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What changed in CBL & ASSOCIATES PROPERTIES INC's 10-K — 2022 vs 2023

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Paragraph-level year-over-year comparison of CBL & ASSOCIATES PROPERTIES INC's 2022 and 2023 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2023 report.

+442 added−331 removedSource: 10-K (2024-02-29) vs 10-K (2023-03-01)

Top changes in CBL & ASSOCIATES PROPERTIES INC's 2023 10-K

442 paragraphs added · 331 removed · 228 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

38 edited+8 added−7 removed25 unchanged
Biggest change(6) 18 520,475 0.83 % 20 Barnes & Noble 17 465,199 0.83 % 21 Abercrombie & Fitch, Co. 28 189,942 0.78 % 22 Ulta Salon, Cosmetics & Fragrance, Inc. 23 237,961 0.76 % 23 Regal Entertainment Group 7 370,773 0.74 % 24 The Children's Place, Inc. 35 151,723 0.71 % 25 Focus Brands LLC (7) 69 48,270 0.69 % 1,176 8,568,311 32.93 % (1) Includes the Successor Company’s proportionate share of total revenues from consolidated and unconsolidated affiliates based on the ownership percentage in the respective joint venture and any other applicable terms.
Biggest change(6) 18 520,475 0.90 % 18 Express Fashions 30 246,437 0.89 % 19 Barnes & Noble, Inc. 16 457,337 0.84 % 20 H & M Hennes & Mauritz AB 38 803,797 0.81 % 21 Ulta Salon, Cosmetics & Fragrance, Inc. 23 237,961 0.75 % 22 The Children's Place, Inc. 34 147,763 0.73 % 23 Focus Brands LLC (7) 66 47,095 0.72 % 24 Abercrombie & Fitch, Co. 28 189,942 0.71 % 25 Chick-fil-A, Inc. 27 54,895 0.64 % 1,184 8,272,791 33.02 % (1) Includes the Company’s proportionate share of total revenues from consolidated and unconsolidated affiliates based on the ownership percentage in the respective joint venture and any other applicable terms.
When evaluating a redevelopment project, we review the stand-alone cost and returns, terminal value, co-tenancy, as well as the impact that the project and new tenant(s) is expected to have on the rest of the property including the aesthetic impact and improvements to traffic, sales and leasing demand.
When evaluating a redevelopment project, we review the stand-alone cost and returns, terminal value and co-tenancy, as well as the impact that the project and new tenant(s) is expected to have on the rest of the property including the aesthetic impact and improvements to traffic, sales and leasing demand.
We actively manage our properties including a focus on controlling operating expenses with a goal of maintaining or improving operating margins and enhancing cash flows, while maintaining a high-quality customer experience.
We actively manage our properties including a focus on controlling operating expenses with a goal of maintaining or improving operating margins and enhancing cash flows, while providing a high-quality customer experience.
Through redevelopment we capitalize on opportunities to increase the productivity of previously occupied space and enhance the overall value of the centers through re-tenanting and/or changing the use of the space, as well as aesthetic upgrades.
Through redevelopment we capitalize on opportunities to increase the productivity of previously occupied space and enhance the overall value of the centers by re-tenanting and/or changing the use of the space, as well as aesthetic upgrades.
Emergence from Bankruptcy Beginning on November 1, 2020, CBL and CBL & Associates Limited Partnership (the "Operating Partnership"), together with certain of its direct and indirect subsidiaries (collectively, the “Debtors”), filed voluntary petitions (the “Chapter 11 Cases”) under chapter 11 of title 11 (“Chapter 11”) of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”).
Emergence from Bankruptcy Beginning on November 1, 2020, CBL and the Operating Partnership, together with certain of its direct and indirect subsidiaries (collectively, the “Debtors”), filed voluntary petitions (the “Chapter 11 Cases”) under chapter 11 of title 11 (“Chapter 11”) of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”).
See Liquidity and Capital Resources section in Item 7 of this Annual Report for information on the projects completed during 2022 and under construction at December 31, 2022. Active Portfolio Management and Asset Recycling We actively manage our asset base with the goal of enhancing the overall quality and value of our portfolio.
See Liquidity and Capital Resources section in Item 7 of this Annual Report for information on the projects completed during 2023 and under construction at December 31, 2023. Active Portfolio Management and Asset Recycling We actively manage our asset base with the goal of enhancing the overall quality and value of our portfolio.
We conduct substantially all our business through the Operating Partnership, which is a variable interest entity ("VIE"). We are the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. CBL Holdings I, Inc. is the sole general partner of the Operating Partnership.
We conduct substantially all our business through CBL & Associates Limited Partnership (the "Operating Partnership"), which is a variable interest entity ("VIE"). We are the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. CBL Holdings I, Inc. is the sole general partner of the Operating Partnership.
In addition, retailers at our properties face competition from discount shopping centers, outlet centers, wholesale clubs, direct mail, television shopping networks, the internet and other retail shopping developments. The extent of the retail and non-retail competition varies from market to market. We work aggressively to attract customers through marketing promotions and social media campaigns.
In addition, retailers at our properties face competition from online shopping alternatives, discount shopping centers, outlet centers, wholesale clubs, direct mail, television shopping networks and other retail shopping developments. The extent of the retail and non-retail competition varies from market to market. We work aggressively to attract customers through marketing promotions and social media campaigns.
We believe the addition of non-retail users drives new and additional traffic and sales to our centers, which may enhance their dominant position in the market.
We believe the addition of non-retail users drives new and additional traffic and sales to our centers, which may preserve or enhance their dominant position in the market.
More information on our sustainability, diversity, equity, inclusion and belonging ("DEIB"), social responsibility and community involvement initiatives is available in the Human Capital section below and on dedicated web pages at cblproperties.com/about. The information on our web site is not, and should not be considered, a part of this Form 10-K.
More information on our sustainability, diversity, equity, inclusion and belonging ("DEIB"), social responsibility and community involvement initiatives is available in the Human Capital section below and on dedicated web pages at cblproperties.com/esg-commitment/overview. The information on our web site is not, and should not be considered, a part of this Form 10-K.
Nearly 30% of our 2022 same-center net operating income ("NOI") was generated by non-mall assets. Our primary objective is to operate our portfolio to maximize the long-term value of our company by generating increasing levels of NOI, and improving free cash flow through a variety of methods as further discussed below. NOI is a non-GAAP measure.
Approximately 30% of our 2023 same-center net operating income ("NOI") was generated by non-enclosed mall assets. Our primary objective is to operate our portfolio to maximize the long-term value of our company by generating increasing levels of NOI and improving free cash flow through a variety of methods as further discussed below. NOI is a non-GAAP measure.
At December 31, 2022, CBL Holdings I, Inc. owned a 1.0% general partner interest and CBL Holdings II, Inc. owned an 98.97% limited partner interest in the Operating Partnership, for a combined interest held by us of 99.97%. As of December 31, 2022, third parties owned a 0.03% limited partner interest in the Operating Partnership.
At December 31, 2023, CBL Holdings I, Inc. owned a 1.0% general partner interest and CBL Holdings II, Inc. owned an 98.98% limited partner interest in the Operating Partnership, for a combined interest held by us of 99.98%. As of December 31, 2023, third parties owned a 0.02% limited partner interest in the Operating Partnership.
We incorporate contractual rent increases in our leases and negotiate increases in rental rates as leases mature, when possible. We aggressively pursue new tenants to maintain and grow occupancy, enhance our merchandising mix and improve the credit quality of our tenant base.
We incorporate contractual rent increases in our leases and negotiate increases in rental rates as leases mature, when possible. We aggressively pursue new tenants to maintain and grow occupancy, enhance our tenant mix to meet changing consumer demand and improve the credit quality of our tenant base.
We are exploring refinancing opportunities in the open lending market, as appropriate, in addition to working with our current lenders toward favorable modifications of existing loans. 4 Environmental, Social and Governance (ESG)/Green Building Practices CBL’s ESG efforts are spearheaded by the ESG Team, a dedicated task force that focuses on ESG factors including Sustainability, Social Governance and Corporate Governance as well as reporting to CBL’s Board, and publicly on our website and in public filings.
We are exploring refinancing opportunities in the open lending market, as appropriate, in addition to working with our current lenders toward favorable modifications of existing loans. 4 Environmental, Social and Governance (ESG)/Green Building Practices CBL’s ESG efforts are led by the ESG Steering Committee, a dedicated leadership committee that focuses on ESG factors including Sustainability, Social Governance and Corporate Governance as well as reporting to CBL’s board of directors, on our website and in public filings.
The following terms used in this Annual Report on Form 10-K will have the meanings described below: ▪ GLA – refers to gross leasable area of space in square feet, including Anchors and Mall tenants. ▪ Anchor – refers to a department store, other large retail store, non-retail space or theater greater than or equal to 50,000 square feet. 2 ▪ Junior Anchor - retail store, non-retail space or theater comprising 20,000 square feet and greater, but less than 50,000 square feet. ▪ Inline – retail store or non-retail space comprising less than 20,000 square feet. ▪ Freestanding – property locations that are not attached to the primary complex of buildings that comprise the mall shopping center. ▪ Outparcel – land and freestanding developments, such as retail stores, banks and restaurants, which are generally on the periphery of our properties.
The following terms used in this Annual Report on Form 10-K will have the meanings described below: ▪ GLA – refers to gross leasable area of space in square feet, including Anchors and Mall tenants. ▪ Anchor – refers to a department store, other large retail store, non-retail space or theater greater than or equal to 50,000 square feet. ▪ Junior Anchor - retail store, non-retail space or theater comprising 20,000 square feet and greater, but less than 50,000 square feet. ▪ Inline – retail store or non-retail space comprising less than 20,000 square feet. ▪ Freestanding – property locations that are not attached to the primary complex of buildings that comprise the mall shopping center. ▪ Outparcel – land and freestanding developments, such as retail stores, banks and restaurants, which are generally on the periphery of our properties. 2 Significant Markets and Tenants Top Five Markets Our top five markets, based on percentage of total revenues, were as follows for the year ended December 31, 2023: Market Percentage of Total Revenues (1) St.
Electronic copies of our Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, are available free of charge by visiting the “Investor Relations” section of our web site.
Available Information There is additional information about us on our web site at cblproperties.com . Electronic copies of our Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, are available free of charge by visiting the “Investor Relations” section of our web site.
Human Capital We believe our people are critical to the success of our Company. We are committed to providing a work environment that attracts, develops, and retains high-performing team members and to promoting a culture that allows each team member to feel respected, included and empowered. We engage with our employees regularly and in 2022 completed an employee engagement assessment.
We are committed to providing a work environment that attracts, develops, and retains high-performing team members and to promoting a culture that allows each team member to feel respected, included and empowered. We engage with our employees regularly and in 2023 completed an employee engagement assessment.
The survey netted a 74% response rate and secured CBL Great Place to Work Certification™. CBL does not have any employees other than its statutory officers.
The survey netted a 77% response rate and secured CBL Great Place to Work Certification™, with 95% of employees saying it is a great place to work. CBL does not have any employees other than its statutory officers.
CBL Community is pursuing internal and external endeavors to improve organizational impacts on diversity, equity, inclusion, and belonging (“DEIB”), through education, engagement initiatives, and the creation of opportunities and partnerships with underrepresented groups. To support these efforts, we have engaged a third-party consulting firm that specializes in inclusive leadership practices.
CBL Community is pursuing internal and external endeavors to improve organizational impacts on DEIB, through education, engagement initiatives, and the creation of opportunities and partnerships with underrepresented groups. To help us identify the best approach to support these efforts, we continued to engage a third-party consulting firm that specializes in inclusive leadership practices.
In 2022, CBL team members completed 6,201 hours of training.
In 2023, CBL team members completed 6,885 hours of training.
As described below, we refer to the post-emergence reorganized company as the “Successor” and the pre-emergence company as the “Predecessor.” Unless stated otherwise or the context otherwise requires, references to the “Company,” “we,” “us” and “our” also includes our subsidiaries.
As described below, we refer to the post-emergence reorganized company as the “Successor” and the pre-emergence company as the “Predecessor.” Unless stated otherwise or the context otherwise requires, references to the “Company,” “we,” “us” and “our” also includes our subsidiaries. The Company’s Business We are a self-managed, self-administered, fully integrated real estate investment trust ("REIT").
The members that make up this committee represent various departments within CBL, such as Management, Investor Relations, People & Culture, Public Relations and Operations Services. The Nominating/Corporate Governance Committee is responsible for oversight of the Company’s ESG efforts. Part of our efforts includes regularly reviewing existing policies and procedures to include current best practices.
The members that make up this committee represent various departments within CBL, such as Management, Investor Relations, People & Culture, Public Relations and Operations Services with day-to-day efforts led by our Vice President - ESG. The Nominating/Corporate Governance Committee of CBL's board of directors is responsible for oversight of the Company’s ESG efforts.
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 our fiscal year. Equity Common Stock Our authorized common stock consists of 200,000,000 shares at $0.001 par value per share.
Thus, occupancy levels and revenues 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 our fiscal year.
Louis, MO 7.0 % Laredo, TX 4.4 % Chattanooga, TN 4.3 % Lexington, KY 4.3 % Greensboro, NC 3.6 % Top 25 Tenants Our top 25 tenants based on percentage of total revenues were as follows for the year ended December 31, 2022: Tenant Number of Stores Square Feet Percentage of Total Revenues (1) 1 Signet Jewelers Ltd.
Top 25 Tenants Our top 25 tenants based on percentage of total revenues were as follows for the year ended December 31, 2023: Tenant Number of Stores Square Feet Percentage of Total Revenues (1) 1 Signet Jewelers Ltd.
(the “Management Company”) to comply with certain requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). The Operating Partnership owns 100% of the Management Company’s outstanding stock.
We conduct our property management and development activities through CBL & Associates Management, Inc. (the "Management Company") to comply with certain requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). The Operating Partnership owns 100% of the Management Company’s outstanding stock.
We had 31,780,109 shares of common stock issued and outstanding as of December 31, 2022. In connection with the Company's emergence from Chapter 11 reorganization on the Effective Date, all equity interests of the Company issued and outstanding immediately prior to the Effective Date were deemed cancelled, discharged and of no force or effect.
In connection with the Company's emergence from Chapter 11 reorganization on the Effective Date, all equity interests of the Company issued and outstanding immediately prior to the Effective Date were deemed cancelled, discharged and of no force or effect. 5 Preferred Stock Our authorized preferred stock consists of 15,000,000 shares at $0.001 par value per share.
We are expanding outreach efforts in recruiting through several new partnerships including: ▪ Partnering with Transition Overwatch, which targets Veterans. ▪ Participating in ICSC’s Launch Academy and Project Destined internship opportunities for 2023, which target underrepresented groups in our industry. ▪ Participating in Chattanooga-based STEP-UP internship opportunities with underrepresented area high school students.
We continued our outreach efforts in recruiting through several partnerships including: ▪ Partnering with Transition Overwatch, which targets Veterans. ▪ Partnering with Project Destined which targets underrepresented groups in our industry, to host an intern in our Marketing department. ▪ Participating in Chattanooga-based STEP-UP internship program to offer two internship roles to underrepresented area high school students.
As of December 31, 2022, our Management Company had 395 full-time and 77 part-time employees that represented the following demographics: ▪ 19% racially diverse and 62% female. ▪ We are proud that 4% of our workforce served in the military. 5 ▪ Within the team, 6% self-identify as disabled. ▪ Generationally, the population is represented across the Gen X (32%), Gen Y (43%), and Baby Boomer (20%) array with an emerging Gen Z (4%) and a contribution by Traditionalists ( CBL benefits from low voluntary turnover which declined from 12% to 8% with 85% who left voluntarily completing our exit interview process rendering a net promoter score of 93%.
As of December 31, 2023, our Management Company had 396 full-time and 73 part-time employees that represented the following demographics: ▪ 19% racially diverse and 55% female. ▪ We are proud that 4% of our workforce served in the military. ▪ Within the team, 6% self-identify as disabled. ▪ Generationally, the population is represented across the Gen X (253), Gen Y (123), and Baby Boomer (78) array with an emerging Gen Z (13) and a contribution by Traditionalists (2).
We are pleased to have met this goal, with team members volunteering 924 hours with non-profit organizations, an increase over 2021. In total, through volunteer hours, corporate donations and CBL Cares funds, we provided support valued at nearly $200,000 to organizations across our portfolio that work to meet the diverse needs of our communities.
In total, through volunteer hours, corporate donations and CBL Cares funds, we provided support valued at nearly $200,000 to organizations across our portfolio that work to meet the diverse needs of our communities. Lastly, through our annual United Way workplace campaign, our team contributed more than $117,500 to United Way.
Preferred Stock Our authorized preferred stock consists of 15,000,000 shares at $0.001 par value per share. No shares of preferred stock were issued and outstanding as of December 31, 2022. Financial Information about Segments See Note 11 to the consolidated financial statements for information about our reportable segments.
No shares of preferred stock were issued and outstanding as of December 31, 2023. Financial Information about Segments See Note 11 to the consolidated financial statements for information about our reportable segments. Human Capital We believe our people are critical to the success of our company.
While we support freedom of association, we enjoy direct relationships as none of our employees are represented by a union. To attract, retain and develop our high-performing team members, we offer compensation programs that include a mix of salaries, variable incentive bonuses and equity-based awards.
To attract, retain and develop our high-performing team members, we offer compensation programs that include a mix of salaries, variable incentive bonuses and equity-based awards. To help ensure pay for performance alignment, CBL team members and their direct managers participate in an annual performance evaluation process.
Programs cover a variety of topics such as career development and skills training; health, well-being, and safety; DEIB; and more. We expanded these training efforts in 2022 to include new technology and tools for self-guided learning featuring on-demand educational content across a variety of topics. We also mandate annual cyber-security training for all full-time employees.
We provide our team with learning and development opportunities including conferences, leadership programs, and other ad hoc training programs. Programs cover a variety of topics such as career development and skills training; health, well-being, and safety; DEIB; and more. We also mandate annual cybersecurity training and ethics training for all full-time employees.
Corporate Offices Our principal executive offices are located at CBL Center, 2030 Hamilton Place Boulevard, Suite 500, Chattanooga, Tennessee, 37421 and our telephone number is (423) 855-0001. 6 Available Information There is additional information about us on our web site at cblproperties.com .
CBL Fit provides advocacy of wellness for the whole person at work and CBL Social provides engagement opportunities and interconnectivity through team-based events. Corporate Offices Our principal executive offices are located at CBL Center, 2030 Hamilton Place Boulevard, Suite 500, Chattanooga, Tennessee, 37421 and our telephone number is (423) 855-0001.
CBL Cares partners with and supports local charitable organizations that contribute to the growth and development of the communities we serve. One of our goals for 2022 was to increase the number of hours CBL team members volunteer through our CBL Cares volunteer program.
Finally, the entire CBL team participated in unconscious bias training in the first quarter of 2023. 6 CBL Cares partners with and supports local charitable organizations that contribute to the growth and development of the communities we serve.
Our compensation programs are supplemented by comprehensive employment benefits as well as training and educational programs. Certain benefits are also available to part-time CBL team members. We provide our team with learning and development opportunities including conferences, leadership programs, and other ad hoc training programs.
The evaluation process includes interactive goal setting and feedback designed to enhance performance, engagement, and professional development. Annually, we conduct a compensation analysis to ensure any pay gaps (gender, race) are reviewed and addressed. Our compensation programs are supplemented by comprehensive employment benefits as well as training and educational programs. Certain benefits are also available to part-time CBL team members.
See Note 1 to the consolidated financial statements for information on our properties as of December 31, 2022. The Malls (“Malls, Lifestyle Centers and Outlet Centers”) and All Other Properties ("Open-Air Centers and Other") are collectively referred to as the “properties” and individually as a “property.” We conduct our property management and development activities through CBL & Associates Management, Inc.
Our malls, lifestyle centers and outlet centers (the “Malls”) and our open-air centers and other property types (the "All Other" or "All Other Properties") are collectively referred to as the “properties” and individually as a “property.” The "other" property type is made up of office buildings, outparcels and hotels.
To further these goals, in 2022 CBL Community introduced Fireside Chats, which allow team members to learn about various DEIB topics from their peers.
In 2023 CBL Community continued its Fireside Chats program, which allows team members to learn about various DEIB topics from their peers as well as subject matter experts. A strong focus in 2023 was on the mental wellbeing of our workforce.
(5) 81 179,125 1.20 % 11 Cinemark Holdings, Inc. 9 467,190 1.16 % 12 The Gap, Inc. 45 534,986 1.16 % 13 Hot Topic, Inc. 94 222,716 0.99 % 14 Express Fashions 30 246,437 0.98 % 15 Shoe Show, Inc. 29 378,849 0.91 % 16 Spencer Spirit Holdings, Inc. 48 110,906 0.89 % 17 Claire's Stores, Inc. 68 85,364 0.87 % 18 H & M Hennes & Mauritz AB 38 803,811 0.85 % 19 The TJX Companies, Inc.
(5) 79 178,795 1.22 % 11 The Gap, Inc. 44 537,209 1.19 % 12 Cinemark Corp. 9 467,190 1.17 % 13 Hot Topic, Inc. 100 249,881 1.04 % 14 Shoe Show, Inc. 29 379,954 0.94 % 15 Spencer Spirit Holdings, Inc. 48 112,483 0.91 % 16 Claire's Stores, Inc. 69 86,502 0.91 % 17 The TJX Companies, Inc.
Removed
Following the Effective Date, one of the Debtor’s Chapter 11 Cases remains open to administer claims pursuant to the Plan. The Company’s Business We were organized on July 13, 1993, as a Delaware corporation, and completed an initial public offering on November 3, 1993. We are a self-managed, self-administered, fully integrated real estate investment trust ("REIT").
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See Note 1 to the consolidated financial statements for information on our properties as of December 31, 2023.
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Significant Markets and Tenants Top Five Markets Our top five markets, based on percentage of total revenues, were as follows for the year ended December 31, 2022: Market Percentage of Total Revenues St.
Added
Louis, MO 6.8 % Chattanooga, TN 4.6 % Laredo, TX 4.3 % Lexington, KY 4.2 % Greensboro, NC 3.8 % (1) Includes the Company’s proportionate share of total revenues from consolidated and unconsolidated affiliates based on the ownership percentage in the respective joint venture and any other applicable terms.
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(2) 112 166,502 2.80 % 2 Victoria's Secret & Co. 49 397,537 2.65 % 3 Foot Locker, Inc. 78 377,818 2.57 % 4 American Eagle Outfitters, Inc. 61 372,587 2.20 % 5 Dick's Sporting Goods, Inc. (3) 25 1,462,150 2.16 % 6 Bath & Body Works, Inc. 57 231,813 1.93 % 7 Genesco Inc.
Added
(2) 108 164,271 2.73 % 2 Victoria's Secret & Co. 49 400,863 2.71 % 3 Foot Locker, Inc. 73 357,594 2.35 % 4 Dick's Sporting Goods, Inc.
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(4) 82 160,462 1.61 % 8 Finish Line, Inc. 36 194,138 1.45 % 9 The Buckle, Inc. 37 191,577 1.22 % 10 Luxottica Group S.P.A.
Added
(3) 25 1,462,150 2.32 % 5 American Eagle Outfitters, Inc. 63 382,073 2.16 % 6 Bath & Body Works, Inc. 58 239,031 1.95 % 7 Finish Line, Inc. 38 210,745 1.61 % 8 Genesco Inc. (4) 76 152,215 1.54 % 9 The Buckle, Inc. 36 186,133 1.24 % 10 Luxottica Group S.P.A.
Removed
To help ensure pay for performance alignment, CBL team members and their direct managers participate in an annual performance evaluation process. The evaluation process includes interactive goal setting and feedback designed to enhance performance, engagement, and professional development. In 2022, an externally conducted compensation analysis reflected a 0.00% pay gap based on gender and 0.00% based on race.
Added
Part of our efforts includes regularly reviewing existing policies and procedures to incorporate current best practices and working to ensure compliance with new regulations including related reporting and disclosures.
Removed
Additionally, in 2022 initial groups of senior leadership and certain CBL team members completed DEIB training in accordance with the Company’s ESG Policy and DEIB Strategic Plan as overseen by the DEIB Steering Committee that is chaired by our chief executive officer. Finally, the entire CBL team will participate in Unconscious Bias training in the first quarter of 2023.
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Equity Common Stock Our authorized common stock consists of 200,000,000 shares at $0.001 par value per share. We had 31,975,645 shares of common stock issued and outstanding as of December 31, 2023.
Removed
Lastly, through our annual United Way workplace campaign as well as a special monetary and in-kind gift commemorating United Way’s 100 th birthday, our team contributed more than $138,000 to United Way. CBL Fit provides advocacy of wellness for the whole person at work and CBL Social provides engagement opportunities and interconnectivity through team-based events.
Added
CBL benefits from low voluntary turnover, which remained at 8% year-over-year. 80% of employees who left voluntarily completed our exit interview process with 100% stating they would recommend working at CBL to family and friends. While we support freedom of association, we enjoy direct relationships as none of our employees are represented by a union.
Added
In 2023 we increased the number of hours CBL team members volunteer through our CBL Cares volunteer program, with team members volunteering 947 hours with non-profit organizations, an increase over 2022.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

37 edited+163 added−12 removed105 unchanged
Biggest changeThese include, among others: ➣ Adverse changes to national, regional and local economic conditions, including increased volatility in the capital and credit markets, as well as changes in consumer confidence and consumer spending patterns. ➣ Possible inability to lease space in our properties on favorable terms, or at all. ➣ Potential loss of one or more significant tenants, due to bankruptcies or consolidations in the retail industry. ➣ Local real estate market conditions, and the illiquidity of real estate investments. ➣ Adverse changes that cause us not to proceed with certain developments, redevelopments or expansions. ➣ Increased operating costs, such as repairs and maintenance, real property taxes, utility rates and insurance. ➣ Adverse changes in governmental regulations and related costs, including potential significant costs related to compliance with environmental laws and disclosure requirements. ➣ Competition from other retail facilities, and from alternatives to traditional retail such as online shopping. • Certain of our properties are subject to ownership interests held by third parties, whose interests may conflict with ours. • Inflation continues to impact our financial condition and results of operations. • Increased expenses, decreased occupancy rates, tenants converting to gross leases and requesting deferrals and rent abatements may not allow us to recover the majority of our CAM, real estate taxes and other operating expenses. • Bankruptcy of joint venture partners could impose delays and costs on us with respect to jointly owned retail properties. • Any significant resurgence of the COVID-19 pandemic or a similar threat, and governmental responses thereto, could once again materially and adversely impact or disrupt our financial condition, results of operations, cash flows and performance, as could any future outbreak of another highly infectious or contagious disease. • We face possible risks associated with climate change. • Possible terrorist activity or other acts of violence could adversely affect our financial condition and results of operations. • Social unrest and acts of vandalism or violence could adversely affect our business operations. • Our properties may be subject to impairment charges which could adversely affect our financial results. • While cybersecurity attacks, to date, have not materially impacted our financial results, future cyber attacks, cyber intrusions or other disruptions of our information technology networks could disrupt our operations, compromise confidential information and adversely impact our financial condition. 7 • Pending or potential future litigation could distract our officers from attending to the Company’s business and could have a material adverse effect on our business, financial condition and results of operation. • Uninsured losses could adversely affect us, and in the future our insurance may not cover acts of terrorism. • Our bankruptcy filing, from which we emerged in 2021, may adversely affect our business. • Our historical financial information may not be indicative of our future financial performance.
Biggest changeThese include, among others: ➣ Adverse changes to national, regional and local economic conditions, including increased volatility in the capital and credit markets, as well as changes in consumer confidence and consumer spending patterns. ➣ Possible inability to lease space in our properties on favorable terms, or at all. ➣ Potential loss of one or more significant tenants, due to bankruptcies or consolidations in the retail industry. ➣ Increased operating costs, such as repairs and maintenance, real property taxes, utility rates and insurance. ➣ Adverse changes in governmental regulations and related costs, including potential significant costs related to compliance with environmental laws and disclosure requirements. ➣ Competition from other retail facilities, and from alternatives to traditional retail such as online shopping. • Certain of our properties are subject to ownership interests held by third parties, whose interests may conflict with ours. • Inflation continues to impact our financial condition and results of operations. • Increased expenses, decreased occupancy rates, tenants converting to gross leases and requesting deferrals and rent abatements may not allow us to recover the majority of our CAM, real estate taxes and other operating expenses. • Bankruptcy of joint venture partners could impose delays and costs on us with respect to jointly owned retail properties. • We face possible risks associated with climate change, which may increase our future expenses. • An increased focus on metrics and reporting related to ESG factors may impose additional costs and expose us to new risks. • Possible terrorist activity or other acts of violence could adversely affect our financial condition and results of operations. • Social unrest and acts of vandalism or violence could adversely affect our business operations. 7 • Our properties may be subject to impairment charges which could adversely affect our financial results. • While cybersecurity attacks, to date, have not materially impacted our financial results, future cyber attacks, cyber intrusions or other disruptions of our information technology networks could disrupt our operations, compromise confidential information and adversely impact our financial condition. • Our success depends, in part, on our ability to attract and retain talented employees, and the loss of any one of our key personnel could adversely impact our business. • Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make expenditures that could adversely affect our cash flows. • Uninsured losses could adversely affect us, and in the future our insurance may not cover acts of terrorism. • Our historical financial information may not be indicative of our future financial performance. • Any significant resurgence of the COVID-19 pandemic or a similar threat, and governmental responses thereto, could once again materially and adversely impact or disrupt our financial condition, results of operations, cash flows and performance, as could any future outbreak of another highly infectious or contagious disease.
Inflation has resulted in increases in market interest rates, which not only negatively impact consumer spending and tenant investment decisions, but also increases the borrowing costs associated with our existing or any future variable rate debt, to the extent such rates are not effectively hedged or fixed, or any future debt that we incur.
Inflation also has resulted in increases in market interest rates, which not only negatively impact consumer spending and tenant investment decisions, but also increases the borrowing costs associated with our existing or any future variable-rate debt, to the extent such rates are not effectively hedged or fixed, or any future debt that we incur.
Certain of these non-department store Anchors may demand higher allowances or other less favorable terms than a standard mall tenant due to the nature of the services/products they provide. 15 We are in a competitive business. There are numerous shopping facilities that compete with our properties in attracting retailers to lease space.
Certain of these non-department store Anchors may demand higher allowances or other less favorable terms than a standard mall tenant due to the nature of the services/products they provide. We are in a competitive business. There are numerous shopping facilities that compete with our properties in attracting retailers to lease space.
In addition, because many of our properties are mortgaged to secure our debts, we may not be able to obtain a release of a lien on a mortgaged property without the payment of the associated debt and/or a substantial prepayment penalty, or transfer of debt to a buyer, which restricts our ability to dispose of a property, even though the sale might otherwise be desirable.
In addition, because many of our properties are mortgaged to secure our debts, we may not be able to obtain a release of a lien on a mortgaged property without the payment of the associated debt or release price, and/or a substantial prepayment penalty, or transfer of debt to a buyer, which restricts our ability to dispose of a property, even though the sale might otherwise be desirable.
Terrorist activities also could directly affect the value of our properties through damage, destruction or loss. Furthermore, terrorist acts might result in increased volatility in national and international financial markets, which could limit our access to capital or increase our cost of obtaining capital. 14 Social unrest and acts of vandalism or violence could adversely affect our business operations.
Terrorist activities also could directly affect the value of our properties through damage, destruction or loss. Furthermore, terrorist acts might result in increased volatility in national and international financial markets, which could limit our access to capital or increase our cost of obtaining capital. Social unrest and acts of vandalism or violence could adversely affect our business operations.
The estimated fair value is calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value.
The estimated fair value is calculated based on the following 15 information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value.
A number of factors may decrease the income generated by a retail shopping center property, including: • national, regional and local economic climates, which may be negatively impacted by loss of jobs, production slowdowns, inflation, adverse weather conditions, natural disasters, acts of violence, war, riots or terrorism, declines in residential real estate activity and other factors which tend to reduce consumer spending on retail goods; • pandemic outbreaks, including COVID-19, or the threat of pandemic outbreaks, which could cause customers of our tenants to avoid public places where large crowds are in attendance, such as shopping centers and related entertainment, hotel, office or restaurant properties operated by our tenants; • adverse changes in levels of consumer spending, consumer confidence and seasonal spending (especially during the holiday season when many retailers generate a disproportionate amount of their annual profits); • local real estate conditions, such as an oversupply of, or reduction in demand for, retail space or retail goods, and the availability and creditworthiness of current and prospective tenants; • increased operating costs, such as increases in repairs and maintenance, real property taxes, utility rates and insurance premiums; • delays or cost increases associated with the opening of new properties or redevelopment and expansion of properties, due to higher than estimated construction costs, cost overruns, delays in receiving zoning, occupancy or other governmental approvals, lack of availability of materials and labor, weather conditions, and similar factors which may be outside our ability to control; • perceptions by retailers or shoppers of the safety, convenience and attractiveness of the shopping center; and • the convenience and quality of competing retail properties and other retailing options, such as the internet and the adverse impact of online sales.
A number of factors may decrease the income generated by a retail shopping center property, including: • national, regional and local economic climates, which may be negatively impacted by loss of jobs, production slowdowns, inflation, adverse weather conditions, natural disasters, acts of violence, war, riots or terrorism, declines in residential real estate activity and other factors which tend to reduce consumer spending on retail goods; • adverse changes in levels of consumer spending, consumer confidence and seasonal spending (especially during the holiday season when many retailers generate a disproportionate amount of their annual profits); • local real estate conditions, such as an oversupply of, or reduction in demand for, retail space or retail goods, and the availability and creditworthiness of current and prospective tenants; • increased operating costs, such as increases in repairs and maintenance, real property taxes, utility rates and insurance premiums; • delays or cost increases associated with the opening of new properties or redevelopment and expansion of properties, due to higher than estimated construction costs, cost overruns, delays in receiving zoning, occupancy or other governmental approvals, lack of availability of materials and labor, weather conditions, and similar factors which may be outside our ability to control; • perceptions by retailers or shoppers of the safety, convenience and attractiveness of the shopping center; • the convenience and quality of competing retail properties and other retailing options, such as the internet and the adverse impact of online sales; and • public health emergencies, such as COVID-19, or the threat of a public health emergency, which could cause customers of our tenants to avoid public places where large crowds are in attendance, such as shopping centers and related entertainment, hotel, office or restaurant properties operated by our tenants.
Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures, and thus it is impossible for us to entirely mitigate this risk. Lasty, while we have cybersecurity insurance, damages and claims arising from such incidents may not be covered, or may exceed the amount of any insurance coverage.
Accordingly, we may be unable to anticipate these techniques or to implement adequate security barriers or other preventative measures, and thus it is impossible for us to entirely mitigate this risk. Lastly, while we have cybersecurity insurance, damages and claims arising from such incidents may not be covered, or may exceed the amount of any insurance coverage.
Risks Related to Real Estate Investments and Our Business • Real property investments are subject to various risks, many of which are beyond our control, which could cause declines in the revenues and/or underlying value of one or more of our properties.
Risks Related to Real Estate Investments and Our Business • Real property investments are relatively illiquid and are subject to various risks, many of which are beyond our control, which could cause declines in the revenues and/or underlying value of one or more of our properties.
Any significant resurgence of COVID-19, or a similar future pandemic, could once again reduce the willingness of customers to visit our properties and adversely impact our tenants’ businesses based on many factors, including local transmission rates, the emergence of new variants, the development, availability, distribution, effectiveness and acceptance of existing and new vaccines, and the effectiveness and availability of cures or treatments.
Any significant resurgence of COVID-19, or a similar future public health emergency, could once again reduce the willingness of customers to visit our properties and adversely impact our tenants’ businesses based on many factors, including local transmission rates, the emergence of new variants, the development, availability, distribution, effectiveness and acceptance of existing and new vaccines, and the effectiveness and availability of cures or treatments.
The continuing impact of the COVID-19 pandemic, or a future pandemic, on our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations and make distributions to our shareholders could depend on additional factors, including: • the financial condition and viability of our tenants, and their ability or willingness to pay rent in full; • state, local, federal and industry-initiated tenant relief efforts that may adversely affect landlords, including us, and their ability to collect rent and/or enforce remedies for the failure to pay rent; • the increased popularity and utilization of e-commerce; • our ability to renew leases or re-lease available space in our properties on favorable terms or at all, including as a result of a deterioration in the economic and market conditions in the markets in which we own properties or due to restrictions intended to prevent the spread of COVID-19 or any similar future pandemic, including any additional government mandated closures of businesses that frustrate our leasing activities; • a severe and prolonged disruption and instability in the global financial markets, including the debt and equity capital markets, all of which have already been experienced and which may continue to affect our or our tenants’ ability to access capital necessary to fund our or their respective business operations or repay, refinance or renew maturing liabilities on a timely basis, on attractive terms, or at all and may adversely affect the valuation of financial assets and liabilities, any of which could affect our and our tenants’ ability to meet liquidity and capital expenditure requirements; 12 • a reduction in the cash flows generated by our properties and the values of our properties that could result in impairments or limit our ability to dispose of them at attractive prices or obtain debt financing secured by our properties; • the complete or partial closure of one or more of our tenants’ manufacturing facilities or distribution centers, temporary or long-term disruption in our tenants’ supply chains from local and international suppliers and/or delays in the delivery of our tenants’ inventory, any of which could reduce or eliminate our tenants’ sales, cause the temporary closure of our tenants’ businesses, and/or result in their bankruptcy or insolvency; • a negative impact on consumer discretionary spending caused by high unemployment levels, reduced economic activity or a severe or prolonged recession; • our and our tenants’ ability to manage our respective businesses to the extent our and their management or personnel (including on-site employees) are impacted in significant numbers by COVID-19 or any future pandemic or are otherwise not willing, available or allowed to conduct work, including any impact on our tenants’ ability to deliver timely information to us that is necessary for us to make effective decisions; and • our and our tenants’ ability to ensure business continuity in the event our or our tenants’ continuity of operations plan is (i) not effective or improperly implemented or deployed or (ii) compromised due to increased cyber and remote access activity due to COVID-19 or any future pandemic.
The impact of a future public health emergency on our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt service obligations and make distributions to our shareholders could depend on additional factors, including: • the financial condition and viability of our tenants, and their ability or willingness to pay rent in full; • state, local, federal and industry-initiated tenant relief efforts that may adversely affect landlords, including us, and their ability to collect rent and/or enforce remedies for the failure to pay rent; • the increased popularity and utilization of e-commerce; • our ability to renew leases or re-lease available space in our properties on favorable terms or at all, including as a result of a deterioration in the economic and market conditions in the markets in which we own properties or due to restrictions intended to prevent the spread of any future public health emergencies, including any additional government mandated closures of businesses that frustrate our leasing activities; • a severe and prolonged disruption and instability in the global financial markets, including the debt and equity capital markets, which may adversely impact the valuation of financial assets and liabilities and affect our ability or our tenants’ ability to access capital necessary to fund business operations or repay, refinance or renew maturing liabilities on a timely basis, on attractive terms, or at all; • a reduction in the cash flows generated by our properties and the values of our properties that could result in impairments or limit our ability to dispose of them at attractive prices or obtain debt financing secured by our properties; • the complete or partial closure of one or more of our tenants’ manufacturing facilities or distribution centers, temporary or long-term disruption in our tenants’ supply chains from local and international suppliers and/or delays in the delivery of our tenants’ inventory, any of which could reduce or eliminate our tenants’ sales, cause the temporary closure of our tenants’ businesses, and/or result in their bankruptcy or insolvency; • a negative impact on consumer discretionary spending caused by high unemployment levels, reduced economic activity or a severe or prolonged recession; • our and our tenants’ ability to manage our respective businesses to the extent our and their management or personnel (including on-site employees) are impacted in significant numbers by any future public health emergency or are otherwise not willing, available or allowed to conduct work, including any impact on our tenants’ ability to deliver timely information to us that is necessary for us to make effective decisions; and • our and our tenants’ ability to ensure business continuity in the event our or our tenants’ continuity of operations plan is (i) not effective or improperly implemented or deployed or (ii) compromised due to increased cyber and remote access activity due to any future public health emergency.
As of December 31, 2022, we have recorded in our consolidated financial statements a liability of $2.6 million related to potential future asbestos abatement activities at our properties which are not expected to have a material impact on our financial condition or results of operations.
As of December 31, 2023, we have recorded in our consolidated financial statements a liability of $2.5 million related to potential future asbestos abatement activities at our properties which are not expected to have a material impact on our financial condition or results of operations.
Over the past three years, there have been demonstrations and protests, some of which involved violence, looting, arson and property destruction, in cities throughout the United States.
Over the last few years, there have been demonstrations and protests, some of which involved violence, looting, arson and property destruction, in cities throughout the United States.
If the rental rates decrease, if our existing tenants do not renew their leases or if we do not re-lease a significant portion of our available space and space for which leases will expire, our financial condition and results of operations could be adversely affected.
If the rental rates decrease, if our existing tenants do not renew their leases or if we do not re-lease a significant portion of our available space and space for which leases will expire, our financial condition and results of operations could be adversely affected. We face possible risks associated with climate change.
While these restrictions have long since been lifted, and the negative impact of the COVID-19 pandemic appears to be much improved, it remains possible that a significant resurgence of the threat from COVID-19, or any similar future pandemic, could result in governments and other authorities reinstituting these measures or imposing new, more restrictive measures, in response to our tenants’ and consumers’ perception of the related risks.
While these restrictions have long since been lifted, it remains possible that a significant resurgence of the threat from COVID-19, or any similar future public health emergency, could result in governments and other authorities reinstituting these measures or imposing new, more restrictive measures, in response to our tenants’ and consumers’ perception of the related risks.
Over the past three years, the COVID-19 pandemic has had a material negative impact on economic and market conditions around the world, and specifically in the retail real estate sector.
The COVID-19 pandemic had a material negative impact on economic and market conditions around the world, and specifically in the retail real estate sector.
In addition, as cybercriminals become more sophisticated, the cost of proactive defensive measures continues to increase. 17 Although we and our service providers/business partners have implemented processes, procedures and controls to help mitigate these risks, there can be no assurance that these measures, as well as our increased awareness of the risk of cyber incidents, will be effective or that attempted or actual security incidents, breaches or system disruptions that could be damaging to us or others will not occur.
Although we and our service providers/business partners have implemented processes, procedures and controls to help mitigate these risks, there can be no assurance that these measures, as well as our increased awareness of the risk of cyber incidents, will be effective or that attempted or actual security incidents, breaches or system disruptions that could be damaging to us or others will not occur.
Moreover, no assurances can be given that (i) future laws, ordinances or regulations will not impose any material environmental liability or (ii) the current environmental condition of our properties has not been or will not be affected by tenants and occupants of our properties, by the condition of properties in the vicinity of our properties or by third parties unrelated to us, the Operating Partnership or the relevant property’s partnership.
Moreover, no assurances can be given that (i) future laws, ordinances or regulations will not impose any material environmental liability or (ii) the current environmental condition of our properties has not been or will not be affected by tenants and occupants of our properties, by the condition of properties in the vicinity of our properties or by third parties unrelated to us, the Operating Partnership or the relevant property’s partnership. 13 Possible terrorist activity or other acts of violence could adversely affect our financial condition and results of operations.
Therefore, the future cash flows estimated in our impairment analyses may not be achieved. 16 Breaches or other adverse cybersecurity incidents on our systems or those of our service providers or business partners could expose us to liability and lead to the loss or compromise of our information, including confidential information, sensitive information and intellectual property, and could result in a material adverse effect on our business and financial condition.
Breaches or other adverse cybersecurity incidents on our systems or those of our service providers or business partners could expose us to liability and lead to the loss or compromise of our information, including confidential information, sensitive information and intellectual property, and could result in a material adverse effect on our business and financial condition.
Our results of operations depend on our ability to continue to lease space in our properties, including vacant space and re-leasing space in properties where leases are expiring, optimizing our tenant mix, or leasing properties on economically favorable terms. Because we have leases expiring annually, we are continually focused on leasing our properties.
We may be unable to lease space in our properties on favorable terms, or at all. Our results of operations depend on our ability to continue to lease space in our properties, including vacant space and re-leasing space in properties where leases are expiring, optimizing our tenant mix, or leasing properties on economically favorable terms.
Despite traffic to our Malls, Lifestyle Centers and Outlet Centers traditionally being driven by department store Anchors, in the event of a need for replacement, it has become necessary to consider non-department store Anchors.
Department stores’ market share is declining, and their ability to drive traffic has substantially decreased. Despite traffic to our Malls, Lifestyle Centers and Outlet Centers traditionally being driven by department store Anchors, in the event of a need for replacement, it has become necessary to consider non-department store Anchors.
If the relevant joint venture through which we have invested in a property has incurred recourse obligations, the discharge in bankruptcy of one of the other investors might result in our ultimate liability for a greater portion of those obligations than we would otherwise bear. 11 We may be unable to lease space in our properties on favorable terms, or at all.
If the relevant joint venture through which we have invested in a property has incurred recourse obligations, the discharge in bankruptcy of one of the other investors might result in our ultimate liability for a greater portion of those obligations than we would otherwise bear.
Risks Related to Debt and Financial Markets • A deterioration of the capital and credit markets could adversely affect our ability to access funds and the capital needed to refinance debt or obtain new debt. • Our indebtedness is substantial and could impair our ability to obtain additional financing. • Rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for distributions to our stockholders, and decrease our stock price, if investors seek higher yields through other investments. • We may be adversely affected by the discontinuation of LIBOR. • The agreements governing our debt contain various covenants that impose restrictions on us that may affect our ability to operate our business. • Federal and state statutes allow courts, under specific circumstances, to void guarantees and require holders of indebtedness and lenders to return payments received from guarantors.
Both of these factors could impair our ability to obtain additional financing. • Rising interest rates could both increase our borrowing costs, thereby adversely affecting our cash flows and the amounts available for distributions to our stockholders, and decrease our stock price, if investors seek higher yields through other investments. • Various covenants in agreements governing our debt impose restrictions that may affect our ability to operate our business. • Federal and state statutes allow courts, under specific circumstances, to void guarantees and require holders of indebtedness and lenders to return payments received from guarantors.
Similarly, we are pursuing a strategy of replacing expiring short-term leases with long-term leases. For more information on lease expirations see Mall, Lifestyle Center and Outlet Center Lease Expirations and Other Property Type Lease Expirations .
Because we have leases expiring annually, we are continually focused on leasing our properties. Similarly, we are pursuing a strategy of replacing expiring short-term leases with long-term leases. For more information on lease expirations see Mall, Lifestyle Center and Outlet Center Lease Expirations and All Other Properties Lease Expirations .
As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management’s estimates of future possible outcomes.
As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management’s estimates of future possible outcomes. Therefore, the future cash flows estimated in our impairment analyses may not be achieved.
Risks Related to Federal Income Tax Laws • We conduct a portion of our business through taxable REIT subsidiaries, which are subject to certain tax risks. • Complying with REIT requirements might cause us to forego otherwise attractive opportunities, and failing to qualify as a REIT would reduce our funds available for distribution to stockholders. • Transfers of our capital stock to any person in excess of the ownership limits necessary to maintain our status as a REIT would be deemed void ab initio, and those shares would automatically be transferred to the Company as trustee of a charitable trust. • We must satisfy minimum distribution requirements to maintain our status as a REIT, which may limit the amount of cash available for use in growing our business. • Transfers or issuances of equity may impair our ability to utilize the existing tax basis in our assets, our federal income tax net operating loss carryforwards and other tax attributes.
Risks Related to Federal Income Tax Laws • We conduct a portion of our business through taxable REIT subsidiaries, which are subject to certain tax risks. • If the Operating Partnership fails to qualify as a partnership for U.S. federal income tax purposes, we would fail to qualify as a REIT and would suffer adverse consequences. • Complying with REIT requirements might cause us to forego otherwise attractive opportunities, and failing to qualify as a REIT would reduce our funds available for distribution to stockholders. • Transfers of our capital stock to any person in excess of the ownership limits necessary to maintain our status as a REIT would be deemed void ab initio, and those shares would automatically be transferred to the Company as trustee of a charitable trust. • We must satisfy minimum distribution requirements to maintain our status as a REIT, which may limit the amount of cash available for use in growing our business. • Transfers or issuances of equity may impair our ability to utilize the existing tax basis in our assets, our federal income tax net operating loss carryforwards and other tax attributes. 8 Risks Related to Our Organizational Structure • The ownership limit described above, as well as certain provisions in our Second Amended and Restated Certificate of Incorporation (our “Certificate of Incorporation”) and our Fifth Amended and Restated Bylaws (our “Bylaws”), may hinder any attempt to acquire us. • Our Certificate of Incorporation contains a provision renouncing our interest and expectancy in certain corporate opportunities identified by our non-employee directors and their affiliates.
The compromise of our or our business partners’ or service providers’ technology systems resulting in the loss, disclosure, misappropriation of, or access to, our information or that of our tenants, employees or business partners or failure to comply with ever-evolving regulatory obligations or contractual obligations with respect to such information could result in legal claims or proceedings, liability or regulatory penalties under laws protecting the privacy of personal information, disruption to our operations and damage to our reputation, any or all of which could adversely affect our business.
Moreover, cyber attacks perpetrated against our Anchors and tenants, including unauthorized access to customers’ credit card data and other confidential information, could subject us to significant litigation, liability and costs, adversely impact our reputation, or diminish consumer confidence and consumer spending and negatively impact our business. 16 The compromise of our or our business partners’ or service providers’ technology systems resulting in the loss, disclosure, misappropriation of, or access to, our information or that of our tenants, employees or business partners or failure to comply with ever-evolving regulatory obligations or contractual obligations with respect to such information could result in legal claims or proceedings, liability or regulatory penalties under laws protecting the privacy of personal information, disruption to our operations and damage to our reputation, any or all of which could adversely affect our business.
Additionally, in the event that our properties are not fully occupied, we would be required to pay the portion of any operating, redevelopment or renovation expenses allocable to the vacant space(s) that would otherwise typically be paid by the residing tenant(s).
Additionally, in the event that our properties are not fully occupied, we would be required to pay the portion of any operating, redevelopment or renovation expenses allocable to the vacant space(s) that would otherwise typically be paid by the residing tenant(s). 11 Bankruptcy of joint venture partners could impose delays and costs on us with respect to the jointly owned retail properties.
Inflation has impacted and may continue to impact our financial condition and results of operations. The 2022 annual rate of inflation in the U.S. was higher than at any point in recent years. Inflationary price increases could have an adverse effect on consumer spending, which could impact our tenants’ sales and, in turn, our tenants’ business operations.
Inflation has impacted and may continue to impact our financial condition and results of operations. Inflationary pressures pose risks to the Company’s business, tenants and the U.S. economy. Inflationary price increases could have an adverse effect on consumer spending, which could impact our tenants’ sales and, in turn, our tenants’ business operations.
This could affect the amount of rent these tenants pay, including if their leases provide for percentage rent, and their ability to pay rent. Also, inflation has caused increases in operating expenses, which could increase occupancy costs for tenants and, to the extent that we are unable to recover operating expenses from tenants, could increase operating expenses for us.
Also, inflation has caused increases in operating expenses, which could increase occupancy costs for tenants and, to the extent that we are unable to recover operating expenses from tenants, could increase operating expenses for us.
Any significant resurgence of the COVID-19 pandemic or a similar threat, and governmental responses thereto, could once again materially and adversely impact or disrupt our financial condition, results of operations, cash flows and performance, as could any future outbreak of another highly infectious or contagious disease.
Accordingly, under fresh-start reporting rules, our financial condition and results of operations following our emergence from Chapter 11 will not be comparable to the financial condition and results of operations reflected in our historical financial statements. 18 Any significant resurgence of the COVID-19 pandemic or a similar threat, and governmental responses thereto, could once again materially and adversely impact or disrupt our financial condition, results of operations, cash flows and performance, as could any future outbreak of another highly infectious or contagious disease.
The early termination or closing of tenants or Anchors for reasons other than bankruptcy could have a similar impact on the operations of our properties, although in the case of early terminations we may benefit in the short-term from lease termination income.
The early termination or closing of tenants or Anchors for reasons other than bankruptcy could have a similar impact on the operations of our properties, although in the case of early terminations we may benefit in the short-term from lease termination income. 14 Certain traditional department stores have experienced challenges including limited opportunities for new investment/openings and declining sales, which lead department stores to close stores or seek rent reductions.
The costs to remediate breaches and similar system compromises that do occur could be material.
The costs to remediate breaches and similar system compromises that do occur could be material. In addition, as cybercriminals become more sophisticated, the cost of proactive defensive measures continues to increase.
To the extent any of these risks and uncertainties adversely impact us in the ways described above or otherwise, they may also have the effect of heightening many of the other risks described herein. We face possible risks associated with climate change.
To the extent any of these risks and uncertainties adversely impact us in the ways described above or otherwise, they may also have the effect of heightening many of the other risks described herein. 19 RISKS RELATED TO DEBT AND FINANCIAL MARKETS A deterioration of the capital and credit markets could adversely affect our ability to access funds and the capital needed to refinance debt or obtain new debt.
We intend to regain eligibility to use Form S-3 as soon as is practicable; however, we cannot provide any assurance that we will be able to regain eligibility. • We cannot assure you of our ability to pay dividends or distributions in the future or the amount of any dividends or distributions. • Our ability to pay dividends on our common stock depends on the distributions we receive from our Operating Partnership, through which we conduct substantially all our business.
Risks Related to Dividends and Our Stock • We cannot assure you of our ability to pay dividends or distributions in the future or the amount of any dividends or distributions. • Our ability to pay dividends on our common stock depends on the distributions we receive from our Operating Partnership, through which we conduct substantially all our business. • Distributions paid by REITs do not qualify for the reduced tax rates that apply to other corporate distributions.
If we are not effective in addressing environmental, social and other sustainability matters affecting our business, or setting and meeting relevant sustainability goals, our reputation may suffer. 13 We may incur significant costs related to compliance with environmental laws, which could have a material adverse effect on our results of operations, cash flows and the funds available to us to pay dividends.
Failure to participate in certain of the third-party ratings systems, failure to score well in those ratings systems or failure to provide certain ESG disclosures could result in reputational harm when investors compare us to other companies, and could cause certain investors to be unwilling to invest in our stock which could adversely impact our stock price. 12 We may incur significant costs related to compliance with environmental laws, which could have a material adverse effect on our results of operations, cash flows and the funds available to us to pay dividends.
Pending or potential future litigation could distract our officers from attending to the Company’s business and could have a material adverse effect on our business, financial condition and results of operation. Certain of the Company's officers and former directors have been named as defendants in a consolidated putative securities class action lawsuit (“Securities Class Action Litigation”).
Any of these events could harm our business, results of operations and financial condition. Future litigation could have a material adverse effect on our business, financial condition and results of operation. We may from time to time be a defendant in lawsuits and regulatory proceedings relating to our business.
Removed
Risks Related to Dividends and Our Stock • We currently are not eligible to register the offer and sale of securities on SEC Form S-3.
Added
Risks Related to Debt and Financial Markets • A deterioration of the capital and credit markets could adversely affect our ability to access funds and the capital needed to refinance debt or obtain new debt. • Our indebtedness is substantial and many of our assets are encumbered by property-level indebtedness.
Removed
Risks Related to Our Organizational Structure • The ownership limit described above, as well as certain provisions in our Second Amended and Restated Certificate of Incorporation (our “Certificate of Incorporation”) and our Fourth Amended and Restated Bylaws (our “Bylaws”), may hinder any attempt to acquire us. 8 • Our Certificate of Incorporation contains a provision renouncing our interest and expectancy in certain corporate opportunities identified by our non ‐ employee directors and their affiliates. • The shareholders’ rights plan adopted by our board of directors, which expires on September 8, 2023, may discourage a third party from acquiring us in a manner that might result in a premium price to our shareholders.
Added
This could affect our tenants’ ability to pay rent and, to the extent their leases provide for additional rent based on a percentage of sales, could have either positive (based on increased prices) or negative (based on decreased consumer spending) effects on such rent.
Removed
Bankruptcy of joint venture partners could impose delays and costs on us with respect to the jointly owned retail properties.
Added
Further, inflationary pricing may have a negative effect on the construction costs necessary to complete our development and redevelopment projects, including, but not limited to, costs of construction materials, labor and services from third-party contractors and suppliers.
Removed
Further, demand could remain reduced due to heightened sensitivity to risks associated with the transmission of COVID-19 or any other pandemic diseases.
Added
These impacts may adversely affect our properties, our business, financial condition and results of operations. An increased focus on metrics and reporting related to ESG factors, may impose additional costs and expose us to new risks. Investors and other stakeholders have become more focused on understanding how companies address a variety of ESG factors.
Removed
Although consumers’ risk tolerance has evolved and tenants and consumers alike took measures to adapt to the COVID-19 pandemic, such as the addition of services like curbside pickup, the impact of these adaptations continues to evolve and there is no guarantee that retail will ever fully return to pre-pandemic levels.
Added
As they evaluate investment decisions, many investors look not only at company disclosures but also to ESG rating systems that have been developed by third parties to allow ESG comparisons among companies. Although we participate in a number of these ratings systems, we do not participate in all such systems.
Removed
These impacts may adversely affect our properties, our business, financial condition and results of operations. Additionally, there has been increasing public focus by investors, environmental activists, the media and governmental and nongovernmental organizations on a variety of environmental, social and other sustainability matters.
Added
The criteria used in these ratings systems may conflict and change frequently, and we cannot predict how these third parties will score us, nor can we have any assurance that they score us accurately or other companies accurately or that other companies have provided them with accurate data.
Removed
We may make commitments relating to sustainability matters that affect us, including the design and implementation of specific risk mitigation strategic initiatives relating to sustainability.
Added
We supplement our participation in ratings systems with published disclosures of our ESG activities, but some investors may desire other disclosures that we do not provide. In addition, the SEC is currently evaluating potential rule making that could mandate additional ESG disclosure and impose other requirements on us.
Removed
Possible terrorist activity or other acts of violence could adversely affect our financial condition and results of operations.
Added
Many of our tenants are omni-channel retailers who also distribute their products through online sales and provide options to consumers like buy online pick up in store, buy online ship to store or buy online return to store.
Removed
Certain traditional department stores have experienced challenges including limited opportunities for new investment/openings and declining sales, which lead department stores to close stores or seek rent reductions. Department stores’ market share is declining, and their ability to drive traffic has substantially decreased.
Added
Our business currently is predominantly reliant on consumer demand for shopping at physical stores, and our business could be materially and adversely affected if we are unsuccessful in adapting our business to evolving consumer purchasing habits.
Removed
Moreover, cyber attacks perpetrated against our Anchors and tenants, including unauthorized access to customers’ credit card data and other confidential information, could subject us to significant litigation, liability and costs, adversely impact our reputation, or diminish consumer confidence and consumer spending and negatively impact our business.
Added
The increased popularity of digital and mobile technologies has accelerated the transition of a percentage of market share from shopping at physical stores to web-based shopping, and the COVID-19 pandemic and restrictions intended to prevent its spread significantly increased the utilization of e-commerce and may, particularly in certain market segments, accelerate the long-term penetration of pure online retail.
Removed
The complaint filed in the Securities Class Action Litigation alleges violations of the securities laws, including, among other things, that the defendants made certain materially false and misleading statements and omissions regarding the Company’s contingent liabilities, business, operations, and prospects.
Added
Although a brick-and-mortar presence may have a positive impact on retailers’ online sales, the increased utilization of pure online shopping may lead to the closure of underperforming stores by retailers, which could impact our occupancy levels and the rates that tenants are willing to pay to lease our space.
Removed
The plaintiffs seek compensatory damages and attorneys’ fees and costs, among other relief, but have not specified the amount of damages sought. Following a January 31, 2023 mediation before a private mediator, the parties to the Securities Class Action Litigation reached an agreement in principle to resolve the Securities Class Action Litigation, subject to documentation and court approval. See
Added
Additionally, the increase in online shopping may result in certain tenants underreporting sales at our properties which may materially and adversely impact our collection of overage rent. Examples may include, retailers and restaurants not reporting curbside pick-up sales or online sales fulfilled with store inventory, and tenants reducing store sales by including online returns processed in the store.
Added
If a third-party vendor fails to provide agreed upon services, we may suffer losses. We are dependent and rely on third-party vendors, including cloud providers, for redundancy of our network, system data, security and data integrity.
Added
If a vendor fails to provide services as agreed, suffers outages, business interruptions, financial difficulties or bankruptcy, we may experience service interruption, delays, or loss of information. Cloud computing is dependent upon having access to an internet connection in order to retrieve data.
Added
If a natural disaster, blackout or other unforeseen event were to occur that disrupted the ability to obtain an internet connection, we may experience a slowdown or delay in our operations. We conduct appropriate due diligence on all services providers and restrict access, use and disclosure of personal information.
Added
We engage vendors with formal written agreements clearly defining the roles of the parties and specifying privacy and data security responsibilities. Declines in economic conditions, including increased volatility in the capital and credit markets, could adversely affect our business, results of operations and financial condition.
Added
An economic recession can result in extreme volatility and disruption of our capital and credit markets. The resulting economic environment may be affected by dramatic declines in the stock and housing markets, increases in foreclosures, unemployment and costs of living, as well as limited access to credit.
Added
This economic situation can, and most often will, impact consumer spending levels, which can result in decreased revenues for our tenants and related decreases in the values of our properties. A sustained economic downward trend could impact our tenants’ ability to meet their lease obligations due to poor operating results, lack of liquidity, bankruptcy or other reasons.
Added
Our ability to lease space and negotiate rents at advantageous rates could also be affected in this type of economic environment. Additionally, access to capital and credit markets could be disrupted over an extended period, which may make it difficult to obtain the financing we may need for future growth and/or to meet our debt service obligations as they mature.
Added
Such litigation and proceedings may result in defense costs, settlements, fines or judgments against us, some of which may not be covered by insurance. Due to the inherent uncertainties of litigation and regulatory proceedings, we cannot accurately predict the ultimate outcome of any such litigation or proceedings.
Added
An unfavorable outcome may result in our having to pay significant fines, judgments or settlements, which, if uninsured, or if exceeding insurance coverage, could adversely impact our financial condition, cash flows, results of operations and the trading price of our common stock.
Added
Additionally, certain proceedings or the resolution of certain proceedings may affect the availability or cost of some of our insurance coverage and expose us to increased risks that would be uninsured. 17 Our success depends, in part, on our ability to attract and retain talented employees, and the loss of any one of our key personnel could adversely impact our business.
Added
The success of our business depends, in part, on the leadership and performance of our executive management team and key employees, and our ability to attract, retain and motivate talented employees could significantly impact our future performance.
Added
Competition for these individuals is intense, and we cannot assure you that we will retain our executive management team and key employees or that we will be able to attract and retain other highly qualified individuals for these positions in the future.
Added
Losing any one or more of these persons could have a material adverse effect on our results of operations, financial condition and cash flows. Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make expenditures that could adversely affect our cash flows.
Added
All the properties in our portfolio are required to comply with the Americans with Disabilities Act (the “ADA”). Compliance with the ADA requirements could require removal of access barriers, and non-compliance could result in the imposition of fines by the United States government, awards of damages to private litigants, or both.
Added
While the tenants to whom our portfolio is leased are obligated to comply with ADA provisions, within their leased premises, if required changes within their leased premises involve greater expenditures than anticipated, or if the changes must be made on a more accelerated basis than anticipated, the ability of tenants to cover costs could be adversely affected.
Added
Furthermore, we are required to comply with ADA requirements within the common areas of the properties in our portfolio and we may not be able to pass on to our tenants any costs necessary to remediate any common area ADA issues.
Added
In addition, we are required to operate the properties in compliance with fire and safety regulations, building codes and other land use regulations, as they may be adopted by governmental agencies and bodies and become applicable to our portfolio.
Added
We may be required to make substantial capital expenditures to comply with, and we may be restricted in our ability to renovate or redevelop the properties subject to, those requirements and to comply with the provisions of the ADA. The resulting expenditures and restrictions could have a material adverse effect on our financial condition and operating results.
Added
Uninsured losses could adversely affect our financial condition, and in the future our insurance may not include coverage for acts of terrorism. We carry a comprehensive blanket policy for general liability, property casualty (including fire, earthquake, flood and wind) and rental loss covering all of our properties, with specifications and insured limits customarily carried for similar properties.

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Item 2. Properties

Properties — owned and leased real estate

53 edited+7 added−9 removed7 unchanged
Biggest changeSubtotal 15 2 — 17 413,358 54,436 — 467,794 Total Wine and More (2) — 1 — 1 — 28,350 — 28,350 TruFit (1) 1 1 — 2 45,179 43,145 — 88,324 Truist — — 1 1 — — 60,000 60,000 Urban Air Adventure Park (1) 1 1 — 2 33,860 30,404 — 64,264 Urban Planet 1 — — 1 30,463 — — 30,463 Vertical Trampoline Park 1 — — 1 24,972 — — 24,972 Von Maur (1) — 2 — 2 — 232,377 — 232,377 Wave Fashion 1 — — 1 27,978 — — 27,978 WhirlyBall 1 — — 1 43,440 — — 43,440 Whole Foods (1) 1 — 1 2 26,841 — 34,320 61,161 Vacant Anchor/Junior Anchor: Vacant - former AMC Theaters (Carmike Cinema) 1 — — 1 31,119 — — 31,119 Vacant - former Ashley HomeStore 1 — — 1 20,487 — — 20,487 Vacant - former Bealls 4 — — 4 151,209 — — 151,209 Vacant - former Bed Bath & Beyond 2 — — 2 52,474 — — 52,474 Vacant - former Bergner's 1 — — 1 131,616 — — 131,616 Vacant - former Boston Store (1) — 2 — 2 — 354,205 — 354,205 Vacant - former Choice Home Center 1 — — 1 64,165 — — 64,165 Vacant - former Dillard's (1) 2 2 — 4 116,376 159,142 — 275,518 Vacant - former Forever 21 (3) — 1 — 1 — 57,500 — 57,500 Vacant - former Gordman's 1 — — 1 47,943 — — 47,943 Vacant - former JC Penney (1) — 1 — 1 — 158,771 — 158,771 Vacant - former Macy's 3 3 — 6 240,015 363,761 — 603,776 Vacant - former Sears (1)(2) 7 12 3 22 664,623 1,546,518 476,059 2,687,200 Vacant - former Shopko — 1 — 1 — 97,773 — 97,773 Vacant - former Stein Mart (1) — 1 — 1 — 21,200 — 21,200 40 Number of Stores Gross Leasable Area Anchor Owned Anchor Owned Anchor/Junior Anchor Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Gross Leased Area Vacant - former Younkers 1 — — 1 93,597 — — 93,597 Current Developments: Future grocer (1)(4) 1 — — 1 161,358 — — 161,358 Hobby Lobby/ Mardel Christian (1)(5) — 1 — 1 — 101,445 — 101,445 Main Event (6) 1 — — 1 37,500 — — 37,500 Novant Health (1)(7) — 1 — 1 — 174,643 — 174,643 Stars & Strikes (8) 1 — — 1 52,054 — — 52,054 Tilt 1 — — 1 92,500 — — 92,500 Truliant Federal Credit Union (1)(9) — 1 — 1 — 150,447 — 150,447 Total Anchors/Junior Anchors 270 143 30 443 13,273,366 16,575,762 3,911,120 33,760,248 (1) The following Anchors/Junior Anchors are owned by third parties: Boscov’s at York Galleria, the former Boston Store at Brookfield Square, the former Boston Store at East Towne Mall, Conn’s Home Plus at Post Oak Mall, the former Dillard’s for Women at Richland Mall, Electronic Express at Hamilton Crossing, Gabe’s at CoolSprings Crossing, HomeGoods at Hamilton Crossing, Jax Outdoor Gear at Frontier Mall, JC Penney at Frontier Mall, the former JC Penney at Northgate Mall, the former Kmart at Sunrise Commons, Life Storage at York Galleria, the former Macy’s at Hanes Mall, Main Event at Sunrise Mall, Metcalfe’s Market at West Towne Crossing, Michaels at Hamilton Crossing, Michaels at Westmoreland Crossing, OfficeMax at West Towne Crossing, One Life Fitness at The Landing at Arbor Place, Ross Dress for Less at Frontier Square, the former Sears at Arbor Place, the former Sears at Hanes Mall, the former Sears at Harford Mall, the former Sears at Northgate Mall, the former Sears at Post Oak Mall, the former Sears at Sunrise Mall, the former Sears at Volusia Mall, Sportsman’s Warehouse at Southaven Towne Center, the former Stein Mart at West Towne Crossing, T.J.
Biggest changeSubtotal 16 2 — 18 435,490 54,436 — 489,926 Total Wine and More — 1 — 1 — 28,350 — 28,350 TruFit 1 1 — 2 45,179 43,145 — 88,324 Truist — — 1 1 — — 60,000 60,000 Truliant Federal Credit Union — 1 — 1 — 150,447 — 150,447 Tuesday Morning 1 — — 1 32,586 — — 32,586 Urban Air Adventure Park 1 1 — 2 33,860 30,404 — 64,264 Urban Planet 1 — — 1 30,463 — — 30,463 Vertical Trampoline Park 1 — — 1 24,972 — — 24,972 Von Maur — 2 — 2 — 232,377 — 232,377 Wave Fashion 1 — — 1 27,978 — — 27,978 WhirlyBall 1 — — 1 27,094 — — 27,094 Whole Foods 1 — 1 2 26,841 — 34,320 61,161 39 Number of Stores Gross Leasable Area Anchor Owned Anchor Owned Anchor/Junior Anchor Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Gross Leased Area Vacant Anchor/Junior Anchor: Vacant - former AMC Theaters (Carmike Cinema) 1 — — 1 31,119 — — 31,119 Vacant - former Ashley HomeStore 1 — — 1 20,487 — — 20,487 Vacant - former Bealls 4 — — 4 151,209 — — 151,209 Vacant - former Bed Bath & Beyond 1 — — 1 28,000 — — 28,000 Vacant - former Bergner's 1 — — 1 131,616 — — 131,616 Vacant - former Boston Store — 2 — 2 — 354,205 — 354,205 Vacant - former Burlington 1 — — 1 63,013 — — 63,013 Vacant - former Christmas Tree Shops 1 — — 1 33,992 — — 33,992 Vacant - former Dillard's 2 1 — 3 116,376 99,828 — 216,204 Vacant - former Forever 21 (1) — 1 — 1 — 57,500 — 57,500 Vacant - former Gordman's 1 — — 1 47,943 — — 47,943 Vacant - former JC Penney — 1 — 1 — 158,771 — 158,771 Vacant - former Macy's 4 2 — 6 361,246 242,530 — 603,776 Vacant - former Overstock Furniture and Mattress 2 — — 2 119,775 — — 119,775 Vacant - former Restoration Hardware Outlet 1 — — 1 24,558 — — 24,558 Vacant - former Sears 5 11 3 19 551,078 1,436,277 476,059 2,463,414 Vacant - former Younkers 1 — — 1 93,597 — — 93,597 Current Developments: Crunch Fitness (2)(3) 2 — — 2 60,135 — — 60,135 Future grocer (4) — 1 — 1 — 161,358 — 161,358 Murdoch's Farm & Ranch — 1 — 1 — 60,241 — 60,241 Novant Health (5) — 1 — 1 — 174,643 — 174,643 Schuler Books & Music (6) 1 — — 1 30,432 — — 30,432 Total Anchors/Junior Anchors 272 146 29 447 13,340,963 16,746,334 3,810,969 33,898,266 (1) The upper floor of Belk for Men at Hamilton Place was formerly leased by Belk to Forever 21 and is now vacant.
Keating Furniture 1 — — 1 103,994 — — 103,994 Jax Outdoor Gear (1) — 1 — 1 — 83,055 — 83,055 Jo-Ann Fabrics & Crafts 3 — — 3 73,738 — — 73,738 Kings Dining & Entertainment 1 — — 1 22,678 — — 22,678 Kohl's 2 4 1 7 142,205 312,731 83,000 537,936 LA Fitness 1 — — 1 41,000 — — 41,000 Launch Trampoline Park 1 — — 1 31,989 — — 31,989 Levin Furniture 1 — — 1 55,314 — — 55,314 Life Storage (1) — 1 — 1 — 131,915 — 131,915 Live!
Keating Furniture 1 — — 1 103,994 — — 103,994 Jax Outdoor Gear — 1 — 1 — 83,055 — 83,055 Jo-Ann Fabrics & Crafts 3 — — 3 73,738 — — 73,738 Kings Dining & Entertainment 1 — — 1 22,678 — — 22,678 Kohl's 2 4 1 7 142,205 312,731 83,000 537,936 LA Fitness 1 — — 1 41,000 — — 41,000 Launch Trampoline Park 1 — — 1 31,989 — — 31,989 Levin Furniture 1 — — 1 55,314 — — 55,314 Life Storage — 1 — 1 — 131,915 — 131,915 Live!
Maxx (1) 4 1 — 5 109,031 28,081 — 137,112 The TJX Companies, Inc.
Maxx 4 1 — 5 109,031 28,081 — 137,112 The TJX Companies, Inc.
(2) Other - Office Buildings and Hotel. 34 See Note 1 to the consolidated financial statements for additional information on the number of consolidated and unconsolidated properties in each of the above categories related to our other property types.
(2) Other - Office Buildings and Hotel. See Note 1 to the consolidated financial statements for additional information on the number of consolidated and unconsolidated properties in each of the above categories related to our other property types.
(18) WestGate Mall - We are the lessee under several ground leases for approximately 53% of the underlying land. Assuming the exercise of renewal options available, at our election, the ground lease expires October 2044. The rental amount is $130 per year. In addition to base rent, the landlord receives 20% of the percentage rents collected.
(19) WestGate Mall - We are the lessee under several ground leases for approximately 53% of the underlying land. Assuming the exercise of renewal options available, at our election, the ground lease expires October 2044. The rental amount is $130 per year. In addition to base rent, the landlord receives 20% of the percentage rents collected.
(2) Excludes tenants 20,000 square feet and over. (3) Totals represent weighted averages for reporting tenants of 10,000 square feet or less. (4) Includes tenants under 20,000 square feet with leases in effect as of December 31, 2022. (5) Anchors and Junior Anchors listed are immediately adjacent to the property or are in freestanding locations immediately adjacent to the property.
(2) Excludes tenants 20,000 square feet and over. (3) Totals represent weighted averages for reporting tenants of 10,000 square feet or less. (4) Includes tenants under 20,000 square feet with leases in effect as of December 31, 2023. (5) Anchors and Junior Anchors listed are immediately adjacent to the property or are in freestanding locations immediately adjacent to the property.
Based on 100% of the applicable amounts and has not been adjusted for our ownership share. (2) Total annualized gross rent, including recoverable CAM expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2022.
Based on 100% of the applicable amounts and has not been adjusted for our ownership share. (2) Total annualized gross rent, including recoverable CAM expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2023.
Based on 100% of the applicable amounts and has not been adjusted for our ownership share. (2) Total annualized gross rent, including recoverable CAM expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2022.
Based on 100% of the applicable amounts and has not been adjusted for our ownership share. (2) Total annualized gross rent, including recoverable CAM expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2023.
We own the land underlying each property in fee simple interest, except for Brookfield Square, Cross Creek Mall, Dakota Square Mall, Meridian Mall, St. Clair Square, Stroud Mall and WestGate Mall. We lease all or a portion of the land at each of these properties subject to long-term ground leases.
We own the land underlying each property in fee simple interest, except for Brookfield Square, Dakota Square Mall, Meridian Mall, St. Clair Square, Stroud Mall and WestGate Mall. We lease all or a portion of the land at each of these properties subject to long-term ground leases.
(10) Hanes Mall – The former Sears was purchased by Novant Health, which has indicated plans to redevelop this space for future medical offices with the construction start and opening to be determined. (11) Harford Mall - The former Sears was sold and is under construction for a future grocer.
(11) Hanes Mall – The former Sears was purchased by Novant Health, which has indicated plans to redevelop this space for future medical offices with the construction start and opening to be determined. (12) Harford Mall - The former Sears was sold and is under construction for a future grocer.
(17) We exclude properties for which 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”). Operational metrics are not reported for Excluded Properties.
(18) We exclude properties for which 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”). Operational metrics are not reported for Excluded Properties.
Other Property Types Other property types include the following categories: (1) Open-Air Centers - Designed to attract local and regional area customers and are typically anchored by a combination of big box retailers, supermarkets or value-priced stores that attract shoppers to each center’s small shops. The tenants at our Open-Air Centers typically offer necessities, value-oriented and convenience merchandise.
All Other Properties All Other Properties include the following categories: (1) Open-Air Centers - Designed to attract local and regional area customers and are typically anchored by a combination of big box retailers, supermarkets or value-priced stores that attract shoppers to each center’s small shops. The tenants at our Open-Air Centers typically offer necessities, value-oriented and convenience merchandise.
Inline and adjacent freestanding store sales represent total sales amounts received from reporting tenants with space of less than 10,000 square feet. 33 The following table summarizes tenant occupancy costs as a percentage of total inline and adjacent freestanding store sales for reporting tenants less than 10,000 square feet, excluding license agreements, for each of the past three years: Year Ended December 31, (1) 2022 2021 2020 In-line store sales (in millions) $ 3,920 $ 3,802 N/A (2) In-line tenant occupancy costs 10.41 % 10.65 % N/A (2) (1) In certain cases, we own less than a 100% interest in the Mall, Lifestyle Center or Outlet Center.
Inline and adjacent freestanding store sales represent total sales amounts received from reporting tenants with space of less than 10,000 square feet. 33 The following table summarizes tenant occupancy costs as a percentage of total inline and adjacent freestanding store sales for reporting tenants less than 10,000 square feet, excluding license agreements, for each of the past three years: Year Ended December 31, (1) 2023 2022 2021 In-line store sales (in millions) $ 3,750 $ 3,920 $ 3,802 In-line tenant occupancy costs 10.89 % 10.41 % 10.65 % (1) In certain cases, we own less than a 100% interest in the Mall, Lifestyle Center or Outlet Center.
ITEM 2. P ROPERTIES Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations included in Item 7 for additional information pertaining to our properties’ performance. Malls, Lifestyle Centers and Outlet Centers We owned a controlling interest in 41 Malls, 4 Lifestyle Centers and 2 Outlet Centers as of December 31, 2022.
ITEM 2. P ROPERTIES Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations included in Item 7 for additional information pertaining to our properties’ performance. Malls, Lifestyle Centers and Outlet Centers We owned a controlling interest in 40 malls, 4 lifestyle centers and 2 outlet centers as of December 31, 2023.
We owned a non-controlling interest in 6 Malls, 1 Lifestyle Center and 3 Outlet Centers as of December 31, 2022. Our Malls, Lifestyle Centers and Outlet Centers generally have strong competitive positions because they are the only, or the dominant, regional property in their respective trade areas.
We owned a non-controlling interest in 7 malls, 1 lifestyle center and 3 outlet centers as of December 31, 2023. Our malls, lifestyle centers and outlet centers generally have strong competitive positions because they are the only, or the dominant, regional property in their respective trade areas.
(3) Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2022. See page 54 for a comparison between rents on leases that expired in the current reporting period compared to rents on new and renewal leases executed in 2022.
(3) Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2023. See page 51 for a comparison between rents on leases that expired in the current reporting period compared to rents on new and renewal leases executed in 2023.
The following tables set forth certain information for each of our other property types at December 31, 2022: Property / Location Year of Opening/ Most Recent Expansion Company's Ownership Total Center SF (1) Total Leasable GLA (2) Percentage GLA Occupied (3) Anchors & Junior Anchors Open-Air Centers: Ambassador Town Center (4)(7) Lafayette, LA 2016 65% 419,904 265,931 93% Costco (5) , Dick's Sporting Goods, Marshalls, Nordstrom Rack Annex at Monroeville Pittsburgh, PA 1986 100% 185,517 185,517 100% Dick's Sporting Goods, Full Throttle Adrenaline Park Coastal Grand Crossing (4) Myrtle Beach, SC 2005 50% 37,234 37,234 100% PetSmart CoolSprings Crossing Nashville, TN 1992 100% 366,451 78,810 99% American Signature Furniture (5) , Electronic Express (6) , Gabe's (6) , Target (5) , Urban Air Adventure Park (6) Courtyard at Hickory Hollow Nashville, TN 1979 100% 68,468 68,468 100% AMC Theatres Fremaux Town Center (4)(7) Slidell, LA 2014/2015 65% 616,339 488,339 92% Best Buy, Dick's Sporting Goods, Dillard's (5) , Kohl's, LA Fitness, Michaels, T.J.
The following tables set forth certain information for each of our other property types at December 31, 2023: Property / Location Year of Opening/ Most Recent Expansion Company's Ownership Total Center Square Feet (1) Total Leasable GLA (2) Percentage GLA Occupied (3) Anchors & Junior Anchors Open-Air Centers: Ambassador Town Center (4)(5) Lafayette, LA 2016 65% 419,904 265,931 100% Costco (6) , Dick's Sporting Goods, Marshalls, Nordstrom Rack Annex at Monroeville Pittsburgh, PA 1986 100% 185,517 185,517 100% Dick's Sporting Goods, Full Throttle Adrenaline Park Coastal Grand Crossing (4) Myrtle Beach, SC 2005 50% 37,234 37,234 100% PetSmart CoolSprings Crossing Nashville, TN 1992 100% 366,451 78,810 100% American Signature Furniture (6) , Electronic Express (6) , Gabe's (7) , Target (6) , Urban Air Adventure Park (7) Courtyard at Hickory Hollow Nashville, TN 1979 100% 68,468 68,468 100% AMC Theatres Fremaux Town Center (4)(5) Slidell, LA 2014/2015 65% 621,432 493,432 95% Best Buy, Dick's Sporting Goods, Dillard's (6) , Kohl's, LA Fitness, Marshalls, Michaels, T.J.
(3) Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2022.
(3) Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2023.
(7) The property is managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services. The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions.
(5) The property is managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services. The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions. (6) Owned by the tenant. (7) Owned by a third party.
Total revenues from Anchors and Junior Anchors accounted for 18.1% of the total revenues from our properties in 2022. Each Anchor and Junior Anchor that owns its store has entered into an operating and reciprocal easement agreement with us covering items such as operating covenants, reciprocal easements, property operations, initial construction and future expansion.
Total revenues from Anchors and Junior Anchors accounted for 16.6% of the total revenues from our properties in 2023. Each Anchor and Junior Anchor that owns its store has entered into an operating and reciprocal easement agreement with us covering items such as operating covenants, reciprocal easements, property operations, initial construction and future expansion.
Maxx (6) Governor's Square Plaza (4)(7) Clarksville, TN 1985/1988 50% 169,842 73,273 100% Bed Bath & Beyond, Jo-Ann Fabrics & Crafts, Target (5) Gunbarrel Pointe Chattanooga, TN 2000 100% 273,913 147,913 99% Kohl's, Target (5) , Whole Foods Hamilton Corner Chattanooga, TN 1990/2005 90% 67,310 67,310 100% None Hamilton Crossing Chattanooga, TN 1987/2005 92% 192,074 98,961 100% Electronic Express (5) , HomeGoods (6) , Michaels (6) , T.J.
Maxx (7) Governor's Square Plaza (4)(5) Clarksville, TN 1985/1988 50% 169,918 73,349 100% Hickory Farms, Jo-Ann Fabrics & Crafts, Target (6) Gunbarrel Pointe Chattanooga, TN 2000 100% 273,913 147,913 100% Kohl's, Target (6) , Whole Foods Hamilton Corner Chattanooga, TN 1990/2005 90% 67,310 67,310 100% None Hamilton Crossing Chattanooga, TN 1987/2005 92% 192,074 98,961 100% Electronic Express (7) , HomeGoods (7) , Michaels (7) , T.J.
Debt on Other Property Types Please see the table entitled “Mortgage Loans Outstanding at December 31, 2022” included herein for information regarding any liens or encumbrances related to our Other Property Types. 37 Anchors and Junior Anchors Anchors and Junior Anchors are an important factor in a property’s successful performance.
Debt on All Other Properties Please see the table entitled “Mortgage Loans Outstanding at December 31, 2023” included herein for information regarding any liens or encumbrances related to our All Other Properties. 36 Anchors and Junior Anchors Anchors and Junior Anchors are an important factor in a property’s successful performance.
Subtotal 23 1 1 25 1,331,635 50,000 80,515 1,462,150 Dunham's Sports 2 — — 2 125,551 — — 125,551 EFO Furniture & Mattress Outlet 1 — — 1 43,171 — — 43,171 Electronic Express (1) — 2 — 2 — 87,573 — 87,573 Encore 3 — — 3 76,096 — — 76,096 Flip N Fly 1 — — 1 27,972 — — 27,972 Flix Brewhouse 1 — — 1 39,150 — — 39,150 Foot Locker 1 — — 1 22,847 — — 22,847 Forever 21 6 — — 6 157,141 — — 157,141 Full Throttle Adrenaline Park 1 — — 1 64,135 — — 64,135 The Fresh Market 1 — — 1 21,442 — — 21,442 Gabe's (1) — 1 — 1 — 29,596 — 29,596 Galleria Furniture and Mattress 1 — — 1 64,165 — — 64,165 H&M 27 — — 27 594,164 — — 594,164 Hamrick's 1 — — 1 40,000 — — 40,000 Harris Teeter — — 1 1 — — 72,757 72,757 High Caliber Karting 1 — — 1 100,683 — — 100,683 Hobby Lobby (2) — 1 — 1 — 61,659 — 61,659 Hollywood Casino 1 — — 1 79,500 — — 79,500 Hospital Corporation of America 1 — — 1 48,000 — — 48,000 I.
Subtotal 24 1 1 26 1,445,180 50,000 80,515 1,575,695 Dunham's Sports 2 — — 2 125,551 — — 125,551 EFO Furniture & Mattress Outlet 1 — — 1 43,171 — — 43,171 Electronic Express — 2 — 2 — 87,573 — 87,573 Encore 3 — — 3 76,096 — — 76,096 Flip N Fly 1 — — 1 27,972 — — 27,972 Flix Brewhouse 1 — — 1 39,150 — — 39,150 Foot Locker 1 — — 1 22,847 — — 22,847 Forever 21 6 — — 6 157,141 — — 157,141 Full Throttle Adrenaline Park 1 — — 1 64,135 — — 64,135 The Fresh Market 1 — — 1 21,442 — — 21,442 Gabe's — 1 — 1 — 29,596 — 29,596 Galleria Furniture and Mattress 1 — — 1 128,330 — — 128,330 H&M 27 — — 27 594,150 — — 594,150 Hamrick's 1 — — 1 40,000 — — 40,000 Harris Teeter — — 1 1 — — 72,757 72,757 Havertys Furniture 1 — — 1 25,080 — — 25,080 Hickory Farms 1 — — 1 23,708 — — 23,708 High Caliber Karting 1 — — 1 100,683 — — 100,683 Hobby Lobby — 2 — 2 — 163,104 — 163,104 Hollywood Casino 1 — — 1 79,500 — — 79,500 Hospital Corporation of America 1 — — 1 48,000 — — 48,000 I.
We have a right of first refusal to purchase the fee interest. 32 Inline and Adjacent Freestanding Stores The Malls, Lifestyle Centers and Outlet Centers have approximately 4,789 inline and adjacent freestanding stores. National and regional retail chains (excluding local franchises) lease approximately 72.1% of the occupied inline and adjacent freestanding store GLA.
We have a right of first refusal to purchase the fee interest. Inline and Adjacent Freestanding Stores The Malls have approximately 4,665 inline and adjacent freestanding stores. National and regional retail chains (excluding local franchises) lease approximately 69.8% of the occupied inline and adjacent freestanding store GLA.
Subtotal 5 — — 5 277,030 — — 277,030 Nike Factory Store 1 — — 1 22,479 — — 22,479 Nordstrom — — 2 2 — — 385,000 385,000 Nordstrom Rack 2 — — 2 56,053 — — 56,053 O2 Fitness 1 — — 1 27,048 — — 27,048 Office Depot 1 — — 1 23,425 — — 23,425 OfficeMax (1) — 1 — 1 — 24,606 — 24,606 Old Navy 1 — — 1 20,257 — — 20,257 39 Number of Stores Gross Leasable Area Anchor Owned Anchor Owned Anchor/Junior Anchor Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Gross Leased Area Ollie's Bargain Outlet 1 — — 1 28,446 — — 28,446 One Life Fitness (1) — 1 — 1 — 49,241 — 49,241 Overstock Furniture and Mattress 3 — — 3 179,135 — — 179,135 PA Fitness 1 — — 1 30,664 — — 30,664 Party City 1 — — 1 20,841 — — 20,841 PetSmart 2 — — 2 46,248 — — 46,248 Planet Fitness 3 — — 3 63,509 — — 63,509 Publix 1 — — 1 45,600 — — 45,600 Reaching Out For Jesus Christian Center 1 — — 1 43,632 — — 43,632 Regal Cinemas 3 1 1 5 188,365 57,854 60,400 306,619 REI 1 — — 1 24,427 — — 24,427 Restoration Hardware Outlet 1 — — 1 24,558 — — 24,558 Rooms To Go — 1 — 1 — 45,000 — 45,000 Ross Dress for Less (1)(2) 8 2 — 10 215,747 70,981 — 286,728 Round1 Bowling & Amusement 1 — — 1 50,000 — — 50,000 Saks Fifth Avenue OFF 5TH 1 — — 1 24,807 — — 24,807 Scheel's 1 — 1 2 141,840 — 81,296 223,136 Schuler Books & Music 1 — — 1 24,116 — — 24,116 ShopRite 1 — — 1 87,381 — — 87,381 Sleep Inn & Suites — — 1 1 — — 123,506 123,506 Southwest Theaters 1 — — 1 29,830 — — 29,830 Sports Center 1 — — 1 60,000 — — 60,000 Sportsman's Warehouse (1) — 1 — 1 — 48,171 — 48,171 Staples 1 — — 1 20,388 — — 20,388 Target — 8 — 8 — 948,730 — 948,730 The TJX Companies, Inc.: HomeGoods (1) 4 1 — 5 97,277 26,355 — 123,632 Marshalls 7 — — 7 207,050 — — 207,050 T.J.
Subtotal 6 — — 6 369,530 — — 369,530 Nike Factory Store 1 — — 1 22,479 — — 22,479 Nordstrom — — 2 2 — — 385,000 385,000 Nordstrom Rack 3 — — 3 80,131 — — 80,131 O2 Fitness 1 — — 1 27,048 — — 27,048 Office Depot 1 — — 1 23,425 — — 23,425 OfficeMax — 1 — 1 — 24,606 — 24,606 Old Navy 1 — — 1 20,257 — — 20,257 Ollie's Bargain Outlet 1 — — 1 28,446 — — 28,446 One Life Fitness — 1 — 1 — 49,241 — 49,241 Overstock Furniture and Mattress 1 — — 1 59,360 — — 59,360 PA Fitness 1 — — 1 30,664 — — 30,664 Party City 1 — — 1 20,841 — — 20,841 PetSmart 2 — — 2 46,248 — — 46,248 Planet Fitness 3 — — 3 63,509 — — 63,509 Publix 1 — — 1 45,600 — — 45,600 Reaching Out For Jesus Christian Center 1 — — 1 43,632 — — 43,632 Regal Cinemas 3 1 1 5 188,365 57,854 60,400 306,619 REI 1 — — 1 24,427 — — 24,427 Rooms To Go — 1 — 1 — 45,000 — 45,000 Ross Dress for Less 8 2 — 10 215,747 70,981 — 286,728 Round1 Bowling & Amusement 1 — — 1 50,000 — — 50,000 Saks Fifth Avenue OFF 5TH 1 — — 1 24,807 — — 24,807 Scheel's 1 — 1 2 141,840 — 81,296 223,136 Schuler Books & Music 1 — — 1 24,116 — — 24,116 ShopRite 1 — — 1 87,381 — — 87,381 Sleep Inn & Suites — — 1 1 — — 123,506 123,506 Southwest Theaters 1 — — 1 29,830 — — 29,830 Spare Time Entertainment — 1 — 1 — 21,200 — 21,200 Sports Center 1 — — 1 60,000 — — 60,000 Sportsman's Warehouse — 1 — 1 — 48,171 — 48,171 Stars and Strikes 1 — — 1 52,727 — — 52,727 Target — 8 — 8 — 948,730 — 948,730 The TJX Companies, Inc.: HomeGoods 4 1 — 5 97,277 26,355 — 123,632 Marshalls 8 — — 8 229,182 — — 229,182 T.J.
(2) All leasable square footage, including Anchors and Junior Anchors. (3) Includes all leased Anchors, Junior Anchors and tenants with leases in effect as of December 31, 2022. (4) This property is owned in an unconsolidated joint venture. (5) Owned by the tenant. (6) Owned by a third party.
(2) All leasable square footage, including Anchors and Junior Anchors. (3) Includes all leased Anchors, Junior Anchors and tenants with leases in effect as of December 31, 2023. (4) This property is owned in an unconsolidated joint venture.
(8) We own a 92% interest in the CBL Center office buildings, with an aggregate square footage of approximately 207,000 square feet, where our corporate headquarters is located.
(8) We own a 92% interest in the CBL Center office buildings, with an aggregate square footage of approximately 202,000 square feet, where our corporate headquarters is located. As of December 31, 2023, we occupied approximately 39% of the total square footage of the buildings.
Maxx Frontier Square Cheyenne, WY 1985 100% 186,552 16,527 100% Ross Dress for Less (6) , Target (5) , T.J.
Maxx Frontier Square Cheyenne, WY 1985 100% 186,547 16,522 100% Ross Dress for Less (7) , Target (6) , T.J.
Although inline and adjacent freestanding stores occupy only 35.2% of the total Mall, Lifestyle Center and Outlet Center GLA (the remaining 64.8% is occupied by Anchors and Junior Anchors and a small percentage is vacant), the Malls, Lifestyle Centers and Outlet Centers received 81.9% of their total revenues from inline and adjacent freestanding stores for the year ended December 31, 2022.
Although inline and adjacent freestanding stores occupy only 35.1% of the total Malls GLA (the remaining 64.9% is occupied by Anchors and Junior Anchors and a small percentage is vacant), the Malls received 83.4% of their total revenues from inline and adjacent freestanding stores for the year ended December 31, 2023.
Maxx Hammock Landing (4) West Melbourne, FL 2009/2015 50% 569,535 345,568 99% Academy Sports + Outdoors, AMC Theatres, HomeGoods, Kohl's (5) , Marshalls, Michaels, Ross Dress for Less, Target (5) Harford Annex Bel Air, MD 1973/2003 100% 107,656 107,656 100% Best Buy, Office Depot, PetSmart The Landing at Arbor Place Atlanta (Douglasville), GA 1999 100% 162,958 113,717 86% Ben's Furniture and Antiques, Ollie's Bargain Outlet, One Life Fitness (5) Layton Hills Convenience Center Layton, UT 1980 100% 92,875 92,875 100% Bed Bath & Beyond Layton Hills Plaza Layton, UT 1989 100% 18,836 18,836 100% None Parkdale Crossing Beaumont, TX 2002 100% 88,064 88,064 98% Barnes & Noble The Pavilion at Port Orange (4) Port Orange, FL 2010 50% 398,101 398,101 90% Belk, HomeGoods, Marshalls, Michaels, Regal Cinemas The Plaza at Fayette Lexington, KY 2006 100% 209,535 209,535 90% Cinemark, Sports Center The Promenade D'Iberville, MS 2009/2014 100% 621,448 404,488 100% Ashley Furniture HomeStore, Bed Bath & Beyond, Best Buy, Dick's Sporting Goods, Kohl's (5) , Marshalls, Michaels, Ross Dress for Less, Target (5) The Shoppes at Eagle Point (4) Cookeville, TN 2018 50% 237,809 237,809 98% Academy Sports + Outdoors, Publix, Ross Dress for Less The Shoppes at Hamilton Place Chattanooga, TN 2003 92% 132,079 132,079 100% Bed Bath & Beyond, Marshalls, Ross Dress for Less The Shoppes at St.
Maxx Hammock Landing (4) West Melbourne, FL 2009/2015 50% 569,535 345,568 100% Academy Sports + Outdoors, AMC Theatres, HomeGoods, Kohl's (6) , Marshalls, Michaels, Ross Dress for Less, Target (6) Harford Annex Bel Air, MD 1973/2003 100% 107,656 107,656 100% Best Buy, Office Depot, PetSmart 34 Property / Location Year of Opening/ Most Recent Expansion Company's Ownership Total Center Square Feet (1) Total Leasable GLA (2) Percentage GLA Occupied (3) Anchors & Junior Anchors Open-Air Centers: The Landing at Arbor Place Atlanta (Douglasville), GA 1999 100% 162,958 113,717 88% Ben's Furniture and Antiques, Ollie's Bargain Outlet, One Life Fitness (7) Layton Hills Convenience Center Layton, UT 1980 100% 100,987 100,987 100% Tuesday Morning Layton Hills Plaza Layton, UT 1989 100% 18,836 18,836 92% None Parkdale Crossing Beaumont, TX 2002 100% 88,064 88,064 89% Barnes & Noble The Pavilion at Port Orange (4) Port Orange, FL 2010 50% 398,018 398,018 88% Belk, HomeGoods, Marshalls, Michaels, Regal Cinemas The Plaza at Fayette Lexington, KY 2006 100% 209,535 209,535 89% Cinemark, Sports Center The Promenade D'Iberville, MS 2009/2014 100% 621,526 404,566 100% Ashley Furniture HomeStore, Best Buy, Burlington, Dick's Sporting Goods, Kohl's (6) , Marshalls, Michaels, Ross Dress for Less, Target (6) The Shoppes at Eagle Point (4) Cookeville, TN 2018 50% 243,805 243,805 99% Academy Sports + Outdoors, Publix, Ross Dress for Less The Shoppes at Hamilton Place Chattanooga, TN 2003 92% 132,079 132,079 79% Former Bed Bath & Beyond, Marshalls, Ross Dress for Less The Shoppes at St.
Keating Furniture, JC Penney, Scheels, Target, future Tilt Laurel Park Place Livonia, MI 1989/2005 1994 100% 491,215 198,071 292 91 % Dunham Sports, Von Maur Layton Hills Mall Layton, UT 1980/2006 1998 100% 482,120 212,674 404 98 % Dick's Sporting Goods, Dillard's, JC Penney Mall del Norte Laredo, TX 1977/2004 1993 100% 1,219,053 407,961 515 87 % Former Beall's, Cinemark, Dillard's, Foot Locker, H&M, JC Penney, Macy's, Macy's Home Store, Main Event, former Sears, TruFit Athletic Club Meridian Mall (13) Lansing, MI 1969/1998 2001 100% 946,073 284,980 294 81 % Bed Bath & Beyond, Dick's Sporting Goods, H&M, High Caliber Karting, JC Penney, Launch Trampoline Park, Macy's, Planet Fitness, Schuler Books & Music, former Younkers Mid Rivers Mall St.
Keating Furniture, JC Penney, Scheels, Target, Tilt Laurel Park Place Livonia, MI 1989/2005 1994 100% 491,215 198,071 279 85 % Dunham Sports, Von Maur Layton Hills Mall Layton, UT 1980/2006 1998 100% 481,844 212,398 376 97 % Dick's Sporting Goods, Dillard's, JC Penney Mall del Norte Laredo, TX 1977/2004 1993 100% 1,219,314 408,321 469 93 % Former Beall's, Cinemark, Dillard's, Foot Locker, H&M, JC Penney, Macy's, Macy's Home Store, Main Event, former Sears, TruFit Athletic Club Meridian Mall (13) Lansing, MI 1969/1998 2001 100% 946,072 284,979 258 84 % Future Schuler Books & Music (14) , Dick's Sporting Goods, H&M, High Caliber Karting, JC Penney, Launch Trampoline Park, Macy's, Planet Fitness, Schuler Books & Music, former Younkers Mid Rivers Mall St.
Casino Pittsburgh, Macy's, Macy's Home Store, Old Navy, former Sears York Galleria York, PA 1989/1999 N/A 100% 756,707 225,858 337 70 % Boscov's, H&M, Hollywood Casino, Life Storage, Marshalls, PA Fitness Total Malls 39,927,608 12,920,332 $ 428 89 % Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center SF (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Lifestyle Centers: Alamance Crossing West Burlington, NC 2011 N/A 100% 224,554 30,366 N/A 74 % BJ's Wholesale Club, Dick's Sporting Goods, Kohl's Friendly Center and The Shops at Friendly (7) Greensboro, NC 1957/ 2006/ 2007 2016 50% 1,368,491 604,350 592 93 % Barnes & Noble, Belk, Belk Home Store, Harris Teeter, Macy's, O2 Fitness, Regal Cinemas, REI, Sears, Truist, Whole Foods Mayfaire Town Center Wilmington, NC 2004/2015 2017 100% 656,952 337,571 421 94 % Barnes & Noble, Belk, Flip N Fly, The Fresh Market, H&M, Michaels, Regal Cinemas Pearland Town Center (16) Pearland, TX 2008 N/A 100% 712,025 306,438 406 94 % Barnes & Noble, Dick's Sporting Goods, Dillard's, Hospital Corporation of America, Macy's Southaven Towne Center Southaven, MS 2005 2013 100% 607,519 184,423 394 91 % Bed Bath & Beyond, Dillard's, JC Penney, Overstock Furniture and Mattress, Sportsman's Warehouse, Urban Air Adventure Park Total Lifestyle Centers 3,569,541 1,463,148 $ 491 93 % 31 Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center SF (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Outlet Centers: The Outlet Shoppes at Atlanta (7)(12) Woodstock, GA 2013 2015 50% 401,542 376,735 520 98 % Saks Fifth Ave OFF 5TH The Outlet Shoppes at El Paso (7)(12) El Paso, TX 2007/2012 2014 50% 433,046 411,007 576 94 % H&M The Outlet Shoppes at Gettysburg (12) Gettysburg, PA 2000/2012 N/A 50% 249,937 249,937 256 72 % None The Outlet Shoppes at Laredo (12) Laredo, TX 2017 N/A 65% 358,091 315,344 262 84 % H&M, Nike Factory Store The Outlet Shoppes of the Bluegrass (7)(12) Simpsonville, KY 2014 2015 50% 428,072 381,372 416 98 % H&M, Restoration Hardware Outlet Total Outlet Centers 1,870,688 1,734,395 $ 436 91 % Total Malls, Lifestyle Centers and Outlet Centers 45,367,837 16,117,875 $ 435 90 % Excluded Properties (17) Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center SF (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Malls: WestGate Mall (18) Spartanburg, SC 1975/1995 1996 100% 931,486 221,727 N/A N/A Bed Bath & Beyond, Belk, Dillard's, H&M, JC Penney, Overstock Furniture and Mattress, former Regal Cinemas, former Sears Lifestyle Centers: Alamance Crossing East Burlington, NC 2007 N/A 100% 667,356 212,014 N/A N/A Barnes & Noble, Belk, Carousel Cinemas, Dillard's, Hobby Lobby, JC Penny Total Excluded Properties 1,598,842 433,741 (1) Total center square footage includes square footage of attached shops, immediately adjacent Anchor and Junior Anchor locations and leased freestanding locations of the property.
Casino Pittsburgh, Macy's, Macy's Home Store, Old Navy, former Sears York Galleria York, PA 1989/1999 N/A 100% 756,707 225,858 284 73 % Boscov's (6) , H&M, Hollywood Casino, Life Storage (6) , Marshalls, PA Fitness Total Malls 40,012,101 12,875,124 $ 402 89 % 31 Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center Square Feet (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Lifestyle Centers: Alamance Crossing West Burlington, NC 2011 N/A 100% 224,554 30,366 N/A 100 % BJ's Wholesale Club, Dick's Sporting Goods, Kohl's Friendly Center and The Shops at Friendly (8) Greensboro, NC 1957/ 2006/ 2007 2016 50% 1,361,339 597,198 595 91 % Barnes & Noble, Belk, Belk Home Store, Harris Teeter, Macy's, O2 Fitness, Regal Cinemas, REI, Sears, Truist, Whole Foods (6) Mayfaire Town Center Wilmington, NC 2004/2015 2017 100% 671,653 330,272 433 95 % Barnes & Noble, Belk, Flip N Fly, The Fresh Market, H&M, Michaels, Regal Cinemas Pearland Town Center (17) Pearland, TX 2008 N/A 100% 711,659 306,072 373 93 % Barnes & Noble, Dick's Sporting Goods, Dillard's, Hospital Corporation of America, Macy's Southaven Towne Center Southaven, MS 2005 2013 100% 607,519 184,423 316 81 % Dillard's, Havertys Furniture, JC Penney, Overstock Furniture and Mattress, Sportsman's Warehouse (6) , Urban Air Adventure Park Total Lifestyle Centers 3,576,724 1,448,331 $ 478 92 % Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center Square Feet (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Outlet Centers: The Outlet Shoppes at Atlanta (8)(10) Woodstock, GA 2013 2015 50% 410,697 385,890 509 96 % Saks Fifth Ave OFF 5TH The Outlet Shoppes at El Paso (8)(10) El Paso, TX 2007/2012 2014 50% 433,246 411,207 597 94 % H&M The Outlet Shoppes at Gettysburg (10) Gettysburg, PA 2000/2012 N/A 50% 249,937 249,937 233 83 % None The Outlet Shoppes at Laredo (10) Laredo, TX 2017 N/A 65% 358,135 315,388 336 84 % H&M, Nike Factory Store The Outlet Shoppes of the Bluegrass (8)(10) Simpsonville, KY 2014 2015 65% 428,074 381,374 418 97 % H&M, former Restoration Hardware Outlet Total Outlet Centers 1,880,089 1,743,796 $ 451 92 % Total Malls, Lifestyle Centers and Outlet Centers 45,468,914 16,067,251 $ 416 90 % Excluded Properties (18) Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center Square Feet (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Malls: WestGate Mall (19) Spartanburg, SC 1975/1995 1996 100% 931,486 221,727 N/A N/A Former Bed Bath & Beyond, Belk, Dillard's, H&M, JC Penney, Overstock Furniture and Mattress, former Regal Cinemas, former Sears Lifestyle Centers: Alamance Crossing East Burlington, NC 2007 N/A 100% 667,356 212,014 N/A N/A Barnes & Noble, Belk, Carousel Cinemas, Dillard's, Hobby Lobby, JC Penny Total Excluded Properties 1,598,842 433,741 (1) Total center square footage includes square footage of attached shops, immediately adjacent Anchor and Junior Anchor locations and leased freestanding locations of the property.
The following table summarizes certain information for our portfolio of Malls, Lifestyle Centers and Outlet Centers as of December 31, 2022 (dollars in thousands, except for sales per square foot amounts): Number of Properties Total Center Square Footage Total In-Line GLA In-Line Sales per Square Foot Percentage In-Line GLA Leased Malls 47 40,859,094 13,142,059 $ 428 89% Lifestyle Centers 5 4,236,897 1,675,162 491 93% Outlet Centers 5 1,870,688 1,734,395 436 91% Total Malls, Lifestyle Centers and Outlet Centers 57 46,966,679 16,551,616 $ 435 90% 28 The following table sets forth certain information for each of the Malls, Lifestyle Centers and Outlet Centers as of December 31, 2022 (dollars in thousands, except for sales per square foot amounts): Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center SF (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Malls: Arbor Place Atlanta (Douglasville), GA 1999 N/A 100% 1,162,523 307,600 429 95 % Belk, Dillard's, Forever 21, H&M, JC Penney, Macy's, Overstock Furniture and Mattress, Regal Cinemas, former Sears Brookfield Square (6) Brookfield, WI 1967/2001 2008 100% 865,272 307,239 242 79 % Barnes & Noble, former Boston Store, H&M, JC Penney, Movie Tavern by Marcus, Whirlyball CherryVale Mall Rockford, IL 1973/2001 2007 100% 870,668 348,252 339 82 % Barnes & Noble, former Choice Home Center, Galleria Furniture and Mattress, JC Penney, Macy's, Tilt Studio Coastal Grand (7) Myrtle Beach, SC 2004 2007 50% 1,117,284 341,718 490 96 % Bed Bath & Beyond, Belk, Cinemark, Dick's Sporting Goods, future Stars & Strikes (8) , Dillard's, H&M, JC Penney, former Sears CoolSprings Galleria (7) Nashville, TN 1991 2015 50% 1,167,285 431,939 641 96 % Belk Men's & Kid's, Belk Women's & Home, Dillard's, H&M, JC Penney, King's Dining & Entertainment, Macy's Cross Creek Mall Fayetteville, NC 1975/2003 2013 100% 814,850 292,597 579 90 % Belk, H&M, JC Penney, future Main Event, Macy's, Rooms to Go Dakota Square Mall Minot, ND 1980/2012 2016 100% 740,785 222,493 333 91 % AMC Theatres, Barnes & Noble, JC Penney, Scheels, Sleep Inn & Suites, Target, Tilt Studio East Towne Mall Madison, WI 1971/2001 2004 100% 801,260 211,971 357 89 % Barnes & Noble, former Boston Store, Dick's Sporting Goods, Flix Brewhouse, former Gordman's, H&M, JC Penney, former Sears Eastland Mall Bloomington, IL 1967/2005 N/A 100% 732,651 247,509 293 72 % former Bergner's, Kohl's, former Macy's, Planet Fitness, former Sears Fayette Mall Lexington, KY 1971/2001 2014 100% 1,159,287 461,010 514 86 % Dick's Sporting Goods, Dillard's, H&M, JC Penney, Macy's Frontier Mall Cheyenne, WY 1981 1997 100% 523,746 203,626 350 90 % Former AMC Theatres, Dillard's, former Dillard's, Jax Outdoor Gear, JC Penney Governor's Square (7)(12) Clarksville, TN 1986 1999 47.5% 682,064 238,042 412 93 % AMC Theatres, Belk, Dick's Sporting Goods, Dillard's, JC Penney, Ross Dress for Less, partial former Sears Hamilton Place Chattanooga, TN 1987 2016 90% 1,169,510 339,889 471 96 % Barnes & Noble, Belk for Men, Kids & Home, Belk for Women, Dave & Buster's, Dick's Sporting Goods, Dillard's for Men, Kids & Home, Dillard's for Women, former Forever 21, H&M, JC Penney Hanes Mall Winston-Salem, NC 1975/2001 1990 100% 1,435,164 468,462 424 92 % Belk, Dave & Buster's, Dillard's, Encore, H&M, JC Penney, future Truliant Federal Credit Union (9) , future Novant Health (10) Harford Mall Bel Air, MD 1973/2003 2007 100% 367,019 179,602 386 77 % Encore, Macy's, Macy's Furniture Gallery, future grocer (11) Imperial Valley Mall El Centro, CA 2005 N/A 100% 762,736 214,096 452 98 % Cinemark, Dillard's, JC Penney, Macy's, former Sears Jefferson Mall Louisville, KY 1978/2001 1999 100% 783,572 225,011 374 96 % Dillard's, H&M, JC Penney, Overstock Furniture and Mattress, Round1 Bowling & Amusement, Ross Dress for Less, partial former Sears Kentucky Oaks Mall (7)(12) Paducah, KY 1982/2001 1995 50% 775,281 287,022 355 68 % Best Buy, Burlington, Dick's Sporting Goods, former Dillard's, former Dillard's Home Store, HomeGoods, JC 29 Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center SF (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Malls: Penney, Ross Dress for Less, Vertical Jump Park Kirkwood Mall Bismarck, ND 1970/2012 2017 100% 832,697 228,833 325 96 % H&M, I.
The following table summarizes certain information for our portfolio of malls, lifestyle centers and outlet centers as of December 31, 2023 (dollars in thousands, except for sales per square foot amounts): Number of Properties Total Center Square Footage Total In-Line GLA In-Line Sales per Square Foot Percentage In-Line GLA Leased Malls 47 40,943,587 13,096,851 $ 402 89% Lifestyle Centers 5 4,244,080 1,660,345 $ 478 92% Outlet Centers 5 1,880,089 1,743,796 $ 451 92% Total Malls, Lifestyle Centers and Outlet Centers 57 47,067,756 16,500,992 $ 416 90% The following table sets forth certain information for each of the malls, lifestyle centers and outlet centers as of December 31, 2023 (dollars in thousands, except for sales per square foot amounts): Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center Square Feet (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Malls: Arbor Place Atlanta (Douglasville), GA 1999 N/A 100% 1,163,791 308,868 382 95 % Belk, Conn's Home Plus, Dillard's, Forever 21, H&M, JC Penney, Macy's, former Overstock Furniture and Mattress, Regal Cinemas, former Sears (6) Brookfield Square (7) Brookfield, WI 1967/2001 2008 100% 865,347 307,314 218 68 % Barnes & Noble, former Boston Store (6) , H&M, JC Penney, Movie Tavern by Marcus, Whirlyball CherryVale Mall Rockford, IL 1973/2001 2007 100% 870,696 348,280 318 88 % Barnes & Noble, Galleria Furniture and Mattress, JC Penney, Macy's, Tilt Studio Coastal Grand Mall (8) Myrtle Beach, SC 2004 2007 50% 1,117,231 341,665 448 98 % Future Crunch Fitness (9) , Belk, Cinemark, Dick's Sporting Goods, Dillard's, H&M, JC Penney, former Sears, Stars & Strikes CoolSprings Galleria (8) Nashville, TN 1991 2015 50% 1,167,654 432,308 636 94 % Belk Men's & Kid's, Belk Women's & Home, Dillard's, H&M, JC Penney, King's Dining & Entertainment, Macy's Cross Creek Mall Fayetteville, NC 1975/2003 2013 100% 821,839 299,586 509 93 % Belk, H&M, JC Penney, Macy's, Main Event, Rooms to Go Dakota Square Mall Minot, ND 1980/2012 2016 100% 740,765 222,473 314 82 % AMC Theatres, Barnes & Noble, JC Penney, Scheels, Sleep Inn & Suites, Target, Tilt Studio East Towne Mall Madison, WI 1971/2001 2004 100% 801,260 211,971 303 89 % Barnes & Noble, former Boston Store (6) , Dick's Sporting Goods, Flix Brewhouse, former 29 Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center Square Feet (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Malls: Gordman's, H&M, JC Penney, former Sears Eastland Mall Bloomington, IL 1967/2005 N/A 100% 732,651 247,509 293 60 % Former Bergner's, Kohl's, former Macy's, Planet Fitness, former Sears Fayette Mall Lexington, KY 1971/2001 2014 100% 1,159,381 461,104 490 98 % Dick's Sporting Goods, Dillard's, H&M, JC Penney, Macy's Frontier Mall Cheyenne, WY 1981 1997 100% 523,699 203,579 314 88 % Former AMC Theatres, Dillard's, former Dillard's, Jax Outdoor Gear (6) , JC Penney (6) Governor's Square (8)(10) Clarksville, TN 1986 1999 47.5% 685,143 238,261 398 96 % AMC Theatres, Belk, Best Buy, Dick's Sporting Goods, Dillard's, JC Penney, Ross Dress for Less, partial former Sears Hamilton Place Chattanooga, TN 1987 2016 90% 1,160,594 330,973 471 93 % Barnes & Noble, Belk for Men, Kids & Home, Belk for Women, future Crunch Fitness, Dave & Buster's, Dick's Sporting Goods, Dillard's for Men, Kids & Home, Dillard's for Women, former Forever 21, H&M, JC Penney Hanes Mall Winston-Salem, NC 1975/2001 1990 100% 1,435,062 468,360 393 91 % Belk, Dave & Buster's, Dillard's, Encore, H&M, JC Penney, future Novant Health (6)(11) , Truliant Federal Credit Union (6) Harford Mall Bel Air, MD 1973/2003 2007 100% 367,019 179,602 336 80 % Encore, Macy's, Macy's Furniture Gallery, future grocer (6)(12) Imperial Valley Mall El Centro, CA 2005 N/A 100% 762,736 214,096 422 98 % Cinemark, Dillard's, JC Penney, Macy's, former Sears (6) Jefferson Mall Louisville, KY 1978/2001 1999 100% 783,558 225,011 339 95 % Dillard's, H&M, JC Penney, former Overstock Furniture and Mattress, Round1 Bowling & Amusement, Ross Dress for Less, partial former Sears Kentucky Oaks Mall (8)(10) Paducah, KY 1982/2001 1995 50% 775,064 286,805 307 68 % Best Buy, Burlington (6) , Dick's Sporting Goods, former Dillard's, former Dillard's Home Store, HomeGoods, JC Penney, Ross Dress for Less (6) , Vertical Jump Park Kirkwood Mall Bismarck, ND 1970/2012 2017 100% 832,677 228,813 349 98 % H&M, I.
Louis, MO 1963/2007 2001 100% 979,362 317,139 355 87 % Dick's Sporting Goods, Dillard's, JC Penney, Macy's, former Sears Southpark Mall Colonial Heights, VA 1989/2003 2007 100% 676,589 213,182 419 99 % Dick's Sporting Goods, H&M, JC Penney, Macy's, Regal Cinemas, former Sears St.
Louis, MO 1963/2007 2001 100% 979,389 267,166 320 81 % Dick's Sporting Goods, Dillard's, JC Penney, Macy's, former Sears Southpark Mall Colonial Heights, VA 1989/2003 2007 100% 676,589 213,182 408 92 % Dick's Sporting Goods, Dick's Sporting Goods Fulfillment Center, H&M, JC Penney, Macy's, Regal Cinemas St.
Peters, MO 1987/2007 2015 100% 1,035,816 286,699 340 87 % Dick's Sporting Goods, Dillard's, H&M, JC Penney, Macy's, Marcus Theatres, former Sears, V-Stock Monroeville Mall Pittsburgh, PA 1969/2004 2014 100% 985,279 446,583 310 85 % Barnes & Noble, Cinemark, Dick's Sporting Goods, Forever 21, H&M, JC Penney, Macy's Northgate Mall Chattanooga, TN 1972/2011 2014 100% 646,381 181,101 344 79 % Belk, Burlington, former JC Penney, former Sears Northpark Mall Joplin, MO 1972/2004 1996 100% 896,044 278,320 371 77 % Dunham's Sports, H&M, JC Penney, Jo-Ann Fabrics & Crafts, former Macy's Children's & Home, former Macy's Women & Men's, former Sears, T.J.
Peters, MO 1987/2007 2015 100% 1,035,816 286,699 314 94 % Dick's Sporting Goods, Dillard's, H&M, JC Penney, Macy's, Marcus Theatres, former Sears, V-Stock Monroeville Mall Pittsburgh, PA 1969/2004 2014 100% 986,136 447,440 275 86 % Barnes & Noble, Cinemark, Dick's Sporting Goods, Forever 21, H&M, JC Penney, Macy's Northgate Mall Chattanooga, TN 1972/2011 2014 100% 643,025 177,745 324 74 % Belk, former Burlington, former JC Penney (6) , former Sears (6) Northpark Mall Joplin, MO 1972/2004 1996 100% 896,044 278,320 348 81 % Dunham's Sports, H&M, JC Penney, Jo-Ann Fabrics & Crafts, former Macy's Children's & Home, former Macy's Women & Men's, former Sears, T.J.
Debt on Malls, Lifestyle Centers and Outlet Centers Please see the table entitled “Mortgage Loans Outstanding at December 31, 2022” included herein for information regarding any liens or encumbrances related to our Malls, Lifestyle Centers and Outlet Centers.
The information in this table is based on 100% of the applicable amounts and has not been adjusted for our ownership share. Debt on Malls, Lifestyle Centers and Outlet Centers Please see the table entitled “Mortgage Loans Outstanding at December 31, 2023” included herein for information regarding any liens or encumbrances related to the malls, lifestyle centers and outlet centers.
The Anchors and Junior Anchors and the amount of GLA leased or owned by each as of December 31, 2022 is as follows: Number of Stores Gross Leasable Area Anchor Owned Anchor Owned Anchor/Junior Anchor Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Gross Leased Area JC Penney (1) 17 20 4 41 1,828,329 2,528,291 586,030 4,942,650 Dillard's — 29 4 33 — 4,125,026 659,763 4,784,789 Macy's 8 12 3 23 905,442 1,943,839 658,388 3,507,669 Belk 5 11 3 19 430,017 1,495,213 300,995 2,226,225 Sears — — 1 1 — — 147,766 147,766 Academy Sports + Outdoors 3 — — 3 199,091 — — 199,091 AMC Theatres 4 — 1 5 160,295 — 56,255 216,550 American Signature Furniture — 1 — 1 — 61,620 — 61,620 Ashley HomeStore 1 — — 1 20,000 — — 20,000 At Home — 1 — 1 — 124,700 — 124,700 Barnes & Noble 15 — — 15 450,537 — — 450,537 Bed Bath & Beyond Inc.: Bed Bath & Beyond 6 — — 6 155,778 — — 155,778 Christmas Tree Shops 1 — — 1 33,992 — — 33,992 Bed Bath & Beyond Inc.
The Anchors and Junior Anchors and the amount of GLA leased or owned by each as of December 31, 2023 is as follows: Number of Stores Gross Leasable Area Anchor Owned Anchor Owned Anchor/Junior Anchor Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Gross Leased Area JC Penney 17 20 4 41 1,828,329 2,528,291 586,030 4,942,650 Dillard's — 30 3 33 — 4,225,177 559,612 4,784,789 Macy's 8 12 3 23 905,442 1,943,839 658,388 3,507,669 Belk 5 11 3 19 430,017 1,495,213 300,995 2,226,225 Sears — — 1 1 — — 147,766 147,766 Academy Sports + Outdoors 3 — — 3 199,091 — — 199,091 AMC Theatres 4 — 1 5 160,295 — 56,255 216,550 American Signature Furniture — 1 — 1 — 61,620 — 61,620 Appliance Factory Mattress Kingdom — 1 — 1 — 59,314 — 59,314 Ashley HomeStore 1 — — 1 20,000 — — 20,000 At Home — 1 — 1 — 124,700 — 124,700 37 Number of Stores Gross Leasable Area Anchor Owned Anchor Owned Anchor/Junior Anchor Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Gross Leased Area Barnes & Noble 15 — — 15 450,537 — — 450,537 Ben's Furniture and Antiques 1 — — 1 35,895 — — 35,895 Best Buy 6 — 1 7 216,640 — 45,070 261,710 Big Air Trampoline Park 1 — — 1 33,938 — — 33,938 BJ's Wholesale Club 1 — — 1 85,188 — — 85,188 Bob's Discount Furniture 1 — — 1 20,308 — — 20,308 Books-A-Million, Inc.: Books-A-Million 1 — — 1 20,642 — — 20,642 2nd & Charles 1 — — 1 23,538 — — 23,538 Books-A-Million, Inc.
Clair Square Fairview Heights, IL 2007 100% 84,383 84,383 83% Barnes & Noble Sunrise Commons Brownsville, TX 2001 100% 205,656 104,211 100% former Kmart (6) , Marshalls, Ross Dress for Less The Terrace Chattanooga, TN 1997 92% 158,175 158,175 85% Academy Sports + Outdoors, Party City 35 Property / Location Year of Opening/ Most Recent Expansion Company's Ownership Total Center SF (1) Total Leasable GLA (2) Percentage GLA Occupied (3) Anchors & Junior Anchors Open-Air Centers: West Towne Crossing Madison, WI 1980 100% 461,905 170,008 95% Barnes & Noble, Best Buy, Kohl's (5) , Metcalf's Markets (5) , Nordstrom Rack, Office Max (6) , former Shopko (5) , former Stein Mart (6) WestGate Crossing Spartanburg, SC 1985/1999 100% 158,262 158,262 98% Big Air Trampoline Park, Hamricks, Jo-Ann Fabrics & Crafts Westmoreland Crossing Greensburg, PA 2002 100% 278,995 278,995 98% AMC Theatres, Dick's Sporting Goods, Levin Furniture, Michaels, T.J.
Clair Square Fairview Heights, IL 2007 100% 84,383 84,383 86% Barnes & Noble Sunrise Commons Brownsville, TX 2001 100% 205,656 104,211 100% Hobby Lobby (7) , Marshalls, Ross Dress for Less The Terrace Chattanooga, TN 1997 92% 158,109 158,109 100% Academy Sports + Outdoors, Nordstrom Rack, Party City West Towne Crossing Madison, WI 1980 100% 461,905 170,008 94% Barnes & Noble, Best Buy, Crunch Fitness (6) , Kohl's (6) , Metcalf's Markets (7) , Nordstrom Rack, Office Max (7) , Spare Time Entertainment (7) WestGate Crossing Spartanburg, SC 1985/1999 100% 158,262 158,262 100% Big Air Trampoline Park, Hamricks, Jo-Ann Fabrics & Crafts Westmoreland Crossing Greensburg, PA 2002 100% 279,073 279,073 98% AMC Theatres, Dick's Sporting Goods, Levin Furniture, Michaels (7) , T.J.
Fixed rent is $19 per year plus 3% to 4% of all rent. (14) St. Clair Square - We are the lessee under a ground lease for 20 acres. Assuming the exercise of available renewal options, at our election, the ground lease expires January 31, 2073. The rental amount is $41 per year.
Clair Square - We are the lessee under a ground lease for 20 acres. Assuming the exercise of available renewal options, at our election, the ground lease expires January 31, 2073. The rental amount is $41 per year. In addition to base rent, the landlord receives 0.25% of Dillard's sales in excess of $16,200.
Maxx York Town Center (4) York, PA 2007 50% 297,451 247,451 88% former Bed Bath & Beyond, Best Buy, Christmas Tree Shops, Dick's Sporting Goods (5) , Ross Dress for Less, Staples Total Open-Air Centers 6,867,327 4,878,496 95% Property / Location Year of Opening/ Most Recent Expansion Company's Ownership Total Center SF (1) Total Leasable GLA (2) Percentage GLA Occupied (3) Anchors & Junior Anchors Other: 840 Greenbrier Circle Office Chesapeake, VA 1983 100% 50,665 50,665 100% None Aloft Hotel (4)(7) Chattanooga, TN 2021 50% 89,674 N/A N/A None CBL Center (8) Chattanooga, TN 2001 92% 132,212 132,212 86% None CBL Center II (8) Chattanooga, TN 2008 92% 74,749 74,749 95% None Pearland Office Pearland, TX 2009 100% 66,915 66,915 100% None Total Other 414,215 324,541 93% Total Other Property Types 7,281,542 5,203,037 95% (1) Total center square footage includes square footage of attached shops, attached and immediately adjacent Anchors and Junior Anchors and leased freestanding locations.
Maxx (7) York Town Center (4) York, PA 2007 50% 297,371 247,371 85% Best Buy, Bob's Discount Furniture, Burlington, former Christmas Tree Shops, Dick's Sporting Goods (6) , Ross Dress for Less Total Open-Air Centers 6,886,526 4,897,695 96% 35 Property / Location Year of Opening/ Most Recent Expansion Company's Ownership Total Center Square Feet (1) Total Leasable GLA (2) Percentage GLA Occupied (3) Anchors & Junior Anchors Other: 840 Greenbrier Circle Office Chesapeake, VA 1983 100% 49,869 49,869 50% None Aloft Hotel (4)(5) Chattanooga, TN 2021 50% 89,674 N/A N/A None CBL Center (8) Chattanooga, TN 2001 92% 131,569 131,569 94% None CBL Center II (8) Chattanooga, TN 2008 92% 70,770 70,770 61% None Pearland Office Pearland, TX 2009 100% 66,915 66,915 87% None Total Other 408,797 319,123 78% Total All Other Properties 7,295,323 5,216,818 95% (1) Total center square footage includes square footage of attached shops, attached and immediately adjacent Anchors and Junior Anchors and leased freestanding locations.
(12) The property is managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services. The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions. (13) Meridian Mall - We are the lessee under several ground leases in effect through March 2067, with extension options.
They are expected to open in 2024. 32 (10) The property is managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services. The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions.
Subtotal 2 — — 2 69,166 — — 69,166 Macy's Furniture Gallery 1 — — 1 24,599 — — 24,599 Main Event (1) 1 1 — 2 61,844 64,103 — 125,947 Marcus Theatres 1 — — 1 57,500 — — 57,500 Metcalfe's Market (1) — 1 — 1 — 67,365 — 67,365 Michaels (1) 6 1 — 7 132,595 23,645 — 156,240 Movie Tavern by Marcus 1 — — 1 40,585 — — 40,585 Nickels and Dimes, Inc.: Tilt 2 — — 2 64,658 — — 64,658 Tilt Studio 3 — — 3 212,372 — — 212,372 Nickels and Dimes, Inc.
Subtotal 2 — — 2 69,166 — — 69,166 Macy's Furniture Gallery 1 — — 1 24,599 — — 24,599 38 Number of Stores Gross Leasable Area Anchor Owned Anchor Owned Anchor/Junior Anchor Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Gross Leased Area Main Event 2 1 — 3 99,344 64,103 — 163,447 Marcus Theatres 1 — — 1 57,500 — — 57,500 Metcalfe's Market — 1 — 1 — 67,365 — 67,365 Michaels 6 1 — 7 132,595 23,645 — 156,240 Movie Tavern by Marcus 1 — — 1 40,585 — — 40,585 Nickels and Dimes, Inc.: Tilt 1 — — 1 22,484 — — 22,484 Tilt Studio 5 — — 5 347,046 — — 347,046 Nickels and Dimes, Inc.
Maxx, Tilt, Vintage Stock Northwoods Mall North Charleston, SC 1972/2001 1995 100% 748,014 255,766 426 97 % Belk, Books-A-Million, Burlington, Dillard's, JC Penney, Planet Fitness Oak Park Mall (7) Overland Park, KS 1974/2005 1998 50% 1,516,291 429,121 508 97 % Barnes & Noble, Dillard's for Women, Dillard's for Men, Children & Home, Forever 21, H&M, JC Penney, Macy's, Nordstrom Old Hickory Mall Jackson, TN 1967/2001 1994 100% 538,641 161,546 378 76 % Belk, JC Penney, former Macy's, former Sears Parkdale Mall Beaumont, TX 1972/2001 2018 100% 1,118,296 294,013 345 93 % Former Ashley HomeStore, former Beall's, Dick's Sporting Goods, Dillard's, Forever 21, H&M, HomeGoods, JC Penney, former Macy's, former Sears, Tilt, 2nd & Charles Parkway Place Huntsville, AL 1957/1998 2002 100% 647,808 278,630 488 86 % Belk, Dillard's Post Oak Mall College Station, TX 1982 1985 100% 788,279 300,754 333 95 % Former Beall's, City of College Station, Conn's Home Plus, Dillard's Men & Home, Dillard's Women & Children, Encore, JC Penney, former Sears Richland Mall Waco, TX 1980/2002 1996 100% 693,461 191,883 450 98 % Dick's Sporting Goods, Dillard's for Men, Kids & Home, Dillard's for Women, former Dillard's for Women, JC Penney, Tilt Studio South County Center St.
Maxx, Tilt, Vintage Stock Northwoods Mall North Charleston, SC 1972/2001 1995 100% 748,094 255,846 382 96 % Belk, Books-A-Million, Burlington (6) , Dillard's, JC Penney, Planet Fitness Oak Park Mall (8) Overland Park, KS 1974/2005 1998 50% 1,516,526 429,356 501 98 % Barnes & Noble, Dillard's for Women, Dillard's for Men, Children & Home, Forever 21, 30 Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center Square Feet (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Malls: H&M, JC Penney, Macy's, Nordstrom Old Hickory Mall Jackson, TN 1967/2001 1994 100% 538,668 161,573 331 75 % Belk, JC Penney, former Macy's, former Sears Parkdale Mall Beaumont, TX 1972/2001 2018 100% 1,088,002 294,013 313 89 % Former Ashley HomeStore, former Beall's, Crunch Fitness, Dick's Sporting Goods, Dillard's, Forever 21, H&M, HomeGoods, JC Penney, former Macy's, former Sears, Tilt, 2nd & Charles Parkway Place Huntsville, AL 1957/1998 2002 100% 647,838 278,660 424 91 % Belk, Dillard's Post Oak Mall College Station, TX 1982 1985 100% 788,279 300,754 312 93 % Former Bealls, City of College Station, Conn's Home Plus (6) , Dillard's Men & Home, Dillard's Women & Children, Encore, JC Penney, future Murdoch's Farm & Ranch (6) Richland Mall Waco, TX 1980/2002 1996 100% 693,497 191,919 404 98 % Dick's Sporting Goods, Dillard's for Men, Kids & Home, Dillard's for Women (6) , former Dillard's for Women, JC Penney, Tilt Studio South County Center St.
In addition to base rent, the landlord receives 0.25% of Dillard's sales in excess of $16,200. (15) Stroud Mall - We are the lessee under a ground lease, which extends through July 2089. The current rental amount is $70 per year, increasing by $10 every ten years through 2045. An additional $100 is paid every ten years.
(16) Stroud Mall - We are the lessee under a ground lease, which extends through July 2089. The current rental amount is $70 per year, increasing by $10 every ten years through 2045. An additional $100 is paid every ten years. (17) Pearland Town Center is a mixed-use center which combines retail, office and residential components.
Clair Square (14) Fairview Heights, IL 1974/1996 1993 100% 1,068,054 290,799 409 95 % Dillard's, JC Penney, Macy's, former Sears Stroud Mall (15) Stroudsburg, PA 1977/1998 2005 100% 414,431 136,104 211 86 % Cinemark, EFO Furniture Outlet, JC Penney, Reaching Out For Jesus Christian Center, ShopRite 30 Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center SF (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Malls: Sunrise Mall Brownsville, TX 1979/2003 2015 100% 799,000 236,923 503 99 % Former Beall's, Cinemark, Dick's Sporting Goods, Dillard's, JC Penney, Main Event, TruFit, Wave Fashion Turtle Creek Mall Hattiesburg, MS 1994 1995 100% 844,980 191,593 390 85 % At Home, Belk, Dillard's, JC Penney, former Sears, Southwest Theaters, Urban Planet Valley View Mall Roanoke, VA 1985/2003 2007 100% 863,447 336,687 410 92 % Barnes & Noble, Belk, JC Penney, Macy's, Macy's for Home & Children, former Sears Volusia Mall Daytona Beach, FL 1974/2004 2013 100% 1,060,259 253,483 354 88 % Dillard's for Men & Home, Dillard's for Women, Dillard's for Juniors & Children, H&M, JC Penney, former Macy's, former Sears West County Center (7) Des Peres, MO 1969/2007 2002 50% 1,198,680 384,730 751 94 % Barnes & Noble, Dick's Sporting Goods, Forever 21, H&M, JC Penney, Macy's, Nordstrom West Towne Mall Madison, WI 1970/2001 2013 100% 772,990 281,868 384 85 % Dave & Buster's, Dick's Sporting Goods, Forever 21, Hobby Lobby, JC Penney, Total Wine & More, Von Maur Westmoreland Mall Greensburg, PA 1977/2002 1994 100% 976,684 286,953 336 96 % H&M, JC Penney, Live!
Clair Square (15) Fairview Heights, IL 1974/1996 1993 100% 1,068,343 291,088 359 97 % Dillard's, JC Penney, Macy's, former Sears Stroud Mall (16) Stroudsburg, PA 1977/1998 2005 100% 414,427 136,100 200 79 % Cinemark, EFO Furniture Outlet, JC Penney, Reaching Out For Jesus Christian Center, ShopRite Sunrise Mall Brownsville, TX 1979/2003 2015 100% 911,500 242,175 472 96 % Former Beall's, Cinemark, Dick's Sporting Goods, Dillard's, JC Penney, Main Event (6) , TruFit (6) , Wave Fashion Turtle Creek Mall Hattiesburg, MS 1994 1995 100% 844,980 191,593 344 94 % At Home, Belk, Dillard's, JC Penney, former Sears, Southwest Theaters, Urban Planet Valley View Mall Roanoke, VA 1985/2003 2007 100% 864,137 337,377 379 95 % Barnes & Noble, Belk, JC Penney, Macy's, Macy's for Home & Children, former Sears Volusia Mall Daytona Beach, FL 1974/2004 2013 100% 1,060,340 253,564 310 84 % Dillard's for Men & Home, Dillard's for Women, Dillard's for Juniors & Children, H&M, JC Penney, former Macy's, former Sears (6) West County Center (8) Des Peres, MO 1969/2007 2002 50% 1,199,168 385,218 803 92 % Barnes & Noble, Dick's Sporting Goods, Forever 21, H&M, JC Penney, Macy's, Nordstrom West Towne Mall Madison, WI 1970/2001 2013 100% 773,400 282,278 371 88 % Dave & Buster's (6) , Dick's Sporting Goods, Forever 21, Hobby Lobby (6) , JC Penney, Total Wine & More (6) , Von Maur (6) Westmoreland Mall Greensburg, PA 1977/2002 1994 100% 976,584 286,853 319 95 % H&M, JC Penney, Live!
Subtotal 2 — — 2 44,180 — — 44,180 Boscov's (1) — 1 — 1 — 150,000 — 150,000 Burlington (2) 1 2 — 3 63,013 94,049 — 157,062 Cinemark 7 — — 7 382,506 — — 382,506 38 Number of Stores Gross Leasable Area Anchor Owned Anchor Owned Anchor/Junior Anchor Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Gross Leased Area City of College Station — 1 — 1 — 103,888 — 103,888 Conn's Home Plus (1) — 1 — 1 — 38,312 — 38,312 Costco — 1 — 1 — 153,973 — 153,973 Dave & Buster's (2) 2 1 — 3 61,316 26,509 — 87,825 Dick's Sporting Goods Inc.: Dick's Sporting Goods 22 1 1 24 1,254,518 50,000 80,515 1,385,033 Dick's Warehouse 1 — — 1 77,117 — — 77,117 Dick's Sporting Goods Inc.
Subtotal 2 — — 2 44,180 — — 44,180 Boscov's — 1 — 1 — 150,000 — 150,000 Burlington 2 2 — 4 51,437 94,049 — 145,486 Cinemark 7 — — 7 382,506 — — 382,506 City of College Station — 1 — 1 — 103,888 — 103,888 Conn's Home Plus — 2 — 2 — 88,312 — 88,312 Costco — 1 — 1 — 153,973 — 153,973 Crunch Fitness — 2 — 2 — 128,067 — 128,067 Dave & Buster's 2 1 — 3 61,316 26,509 — 87,825 Dick's Sporting Goods Inc.: Dick's Sporting Goods 23 1 1 25 1,368,063 50,000 80,515 1,498,578 Dick's Warehouse 1 — — 1 77,117 — — 77,117 Dick's Sporting Goods Inc.
(6) Brookfield Square - The annual ground rent for 2022 was $106. (7) This property is owned in an unconsolidated joint venture. (8) Coastal Grand – Stars & Strikes opened in February 2023. (9) Hanes Mall – Truliant Federal Credit Union opened in January 2023.
(6) Owned by a third party. (7) Brookfield Square - The annual ground rent for 2023 was $104. (8) This property is owned in an unconsolidated joint venture. (9) Coastal Grand Mall - There is an executed lease with Crunch Fitness.
(9) Opened in January 2023 (owned by others). 41 Mortgage Loans Outstanding at De cember 31, 2022 (in thousands): Property Our Ownership Interest Stated Interest Rate Principal Balance as of 12/31/22 (1) 2023 Annual Debt Service (2) Maturity Date Optional Extended Maturity Date Balloon Payment Due on Maturity (2) Open to Prepayment Date (3) Footnote Consolidated Debt Malls: Arbor Place 100 % 5.10 % $ 97,244 $ 7,948 May-26 — $ 86,650 Open Cross Creek Mall 100 % 4.54 % 97,431 11,781 Jan-23 — 97,431 Open (4) Fayette Mall 100 % 4.25 % 127,568 4,951 May-23 May-26 124,852 Open (5) Hamilton Place 90 % 4.36 % 93,997 6,400 Jun-26 — 85,535 Open Jefferson Mall 100 % 4.75 % 55,817 4,456 Jun-26 — 49,265 Open Northwoods Mall 100 % 5.08 % 57,059 4,743 Apr-26 — 50,681 Open Parkdale Mall & Crossing 100 % 5.85 % 63,136 7,241 Mar-26 — 50,828 Open Southpark Mall 100 % 4.85 % 54,022 4,240 Jun-26 — 48,133 Open Volusia Mall 100 % 4.56 % 40,967 4,608 May-24 — 37,207 Open 687,241 56,368 630,582 Outlet Centers: The Outlet Shoppes at Gettysburg 50 % 4.80 % 20,974 1,323 Oct-25 — 20,049 Open The Outlet Shoppes at Laredo 65 % 7.37 % 38,250 2,387 Jun-23 Jun-24 37,650 Open 59,224 3,710 57,699 Open-Air Centers, Outparcels and Other: Brookfield Square Anchor Redevelopment 100 % 7.02 % 18,240 2,295 Dec-23 Dec-24 17,340 Open Hamilton Place open-air centers loan 90% - 92% 5.85 % 65,000 3,803 Jun-32 — 58,208 Open Open-air centers and outparcels loan 100 % 7.59 % 360,000 31,836 Jun-27 Jun-29 360,000 Open (6) 443,240 37,934 435,548 Corporate Debt: Secured term loan 100 % 6.87 % 829,452 85,729 Nov-25 Nov-26/Nov-27 748,990 Open Excluded Malls: Alamance Crossing 100 % 5.83 % 41,417 1,701 Jul-21 — 41,417 Open (7) (8) WestGate Mall 100 % 4.99 % 29,002 732 Jul-22 — 29,002 Open (7) (8) 70,419 2,433 70,419 Total Consolidated Debt $ 2,089,576 $ 186,174 $ 1,943,238 Unconsolidated Debt Malls: Coastal Grand 50 % 4.09 % $ 99,942 $ 6,958 Aug-24 — $ 95,249 Open CoolSprings Galleria 50 % 4.84 % 143,213 9,803 May-28 — 125,774 Open Oak Park Mall 50 % 3.97 % 262,528 15,755 Oct-25 — 247,061 Open West County Center 50 % 3.40 % 161,887 9,856 Dec-22 — 161,887 Open (4) (8) 667,570 42,372 629,971 Outlet Centers: The Outlet Shoppes at Atlanta 50 % 4.90 % 66,591 4,511 Nov-23 — 65,036 Open The Outlet Shoppes at Atlanta - Phase II 50 % 6.62 % 4,383 412 Nov-23 — 4,269 Open The Outlet Shoppes at El Paso 50 % 5.10 % 70,086 4,888 Oct-28 — 61,342 Open The Outlet Shoppes of the Bluegrass 50 % 4.05 % 64,969 4,464 Dec-24 — 61,316 Open The Outlet Shoppes of the Bluegrass - Phase II 50 % 9.12 % 7,397 447 Apr-23 — 7,197 Open 213,426 14,722 199,160 Lifestyle Centers: Friendly Center 50 % 3.48 % 85,802 1,591 Apr-23 — 85,203 Open The Shops at Friendly Center 50 % 3.34 % 60,000 646 Apr-23 — 60,000 Open 145,802 2,237 145,203 Open-Air Centers, Outparcels and Other: Ambassador Town Center 65 % 4.35 % 42,023 2,809 Jun-29 — 34,953 Open 42 Property Our Ownership Interest Stated Interest Rate Principal Balance as of 12/31/22 (1) 2023 Annual Debt Service (2) Maturity Date Optional Extended Maturity Date Balloon Payment Due on Maturity (2) Open to Prepayment Date (3) Footnote Ambassador Town Center Infrastructure Improvements 65 % 3.00 % 7,001 1,337 Mar-25 — 2,961 Open Coastal Grand - Dick's Sporting Goods 50 % 5.05 % 6,851 451 Nov-24 — 6,652 Open Coastal Grand Outparcel 50 % 4.09 % 4,823 336 Aug-24 — 4,596 Open Fremaux Town Center 65 % 3.70 % 60,214 4,480 Jun-26 — 52,130 Open Hamilton Place Aloft Hotel 50 % 6.62 % 16,530 1,568 Nov-24 — 15,871 Open Hammock Landing - Phase I 50 % 6.62 % 36,947 4,375 Feb-25 Feb-26 33,215 Open Hammock Landing - Phase II 50 % 6.62 % 11,846 1,252 Feb-25 Feb-26 11,066 Open Northgate Mall outparcels loan 50 % 7.25 % 4,787 369 Nov-25 — 4,787 Open The Pavilion at Port Orange 50 % 6.62 % 49,498 6,170 Feb-25 Feb-26 44,048 Open The Shoppes at Eagle Point 50 % 5.40 % 39,683 2,695 May-32 — 32,998 Open York Town Center 50 % 4.75 % 30,000 1,755 Mar-25 — 28,299 Open 310,203 27,597 271,576 Total Unconsolidated Debt $ 1,337,001 $ 86,928 $ 1,245,910 Total Consolidated and Unconsolidated Debt $ 3,426,577 $ 273,102 $ 3,189,148 Company's Pro-Rata Share of Total Debt $ 2,743,995 $ 229,369 (9) (1) The amount listed includes 100% of the loan amount even though the Operating Partnership may have less than a 100% ownership interest in the property.
(6) The former Bed Bath & Beyond at Meridian Mall is being leased to Schuler Books & Music, which is expected to open in 2024. 40 Mortgage Loans Outstanding at De cember 31, 2023 (in thousands): Property Our Ownership Interest Stated Interest Rate Principal Balance as of 12/31/23 (1) 2024 Annual Debt Service (1)(2) Maturity Date Optional Extended Maturity Date Balloon Payment Due on Maturity (1)(2) Footnote Consolidated Debt Malls: Arbor Place 100 % 5.10 % $ 93,452 $ 7,942 May-26 — $ 85,754 Cross Creek Mall 100 % 8.19 % 92,363 12,000 Jun-25 — 85,315 Fayette Mall 100 % 4.25 % 119,303 4,922 May-24 May-26 116,470 (3) Hamilton Place 90 % 4.36 % 91,649 6,400 Jun-26 — 85,535 Jefferson Mall 100 % 4.75 % 53,526 4,456 Jun-26 — 48,722 Northwoods Mall 100 % 5.08 % 54,086 4,743 Apr-26 — 49,421 Parkdale Mall & Crossing 100 % 5.85 % 58,216 7,241 Mar-26 — 49,380 Southpark Mall 100 % 4.85 % 51,719 4,240 Jun-26 — 47,368 Volusia Mall 100 % 4.56 % 36,613 2,249 May-26 — 35,190 650,927 54,193 603,155 Outlet Centers: The Outlet Shoppes at Gettysburg 50 % 4.80 % 20,646 1,323 Oct-25 — 20,044 The Outlet Shoppes at Laredo 65 % 8.84 % 33,780 4,001 Jun-25 — 31,980 54,426 5,324 52,024 Open-Air Centers, Outparcels and Other: Brookfield Square Anchor Redevelopment 100 % 8.24 % 15,339 1,299 Dec-24 — 15,339 (4)(5) Hamilton Place open-air centers loan 90% - 92% 5.85 % 65,000 3,803 Jun-32 — 58,208 Open-air centers and outparcels loan 100 % 8.20 % 358,360 31,939 Jun-27 Jun-29 358,360 (6) 438,699 37,041 431,907 Corporate Debt: Secured term loan 100 % 8.21 % 799,914 85,530 Nov-25 Nov-26/Nov-27 749,621 Total Consolidated Debt $ 1,943,966 $ 182,088 $ 1,836,707 Unconsolidated Debt Malls: Coastal Grand Mall 50 % 4.09 % $ 97,014 $ 4,383 Aug-24 — $ 95,249 CoolSprings Galleria 50 % 4.84 % 140,276 9,803 May-28 — 125,774 Oak Park Mall 50 % 3.97 % 257,098 15,755 Oct-25 — 247,061 West County Center 50 % 3.40 % 152,383 9,441 Dec-24 Dec-26 148,136 646,771 39,382 616,220 Outlet Centers: The Outlet Shoppes at Atlanta 50 % 7.85 % 79,330 6,331 Oct-33 — 79,330 The Outlet Shoppes at El Paso 50 % 5.10 % 68,743 4,888 Oct-28 — 61,342 The Outlet Shoppes of the Bluegrass 65 % 4.05 % 63,098 4,299 Dec-24 — 61,316 211,171 15,518 201,988 Lifestyle Centers: Friendly Center 50 % 6.44 % 146,747 11,577 May-28 — 137,038 Open-Air Centers, Outparcels and Other: Ambassador Town Center 65 % 4.35 % 41,047 2,809 Jun-29 — 34,953 Ambassador Town Center Infrastructure Improvements 65 % 3.00 % 5,749 1,485 Mar-25 — 2,859 (4) Coastal Grand Mall - Dick's Sporting Goods 50 % 5.05 % 6,749 424 Nov-24 — 6,652 Coastal Grand Mall Outparcel 50 % 4.09 % 4,681 212 Aug-24 — 4,596 Fremaux Town Center 65 % 3.70 % 57,954 4,480 Jun-26 — 52,130 Friendly Center Medical Office 25 % 6.11 % 83 5 Jun-30 — 83 (4) Hamilton Place Aloft Hotel 50 % 7.90 % 16,170 1,401 Nov-24 — 15,871 Hammock Landing - Phase I 50 % 8.09 % 35,337 4,525 Feb-25 Feb-26 33,215 (7) Hammock Landing - Phase II 50 % 8.09 % 11,106 1,222 Feb-25 Feb-26 10,686 (7) Northgate Mall Developments 50 % 8.25 % 4,787 372 Nov-25 — 4,787 The Pavilion at Port Orange 50 % 8.09 % 47,148 6,387 Feb-25 Feb-26 44,048 (7) The Shoppes at Eagle Point 50 % 5.40 % 39,117 2,695 May-32 — 32,998 41 Property Our Ownership Interest Stated Interest Rate Principal Balance as of 12/31/23 (1) 2024 Annual Debt Service (1)(2) Maturity Date Optional Extended Maturity Date Balloon Payment Due on Maturity (1)(2) Footnote York Town Center 50 % 4.75 % 29,809 2,190 Mar-25 — 28,900 299,737 28,207 271,778 Excluded Malls: Alamance Crossing 100 % 5.83 % 41,122 — Jul-21 — 41,122 (8) WestGate Mall 100 % 4.99 % 28,661 — Jul-22 — 28,661 (8) 69,783 — 69,783 Total Unconsolidated Debt $ 1,374,209 $ 94,684 $ 1,296,807 Total Consolidated and Unconsolidated Debt $ 3,318,175 $ 276,772 $ 3,133,514 Company's Pro-Rata Share of Total Debt $ 2,656,348 $ 228,363 (9) (1) The amount listed includes 100% of the loan or payment amount even though the Operating Partnership may have less than a 100% ownership interest in the property.
(16) Pearland Town Center is a mixed-use center which combines retail, office and residential components. For segment reporting purposes, the retail portion of the center is classified in Malls and the office and residential portions are classified as All Other. In 2021, we sold The Residences at Pearland Town Center, which was the residential portion.
For segment reporting purposes, the retail portion of the center is classified in Malls and the office portion is classified as All Other.
(6) The interest rate is a fixed 6.95% for $180,000 of the $360,000 loan, with the other half of the loan bearing a variable interest rate based on the 30-day SOFR plus 4.10%. (7) We are in discussions with the lender regarding foreclosure actions. (8) The loan is in maturity default.
(5) Subsequent to December 31, 2023, the loan was paid off. (6) 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%.
(3) The upper floor of Belk for Men at Hamilton Place was formerly leased by Belk to Forever 21 and is now vacant. (4) The former Sears at Harford Mall was sold and is under construction for a future grocer (owned by others).
(4) The former Sears at Harford Mall was sold and is under construction for a future grocer (owned by others). (5) The former Sears space at Hanes Mall will be redeveloped for future office and retail space (owned by others).
As of December 31, 2022, we occupied 38.3% of the total square footage of the buildings. 36 Ot her Property Types Lease Expirations The following table summarizes the scheduled lease expirations for tenants in occupancy at Other Property Types as of December 31, 2022: Year Ending December 31, Number of Leases Expiring Annualized Gross Rent (1) GLA of Expiring Leases Average Annualized Gross Rent Per Square Foot Expiring Leases as % of Total Annualized Gross Rent (2) Expiring Leases as a % of Total Leased GLA (3) 2023 55 $ 4,966,549 220,850 $ 22.49 6.2 % 5.4 % 2024 85 12,140,276 617,494 19.66 15.2 % 15.1 % 2025 75 15,576,770 845,117 18.43 19.4 % 20.7 % 2026 69 13,228,804 632,447 20.92 16.5 % 15.5 % 2027 55 11,257,606 593,451 18.97 14.0 % 14.5 % 2028 39 8,032,268 436,691 18.39 10.0 % 10.7 % 2029 29 4,406,047 196,906 22.38 5.5 % 4.8 % 2030 20 3,659,272 168,955 21.66 4.6 % 4.1 % 2031 15 2,593,722 150,799 17.20 3.2 % 3.7 % 2032 20 4,268,028 220,623 19.35 5.3 % 5.4 % (1) Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2022 for expiring leases that were executed as of December 31, 2022.
All Ot her Properties Lease Expirations The following table summarizes the scheduled lease expirations for tenants in occupancy at All Other Properties as of December 31, 2023: Year Ending December 31, Number of Leases Expiring Annualized Gross Rent (1) GLA of Expiring Leases Average Annualized Gross Rent Per Square Foot Expiring Leases as % of Total Annualized Gross Rent (2) Expiring Leases as a % of Total Leased GLA (3) 2024 56 $ 5,709,067 152,911 $ 37.34 9.2 % 6.3 % 2025 70 10,649,077 400,027 26.62 17.2 % 16.4 % 2026 58 7,288,847 421,767 17.28 11.8 % 17.3 % 2027 49 11,152,642 477,879 23.34 18.0 % 19.6 % 2028 47 8,113,756 330,523 24.55 13.1 % 13.5 % 2029 26 6,014,966 216,388 27.80 9.7 % 8.9 % 2030 16 2,864,511 75,780 37.80 4.6 % 3.1 % 2031 17 5,505,741 194,136 28.36 8.9 % 8.0 % 2032 14 2,361,076 86,547 27.28 3.8 % 3.5 % 2033 13 2,340,721 84,015 27.86 3.8 % 3.4 % (1) Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2023 for expiring leases that were executed as of December 31, 2023.
M all, Lifestyle Center and Outlet Center Lease Expirations The following table summarizes the scheduled lease expirations for inline and adjacent freestanding stores as of December 31, 2022: Year Ending December 31, Number of Leases Expiring Annualized Gross Rent (1) GLA of Expiring Leases Average Annualized Gross Rent Per Square Foot Expiring Leases as % of Total Annualized Gross Rent (2) Expiring Leases as a % of Total Leased GLA (3) 2023 589 $ 58,378,963 1,634,395 $ 35.72 14.2 % 13.9 % 2024 1019 109,687,083 3,428,430 31.99 26.7 % 29.1 % 2025 552 69,968,635 2,055,628 34.04 17.0 % 17.4 % 2026 433 58,820,134 1,539,084 38.22 14.3 % 13.1 % 2027 351 46,628,860 1,283,159 36.34 11.4 % 10.9 % 2028 192 29,573,986 813,436 36.36 7.2 % 6.9 % 2029 112 15,375,225 425,012 36.18 3.7 % 3.6 % 2030 69 11,389,810 284,553 40.03 2.8 % 2.4 % 2031 62 4,607,067 170,486 27.02 1.1 % 1.4 % 2032 49 6,149,834 151,414 40.62 1.5 % 1.3 % (1) Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2022 for expiring leases that were executed as of December 31, 2022.
M all, Lifestyle Center and Outlet Center Lease Expirations The following table summarizes the scheduled lease expirations for inline and adjacent freestanding stores as of December 31, 2023: Year Ending December 31, Number of Leases Expiring Annualized Gross Rent (1) GLA of Expiring Leases Average Annualized Gross Rent Per Square Foot Expiring Leases as % of Total Annualized Gross Rent (2) Expiring Leases as a % of Total Leased GLA (3) 2024 686 $ 54,871,208 1,758,822 $ 31.20 13.4 % 14.9 % 2025 933 108,930,584 3,364,860 32.37 26.6 % 28.5 % 2026 634 81,873,673 2,238,618 36.57 20.0 % 19.0 % 2027 413 54,919,251 1,511,331 36.34 13.4 % 12.8 % 2028 353 51,211,164 1,253,720 40.85 12.5 % 10.6 % 2029 159 23,137,071 701,253 32.99 5.6 % 5.9 % 2030 92 14,595,537 377,509 38.66 3.6 % 3.2 % 2031 66 6,399,593 223,687 28.61 1.6 % 1.9 % 2032 53 6,754,156 162,231 41.63 1.6 % 1.4 % 2033 47 7,219,964 198,201 36.43 1.8 % 1.7 % (1) Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2023 for expiring leases that were executed as of December 31, 2023.
Removed
The information in this table is based on 100% of the applicable amounts and has not been adjusted for our ownership share. (2) Due to the temporary property and store closures that occurred, we do not believe occupancy cost to be an accurate measure for the year ended December 31, 2020.
Added
(13) Meridian Mall - We are the lessee under several ground leases in effect through March 2067, with extension options. Fixed rent is $19 per year plus 3% to 4% of all rent. (14) Meridian Mall - There is an executed lease with Schuler Books & Music. They are expected to open in 2024. (15) St.
Removed
During 2022, the following Anchors and Junior Anchors were added to our properties, as listed below: Name Property Location Life Storage York Galleria York, PA Main Event Sunrise Mall Brownsville, TX Restoration Hardware Outlet The Outlet Shoppes of the Bluegrass Simpsonville, KY Scheels Dakota Square Mall Minot, ND Tilt Dakota Square Mall Minot, ND Urban Planet Turtle Creek Mall Hattiesburg, MS Von Maur West Towne Mall Madison, WI As of December 31, 2022, our properties had a total of 443 Anchors and Junior Anchors, including 50 vacant Anchor and Junior Anchor locations, and excluding Anchors and Junior Anchors at our Excluded Malls.
Added
During 2023, the following Anchors and Junior Anchors were added to our properties: Name Property Location Appliance Factory Mattress Kingdom (Owned by Others) Frontier Mall Cheyenne, WY Bob's Discount Furniture York Town Center York, PA Burlington York Town Center York, PA Conn's Home Plus (Owned by Others) Arbor Place Atlanta (Douglasville), GA Crunch Fitness (Owned by Others) Parkdale Mall Beaumont, TX Dick's Sporting Goods Fulfillment Center Southpark Mall Colonial Heights, VA Hickory Farms Governor's Square Plaza Clarksville, TN Hobby Lobby (Owned by Others) Sunrise Commons Brownsville, TX Main Event Cross Creek Mall Fayetteville, NC Marshalls Fremaux Town Center Slidell, LA Nordstrom Rack The Terrace Chattanooga, TN Stars and Strikes Coastal Grand Mall Myrtle Beach, SC Tilt Kirkwood Mall Bismarck, ND Truliant Federal Credit Union (Owned by Others) Hanes Mall Winston-Salem, NC Tuesday Morning Layton Hills Convenience Center Layton, UT As of December 31, 2023, our properties had a total of 447 Anchors and Junior Anchors, including 53 vacant Anchor and Junior Anchor locations, and excluding Anchors and Junior Anchors at Excluded Malls.
Removed
Subtotal 7 — — 7 189,770 — — 189,770 Ben's Furniture and Antiques 1 — — 1 35,895 — — 35,895 Best Buy 5 — 1 6 182,485 — 45,070 227,555 Big Air Trampoline Park 1 — — 1 33,938 — — 33,938 BJ's Wholesale Club 1 — — 1 85,188 — — 85,188 Books-A-Million, Inc.: Books-A-Million 1 — — 1 20,642 — — 20,642 2nd & Charles 1 — — 1 23,538 — — 23,538 Books-A-Million, Inc.
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(2) The former Bed Bath & Beyond at Coastal Grand Mall is being leased to Crunch Fitness, which is expected to open in 2024. (3) A portion of the former Sears at Hamilton Place is being leased to Crunch Fitness, which is expected to open in 2024.
Removed
Maxx at Frontier Square, T.J. Maxx at Westmoreland Crossing, TruFit Athletic Club at Sunrise Mall, Urban Air Adventure Park at CoolSprings Crossing, Von Maur at West Towne Mall and Whole Foods at Friendly Center.
Added
(2) Amounts are based on interest rates in effect at December 31, 2023 and do not reflect any future principal paydowns in excess of scheduled principal amortization. (3) The loan has two one-year extension options for a fully extended maturity date of May 1, 2026. (4) The Operating Partnership guarantees 100% of the loan.
Removed
(2) The following are owned by Seritage Growth Properties: Burlington at Kentucky Oaks Mall, Burlington at Northwoods Mall, Dave & Buster’s at West Towne Mall, Hobby Lobby at West Towne Mall, Ross Dress for Less at Kentucky Oaks Mall, the former Sears at Imperial Valley Mall and Total Wine and More at West Towne Mall.
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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%. (7) The Operating Partnership guarantees 50% of the loan. (8) We are in discussions with the lender regarding foreclosure actions.
Removed
(5) The former Kmart space at Sunrise Common will be redeveloped into Hobby Lobby/Mardel Christian (owned by others). (6) The former Sears space at Cross Creek Mall was sold to Main Event. (7) The former Sears space at Hanes Mall will be redeveloped for future office and retail space (owned by others). (8) Opened in February 2023.
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The following is a reconciliation of consolidated debt to our pro rata share of total debt, including debt discounts and unamortized deferred financing costs (in thousands): Total consolidated debt $ 1,943,966 Noncontrolling interests' share of consolidated debt (36,844 ) Company's share of unconsolidated debt 679,443 Other debt (1) 69,783 Unamortized deferred financing costs (16,169 ) Unamortized debt discounts (38,236 ) Company's pro rata share of total debt $ 2,601,943 (1) Represents the outstanding loan balance for properties that were deconsolidated due to a loss of control when the properties were placed into receivership in connection with the foreclosure process.
Removed
(2) Assumes extension option will be exercised, if applicable. (3) Prepayment premium is based on yield maintenance or defeasance. (4) We are in discussions with the lender regarding an extension. (5) The loan has three one-year extension options for a fully extended maturity date of May 1, 2026.
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See Note 7 and Note 8 to the consolidated financial statements for additional information regarding property-specific indebtedness.
Removed
The following is a reconciliation of consolidated debt to our pro rata share of total debt, including debt discounts and unamortized deferred financing costs (in thousands): Total consolidated debt $ 2,089,576 Noncontrolling interests' share of consolidated debt (38,807 ) Company's share of unconsolidated debt 693,226 Unamortized deferred financing costs (18,926 ) Unamortized debt discounts (64,841 ) Company's pro rata share of total debt $ 2,660,228 See Note 7 and Note 8 to the consolidated financial statements for additional information regarding property-specific indebtedness.
Removed
ITEM 3. LEGAL PROCEEDINGS The information in response to this Item 3 is incorporated by reference herein from Note 14. Contingencies .

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

4 edited+3 added−1 removed4 unchanged
Biggest changePeriod Ending Index 11/02/21 12/31/21 03/31/22 06/30/22 09/30/22 12/31/22 CBL & Associates Properties, Inc. $ 100.00 $ 104.00 $ 109.63 $ 78.30 $ 86.91 $ 85.32 Russell 3000 Index 100.00 101.61 96.25 80.17 76.59 82.09 FTSE NAREIT All Equity REITs Index 100.00 107.05 101.39 86.53 77.15 80.34
Biggest changePeriod Ending Index 11/02/21 12/31/21 12/31/22 12/31/23 CBL & Associates Properties, Inc. $ 100.00 $ 104.00 $ 85.32 $ 96.38 Russell 3000 Index 100.00 101.61 82.09 103.40 FTSE NAREIT All Equity REITs Index 100.00 107.05 80.34 89.47
The results are based on an assumed $100 invested on November 2, 2021 (the first day of trading on the NYSE following the Company’s emergence from Chapter 11 reorganization and the NYSE listing), at the market close, through December 31, 2022, with all dividends reinvested. Share price performance presented below is not necessarily indicative of future results.
The results are based on an assumed $100 invested on November 2, 2021 (the first day of trading on the NYSE following the Company’s emergence from Chapter 11 reorganization and the NYSE listing), at the market close, through December 31, 2023, with all dividends reinvested. Share price performance presented below is not necessarily indicative of future results.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCK HOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information Our common stock trades on the New York Stock Exchange under the symbol "CBL". Holders There were approximately 545 shareholders of record for our common stock as of February 23, 2023.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCK HOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information Our common stock trades on the New York Stock Exchange under the symbol "CBL". Holders There were approximately 543 shareholders of record for our common stock as of February 26, 2024.
(2) Represents the market value of the common stock on the vesting date for the shares of restricted stock, which was used to determine the number of shares required to be surrendered to satisfy income tax withholding requirements. 44 Performance Graph The graph that follows compares the cumulative total stockholder return on the Company’s common stock with the cumulative total return on the Russell 3000 Index and the FTSE NAREIT All Equity REITs Index.
(3) Represents the 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 43 Performance Graph The graph that follows compares the cumulative total stockholder return on the Company’s common stock with the cumulative total return on the Russell 3000 Index and the FTSE NAREIT All Equity REITs Index.
Removed
Issuer Purchases of Equity Securities The following table presents information with respect to repurchases of common stock made by us during the three months ended December 31, 2022: Period Total Number of Shares Purchased (1) Average Price Paid per Share (2) Total Number of Shares Purchased as Part of a Publicly Announced Plan Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan Oct. 1–31, 2022 — $ — — $ — Nov. 1–30, 2022 — — — — Dec. 1–31, 2022 70,786 24.57 — — Total 70,786 $ 24.57 — $ — (1) Represents shares surrendered to the Company by employees to satisfy federal and state income tax requirements related to the vesting of shares of restricted stock.
Added
Issuer Purchases of Equity Securities The table below presents information with respect to repurchases of common stock made by us during the three months ended December 31, 2023. Subsequent to December 31, 2023, we repurchased common stock as part of our share repurchase program. See Note 20 for additional information.
Added
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 October 1–31, 2023 10,304 $ 21.09 10,304 $ 23,893,054 November 1–30, 2023 — — — 23,893,054 December 1–31, 2023 56,882 (2) 23.97 (3) — 23,893,054 Total 67,186 10,304 (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.
Added
This share repurchase program has an expiration date of August 10, 2024. (2) Represents shares surrendered to us by employees to satisfy federal and state income tax requirements related to vesting of shares of restricted stock.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

94 edited+33 added−73 removed61 unchanged
Biggest changeA reconciliation of our same-center NOI to net loss for the Successor year ended December 31, 2022, the Successor period from November 1, 2021 through December 31, 2021 and the Predecessor period from January 1, 2021 through October 31, 2021 is as follows (in thousands): Successor Predecessor Year Ended December 31, For the Period November 1, through December 31, For the Period January 1, through October 31, 2022 2021 2021 Net loss $ (99,515 ) $ (152,731 ) $ (486,413 ) Adjustments: Depreciation and amortization 256,310 49,504 158,574 Depreciation and amortization from unconsolidated affiliates 20,813 9,847 45,126 Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries (3,498 ) (622 ) (1,901 ) Interest expense 217,342 195,488 72,415 Interest expense from unconsolidated affiliates 88,331 11,425 34,514 Noncontrolling interests' share of interest expense in other consolidated subsidiaries (7,960 ) (1,464 ) (2,790 ) Abandoned projects expense 834 3 745 (Gain) loss on sales of real estate assets (5,345 ) 3 (12,187 ) Gain on sales of real estate assets of unconsolidated affiliates (1,036 ) — (70 ) Adjustment for unconsolidated affiliates with negative investment (37,645 ) (4,574 ) — Gain on deconsolidation (36,250 ) (19,126 ) (55,131 ) Loss on available-for-sale securities 39 — — Loss on impairment, net of noncontrolling interests' share 252 — 136,046 Litigation settlement (304 ) (118 ) (932 ) Reorganization items, net of noncontrolling interests' share (298 ) 1,403 452,378 Income tax provision (benefit) 3,079 (5,885 ) 1,078 Lease termination fees (5,115 ) (3,597 ) (4,843 ) Straight-line rent and above- and below-market lease amortization 8,233 1,930 1,826 Net loss attributable to noncontrolling interests in other consolidated subsidiaries 5,999 1,186 13,313 General and administrative expenses 67,215 9,175 43,160 Management fees and non-property level revenues (11,777 ) (2,801 ) (26,604 ) Operating Partnership's share of property NOI 459,704 89,046 368,304 Non-comparable NOI (16,345 ) (3,228 ) (15,264 ) Total same-center NOI (1) $ 443,359 $ 85,818 $ 353,040 (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.
Biggest changeA reconciliation of our same-center NOI to net income (loss) for the years ended December 31, 2023 and 2022 is as follows (in thousands): Successor Year Ended December 31, 2023 2022 Net income (loss) $3,204 $(99,515) Adjustments: (1) Depreciation and amortization, including our share of unconsolidated affiliates and net of noncontrolling interests' share 205,471 273,625 Interest expense, including our share of unconsolidated affiliates and net of noncontrolling interests' share 238,616 297,713 Abandoned projects expense 39 834 Gain on sales of real estate assets, net of taxes and noncontrolling interests' share (4,839) (5,345) Gain on sales of real estate assets of unconsolidated affiliates (768) (1,036) Adjustment for unconsolidated affiliates with negative investment (7,242) (37,645) Gain on extinguishment of debt (3,270) (7,344) Gain on deconsolidation (47,879) (36,250) Loss on available-for-sale securities — 39 Loss on impairment — 252 Litigation settlement (2,310) (304) Reorganization items, net — (298) Income tax provision 894 3,079 Lease termination fees (3,504) (5,115) Straight-line rent and above- and below-market lease amortization 13,896 8,233 Net loss attributable to noncontrolling interests in other consolidated subsidiaries 3,344 5,999 General and administrative expenses 64,066 67,215 Management fees and non-property level revenues (19,087) (4,433) Operating Partnership's share of property NOI 440,631 459,704 Non-comparable NOI (2,119) (14,328) Total same-center NOI $438,512 $445,376 (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.
The following are circumstances when we may consider entering into a joint venture with a third party: o 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.
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.
As part of the allocation process, the fair value of the following tangible components was estimated: · Land · Building(s) · Site Improvements 63 Investment in Unconsolidated Affiliates The fair value of our investment in unconsolidated affiliates for fresh start accounting was determined by valuing the underlying real estate assets associated with each unconsolidated joint venture in the same manner as all real estate assets, described above.
As part of the allocation process, the fair value of the following tangible components was estimated: · Land · Building(s) · Site Improvements Investment in Unconsolidated Affiliates The fair value of our investment in unconsolidated affiliates for fresh start accounting was determined by valuing the underlying real estate assets associated with each unconsolidated joint venture in the same manner as all real estate assets, described above.
Recent Accounting Pronouncements See Note 2 to the consolidated financial statements for information on recently issued accounting pronouncements. Non-GAAP Measures Fu nds 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.
Recent Accounting Pronouncements See Note 2 to the consolidated financial statements for information on recently issued accounting pronouncements. 60 Non-GAAP Measures Fu nds 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.
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. o 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.
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.
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 the malls and operating costs and the impact of those trends on our results of operations.
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.
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. o 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.
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. 52 • 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.
Evaluating and estimating uncollectable lease payments and related receivables requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. 64 Carrying Value of Long-Lived Assets We monitor events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable.
Evaluating and estimating uncollectable lease payments and related receivables requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. 58 Carrying Value of Long-Lived Assets We monitor events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable.
We conduct substantially all our business through the Operating Partnership. 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. See Item 2 for a description of our properties owned and under development as of December 31, 2022.
We conduct substantially all our business through the Operating Partnership. 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. See Item 2 for a description of our properties owned and under development as of December 31, 2023.
In addition, under certain circumstances, we may exchange the Rights (other than Rights beneficially owned by the acquiring person or group of affiliated or associated persons), in whole or in part, for common shares on a one-for-one basis, or we may redeem the Rights for cash at a price of $0.001 per Right.
In addition, under certain circumstances, we could exchange the Rights (other than Rights beneficially owned by the acquiring person or group of affiliated or associated persons), in whole or in part, for common shares on a one-for-one basis, or we could redeem the Rights for cash at a price of $0.001 per Right.
If a person or group of affiliated or associated persons acquires beneficial ownership of 10.0% or more of our outstanding common shares, subject to certain exceptions (including exceptions for existing holders who do not increase their holdings as provided in the Rights Plan), each Right would effectively entitle its holder (other than the acquiring person or group of affiliated or associated persons) to purchase additional common shares at a substantial discount to the public market price.
If a person or group of affiliated or associated persons acquired beneficial ownership of 10.0% or more of our outstanding common shares, subject to certain exceptions (including exceptions for existing holders who do 56 not increase their holdings as provided in the Rights Plan), each Right would effectively entitle its holder (other than the acquiring person or group of affiliated or associated persons) to purchase additional common shares at a substantial discount to the public market price.
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 ended December 31, 2021 and the current year ended December 31, 2022.
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 ended December 31, 2022 and the current year ended December 31, 2023.
Alamance Crossing East and WestGate Mall were classified as Excluded Properties as of December 31, 2022. 50 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).
Alamance Crossing East and WestGate Mall were classified as Excluded Properties as of December 31, 2023. 48 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).
As a result, our financial results for the year ended December 31, 2022 and the period from November 1, 2021 through December 31, 2021 are referred to as those of the "Successor." Our financial results for the period from January 1, 2021 through October 31, 2021 and the year ended December 31, 2020 are referred to as those of the “Predecessor." Our results of operations as reported in our consolidated financial statements for these periods are prepared in accordance with GAAP.
As a result, our financial results for the years ended December 31, 2023 and 2022 and the period from November 1, 2021 through December 31, 2021 are referred to as those of the "Successor." Our financial results for the period from January 1, 2021 through October 31, 2021 are referred to as those of the “Predecessor." Our results of operations as reported in our consolidated financial statements for these periods are prepared in accordance with GAAP.
The weighted-average remaining term of our pro rata share of fixed-rate debt, excluding debt discounts and deferred financing costs, was 2.3 years and 3.2 years at December 31, 2022 and December 31, 2021, respectively.
The weighted-average remaining term of our pro rata share of fixed-rate debt, excluding debt discounts and deferred financing costs, was 2.7 years and 2.3 years at December 31, 2023 and December 31, 2022, respectively.
We had $54.4 million in restricted cash at December 31, 2022 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 had $50.2 million in restricted cash at December 31, 2023 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.
Results of Operations Properties that were in operation for the entire year during both 2022 and 2021 are referred to as the “2022 Comparable Properties.” The tables below summarize deconsolidations and dispositions of properties that impact the results of operations of the Successor and Predecessor periods.
Results of Operations Properties that were in operation for the entire year during both 2023 and 2022 are referred to as the “2023 Comparable Properties.” The tables below summarize deconsolidations and dispositions of properties that impact the results of operations of the Successor and Predecessor periods.
The future interest payments are projected based on the interest rates that were in effect at December 31, 2022. See Note 8 to the consolidated financial statements for additional information regarding the terms of long-term debt.
The future interest payments on variable-rate loans are projected based on the interest rates that were in effect at December 31, 2023. See Note 8 to the consolidated financial statements for additional information regarding the terms of long-term debt.
The following is a comparison of our same-center 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 December 31, 2022 2021 Mall, Lifestyle Center and Outlet Center same-center sales per square foot $ 435 $ 447 In-Line Store Occupancy Our portfolio in-line store occupancy is summarized in the below table (Excluded Properties are not included in occupancy metrics).
The following is a comparison of our same-center 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 December 31, 2023 2022 % Change Malls, lifestyle centers and outlet centers same-center sales per square foot $ 416 $ 435 (4.4)% In-Line Store Occupancy Our portfolio in-line store occupancy is summarized in the below table (Excluded Properties are not included in occupancy metrics).
Occupancy for Malls, Lifestyle Centers and Outlet Centers represents percentage of in-line gross leasable area under 20,000 square feet occupied. Occupancy for open-air centers represents percentage of gross leasable area occupied.
Occupancy for the Malls represents percentage of in-line gross leasable area under 20,000 square feet occupied. Occupancy for open-air centers represents percentage of gross leasable area occupied.
See Note 7 and Note 8 to the consolidated financial statements for additional information concerning the amount and terms of our outstanding indebtedness as of December 31, 2022. Equity We paid common stock dividends of $0.25 per share in each of the second, third and fourth quarters of 2022.
See Note 7 and Note 8 to the consolidated financial statements for additional information concerning the amount and terms of our outstanding indebtedness as of December 31, 2023. Equity We paid common stock dividends of $0.375 per share in each quarter of 2023.
This operational strategy is also supported by our balance sheet strategy focused on reducing overall debt, extending our debt maturity schedule and lowering our overall cost of borrowings to limit maturity risk, improve net cash flow and enhance enterprise value.
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.
In preparing our financial statements, we are required to make assumptions and estimates about future events, and apply judgments that affect the reported amounts of assets, liabilities, revenues, expenses and the related disclosures.
Critical Accounting Policies and Estimates Our consolidated financial statements are prepared in accordance with GAAP. In preparing our financial statements, we are required to make assumptions and estimates about future events, and apply judgments that affect the reported amounts of assets, liabilities, revenues, expenses and the related disclosures.
The sources of our revenues by property type were as follows: Successor Predecessor Year Ended December 31, For the Period November 1, through December 31, For the Period January 1, through October 31, 2022 2021 2021 Malls, Lifestyle Centers and Outlet Centers 86.1 % 87.3 % 87.9 % All Other 13.9 % 12.7 % 12.1 % Inline and Adjacent Freestanding Store Sales Inline and adjacent freestanding store sales include reporting mall, lifestyle center and outlet center tenants of 10,000 square feet or less for Malls, Lifestyle Centers and Outlet Centers 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 sources of our revenues by property type were as follows: Successor Year Ended December 31, 2023 2022 Malls, lifestyle centers and outlet centers 85.6 % 86.1 % All Other Properties 14.4 % 13.9 % 49 Inline and Adjacent Freestanding Store Sales Inline and adjacent freestanding store sales include reporting mall, lifestyle center and outlet center tenants of 10,000 square feet or less for the Malls 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.
Treasury securities. Our total pro rata share of debt, excluding unamortized deferred financing costs and debt discounts, at December 31, 2022 was $2,744.0 million.
Treasury securities. Our total pro rata share of debt, excluding unamortized deferred financing costs and debt discounts, at December 31, 2023 was $2,656.3 million.
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 (1) : Year Ended December 31, Year Ended December 31, 2022 2021 Total portfolio $ 25.14 $ 25.09 Malls, Lifestyle Centers and Outlet Centers (1) : Total same-center malls, lifestyle centers and outlet centers 29.58 29.81 Total malls 30.01 30.16 Total lifestyle centers 29.30 27.60 Total outlet centers 26.68 27.34 All Other: Total open-air centers 15.21 15.05 Total other 19.22 19.32 (1) Excluded Properties are not included in base rent.
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 (1) : Year Ended December 31, 2023 2022 Total portfolio (1) $ 25.56 $ 25.14 Malls, lifestyle centers and outlet centers: Total same-center malls, lifestyle centers and outlet centers 30.19 29.58 Total malls 30.40 30.01 Total lifestyle centers 30.53 29.30 Total outlet centers 28.36 26.68 All Other Properties: Total open-air centers 15.37 15.21 Total other 20.37 19.22 (1) Excluded Properties are not included in base rent.
As of December 31, 2021, our pro rata share of consolidated and unconsolidated variable-rate debt, excluding debt discounts and deferred financing costs, represented 32.8% of our total pro rata share of debt, excluding debt discounts and deferred financing costs.
As of December 31, 2023, our pro rata share of consolidated and unconsolidated variable-rate debt, excluding debt discounts and deferred financing costs, represented 40.4% of our total pro rata share of debt, excluding debt discounts and deferred financing costs.
As of December 31, 2022 2021 Total portfolio 91.0% 89.3% Malls, Lifestyle Centers and Outlet Centers: Total malls 89.1% 87.2% Total lifestyle centers 92.7% 86.7% Total outlet centers 90.8% 93.6% Total same-center malls, lifestyle centers and outlet centers 89.6% 87.9% All Other: Total open-air centers 95.3% 94.8% Total other 93.0% 90.5% 52 Leasing The following is a summary of the total square feet of leases signed in the year ended December 31, 2022 as compared to the prior year: Year Ended December 31, 2022 2021 Operating portfolio: New leases 1,257,659 721,436 Renewal leases 2,855,587 2,435,014 Development portfolio: New leases 15,703 65,334 Total leased 4,128,949 3,221,784 Average annual base rents per square foot are computed based on contractual rents in effect as of December 31, 2022 and 2021, including the impact of any rent concessions.
As of December 31, 2023 2022 Total portfolio 90.9% 91.0% Malls, lifestyle centers and outlet centers: Total malls 89.3% 89.1% Total lifestyle centers 91.5% 92.7% Total outlet centers 91.9% 90.8% Total same-center malls, lifestyle centers and outlet centers 89.8% 89.6% All Other Properties: Total open-air centers 95.6% 95.3% Total other 78.2% 93.0% Leasing The following is a summary of the total square feet of leases signed in the year ended December 31, 2023 as compared to the prior year: Year Ended December 31, 2023 2022 Operating portfolio: New leases 1,485,375 1,257,659 Renewal leases 2,865,969 2,855,587 Development portfolio: New leases 25,151 15,703 Total leased 4,376,495 4,128,949 50 Average annual base rents per square foot are computed based on contractual rents in effect as of December 31, 2023 and 2022, including the impact of any rent concessions.
We believe the tables below provide investors and lenders a clearer understanding of our total debt obligations and liquidity (in thousands): December 31, 2022: Consolidated Noncontrolling Interests Unconsolidated Affiliates Total Weighted- Average Interest Rate (1) Fixed-rate debt: Non-recourse loans on operating properties $ 843,634 $ (25,420 ) $ 611,215 $ 1,429,429 4.57% Open-air centers and outparcels loan 180,000 — — 180,000 6.95% (2) Recourse loans on operating properties — — 10,427 10,427 3.67% Total fixed-rate debt 1,023,634 (25,420 ) 621,642 1,619,856 4.83% Variable-rate debt: Non-recourse loans on operating properties 56,490 (13,387 ) 51,539 94,642 6.91% Recourse loans on operating properties — — 20,045 20,045 7.54% Open-air centers and outparcels loan 180,000 — — 180,000 8.22% (2) Secured term loan 829,452 — — 829,452 6.87% Total variable-rate debt 1,065,942 (13,387 ) 71,584 1,124,139 7.10% Total fixed-rate and variable-rate debt 2,089,576 (38,807 ) 693,226 2,743,995 5.76% Unamortized deferred financing costs (17,101 ) 317 (2,142 ) (18,926 ) Debt discounts (3) (72,289 ) 7,448 — (64,841 ) Total mortgage and other indebtedness, net $ 2,000,186 $ (31,042 ) $ 691,084 $ 2,660,228 (1) Weighted-average interest rate excludes amortization of deferred financing costs.
December 31, 2022: Consolidated Noncontrolling Interests Unconsolidated Affiliates Total Weighted- Average Interest Rate (1) Fixed-rate debt: Non-recourse loans on operating properties $ 843,634 $ (25,420 ) $ 611,215 $ 1,429,429 4.57% Open-air centers and outparcels loan 180,000 — — 180,000 6.95% (2) Recourse loans on operating properties — — 10,427 10,427 3.67% Total fixed-rate debt 1,023,634 (25,420 ) 621,642 1,619,856 4.83% Variable-rate debt: Non-recourse loans on operating properties 38,250 (13,387 ) 2,393 27,256 7.36% Recourse loans on operating properties (3) 18,240 — 69,191 87,431 6.92% Open-air centers and outparcels loan 180,000 — — 180,000 8.22% (2) Secured term loan 829,452 — — 829,452 6.87% Total variable-rate debt 1,065,942 (13,387 ) 71,584 1,124,139 7.10% Total fixed-rate and variable-rate debt 2,089,576 (38,807 ) 693,226 2,743,995 5.76% Unamortized deferred financing costs (17,101 ) 317 (2,142 ) (18,926 ) Debt discounts (4) (72,289 ) 7,448 — (64,841 ) Total mortgage and other indebtedness, net $ 2,000,186 $ (31,042 ) $ 691,084 $ 2,660,228 (1) Weighted-average interest rate excludes amortization of deferred financing costs.
Liquidity Sources We derive the majority of our revenues from leases with retail tenants, which have historically been the primary source for funding short-term liquidity and capital needs such as operating expenses, debt service, tenant construction allowances, recurring capital expenditures, dividends and distributions.
(6) Represents agreements for maintenance, security, and janitorial services at our properties that expire in June 2026. 53 Liquidity Sources We derive the majority of our revenues from leases with retail tenants, which have historically been the primary source for funding short-term liquidity and capital needs such as operating expenses, debt service, tenant construction allowances, recurring capital expenditures, dividends and distributions.
Prior to consideration of unamortized deferred financing costs or debt discounts, of our $2,744.0 million in outstanding debt at December 31, 2022, $2,572.5 million constituted non-recourse debt obligations and $171.5 million constituted recourse debt obligations.
Prior to consideration of unamortized deferred financing costs or debt discounts, of our $2,656.3 million in outstanding debt at December 31, 2023, $2,588.3 million constituted non-recourse debt obligations and $68.0 million constituted recourse debt obligations.
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.
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.
(4) Represents the remaining balance to be incurred under construction contracts that had been entered into as of December 31, 2022, but were not complete. The contracts are primarily for redevelopment of our properties. (5) Represents the remainder of an agreement for maintenance, security, and janitorial services at our properties that expires in September 2023.
(5) Represents our share of the remaining balance to be incurred under construction contracts that had been entered into as of December 31, 2023, but were not complete. The contracts are primarily for redevelopment of our properties.
We also had restricted cash of $42.8 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.
We also had restricted cash of $38.7 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. 51 During the year ended December 31, 2023, we continued to reinvest the cash from maturing U.S.
Future contractual obligations have been projected using the same assumptions as used in (1) above. (3) Obligations where we own the buildings and improvements, but lease the underlying land under long-term ground leases. The maturities of these leases range from 2044 to 2089 and generally provide for renewal options.
(4) Obligations where we own the buildings and improvements, but lease the underlying land under long-term ground leases. The maturities of these leases range from 2044 to 2089 and generally provide for renewal options.
However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. 62 An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made and if different estimates that are reasonably likely to occur could materially impact the financial statements.
An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made and if different estimates that are reasonably likely to occur could materially impact the financial statements.
Trustee fees directly related to the bankruptcy. For the year ended December 31, 2022, the Successor recorded a $36.3 million gain on deconsolidation related to Greenbrier Mall that was deconsolidated due to a loss of control when the mall was placed into receivership in connection with the foreclosure process.
For the year ended December 31, 2022, we recorded a $36.3 million gain on deconsolidation related to Greenbrier Mall that was deconsolidated due to a loss of control when the mall was placed into receivership in connection with the foreclosure process. 47 Equity in earnings of unconsolidated affiliates decreased $7.9 million for the year ended December 31, 2023 as compared to the prior-year period.
Successor Deconsolidations Property Location Date of Deconsolidation EastGate Mall (1)(2) Cincinnati, OH December 2021 Greenbrier Mall (1)(3) Chesapeake, VA March 2022 (1) We deconsolidated the property due to a loss of control when the property was placed into receivership in connection with the foreclosure process. (2) The foreclosure process was completed in September 2022.
Deconsolidations Property Location Date of Deconsolidation Greenbrier Mall (1)(2) Chesapeake, VA March 2022 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.
Accordingly, all applicable properties were identified, investigated and examined by the valuation provider along with all intangible assets and liabilities associated with our properties. Furthermore, the valuation provider estimated the fair values and remaining useful lives ("RUL") of the related intangible assets and liabilities at the property-level, as applicable.
Furthermore, the valuation provider estimated the fair values and remaining useful lives ("RUL") of the related intangible assets and liabilities at the property-level, as applicable.
In our reconciliation of net loss 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. 65 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.
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.
All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the financial projections, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond our control. Accordingly, we cannot assure you that the estimates, assumptions, valuations or financial projections will be realized, and actual results could vary materially.
All estimates, assumptions, valuations and financial projections, including the fair value adjustments, the financial projections, the enterprise value and equity value projections, are inherently subject to significant uncertainties and the resolution of contingencies beyond our control.
(6) The Successor year ended December 31, 2022 and the Successor period from November 1, 2021 through December 31, 2021 includes the reversal of default interest expense when waivers or forbearance agreements were obtained, as well as default interest on loans past their maturity.
(5) The year ended December 31, 2023 includes default interest on loans past their maturity dates. The year ended December 31, 2022 includes the reversal of default interest expense when waivers or forbearance agreements were obtained.
Re sults from new and renewal leasing of comparable in-line space of less than 10,000 square feet during the year ended December 31, 2022 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 All Property Types (2) 2,093,094 $ 35.35 $ 33.03 (6.5 )% $ 33.50 (5.2 )% Malls, Lifestyle Centers & Outlet Centers 1,929,512 36.75 34.11 (7.2 )% 34.59 (5.9 )% New leases 149,689 41.63 45.23 8.7 % 48.22 15.8 % Renewal leases 1,779,823 36.33 33.18 (8.7 )% 33.44 (8.0 )% (1) Average gross rent does not incorporate allowable future increases for recoverable common area expenses.
Re sults from new and renewal leasing of comparable in-line space of less than 10,000 square feet during the year ended December 31, 2023 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 All Property Types (2) 2,713,874 $ 37.36 $ 36.92 (1.2 )% $ 37.37 0.0 % Malls, lifestyle centers and outlet centers 2,511,082 38.59 37.76 (2.2 )% 38.19 (1.0 )% New leases 157,325 34.17 41.01 20.0 % 43.11 26.2 % Renewal leases 2,353,757 38.89 37.54 (3.5 )% 37.86 (2.6 )% (1) Average gross rent does not incorporate allowable future increases for recoverable common area expenses.
Excluding the adjustments noted above, FFO of the Operating Partnership, as adjusted, for the Successor year ended December 31, 2022 was $243.5 million. Excluding the adjustments noted above, FFO of the Operating Partnership, as adjusted, for the Successor period from November 1, 2021 through December 31, 2021 was $63.2 million.
FFO of the Operating Partnership increased to $211.1 million for the Successor year ended December 31, 2023 from $178.6 million for the prior-year period. Excluding the adjustments noted above, FFO of the Operating Partnership, as adjusted, decreased to $213.2 million for the Successor year ended December 31, 2023 from $243.5 million for the prior-year period.
Subsequent to December 31, 2022, our board of directors declared a $0.375 per share regular quarterly dividend for the first quarter of 2023. See Note 20 for additional information.
Subsequent to December 31, 2023, our board of directors declared a $0.40 per share regular quarterly dividend for the first quarter of 2024. See Note 20 . In August 2023, our board of directors authorized the repurchase of up to $25.0 million of our outstanding common stock.
Additionally, when we issue a guaranty, the terms of the joint venture agreement typically provide that we may receive indemnification from the joint venture partner or have the ability to increase our ownership interest.
Additionally, when we issue a guaranty, the terms of the joint venture agreement typically provide that we may receive indemnification from the joint venture partner or have the ability to increase our ownership interest. See Note 14 to the consolidated financial statements for information related to our guarantees of unconsolidated affiliates' debt as of December 31, 2023 and 2022.
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 redevelop our properties and diversify our tenant mix will contribute to stabilization of our portfolio and revenues in future years. 46 Voluntary Reorganization Under Chapter 11 Beginning on November 1, 2020, CBL and the Operating Partnership, together with the Debtors, filed the Chapter 11 Cases under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court.
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.
During the year ended December 31, 2022, 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. As of December 31, 2022, our U.S. Treasury securities have maturities through November 2023. Subsequent to December 31, 2022, we redeemed additional U.S. Treasury securities.
Treasury securities into new U.S. Treasury securities. We designated our U.S. Treasury securities as available-for-sale. As of December 31, 2023, our U.S. Treasury securities have maturities through July 2024. Subsequent to December 31, 2023, we redeemed U.S. Treasury securities. See Note 20 for additional information.
Additionally, we have three loans, with an aggregate principal balance of $151.4 million at our share as of December 31, 2022, secured by Alamance Crossing East, WestGate Mall and West County Center that are past their maturity dates.
Additionally, we have two loans, with an aggregate principal balance of $69.8 million at our share as of December 31, 2023, secured by Alamance Crossing East and WestGate Mall that are past their maturity dates. Both properties have been placed into receivership in connection with the foreclosure process.
Represents total cost incurred by the Predecessor and the Successor. (2) Cost to Date does not reflect reimbursements until they are received. Represents total cost to date incurred by the Predecessor and the Successor. We are continually pursuing new redevelopment opportunities and have projects in various stages of pre-development.
(2) Cost to Date does not reflect reimbursements until they are received. We are continually pursuing new redevelopment opportunities and have projects in various stages of pre-development. Except for the projects presented above, we did not have any other material capital commitments as of December 31, 2023.
(9) The Successor year ended December 31, 2022 includes a gain on extinguishment of debt related to the loan secured by The Outlet Shoppes at Gettysburg, which was modified and the modification was accounted for as an extinguishment for accounting purposes.
(8) The year ended December 31, 2023 includes a gain on extinguishment of debt related to the loan secured by The Outlet Shoppes at Laredo. The year ended December 31, 2022 includes a gain on extinguishment of debt related to the loan secured by The Outlet Shoppes at Gettysburg.
(7) For the Successor year ended December 31, 2022, the Successor Company deconsolidated Greenbrier Mall due to a loss of control when the property was placed into receivership in connection with the foreclosure process.
(6) For the year ended December 31, 2023, we deconsolidated Alamance Crossing East and WestGate Mall due to a loss of control when the properties were placed into receivership in connection with the foreclosure process.
We define NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs). We also exclude the impact of lease termination fees and certain non-cash items such as straight-line rents and reimbursements, write-offs of landlord inducements and net amortization of acquired above and below market leases.
We also exclude the impact of lease termination fees and certain non-cash items such as straight-line rents and reimbursements, write-offs of landlord inducements and net amortization of acquired above and below market leases. We compute NOI based on the Operating Partnership's pro rata share of both consolidated and unconsolidated properties.
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 consolidated financial statements.
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 consolidated financial statements. This section of this annual report on Form 10-K generally discusses 2023 and 2022 items and year-to-year comparisons between 2023 and 2022. See Part II, Item 7.
The reconciliation of net loss attributable to common shareholders to F FO allocable to Operating Partnership common unitholders is as follows (in thousands): Successor Predecessor Year Ended December 31, For the Period November 1, through December 31, For the Period January 1, through October 31, Year Ended December 31, 2022 2021 2021 2020 Net loss attributable to common shareholders $ (96,019 ) $ (151,545 ) $ (470,627 ) $ (332,494 ) Noncontrolling interest in loss of Operating Partnership (34 ) — (2,473 ) (19,762 ) Dividends allocable to unvested restricted stock 2,537 — — — Depreciation and amortization expense of: Consolidated properties 256,310 49,504 158,574 215,030 Unconsolidated affiliates 20,813 9,847 45,126 56,734 Non-real estate assets (1,050 ) (132 ) (1,593 ) (3,056 ) Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries (3,498 ) (622 ) (1,901 ) (3,638 ) Loss on impairment, net of taxes and noncontrolling interests' share 186 — 136,046 195,336 (Gain) loss on depreciable property, net of taxes (629 ) (20 ) (7,890 ) 25 FFO allocable to Operating Partnership common unitholders 178,616 (92,968 ) (144,738 ) 108,175 Debt discount accretion, net of noncontrolling interests' share (1) 176,055 184,637 — — Adjustment for unconsolidated affiliates with negative investment (2) (37,645 ) (4,574 ) — — Senior secured notes fair value adjustment (3) (395 ) 395 — — Prepetition charges (4) — — — 23,883 Litigation settlement (5) (304 ) (118 ) (932 ) (7,855 ) Non-cash default interest expense (6) (28,953 ) (6,471 ) 35,072 13,096 Gain on deconsolidation (7) (36,250 ) (19,126 ) (55,131 ) — Loss on available-for-sale securities 39 — — — Reorganization items, net of noncontrolling interests' share (8) (298 ) 1,403 452,378 35,977 Gain on extinguishment of debt (9) (7,344 ) — — (32,521 ) FFO allocable to Operating Partnership common unitholders, as adjusted $ 243,521 $ 63,178 $ 286,649 $ 140,755 (1) In conjunction with fresh start accounting upon emergence from bankruptcy, 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.
Please refer to the reconciliation of net loss attributable to common shareholders to FFO allocable to Operating Partnership common unitholders below for a description of these adjustments. 61 The reconciliation of net income (loss) attributable to common shareholders to F FO allocable to Operating Partnership common unitholders is as follows (in thousands): Successor Year Ended December 31, 2023 2022 Net income (loss) attributable to common shareholders $ 5,433 $ (96,019 ) Noncontrolling interest in income (loss) of Operating Partnership 2 (34 ) Earnings allocable to unvested restricted stock 1,113 2,537 Depreciation and amortization expense of: Consolidated properties 190,505 256,310 Unconsolidated affiliates 17,408 20,813 Non-real estate assets (905 ) (1,050 ) Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries (2,442 ) (3,498 ) Loss on impairment, net of taxes — 186 Gain on depreciable property — (629 ) FFO allocable to Operating Partnership common unitholders 211,114 178,616 Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share (1) 61,788 176,055 Adjustment for unconsolidated affiliates with negative investment (2) (7,242 ) (37,645 ) Senior secured notes fair value adjustment (3) — (395 ) Litigation settlement (4) (2,310 ) (304 ) Non-cash default interest expense (5) 972 (28,953 ) Gain on deconsolidation (6) (47,879 ) (36,250 ) Loss on available-for-sale securities — 39 Reorganization items, net (7) — (298 ) Gain on extinguishment of debt (8) (3,270 ) (7,344 ) FFO allocable to Operating Partnership common unitholders, as adjusted $ 213,173 $ 243,521 (1) In conjunction with fresh start accounting upon emergence from bankruptcy, 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.
See Note 2 of the consolidated financial statements, included in Item 8 of this Annual Report on Form 10-K for a discussion of our significant accounting policies. Application of Fresh Start Accounting As described in Note 19 to the consolidated financial statements, we applied Financial Accounting Standards Board (“FASB”) ASC 852 in preparing the consolidated financial statements.
Application of Fresh Start Accounting As described in Note 19 to the consolidated financial statements, we applied Financial Accounting Standards Board (“FASB”) ASC 852 in preparing the consolidated financial statements.
The Bankruptcy Court authorized the Debtors to continue to operate their businesses and manage their properties as debtors-in-possession pursuant to the Bankruptcy Code. In connection with the Chapter 11 Cases, on August 11, 2021, the Bankruptcy Court entered an order, Docket No.1397 (Confirmation Order), confirming the Debtors’ Plan.
In connection with the Chapter 11 Cases, on August 11, 2021, the Bankruptcy Court entered an order, Docket No.1397 (Confirmation Order), confirming the Debtors’ Plan. On the Effective Date, the conditions to effectiveness of the Plan were satisfied and the Debtors emerged from the Chapter 11 Cases.
(2) The loan has three one-year extension options for a fully extended maturity date of May 2026. (3) Loan has a one-year extension option.
(2) Subsequent to December 31, 2023, the loan was paid off. (3) The loan has a two-year extension option for a fully extended maturity date of December 2026.
We also generate revenues from sales of peripheral land at our properties and from sales of real estate assets when it is determined that we can realize an optimal value for the assets. 56 Cash Flows - Operating, Investing and Financing Activities There was $141.9 million of cash, cash equivalents and restricted cash as of December 31, 2022, a decrease of $94.2 million from December 31, 2021.
We also generate revenues from sales of peripheral land at our properties and from sales of real estate assets when it is determined that we can realize an optimal value for the assets.
(3) In conjunction with fresh start accounting, the Company estimated the fair value of its mortgage notes and recognized debt discounts upon emergence from bankruptcy on November 1, 2021.
(3) Includes $67,386 that was reclassified from non-recourse loans on operating properties to conform to the current year presentation as a result of the Operating Partnership's guarantees of the related loans. (4) In conjunction with fresh start accounting, the Company estimated the fair value of its mortgage notes and recognized debt discounts upon emergence from bankruptcy on November 1, 2021.
(5) Represents a credit to litigation settlement expense in each Successor and Predecessor 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.
(3) Represents the fair value adjustment recorded on the secured notes as interest expense. (4) Represents a credit to litigation settlement expense related to claim amounts that were released pursuant to the terms of the settlement agreement related to the settlement of a class action lawsuit.
We intend to regain eligibility to use Form S-3 as soon as is practicable; however, we cannot provide any assurance that we will be able to regain eligibility. 60 Capital Expenditures The following table, which excludes expenditures for developments and expansions, summarizes capital expenditures, including our share of unconsolidated affiliates' capital expenditures, for the Successor year ended December 31, 2022, the Successor period from November 1, 2021 through December 31, 2021 and the Predecessor period from January 1, 2021 through October 31, 2021 (in thousands): Successor Predecessor Year Ended December 31, For the Period November 1, through December 31, For the Period January 1, through October 31, 2022 2021 2021 Tenant allowances $ 19,885 $ 1,013 $ 10,639 Deferred maintenance: Parking area and parking area lighting 5,528 198 1,038 Roof replacements 1,048 1,066 1,103 Other capital expenditures 10,839 1,955 4,636 Total deferred maintenance 17,415 3,219 6,777 Capitalized overhead 1,599 148 726 Capitalized interest 618 221 133 Total capital expenditures $ 39,517 $ 4,601 $ 18,275 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.
Capital Expenditures The following table, which excludes expenditures for developments and expansions, summarizes capital expenditures, including our share of unconsolidated affiliates' capital expenditures, for the years ended December 31, 2023 and 2022, (in thousands): Successor Year Ended December 31, 2023 2022 Tenant allowances $ 17,079 $ 19,885 Maintenance capital expenditures: Parking area and parking area lighting 5,331 5,528 Roof replacements 3,319 1,048 Other capital expenditures 16,246 10,839 Total maintenance capital expenditures 24,896 17,415 Capitalized overhead 1,797 1,599 Capitalized interest 453 618 Total capital expenditures $ 44,225 $ 39,517 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.
Pursuant to the Rights Plan, the board of directors authorized a dividend of one share purchase right (a “Right”) for each outstanding share of our common stock.
See Part II, Item 5 for additional information regarding our repurchases of common stock during 2023. On September 8, 2022, our board of directors adopted a short-term rights plan (the “Rights Plan”). Pursuant to the Rights Plan, the board of directors authorized a dividend of one share purchase right (a “Right”) for each outstanding share of our common stock.
Real Estate Assets In developing the fair value estimates for the portfolio of our retail properties, all three traditional approaches to valuation were considered including the income approach, the sales comparison (market) approach and the cost approach. These valuation approaches have long been recognized as acceptable in the appropriate circumstances and in valuations of this type.
Accordingly, we cannot assure you that the estimates, assumptions, valuations or financial projections will be realized, and actual results could vary materially. 59 Real Estate Assets In developing the fair value estimates for the portfolio of our retail properties, all three traditional approaches to valuation were considered including the income approach, the sales comparison (market) approach and the cost approach.
For the Predecessor period from January 1, 2021 through October 31, 2021, the Predecessor Company deconsolidated Asheville Mall and Park Plaza due to a loss of control when the properties were placed into receivership in connection with the foreclosure process.
These properties were deconsolidated due to a loss of control when they were placed into receivership in connection with the foreclosure process.
During 2022, we modified two loans which resulted in a lower interest rate for one loan and a reduced loan balance on the other loan. Also, we extended the maturity dates on seven loans, which had a combined outstanding balance of $503.8 million at our share as of December 31, 2022.
During the year ended December 31, 2023, we extended the maturity dates on five loans, which had a combined outstanding balance of $339.8 million at our share as of December 31, 2023.
Management’s Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the year ended December 31, 2021 for the financial information for the Predecessor year ended December 31, 2020. 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.
Management’s Discussion and Analysis of Financial Condition and Results of Operations in our annual report on Form 10-K for the year ended December 31, 2022 for a similar discussion and for the financial information for the Successor period from November 1, 2021 through December 31, 2021 and the Predecessor period from January 1, 2021 through October 31, 2021.
(4) In conjunction with fresh start accounting, the Company estimated the fair value of its 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 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, the Company estimated the fair value of its mortgage notes and recognized debt discounts upon emergence from bankruptcy on November 1, 2021.
Revenue Recognition and 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 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.
However, we did recognize $26.7 million of default interest expense during the Predecessor period from January 1, 2021 through October 31, 2021. For the year ended December 31, 2022, the Successor recorded a $7.3 million gain on extinguishment of debt related to the loan secured by The Outlet Shoppes at Gettysburg.
For the year ended December 31, 2023, we recorded a $3.3 million gain on extinguishment of debt related to a reduction in the outstanding principal of the loan secured by The Outlet Shoppes at Laredo.
(2) Includes malls, lifestyle centers, outlet centers, open-air centers and other. 53 N ew and renewal leasing activity of comparable in-line space of less than 10,000 square feet for the year ended December 31, 2022, based on commencement date inclusive of the impact of any rent concessions, are 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 2022: New 85 238,700 6.38 $ 36.34 $ 40.51 $ 36.43 $ (0.09 ) (0.2 )% $ 4.08 11.2 % Renewal 592 1,745,982 2.50 32.62 32.90 36.29 (3.67 ) (10.1 )% (3.39 ) (9.3 )% Commencement 2022 Total 677 1,984,682 2.98 33.06 33.82 36.30 (3.24 ) (8.9 )% (2.48 ) (6.8 )% Commencement 2023: New 9 25,416 7.45 52.86 56.29 44.65 8.21 18.4 % 11.64 26.1 % Renewal 195 600,285 2.64 35.26 35.55 34.29 0.97 2.8 % 1.26 3.7 % Commencement 2023 Total 204 625,701 2.85 35.98 36.39 34.71 1.27 3.7 % 1.68 4.8 % Total 2022/2023 881 2,610,383 2.95 $ 33.76 $ 34.44 $ 35.92 $ (2.16 ) (6.0 )% $ (1.48 ) (4.1 )% Liquidity and Ca pital Resources As of December 31, 2022, we had $337.1 million available in unrestricted cash and U.S.
N ew and renewal leasing activity of comparable in-line space of less than 10,000 square feet for the year ended December 31, 2023, based on commencement date inclusive of the impact of any rent concessions, are 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 2023: New 68 197,719 6.56 $ 39.21 $ 41.32 $ 32.74 $ 6.47 19.8 % $ 8.58 26.2 % Renewal 632 2,030,791 2.68 36.65 37.04 37.22 (0.57 ) (1.5 )% (0.18 ) (0.5 )% Commencement 2023 Total 700 2,228,510 3.06 36.88 37.42 36.82 0.06 0.2 % 0.60 1.6 % Commencement 2024: New 17 64,786 6.90 30.42 31.82 23.48 6.94 29.6 % 8.34 35.5 % Renewal 260 862,866 2.70 34.91 35.16 36.59 (1.68 ) (4.6 )% (1.43 ) (3.9 )% Commencement 2024 Total 277 927,652 2.96 34.60 34.92 35.67 (1.07 ) (3.0 )% (0.75 ) (2.1 )% Total 2023/2024 977 3,156,162 3.03 $ 36.21 $ 36.69 $ 36.49 $ (0.28 ) (0.8 )% $ 0.20 0.5 % Liquidity and Ca pital Resources As of December 31, 2023, we had $296.3 million available in unrestricted cash and U.S.
Same-center NOI of the Successor for the year ended December 31, 2022 was 1.0% higher primarily due to $13.2 million of higher revenues partially offset by $8.7 million of higher operating expenses.
Same-center NOI decreased 1.5% for the Successor year ended December 31, 2023 as compared to the prior-year period. The $6.9 million decrease for the year ended December 31, 2023 compared to the prior-year period primarily consisted of a $9.9 million decrease in revenues offset by a $3.0 million decrease in operating expenses.
On the Effective Date, the conditions to effectiveness of the Plan were satisfied and the Debtors emerged from the Chapter 11 Cases. The Company filed a notice of the Effective Date of the Plan with the Bankruptcy Court on November 1, 2021.
The Company filed a notice of the Effective Date of the Plan with the Bankruptcy Court on November 1, 2021. See Note 18 and Note 19 to our consolidated financial statements for more information.
Property operating expenses of the Successor for the year ended December 31, 2022 were higher primarily due to increases in utility rates across our properties and the impact of wage inflation on third party contracts and services. 51 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.
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, the Malls earn a large portion of their rents from short-term tenants during the holiday period.
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.
Either the Operating Partnership or one of its consolidated subsidiaries, that it has a direct or indirect ownership interest in, is the borrower on all our debt, substantially all of which is secured by real estate assets. 54 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.
Represents total cost to date incurred by the Predecessor and the Successor. 61 Properties under Development at December 31, 2022 (Dollars in thousands) CBL's Share of Property Location CBL Ownership Interest Total Project Square Feet Total Cost (1) Cost to Date (2) 2022 Cost Expected Opening Date Initial Unleveraged Yield Outparcel Development: Mayfaire Town Center - hotel development Wilmington, NC 49% 83,021 $ 15,435 $ - $ - Spring '24 11.0% Redevelopments: The Terrace - Nordstrom Rack (former Staples) Chattanooga, TN 92% 24,155 2,527 1,622 1,622 Spring '23 13.0% York Town Center - Burlington (former Bed Bath & Beyond) York, PA 50% 28,000 1,247 987 987 Spring '23 18.5% 52,155 3,774 2,609 2,609 Total Properties Under Development 135,176 $ 19,209 $ 2,609 $ 2,609 (1) Total Cost is presented net of reimbursements to be received.
(2) Cost to Date does not reflect reimbursements until they are received. 57 Properties under Development at December 31, 2023 (Dollars in thousands) CBL's Share of Property Location CBL Ownership Interest Total Project Square Feet Total Cost (1) Cost to Date (2) 2023 Cost Expected Opening Date Initial Unleveraged Yield Outparcel Development: Mayfaire Town Center - hotel development Wilmington, NC 49% 83,021 $ 15,435 $ 3,197 $ 2,025 Summer '25 11.0% Redevelopments: Hamilton Place - Crunch Fitness Chattanooga, TN 100% 36,640 2,648 1,855 1,837 Winter '24 23.3% Total Properties Under Development 119,661 $ 18,083 $ 5,052 $ 3,862 (1) Total Cost is presented net of reimbursements to be received.
Also, for the year ended December 31, 2022, general and administrative expenses of the Successor include incremental professional fees associated with loan modifications and extensions, and fees incurred to obtain credit ratings on our secured term loan in accordance with the term loan agreement.
General and administrative expenses decreased primarily due to professional fees associated with loan modifications and extensions, and fees incurred to obtain credit ratings on our secured term loan in the prior-year period. The decrease was partially offset by higher compensation and share-based compensation expenses as compared to the prior-year period.
The Company is in discussion with the lenders for the loans secured by Alamance Crossing East and WestGate Mall for foreclosure actions and is in discussion with the lender regarding restructuring or refinancing the loan secured by West County Center. 59 The weighted-average remaining term of our total share of consolidated and unconsolidated debt, excluding debt discounts and deferred financing costs, was 2.4 years and 3.3 years at December 31, 2022 and December 31, 2021, respectively.
The weighted-average remaining term of our total share of consolidated and unconsolidated debt, excluding debt discounts and deferred financing costs, was 2.4 years at both December 31, 2023 and December 31, 2022.
During 2022, we completed the sale of eleven real estate assets which generated $13.4 million in gross proceeds, at our share. 54 Our total share of consolidated and unconsolidated outstanding debt, excluding debt discounts and deferred financing costs, maturing during 2023, assuming all extension options are elected, is $215.4 million, and our total share of consolidated and unconsolidated outstanding debt, excluding debt discounts and deferred financing costs, that matured prior to 2023, which remains outstanding at December 31, 2022, is $151.4 million.
Our total share of consolidated, unconsolidated and other outstanding debt, excluding debt discounts and deferred financing costs, that matured prior to 2023, which remains outstanding at December 31, 2023, is $69.8 million, consisting of two property loans that are in receivership. Unconsolidated Affiliates We have ownership interests in 26 unconsolidated affiliates as of December 31, 2023.
The special dividend was paid on January 18, 2023, to stockholders of record as of the close of business on December 12, 2022. The special dividend was made to ensure that we met the minimum distribution requirement to maintain our status as a real estate investment trust.
Additionally, our board of directors declared a special dividend of $2.20 per share of common stock, which was paid in cash on January 18, 2023, to stockholders of record as of the close of business on December 12, 2022.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeInterest Rate Risk Based on our proportionate share of consolidated and unconsolidated variable-rate debt at December 31, 2022, a 0.5% increase or decrease in interest rates on variable rate debt would increase or decrease annual cash flows by approximately $5.6 million.
Biggest changeCaution 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 December 31, 2023, a 0.5% increase or decrease in interest rates on variable-rate debt would increase or decrease annual interest expense by approximately $5.4 million.
Based on our proportionate share of total consolidated and unconsolidated debt at December 31, 2022, a 0.5% increase in interest rates would decrease the fair value of debt by approximately $14.8 million, while a 0.5% decrease in interest rates would increase the fair value of debt by approximately $9.6 million.
Based on our proportionate share of total consolidated and unconsolidated debt at December 31, 2023, a 0.5% increase in interest rates would decrease the fair value of debt by approximately $12.6 million, while a 0.5% decrease in interest rates would increase the fair value of debt by approximately $13.0 million.
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Caution should be used in evaluating our overall market risk from the information presented below, as actual results may differ.

Other CBL 10-K year-over-year comparisons