	2,405,905

(1)As of March 31, 2024, includes $179,986 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $205,856 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 7.

The accompanying notes are an integral part of these condensed consolidated statements.

1

CBL & Associates Properties, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

	Three Months Ended March 31,
	2024			2023
REVENUES:
Rental revenues	$	124,027		$	130,324
Management, development and leasing fees		1,905			2,434
Other		3,185			3,601
Total revenues		129,117			136,359
EXPENSES:
Property operating		(23,827	)		(24,614	)
Depreciation and amortization		(38,040	)		(53,269	)
Real estate taxes		(9,269	)		(14,788	)
Maintenance and repairs		(9,938	)		(11,524	)
General and administrative		(20,414	)		(19,229	)
Loss on impairment		(836	)		—
Litigation settlement		68			44
Other		—			(198	)
Total expenses		(102,256	)		(123,578	)
OTHER INCOME (EXPENSES):
Interest and other income		4,004			2,665
Interest expense		(39,812	)		(43,524	)
Gain on deconsolidation		—			28,151
Gain on sales of real estate assets		3,721			1,596
Income tax benefit		158			101
Equity in earnings (losses) of unconsolidated affiliates		4,594			(1,256	)
Total other expenses		(27,335	)		(12,267	)
Net (loss) income		(474	)		514
Net loss (income) attributable to noncontrolling interests in:
Operating Partnership		—			—
Other consolidated subsidiaries		524			1,745
Net income attributable to the Company		50			2,259
Earnings allocable to unvested restricted stock		(259	)		(280	)
Net (loss) income attributable to common shareholders	$	(209	)	$	1,979
Basic and diluted per share data attributable to common shareholders:
Basic earnings per share	$	(0.01	)	$	0.06
Diluted earnings per share		(0.01	)		0.06
Weighted-average basic shares		31,546			31,304
Weighted-average diluted shares		31,546			31,369

The accompanying notes are an integral part of these condensed consolidated statements.

2

CBL & Associates Properties, Inc.

Condensed Consolidated Statements of Comprehensive (Loss) Income

(In thousands, except share data)

(Unaudited)

	Three Months Ended March 31,
	2024			2023
Net (loss) income	$	(474	)	$	514
Other comprehensive gain (loss):
Unrealized gain on interest rate swap		462			—
Unrealized (loss) gain on available-for-sale securities		(346	)		530
Comprehensive (loss) income		(358	)		1,044
Comprehensive loss attributable to noncontrolling interests in:
Other consolidated subsidiaries		524			1,745
Comprehensive income attributable to the Company		166			2,789
Earnings allocable to unvested restricted stock		(259	)		(280	)
Comprehensive (loss) income attributable to common shareholders	$	(93	)	$	2,509

The accompanying notes are an integral part of these condensed consolidated statements.

3

CBL & Associates Properties, Inc.

Condensed Consolidated Statements of Equity

(In thousands, except share data)

(Unaudited)

	Equity
	Shareholders' Equity
	Common Stock		Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Accumulated Deficit			Total Shareholders' Equity			Noncontrolling Interests			Total Equity
Balance, December 31, 2022	$	32	$	710,497		$	(1,054	)	$	(338,934	)	$	370,541		$	(3,412	)	$	367,129
Net income (loss)		—		—			—			2,259			2,259			(1,745	)		514
Other comprehensive income		—		—			530			—			530			—			530
Dividends declared - common stock		—		—			—			(12,024	)		(12,024	)		—			(12,024	)
Issuance of 152,905 shares of restricted common stock		—		—			—			—			—			—			—
Issuance of 133,221 shares of common stock associated with performance stock units, net of shares withheld for tax		—		(1,793	)		—			—			(1,793	)		—			(1,793	)
Amortization of deferred compensation		—		1,843			—			—			1,843			—			1,843
Compensation expense related to performance stock units		—		1,409			—			—			1,409			—			1,409
Distributions to noncontrolling interests		—		—			—			—			—			(3	)		(3	)
Balance, March 31, 2023	$	32	$	711,956		$	(524	)	$	(348,699	)	$	362,765		$	(5,160	)	$	357,605

	Equity
	Shareholders' Equity
	Common Stock		Additional Paid-in Capital			Accumulated Other Comprehensive Income		Accumulated Deficit			Total Shareholders' Equity			Noncontrolling Interests			Total Equity
Balance, December 31, 2023	$	32	$	719,125		$	610	$	(380,446	)	$	339,321		$	(8,704	)	$	330,617
Net income (loss)		—		—			—		50			50			(524	)		(474	)
Other comprehensive income		—		—			116		—			116			—			116
Dividends declared - common stock		—		—			—		(12,870	)		(12,870	)		—			(12,870	)
Issuance of 145,352 shares of restricted common stock		—		—			—		—			—			—			—
Issuance of 164,837 shares of common stock associated with performance stock units, net of shares withheld for tax		—		(769	)		—		—			(769	)		—			(769	)
Distributions to noncontrolling interests		—		—			—		—			—			(133	)		(133	)
Amortization of deferred compensation		—		2,012			—		—			2,012			—			2,012
Compensation expense related to performance stock units		—		1,667			—		—			1,667			—			1,667
Cancellation of 12,484 shares of restricted common stock		—		(292	)		—		—			(292	)		—			(292	)
Repurchases of 239,411 shares of common stock		—		(5,037	)		—		—			(5,037	)		—			(5,037	)
Contributions from noncontrolling interests		—		—			—		—			—			13			13
Balance, March 31, 2024	$	32	$	716,706		$	726	$	(393,266	)	$	324,198		$	(9,348	)	$	314,850

The accompanying notes are an integral part of these condensed consolidated statements.

4

CBL & Associates Properties, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three Months Ended March 31,
	2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$	(474	)	$	514
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		38,040			53,269
Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts		2,459			7,852
Net amortization of intangible lease assets and liabilities		3,449			5,337
Gain on sales of real estate assets		(3,721	)		(1,596	)
Gain on deconsolidation		—			(28,151	)
Write-off of development projects		—			17
Share-based compensation expense		3,679			3,252
Loss on impairment		836			—
Equity in (earnings) losses of unconsolidated affiliates		(4,594	)		1,256
Distributions of earnings from unconsolidated affiliates		3,692			3,335
Change in estimate of uncollectable revenues		1,522			(138	)
Change in deferred tax accounts		1,331			225
Changes in:
Tenant and other receivables		(356	)		7,934
Other assets		(4,295	)		(2,667	)
Accounts payable and accrued liabilities		(10,830	)		(17,264	)
Net cash provided by operating activities		30,738			33,175
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate assets		(6,846	)		(6,729	)
Proceeds from sales of real estate assets		6,746			4,622
Purchases of available-for-sale securities		(48,600	)		(15,004	)
Redemptions of available-for-sale securities		76,445			50,850
Additional investments in and advances to unconsolidated affiliates		(859	)		(4,682	)
Distributions in excess of equity in earnings of unconsolidated affiliates		494			1,504
Changes in other assets		(576	)		(689	)
Net cash provided by investing activities		26,804			29,872
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on mortgage and other indebtedness		(34,272	)		(26,155	)
Repurchases of common stock		(5,037	)		—
Contributions from noncontrolling interests		13			—
Payment of tax withholdings for restricted stock awards and performance stock units		(1,062	)		(1,793	)
Distributions to noncontrolling interests		(133	)		(3	)
Dividends paid to common shareholders		(12,870	)		(82,058	)
Net cash used in financing activities		(53,361	)		(110,009	)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		4,181			(46,962	)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period		123,076			141,949
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$	127,257		$	94,987
Reconciliation from consolidated statements of cash flows to consolidated balance sheets:
Cash and cash equivalents	$	60,311		$	22,555
Restricted cash:
Restricted cash		26,968			35,006
Mortgage escrows		39,978			37,426
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$	127,257		$	94,987
SUPPLEMENTAL INFORMATION
Cash paid for interest, net of amounts capitalized	$	34,357		$	32,762

The accompanying notes are an integral part of these condensed consolidated statements.

5

CBL & Associates Properties, Inc.

Notes to Unaudited Condensed Consolidated Financial Statements

(Dollars in thousands, except per share data)

Note 1 – Organization and Basis of Presentation

CBL & Associates Properties, Inc. (“CBL”), a Delaware corporation, is a self-managed, self-administered, fully integrated real estate investment trust (“REIT”) that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, outlet centers, lifestyle centers, open-air centers, office buildings and other properties, including single-tenant and multi-tenant parcels. Its properties are located in 22 states, but are primarily in the southeastern and midwestern United States.

CBL conducts substantially all its business through CBL & Associates Limited Partnership (the “Operating Partnership”), which is a variable interest entity ("VIE"). The Operating Partnership consolidates the financial statements of all entities in which it has a controlling financial interest or where it is the primary beneficiary of a VIE.

As of March 31, 2024, the Operating Partnership owned interests in the following properties:

	Malls (1)		Outlet Centers (1)		Lifestyle Centers (1)(2)		Open-Air Centers (3)		Other (3)(4)		Total
Consolidated Properties		40		2		4		21		4		71
Unconsolidated Properties (5)		7		3		1		8		1		20
Total		47		5		5		29		5		91

(1)The Company has aggregated malls, outlet centers and lifestyle centers into one reportable segment (the "Malls") because they have similar economic characteristics and they provide similar products and services to similar types of, and in many cases, the same tenants.

(2)Alamance Crossing is made up of Alamance Crossing East and Alamance Crossing West. Alamance Crossing East was deconsolidated and placed into receivership in connection with the foreclosure process. Alamance Crossing West remains consolidated. The Company views Alamance Crossing as one property and therefore only Alamance Crossing West is reflected in the total count.

(3)Included in “All Other” for purposes of segment reporting.

(4)CBL's two consolidated corporate office buildings are included in the Other category.

(5)The Operating Partnership accounts for these investments using the equity method.

CBL is the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. As of March 31, 2024, CBL Holdings I, Inc., the sole general partner of the Operating Partnership, owned a 1.00% general partner interest in the Operating Partnership and CBL Holdings II, Inc. owned a 98.98% limited partner interest for a combined interest held by CBL of 99.98%. As of March 31, 2024, third parties owned a 0.02% limited partner interest in the Operating Partnership.

As used herein, the term "Company" includes CBL & Associates Properties, Inc. and its subsidiaries, including CBL & Associates Limited Partnership and its subsidiaries, unless the context indicates otherwise. The term "Operating Partnership" refers to CBL & Associates Limited Partnership and its subsidiaries.

The Operating Partnership conducts the Company's property management and development activities through its wholly owned subsidiary, CBL & Associates Management, Inc. (the “Management Company"), to comply with certain requirements of the Internal Revenue Code.

The accompanying condensed consolidated financial statements are unaudited; however, they have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. All intercompany transactions have been eliminated. The results for the interim period ended March 31, 2024 are not necessarily indicative of the results to be obtained for the full fiscal year.

Reclassifications

The Company reclassified above market leases, net, of $118,673 and below market leases, net, of $80,408 from individual line items to intangible lease assets and other assets and accounts payable and accrued liabilities, respectively, on the condensed consolidated balance sheets at December 31, 2023 to conform with the current period presentation.

For the three months ended March 31, 2023, the Company reclassified payments received on mortgage and other notes receivable of $21 from an individual line item on the condensed consolidated statement of cash flows to changes in other assets from investing activities on the condensed consolidated statement of cash flows to conform with the current period presentation.

6

Note 2 – Summary of Significant Accounting Policies

Accounting Guidance Adopted

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform, which provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. Additional optional expedients, exceptions and clarifications were created in ASU 2021-01. The guidance is effective upon issuance and generally can be applied to any contract modifications or existing and new hedging relationships through December 31, 2024. The Company elected the expedients in conjunction with transitioning certain debt instruments to alternative benchmark indexes. Since adoption, there has been no impact on our condensed consolidated financial statements through the use of the expedient.

Accounting Guidance Not Yet Adopted

On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting, which amends the existing standard's disclosure requirements. Among other things, ASU 2023-07 will require companies to disclose significant segment expenses by reportable segment if they are regularly provided to the Chief Operating Decision Maker ("CODM") and disclosures of the CODM's title and position, as well as details of how the CODM uses the reported measures. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. The adoption of ASU 2023-07 is not expected to have a material impact on the Company's financial statements.

Accounts Receivable

Receivables include amounts billed and currently due from tenants pursuant to lease agreements and receivables attributable to straight-line rents associated with those lease agreements. Individual leases where the collection of rents is in dispute are assessed for collectability based on management’s best estimate of collection considering the anticipated outcome of the dispute. Individual leases that are not in dispute are assessed for collectability and upon the determination that the collection of rents over the remaining lease term is not probable, accounts receivable are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, management assesses whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. An allowance for the uncollectable portion of the portfolio is recorded as an adjustment to rental revenues.

Management’s collection assessment took into consideration the type of retailer, billing disputes, lease negotiation status and executed deferral or abatement agreements, as well as recent rent collection experience and tenant bankruptcies based on the best information available to management at the time of evaluation.

Note 3 – Revenues

Revenues

The following table presents the Company's revenues disaggregated by revenue source for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
Rental revenues	$	124,027	$	130,324
Revenues from contracts with customers:
Operating expense reimbursements		2,260		2,216
Management, development and leasing fees (1)		1,905		2,434
Marketing revenues (2)		404		645
		4,569		5,295
Other revenues		521		740
Total revenues (3)	$	129,117	$	136,359

(1)Included in All Other segment.

(2)Marketing revenues solely relate to the Malls segment for all periods presented.

(3)Sales taxes are excluded from revenues.

See Note 9 for information on the Company's segments.

7

Revenues from Contracts with Customers

Outstanding Performance Obligations

The Company has outstanding performance obligations related to certain noncancelable contracts with customers for which it will receive fixed operating expense reimbursements for providing certain maintenance and other services as described above. As of March 31, 2024, the Company expects to recognize these amounts as revenue over the following periods:

Performance obligation	Less than 5 years		5-20 years		Over 20 years		Total
Fixed operating expense reimbursements	$	19,320	$	44,001	$	40,721	$	104,042

The Company evaluates its performance obligations each period and makes adjustments to reflect any known additions or cancellations. Performance obligations related to variable consideration, which is based on sales, are constrained.

Note 4 – Leases

The components of rental revenues for the three months ended March 31, 2024 and 2023 are as follows:

	Three Months Ended March 31,
	2024		2023
Fixed lease payments	$	98,304	$	98,981
Variable lease payments		25,723		31,343
Total rental revenues	$	124,027	$	130,324

The undiscounted future fixed lease payments to be received under the Company's operating leases as of March 31, 2024, are as follows:

Years Ending December 31,	Operating Leases
2024 (1)	$	292,113
2025		319,843
2026		244,269
2027		183,412
2028		131,356
2029		84,780
Thereafter		211,472
Total undiscounted lease payments	$	1,467,245

(1)Reflects rental payments for the period April 1, 2024 to December 31, 2024.

Note 5 – Fair Value Measurements

The Company has categorized its financial assets and financial liabilities that are recorded at fair value into a hierarchy in accordance with Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosure, ("ASC 820") based on whether the inputs to valuation techniques are observable or unobservable. The fair value hierarchy contains three levels of inputs that may be used to measure fair value as follows:

Level 1 –	Inputs represent quoted prices in active markets for identical assets and liabilities as of the measurement date.
Level 2 –	Inputs, other than those included in Level 1, represent observable measurements for similar instruments in active markets, or identical or similar instruments in markets that are not active, and observable measurements or market data for instruments with substantially the full term of the asset or liability.
Level 3 –	Inputs represent unobservable measurements, supported by little, if any, market activity, and require considerable assumptions that are significant to the fair value of the asset or liability. Market valuations must often be determined using discounted cash flow methodologies, pricing models or similar techniques based on the Company’s assumptions and best judgment.

8

The asset or liability's fair value within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Under ASC 820, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction at the measurement date and under current market conditions. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs and consider assumptions such as inherent risk, transfer restrictions and risk of nonperformance.

The carrying values of cash and cash equivalents, receivables, accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short-term nature of these financial instruments. The estimated fair value of mortgage and other indebtedness was $1,754,060 and $1,806,486 as of March 31, 2024 and December 31, 2023, respectively. The fair value of mortgage and other indebtedness was calculated using Level 2 inputs by discounting future cash flows for mortgage and other indebtedness using estimated market rates at which similar loans would be made currently.

Fair Value Measurements on a Recurring Basis

The following table sets forth information regarding the Company's interest rate swap that was designated as a cash flow hedge of interest rate risk for the three months ended March 31, 2024. See Note 8 for more information.

			Fair Value Measurements at Reporting Date Using
Asset	Fair Value at March 31, 2024		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest rate swap	$	799	$	—	$	799	$	—

During the three months ended March 31, 2024, the Company has continued to reinvest the cash from maturing U.S. Treasury securities into new U.S. Treasury securities. The Company designated the U.S. Treasury securities as available-for-sale (“AFS”). The table below sets forth information regarding the Company’s AFS securities that were measured at fair value for the three months ended March 31, 2024 and for the year ended December 31, 2023:

U.S. Treasury securities	March 31, 2024			December 31, 2023
Amortized cost (1)	$	235,072		$	261,869
Allowance for credit losses (2)		—			—
Total unrealized (loss) gain		(74	)		273
Fair value (3)	$	234,998		$	262,142

(1)The U.S. Treasury securities held as of March 31, 2024 have maturities through September 2024.

(2)U.S. Treasury securities have a long history with no credit losses. Additionally, the Company notes that U.S. Treasury securities are explicitly fully guaranteed by a sovereign entity that can print its own currency and that the sovereign entity’s currency is routinely held by central banks and other major financial institutions, is used in international commerce, and commonly viewed as a reserve currency, all of which qualitatively indicate that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Therefore, the Company did not record expected credit losses for its U.S. Treasury securities for the three months ended March 31, 2024, nor for the year ended December 31, 2023.

(3)Fair value was calculated using Level 1 inputs.

Fair Value Measurements on a Nonrecurring Basis

The Company measures the fair value of certain long-lived assets on a nonrecurring basis, through quarterly impairment testing or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company’s evaluation of the recoverability of long-lived assets involves the comparison of undiscounted future cash flows expected to be generated by each property over the Company’s expected remaining holding period to the respective carrying amount. The determination of whether the carrying value is recoverable also requires management to make estimates related to probability weighted scenarios impacting undiscounted cash flow models. The Company considers both quantitative and qualitative factors in its impairment analysis of long-lived assets. Significant quantitative factors include historical and forecasted information for each property such as net operating income, occupancy statistics and sales levels. Significant qualitative factors used include market conditions, age and condition of the property and tenant mix. The quantitative and qualitative factors impact the selection of the terminal capitalization rate which is used in both an undiscounted and discounted cash flow model and the discount rate used in a discounted cash flow model. Due to the significant unobservable estimates and assumptions used in the valuation of long-lived assets that experience impairment, the Company classifies such long-lived assets under Level 3 in the fair value hierarchy. Level 3 inputs primarily consist of sales and market data, independent valuations and discounted cash flow models.

9

Long-lived Assets Measured at Fair Value in 2024

During the three months ended March 31, 2024, the Company sold an outparcel for less than its carrying value and recorded impairment of $836.

Long-lived Assets Measured at Fair Value in 2023

During the three months ended March 31, 2023, the Company recognized gain on deconsolidation of $28,151 when it adjusted the negative equity in Alamance Crossing East to zero upon deconsolidation, which represents the estimated fair value of the Company's investment in that property. See Note 7 for more information.

Note 6 – Dispositions and Held for Sale

Dispositions

Based on its analysis, the Company determined that the dispositions described below do not meet the criteria for classification as discontinued operations and are not considered to be significant disposals based on its quantitative and qualitative evaluation. Thus, the results of operations of the properties described below, as well as any related gains or losses, are included in net income (loss) for all periods presented, as applicable.

2024 Dispositions

During the three months ended March 31, 2024, the Company realized a gain of $3,721 related to the sale of an anchor parcel and gross proceeds from sales of real estate assets was $7,745. The Company recorded a loss on impairment related to an outparcel that was sold. See Note 5 for more information.

2023 Dispositions

During the three months ended March 31, 2023, the Company realized a gain of $1,596, primarily related to the sale of four land parcels. Gross proceeds from sales of real estate assets were $4,949 for the three months ended March 31, 2023.

Held for Sale

As of March 31, 2024 and 2023, there were no properties that met the criteria to be classified as held for sale.

Note 7 – Unconsolidated Affiliates and Noncontrolling Interests

Unconsolidated Affiliates

Although the Company had majority ownership of certain joint ventures during 2024 and 2023, it evaluated the investments and concluded that the other partners or owners in these joint ventures had substantive participating rights, such as approvals of:

•the pro forma for the development and construction of the project and any material deviations or modifications thereto;

•the site plan and any material deviations or modifications thereto;

•the conceptual design of the project and the initial plans and specifications for the project and any material deviations or modifications thereto;

•any acquisition/construction loans or any permanent financings/refinancings;

•the annual operating budgets and any material deviations or modifications thereto;

•the initial leasing plan and leasing parameters and any material deviations or modifications thereto; and

•any material acquisitions or dispositions with respect to the project.

As a result of the joint control over these joint ventures, the Company accounts for these investments using the equity method of accounting.

At March 31, 2024, the Company had investments in 26 entities, which are accounted for using the equity method of accounting. The Company's ownership interest in these unconsolidated affiliates ranges from 33% to 100%. Of these entities, 17 are owned in 50/50 joint ventures.

10

2023 Activity - Unconsolidated Affiliates

Alamance Crossing CMBS, LLC

In February 2023, the Company deconsolidated Alamance Crossing East as a result of the Company losing control when the property was placed in receivership. As of March 31, 2024, the loan secured by Alamance Crossing East had an outstanding balance of $41,122. See Note 5 for more information.

Condensed Combined Financial Statements - Unconsolidated Affiliates

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

	March 31, 2024			December 31, 2023
ASSETS:
Investment in real estate assets	$	2,013,008		$	2,010,269
Accumulated depreciation		(901,569	)		(886,712	)
		1,111,439			1,123,557
Developments in progress		19,305			17,261
Net investment in real estate assets		1,130,744			1,140,818
Other assets		198,788			200,289
Total assets	$	1,329,532		$	1,341,107
LIABILITIES:
Mortgage and other indebtedness, net	$	1,359,302		$	1,368,031
Other liabilities		42,477			45,577
Total liabilities		1,401,779			1,413,608
OWNERS' EQUITY (DEFICIT):
The Company		12,083			12,290
Other investors		(84,330	)		(84,791	)
Total owners' deficit		(72,247	)		(72,501	)
Total liabilities and owners’ deficit	$	1,329,532		$	1,341,107

	Three Months Ended March 31,
	2024		2023
Total revenues	$	63,997	$	60,533
Net income (1)	$	6,264	$	9,181

(1)The Company's pro rata share of net income (loss) was $4,594 and $(1,256) for the three months ended March 31, 2024 and 2023, respectively.

Variable Interest Entities

The Operating Partnership and certain of its subsidiaries are VIEs primarily because the limited partners of these entities do not collectively possess substantive kick-out or participating rights.

The Company consolidates the Operating Partnership because it is the primary beneficiary. The Company, through the Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether the Company is the primary beneficiary of a VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Company's investment; the obligation or likelihood for the Company or other investors to provide financial support; and the similarity with and significance to the Company's business activities and the business activities of the other investors.

Consolidated VIEs

As of March 31, 2024, the Company had investments in 10 consolidated VIEs with ownership interests ranging from 50% to 92%.

11

Unconsolidated VIEs

The table below lists the Company's unconsolidated VIEs as of March 31, 2024:

Unconsolidated VIEs:	Investment in Real Estate Joint Ventures and Partnerships		Maximum Risk of Loss
Alamance Crossing CMBS, LLC (1)	$	—	$	—
Ambassador Infrastructure, LLC (2)		—		4,361
Atlanta Outlet JV, LLC		—		—
BI Development, LLC		47		47
BI Development II, LLC		307		307
CBL-T/C, LLC		—		—
CBL-TRS Med OFC Holding, LLC (3)		1,264		2,712
El Paso Outlet Center Holding, LLC		—		—
Fremaux Town Center JV, LLC		—		—
Louisville Outlet Shoppes, LLC		—		—
Mall of South Carolina L.P.		—		—
Vision - CBL Hamilton Place, LLC		2,007		2,007
Vision - CBL Mayfaire TC Hotel, LLC		3,987		3,987
Westgate Mall CMBS, LLC (1)		—		—
	$	7,612	$	13,421

(1)During the year ended December 31, 2023, the property was placed into receivership.

(2)The Operating Partnership has guaranteed all or a portion of the debt. See Note 11 for more information.

(3)The Operating Partnership has guaranteed the construction debt of CBL DMC I, LLC, the joint venture in which CBL-TRS Med OFC Holding, LLC owns a 50% interest. See Note 11 for more information.

Note 8 – Mortgage and Other Indebtedness, Net

CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries that it has a direct or indirect ownership interest in are the borrowers on all the Company's debt. At March 31, 2024, all the Company's consolidated debt is non-recourse.

The Company’s mortgage and other indebtedness, net, consisted of the following:

	March 31, 2024						December 31, 2023
	Amount			Weighted- Average Interest Rate (1)			Amount			Weighted- Average Interest Rate (1)
Fixed-rate debt:
Open-air centers and outparcels loan (2)	$	179,180			6.95	%	$	179,180			6.95	%
Loans on operating properties		727,258			5.30	%		736,573			5.30	%
Total fixed-rate debt		906,438			5.63	%		915,753			5.63	%
Variable-rate debt:
Secured term loan		790,595			8.19	%		799,914			8.21	%
Open-air centers and outparcels loan (2)		179,180			9.43	%		179,180			9.44	%
Loans on operating properties		33,480			8.83	%		33,780			8.84	%
Recourse loan on an operating property		—			—			15,339			8.24	%
Total variable-rate debt		1,003,255			8.43	%		1,028,213			8.44	%
Total fixed-rate and variable-rate debt		1,909,693			7.10	%		1,943,966			7.12	%
Unamortized deferred financing costs		(12,086	)					(13,221	)
Debt discounts (3)		(37,313	)					(41,942	)
Total mortgage and other indebtedness, net	$	1,860,294					$	1,888,803

(1)Weighted-average interest rate excludes amortization of deferred financing costs.

(2)The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%.

(3)In conjunction with fresh start accounting upon emergence from bankruptcy on November 1, 2021, the Company estimated the fair value of its mortgage notes with the assistance of a third-party valuation advisor. This resulted in recognizing debt discounts upon emerging from bankruptcy. The debt discounts are accreted over the term of the respective debt using the effective interest method. The remaining debt discounts at March 31, 2024 will be accreted over a weighted average period of 2.1 years.

12

Non-recourse loans on operating properties, the open-air centers and outparcels loan and the secured term loan include loans that are secured by properties owned by the Company that have a carrying value of $1,395,879 at March 31, 2024.

2024 Loan Activity

In February 2024, the Company redeemed U.S. Treasury securities and used the proceeds to pay off the $15,190 loan secured by Brookfield Square Anchor Redevelopment.

Scheduled Principal Payments

As of March 31, 2024, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, are as follows:

2024 (1)	$	148,615
2025		933,068
2026		405,900
2027		359,255
2028		950
2029		1,007
Thereafter		60,898
Total mortgage and other indebtedness	$	1,909,693

(1)Reflects scheduled principal amortization and balloon payments for the period April 1, 2024 through December 31, 2024.

Of the $148,615 of scheduled principal payments for the remainder of 2024, $117,181 relates to the maturing principal balance of the loan secured by Fayette Mall. Subsequent to March 31, 2024, the Company exercised the first one-year extension option on the loan secured by Fayette Mall. See Note 14.

Interest Rate Hedge Instruments

The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that its counterparty will fail to meet their obligation.

The Company records its derivative instruments in its condensed consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the derivative has been designated as a hedge and, if so, whether the hedge has met the criteria necessary to apply hedge accounting.

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt.

Instrument Type	Location in the Condensed Consolidated Balance Sheet	Notional		Index	Fair Value at March 31, 2024		Maturity Date
Pay fixed/Receive variable swap	Intangible lease assets and other assets	$	32,000	1-month USD-SOFR CME	$	799	Jun-27

13

	Gain Recognized in Other Comprehensive (Loss) Income					Gain Recognized in Earnings
	Three Months Ended March 31,					Three Months Ended March 31,
Hedging Instrument	2024		2023		Location of Gain Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings	2024		2023
Interest rate swap	$	462	$	—	Interest Expense	$	163	$	—

Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that $503 will be reclassified from other comprehensive income (loss) as a decrease to interest expense.

The Company has an agreement with each derivative counterparty that contains a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

As of March 31, 2024, the Company did not have any derivatives with a fair value in a net liability position including accrued interest but excluding any adjustment for nonperformance risk. As of March 31, 2024, the Company has posted $1,920 of cash collateral related to the interest rate swap. The Company is not in breach of any agreement provisions.

Note 9 – Segment Information

The Company measures performance and allocates resources according to property type, which is determined based on certain criteria such as type of tenants, capital requirements, economic risks, leasing terms, and short and long-term returns on capital. Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments.

14

Information on the Company’s segments is as follows:

Three Months Ended March 31, 2024	Malls (1)			All Other (2)			Total
Revenues (3)	$	109,576		$	19,541		$	129,117
Property operating expenses (4)		(39,615	)		(3,419	)		(43,034	)
Interest expense		(15,737	)		(24,075	)		(39,812	)
Gain on sales of real estate assets		—			3,721			3,721
Segment profit (loss)	$	54,224		$	(4,232	)		49,992
Depreciation and amortization								(38,040	)
General and administrative expense								(20,414	)
Litigation settlement								68
Interest and other income								4,004
Loss on impairment								(836	)
Income tax benefit								158
Equity in earnings of unconsolidated affiliates								4,594
Net loss							$	(474	)
Capital expenditures (5)	$	4,495		$	1,572		$	6,067
Three Months Ended March 31, 2023	Malls (1)			All Other (2)			Total
Revenues (3)	$	115,883		$	20,476		$	136,359
Property operating expenses (4)		(46,871	)		(4,055	)		(50,926	)
Interest expense		(20,483	)		(23,041	)		(43,524	)
Gain on sales of real estate assets		—			1,596			1,596
Other expense		—			(198	)		(198	)
Segment profit (loss)	$	48,529		$	(5,222	)		43,307
Depreciation and amortization								(53,269	)
General and administrative expense								(19,229	)
Litigation settlement								44
Interest and other income								2,665
Gain on deconsolidation								28,151
Income tax benefit								101
Equity in losses of unconsolidated affiliates								(1,256	)
Net income							$	514
Capital expenditures (5)		4,433			3,102			7,535

Total assets	Malls (1)		All Other (2)		Total
March 31, 2024	$	1,511,635	$	832,181	$	2,343,816
December 31, 2023	$	1,546,610	$	859,295	$	2,405,905

(1)The Malls category includes malls, lifestyle centers and outlet centers.

(2)The All Other category includes open-air centers, outparcels, office buildings, corporate-level debt and the Management Company.

(3)Management, development and leasing fees are included in All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments.

(4)Property operating expenses include property operating, real estate taxes and maintenance and repairs.

(5)Includes additions to and acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category.

Note 10 – Earnings Per Share

Earnings per share ("EPS") is calculated under the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. The Company grants restricted stock awards to certain employees under its share-based compensation program, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested restricted stock awards meet the definition of participating securities based on their respective rights to receive nonforfeitable dividends.

Diluted EPS incorporates the potential impact of contingently issuable shares. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. Performance stock units ("PSUs") and unvested restricted stock awards are contingently issuable common shares and are included in diluted EPS if the effect is dilutive.

15

The following table presents the calculation of basic and diluted EPS (in thousands, except per share amounts):

	Three Months Ended March 31,
	2024			2023
Basic earnings per share
Net income attributable to the Company	$	50		$	2,259
Less: Earnings allocable to unvested restricted stock		(259	)		(280	)
Net (loss) income attributable to common shareholders		(209	)		1,979
Weighted-average basic shares outstanding		31,546			31,304
Net (loss) income per share attributable to common shareholders	$	(0.01	)	$	0.06
Diluted earnings per share (1)
Net (loss) income attributable to common shareholders	$	(209	)	$	1,979
Weighted-average diluted shares outstanding		31,546			31,369
Net (loss) income per share attributable to common shareholders	$	(0.01	)	$	0.06

(1)For the three months ended March 31, 2024, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,568,257, including 22,536 contingently issuable shares related to unvested restricted stock awards. For the three months ended March 31, 2023, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the two-class method. Additionally, for the three months ended March 31, 2023, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,378,419, including 9,625 contingently issuable shares related to unvested restricted stock awards.

Note 11 – Contingencies

The Company is currently involved in litigation that arises in the ordinary course of business, most of which is expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of the Company.

Environmental Contingencies

The Company evaluates potential loss contingencies related to environmental matters using the same criteria described above related to litigation matters. Based on current information, an unfavorable outcome concerning such environmental matters, both individually and in the aggregate, is considered to be reasonably possible. However, the Company believes its maximum potential exposure to loss would not be material to its results of operations or financial condition. The Company has a master insurance policy that provides coverage through 2027 for certain environmental claims up to $40,000 per occurrence and up to $40,000 in the aggregate, subject to deductibles and certain exclusions. At certain locations, individual policies are in place.

Guarantees

The Operating Partnership may guarantee the debt of a joint venture primarily because it allows the joint venture to obtain funding at a lower cost than could be obtained otherwise. This results in a higher return for the joint venture on its investment, and a higher return on the Operating Partnership's investment in the joint venture. The Operating Partnership may receive a fee from the joint venture for providing the guaranty. Additionally, when the Operating Partnership issues a guaranty, the terms of the joint venture agreement typically provide that the Operating Partnership may receive indemnification from the joint venture partner or have the ability to increase its ownership interest. The guarantees expire upon repayment of the debt, unless noted otherwise.

16

The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023:

	As of March 31, 2024								Obligation recorded to reflect guaranty
Unconsolidated Affiliate	Company's Ownership Interest	Outstanding Balance		Percentage Guaranteed by the Operating Partnership	Maximum Guaranteed Amount		Debt Maturity Date (1)		March 31, 2024		December 31, 2023
West Melbourne I, LLC - Phase I	50%	$	34,909	50%	$	17,455	Feb-2025	(2)	$	175	$	177
West Melbourne I, LLC - Phase II	50%		10,909	50%		5,455	Feb-2025	(2)		55		56
Port Orange I, LLC	50%		46,523	50%		23,261	Feb-2025	(2)		233		236
Ambassador Infrastructure, LLC	65%		4,361	100%		4,361	Mar-2025			57		57
CBL-TRS Med OFC Holding, LLC (3)	50%		1,448	100%		3,895	Jun-2030			19		19
Total guaranty liability									$	539	$	545

(1)Excludes any extension options.

(2)These loans have a one-year extension option at the joint venture’s election.

(3)The Operating Partnership has guaranteed the construction debt of CBL DMC I, LLC, a joint venture in which CBL-TRS Med OFC Holding, LLC owns a 50% interest.

For the three months ended March 31, 2024 and 2023, the Company evaluated each guaranty, listed in the table above, by evaluating the debt service ratio, cash flow forecasts and the performance of each loan, where applicable. The result of the analysis was that each loan is current and performing. The Company did not record a credit loss related to the guarantees listed in the table above for the three months ended March 31, 2024 and 2023.

Note 12 – Share-Based Compensation

Restricted Stock Awards

Compensation expense is recognized on a straight-line basis over the requisite service period. The share-based compensation expense related to restricted stock awards granted under the CBL & Associates Properties, Inc. 2021 Equity Incentive Plan ("EIP") was $1,988 and $1,843 for the three months ended March 31, 2024 and 2023, respectively. Share-based compensation cost capitalized as part of real estate assets was $24 for the three months ended March 31, 2024. As of March 31, 2024, there was $14,962 of total unrecognized compensation cost related to unvested restricted stock awards, which is expected to be recognized over a weighted-average period of 2.0 years. Share-based compensation cost resulting from share-based awards is recorded at the Management Company, which is a taxable entity.

A summary of the status of the Company’s nonvested restricted stock awards as of March 31, 2024, and changes during the three months ended March 31, 2024, are presented below:

	Shares			Weighted- Average Grant-Date Fair Value Per Share
Nonvested at January 1, 2024		590,953		$	27.02
Granted		145,352		$	23.38
Vested		(88,094	)	$	26.24
Nonvested at March 31, 2024		648,211		$	26.31

The total grant-date fair value of restricted stock awards granted during the three months ended March 31, 2024 was $3,398. The total fair value of restricted stock awards that vested during the three months ended March 31, 2024 was $2,096.

17

Performance Stock Unit Awards

Compensation cost for the PSUs granted in February 2023 is recognized on a straight-line basis over the service period since it is longer than the performance period. The resulting expense is recorded regardless of whether any PSU awards are earned as long as the required service period is met. For the PSUs granted in February 2022, each quarter, management assesses the probability that the measures associated with the Company's outstanding PSU awards will be attained. The Company begins recognizing compensation expense on a straight-line basis over the remaining service period once the PSU award measures are deemed probable of achievement. Share-based compensation expense related to the PSUs granted under the EIP was $1,667 and $1,409 for the three months ended March 31, 2024 and 2023, respectively. The unrecognized compensation expense related to the PSUs was $15,257 as of March 31, 2024, which is expected to be recognized over a weighted-average period of 2.5 years assuming all PSUs are earned.

A summary of the status of the Company’s outstanding PSU awards as of March 31, 2024, and changes during the three months ended March 31, 2024, are presented below:

	PSUs		Weighted- Average Grant-Date Fair Value Per Share
Outstanding at January 1, 2024		563,581	$	28.65
2024 PSUs granted		169,420	$	24.30
Incremental PSUs granted (1)		13,331	$	22.00
Outstanding at March 31, 2024		746,332	$	27.55

(1)PSUs granted shall be adjusted as if the shares of common stock represented by such PSUs had received any applicable stock or cash dividends declared. As for stock dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that would have been payable per such stock dividend on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs. As to cash dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that could have been acquired by the cash dividend payable on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs, and the calculation of the number of shares of common stock that could have been acquired shall be based on the closing price of the common stock on the record date for the cash dividend at issue.

The total grant-date fair value of PSU awards granted during the three months ended March 31, 2024 was $4,117.

The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the PSUs granted in 2024:

	2024 PSUs
Grant date	February 7, 2024
Fair value per share on valuation date (1)	$	24.30
Risk-free interest rate (2)		4.19	%
Expected share price volatility (3)		40.00	%

(1)The value of the 2024 PSU awards is estimated on the date of grant using a Monte Carlo simulation model. The valuation consists of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. The weighted-average fair value per share related to the 2024 PSUs consists of 50,825 PSUs at a fair value of $29.38 per share (which relates to the relative TSR) and 118,595 PSUs at a fair value of $22.12 per share (which relates to absolute TSR).

(2)The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date, which is the grant date listed above.

(3)The computation of expected volatility for the 2024 PSUs was based on the historical volatility of CBL's shares of common stock for a trading period equal to the time from the grant date to the end of the performance period. Since the performance period exceeds CBL's trading history, volatility indications of comparable public companies were also considered.

Note 13 – Noncash Investing and Financing Activities

The Company’s noncash investing and financing activities were as follows:

	Three Months Ended March 31,
	2024		2023
Additions to real estate assets accrued but not yet paid	$	8,062	$	9,632
Deconsolidation upon loss of control (1):
Decrease in real estate assets		—		(9,015	)
Decrease in mortgage and other indebtedness		—		37,693
Decrease in operating assets and liabilities		—		3,352
Decrease in intangible lease and other assets		—		(3,879	)

(1)See Note 5 for more information.

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Note 14 – Subsequent Events

In April 2024, the Company repurchased 161,533 shares of common stock at a total cost of $3,626, which includes $6 in commissions, under the share repurchase program.

In April 2024, the Company redeemed $26,011 in U.S. Treasury securities and purchased $26,010 in new U.S. Treasury securities with maturities through April 2025.

In May 2024, the Company exercised the first one-year extension option on the loan secured by Fayette Mall.

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ITEM 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of financial condition and results of operations should be read in conjunction with the condensed consolidated financial statements and accompanying notes that are included in this Form 10-Q. Capitalized terms used, but not defined, in this Management’s Discussion and Analysis of Financial Condition and Results of Operations have the same meanings as defined in the notes to the condensed consolidated financial statements. Unless stated otherwise or the context otherwise requires, references to the “Company,” “we,” “us” and “our” mean CBL & Associates Properties, Inc. and its subsidiaries.

Certain statements made in this section or elsewhere in this report may be deemed “forward-looking statements” within the meaning of the federal securities laws. All statements other than statements of historical fact should be considered to be forward-looking statements. In many cases, these forward-looking statements may be identified by the use of words such as “will,” “may,” “should,” “could,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “projects,” “goals,” “objectives,” “targets,” “predicts,” “plans,” “seeks,” and variations of these words and similar expressions. Any forward-looking statement speaks only as of the date on which it is made and is qualified in its entirety by reference to the factors discussed throughout this report.

Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, forward-looking statements are not guarantees of future performance or results and we can give no assurance that these expectations will be attained. It is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of known and unknown risks and uncertainties. In addition to the risk factors described in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023, such known risks and uncertainties include, without limitation:

•general industry, economic and business conditions;

•interest rate fluctuations;

•costs and availability of capital, including debt, and capital requirements;

•the ability to obtain suitable equity and/or debt financing and the continued availability of financing, in the amounts and on the terms necessary to support our future refinancing requirements and business;

•costs and availability of real estate;

•inability to consummate acquisition or disposition opportunities and other risks associated with acquisitions and dispositions;

•competition from other companies and retail formats;

•changes in retail demand and rental rates in our markets;

•shifts in customer demands including the impact of online shopping;

•tenant bankruptcies or store closings;

•changes in vacancy rates at our properties;

•changes in operating expenses;

•changes in applicable laws, rules and regulations;

•cyber-attacks or acts of cyber-terrorism;

•uncertainty and economic impact of pandemics, epidemics or other public health emergencies or fear of such events, such as the COVID-19 pandemic and related governmental responses; and

•other risks referenced from time to time in filings with the Securities and Exchange Commission (“SEC”) and those factors listed or incorporated by reference into this report.

This list of risks and uncertainties is only a summary and is not intended to be exhaustive. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.

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Executive Overview

We are a self-managed, self-administered, fully integrated REIT that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, outlet centers, lifestyle centers, open-air centers and other properties. See Note 1 to the condensed consolidated financial statements for information on our property interests as of March 31, 2024. We have elected to be taxed as a REIT for federal income tax purposes.

The following summarizes our net (loss) income and net (loss) income attributable to common shareholders (in thousands):

	Three Months Ended March 31,
	2024			2023
Net (loss) income	$	(474	)	$	514
Net (loss) income attributable to common shareholders	$	(209	)	$	1,979

Significant items that affected comparability between the three-month periods include:

•Items increasing net loss for the three months ended March 31, 2024 compared to the prior-year period:

•Revenues were $7.2 million lower;

•Gain on deconsolidation was $28.2 million lower; and

•General and administrative expense was $1.2 million higher.

•Items decreasing net loss for the three months ended March 31, 2024 compared to the prior-year period:

•Depreciation and amortization expense was $15.2 million lower;

•Total property operating expenses was $7.9 million lower;

•Equity in earnings of unconsolidated affiliates was $5.9 million higher;

•Interest expense was $3.7 million lower;

•Interest income was $1.3 million higher; and

•Gain on sales of real estate assets was $2.1 million higher.

Our focus is on continuing to execute our strategy to improve occupancy, drive rent growth and transform the offerings available at our diverse portfolio of properties to include a targeted mix of retail, service, dining, entertainment and other non-retail uses, primarily through the re-tenanting of former anchor locations as well as diversification of in-line tenancy. This operational strategy is also supported by our balance sheet strategy. This strategy focuses on reducing overall debt, extending our debt maturity schedule and lowering our overall cost of borrowings to limit maturity risk, as well as improving net cash flow and enhancing enterprise value. While the industry and our Company continue to face challenges, some of which may not be in our control, we believe that the strategies in place to improve occupancy, diversify our tenant mix and redevelop our properties will contribute to stabilization of our portfolio and revenues in future years.

Same-center NOI and FFO are non-GAAP measures. For a description of same-center NOI, a reconciliation from net (loss) income to same-center NOI, and an explanation of why we believe this is a useful performance measure, see Non-GAAP Measure - Same-center Net Operating Income in Results of Operations. For a description of FFO, a reconciliation from net (loss) income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders, and an explanation of why we believe this is a useful performance measure, see Non-GAAP Measure - Funds from Operations.

Results of Operations

Properties that were in operation for the entire year during 2023 and the three months ended March 31, 2024 are referred to as the "Comparable Properties." Since January 2023, we have deconsolidated:

Deconsolidations

Property	Location	Date of Deconsolidation
Alamance Crossing East (1)	Burlington, NC	February 2023
WestGate Mall (1)	Spartanburg, SC	September 2023

(1)We deconsolidated the property due to a loss of control when the property was placed into receivership in connection with the foreclosure process.

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Comparison of the Three Months Ended March 31, 2024 to the Three Months Ended March 31, 2023

Revenues

	Three Months Ended March 31,							Comparable Properties
	2024		2023		Change			Core			Non-core			Deconsolidation			Dispositions
Rental revenues	$	124,027	$	130,324	$	(6,297	)	$	(3,568	)	$	(115	)	$	(2,642	)	$	28
Management, development and leasing fees		1,905		2,434		(529	)		(529	)		—			—			—
Other		3,185		3,601		(416	)		(372	)		35			(79	)		—
Total revenues	$	129,117	$	136,359	$	(7,242	)	$	(4,469	)	$	(80	)	$	(2,721	)	$	28

Rental revenues from the Comparable Properties decreased primarily due to an unfavorable variance in the estimate for uncollectable revenues as compared to the prior-year period, as well as lower tenant reimbursements and percentage rents. The unfavorable variance in the estimate for uncollectable revenues resulted from an increase in reserves for certain at-risk tenants during the three months ended March 31, 2024, while the prior-year period amount was positive due to recoveries of amounts that had been reserved in prior periods. Tenant reimbursements were lower due to the accrual of credits to tenants at certain properties related to reduced assessments and refunds received from successful appeals of real estate taxes at certain properties. The decline in percentage rents corresponds to the decline in tenant sales as compared to the prior-year period.

Operating Expenses

	Three Months Ended March 31,									Comparable Properties
	2024			2023			Change			Core			Non-core			Deconsolidation		Dispositions
Property operating	$	(23,827	)	$	(24,614	)	$	787		$	184		$	(15	)	$	646	$	(28	)
Real estate taxes		(9,269	)		(14,788	)		5,519			5,169			15			334		1
Maintenance and repairs		(9,938	)		(11,524	)		1,586			1,390			(38	)		234		—
Property operating expenses		(43,034	)		(50,926	)		7,892			6,743			(38	)		1,214		(27	)
Depreciation and amortization		(38,040	)		(53,269	)		15,229			13,812			127			1,290		—
General and administrative		(20,414	)		(19,229	)		(1,185	)		(1,185	)		—			—		—
Loss on impairment		(836	)		—			(836	)		(836	)		—			—		—
Litigation settlement		68			44			24			24			—			—		—
Other		—			(198	)		198			198			—			—		—
Total operating expenses	$	(102,256	)	$	(123,578	)	$	21,322		$	18,756		$	89		$	2,504	$	(27	)

Total property operating expenses at the Comparable Properties decreased primarily due to lower real estate taxes and janitorial and security costs. Real estate taxes declined primarily due to refunds obtained at certain properties.

Depreciation and amortization expense at the Comparable Properties decreased primarily due to assets becoming fully depreciated or amortized since the prior-year period related to the shorter useful lives that were implemented upon the adoption of fresh start accounting when we emerged from bankruptcy on November 1, 2021.

General and administrative expenses increased as compared to the prior-year period primarily due to higher compensation expense related to annual compensation increases and higher share-based compensation expenses related to awards granted since the prior-year period.

Other Income and Expenses

Interest and other income increased $1.3 million during the three months ended March 31, 2024 as compared to the prior-year period primarily due to holding U.S. Treasury securities that carried higher interest rates in the current-year period.

Interest expense decreased $3.7 million during the three months ended March 31, 2024 as compared to the prior-year period. The decrease was primarily due to $4.3 million less accretion on property-level debt discounts as certain discounts became fully accreted since the prior year period. Also, the decrease in interest expense was impacted by higher default interest expense in the prior-year period. The decrease in interest expense was partially offset by an increase of $1.8 million in the current period related to the term loan and open-air centers and outparcels loan due to increased variable rates.

For the three months ended March 31, 2023, we recorded a $28.2 million gain on deconsolidation related to Alamance Crossing East. The property was deconsolidated due to a loss of control when it was placed into receivership in connection with the foreclosure process.

Equity in earnings of unconsolidated affiliates increased $5.9 million for the three months ended March 31, 2024 as compared to the prior-year period. The increase primarily relates to distributions received in the current-year period as

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compared to contributions made in the prior-year period attributable to certain investments in unconsolidated affiliates in which our investment is below zero.

During the three months ended March 31, 2024, we recognized $3.7 million of gain on sales of real estate assets related to the sale of an anchor parcel. During the three months ended March 31, 2023, we recognized $1.6 million of gain on sales of real estate assets related to the sale of four land parcels.

Non-GAAP Measure

Same-center Net Operating Income

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).

We compute NOI based on the Operating Partnership's pro rata share of both consolidated and unconsolidated properties. We believe that presenting NOI and same-center NOI (described below) based on our Operating Partnership’s pro rata share of both consolidated and unconsolidated properties is useful since we conduct substantially all our business through our Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of our common shareholders and the noncontrolling interest in the Operating Partnership. Our definition of NOI may be different than that used by other companies, and accordingly, our 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 our shopping center properties, we believe that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates, sales at our properties and operating costs and the impact of those trends on our results of operations. Our calculation of same-center NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-offs of landlord inducement assets in order to enhance the comparability of results from one period to another.

We include a property in our same-center pool when we have owned all or a portion of the property since January 1 of the preceding calendar year and it has been in operation for both the entire preceding calendar year and current year-to-date period. New properties are excluded from same-center NOI until they meet these criteria. Properties excluded from the same-center pool that would otherwise meet these criteria are categorized as excluded properties. We exclude properties which are under major redevelopment or are being considered for repositioning, and where we are working or intend to work with the lender on a restructure of the terms of the loan secured by the property or convey the secured property to the lender (“Excluded Properties”). As of March 31, 2024, Alamance Crossing East, Harford Mall and WestGate Mall were classified as Excluded Properties.

Due to the exclusions noted above, same-center 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).

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A reconciliation of our same-center NOI to net (loss) income for the three-month periods ended March 31, 2024 and 2023 is as follows (in thousands):

	Three Months Ended March 31,
	2024			2023
Net (loss) income	$	(474	)	$	514
Adjustments: (1)
Depreciation and amortization		41,469			57,242
Interest expense		56,028			59,006
Abandoned projects expense		—			17
Gain on sales of real estate assets		(3,721	)		(1,596	)
Loss on sales of real estate assets of unconsolidated affiliates		—			16
Adjustment for unconsolidated affiliates with negative investment		(2,568	)		1,591
Gain on deconsolidation		—			(28,151	)
Loss on impairment		836			—
Litigation settlement		(68	)		(44	)
Income tax benefit		(158	)		(101	)
Lease termination fees		(983	)		(1,161	)
Straight-line rent and above- and below-market lease amortization		4,007			3,689
Net loss attributable to noncontrolling interests in other consolidated subsidiaries		524			1,745
General and administrative expenses		20,414			19,229
Management fees and non-property level revenues		(6,447	)		(4,980	)
Operating Partnership's share of property NOI		108,859			107,016
Non-comparable NOI		(47	)		(2,005	)
Total same-center NOI	$	108,812		$	105,011

(1)Adjustments are based on our Operating Partnership's pro rata ownership share, including our share of unconsolidated affiliates and excluding noncontrolling interests' share of consolidated properties.

Same-center NOI increased 3.6% for the three months ended March 31, 2024 as compared to the prior-year period. The $3.8 million increase for the three months ended March 31, 2024 compared to the same period in 2023 primarily consisted of a $3.0 million decrease in revenues offset by a $6.8 million decrease in operating expenses. Rental revenues were $2.8 million lower primarily due to an unfavorable variance in the estimate for uncollectable revenues in the current-year period as compared to the prior-year period, as well as lower tenant reimbursements and percentage rents. Property operating expenses decreased in the current-year period primarily due to lower real estate taxes related to reduced assessments and refunds received from successful appeals at certain properties and lower janitorial and security costs.

Operational Review

The shopping center business is, to some extent, seasonal in nature with tenants typically achieving the highest levels of sales during the fourth quarter due to the holiday season, which generally results in higher percentage rents in the fourth quarter. Additionally, malls, lifestyle centers and outlet centers earn a large portion of their rents from short-term tenants during the holiday period. Thus, occupancy levels and revenue production are generally the highest in the fourth quarter of each year. Results of operations realized in any one quarter may not be indicative of the results likely to be experienced over the course of the fiscal year.

We derive the majority of our revenues from the malls, lifestyle centers and outlet centers. The sources of our revenues by property type were as follows:

	Three Months Ended March 31,
	2024			2023
Malls, lifestyle centers and outlet centers		84.9	%		85.0	%
All Other Properties		15.1	%		15.0	%

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Inline and Adjacent Freestanding Tenant Store Sales

Inline and adjacent freestanding tenant store sales include reporting mall, lifestyle center and outlet center tenants of 10,000 square feet or less and exclude license agreements, which are retail leases that are temporary or short-term in nature and generally last more than three months but less than twelve months. The following is a comparison of our same-center tenant sales per square foot for mall, lifestyle center and outlet center tenants of 10,000 square feet or less (Excluded Properties are not included in sales metrics):

	Sales Per Square Foot for the Trailing Twelve Months Ended March 31,
	2024		2023		% Change
Malls, lifestyle centers and outlet centers same-center sales per square foot	$	417	$	433	(3.7)%

Occupancy

Our portfolio occupancy is summarized in the following table (Excluded Properties are not included in occupancy metrics):

	As of March 31,
	2024	2023
Total portfolio	89.4%	89.9%
Malls, lifestyle centers and outlet centers:
Total malls	87.0%	88.0%
Total lifestyle centers	90.5%	90.9%
Total outlet centers	90.5%	87.3%
Total same-center malls, lifestyle centers and outlet centers	87.7%	88.2%
All Other Properties:
Total open-air centers	95.1%	96.0%
Total other	84.5%	79.9%

Leasing

The following is a summary of the total square feet of leases signed in the three-month periods ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
Operating portfolio:
New leases		222,370		286,013
Renewal leases		924,431		988,491
Total leased		1,146,801		1,274,504

Average annual base rents per square foot are based on contractual rents in effect as of March 31, 2024 and 2023, including the impact of any rent concessions. Average annual base rents per square foot for comparable small shop space of less than 10,000 square feet were as follows for each property type:

	Three Months Ended March 31,
	2024		2023
Total portfolio (1)	$	26.00	$	25.42
Malls, lifestyle centers and outlet centers:
Total same-center malls, lifestyle centers and outlet centers		31.07		30.04
Total malls		31.42		30.45
Total lifestyle centers		30.69		29.19
Total outlet centers		29.12		27.78
All Other Properties:
Total open-air centers		15.47		15.31
Total other		20.61		19.82

(1)Excluded Properties are not included.

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Results from new and renewal leasing of comparable small shop space of less than 10,000 square feet during the three-month period ended March 31, 2024 for spaces that were previously occupied, based on the contractual terms of the related leases inclusive of the impact of any rent concessions, are as follows:

Property Type	Square Feet		Prior Gross Rent PSF		New Initial Gross Rent PSF		% Change Initial			New Average Gross Rent PSF (1)		% Change Average
Three Months Ended March 31, 2024:
All Property Types (2)		774,632	$	31.64	$	33.90		7.1	%	$	34.88		10.2	%
Malls, Lifestyle Centers & Outlet Centers		732,688		31.82		34.04		7.0	%		34.94		9.8	%
New leases		87,387		21.79		41.81		91.9	%		45.60		109.3	%
Renewal leases		645,301		33.18		32.99		(0.6	)%		33.50		1.0	%

(1)Average gross rent does not incorporate allowable future increases for recoverable common area expenses.

(2)Includes malls, lifestyle centers, outlet centers, open-air centers and other.

New and renewal leasing activity of comparable small shop space of less than 10,000 square feet based on the lease commencement date is as follows:

	Number of Leases		Square Feet		Term (in years)		Initial Rent PSF		Average Rent PSF		Expiring Rent PSF		Initial Rent Spread					Average Rent Spread
Commencement 2024:
New		47		168,458		6.94	$	35.89	$	39.16	$	22.92	$	12.97		56.6	%	$	16.24		70.9	%
Renewal		418		1,447,402		2.69		33.90		34.39		34.92		(1.02	)	(2.9	)%		(0.53	)	(1.5	)%
Commencement 2024 Total		465		1,615,860		3.12		34.10		34.88		33.67		0.43		1.3	%		1.21		3.6	%
Commencement 2025:
New		4		3,643		10.00		109.73		125.57		66.08		43.65		66.1	%		59.49		90.0	%
Renewal		26		81,380		3.33		38.91		40.09		36.05		2.86		7.9	%		4.04		11.2	%
Commencement 2025 Total		30		85,023		4.22		41.94		43.75		37.34		4.60		12.3	%		6.41		17.2	%
Total 2024/2025		495		1,700,883		3.18	$	34.50	$	35.33	$	33.85	$	0.65		1.9	%	$	1.48		4.4	%

Liquidity and Capital Resources

As of March 31, 2024, we had $295.3 million available in unrestricted cash and U.S. Treasury securities. Our total pro rata share of debt, excluding unamortized deferred financing costs and debt discounts, at March 31, 2024 was $2,618.1 million, which includes two unconsolidated property loans totaling $69.8 million that are in receivership. We had $47.9 million in restricted cash at March 31, 2024 related to cash held in escrow accounts for insurance, real estate taxes, capital expenditures and tenant allowances as required by the terms of certain mortgage notes payable, as well as amounts related to cash management agreements with lenders of certain property-level mortgage indebtedness, which are designated for debt service and operating expense obligations. We also had restricted cash of $19.0 million related to the properties that secure the corporate term loan and the open-air centers and outparcels loan of which we may receive a portion via distributions semiannually and quarterly in accordance with the provisions of the term loan and the open-air centers and outparcels loan, respectively.

During the three months ended March 31, 2024, we continued to reinvest the cash from maturing U.S. Treasury securities into new U.S. Treasury securities. We designated our U.S. Treasury securities as available-for-sale. In February 2024, we redeemed U.S. Treasury securities and used the proceeds to pay off the $15.2 million loan secured by Brookfield Square Anchor Redevelopment. As of March 31, 2024, our U.S. Treasury securities have maturities through September 2024. Subsequent to March 31, 2024, we redeemed and purchased additional U.S. Treasury securities. See Note 14 for more information.

We paid a common stock dividend of $0.40 per share in the first quarter of 2024.

During the three months ended March 31, 2024, we sold an anchor parcel and an outparcel which generated approximately $7.7 million in gross proceeds at our share.

Subsequent to March 31, 2024, the Company exercised the first one-year extension option on the loan secured by Fayette Mall. See Note 14.

Our total share of consolidated, unconsolidated and other outstanding debt, excluding debt discounts and deferred financing costs, maturing during 2024, assuming all extension options are elected, is $102.6 million, and our total share of consolidated, unconsolidated and other outstanding debt, excluding debt discounts and deferred financing costs, that matured prior to 2024, which remains outstanding at March 31, 2024, is $69.8 million, consisting of two property loans that are in receivership.

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Cash Flows - Operating, Investing and Financing Activities

There was $127.3 million of cash, cash equivalents and restricted cash as of March 31, 2024, an increase of $32.3 million from March 31, 2023. Of this amount, $60.3 million was unrestricted cash and cash equivalents as of March 31, 2024. Also, at March 31, 2024, we had $235.0 million in U.S. Treasuries with maturities through September 2024.

Our net cash flows are summarized as follows (in thousands):

	Three Months Ended March 31,
	2024			2023			Change
Net cash provided by operating activities	$	30,738		$	33,175		$	(2,437	)
Net cash provided by investing activities		26,804			29,872			(3,068	)
Net cash used in financing activities		(53,361	)		(110,009	)		56,648
Net cash flows	$	4,181		$	(46,962	)	$	51,143

Cash Provided By Operating Activities

Cash provided by operating activities decreased primarily due to lower tenant reimbursements and percentage rents, as well as higher interest expense resulting from rising variable interest rates. Tenant reimbursements were lower due to the accrual of credits to tenants at certain properties related to reduced assessments and refunds received from successful appeals of real estate taxes at certain properties. The decline in percentage rents corresponds to the decline in tenant sales as compared to the prior-year period.

Cash Provided By Investing Activities

Cash provided by investing activities slightly decreased primarily due to a lower amount of net redemptions of U.S. Treasury securities and a lower amount of distributions from unconsolidated affiliates during the current-year period as compared to the prior-year period. The decrease was partially offset by an increase in proceeds from sales of real estate assets and a lower amount of investments in and advances to unconsolidated affiliates during the current-year period as compared to the prior-year period.

Cash Used In Financing Activities

Cash used in financing activities decreased primarily due to the payment of a first quarter 2023 special dividend that was declared during the fourth quarter of 2022. The decrease was partially offset by an increase in principal payments and repurchases of common stock during the current-year period as compared to the prior-year period.

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Debt

The following tables summarize debt based on our pro rata ownership share, including our pro rata share of unconsolidated affiliates and excluding noncontrolling investors’ share of consolidated properties. Prior to consideration of unamortized deferred financing costs or debt discounts, of our $2,618.1 million outstanding debt at March 31, 2024, $2,566.1 million constituted non-recourse debt obligations and $52.0 million constituted recourse debt obligations. We believe the tables below provide investors and lenders a clearer understanding of our total debt obligations and liquidity (in thousands):

March 31, 2024:	Consolidated			Noncontrolling Interests			Other Debt (1)		Unconsolidated Affiliates			Total			Weighted- Average Interest Rate (2)
Fixed-rate debt:
Non-recourse loans on operating properties	$	727,258		$	(24,919	)	$	69,783	$	612,831		$	1,384,953		5.05%
Open-air centers and outparcels loan		179,180			—			—		—			179,180		6.95%	(3)
Recourse loans on operating properties		—			—			—		5,809			5,809		3.78%
Total fixed-rate debt		906,438			(24,919	)		69,783		618,640			1,569,942		5.26%
Variable-rate debt:
Non-recourse loans on operating properties		33,480			(11,718	)		—		10,448			32,210		8.55%
Recourse loans on operating properties		—			—			—		46,171			46,171		8.33%
Open-air centers and outparcels loan		179,180			—			—		—			179,180		9.43%	(3)
Secured term loan		790,595			—			—		—			790,595		8.19%
Total variable-rate debt		1,003,255			(11,718	)		—		56,619			1,048,156		8.42%
Total fixed-rate and variable-rate debt		1,909,693			(36,637	)		69,783		675,259			2,618,098		6.53%
Unamortized deferred financing costs		(12,086	)		224			—		(2,890	)		(14,752	)
Debt discounts (4)		(37,313	)		3,229			—		—			(34,084	)
Total mortgage and other indebtedness, net	$	1,860,294		$	(33,184	)	$	69,783	$	672,369		$	2,569,262
December 31, 2023:	Consolidated			Noncontrolling Interests			Other Debt (1)		Unconsolidated Affiliates			Total			Weighted- Average Interest Rate (2)
Fixed-rate debt:
Non-recourse loans on operating properties	$	736,573		$	(25,021	)	$	69,783	$	616,337		$	1,397,672		5.05%
Open-air centers and outparcels loan		179,180			—			—		—			179,180		6.95%	(3)
Recourse loans on operating properties		—			—			—		5,832			5,832		3.04%
Total fixed-rate debt		915,753			(25,021	)		69,783		622,169			1,582,684		5.26%
Variable-rate debt:
Non-recourse loans on operating properties		33,780			(11,823	)		—		10,478			32,435		8.56%
Recourse loans on operating properties		15,339			—			—		46,796			62,135		8.13%
Open-air centers and outparcels loan		179,180			—			—		—			179,180		9.44%	(3)
Secured term loan		799,914			—			—		—			799,914		8.21%
Total variable-rate debt		1,028,213			(11,823	)		—		57,274			1,073,664		8.42%
Total fixed-rate and variable-rate debt		1,943,966			(36,844	)		69,783		679,443			2,656,348		6.54%
Unamortized deferred financing costs		(13,221	)		249			—		(3,197	)		(16,169	)
Debt discounts (4)		(41,942	)		3,706			—		—			(38,236	)
Total mortgage and other indebtedness, net	$	1,888,803		$	(32,889	)	$	69,783	$	676,246		$	2,601,943

(1)Represents the outstanding loan balances for Alamance Crossing East and WestGate Mall which were deconsolidated due to a loss of control when the properties were placed into receivership in connection with the foreclosure process.

(2)Weighted-average interest rate excludes amortization of deferred financing costs.

(3)The interest rate is a fixed 6.95% for half of the outstanding loan balance, with the other half of the loan bearing a variable interest rate based on the 30-day SOFR plus 4.10%. The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%.

(4)In conjunction with fresh start accounting, we estimated the fair value of our mortgage notes and recognized debt discounts upon emergence from bankruptcy on November 1, 2021. The debt discounts are accreted over the term of the respective debt using the effective interest method.

The weighted-average remaining term of our total share of consolidated and unconsolidated debt, excluding debt discounts and deferred financing costs, was 2.2 years and 2.4 years at March 31, 2024 and December 31, 2023, respectively. The weighted-average remaining term of our pro rata share of fixed-rate debt, excluding debt discounts and deferred financing costs, was 2.5 years and 2.7 years at March 31, 2024 and December 31, 2023, respectively.

As of March 31, 2024 and December 31, 2023, our total share of consolidated and unconsolidated variable-rate debt, excluding debt discounts and deferred financing costs, represented 40.0% and 40.4%, respectively, of our total pro rata share of debt, excluding debt discounts and deferred financing costs.

See Note 7 to the condensed consolidated financial statements for information concerning activity related to unconsolidated affiliates.

28

Equity

We paid a common stock dividend of $0.40 per share in the first quarter of 2024. The decision to declare and pay dividends on any outstanding shares of our common stock, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our board of directors and will depend on our earnings, taxable income, FFO, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our then-current indebtedness, the annual distribution requirements under the REIT provisions of the Internal Revenue Code, Delaware law and such other factors as our board of directors deems relevant. Any dividends payable will be determined by our board of directors based upon the circumstances at the time of declaration. Our actual results of operations will be affected by a number of factors, including the revenues received from our properties, our operating expenses, interest expense, capital expenditures and the ability of the anchors and tenants at our properties to meet their obligations for payment of rents and tenant reimbursements.

Capital Expenditures

The following table, which excludes expenditures for developments, redevelopments and expansions, summarizes our capital expenditures, including our share of unconsolidated affiliates' capital expenditures, for the three months ended March 31, 2024 compared to the same period in 2023 (in thousands):

	Three Months Ended March 31,
	2024		2023
Tenant allowances (1)	$	1,982	$	3,574
Maintenance capital expenditures:
Parking area and parking area lighting		280		331
Roof replacements		948		537
Other capital expenditures		4,189		1,658
Total maintenance capital expenditures		5,417		2,526
Capitalized overhead		52		700
Capitalized interest		134		106
Total capital expenditures	$	7,585	$	6,906

(1)Tenant allowances primarily relate to new leases. Tenant allowances related to renewal leases were not material for the periods presented.

Annual capital expenditures budgets are prepared for each of our properties that are intended to provide for all necessary recurring and non-recurring capital expenditures. We believe that property operating cash flows, which include reimbursements from tenants for certain expenses, and readily available cash on hand will provide the necessary funding for these expenditures.

29

Developments

Properties Under Development at March 31, 2024

(Dollars in thousands)

					CBL's Share of
Property	Location	CBL Ownership Interest	Total Project Square Feet		Total Cost (1)		Cost to Date (2)		2024 Cost		Expected Opening Date	Initial Unleveraged Yield
Outparcel Development:
Mayfaire Town Center - hotel development	Wilmington, NC	49%		83,021	$	15,435	$	4,065	$	867	Summer '25	11.0%
Redevelopments:
Hamilton Place - Crunch Fitness	Chattanooga, TN	100%		36,640		2,648		1,860		5	Summer '24	23.3%
Total Properties Under Development				119,661	$	18,083	$	5,925	$	872

(1)Total Cost is presented net of reimbursements to be received.

(2)Cost to Date does not reflect reimbursements until they are received.

Off-Balance Sheet Arrangements

Unconsolidated Affiliates

We have ownership interests in 26 unconsolidated affiliates as of March 31, 2024 that are described in Note 7 to the condensed consolidated financial statements. The unconsolidated affiliates are accounted for using the equity method of accounting and are reflected in the condensed consolidated balance sheets as investments in unconsolidated affiliates.

The following are circumstances when we may consider entering into a joint venture with a third party:

•Third parties may approach us with opportunities in which they have obtained land and performed some pre-development activities, but they may not have sufficient access to the capital resources or the development and leasing expertise to bring the project to fruition. We enter into such arrangements when we determine such a project is viable and we can achieve a satisfactory return on our investment. We typically earn development fees from the joint venture and provide management and leasing services to the property for a fee once the property is placed in operation.

•We determine that we may have the opportunity to capitalize on the value we have created in a property by selling an interest in the property to a third party. This provides us with an additional source of capital that can be used to develop or acquire additional real estate assets that we believe will provide greater potential for growth. When we retain an interest in an asset rather than selling a 100% interest, it is typically because this allows us to continue to manage the property, which provides us the ability to earn fees for management, leasing, development and financing services provided to the joint venture.

•We also pursue opportunities to contribute available land at our properties into joint venture partnerships for development of primarily non-retail uses such as hotels, office, self-storage and multifamily. We typically partner with developers who have expertise in the non-retail property types.

Guarantees

We may guarantee the debt of a joint venture primarily because it allows the joint venture to obtain funding at a lower cost than could be obtained otherwise. This results in a higher return for the joint venture on its investment, and a higher return on our investment in the joint venture. We may receive a fee from the joint venture for providing the guaranty. Additionally, when we issue a guaranty, the terms of the joint venture agreement typically provide that we may receive indemnification from the joint venture or have the ability to increase our ownership interest.

See Note 11 to the condensed consolidated financial statements for information related to our guarantees of unconsolidated affiliates' debt as of March 31, 2024 and December 31, 2023.

30

Critical Accounting Policies

Our discussion and analysis of financial condition and results of operations is based on our condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the financial statements and disclosures. Some of these estimates and assumptions require application of difficult, subjective, and/or complex judgment about the effect of matters that are inherently uncertain and that may change in subsequent periods. We evaluate our estimates and assumptions on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Our Annual Report on Form 10-K for the year ended December 31, 2023 contains a discussion of our critical accounting policies and estimates in the Management's Discussion and Analysis of Financial Condition and Results of Operations section. There have been no material changes to these policies and estimates during the three months ended March 31, 2024. Our significant accounting policies are disclosed in Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023.

Non-GAAP Measure

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. Our method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

We believe that FFO provides an additional indicator of the operating performance of our 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 real estate assets have historically risen or fallen with market conditions, we believe that FFO enhances investors’ understanding of our operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of our properties and interest rates, but also by our capital structure.

We believe FFO allocable to Operating Partnership common unitholders is a useful performance measure since we conduct substantially all our business through our Operating Partnership and, therefore, it reflects the performance of our properties in absolute terms regardless of the ratio of ownership interests of our common shareholders and the noncontrolling interest in our Operating Partnership.

In our reconciliation of net (loss) income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders that is presented below, we make an adjustment to add back noncontrolling interest in income (loss) of our Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders.

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

We believe that it is important to identify the impact of certain significant items on our FFO measures for a reader to have a complete understanding of our results of operations. Therefore, we have also presented adjusted FFO measures excluding these significant items from the applicable periods. Please refer to the reconciliation of net (loss) income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders below for a description of these adjustments.

31

The reconciliation of net (loss) income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders for the three months ended March 31, 2024 and 2023 is as follows (in thousands):

	Three Months Ended March 31,
	2024			2023
Net (loss) income attributable to common shareholders	$	(209	)	$	1,979
Earnings allocable to unvested restricted stock		259			280
Depreciation and amortization expense of:
Consolidated properties		38,040			53,269
Unconsolidated affiliates		3,989			4,638
Non-real estate assets		(259	)		(148	)
Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries		(560	)		(665	)
Loss on impairment, net of taxes		619			—
Gain on depreciable property		(3,721	)		—
FFO allocable to Operating Partnership common unitholders		38,158			59,353
Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share (1)		11,795			16,616
Adjustment for unconsolidated affiliates with negative investment (2)		(2,568	)		1,591
Litigation settlement (3)		(68	)		(44	)
Non-cash default interest expense (4)		—			494
Gain on deconsolidation (5)		—			(28,151	)
FFO allocable to Operating Partnership common unitholders, as adjusted	$	47,317		$	49,859

(1)In conjunction with fresh start accounting upon emergence from bankruptcy on November 1, 2021, we recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable. The debt discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method.

(2)Represents our share of the earnings (losses) before depreciation and amortization expense of unconsolidated affiliates where we are not recognizing equity in earnings (losses) because our investment in the unconsolidated affiliate is below zero.

(3)Represents a credit to litigation settlement expense, in each respective period, related to claim amounts that were released pursuant to the terms of the settlement agreement related to the settlement of a class action lawsuit.

(4)The three months ended March 31, 2023 includes default interest on loans past their maturity dates.

(5)For the three months ended March 31, 2023, we deconsolidated Alamance Crossing East due to a loss of control when the property was placed into receivership in connection with the foreclosure process.

The decrease in FFO, as adjusted, for the three months ended March 31, 2024 was primarily driven by an unfavorable variance in the estimate for uncollectable revenues in the current-year period as compared to the prior-year period, as well as lower tenant reimbursements and percentage rents. The decrease was partially offset by lower real estate taxes related to reduced assessments and refunds received from successful appeals, lower janitorial and security costs and increased interest income on our U.S. Treasury securities.

32

ITEM 3: Quantitative and Qualitative Disclosures About Market Risk

We are exposed to various market risk exposures, including interest rate risk. The following discussion regarding our risk management activities includes forward-looking statements that involve risk and uncertainties. Estimates of future performance and economic conditions are reflected assuming certain changes in interest rates. Caution should be used in evaluating our overall market risk from the information presented below, as actual results may differ.

Interest Rate Risk

Based on our proportionate share of consolidated and unconsolidated variable-rate debt at March 31, 2024, a 0.5% increase or decrease in interest rates on variable-rate debt would increase or decrease annual interest expense by approximately $5.2 million.

Based on our proportionate share of total consolidated, unconsolidated and other debt at March 31, 2024, a 0.5% increase in interest rates would decrease the fair value of debt by approximately $11.0 million, while a 0.5% decrease in interest rates would increase the fair value of debt by approximately $11.3 million.

ITEM 4: Controls and Procedures

Disclosure Controls and Procedures

As of the end of the period covered by this quarterly report, an evaluation was performed under the supervision of our Chief Executive Officer and Chief Financial Officer and with the participation of our management, of the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Exchange Act Rule 13a-15. The Company's disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and to ensure that information we are required to disclose is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures were effective.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

33

PART II - OTHER INFORMATION

ITEM 1: Legal Proceedings

The information in this Item 1 is incorporated by reference herein from Note 11.

ITEM 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risks that could materially affect our business, financial condition or results of operations that are discussed under the caption “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to such risk factors since the filing of our Annual Report.

ITEM 2: Unregistered Sales of Equity Securities and Use of Proceeds

Period	Total Number of Shares Purchased			Average Price Paid Per Share			Total Number of Shares Purchased as Part of a Publicly Announced Plan (1)		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan
January 1–31, 2024		—		$	—			—	$	23,893,054
February 1–29, 2024		71,895	(2)		23.77	(3)		59,411		22,476,850
March 1–31, 2024		180,000			22.59			180,000		18,411,455
Total		251,895						239,411

(1)In August 2023, our board of directors authorized the repurchase of up to $25.0 million of our outstanding common stock beginning on August 10, 2023. This share repurchase program has an expiration date of August 10, 2024.

(2)Includes 12,484 shares surrendered to us by employees to satisfy federal and state income tax requirements related to vesting of shares of restricted stock.

(3)For the 12,484 shares surrendered to satisfy federal and state income tax requirements, $23.43 represented the average market value per share of the common stock on the vesting date, which was used to determine the number of shares required to be surrendered to satisfy income tax withholding requirements.

ITEM 3: Defaults Upon Senior Securities

Not applicable.

ITEM 4: Mine Safety Disclosures

Not applicable.

ITEM 5: Other Information

None.

34

ITEM 6: Exhibits

INDEX TO EXHIBITS

Exhibit Number	Description
10.1	CBL & Associates Properties, Inc. Named Executive Officer Annual Incentive Compensation Plan (AIP) (Fiscal Year 2024) (incorporated by reference to the Company's Current Report on Form 8-K, filed February 13, 2024).
10.2	CBL & Associates Properties, Inc. 2021 Equity Incentive Plan (incorporated by reference from the Company’s Current Report on Form 8-K filed on November 16, 2021).
10.3	2024 Long Term Incentive Plan under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan (incorporated by reference to the Company's Current Report on Form 8-K, filed February 13, 2024).
10.4	Form of 2024 LTIP Performance Stock Unit Award Agreement under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan (incorporated by reference to the Company's Current Report on Form 8-K, filed February 13, 2024).
10.5	Form of 2024 LTIP Stock Restriction Agreement under CBL & Associates Properties, Inc. 2021 Equity Incentive Plan (incorporated by reference to the Company's Current Report on Form 8-K, filed February 13, 2024).
31.1	Certification pursuant to Securities Exchange Act Rule 13a-14(a) by the Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Properties, Inc.
31.2	Certification pursuant to Securities Exchange Act Rule 13a-14(a) by the Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Properties, Inc.
32.1	Certification pursuant to Securities Exchange Act Rule 13a-14(b) by the Chief Executive Officer, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Properties, Inc.
32.2	Certification pursuant to Securities Exchange Act Rule 13a-14(b) by the Chief Financial Officer as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for CBL & Associates Properties, Inc.
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. (Filed herewith.)
101.SCH	Inline XBRL Taxonomy Extension Schema Document. (Filed herewith.)
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document. (Filed herewith.)
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document. (Filed herewith.)
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document. (Filed herewith.)
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document. (Filed herewith.)
104	Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*). (Filed herewith.)

35

SIGNATURES

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

	CBL & ASSOCIATES PROPERTIES, INC.
Date: May 10, 2024	/s/ Benjamin W. Jaenicke
	Benjamin W. Jaenicke
	Executive Vice President -
	Chief Financial Officer and Treasurer
	(Authorized Officer and Principal Financial Officer)

36

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Stephen D. Lebovitz, certify that:

(1)I have reviewed this quarterly report on Form 10-Q of CBL & Associates Properties, Inc.;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2024

/s/ Stephen D. Lebovitz

Stephen D. Lebovitz, Director and

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Benjamin W. Jaenicke, certify that:

(1)I have reviewed this quarterly report on Form 10-Q of CBL & Associates Properties, Inc.;

(2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 10, 2024

/s/ Benjamin W. Jaenicke

Benjamin W. Jaenicke, Executive Vice President -

Chief Financial Officer and Treasurer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CBL & Associates Properties, Inc. (the “Company”) on Form 10‑Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Stephen D. Lebovitz, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350 (as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002), that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Stephen D. Lebovitz

Stephen D. Lebovitz, Director and

Chief Executive Officer

May 10, 2024

Date

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CBL & Associates Properties, Inc. (the “Company”) on Form 10‑Q for the period ended March 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Benjamin W. Jaenicke, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350 (as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002), that:

(1)The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Benjamin W. Jaenicke

Benjamin W. Jaenicke, Executive Vice President -

Chief Financial Officer and Treasurer

May 10, 2024

Date

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Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Entity Central Index Key	0000910612
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-12494
Entity Registrant Name	CBL & ASSOCIATES PROPERTIES, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	62-1545718
Entity Address, Address Line One	2030 Hamilton Place Blvd.
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Chattanooga
Entity Address, State or Province	TN
Entity Address, Postal Zip Code	37421
City Area Code	423
Local Phone Number	855-0001
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	CBL
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		31,872,406

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Real estate assets:
Land	[1]	$ 582,949	$ 585,191
Buildings and improvements	[1]	1,218,746	1,216,054
Real estate assets	[1]	1,801,695	1,801,245
Accumulated depreciation	[1]	(247,387)	(228,034)
Real estate investment property, net, before developments in progress	[1]	1,554,308	1,573,211
Developments in progress	[1]	7,479	8,900
Net investment in real estate assets	[1]	1,561,787	1,582,111
Cash and cash equivalents	[1]	60,311	34,188
Restricted cash	[1]	66,946	88,888
Available-for-sale securities - at fair value (amortized cost of $235,072 and $261,869 as of March 31, 2024 and December 31,2023, respectively)	[1]	234,998	262,142
Receivables:
Tenant	[1]	37,588	43,436
Other	[1]	7,246	2,752
Investments in unconsolidated affiliates	[1]	77,818	76,458
In-place leases, net	[1]	142,683	157,639
Intangible lease assets and other assets	[1]	154,439	158,291
Total assets	[1]	2,343,816	2,405,905
LIABILITIES AND EQUITY
Mortgage and other indebtedness, net		1,860,294	1,888,803
Accounts payable and accrued liabilities		168,672	186,485
Total liabilities	[1]	2,028,966	2,075,288
Shareholders' equity:
Common stock, $.001 par value, 200,000,000 shares authorized, 32,033,939 and 31,975,645 issued and outstanding as as of March 31, 2024 and December 31, 2023, respectively (excluding 140,034 treasury shares as of March 31, 2024 and excluding 34 treasury shares as of December 31, 2023)		32	32
Additional paid-in capital		716,706	719,125
Accumulated other comprehensive income		726	610
Accumulated deficit		(393,266)	(380,446)
Total shareholders' equity		324,198	339,321
Noncontrolling interests		(9,348)	(8,704)
Total equity		314,850	330,617
Total liabilities, redeemable noncontrolling interests and equity		$ 2,343,816	$ 2,405,905

[1] As of March 31, 2024, includes $179,986 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $205,856 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 7.

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Available-for-sale securities, amortized cost		$ 235,072	$ 261,869
Common stock, par value (USD per share)		$ 0.001	$ 0.001
Common stock authorized (shares)		200,000,000	200,000,000
Common stock issued (shares)		32,033,939	31,975,645
Common stock outstanding (shares)		32,033,939	31,975,645
Common stock, treasury shares		140,034	34
Variable interest asset entities	[1]	$ 2,343,816	$ 2,405,905
Variable interest liability entities	[1]	2,028,966	$ 2,075,288
Variable Interest Entity Primary Beneficiary
Variable interest asset entities		179,986
Variable Interest Entity Primary Beneficiary | Nonrecourse
Variable interest liability entities		$ 205,856

[1] As of March 31, 2024, includes $179,986 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $205,856 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 7.

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Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
REVENUES:
Rental revenues		$ 124,027	$ 130,324
Management, development and leasing fees		1,905	2,434
Other		3,185	3,601
Total revenues	[1],[2]	129,117	136,359
EXPENSES:
Property operating		(23,827)	(24,614)
Depreciation and amortization		(38,040)	(53,269)
Real estate taxes		(9,269)	(14,788)
Maintenance and repairs		(9,938)	(11,524)
General and administrative		(20,414)	(19,229)
Loss on impairment		(836)
Litigation settlement		68	44
Other			(198)
Total expenses		(102,256)	(123,578)
OTHER INCOME (EXPENSES):
Interest and other income		4,004	2,665
Interest expense		(39,812)	(43,524)
Gain on deconsolidation			28,151
Gain on sales of real estate assets		3,721	1,596
Income tax benefit		158	101
Equity in earnings (losses) of unconsolidated affiliates		4,594	(1,256)
Total other expenses		(27,335)	(12,267)
Net (loss) income		(474)	514
Net loss (income) attributable to noncontrolling interests in:
Other consolidated subsidiaries		524	1,745
Net income attributable to the Company		50	2,259
Earnings allocable to unvested restricted stock		(259)	(280)
Net (loss) income attributable to common shareholders		$ (209)	$ 1,979
Basic and diluted per share data attributable to common shareholders:
Basic earnings per share		$ (0.01)	$ 0.06
Diluted earnings per share	[3]	$ (0.01)	$ 0.06
Weighted-average basic shares		31,546	31,304
Weighted-average diluted shares	[3]	31,546	31,369

[1] Management, development and leasing fees are included in All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments.

[2] Sales taxes are excluded from revenues.

[3] For the three months ended March 31, 2024, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,568,257, including 22,536 contingently issuable shares related to unvested restricted stock awards. For the three months ended March 31, 2023, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the two-class method. Additionally, for the three months ended March 31, 2023, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,378,419, including 9,625 contingently issuable shares related to unvested restricted stock awards.

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Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (474)	$ 514
Other comprehensive gain (loss):
Unrealized gain on interest rate swap	462
Unrealized (loss) gain on available-for-sale securities	(346)	530
Comprehensive (loss) income	(358)	1,044
Comprehensive loss attributable to noncontrolling interests in:
Other consolidated subsidiaries	524	1,745
Comprehensive income attributable to the Company	166	2,789
Earnings allocable to unvested restricted stock	(259)	(280)
Comprehensive (loss) income attributable to common shareholders	$ (93)	$ 2,509

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Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total Shareholders' Equity	Noncontrolling Interests
Beginning balance at Dec. 31, 2022	$ 367,129	$ 32	$ 710,497	$ (1,054)	$ (338,934)	$ 370,541	$ (3,412)
Net income (loss)	514				2,259	2,259	(1,745)
Other comprehensive income	530			530		530
Dividends declared - common stock	(12,024)				(12,024)	(12,024)
Issuance of share of common stock associated with performance stock units net of shares withheld for tax	(1,793)		(1,793)			(1,793)
Amortization of deferred compensation	1,843		1,843			1,843
Compensation expense related to performance stock units	1,409		1,409			1,409
Distributions to noncontrolling interests	(3)						(3)
Ending balance at Mar. 31, 2023	357,605	32	711,956	(524)	(348,699)	362,765	(5,160)
Beginning balance at Dec. 31, 2023	330,617	32	719,125	610	(380,446)	339,321	(8,704)
Net income (loss)	(474)				50	50	(524)
Other comprehensive income	116			116		116
Dividends declared - common stock	(12,870)				(12,870)	(12,870)
Issuance of share of common stock associated with performance stock units net of shares withheld for tax	(769)		(769)			(769)
Amortization of deferred compensation	2,012		2,012			2,012
Compensation expense related to performance stock units	1,667		1,667			1,667
Distributions to noncontrolling interests	(133)						(133)
Cancellation of shares of restricted common stock	(292)		(292)			(292)
Repurchases of common stock	(5,037)		(5,037)			(5,037)
Contributions from noncontrolling interests	13						13
Ending balance at Mar. 31, 2024	$ 314,850	$ 32	$ 716,706	$ 726	$ (393,266)	$ 324,198	$ (9,348)

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Condensed Consolidated Statements of Equity (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Issuance of restricted common stock (shares)	145,352	152,905
Issuance of common stock associated with performance stock units net of shares withheld for tax (shares)	164,837	133,221
Cancellation of restricted common stock (shares)	12,484
Repurchases of common stock (shares)	239,411

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (474)		$ 514
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	38,040		53,269
Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts	2,459		7,852
Net amortization of intangible lease assets and liabilities	3,449		5,337
Gain on sales of real estate assets	(3,721)		(1,596)
Gain on deconsolidation			(28,151)
Write-off of development projects			17
Share-based compensation expense	3,679		3,252
Loss on impairment	836
Equity in (earnings) losses of unconsolidated affiliates	(4,594)		1,256
Distributions of earnings from unconsolidated affiliates	3,692		3,335
Change in estimate of uncollectable revenues	1,522		(138)
Change in deferred tax accounts	1,331		225
Changes in:
Tenant and other receivables	(356)		7,934
Other assets	(4,295)		(2,667)
Accounts payable and accrued liabilities	(10,830)		(17,264)
Net cash provided by operating activities	30,738		33,175
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to real estate assets	(6,846)		(6,729)
Proceeds from sales of real estate assets	6,746		4,622
Purchases of available-for-sale securities	(48,600)		(15,004)
Redemptions of available-for-sale securities	76,445		50,850
Additional investments in and advances to unconsolidated affiliates	(859)		(4,682)
Distributions in excess of equity in earnings of unconsolidated affiliates	494		1,504
Changes in other assets	(576)		(689)
Net cash provided by investing activities	26,804		29,872
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on mortgage and other indebtedness	(34,272)		(26,155)
Repurchases of common stock	(5,037)
Contributions from noncontrolling interests	13
Payment of tax withholdings for restricted stock awards and performance stock units	(1,062)		(1,793)
Distributions to noncontrolling interests	(133)		(3)
Dividends paid to common shareholders	(12,870)		(82,058)
Net cash used in financing activities	(53,361)		(110,009)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	4,181		(46,962)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	123,076		141,949
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	127,257		94,987
Reconciliation from consolidated statements of cash flows to consolidated balance sheets:
Cash and cash equivalents	60,311	[1]	22,555
Restricted cash:
Restricted cash	26,968		35,006
Mortgage escrows	39,978		37,426
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	127,257		94,987
SUPPLEMENTAL INFORMATION
Cash paid for interest, net of amounts capitalized	$ 34,357		$ 32,762

[1] As of March 31, 2024, includes $179,986 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $205,856 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 7.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 50	$ 2,259

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

Note 1 – Organization and Basis of Presentation

CBL & Associates Properties, Inc. (“CBL”), a Delaware corporation, is a self-managed, self-administered, fully integrated real estate investment trust (“REIT”) that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, outlet centers, lifestyle centers, open-air centers, office buildings and other properties, including single-tenant and multi-tenant parcels. Its properties are located in 22 states, but are primarily in the southeastern and midwestern United States.

CBL conducts substantially all its business through CBL & Associates Limited Partnership (the “Operating Partnership”), which is a variable interest entity ("VIE"). The Operating Partnership consolidates the financial statements of all entities in which it has a controlling financial interest or where it is the primary beneficiary of a VIE.

As of March 31, 2024, the Operating Partnership owned interests in the following properties:

	Malls (1)		Outlet Centers (1)		Lifestyle Centers (1)(2)		Open-Air Centers (3)		Other (3)(4)		Total
Consolidated Properties		40		2		4		21		4		71
Unconsolidated Properties (5)		7		3		1		8		1		20
Total		47		5		5		29		5		91

(1)The Company has aggregated malls, outlet centers and lifestyle centers into one reportable segment (the "Malls") because they have similar economic characteristics and they provide similar products and services to similar types of, and in many cases, the same tenants.

(2)Alamance Crossing is made up of Alamance Crossing East and Alamance Crossing West. Alamance Crossing East was deconsolidated and placed into receivership in connection with the foreclosure process. Alamance Crossing West remains consolidated. The Company views Alamance Crossing as one property and therefore only Alamance Crossing West is reflected in the total count.

(3)Included in “All Other” for purposes of segment reporting.

(4)CBL's two consolidated corporate office buildings are included in the Other category.

(5)The Operating Partnership accounts for these investments using the equity method.

CBL is the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. As of March 31, 2024, CBL Holdings I, Inc., the sole general partner of the Operating Partnership, owned a 1.00% general partner interest in the Operating Partnership and CBL Holdings II, Inc. owned a 98.98% limited partner interest for a combined interest held by CBL of 99.98%. As of March 31, 2024, third parties owned a 0.02% limited partner interest in the Operating Partnership.

As used herein, the term "Company" includes CBL & Associates Properties, Inc. and its subsidiaries, including CBL & Associates Limited Partnership and its subsidiaries, unless the context indicates otherwise. The term "Operating Partnership" refers to CBL & Associates Limited Partnership and its subsidiaries.

The Operating Partnership conducts the Company's property management and development activities through its wholly owned subsidiary, CBL & Associates Management, Inc. (the “Management Company"), to comply with certain requirements of the Internal Revenue Code.

The accompanying condensed consolidated financial statements are unaudited; however, they have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. All intercompany transactions have been eliminated. The results for the interim period ended March 31, 2024 are not necessarily indicative of the results to be obtained for the full fiscal year.

Reclassifications

The Company reclassified above market leases, net, of $118,673 and below market leases, net, of $80,408 from individual line items to intangible lease assets and other assets and accounts payable and accrued liabilities, respectively, on the condensed consolidated balance sheets at December 31, 2023 to conform with the current period presentation.

For the three months ended March 31, 2023, the Company reclassified payments received on mortgage and other notes receivable of $21 from an individual line item on the condensed consolidated statement of cash flows to changes in other assets from investing activities on the condensed consolidated statement of cash flows to conform with the current period presentation.

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Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 – Summary of Significant Accounting Policies

Accounting Guidance Adopted

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform, which provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. Additional optional expedients, exceptions and clarifications were created in ASU 2021-01. The guidance is effective upon issuance and generally can be applied to any contract modifications or existing and new hedging relationships through December 31, 2024. The Company elected the expedients in conjunction with transitioning certain debt instruments to alternative benchmark indexes. Since adoption, there has been no impact on our condensed consolidated financial statements through the use of the expedient.

Accounting Guidance Not Yet Adopted

On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting, which amends the existing standard's disclosure requirements. Among other things, ASU 2023-07 will require companies to disclose significant segment expenses by reportable segment if they are regularly provided to the Chief Operating Decision Maker ("CODM") and disclosures of the CODM's title and position, as well as details of how the CODM uses the reported measures. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. The adoption of ASU 2023-07 is not expected to have a material impact on the Company's financial statements.

Accounts Receivable

Receivables include amounts billed and currently due from tenants pursuant to lease agreements and receivables attributable to straight-line rents associated with those lease agreements. Individual leases where the collection of rents is in dispute are assessed for collectability based on management’s best estimate of collection considering the anticipated outcome of the dispute. Individual leases that are not in dispute are assessed for collectability and upon the determination that the collection of rents over the remaining lease term is not probable, accounts receivable are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, management assesses whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. An allowance for the uncollectable portion of the portfolio is recorded as an adjustment to rental revenues.

Management’s collection assessment took into consideration the type of retailer, billing disputes, lease negotiation status and executed deferral or abatement agreements, as well as recent rent collection experience and tenant bankruptcies based on the best information available to management at the time of evaluation.

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Revenues

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenues

Note 3 – Revenues

Revenues

The following table presents the Company's revenues disaggregated by revenue source for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
Rental revenues	$	124,027	$	130,324
Revenues from contracts with customers:
Operating expense reimbursements		2,260		2,216
Management, development and leasing fees (1)		1,905		2,434
Marketing revenues (2)		404		645
		4,569		5,295
Other revenues		521		740
Total revenues (3)	$	129,117	$	136,359

(1)Included in All Other segment.

(2)Marketing revenues solely relate to the Malls segment for all periods presented.

(3)Sales taxes are excluded from revenues.

See Note 9 for information on the Company's segments.

Revenues from Contracts with Customers

Outstanding Performance Obligations

The Company has outstanding performance obligations related to certain noncancelable contracts with customers for which it will receive fixed operating expense reimbursements for providing certain maintenance and other services as described above. As of March 31, 2024, the Company expects to recognize these amounts as revenue over the following periods:

Performance obligation	Less than 5 years		5-20 years		Over 20 years		Total
Fixed operating expense reimbursements	$	19,320	$	44,001	$	40,721	$	104,042

The Company evaluates its performance obligations each period and makes adjustments to reflect any known additions or cancellations. Performance obligations related to variable consideration, which is based on sales, are constrained.

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Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Note 4 – Leases

The components of rental revenues for the three months ended March 31, 2024 and 2023 are as follows:

	Three Months Ended March 31,
	2024		2023
Fixed lease payments	$	98,304	$	98,981
Variable lease payments		25,723		31,343
Total rental revenues	$	124,027	$	130,324

The undiscounted future fixed lease payments to be received under the Company's operating leases as of March 31, 2024, are as follows:

Years Ending December 31,	Operating Leases
2024 (1)	$	292,113
2025		319,843
2026		244,269
2027		183,412
2028		131,356
2029		84,780
Thereafter		211,472
Total undiscounted lease payments	$	1,467,245

(1)Reflects rental payments for the period April 1, 2024 to December 31, 2024.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 5 – Fair Value Measurements

The Company has categorized its financial assets and financial liabilities that are recorded at fair value into a hierarchy in accordance with Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosure, ("ASC 820") based on whether the inputs to valuation techniques are observable or unobservable. The fair value hierarchy contains three levels of inputs that may be used to measure fair value as follows:

Level 1 –	Inputs represent quoted prices in active markets for identical assets and liabilities as of the measurement date.
Level 2 –	Inputs, other than those included in Level 1, represent observable measurements for similar instruments in active markets, or identical or similar instruments in markets that are not active, and observable measurements or market data for instruments with substantially the full term of the asset or liability.
Level 3 –	Inputs represent unobservable measurements, supported by little, if any, market activity, and require considerable assumptions that are significant to the fair value of the asset or liability. Market valuations must often be determined using discounted cash flow methodologies, pricing models or similar techniques based on the Company’s assumptions and best judgment.

The asset or liability's fair value within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Under ASC 820, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction at the measurement date and under current market conditions. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs and consider assumptions such as inherent risk, transfer restrictions and risk of nonperformance.

The carrying values of cash and cash equivalents, receivables, accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short-term nature of these financial instruments. The estimated fair value of mortgage and other indebtedness was $1,754,060 and $1,806,486 as of March 31, 2024 and December 31, 2023, respectively. The fair value of mortgage and other indebtedness was calculated using Level 2 inputs by discounting future cash flows for mortgage and other indebtedness using estimated market rates at which similar loans would be made currently.

Fair Value Measurements on a Recurring Basis

The following table sets forth information regarding the Company's interest rate swap that was designated as a cash flow hedge of interest rate risk for the three months ended March 31, 2024. See Note 8 for more information.

			Fair Value Measurements at Reporting Date Using
Asset	Fair Value at March 31, 2024		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest rate swap	$	799	$	—	$	799	$	—

During the three months ended March 31, 2024, the Company has continued to reinvest the cash from maturing U.S. Treasury securities into new U.S. Treasury securities. The Company designated the U.S. Treasury securities as available-for-sale (“AFS”). The table below sets forth information regarding the Company’s AFS securities that were measured at fair value for the three months ended March 31, 2024 and for the year ended December 31, 2023:

U.S. Treasury securities	March 31, 2024			December 31, 2023
Amortized cost (1)	$	235,072		$	261,869
Allowance for credit losses (2)		—			—
Total unrealized (loss) gain		(74	)		273
Fair value (3)	$	234,998		$	262,142

(1)The U.S. Treasury securities held as of March 31, 2024 have maturities through September 2024.

(2)U.S. Treasury securities have a long history with no credit losses. Additionally, the Company notes that U.S. Treasury securities are explicitly fully guaranteed by a sovereign entity that can print its own currency and that the sovereign entity’s currency is routinely held by central banks and other major financial institutions, is used in international commerce, and commonly viewed as a reserve currency, all of which qualitatively indicate that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Therefore, the Company did not record expected credit losses for its U.S. Treasury securities for the three months ended March 31, 2024, nor for the year ended December 31, 2023.

(3)Fair value was calculated using Level 1 inputs.

Fair Value Measurements on a Nonrecurring Basis

The Company measures the fair value of certain long-lived assets on a nonrecurring basis, through quarterly impairment testing or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company’s evaluation of the recoverability of long-lived assets involves the comparison of undiscounted future cash flows expected to be generated by each property over the Company’s expected remaining holding period to the respective carrying amount. The determination of whether the carrying value is recoverable also requires management to make estimates related to probability weighted scenarios impacting undiscounted cash flow models. The Company considers both quantitative and qualitative factors in its impairment analysis of long-lived assets. Significant quantitative factors include historical and forecasted information for each property such as net operating income, occupancy statistics and sales levels. Significant qualitative factors used include market conditions, age and condition of the property and tenant mix. The quantitative and qualitative factors impact the selection of the terminal capitalization rate which is used in both an undiscounted and discounted cash flow model and the discount rate used in a discounted cash flow model. Due to the significant unobservable estimates and assumptions used in the valuation of long-lived assets that experience impairment, the Company classifies such long-lived assets under Level 3 in the fair value hierarchy. Level 3 inputs primarily consist of sales and market data, independent valuations and discounted cash flow models.

Long-lived Assets Measured at Fair Value in 2024

During the three months ended March 31, 2024, the Company sold an outparcel for less than its carrying value and recorded impairment of $836.

Long-lived Assets Measured at Fair Value in 2023

During the three months ended March 31, 2023, the Company recognized gain on deconsolidation of $28,151 when it adjusted the negative equity in Alamance Crossing East to zero upon deconsolidation, which represents the estimated fair value of the Company's investment in that property. See Note 7 for more information.

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Dispositions and Held for Sale

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Dispositions and Held for Sale

Note 6 – Dispositions and Held for Sale

Dispositions

Based on its analysis, the Company determined that the dispositions described below do not meet the criteria for classification as discontinued operations and are not considered to be significant disposals based on its quantitative and qualitative evaluation. Thus, the results of operations of the properties described below, as well as any related gains or losses, are included in net income (loss) for all periods presented, as applicable.

2024 Dispositions

During the three months ended March 31, 2024, the Company realized a gain of $3,721 related to the sale of an anchor parcel and gross proceeds from sales of real estate assets was $7,745. The Company recorded a loss on impairment related to an outparcel that was sold. See Note 5 for more information.

2023 Dispositions

During the three months ended March 31, 2023, the Company realized a gain of $1,596, primarily related to the sale of four land parcels. Gross proceeds from sales of real estate assets were $4,949 for the three months ended March 31, 2023.

Held for Sale

As of March 31, 2024 and 2023, there were no properties that met the criteria to be classified as held for sale.

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Unconsolidated Affiliates and Noncontrolling Interests

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Unconsolidated Affiliates and Noncontrolling Interests

Note 7 – Unconsolidated Affiliates and Noncontrolling Interests

Unconsolidated Affiliates

Although the Company had majority ownership of certain joint ventures during 2024 and 2023, it evaluated the investments and concluded that the other partners or owners in these joint ventures had substantive participating rights, such as approvals of:

•the pro forma for the development and construction of the project and any material deviations or modifications thereto;

•the site plan and any material deviations or modifications thereto;

•the conceptual design of the project and the initial plans and specifications for the project and any material deviations or modifications thereto;

•any acquisition/construction loans or any permanent financings/refinancings;

•the annual operating budgets and any material deviations or modifications thereto;

•the initial leasing plan and leasing parameters and any material deviations or modifications thereto; and

•any material acquisitions or dispositions with respect to the project.

As a result of the joint control over these joint ventures, the Company accounts for these investments using the equity method of accounting.

At March 31, 2024, the Company had investments in 26 entities, which are accounted for using the equity method of accounting. The Company's ownership interest in these unconsolidated affiliates ranges from 33% to 100%. Of these entities, 17 are owned in 50/50 joint ventures.

2023 Activity - Unconsolidated Affiliates

Alamance Crossing CMBS, LLC

In February 2023, the Company deconsolidated Alamance Crossing East as a result of the Company losing control when the property was placed in receivership. As of March 31, 2024, the loan secured by Alamance Crossing East had an outstanding balance of $41,122. See Note 5 for more information.

Condensed Combined Financial Statements - Unconsolidated Affiliates

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

	March 31, 2024			December 31, 2023
ASSETS:
Investment in real estate assets	$	2,013,008		$	2,010,269
Accumulated depreciation		(901,569	)		(886,712	)
		1,111,439			1,123,557
Developments in progress		19,305			17,261
Net investment in real estate assets		1,130,744			1,140,818
Other assets		198,788			200,289
Total assets	$	1,329,532		$	1,341,107
LIABILITIES:
Mortgage and other indebtedness, net	$	1,359,302		$	1,368,031
Other liabilities		42,477			45,577
Total liabilities		1,401,779			1,413,608
OWNERS' EQUITY (DEFICIT):
The Company		12,083			12,290
Other investors		(84,330	)		(84,791	)
Total owners' deficit		(72,247	)		(72,501	)
Total liabilities and owners’ deficit	$	1,329,532		$	1,341,107

	Three Months Ended March 31,
	2024		2023
Total revenues	$	63,997	$	60,533
Net income (1)	$	6,264	$	9,181

(1)The Company's pro rata share of net income (loss) was $4,594 and $(1,256) for the three months ended March 31, 2024 and 2023, respectively.

Variable Interest Entities

The Operating Partnership and certain of its subsidiaries are VIEs primarily because the limited partners of these entities do not collectively possess substantive kick-out or participating rights.

The Company consolidates the Operating Partnership because it is the primary beneficiary. The Company, through the Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether the Company is the primary beneficiary of a VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Company's investment; the obligation or likelihood for the Company or other investors to provide financial support; and the similarity with and significance to the Company's business activities and the business activities of the other investors.

Consolidated VIEs

As of March 31, 2024, the Company had investments in 10 consolidated VIEs with ownership interests ranging from 50% to 92%.

Unconsolidated VIEs

The table below lists the Company's unconsolidated VIEs as of March 31, 2024:

Unconsolidated VIEs:	Investment in Real Estate Joint Ventures and Partnerships		Maximum Risk of Loss
Alamance Crossing CMBS, LLC (1)	$	—	$	—
Ambassador Infrastructure, LLC (2)		—		4,361
Atlanta Outlet JV, LLC		—		—
BI Development, LLC		47		47
BI Development II, LLC		307		307
CBL-T/C, LLC		—		—
CBL-TRS Med OFC Holding, LLC (3)		1,264		2,712
El Paso Outlet Center Holding, LLC		—		—
Fremaux Town Center JV, LLC		—		—
Louisville Outlet Shoppes, LLC		—		—
Mall of South Carolina L.P.		—		—
Vision - CBL Hamilton Place, LLC		2,007		2,007
Vision - CBL Mayfaire TC Hotel, LLC		3,987		3,987
Westgate Mall CMBS, LLC (1)		—		—
	$	7,612	$	13,421

(1)During the year ended December 31, 2023, the property was placed into receivership.

(2)The Operating Partnership has guaranteed all or a portion of the debt. See Note 11 for more information.

(3)The Operating Partnership has guaranteed the construction debt of CBL DMC I, LLC, the joint venture in which CBL-TRS Med OFC Holding, LLC owns a 50% interest. See Note 11 for more information.

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Mortgage and Other Indebtedness, Net

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Mortgage and Other Indebtedness, Net

Note 8 – Mortgage and Other Indebtedness, Net

CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries that it has a direct or indirect ownership interest in are the borrowers on all the Company's debt. At March 31, 2024, all the Company's consolidated debt is non-recourse.

The Company’s mortgage and other indebtedness, net, consisted of the following:

	March 31, 2024						December 31, 2023
	Amount			Weighted- Average Interest Rate (1)			Amount			Weighted- Average Interest Rate (1)
Fixed-rate debt:
Open-air centers and outparcels loan (2)	$	179,180			6.95	%	$	179,180			6.95	%
Loans on operating properties		727,258			5.30	%		736,573			5.30	%
Total fixed-rate debt		906,438			5.63	%		915,753			5.63	%
Variable-rate debt:
Secured term loan		790,595			8.19	%		799,914			8.21	%
Open-air centers and outparcels loan (2)		179,180			9.43	%		179,180			9.44	%
Loans on operating properties		33,480			8.83	%		33,780			8.84	%
Recourse loan on an operating property		—			—			15,339			8.24	%
Total variable-rate debt		1,003,255			8.43	%		1,028,213			8.44	%
Total fixed-rate and variable-rate debt		1,909,693			7.10	%		1,943,966			7.12	%
Unamortized deferred financing costs		(12,086	)					(13,221	)
Debt discounts (3)		(37,313	)					(41,942	)
Total mortgage and other indebtedness, net	$	1,860,294					$	1,888,803

(1)Weighted-average interest rate excludes amortization of deferred financing costs.

(2)The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%.

(3)In conjunction with fresh start accounting upon emergence from bankruptcy on November 1, 2021, the Company estimated the fair value of its mortgage notes with the assistance of a third-party valuation advisor. This resulted in recognizing debt discounts upon emerging from bankruptcy. The debt discounts are accreted over the term of the respective debt using the effective interest method. The remaining debt discounts at March 31, 2024 will be accreted over a weighted average period of 2.1 years.

Non-recourse loans on operating properties, the open-air centers and outparcels loan and the secured term loan include loans that are secured by properties owned by the Company that have a carrying value of $1,395,879 at March 31, 2024.

2024 Loan Activity

In February 2024, the Company redeemed U.S. Treasury securities and used the proceeds to pay off the $15,190 loan secured by Brookfield Square Anchor Redevelopment.

Scheduled Principal Payments

As of March 31, 2024, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, are as follows:

2024 (1)	$	148,615
2025		933,068
2026		405,900
2027		359,255
2028		950
2029		1,007
Thereafter		60,898
Total mortgage and other indebtedness	$	1,909,693

(1)Reflects scheduled principal amortization and balloon payments for the period April 1, 2024 through December 31, 2024.

Of the $148,615 of scheduled principal payments for the remainder of 2024, $117,181 relates to the maturing principal balance of the loan secured by Fayette Mall. Subsequent to March 31, 2024, the Company exercised the first one-year extension option on the loan secured by Fayette Mall. See Note 14.

Interest Rate Hedge Instruments

The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that its counterparty will fail to meet their obligation.

The Company records its derivative instruments in its condensed consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the derivative has been designated as a hedge and, if so, whether the hedge has met the criteria necessary to apply hedge accounting.

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt.

Instrument Type	Location in the Condensed Consolidated Balance Sheet	Notional		Index	Fair Value at March 31, 2024		Maturity Date
Pay fixed/Receive variable swap	Intangible lease assets and other assets	$	32,000	1-month USD-SOFR CME	$	799	Jun-27

	Gain Recognized in Other Comprehensive (Loss) Income					Gain Recognized in Earnings
	Three Months Ended March 31,					Three Months Ended March 31,
Hedging Instrument	2024		2023		Location of Gain Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings	2024		2023
Interest rate swap	$	462	$	—	Interest Expense	$	163	$	—

Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that $503 will be reclassified from other comprehensive income (loss) as a decrease to interest expense.

The Company has an agreement with each derivative counterparty that contains a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

As of March 31, 2024, the Company did not have any derivatives with a fair value in a net liability position including accrued interest but excluding any adjustment for nonperformance risk. As of March 31, 2024, the Company has posted $1,920 of cash collateral related to the interest rate swap. The Company is not in breach of any agreement provisions.

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Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

Note 9 – Segment Information

The Company measures performance and allocates resources according to property type, which is determined based on certain criteria such as type of tenants, capital requirements, economic risks, leasing terms, and short and long-term returns on capital. Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments.

Information on the Company’s segments is as follows:

Three Months Ended March 31, 2024	Malls (1)			All Other (2)			Total
Revenues (3)	$	109,576		$	19,541		$	129,117
Property operating expenses (4)		(39,615	)		(3,419	)		(43,034	)
Interest expense		(15,737	)		(24,075	)		(39,812	)
Gain on sales of real estate assets		—			3,721			3,721
Segment profit (loss)	$	54,224		$	(4,232	)		49,992
Depreciation and amortization								(38,040	)
General and administrative expense								(20,414	)
Litigation settlement								68
Interest and other income								4,004
Loss on impairment								(836	)
Income tax benefit								158
Equity in earnings of unconsolidated affiliates								4,594
Net loss							$	(474	)
Capital expenditures (5)	$	4,495		$	1,572		$	6,067
Three Months Ended March 31, 2023	Malls (1)			All Other (2)			Total
Revenues (3)	$	115,883		$	20,476		$	136,359
Property operating expenses (4)		(46,871	)		(4,055	)		(50,926	)
Interest expense		(20,483	)		(23,041	)		(43,524	)
Gain on sales of real estate assets		—			1,596			1,596
Other expense		—			(198	)		(198	)
Segment profit (loss)	$	48,529		$	(5,222	)		43,307
Depreciation and amortization								(53,269	)
General and administrative expense								(19,229	)
Litigation settlement								44
Interest and other income								2,665
Gain on deconsolidation								28,151
Income tax benefit								101
Equity in losses of unconsolidated affiliates								(1,256	)
Net income							$	514
Capital expenditures (5)		4,433			3,102			7,535

Total assets	Malls (1)		All Other (2)		Total
March 31, 2024	$	1,511,635	$	832,181	$	2,343,816
December 31, 2023	$	1,546,610	$	859,295	$	2,405,905

(1)The Malls category includes malls, lifestyle centers and outlet centers.

(2)The All Other category includes open-air centers, outparcels, office buildings, corporate-level debt and the Management Company.

(3)Management, development and leasing fees are included in All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments.

(4)Property operating expenses include property operating, real estate taxes and maintenance and repairs.

(5)Includes additions to and acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category.

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Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 10 – Earnings Per Share

Earnings per share ("EPS") is calculated under the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. The Company grants restricted stock awards to certain employees under its share-based compensation program, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested restricted stock awards meet the definition of participating securities based on their respective rights to receive nonforfeitable dividends.

Diluted EPS incorporates the potential impact of contingently issuable shares. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. Performance stock units ("PSUs") and unvested restricted stock awards are contingently issuable common shares and are included in diluted EPS if the effect is dilutive.

The following table presents the calculation of basic and diluted EPS (in thousands, except per share amounts):

	Three Months Ended March 31,
	2024			2023
Basic earnings per share
Net income attributable to the Company	$	50		$	2,259
Less: Earnings allocable to unvested restricted stock		(259	)		(280	)
Net (loss) income attributable to common shareholders		(209	)		1,979
Weighted-average basic shares outstanding		31,546			31,304
Net (loss) income per share attributable to common shareholders	$	(0.01	)	$	0.06
Diluted earnings per share (1)
Net (loss) income attributable to common shareholders	$	(209	)	$	1,979
Weighted-average diluted shares outstanding		31,546			31,369
Net (loss) income per share attributable to common shareholders	$	(0.01	)	$	0.06

(1)For the three months ended March 31, 2024, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,568,257, including 22,536 contingently issuable shares related to unvested restricted stock awards. For the three months ended March 31, 2023, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the two-class method. Additionally, for the three months ended March 31, 2023, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,378,419, including 9,625 contingently issuable shares related to unvested restricted stock awards.

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Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Contingencies

Note 11 – Contingencies

The Company is currently involved in litigation that arises in the ordinary course of business, most of which is expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of the Company.

Environmental Contingencies

The Company evaluates potential loss contingencies related to environmental matters using the same criteria described above related to litigation matters. Based on current information, an unfavorable outcome concerning such environmental matters, both individually and in the aggregate, is considered to be reasonably possible. However, the Company believes its maximum potential exposure to loss would not be material to its results of operations or financial condition. The Company has a master insurance policy that provides coverage through 2027 for certain environmental claims up to $40,000 per occurrence and up to $40,000 in the aggregate, subject to deductibles and certain exclusions. At certain locations, individual policies are in place.

Guarantees

The Operating Partnership may guarantee the debt of a joint venture primarily because it allows the joint venture to obtain funding at a lower cost than could be obtained otherwise. This results in a higher return for the joint venture on its investment, and a higher return on the Operating Partnership's investment in the joint venture. The Operating Partnership may receive a fee from the joint venture for providing the guaranty. Additionally, when the Operating Partnership issues a guaranty, the terms of the joint venture agreement typically provide that the Operating Partnership may receive indemnification from the joint venture partner or have the ability to increase its ownership interest. The guarantees expire upon repayment of the debt, unless noted otherwise.

The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023:

	As of March 31, 2024								Obligation recorded to reflect guaranty
Unconsolidated Affiliate	Company's Ownership Interest	Outstanding Balance		Percentage Guaranteed by the Operating Partnership	Maximum Guaranteed Amount		Debt Maturity Date (1)		March 31, 2024		December 31, 2023
West Melbourne I, LLC - Phase I	50%	$	34,909	50%	$	17,455	Feb-2025	(2)	$	175	$	177
West Melbourne I, LLC - Phase II	50%		10,909	50%		5,455	Feb-2025	(2)		55		56
Port Orange I, LLC	50%		46,523	50%		23,261	Feb-2025	(2)		233		236
Ambassador Infrastructure, LLC	65%		4,361	100%		4,361	Mar-2025			57		57
CBL-TRS Med OFC Holding, LLC (3)	50%		1,448	100%		3,895	Jun-2030			19		19
Total guaranty liability									$	539	$	545

(1)Excludes any extension options.

(2)These loans have a one-year extension option at the joint venture’s election.

(3)The Operating Partnership has guaranteed the construction debt of CBL DMC I, LLC, a joint venture in which CBL-TRS Med OFC Holding, LLC owns a 50% interest.

For the three months ended March 31, 2024 and 2023, the Company evaluated each guaranty, listed in the table above, by evaluating the debt service ratio, cash flow forecasts and the performance of each loan, where applicable. The result of the analysis was that each loan is current and performing. The Company did not record a credit loss related to the guarantees listed in the table above for the three months ended March 31, 2024 and 2023.

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Share-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Compensation

Note 12 – Share-Based Compensation

Restricted Stock Awards

Compensation expense is recognized on a straight-line basis over the requisite service period. The share-based compensation expense related to restricted stock awards granted under the CBL & Associates Properties, Inc. 2021 Equity Incentive Plan ("EIP") was $1,988 and $1,843 for the three months ended March 31, 2024 and 2023, respectively. Share-based compensation cost capitalized as part of real estate assets was $24 for the three months ended March 31, 2024. As of March 31, 2024, there was $14,962 of total unrecognized compensation cost related to unvested restricted stock awards, which is expected to be recognized over a weighted-average period of 2.0 years. Share-based compensation cost resulting from share-based awards is recorded at the Management Company, which is a taxable entity.

A summary of the status of the Company’s nonvested restricted stock awards as of March 31, 2024, and changes during the three months ended March 31, 2024, are presented below:

	Shares			Weighted- Average Grant-Date Fair Value Per Share
Nonvested at January 1, 2024		590,953		$	27.02
Granted		145,352		$	23.38
Vested		(88,094	)	$	26.24
Nonvested at March 31, 2024		648,211		$	26.31

The total grant-date fair value of restricted stock awards granted during the three months ended March 31, 2024 was $3,398. The total fair value of restricted stock awards that vested during the three months ended March 31, 2024 was $2,096.

Performance Stock Unit Awards

Compensation cost for the PSUs granted in February 2023 is recognized on a straight-line basis over the service period since it is longer than the performance period. The resulting expense is recorded regardless of whether any PSU awards are earned as long as the required service period is met. For the PSUs granted in February 2022, each quarter, management assesses the probability that the measures associated with the Company's outstanding PSU awards will be attained. The Company begins recognizing compensation expense on a straight-line basis over the remaining service period once the PSU award measures are deemed probable of achievement. Share-based compensation expense related to the PSUs granted under the EIP was $1,667 and $1,409 for the three months ended March 31, 2024 and 2023, respectively. The unrecognized compensation expense related to the PSUs was $15,257 as of March 31, 2024, which is expected to be recognized over a weighted-average period of 2.5 years assuming all PSUs are earned.

A summary of the status of the Company’s outstanding PSU awards as of March 31, 2024, and changes during the three months ended March 31, 2024, are presented below:

	PSUs		Weighted- Average Grant-Date Fair Value Per Share
Outstanding at January 1, 2024		563,581	$	28.65
2024 PSUs granted		169,420	$	24.30
Incremental PSUs granted (1)		13,331	$	22.00
Outstanding at March 31, 2024		746,332	$	27.55

(1)PSUs granted shall be adjusted as if the shares of common stock represented by such PSUs had received any applicable stock or cash dividends declared. As for stock dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that would have been payable per such stock dividend on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs. As to cash dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that could have been acquired by the cash dividend payable on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs, and the calculation of the number of shares of common stock that could have been acquired shall be based on the closing price of the common stock on the record date for the cash dividend at issue.

The total grant-date fair value of PSU awards granted during the three months ended March 31, 2024 was $4,117.

The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the PSUs granted in 2024:

	2024 PSUs
Grant date	February 7, 2024
Fair value per share on valuation date (1)	$	24.30
Risk-free interest rate (2)		4.19	%
Expected share price volatility (3)		40.00	%

(1)The value of the 2024 PSU awards is estimated on the date of grant using a Monte Carlo simulation model. The valuation consists of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. The weighted-average fair value per share related to the 2024 PSUs consists of 50,825 PSUs at a fair value of $29.38 per share (which relates to the relative TSR) and 118,595 PSUs at a fair value of $22.12 per share (which relates to absolute TSR).

(2)The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date, which is the grant date listed above.

(3)The computation of expected volatility for the 2024 PSUs was based on the historical volatility of CBL's shares of common stock for a trading period equal to the time from the grant date to the end of the performance period. Since the performance period exceeds CBL's trading history, volatility indications of comparable public companies were also considered.

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Noncash Investing and Financing Activities

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Information [Abstract]

Noncash Investing and Financing Activities

Note 13 – Noncash Investing and Financing Activities

The Company’s noncash investing and financing activities were as follows:

	Three Months Ended March 31,
	2024		2023
Additions to real estate assets accrued but not yet paid	$	8,062	$	9,632
Deconsolidation upon loss of control (1):
Decrease in real estate assets		—		(9,015	)
Decrease in mortgage and other indebtedness		—		37,693
Decrease in operating assets and liabilities		—		3,352
Decrease in intangible lease and other assets		—		(3,879	)

(1)See Note 5 for more information.

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Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 14 – Subsequent Events

In April 2024, the Company repurchased 161,533 shares of common stock at a total cost of $3,626, which includes $6 in commissions, under the share repurchase program.

In April 2024, the Company redeemed $26,011 in U.S. Treasury securities and purchased $26,010 in new U.S. Treasury securities with maturities through April 2025.

In May 2024, the Company exercised the first one-year extension option on the loan secured by Fayette Mall.

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Accounting Guidance Adopted and Not Yet Adopted

Accounting Guidance Adopted

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform, which provides temporary optional expedients and exceptions to the US GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. Additional optional expedients, exceptions and clarifications were created in ASU 2021-01. The guidance is effective upon issuance and generally can be applied to any contract modifications or existing and new hedging relationships through December 31, 2024. The Company elected the expedients in conjunction with transitioning certain debt instruments to alternative benchmark indexes. Since adoption, there has been no impact on our condensed consolidated financial statements through the use of the expedient.

Accounting Guidance Not Yet Adopted

On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting, which amends the existing standard's disclosure requirements. Among other things, ASU 2023-07 will require companies to disclose significant segment expenses by reportable segment if they are regularly provided to the Chief Operating Decision Maker ("CODM") and disclosures of the CODM's title and position, as well as details of how the CODM uses the reported measures. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. The adoption of ASU 2023-07 is not expected to have a material impact on the Company's financial statements.

Accounts Receivable

Accounts Receivable

Receivables include amounts billed and currently due from tenants pursuant to lease agreements and receivables attributable to straight-line rents associated with those lease agreements. Individual leases where the collection of rents is in dispute are assessed for collectability based on management’s best estimate of collection considering the anticipated outcome of the dispute. Individual leases that are not in dispute are assessed for collectability and upon the determination that the collection of rents over the remaining lease term is not probable, accounts receivable are reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, management assesses whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. An allowance for the uncollectable portion of the portfolio is recorded as an adjustment to rental revenues.

Management’s collection assessment took into consideration the type of retailer, billing disputes, lease negotiation status and executed deferral or abatement agreements, as well as recent rent collection experience and tenant bankruptcies based on the best information available to management at the time of evaluation.

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Organization and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Properties Owned by Operating Partnership

As of March 31, 2024, the Operating Partnership owned interests in the following properties:

	Malls (1)		Outlet Centers (1)		Lifestyle Centers (1)(2)		Open-Air Centers (3)		Other (3)(4)		Total
Consolidated Properties		40		2		4		21		4		71
Unconsolidated Properties (5)		7		3		1		8		1		20
Total		47		5		5		29		5		91

(1)The Company has aggregated malls, outlet centers and lifestyle centers into one reportable segment (the "Malls") because they have similar economic characteristics and they provide similar products and services to similar types of, and in many cases, the same tenants.

(2)Alamance Crossing is made up of Alamance Crossing East and Alamance Crossing West. Alamance Crossing East was deconsolidated and placed into receivership in connection with the foreclosure process. Alamance Crossing West remains consolidated. The Company views Alamance Crossing as one property and therefore only Alamance Crossing West is reflected in the total count.

(3)Included in “All Other” for purposes of segment reporting.

(4)CBL's two consolidated corporate office buildings are included in the Other category.

(5)The Operating Partnership accounts for these investments using the equity method.

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Revenues (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents the Company's revenues disaggregated by revenue source for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
Rental revenues	$	124,027	$	130,324
Revenues from contracts with customers:
Operating expense reimbursements		2,260		2,216
Management, development and leasing fees (1)		1,905		2,434
Marketing revenues (2)		404		645
		4,569		5,295
Other revenues		521		740
Total revenues (3)	$	129,117	$	136,359

(1)Included in All Other segment.

(2)Marketing revenues solely relate to the Malls segment for all periods presented.

(3)Sales taxes are excluded from revenues.

Schedule of Expected Recognition of Remaining Performance Obligation

As of March 31, 2024, the Company expects to recognize these amounts as revenue over the following periods:

Performance obligation	Less than 5 years		5-20 years		Over 20 years		Total
Fixed operating expense reimbursements	$	19,320	$	44,001	$	40,721	$	104,042

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Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Components of Lease Revenue

The components of rental revenues for the three months ended March 31, 2024 and 2023 are as follows:

	Three Months Ended March 31,
	2024		2023
Fixed lease payments	$	98,304	$	98,981
Variable lease payments		25,723		31,343
Total rental revenues	$	124,027	$	130,324

Schedule of Undiscounted Future Lease Payments to be Received

The undiscounted future fixed lease payments to be received under the Company's operating leases as of March 31, 2024, are as follows:

Years Ending December 31,	Operating Leases
2024 (1)	$	292,113
2025		319,843
2026		244,269
2027		183,412
2028		131,356
2029		84,780
Thereafter		211,472
Total undiscounted lease payments	$	1,467,245

(1)Reflects rental payments for the period April 1, 2024 to December 31, 2024.

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Interest Rate Swap Designated as Cash Flow Hedges of Interest Rate Risk

The following table sets forth information regarding the Company's interest rate swap that was designated as a cash flow hedge of interest rate risk for the three months ended March 31, 2024. See Note 8 for more information.

			Fair Value Measurements at Reporting Date Using
Asset	Fair Value at March 31, 2024		Quoted Prices in Active Markets  for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Interest rate swap	$	799	$	—	$	799	$	—

Schedule of Debt Securities, Available-for-sale Measured at Fair Value

The table below sets forth information regarding the Company’s AFS securities that were measured at fair value for the three months ended March 31, 2024 and for the year ended December 31, 2023:

U.S. Treasury securities	March 31, 2024			December 31, 2023
Amortized cost (1)	$	235,072		$	261,869
Allowance for credit losses (2)		—			—
Total unrealized (loss) gain		(74	)		273
Fair value (3)	$	234,998		$	262,142

(1)The U.S. Treasury securities held as of March 31, 2024 have maturities through September 2024.

(2)U.S. Treasury securities have a long history with no credit losses. Additionally, the Company notes that U.S. Treasury securities are explicitly fully guaranteed by a sovereign entity that can print its own currency and that the sovereign entity’s currency is routinely held by central banks and other major financial institutions, is used in international commerce, and commonly viewed as a reserve currency, all of which qualitatively indicate that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Therefore, the Company did not record expected credit losses for its U.S. Treasury securities for the three months ended March 31, 2024, nor for the year ended December 31, 2023.

(3)Fair value was calculated using Level 1 inputs.

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Unconsolidated Affiliates and Noncontrolling Interests (Tables)

3 Months Ended

Mar. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Condensed Combined Financial Statement Information - Unconsolidated Affiliates

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

	March 31, 2024			December 31, 2023
ASSETS:
Investment in real estate assets	$	2,013,008		$	2,010,269
Accumulated depreciation		(901,569	)		(886,712	)
		1,111,439			1,123,557
Developments in progress		19,305			17,261
Net investment in real estate assets		1,130,744			1,140,818
Other assets		198,788			200,289
Total assets	$	1,329,532		$	1,341,107
LIABILITIES:
Mortgage and other indebtedness, net	$	1,359,302		$	1,368,031
Other liabilities		42,477			45,577
Total liabilities		1,401,779			1,413,608
OWNERS' EQUITY (DEFICIT):
The Company		12,083			12,290
Other investors		(84,330	)		(84,791	)
Total owners' deficit		(72,247	)		(72,501	)
Total liabilities and owners’ deficit	$	1,329,532		$	1,341,107

	Three Months Ended March 31,
	2024		2023
Total revenues	$	63,997	$	60,533
Net income (1)	$	6,264	$	9,181

(1)The Company's pro rata share of net income (loss) was $4,594 and $(1,256) for the three months ended March 31, 2024 and 2023, respectively.

Schedule of Variable Interest Entities

The table below lists the Company's unconsolidated VIEs as of March 31, 2024:

Unconsolidated VIEs:	Investment in Real Estate Joint Ventures and Partnerships		Maximum Risk of Loss
Alamance Crossing CMBS, LLC (1)	$	—	$	—
Ambassador Infrastructure, LLC (2)		—		4,361
Atlanta Outlet JV, LLC		—		—
BI Development, LLC		47		47
BI Development II, LLC		307		307
CBL-T/C, LLC		—		—
CBL-TRS Med OFC Holding, LLC (3)		1,264		2,712
El Paso Outlet Center Holding, LLC		—		—
Fremaux Town Center JV, LLC		—		—
Louisville Outlet Shoppes, LLC		—		—
Mall of South Carolina L.P.		—		—
Vision - CBL Hamilton Place, LLC		2,007		2,007
Vision - CBL Mayfaire TC Hotel, LLC		3,987		3,987
Westgate Mall CMBS, LLC (1)		—		—
	$	7,612	$	13,421

(1)During the year ended December 31, 2023, the property was placed into receivership.

(2)The Operating Partnership has guaranteed all or a portion of the debt. See Note 11 for more information.

(3)The Operating Partnership has guaranteed the construction debt of CBL DMC I, LLC, the joint venture in which CBL-TRS Med OFC Holding, LLC owns a 50% interest. See Note 11 for more information.

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Mortgage and Other Indebtedness, Net (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Pre-Emergence Net Mortgage Notes Payable

The Company’s mortgage and other indebtedness, net, consisted of the following:

	March 31, 2024						December 31, 2023
	Amount			Weighted- Average Interest Rate (1)			Amount			Weighted- Average Interest Rate (1)
Fixed-rate debt:
Open-air centers and outparcels loan (2)	$	179,180			6.95	%	$	179,180			6.95	%
Loans on operating properties		727,258			5.30	%		736,573			5.30	%
Total fixed-rate debt		906,438			5.63	%		915,753			5.63	%
Variable-rate debt:
Secured term loan		790,595			8.19	%		799,914			8.21	%
Open-air centers and outparcels loan (2)		179,180			9.43	%		179,180			9.44	%
Loans on operating properties		33,480			8.83	%		33,780			8.84	%
Recourse loan on an operating property		—			—			15,339			8.24	%
Total variable-rate debt		1,003,255			8.43	%		1,028,213			8.44	%
Total fixed-rate and variable-rate debt		1,909,693			7.10	%		1,943,966			7.12	%
Unamortized deferred financing costs		(12,086	)					(13,221	)
Debt discounts (3)		(37,313	)					(41,942	)
Total mortgage and other indebtedness, net	$	1,860,294					$	1,888,803

(1)Weighted-average interest rate excludes amortization of deferred financing costs.

(2)The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%.

(3)In conjunction with fresh start accounting upon emergence from bankruptcy on November 1, 2021, the Company estimated the fair value of its mortgage notes with the assistance of a third-party valuation advisor. This resulted in recognizing debt discounts upon emerging from bankruptcy. The debt discounts are accreted over the term of the respective debt using the effective interest method. The remaining debt discounts at March 31, 2024 will be accreted over a weighted average period of 2.1 years.

Schedule of Pre-Emergence Principal Payments

As of March 31, 2024, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, are as follows:

2024 (1)	$	148,615
2025		933,068
2026		405,900
2027		359,255
2028		950
2029		1,007
Thereafter		60,898
Total mortgage and other indebtedness	$	1,909,693

(1)Reflects scheduled principal amortization and balloon payments for the period April 1, 2024 through December 31, 2024.

Schedule of Effective Portion of Changes In The Fair Value of Derivatives Designated As, and That Qualify As, Cash Flow Hedges

The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt.

Instrument Type	Location in the Condensed Consolidated Balance Sheet	Notional		Index	Fair Value at March 31, 2024		Maturity Date
Pay fixed/Receive variable swap	Intangible lease assets and other assets	$	32,000	1-month USD-SOFR CME	$	799	Jun-27

	Gain Recognized in Other Comprehensive (Loss) Income					Gain Recognized in Earnings
	Three Months Ended March 31,					Three Months Ended March 31,
Hedging Instrument	2024		2023		Location of Gain Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings	2024		2023
Interest rate swap	$	462	$	—	Interest Expense	$	163	$	—

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Information on Reportable Segments

Information on the Company’s segments is as follows:

Three Months Ended March 31, 2024	Malls (1)			All Other (2)			Total
Revenues (3)	$	109,576		$	19,541		$	129,117
Property operating expenses (4)		(39,615	)		(3,419	)		(43,034	)
Interest expense		(15,737	)		(24,075	)		(39,812	)
Gain on sales of real estate assets		—			3,721			3,721
Segment profit (loss)	$	54,224		$	(4,232	)		49,992
Depreciation and amortization								(38,040	)
General and administrative expense								(20,414	)
Litigation settlement								68
Interest and other income								4,004
Loss on impairment								(836	)
Income tax benefit								158
Equity in earnings of unconsolidated affiliates								4,594
Net loss							$	(474	)
Capital expenditures (5)	$	4,495		$	1,572		$	6,067
Three Months Ended March 31, 2023	Malls (1)			All Other (2)			Total
Revenues (3)	$	115,883		$	20,476		$	136,359
Property operating expenses (4)		(46,871	)		(4,055	)		(50,926	)
Interest expense		(20,483	)		(23,041	)		(43,524	)
Gain on sales of real estate assets		—			1,596			1,596
Other expense		—			(198	)		(198	)
Segment profit (loss)	$	48,529		$	(5,222	)		43,307
Depreciation and amortization								(53,269	)
General and administrative expense								(19,229	)
Litigation settlement								44
Interest and other income								2,665
Gain on deconsolidation								28,151
Income tax benefit								101
Equity in losses of unconsolidated affiliates								(1,256	)
Net income							$	514
Capital expenditures (5)		4,433			3,102			7,535

Total assets	Malls (1)		All Other (2)		Total
March 31, 2024	$	1,511,635	$	832,181	$	2,343,816
December 31, 2023	$	1,546,610	$	859,295	$	2,405,905

(1)The Malls category includes malls, lifestyle centers and outlet centers.

(2)The All Other category includes open-air centers, outparcels, office buildings, corporate-level debt and the Management Company.

(3)Management, development and leasing fees are included in All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments.

(4)Property operating expenses include property operating, real estate taxes and maintenance and repairs.

(5)Includes additions to and acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category.

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Summary of Basic and Diluted EPS

The following table presents the calculation of basic and diluted EPS (in thousands, except per share amounts):

	Three Months Ended March 31,
	2024			2023
Basic earnings per share
Net income attributable to the Company	$	50		$	2,259
Less: Earnings allocable to unvested restricted stock		(259	)		(280	)
Net (loss) income attributable to common shareholders		(209	)		1,979
Weighted-average basic shares outstanding		31,546			31,304
Net (loss) income per share attributable to common shareholders	$	(0.01	)	$	0.06
Diluted earnings per share (1)
Net (loss) income attributable to common shareholders	$	(209	)	$	1,979
Weighted-average diluted shares outstanding		31,546			31,369
Net (loss) income per share attributable to common shareholders	$	(0.01	)	$	0.06

(1)For the three months ended March 31, 2024, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,568,257, including 22,536 contingently issuable shares related to unvested restricted stock awards. For the three months ended March 31, 2023, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the two-class method. Additionally, for the three months ended March 31, 2023, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,378,419, including 9,625 contingently issuable shares related to unvested restricted stock awards.

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Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Guarantees

The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023:

	As of March 31, 2024								Obligation recorded to reflect guaranty
Unconsolidated Affiliate	Company's Ownership Interest	Outstanding Balance		Percentage Guaranteed by the Operating Partnership	Maximum Guaranteed Amount		Debt Maturity Date (1)		March 31, 2024		December 31, 2023
West Melbourne I, LLC - Phase I	50%	$	34,909	50%	$	17,455	Feb-2025	(2)	$	175	$	177
West Melbourne I, LLC - Phase II	50%		10,909	50%		5,455	Feb-2025	(2)		55		56
Port Orange I, LLC	50%		46,523	50%		23,261	Feb-2025	(2)		233		236
Ambassador Infrastructure, LLC	65%		4,361	100%		4,361	Mar-2025			57		57
CBL-TRS Med OFC Holding, LLC (3)	50%		1,448	100%		3,895	Jun-2030			19		19
Total guaranty liability									$	539	$	545

(1)Excludes any extension options.

(2)These loans have a one-year extension option at the joint venture’s election.

(3)The Operating Partnership has guaranteed the construction debt of CBL DMC I, LLC, a joint venture in which CBL-TRS Med OFC Holding, LLC owns a 50% interest.

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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Company Stock Awards

A summary of the status of the Company’s nonvested restricted stock awards as of March 31, 2024, and changes during the three months ended March 31, 2024, are presented below:

	Shares			Weighted- Average Grant-Date Fair Value Per Share
Nonvested at January 1, 2024		590,953		$	27.02
Granted		145,352		$	23.38
Vested		(88,094	)	$	26.24
Nonvested at March 31, 2024		648,211		$	26.31

Schedule of PSU Activity

A summary of the status of the Company’s outstanding PSU awards as of March 31, 2024, and changes during the three months ended March 31, 2024, are presented below:

	PSUs		Weighted- Average Grant-Date Fair Value Per Share
Outstanding at January 1, 2024		563,581	$	28.65
2024 PSUs granted		169,420	$	24.30
Incremental PSUs granted (1)		13,331	$	22.00
Outstanding at March 31, 2024		746,332	$	27.55

(1)PSUs granted shall be adjusted as if the shares of common stock represented by such PSUs had received any applicable stock or cash dividends declared. As for stock dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that would have been payable per such stock dividend on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs. As to cash dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that could have been acquired by the cash dividend payable on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs, and the calculation of the number of shares of common stock that could have been acquired shall be based on the closing price of the common stock on the record date for the cash dividend at issue.

Schedule of Assumptions used in the Monte Carlo Simulation Pricing Models

The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the PSUs granted in 2024:

	2024 PSUs
Grant date	February 7, 2024
Fair value per share on valuation date (1)	$	24.30
Risk-free interest rate (2)		4.19	%
Expected share price volatility (3)		40.00	%

(1)The value of the 2024 PSU awards is estimated on the date of grant using a Monte Carlo simulation model. The valuation consists of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. The weighted-average fair value per share related to the 2024 PSUs consists of 50,825 PSUs at a fair value of $29.38 per share (which relates to the relative TSR) and 118,595 PSUs at a fair value of $22.12 per share (which relates to absolute TSR).

(2)The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date, which is the grant date listed above.

(3)The computation of expected volatility for the 2024 PSUs was based on the historical volatility of CBL's shares of common stock for a trading period equal to the time from the grant date to the end of the performance period. Since the performance period exceeds CBL's trading history, volatility indications of comparable public companies were also considered.

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Noncash Investing and Financing Activities (Tables)

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Information [Abstract]

Schedule of Noncash Investing and Financing Activities

The Company’s noncash investing and financing activities were as follows:

	Three Months Ended March 31,
	2024		2023
Additions to real estate assets accrued but not yet paid	$	8,062	$	9,632
Deconsolidation upon loss of control (1):
Decrease in real estate assets		—		(9,015	)
Decrease in mortgage and other indebtedness		—		37,693
Decrease in operating assets and liabilities		—		3,352
Decrease in intangible lease and other assets		—		(3,879	)

(1)See Note 5 for more information.

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Organization and Basis of Presentation - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 Subsidiary State	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of states in which entity operates | State	22
Above market leases, net			$ 118,673
Below market leases, net			$ 80,408
Payments received on mortgage and other notes receivable		$ 21
Consolidated Properties | CBL Holdings
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership interest in qualified subsidiaries (as a percent)	100.00%
Subsidiaries
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of wholly owned subsidiaries | Subsidiary	2
Combined ownership by the subsidiaries in operating partnership (as a percent)	99.98%
Non-controlling limited partner interest ownership of CBL's related parties in the Operating Partnership (as a percent)	0.02%
Subsidiaries | CBL Associates Properties Inc
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ownership of the sole general partner in partnership (as a percent)	1.00%
Limited partnership interest owned by CBL Holdings II, Inc. in the operating partnership (as a percent)	98.98%

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Organization and Basis of Presentation - Properties Owned by Operating Partnership (Details)	3 Months Ended
	Mar. 31, 2024 OpenAir_center Lifestyle_center Segment Outlet_center Property Other_property Office_building Mall
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Malls | Mall	47
Outlet Centers | Outlet_center	5
Lifestyle Centers | Lifestyle_center	5
Open-Air Centers | OpenAir_center	29
Other | Other_property	5
Total Properties | Property	91
Malls
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of reportable segments | Segment	1
Consolidated Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Malls | Mall	40
Outlet Centers | Outlet_center	2
Lifestyle Centers | Lifestyle_center	4
Open-Air Centers | OpenAir_center	21
Other | Other_property	4
Total Properties | Property	71
Consolidated Properties | CBL & Associates Limited Partnership
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Office Buildings | Office_building	2
Unconsolidated Properties
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Malls | Mall	7
Outlet Centers | Outlet_center	3
Lifestyle Centers | Lifestyle_center	1
Open-Air Centers | OpenAir_center	8
Other | Other_property	1
Total Properties | Property	20

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Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Rental revenues		$ 124,027	$ 130,324
Revenues from contracts with customers:		4,569	5,295
Total revenues	[1],[2]	129,117	136,359
Operating expense reimbursements
Disaggregation Of Revenue [Line Items]
Revenues from contracts with customers:		2,260	2,216
Management, development and leasing fees
Disaggregation Of Revenue [Line Items]
Revenues from contracts with customers:	[3]	1,905	2,434
Marketing revenues
Disaggregation Of Revenue [Line Items]
Revenues from contracts with customers:	[4]	404	645
Other revenues
Disaggregation Of Revenue [Line Items]
Total revenues		$ 521	$ 740

[1] Management, development and leasing fees are included in All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments.

[2] Sales taxes are excluded from revenues.

[3] Included in All Other segment.

[4] Marketing revenues solely relate to the Malls segment for all periods presented.

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Revenues - Remaining Performance Obligations (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation	$ 104,042
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation	$ 19,320
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2029-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation	$ 44,001
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2044-04-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation	$ 40,721
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	20 years

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Revenues - Remaining Performance Obligations (Details 1) $ in Thousands	Mar. 31, 2024 USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation	$ 104,042

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Leases - Components of Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Fixed lease payments	$ 98,304	$ 98,981
Variable lease payments	25,723	31,343
Total rental revenues	$ 124,027	$ 130,324

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Leases - Future Minimum Lease Payments to be Received (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Operating Leases
2024	$ 292,113	[1]
2025	319,843
2026	244,269
2027	183,412
2028	131,356
2029	84,780
Thereafter	211,472
Total undiscounted lease payments	$ 1,467,245

[1] Reflects rental payments for the period April 1, 2024 to December 31, 2024.

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Fair Value Measurements - Schedule of Interest Rate Swap Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Interest Rate Swap $ in Thousands	Mar. 31, 2024 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value, Asset	$ 799
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value, Asset	$ 799

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Fair Value Measurements - Debt Securities, Available-for-sale Measured at Fair Value (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of mortgage and other indebtedness		$ 1,754,060	$ 1,806,486
Available-for-sale securities, amortized cost		235,072	261,869
Available-For-Sale Securities Held, Fair Value	[1]	234,998	262,142
U.S Treasury Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, amortized cost		235,072	261,869
Available-For-Sale Securities Held, unrealized (loss) gain		(74)	273
Available-For-Sale Securities Held, Fair Value		$ 234,998	$ 262,142
U.S. Treasury securities, maturity date		Sep. 30, 2024

[1] As of March 31, 2024, includes $179,986 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $205,856 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 7.

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Fair Value Measurements - Long-Lived Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Loss on impairment	$ 836
Gain on deconsolidation		$ 28,151
Alamance Crossing East
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value		0
Gain on deconsolidation		$ 28,151

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Dispositions and Held for Sale - Summary (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Property	Mar. 31, 2023 USD ($) LandParcel Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sales of real estate assets	$ 3,721	$ 1,596
Properties held for sale | Property	0	0
Land Parcel Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sales of real estate assets		$ 1,596
Number of stores sold (land parcel) | LandParcel		4
Proceeds from sale of real estate		$ 4,949
Outparcel Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sales of real estate assets	$ 3,721
Proceeds from sale of real estate	$ 7,745

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Unconsolidated Affiliates and Noncontrolling Interests - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Entity
Schedule Of Equity Method Investments [Line Items]
Number of entities - equity method of accounting (entity)	26
Number of 50/50 joint ventures	17
Alamance Crossing CMBS, LLC
Schedule Of Equity Method Investments [Line Items]
Loan outstanding balance | $	$ 41,122
CBL-TRS Med OFC Holding, LLC
Schedule Of Equity Method Investments [Line Items]
Ownership interest in joint venture (as a percent)	50.00%
Minimum
Schedule Of Equity Method Investments [Line Items]
Ownership in variable interest entity (as a percent)	50.00%
Minimum | Unconsolidated Affiliates
Schedule Of Equity Method Investments [Line Items]
Ownership interest in joint venture (as a percent)	33.00%
Maximum
Schedule Of Equity Method Investments [Line Items]
Ownership in variable interest entity (as a percent)	92.00%
Maximum | Unconsolidated Affiliates
Schedule Of Equity Method Investments [Line Items]
Ownership interest in joint venture (as a percent)	100.00%
CBL DMC I, LLC | CBL-TRS Med OFC Holding, LLC
Schedule Of Equity Method Investments [Line Items]
Ownership interest in joint venture (as a percent)	50.00%

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Unconsolidated Affiliates and Noncontrolling Interests -Summarized Financial Information (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
ASSETS:
Investment in real estate assets	[1]	$ 1,801,695		$ 1,801,245
Accumulated depreciation	[1]	(247,387)		(228,034)
Net investment in real estate assets	[1]	1,561,787		1,582,111
Developments in progress	[1]	7,479		8,900
Total assets	[1]	2,343,816		2,405,905
LIABILITIES:
Mortgage and other indebtedness, net		1,860,294		1,888,803
Total liabilities	[1]	2,028,966		2,075,288
OWNERS' EQUITY (DEFICIT):
The Company		324,198		339,321
Noncontrolling interests		(9,348)		(8,704)
Total equity		314,850	$ 357,605	330,617	$ 367,129
Total liabilities, redeemable noncontrolling interests and equity		2,343,816		2,405,905
Total revenues	[2],[3]	129,117	136,359
Net income		(474)	514
BI Development II, LLC
ASSETS:
Investment in real estate assets		2,013,008		2,010,269
Accumulated depreciation		(901,569)		(886,712)
Net investment in real estate assets		1,111,439		1,123,557
Developments in progress		19,305		17,261
Net investment in real estate assets		1,130,744		1,140,818
Other assets		198,788		200,289
Total assets		1,329,532		1,341,107
LIABILITIES:
Mortgage and other indebtedness, net		1,359,302		1,368,031
Other liabilities		42,477		45,577
Total liabilities		1,401,779		1,413,608
OWNERS' EQUITY (DEFICIT):
The Company		12,083		12,290
Noncontrolling interests		(84,330)		(84,791)
Total equity		(72,247)		(72,501)
Total liabilities, redeemable noncontrolling interests and equity		1,329,532		$ 1,341,107
Total revenues		63,997	60,533
Net income	[4]	$ 6,264	$ 9,181

[1] As of March 31, 2024, includes $179,986 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $205,856 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 7.

[2] Management, development and leasing fees are included in All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments.

[3] Sales taxes are excluded from revenues.

[4] The Company's pro rata share of net income (loss) was $4,594 and $(1,256) for the three months ended March 31, 2024 and 2023, respectively.

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Unconsolidated Affiliates and Noncontrolling Interests - Summarized Financial Information (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule Of Equity Method Investments [Line Items]
Equity in earnings (losses) of unconsolidated affiliates	$ 4,594	$ (1,256)
BI Development II, LLC
Schedule Of Equity Method Investments [Line Items]
Equity in earnings (losses) of unconsolidated affiliates	$ 4,594	$ (1,256)

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Unconsolidated Affiliates and Noncontrolling Interests - Variable Interest Entities (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Schedule Of Equity Method Investments [Line Items]
Variable interest asset entities	[1]	$ 2,343,816	$ 2,405,905
BI Development II, LLC
Schedule Of Equity Method Investments [Line Items]
Variable interest asset entities		1,329,532	$ 1,341,107
Unconsolidated VIEs
Schedule Of Equity Method Investments [Line Items]
Variable interest asset entities		7,612
Maximum Risk of Loss, Unconsolidated		13,421
Unconsolidated VIEs | Ambassador Infrastructure, LLC
Schedule Of Equity Method Investments [Line Items]
Maximum Risk of Loss, Unconsolidated	[2]	4,361
Unconsolidated VIEs | BI Development, LLC
Schedule Of Equity Method Investments [Line Items]
Variable interest asset entities		47
Maximum Risk of Loss, Unconsolidated		47
Unconsolidated VIEs | BI Development II, LLC
Schedule Of Equity Method Investments [Line Items]
Variable interest asset entities		307
Maximum Risk of Loss, Unconsolidated		307
Unconsolidated VIEs | CBL-TRS Med OFC Holding, LLC
Schedule Of Equity Method Investments [Line Items]
Variable interest asset entities	[3]	1,264
Maximum Risk of Loss, Unconsolidated	[3]	2,712
Unconsolidated VIEs | Vision-CBL Hamilton Place, LLC
Schedule Of Equity Method Investments [Line Items]
Variable interest asset entities		2,007
Maximum Risk of Loss, Unconsolidated		2,007
Unconsolidated VIEs | Vision - CBL Mayfaire TC Hotel, LLC
Schedule Of Equity Method Investments [Line Items]
Variable interest asset entities		3,987
Maximum Risk of Loss, Unconsolidated		$ 3,987

[1] As of March 31, 2024, includes $179,986 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $205,856 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 7.

[2] The Operating Partnership has guaranteed all or a portion of the debt. See Note 11 for more information.

[3] The Operating Partnership has guaranteed the construction debt of CBL DMC I, LLC, the joint venture in which CBL-TRS Med OFC Holding, LLC owns a 50% interest. See Note 11 for more information.

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Unconsolidated Affiliates and Noncontrolling Interests - Variable Interest Entities (Parenthetical) (Details) - CBL-TRS Med OFC Holding, LLC	Mar. 31, 2024
Schedule of Equity Method Investments [Line Items]
Ownership interest in joint venture (as a percent)	50.00%
CBL DMC I, LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest in joint venture (as a percent)	50.00%
Unconsolidated VIEs | CBL DMC I, LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest in joint venture (as a percent)	50.00%

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Mortgage and Other Indebtedness, Net - Debt of Operating Partnership (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Mortgage notes payable		$ 906,438	$ 915,753
Mortgage and other indebtedness, variable-rate debt		1,003,255	1,028,213
Total fixed-rate and variable-rate debt		1,909,693	1,943,966
Unamortized deferred financing costs		(12,086)	(13,221)
Debt discounts	[1]	(37,313)	(41,942)
Total mortgage and other indebtedness, net		$ 1,860,294	$ 1,888,803
Weighted average interest rate (as a percent)	[2]	7.10%	7.12%
Notional amount of the swap		$ 32,000
Interest rate percentage		7.3975%
Five Mortgage Notes Payable
Debt Instrument [Line Items]
Remaining debt discount amortization period		2 years 1 month 6 days
Fixed Rate Interest
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	[2]	5.63%	5.63%
Variable Rate Interest
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	[2]	8.43%	8.44%
Loans on Operating Properties
Debt Instrument [Line Items]
Mortgage notes payable		$ 727,258	$ 736,573
Mortgage and other indebtedness, variable-rate debt		$ 33,480	$ 33,780
Loans on Operating Properties | Fixed Rate Interest
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	[2]	5.30%	5.30%
Loans on Operating Properties | Variable Rate Interest
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	[2]	8.83%	8.84%
Secured Term Loan
Debt Instrument [Line Items]
Mortgage and other indebtedness, variable-rate debt		$ 790,595	$ 799,914
Secured Term Loan | Variable Rate Interest
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	[2]	8.19%	8.21%
Open-Air Centers and Outparcels Loan
Debt Instrument [Line Items]
Mortgage notes payable	[3]	$ 179,180	$ 179,180
Mortgage and other indebtedness, variable-rate debt	[3]	$ 179,180	$ 179,180
Open-Air Centers and Outparcels Loan | Fixed Rate Interest
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	[2],[3]	9.43%	9.44%
Open-Air Centers and Outparcels Loan | Variable Rate Interest
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	[2],[3]	6.95%	6.95%
Recourse Loans on an Operating Property
Debt Instrument [Line Items]
Mortgage and other indebtedness, variable-rate debt			$ 15,339
Weighted average interest rate (as a percent)	[2]		8.24%

[1] In conjunction with fresh start accounting upon emergence from bankruptcy on November 1, 2021, the Company estimated the fair value of its mortgage notes with the assistance of a third-party valuation advisor. This resulted in recognizing debt discounts upon emerging from bankruptcy. The debt discounts are accreted over the term of the respective debt using the effective interest method. The remaining debt discounts at March 31, 2024 will be accreted over a weighted average period of 2.1 years.

[2] Weighted-average interest rate excludes amortization of deferred financing costs.

[3] The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%.

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Mortgage and Other Indebtedness, Net - Narrative (Details) - USD ($)			1 Months Ended	12 Months Ended
		Apr. 01, 2024	Feb. 29, 2024	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Mortgage and other indebtedness, net					$ 1,860,294,000	$ 1,888,803,000
Fair value net liability					0
Long-Term Debt, Maturity, Remainder of Fiscal Year	[1]				148,615,000
Interest Rate Swap
Debt Instrument [Line Items]
Cash collateral					1,920,000
Scenario Forecast
Debt Instrument [Line Items]
Gain recognized in other comprehensive income (loss)				$ 503,000
Fayette Mall
Debt Instrument [Line Items]
Long-Term Debt, Maturity, Remainder of Fiscal Year					117,181,000
Fayette Mall | Subsequent Event
Debt Instrument [Line Items]
Option extension term of debt instrument		1 year
Non-Recourse Loans on Operating Properties, Open-Air Centers and Outparcels Loan and Secured Term Loan
Debt Instrument [Line Items]
Mortgage and other indebtedness, net					$ 1,395,879,000
Brookfield Square Anchor Redevelopment loan | U.S. Treasury Securities
Debt Instrument [Line Items]
Loan amount paid			$ 15,190,000

[1] Reflects scheduled principal amortization and balloon payments for the period April 1, 2024 through December 31, 2024.

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Mortgage and Other Indebtedness, Net- Scheduled Principal Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
2024	$ 148,615	[1]
2025	933,068
2026	405,900
2027	359,255
2028	950
2029	1,007
Thereafter	60,898
Mortgages
Debt Instrument [Line Items]
Total mortgage and other indebtedness	$ 1,909,693

[1] Reflects scheduled principal amortization and balloon payments for the period April 1, 2024 through December 31, 2024.

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Mortgage and Other Indebtedness, Net - Schedule of Effective Portion of Changes In The Fair Value of Derivatives Designated As, and That Qualify As, Cash Flow Hedges (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 32,000
Pay fixed or Receive Variable Swap | Cash Flow Hedging | Intangible Lease Assets And Other Assets
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 32,000
Debt instrument, maturity date	Jun. 07, 2027
Pay fixed or Receive Variable Swap | Cash Flow Hedging | Intangible Lease Assets And Other Assets | 1-month USD-SOFR CME
Derivatives, Fair Value [Line Items]
Fair Value	$ 799
Interest Rate Swap | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Gain recognized in other comprehensive (loss) income	462
Interest Rate Swap | Cash Flow Hedging | Interest Expense | Gain Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings
Derivatives, Fair Value [Line Items]
Gain recognized in earnings	$ 163

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Segment Information - Summary (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	[1],[2]	$ 129,117	$ 136,359
Property operating expenses	[3]	(43,034)	(50,926)
Interest expense		(39,812)	(43,524)
Gain on sales of real estate assets		3,721	1,596
Other expense			(198)
Segment profit (loss)		49,992	43,307
Depreciation and amortization		(38,040)	(53,269)
General and administrative expense		(20,414)	(19,229)
Litigation settlement		68	44
Interest and other income		4,004	2,665
Gain on deconsolidation			28,151
Loss on impairment		(836)
Income tax benefit		158	101
Equity in (earnings) losses of unconsolidated affiliates		(4,594)	1,256
Net income (loss)		(474)	514
Capital expenditures	[4]	6,067	7,535
Total assets	[5]	2,343,816		$ 2,405,905
Malls
Segment Reporting Information [Line Items]
Total revenues	[1],[6]	109,576	115,883
Property operating expenses	[3],[6]	(39,615)	(46,871)
Interest expense	[6]	(15,737)	(20,483)
Segment profit (loss)	[6]	54,224	48,529
Capital expenditures	[4],[6]	4,495	4,433
Total assets	[6]	1,511,635		1,546,610
All Other
Segment Reporting Information [Line Items]
Total revenues	[1],[7]	19,541	20,476
Property operating expenses	[3],[7]	(3,419)	(4,055)
Interest expense	[7]	(24,075)	(23,041)
Gain on sales of real estate assets	[7]	3,721	1,596
Other expense	[7]		(198)
Segment profit (loss)	[7]	(4,232)	(5,222)
Capital expenditures	[4],[7]	1,572	$ 3,102
Total assets	[7]	$ 832,181		$ 859,295

[1] Management, development and leasing fees are included in All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source for each of the above segments.

[2] Sales taxes are excluded from revenues.

[3] Property operating expenses include property operating, real estate taxes and maintenance and repairs.

[4] Includes additions to and acquisitions of real estate assets and investments in unconsolidated affiliates. Developments in progress are included in the All Other category.

[5] As of March 31, 2024, includes $179,986 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $205,856 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 7.

[6] The Malls category includes malls, lifestyle centers and outlet centers.

[7] The All Other category includes open-air centers, outparcels, office buildings, corporate-level debt and the Management Company.

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Earnings Per Share - Summary of Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Basic earnings per share
Net Income (Loss)		$ 50	$ 2,259
Less: Earnings allocable to unvested restricted stock		(259)	(280)
Net (loss) income attributable to common shareholders		$ (209)	$ 1,979
Weighted-average basic shares outstanding		31,546	31,304
Net (loss) income per share attributable to common shareholders		$ (0.01)	$ 0.06
Diluted earnings per share
Net (loss) income attributable to common shareholders	[1]	$ (209)	$ 1,979
Weighted-average diluted shares	[1]	31,546	31,369
Net (loss) income per share attributable to common shareholders	[1]	$ (0.01)	$ 0.06

[1] For the three months ended March 31, 2024, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,568,257, including 22,536 contingently issuable shares related to unvested restricted stock awards. For the three months ended March 31, 2023, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the two-class method. Additionally, for the three months ended March 31, 2023, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,378,419, including 9,625 contingently issuable shares related to unvested restricted stock awards.

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Earnings Per Share - Summary of Calculation of Basic and Diluted EPS (Parenthetical) (Details) - shares		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average common and potential dilutive common shares outstanding, diluted	[1]	31,546	31,369
Performance Stock Units (“PSUs”) and Nonvested Restricted Stock Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the computation of EPS (shares)		22,536	9,625
Weighted-average common and potential dilutive common shares outstanding, diluted		31,568,257	31,378,419

[1] For the three months ended March 31, 2024, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,568,257, including 22,536 contingently issuable shares related to unvested restricted stock awards. For the three months ended March 31, 2023, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the two-class method. Additionally, for the three months ended March 31, 2023, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,378,419, including 9,625 contingently issuable shares related to unvested restricted stock awards.

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Contingencies - Environmental Contingencies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Environmental liability insurance, maximum coverage per incident (up to)	$ 40,000
Environmental liability insurance, annual coverage limit (up to)	$ 40,000

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Contingencies - Guarantees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Obligation recorded to reflect guaranty	$ 539	$ 545
West Melbourne I LLC Phase I, West Melbourne I LLC Phase II and Port Orange I, LLC
Guarantor Obligations [Line Items]
Option extension term of debt instrument	1 year
Ambassador Infrastructure, LLC
Guarantor Obligations [Line Items]
Company's Ownership Interest (as a percent)	65.00%
Outstanding Balance	$ 4,361
Percentage Guaranteed by the Operating Partnership (as a percent)	100.00%
Maximum Guaranteed Amount	$ 4,361
Obligation recorded to reflect guaranty	$ 57	57
West Melbourne I, LLC - Phase I
Guarantor Obligations [Line Items]
Company's Ownership Interest (as a percent)	50.00%
Outstanding Balance	$ 34,909
Percentage Guaranteed by the Operating Partnership (as a percent)	50.00%
Maximum Guaranteed Amount	$ 17,455
Obligation recorded to reflect guaranty	$ 175	177
West Melbourne I, LLC - Phase II
Guarantor Obligations [Line Items]
Company's Ownership Interest (as a percent)	50.00%
Outstanding Balance	$ 10,909
Percentage Guaranteed by the Operating Partnership (as a percent)	50.00%
Maximum Guaranteed Amount	$ 5,455
Obligation recorded to reflect guaranty	$ 55	56
Port Orange I, LLC
Guarantor Obligations [Line Items]
Company's Ownership Interest (as a percent)	50.00%
Outstanding Balance	$ 46,523
Percentage Guaranteed by the Operating Partnership (as a percent)	50.00%
Maximum Guaranteed Amount	$ 23,261
Obligation recorded to reflect guaranty	$ 233	236
CBL-TRS Med OFC Holding, LLC
Guarantor Obligations [Line Items]
Company's Ownership Interest (as a percent)	50.00%
Outstanding Balance	$ 1,448
Percentage Guaranteed by the Operating Partnership (as a percent)	100.00%
Maximum Guaranteed Amount	$ 3,895
Obligation recorded to reflect guaranty	$ 19	$ 19
CBL-TRS Med OFC Holding, LLC | CBL DMC I, LLC
Guarantor Obligations [Line Items]
Company's Ownership Interest (as a percent)	50.00%

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Share-Based Compensation - Summary (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
		Feb. 07, 2024		Mar. 31, 2024	Mar. 31, 2023
Weighted-Average Grant Date Fair Value
Weighted average grant-date fair value, granted				$ 4,117
Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation cost				$ 1,988	$ 1,843
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning of period (shares)				590,953
Granted (shares)				145,352
Vested (shares)				(88,094)
Nonvested, end of period (shares)				648,211
Weighted-Average Grant Date Fair Value
Weighted average grant-date fair value, nonvested, beginning of period (USD per share)				$ 27.02
Weighted average grant-date fair value, granted (USD per share)				23.38
Weighted average grant-date fair value, vested (USD per share)				26.24
Weighted average grant-date fair value, nonvested, ending of period (USD per share)				$ 26.31
Unrecognized compensation cost related to nonvested stock awards				$ 14,962
Compensation cost to be recognized over a weighted-average period				2 years
Weighted average grant-date fair value, granted				$ 3,398
Total fair value of shares vested				$ 2,096
Granted (shares)				145,352
weighted-average grant date fair value				$ 26.31
Share-based compensation cost capitalized as part of real estate assets				$ 24
Performance Stock Unit Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation cost				$ 1,667	$ 1,409
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning of period (shares)				563,581
Granted (shares)				169,420
Nonvested, end of period (shares)				746,332
Weighted-Average Grant Date Fair Value
Weighted average grant-date fair value, nonvested, beginning of period (USD per share)				$ 28.65
Weighted average grant-date fair value, granted (USD per share)				24.3
Weighted average grant-date fair value, nonvested, ending of period (USD per share)		$ 24.3	[1]	$ 27.55
Unrecognized compensation cost related to nonvested stock awards				$ 15,257
Compensation cost to be recognized over a weighted-average period				2 years 6 months
Performance period		3 years
Granted (shares)				169,420
Incremental granted (shares)	[2]			13,331
Weighted average incremental grant-date fair value, granted (USD per share)	[2]			22
weighted-average grant date fair value		$ 24.3	[1]	$ 27.55
Risk-free interest rate (as a percent)	[3]	4.19%
Expected share price volatility (as a percent)	[4]	40.00%
Performance Stock Unit Awards | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (shares)		50,825
Weighted-Average Grant Date Fair Value
Weighted average grant-date fair value, nonvested, ending of period (USD per share)		$ 29.38
Granted (shares)		50,825
weighted-average grant date fair value		$ 29.38
Performance Stock Unit Awards | Officer
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (shares)		118,595
Weighted-Average Grant Date Fair Value
Weighted average grant-date fair value, nonvested, ending of period (USD per share)		$ 22.12
Granted (shares)		118,595
weighted-average grant date fair value		$ 22.12

[1] The value of the 2024 PSU awards is estimated on the date of grant using a Monte Carlo simulation model. The valuation consists of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free. The weighted-average fair value per share related to the 2024 PSUs consists of 50,825 PSUs at a fair value of $29.38 per share (which relates to the relative TSR) and 118,595 PSUs at a fair value of $22.12 per share (which relates to absolute TSR).

[2] PSUs granted shall be adjusted as if the shares of common stock represented by such PSUs had received any applicable stock or cash dividends declared. As for stock dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that would have been payable per such stock dividend on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs. As to cash dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that could have been acquired by the cash dividend payable on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs, and the calculation of the number of shares of common stock that could have been acquired shall be based on the closing price of the common stock on the record date for the cash dividend at issue.

[3] The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date, which is the grant date listed above.

[4] The computation of expected volatility for the 2024 PSUs was based on the historical volatility of CBL's shares of common stock for a trading period equal to the time from the grant date to the end of the performance period. Since the performance period exceeds CBL's trading history, volatility indications of comparable public companies were also considered.

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Noncash Investing and Financing Activities - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Significant Noncash Transactions [Line Items]
Additions to real estate assets accrued but not yet paid	$ 8,062	$ 9,632
Deconsolidation Upon Loss of Control
Other Significant Noncash Transactions [Line Items]
Decrease in real estate assets		(9,015)
Decrease in mortgage and other indebtedness		37,693
Decrease in operating assets and liabilities		3,352
Decrease in intangible lease and other assets		$ (3,879)

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Subsequent Events - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	May 01, 2024	Apr. 30, 2024	Mar. 31, 2024
Subsequent Event [Line Items]
Repurchases of common stock (shares)			239,411
Amount of stock repurchased			$ 5,037
Fayette Mall | Scenario Forecast
Subsequent Event [Line Items]
Option extension term of debt instrument	1 year
Subsequent Event
Subsequent Event [Line Items]
Debt instrument, maturity date		Apr. 30, 2025
Repurchases of common stock (shares)		161,533
Amount of stock repurchased		$ 3,626
Commission on sale of common stock		6
Subsequent Event | U.S Treasury Securities
Subsequent Event [Line Items]
U.S. treasury securities redeemed		26,011
Purchases of U.S. treasury securities		$ 26,010