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What changed in CBL & ASSOCIATES PROPERTIES INC's 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of CBL & ASSOCIATES PROPERTIES INC's 2024 and 2025 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 2025 report.

+322 added−329 removedSource: 10-K (2026-03-03) vs 10-K (2025-03-03)

Top changes in CBL & ASSOCIATES PROPERTIES INC's 2025 10-K

322 paragraphs added · 329 removed · 253 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

25 edited+8 added−6 removed34 unchanged
Biggest change(7) 19 542,607 0.98 % 16 Barnes & Noble Inc. 18 473,816 0.85 % 17 Shoe Show, Inc. 28 357,714 0.84 % 18 Abercrombie & Fitch, Co. 27 184,814 0.82 % 19 Claire's Stores, Inc. 64 82,679 0.80 % 20 H & M Hennes & Mauritz AB 37 780,855 0.80 % 21 Spencer Spirit Holdings, Inc. 46 108,379 0.79 % 22 Ulta Salon, Cosmetics & Fragrance, Inc. 23 237,961 0.76 % 23 Focus Brands LLC (8) 64 46,362 0.73 % 24 Darden Restaurants, Inc. 35 240,371 0.69 % 25 Chick-fil-A, Inc. 25 52,930 0.65 % 1,209 8,556,487 33.28 % (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.
Biggest change(8) 18 518,467 0.88 % 21 Spencer Spirit Holdings, Inc. 44 103,126 0.85 % 22 Shoe Show, Inc. 26 333,408 0.76 % 23 Ulta Salon, Cosmetics & Fragrance, Inc. 22 226,665 0.75 % 24 GoTo Foods (9) 60 41,240 0.74 % 25 Darden Restaurants, Inc. 32 218,701 0.63 % 1,253 11,453,890 34.15 % (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.
See Developments and Redevelopments in Item 7 of this Annual Report for information on the projects completed during 2024 and under construction at December 31, 2024. 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 Developments and Redevelopments in Item 7 of this Annual Report for information on the projects completed during 2025 and under construction at December 31, 2025. 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 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 2024 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 2025 completed an employee engagement assessment.
In total, through volunteer hours, corporate donations, matching gifts, CBL Cares grants, and our annual United Way workplace campaign we provided support valued at nearly $170,000 to organizations across our portfolio that work to meet the needs of our communities.
In total, through volunteer hours, corporate donations, matching gifts, CBL Cares grants, and our annual United Way workplace campaign we provided support valued at nearly $177,000 to organizations across our portfolio that work to meet the needs of our communities.
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. More information on this program and others, including 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.
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. More information on this program and others, including social responsibility and community involvement initiatives, is available in the Human Capital section below and on dedicated web pages at cblproperties.com/corporate-responsibility/overview.
CBL Holdings I, Inc. is the sole general partner of the Operating Partnership. At December 31, 2024, CBL Holdings I, Inc. owned a 1.0% general partner interest and CBL Holdings II, Inc. owned a 98.98% limited partner interest in the Operating Partnership, for a combined interest held by us of 99.98%.
CBL Holdings I, Inc. is the sole general partner of the Operating Partnership. At December 31, 2025, CBL Holdings I, Inc. owned a 1.0% general partner interest and CBL Holdings II, Inc. owned a 98.98% limited partner interest in the Operating Partnership, for a combined interest held by us of 99.98%.
The survey netted a 75% response rate and secured CBL Great Place to Work Certification™, with 93% of employees saying it is a great place to work. 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 93% of employees saying it is a great place to work. CBL does not have any employees other than its statutory officers.
As of December 31, 2024, third parties owned a 0.02% limited partner interest in the Operating Partnership. See Note 1 to the consolidated financial statements for information on our properties as of December 31, 2024.
As of December 31, 2025, third parties owned a 0.02% limited partner interest in the Operating Partnership. See Note 1 to the consolidated financial statements for information on our properties as of December 31, 2025.
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. ▪ 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, 2024: Market Percentage of Total Revenues (1) Chattanooga, TN 6.8 % St.
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. ▪ 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 the percentage of our share of total revenues attributable to each such market, were as follows for the year ended December 31, 2025: Market Percentage of Total Revenues (1) Chattanooga, TN 6.7 % St.
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.
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 Corporate Responsibility/Green Building Practices CBL’s Corporate Responsibility ("CR") efforts are led by the CR Steering Committee, a dedicated leadership committee that focuses on 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 Company’s Business We are a self-managed, self-administered, fully integrated real estate investment trust ("REIT"). We own, develop, acquire, lease, manage, and operate regional shopping malls, outlet centers, lifestyle centers, open-air centers and other properties. At December 31, 2024, our properties are located in 21 states, but are primarily in the southeastern and midwestern United States.
The Company’s Business We are a self-managed, self-administered, fully integrated real estate investment trust ("REIT"). We own, develop, acquire, lease, manage, and operate regional shopping malls, outlet centers, lifestyle centers, open-air centers and other properties. At December 31, 2025, our properties are located in 22 states, but are primarily in the southeastern and midwestern United States.
The members that make up this committee represent various departments within CBL, such as Management, Investor Relations, People & Culture, Corporate & 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.
The members that make up this committee represent various departments within CBL, such as Management, Investor Relations, People & Culture, Legal, Technology Solutions, Corporate & Public Relations and Operations Services with day-to-day efforts for sustainability led by our Vice President - Sustainability. The Nominating/Corporate Governance Committee of CBL's board of directors is responsible for oversight of the Company’s CR efforts.
We had 30,711,227 shares of common stock issued and outstanding as of December 31, 2024. 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, 2024.
We had 30,322,052 shares of common stock issued and outstanding as of December 31, 2025, excluding 34 treasury shares. 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, 2025.
Louis, MO 4.4 % Lexington, KY 4.3 % Laredo, TX 4.0 % Fayetteville, NC 3.6 % (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.
Louis, MO 6.5 % Nashville, TN 5.0 % Lexington, KY 4.3 % Kansas City, KS 4.2 % (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.
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 2025 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.
CBL Cares partners with and supports local charitable organizations that contribute to the growth and development of the communities we serve. In 2024, we increased the number of hours CBL team members volunteered through our CBL Cares volunteer program, with team members volunteering over 1,100 hours with non-profit organizations.
CBL Cares partners with and supports local charitable organizations that contribute to the growth and development of the communities we serve. In 2025, our team volunteered 1,109 hours with non-profit organizations across our portfolio through our CBL Cares program.
In 2024, we added matching gifts to our CBL Cares program, which allows employees to submit their individual charitable contributions for a 1:1 company match up to $100 per donation.
We also continued matching gifts, which allows employees to submit their individual charitable contributions for a 1:1 company match up to $100 per donation.
Top 25 Tenants Our top 25 tenants based on percentage of total revenues were as follows for the year ended December 31, 2024: Tenant Number of Stores Square Feet Percentage of Total Revenues (1) 1 Signet Group, PLC (2) 107 163,523 2.72 % 2 Victoria's Secret & Co. 46 381,193 2.60 % 3 Dick's Sporting Goods, Inc.
Top 25 Tenants Our top 25 tenants based on percentage of total revenues were as follows for the year ended December 31, 2025: Tenant Number of Stores Square Feet Percentage of Total Revenues (1) 1 Victoria's Secret & Co. 46 379,689 2.67 % 2 Signet Group, PLC (2) 107 156,889 2.60 % 3 American Eagle Outfitters, Inc. 59 361,167 2.45 % 4 Pentland Group (3) 62 362,211 2.25 % 5 Dick's Sporting Goods, Inc.
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; inclusion and belonging; and more. We also mandate annual cybersecurity training and ethics training for all full-time employees.
Programs cover a variety of topics such as career development and skills training; health, well-being, and safety; inclusion and belonging; and more. We also mandate cybersecurity training and ethics training for all full-time employees. In 2025, CBL team members completed 3,571 hours of training.
Includes a former Sears lease acquired by Dick's Sporting Goods, Inc. for future redevelopment. (4) Pentland Group operates Hibbett Sports, JD Sports and Finish Line. (5) Genesco Inc. operates Journey's, Underground by Journey's, Shi by Journey's, Johnston & Murphy, Hat Shack, Lids, Hat Zone and Clubhouse. (6) Luxottica Group S.P.A. operates Lenscrafters, Pearle Vision and Sunglass Hut.
(4) Dick's Sporting Goods, Inc. operates Dick's Sporting Goods, Golf Galaxy and Field & Stream. Includes a former Sears lease acquired by Dick's Sporting Goods, Inc. for future redevelopment. (5) Genesco Inc. operates Journey's, Underground by Journey's, Shi by Journey's, Johnston & Murphy, Hat Shack, Lids, Hat Zone and Clubhouse.
(2) Signet Group, PLC. operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers, Ultra Diamonds, Rogers Jewelers, Zales, Peoples, Banter by Piercing Pagoda and Piercing Pagoda. (3) Dick's Sporting Goods, Inc. operates Dick's Sporting Goods, Golf Galaxy and Field & Stream.
(2) Signet Group, PLC. operates Kay Jewelers, Marks & Morgan, JB Robinson, Shaw's Jewelers, Osterman's Jewelers, LeRoy's Jewelers, Jared Jewelers, Belden Jewelers, Ultra Diamonds, Rogers Jewelers, Zales, Peoples, Banter by Piercing Pagoda and Piercing Pagoda. (3) Pentland Group is formerly known as Finish Line, Inc. and operates Finish Line, City Gear, Hibbett Sports, JD Sports and Shoe Palace.
As of December 31, 2024, our Management Company had 390 full-time and 87 part-time employees that represented the following voluntarily provided demographics: ▪ 16% racially diverse and 54% female. ▪ We are proud that 3% of our workforce served in the military. 5 ▪ Within the team, 3% self-identify as disabled. ▪ Generationally, the population is represented across the Gen X (243), Gen Y (136), and Baby Boomer (76) array with an emerging Gen Z (21) and a contribution by Traditionalists (1).
As of December 31, 2025, our Management Company had 408 full-time and 92 part-time employees that represented the following voluntarily provided demographics: • 21% racially diverse and 53% female. • We are proud that 4% of our workforce served in the military. • Within the team, 3% self-identify as disabled. 5 • Our workforce spans multiple generations, including Gen X (247), Gen Y (147), and Baby Boomers (69), with a growing Gen Z presence (36) and representation from Traditionalists (1).
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 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.
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. Annually, we conduct a compensation analysis to ensure any pay gaps are reviewed and addressed.
(7) The TJX Companies, Inc. operates T.J. Maxx, Marshalls, HomeGoods and Sierra Trading Post. (8) Focus Brands operates certain Auntie Anne’s, Cinnabon, Moe’s Southwest Grill and Planet Smoothie locations. 3 Operating Strategy We operate a diverse portfolio of dynamic properties including enclosed regional malls, outlet centers, lifestyle centers and open-air centers.
(9) GoTo Foods operates Cinnabon, Auntie Anne's, Moe's Southwest Grill, McAlister's Deli and Jamba. 3 Operating Strategy We operate a diverse portfolio of dynamic properties including enclosed regional malls, outlet centers, lifestyle centers and open-air centers. Our assets are located in strong mid-tier markets with a focus in the growing southeast and midwest.
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.
Management considers its employee relations to be positive and believes that maintaining open communication and responsiveness to employee feedback contributes to a productive and stable work environment 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.
Removed
(3) 25 1,615,698 2.36 % 4 Pentland Group (4) 59 346,804 2.22 % 5 American Eagle Outfitters, Inc. 59 356,602 2.20 % 6 Foot Locker, Inc. 62 308,548 2.08 % 7 Bath & Body Works, Inc. 56 232,923 1.81 % 8 Genesco Inc.
Added
(4) 22 1,432,702 2.16 % 6 Foot Locker, Inc. 59 295,067 2.08 % 7 Bath & Body Works, Inc. 54 230,521 1.82 % 8 Genesco Inc. (5) 70 139,832 1.50 % 9 Knitwell Group 80 356,897 1.46 % 10 Catalyst Brands 72 3,302,484 1.29 % 11 The Buckle, Inc. 35 183,384 1.24 % 12 Luxottica Group S.P.A.
Removed
(5) 71 142,736 1.50 % 9 Knitwell Group 87 389,176 1.36 % 10 The Gap, Inc. 42 508,261 1.22 % 11 Luxottica Group S.P.A. (6) 74 168,185 1.22 % 12 Cinemark Corp. 8 430,944 1.18 % 13 The Buckle, Inc. 31 162,079 1.11 % 14 Hot Topic, Inc. 96 241,327 0.99 % 15 The TJX Companies, Inc.
Added
(6) 70 150,562 1.17 % 13 The Gap Inc. 40 479,672 1.16 % 14 Sycamore Partners 94 321,416 1.04 % 15 Ames Watson, LLC (7) 94 120,105 0.98 % 16 Abercrombie & Fitch, Co. 28 190,727 0.97 % 17 Barnes & Noble, Inc. 18 473,262 0.94 % 18 Cinemark Corp. 7 354,786 0.88 % 19 H & M Hennes & Mauritz AB 34 720,910 0.88 % 20 The TJX Companies, Inc.
Removed
Our assets are located in strong mid-tier markets with a focus in the growing southeast and midwest. Approximately 30% of our 2024 same-center net operating income ("NOI") was generated by non-enclosed mall assets.
Added
(6) Luxottica Group S.P.A. operates Lenscrafters, Pearle Vision and Sunglass Hut. (7) Ames Watson, LLC operates Lid's, Lid's Locker Room and Claire's. (8) The TJX Companies, Inc. operates T.J. Maxx, Marshalls, HomeGoods and Sierra Trading Post.
Removed
CBL benefits from low voluntary turnover, which decreased to 6% for 2024. 85% of employees who left voluntarily completed our exit interview process with 91% 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
CBL continues to benefit from low voluntary employee turnover, which was approximately 7% in 2025 (6% in 2024), reflecting the stability, engagement, and continuity of its workforce. While CBL supports employees’ freedom of association, it maintains direct relationships with its employees, and none of its workforce is currently represented by a labor union.
Removed
In 2024, CBL team members completed 4,627 hours of training. We continued our outreach efforts in recruiting through several partnerships including: ▪ Partnering with Transition Overwatch, which targets Veterans. ▪ Participating in Chattanooga-based STEP-UP internship program to offer two internship roles to area high school students.
Added
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.
Removed
In 2024, CBL Community continued its Fireside Chat program, which allows team members to learn about various topics from their peers as well as subject matter experts. A strong focus in 2024 was on the mental well-being of our workforce.
Added
In 2025, CBL launched the CBL Employee Learning Reimbursement Program which helps support a culture of continuous learning by reimbursing employees for personal and professional development opportunities. Employees can seek reimbursement for courses, certifications, books and other learning resources. We also continued our outreach efforts in recruiting through partnership with Transition Overwatch, which targets Veterans.
Added
In 2025, CBL Community advanced its focus on employee development and inclusion through ongoing initiatives such as the employee book club and a robust calendar of educational programs. Highlights included a special Veteran’s Day presentation by a noted author, along with new sessions designed to broaden perspectives and foster a more connected and informed team.
Added
The SEC also maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov. 6

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

69 edited+16 added−11 removed236 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. ➣ 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 increasingly complex and shifting landscape related to reporting ESG factors and metrics 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. • 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 cyberattacks, cyberintrusions or other disruptions of our information technology networks could disrupt our operations, compromise confidential information and adversely impact our financial condition. • Use of social media may adversely impact our reputation and business. • 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 future pandemic or a similar threat, and governmental responses thereto, could materially and adversely impact or disrupt our financial condition, results of operations, cash flows and 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 use artificial intelligence ("AI") in our business and its use involves technological and legal risk. • We face possible risks associated with climate change, which may increase our future expenses. • An increasingly complex and shifting landscape related to reporting sustainability factors and metrics 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. • 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 cyberattacks, cyberintrusions or other disruptions of our information technology networks - including any loss of access to cloud computing services or other critical vendors - could disrupt our operations, compromise confidential information and adversely impact our financial condition, and the cost of preventative measures - which may not be effective in all cases - continues to increase. • Use of social media may adversely impact our reputation and business. • 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 future pandemic or a similar threat, and governmental responses thereto, could materially and adversely impact or disrupt our financial condition, results of operations, cash flows and performance. 7 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.
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, border security, tariffs, 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; 8 • 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 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.
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, border security, tariffs, 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 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.
Both of these factors could impair our ability to obtain additional financing. 7 • 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.
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.
Also, our cash flows from operations may be insufficient to fund required distributions as a result of differences in timing between the actual receipt of income and the payment of expenses and the recognition of income and expenses for federal income tax purposes, or the effect of nondeductible expenditures, such as capital expenditures, payments of compensation for which Section 162(m) of the Internal Revenue Code denies a deduction, interest expense deductions limited by Section 163(j) of the Internal Revenue Code, the creation of reserves or required debt service or amortization payments.
Also, our cash flows from operations may be insufficient to fund required distributions as a result of differences in timing between the actual receipt of income and the payment of expenses and the recognition of income and expenses for federal income tax purposes, or the effect of nondeductible expenditures, such as capital expenditures, payments of compensation for which 24 Section 162(m) of the Internal Revenue Code denies a deduction, interest expense deductions limited by Section 163(j) of the Internal Revenue Code, the creation of reserves or required debt service or amortization payments.
Under section 382 and section 383 of the Internal Revenue Code, absent an applicable exception, if a corporation undergoes an “ownership change”, certain future tax deductions (through “recognized built-in losses” arising when a company has a “net unrealized built-in loss” (NUBIL) if they are recognized within five years of the “ownership change”), net operating loss carryforwards and other tax attributes that may be utilized to offset future taxable income generally are subject to an annual limitation.
Under section 382 and section 383 of the Internal Revenue Code, absent an applicable exception, if a corporation undergoes an “ownership change”, certain future tax deductions (through “recognized built-in losses” arising when a 25 company has a “net unrealized built-in loss” (NUBIL) if they are recognized within five years of the “ownership change”), net operating loss carryforwards and other tax attributes that may be utilized to offset future taxable income generally are subject to an annual limitation.
This provision makes it more difficult to change the composition of our board of directors and may have the effect of encouraging persons considering unsolicited tender offers or other unilateral takeover proposals to negotiate with our board of directors rather than pursue non-negotiated takeover attempts. 25 • Advance Notice Requirements for Stockholder Proposals – Our Bylaws establish advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election as directors or new business to be brought before meetings of our stockholders.
This provision makes it more difficult to change the composition of our board of directors and may have the effect of encouraging persons considering unsolicited tender offers or other unilateral takeover proposals to negotiate with our board of directors rather than pursue non-negotiated takeover attempts. • Advance Notice Requirements for Stockholder Proposals – Our Bylaws establish advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election as directors or new business to be brought before meetings of our stockholders.
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 15 information, disruption to our operations and damage to our reputation, any or all of which could adversely affect our business.
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.
In December 2019, Congress further extended TRIPRA through December 31, 2027. If TRIPRA is not continued beyond 2027 or is significantly modified, we may incur higher insurance costs and experience greater difficulty in obtaining insurance that covers terrorist-related damages. Our tenants may also have similar difficulties. 17 Our historical financial information may not be indicative of our future financial performance.
In December 2019, Congress further extended TRIPRA through December 31, 2027. If TRIPRA is not continued beyond 2027 or is significantly modified, we may incur higher insurance costs and experience greater difficulty in obtaining insurance that covers terrorist-related damages. Our tenants may also have similar difficulties. Our historical financial information may not be indicative of our future financial performance.
Additionally, the potential physical impacts of climate change on our operations are highly uncertain, and would be particular to the geographic circumstances in areas in which we operate. 11 These may include changes to global weather patterns, which could include local changes in rainfall and storm patterns and intensities, water shortages, changing sea levels and changing temperature averages or extremes.
Additionally, the potential physical impacts of climate change on our operations are highly uncertain, and would be particular to the geographic circumstances in areas in which we operate. These may include changes to global weather patterns, which could include local changes in rainfall and storm patterns and intensities, water shortages, changing sea levels and changing temperature averages or extremes.
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.
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. 14 We are in a competitive business. There are numerous shopping facilities that compete with our properties in attracting retailers to lease space.
To the extent that we incur substantial additional indebtedness in the future, the risks associated with our substantial leverage described above, including our inability to meet our debt service obligations, would be exacerbated. 20 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.
To the extent that we incur substantial additional indebtedness in the future, the risks associated with our substantial leverage described above, including our inability to meet our debt service obligations, would be exacerbated. 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.
Instead, such issuance or transfer with respect to that number of shares that would be owned by the transferee in excess of the ownership limit provision would be deemed void ab initio and those shares would automatically 23 be transferred to a trust with the Company or its designated successor serving as trustee, for the exclusive benefit of a charitable beneficiary to be designated by us.
Instead, such issuance or transfer with respect to that number of shares that would be owned by the transferee in excess of the ownership limit provision would be deemed void ab initio and those shares would automatically be transferred to a trust with the Company or its designated successor serving as trustee, for the exclusive benefit of a charitable beneficiary to be designated by us.
Clauses in leases with certain tenants in our properties may include inducements, such as reduced rent and tenant allowance payments or other clauses such as co-tenancy or sales-based kick-out provisions, which can reduce our rents and Funds From Operations (“FFO”), and adversely impact our financial condition and results of operation and the value of our properties.
Clauses in leases with certain tenants in our properties may include inducements, such as reduced rent and tenant allowance payments or other clauses such as co-tenancy or sales-based kick-out provisions, which can reduce our rents and Funds From Operations (“FFO”), and adversely impact our financial condition and results of operations and the value of our properties.
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.
Losing any one or more of these persons could have a material adverse effect on our results of operations, financial condition and cash flows. 17 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.
Energy costs, repairs, maintenance and capital improvements to common areas of our properties, janitorial services, administrative, property and liability insurance costs and security costs are typically allocable to our properties’ tenants. Our lease agreements typically provide that the tenant is responsible for a portion of the CAM and other operating expenses.
Energy costs, repairs, maintenance and capital improvements to common areas of our properties, janitorial services, administrative, property and liability insurance costs and security costs are typically allocable to our properties’ tenants. Our lease agreements typically provide that the tenant is responsible for a portion of the common area maintenance ("CAM") and other operating expenses.
A decrease in retail demand could make it difficult for us to renew or re-lease our properties at lease rates equal to or above historical rates and, to the extent our tenants are affected, could adversely affect their ability to continue to meet obligations under their existing leases.
A decrease in retail demand could make it difficult for us to renew or re-lease our properties at lease rates equal to or above historical rates and, to the extent our tenants are affected, could adversely affect their ability to continue to meet obligations 13 under their existing leases.
Even the most well protected information, networks, systems and facilities remain potentially vulnerable because the techniques used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are designed not to be detected and, in fact, may not be detected.
Even the most well protected information, networks, systems and facilities remain 16 potentially vulnerable because the techniques used in such attempted security breaches evolve and generally are not recognized until launched against a target, and in some cases are designed not to be detected and, in fact, may not be detected.
In addition, our ability to raise additional capital could be limited to refinancing existing secured mortgages before their maturity date which may result in yield maintenance or other prepayment penalties to the extent that the mortgage is not open for prepayment at par.
In addition, our ability to raise additional capital could be 20 limited to refinancing existing secured mortgages before their maturity date which may result in yield maintenance or other prepayment penalties to the extent that the mortgage is not open for prepayment at par.
In addition, the Anchor’s closing may, and in some instances has, lead to reduced customer traffic and lower mall tenant sales. As a result, we may, and in some instances have, also experience difficulty or delay in leasing spaces in 13 areas adjacent to the vacant Anchor space.
In addition, the Anchor’s closing may, and in some instances has, lead to reduced customer traffic and lower mall tenant sales. As a result, we may, and in some instances have, also experience difficulty or delay in leasing spaces in areas adjacent to the vacant Anchor space.
Additionally, the terms of our secured term loan provide a waterfall calculation for distributions of excess cash flow generated by the properties secured as collateral on the term loan. The waterfall calculation generally provides that the excess cash flow be used for additional payments of principal on the secured term loan before distributions may be made for other purposes.
Additionally, the terms of our secured term loan provide a waterfall calculation for distributions of excess cash flow generated by the properties secured as collateral on the term loan. The waterfall calculation generally provides that the excess cash flow be used for additional payments of principal on the secured term loan before distributions may be made 22 for other purposes.
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.
This could affect our tenants’ ability to pay rent and, to the extent their leases provide for 10 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.
Nevertheless, it is possible that the environmental assessments available to us do not reveal all potential environmental liabilities. It is also possible that subsequent investigations will identify material adverse environmental conditions that have arisen subsequent 12 to the performance of the environmental assessments, or that there are material environmental liabilities of which management is unaware.
Nevertheless, it is possible that the environmental assessments available to us do not reveal all potential environmental liabilities. It is also possible that subsequent investigations will identify material adverse environmental conditions that have arisen subsequent to the performance of the environmental assessments, or that there are material environmental liabilities of which management is unaware.
Any dividends payable will be determined by our board of directors based upon the circumstances at the time of declaration. Any change 21 in our future dividend policy could have a material adverse effect on the market price of our future outstanding common stock.
Any dividends payable will be determined by our board of directors based upon the circumstances at the time of declaration. Any change in our future dividend policy could have a material adverse effect on the market price of our future outstanding common stock.
In the event that 14 such undiscounted future cash flows do not exceed the carrying value, we adjust the carrying value of the long-lived asset to its estimated fair value and recognize an impairment loss.
In the event that such undiscounted future cash flows do not exceed the carrying value, we adjust the carrying value of the long-lived asset to its estimated fair value and recognize an impairment loss.
While we have properties located in five states across the southwestern, northeastern and western regions, we will continue to look for opportunities to geographically diversify our portfolio in order to minimize dependency on any particular region; however, the expansion of the portfolio through both acquisitions and developments is contingent on many factors including consumer demand, competition and economic conditions.
While we have properties located in six states across the southwestern, northeastern and western regions, we will continue to look for opportunities to geographically diversify our portfolio in order to minimize dependency on any particular region; however, the expansion of the portfolio through both acquisitions and developments is contingent on many factors including consumer demand, competition and economic conditions.
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.
As they evaluate investment decisions, many investors look not only at company disclosures but also to sustainability rating systems that have been developed by third parties to allow such comparisons among companies. Although we participate in a number of these ratings systems, we do not participate in all such systems.
Any of these events could harm our business, results of operations and financial condition. 16 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.
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 operations. We may from time to time be a defendant in lawsuits and regulatory proceedings relating to our business.
If the IRS were successful in treating the Operating Partnership or any such other subsidiary as an entity taxable as a corporation for federal income tax purposes, we would fail to meet the gross income tests and certain of the asset tests applicable to REITs and, accordingly, we would likely cease to qualify as a REIT.
If the IRS were successful in treating the Operating Partnership or any such other subsidiary as an entity taxable as a corporation for federal income tax purposes, we could fail to meet (and if the Operating Partnership were subject to such treatment, would fail to meet) the gross income tests and certain of the asset tests applicable to REITs and, accordingly, we would likely cease to qualify as a REIT.
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. 18 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.
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.
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.
Failure to participate in certain of the third-party ratings systems, failure to score well in those ratings systems or failure to provide certain types of sustainability 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.
Of those interests, 2 malls, 3 outlet centers, 3 open-air centers, a hotel and a hotel development are all owned by unconsolidated joint ventures and are managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services.
Of those interests, 2 malls, 3 outlet centers, 2 open-air centers and 2 hotels are all owned by unconsolidated joint ventures and are managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services.
As of December 31, 2024, we have recorded in our consolidated financial statements a liability of $2.2 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, 2025, we have recorded in our consolidated financial statements a liability of $2.1 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.
All incidents experienced to date have been minor in scope and impact, were resolved quickly, had no material impact on the Company’s reputation, financial performance, customer or vendor relationships, and posed no material risk of potential litigation or regulatory investigations or actions.
All incidents experienced to date have been minor in scope and impact, were resolved quickly, had no material impact on the Company’s reputation, financial performance, customer or vendor relationships, and management believes they have posed no material risk of potential litigation or regulatory investigations or actions.
These impacts may adversely affect our properties, our business, financial condition and results of operations. An increasingly complex and shifting landscape related to reporting ESG factors and metrics 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.
These impacts may adversely affect our properties, our business, financial condition and results of operations. An increasingly complex and shifting landscape related to reporting sustainability factors and metrics may impose additional costs and expose us to new risks. Certain investors and other stakeholders have become more focused on understanding how companies address a variety of sustainability factors in their businesses.
Our properties located in the midwestern United States accounted for approximately 21.8% of our total pro-rata share of revenues from all properties for the year ended December 31, 2024 and currently include 15 malls and 2 open-air centers. Further, our properties located in our five largest metropolitan area markets – Chattanooga, TN; St.
Our properties located in the midwestern United States accounted for approximately 24.7% of our total pro-rata share of revenues from all properties for the year ended December 31, 2025 and currently include 15 malls and 2 open-air centers. Further, our properties located in our five largest metropolitan area markets – Chattanooga, TN; St.
Further, numerous other factors, such as governmental regulatory action and tax laws, could have a significant impact on the future market price of our stock. 19 As of December 31, 2024, our total share of consolidated and unconsolidated variable-rate debt, excluding debt discounts and deferred financing costs, was $943.7 million.
Further, numerous other factors, such as governmental regulatory action and tax laws, could have a significant impact on the future market price of our stock. As of December 31, 2025, our total share of consolidated and unconsolidated variable-rate debt, excluding debt discounts and deferred financing costs, was $751.4 million.
If the rental rates decrease, if our existing tenants do not renew their leases, reject our leases in bankruptcy, 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.
If the rental rates decrease, if our existing tenants do not renew their leases, reject our leases in bankruptcy, 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.
Although, we successfully obtained debt for refinancings and retirement of our maturing debt, acquisitions and the construction of new developments and redevelopments in the past, we cannot make any assurances as to whether we will be able to obtain debt in the future, or that the financing options available to us will be on favorable or acceptable terms.
Although, we successfully obtained debt for refinancings and retirement of our maturing debt, acquisitions and the construction of new developments and redevelopments in the past, we cannot make any assurances as to whether we will be able to obtain debt in the future, or that the financing options available to us will be on favorable or acceptable terms. 19 Our indebtedness is substantial and could impair our ability to obtain additional financing.
In addition, we must comply with various tests to continue to qualify as a REIT 22 for federal income tax purposes, and our income from and investments in our taxable REIT subsidiaries generally do not constitute permissible income and investments for these tests.
Despite our qualification as a REIT, our taxable REIT subsidiaries must pay income tax on their taxable income. In addition, we must comply with various tests to continue to qualify as a REIT for federal income tax purposes, and our income from and investments in our taxable REIT subsidiaries generally do not constitute permissible income and investments for these tests.
If in any taxable year we were to fail to qualify as a REIT, we would not be allowed a deduction for distributions to stockholders in computing our taxable income and we would be subject to federal income tax on our taxable income at regular corporate rates.
Any such change could have a retroactive effect. 23 If in any taxable year we were to fail to qualify as a REIT, we would not be allowed a deduction for distributions to stockholders in computing our taxable income and we would be subject to federal income tax on our taxable income at regular corporate rates.
In addition, no assurance can be given that legislation, new regulations, administrative interpretations or court decisions will not significantly change the tax laws with respect to qualification or its corresponding federal income tax consequences. Any such change could have a retroactive effect.
In addition, no assurance can be given that legislation, new regulations, administrative interpretations or court decisions will not significantly change the tax laws with respect to qualification or its corresponding federal income tax consequences.
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.
We supplement our participation in ratings systems with published disclosures of our sustainability initiatives and activities, but some investors may desire other disclosures that we 12 do not provide.
Inflation might also inhibit our ability to obtain new financing or refinancing. 10 Increased operating 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 from our tenants, which could adversely affect our financial position, results of operations and funds available for future distributions.
Increased operating 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 from our tenants, which could adversely affect our financial position, results of operations and funds available for future distributions.
Our properties located in the southeastern United States accounted for approximately 50.3% of our total pro-rata share of revenues from all properties for the year ended December 31, 2024 and currently include 18 malls, 4 lifestyle centers, 2 outlet centers, 18 open-air centers, 3 office buildings, a hotel and a hotel development.
Our properties located in the southeastern United States accounted for approximately 51.4% of our total pro-rata share of revenues from all properties for the year ended December 31, 2025 and currently include 20 malls, 3 lifestyle centers, 2 outlet centers, 17 open-air centers, 2 office buildings and 2 hotels.
Any future public health emergency could result in governments and other authorities instituting measures intended to control its spread, including restrictions on freedom of movement, group gatherings and business operations such as travel bans, border closings, business closures, quarantines, stay-at-home orders, shelter-in-place orders, density limitations and social distancing measures, or imposing more restrictive measures, in response to our tenants’ and consumers’ perception of the related risks.
Any future public health emergency could result in governments and other authorities instituting measures intended to control its spread, including restrictions on freedom of movement, group gatherings and business operations such as travel bans, border closings, business closures, quarantines, stay-at-home orders, shelter-in-place orders, density limitations and social distancing measures, or imposing more restrictive measures, in response to our tenants’ and consumers’ perception of the related risks. 18 Demand for retail space and the profitability of our properties depends, in part, on the ability and willingness of tenants to enter into and perform obligations under leases.
We own partial interests in 4 malls, 5 outlet centers, 1 lifestyle center, 12 open-air centers, 2 office buildings, a hotel and a hotel development.
We own partial interests in 4 malls, 5 outlet centers, 1 lifestyle center, 11 open-air centers, 2 office buildings and 2 hotels.
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.
Therefore, the future cash flows estimated in our impairment analyses may not be achieved. 15 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.
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.
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.
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). International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact our business.
In general, had we continued to be subject to Section 203 as we were prior to emerging from bankruptcy, Section 203 would prevent an “interested stockholder” (defined generally as a person owning 15% or more of a company’s outstanding voting stock) from engaging in a “business combination” (as defined in Section 203) with us for three years following the date that person becomes an interested stockholder (subject to certain exceptions specified in Section 203).
In general, had we continued to be subject to Section 203 as we were prior to emerging from bankruptcy, Section 203 would prevent an “interested stockholder” (defined generally as a person owning 15% or more of a company’s outstanding voting stock) from engaging in a “business combination” (as defined in Section 203) with us for three years following the date that person becomes an interested stockholder (subject to certain exceptions specified in Section 203). 26 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.
At December 31, 2024, our total share of consolidated and unconsolidated debt, excluding debt discounts and deferred financing costs, maturing in 2025, 2026 and 2027 giving effect to all maturity extensions, is approximately $132.2 million, $727.3 million and $729.9 million, respectively.
At December 31, 2025, our total share of consolidated and unconsolidated debt, excluding debt discounts and deferred financing costs, maturing in 2026, 2027 and 2028 giving effect to all maturity extensions, is approximately $670.2 million, $649.5 million and $289.1 million, respectively.
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.
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.
Under the federal bankruptcy law and comparable provisions of state fraudulent transfer laws, a guarantee or payments made pursuant to a guarantee could be voided and required to be returned to the guarantor, or to a fund for the benefit of the creditors of the guarantor, if, among other things, the guarantor, at the time it incurred the indebtedness evidenced by its guarantee (i) received less than reasonably equivalent value or fair consideration for the incurrence of the guarantee and (ii) one of the following was true with respect to the guarantor: • the guarantor was insolvent or rendered insolvent by reason of the incurrence of the guarantee; • the guarantor was engaged in a business or transaction for which the guarantor’s remaining assets constituted unreasonably small capital; or • the guarantor intended to incur, or believed that it would incur, debts beyond its ability to pay those debts as they mature.
Under the federal bankruptcy law and comparable provisions of state fraudulent transfer laws, a guarantee or payments made pursuant to a guarantee could be voided and required to be returned to the guarantor, or to a fund for the benefit of the creditors of the guarantor, if, among other things, the guarantor, at the time it incurred the indebtedness evidenced by its guarantee (i) received less than reasonably equivalent value or fair consideration for the incurrence of the guarantee and (ii) one of the following was true with respect to the guarantor: • the guarantor was insolvent or rendered insolvent by reason of the incurrence of the guarantee; • the guarantor was engaged in a business or transaction for which the guarantor’s remaining assets constituted unreasonably small capital; or • the guarantor intended to incur, or believed that it would incur, debts beyond its ability to pay those debts as they mature. 21 In addition, any claims in respect of a guarantee could be subordinated to all other debts of that guarantor under principles of “equitable subordination,” which generally require that the claimant must have engaged in some type of inequitable conduct, the misconduct must have resulted in injury to the creditors of the debtor or conferred an unfair advantage on the claimant, and equitable subordination must not be inconsistent with other provisions of the U.S. bankruptcy code.
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.
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.
These factors and any others that would impede our ability to respond to adverse changes in the performance of our properties could adversely affect our financial condition and results of operations. 9 We may elect not to proceed with certain developments, redevelopments or expansion projects once they have been undertaken, resulting in charges that could have a material adverse effect on our results of operations for the period in which the charge is taken.
We may elect not to proceed with certain developments, redevelopments or expansion projects once they have been undertaken, resulting in charges that could have a material adverse effect on our results of operations for the period in which the charge is taken.
Louis, MO; Lexington, KY; Laredo, TX; and Fayetteville, NC – accounted for approximately 6.8%, 4.4%, 4.3%, 4.0% and 3.6%, respectively, of our total pro-rata share of revenues for the year ended December 31, 2024. No other market accounted for more than 3.5% of our total pro-rata share of revenues for the year ended December 31, 2024.
Louis, MO; Nashville, TN; Lexington, KY; and Kansas City, KS – accounted for approximately 6.7%, 6.5%, 5.0%, 4.3% and 4.2%, respectively, of our total pro-rata share of revenues for the year ended December 31, 2025. No other market accounted for more than 3.7% of our total pro-rata share of revenues for the year ended December 31, 2025.
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.
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. 8 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 operating revenues and/or the underlying value of one or more of our properties.
In addition, current economic and capital market conditions might make it more difficult for us to sell properties or might adversely affect the price we receive for properties that we do sell, as prospective buyers might experience increased costs of debt financing or other difficulties in obtaining debt financing.
In addition, prevailing economic and capital market conditions might make it more difficult for us to sell properties or might adversely affect the price we receive for properties that we do sell, as prospective buyers might experience increased costs of debt financing or other difficulties in obtaining debt financing. 9 Moreover, there are some limitations under federal income tax laws applicable to REITs that limit our ability to sell assets.
Bankruptcy of joint venture partners could impose delays and costs on us with respect to the jointly owned retail properties. The bankruptcy of one of the other investors in any of our jointly owned shopping centers could materially and adversely affect the relevant property or properties.
The bankruptcy of one of the other investors in any of our jointly owned shopping centers could materially and adversely affect the relevant property or properties.
There can be no assurance that these rules will not have a material adverse effect on us. 24 Transfers of our equity, 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 during the current year and in future years.
Transfers of our equity, 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 during the current year and in future years.
Our indebtedness is substantial and could impair our ability to obtain additional financing. At December 31, 2024, our pro-rata share of consolidated and unconsolidated debt outstanding, excluding debt discounts and deferred financing costs, was approximately $2,737.2 million.
At December 31, 2025, our pro-rata share of consolidated and unconsolidated debt outstanding, excluding debt discounts and deferred financing costs, was approximately $2,622.6 million.
We may become subject to laws or regulations related to climate change, which could cause our business, results of operations and financial condition to be impacted adversely.
We may become subject to laws or regulations related to climate change, which could cause our business, results of operations and financial condition to be impacted adversely. Some of the states and localities in which we operate may enact certain climate change laws and regulations or have begun regulating carbon footprints and greenhouse gas emissions.
For more information on lease expirations see Mall Lease Expirations , Outlet Center Lease Expirations , Lifestyle Center Lease Expirations and Open-Air Center Lease Expirations under Item 2 - Properties in this report.
Similarly, we are pursuing a strategy of replacing expiring short-term leases with long-term leases. For more information on lease expirations see Mall Lease Expirations , Outlet Center Lease Expirations , Lifestyle Center Lease Expirations and Open-Air Center Lease Expirations under Item 2 - Properties in this report.
The partnership tax audit rules apply to the Operating Partnership and its subsidiaries that are classified as partnerships for U.S. federal income tax purposes.
The partnership tax audit rules apply to the Operating Partnership and its subsidiaries that are classified as partnerships for U.S. federal income tax purposes. There can be no assurance that these rules will not have a material adverse effect on us.
We expect unauthorized parties to continue to attempt to gain access to our systems or information, and/or those of our business partners and service providers. Cyberattacks targeting our infrastructure could result in a full or partial disruption of our operations, as well as those of our tenants.
We expect unauthorized parties to continue to attempt to gain access to our systems or information, and/or those of our business partners and service providers.
Any one or more of the following factors may cause our actual results for various financial reporting periods 6 to differ materially from those expressed in any forward-looking statements made by us, or on our behalf. See “Cautionary Statement Regarding Forward-Looking Statements” contained herein on page 1 .
ITEM 1A. RI SK FACTORS Set forth below are certain factors that may adversely affect our business, financial condition, results of operations and cash flows. Any one or more of the following factors may cause our actual results for various financial reporting periods to differ materially from those expressed in any forward-looking statements made by us, or on our behalf.
Additionally, a small but increasing number of tenants utilize our properties as showrooms or as part of an omni-channel strategy (allowing customers to shop seamlessly through various sales channels).
Tenants also more commonly utilize their physical stores as part of an omni-channel strategy (allowing customers to shop seamlessly through various sales channels).
RISK FACTOR SUMMARY The following is a summary of the most significant risks relating to our business activities that we have identified. If any of these risks occur, our business, financial condition or results of operation, including our ability to generate cash and make distributions, could be materially adversely affected.
If any of these risks occur, our business, financial condition or results of operation, including our ability to generate cash and make distributions, could be materially adversely affected. For a more complete understanding of our material risk factors, this summary should be read in conjunction with the detailed description of our risk factors which follows this summary.
Additionally, we have $90.5 million of debt, at our share, which matured prior to December 31, 2024, which includes two loans totaling $49.4 million for which we are in discussions with the lender regarding a modification/extension and a $41.1 million loan secured by a property that was placed into receivership in connection with the foreclosure process.
Of the $670.2 million that is maturing in 2026, $48.3 million is related to a loan secured by a property that was placed in receivership in connection with the foreclosure process. Additionally, we have $9.7 million of debt, at our share, which matured prior to December 31, 2025, for which we anticipate returning the property to the lender.
Removed
ITEM 1A. RI SK FACTORS Set forth below are certain factors that may adversely affect our business, financial condition, results of operations and cash flows.
Added
See “Cautionary Statement Regarding Forward-Looking Statements” contained herein on page 1 . RISK FACTOR SUMMARY The following is a summary of the most significant risks relating to our business activities that we have identified.
Removed
For a more complete understanding of our material risk factors, this summary should be read in conjunction with the detailed description of our risk factors which follows this summary.
Added
These factors and any others that would impede our ability to respond to adverse changes in the performance of our properties could adversely affect our financial condition and results of operations.
Removed
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.
Added
Inflation might also inhibit our ability to obtain new financing or refinancing.
Removed
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 operating revenues and/or the underlying value of one or more of our properties.
Added
International trade disputes, including threatened or implemented tariffs imposed by the United States and threatened or implemented tariffs imposed by foreign countries in retaliation, could adversely impact our business. Many of our tenants sell imported goods, and tariffs or other trade restrictions could materially increase costs for these tenants.
Removed
Moreover, there are some limitations under federal income tax laws applicable to REITs that limit our ability to sell assets.
Added
To the extent our tenants are unable to pass these costs on to their customers, our tenants’ operations could be adversely impacted, which among other things, could weaken demand by those tenants for our real estate. If the operations of potential future tenants are similarly adversely impacted, overall demand for our real estate may also weaken.
Removed
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.

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Item 2. Properties

Properties — owned and leased real estate

66 edited+6 added−5 removed11 unchanged
Biggest changeMortgage Loans Outstanding at De cember 31, 2024 (in thousands): Property Our Ownership Interest Stated Interest Rate Principal Balance as of 12/31/24 (1) 2025 Debt Service (1)(2) Maturity Date Optional Extended Maturity Date Balloon Payment Due on Maturity (1) Footnote Consolidated Debt Malls: Arbor Place 100 % 5.10 % $ 89,711 $ 7,948 May-26 — $ 85,144 CoolSprings Galleria 100 % 4.84 % 137,193 9,803 May-28 — 125,774 Cross Creek Mall 100 % 8.19 % 85,719 6,076 Jun-25 — 83,188 Fayette Mall 100 % 4.25 % 110,680 4,890 May-25 May-26 107,723 (3) 40 Property Our Ownership Interest Stated Interest Rate Principal Balance as of 12/31/24 (1) 2025 Debt Service (1)(2) Maturity Date Optional Extended Maturity Date Balloon Payment Due on Maturity (1) Footnote Hamilton Place 90 % 4.36 % 89,197 6,400 Jun-26 — 85,535 Jefferson Mall 100 % 4.75 % 51,323 4,456 Jun-26 — 48,412 Northwoods Mall 100 % 5.08 % 50,745 4,743 Apr-26 — 47,990 Oak Park Mall 100 % 3.97 % 251,448 15,590 Oct-30 — 220,511 Parkdale Mall & Crossing 100 % 5.85 % 53,471 7,241 Mar-26 — 48,518 Southpark Mall 100 % 4.85 % 49,634 4,240 Jun-26 — 46,988 Volusia Mall 100 % 4.56 % 35,033 2,249 May-26 — 34,139 West County Center 100 % 3.40 % 144,736 9,652 Dec-26 — 135,515 1,148,890 83,288 1,069,437 Outlet Centers: The Outlet Shoppes at Gettysburg 50 % 4.80 % 19,877 1,071 Oct-25 — 19,597 The Outlet Shoppes at Laredo 65 % 8.05 % 32,580 2,062 Jun-25 — 31,980 52,457 3,133 51,577 Open-Air Centers, Outparcels and Other: Hamilton Place open-air centers loan 90% - 92% 5.85 % 65,000 4,203 Jun-32 — 58,208 Open-air centers and outparcels loan 100 % 7.80 % 340,062 27,967 Jun-27 Jun-29 340,062 (4) 405,062 32,170 398,270 Corporate Debt: Secured term loan 100 % 7.42 % 725,495 73,115 Nov-25 Nov-26/Nov-27 701,819 Total Consolidated Debt $ 2,331,904 $ 191,706 $ 2,221,103 Unconsolidated Debt Malls: Coastal Grand Mall 50 % 4.09 % $ 94,222 $ 6,958 Aug-24 — $ 91,044 (5) Coastal Grand Mall - Dick's Sporting Goods 50 % 8.05 % 6,640 572 Nov-25 May-26 6,581 100,862 7,530 97,625 Outlet Centers: The Outlet Shoppes at Atlanta 50 % 7.85 % 79,330 6,314 Oct-33 — 79,330 The Outlet Shoppes at El Paso 50 % 5.10 % 67,330 4,888 Oct-28 — 61,342 The Outlet Shoppes of the Bluegrass 65 % 6.84 % 65,944 5,183 Nov-34 — 57,387 212,604 16,385 198,059 Lifestyle Centers: Friendly Center 50 % 6.44 % 144,720 12,542 May-28 — 136,838 Open-Air Centers: Ambassador Town Center 65 % 4.35 % 40,033 2,809 Jun-29 — 34,953 Coastal Grand Crossing 50 % 4.09 % 4,546 336 Aug-24 — 4,393 (5) Fremaux Town Center 65 % 3.70 % 55,614 4,480 Jun-26 — 52,130 Hammock Landing - Phase I 50 % 5.86 % 35,000 2,670 Dec-34 — 26,699 Hammock Landing - Phase II 50 % 5.86 % 10,000 763 Dec-34 — 7,628 The Pavilion at Port Orange 50 % 7.55 % 44,498 1,278 Feb-25 Feb-26 44,048 (6) The Shoppes at Eagle Point 50 % 5.40 % 38,520 2,695 May-32 — 32,998 York Town Center 50 % 4.75 % 29,030 470 Mar-25 — 28,896 257,241 15,501 231,745 Outparcels and Other: Ambassador Town Center Infrastructure Improvements 65 % 7.26 % 4,361 1,769 Mar-27 — 49 (7) Friendly Center Medical Office 25 % 6.11 % 6,800 421 Jun-30 — 6,800 Hamilton Place Aloft Hotel 50 % 7.20 % 14,350 1,298 Jun-29 — 13,053 Mayfaire Town Center Aloft Hotel 49 % 7.78 % 7,913 592 Jan-28 7,643 Northgate Mall Developments 50 % 7.25 % 1,725 117 Nov-25 — 1,725 35,149 4,197 29,270 41 Property Our Ownership Interest Stated Interest Rate Principal Balance as of 12/31/24 (1) 2025 Debt Service (1)(2) Maturity Date Optional Extended Maturity Date Balloon Payment Due on Maturity (1) Footnote Excluded Properties: Alamance Crossing 100 % 5.83 % 41,122 — Jul-21 — 41,122 (8) Total Unconsolidated Debt $ 791,698 $ 56,155 $ 734,659 Total Consolidated and Unconsolidated Debt $ 3,123,602 $ 247,861 $ 2,955,762 Company's Pro-Rata Share of Total Debt $ 2,737,159 $ 219,554 (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.
Biggest change(4) Sound Force is expected to open in the former JC Penney space at Northgate Mall in 2026. 41 Mortgage Loans Outstanding at De cember 31, 2025 (in thousands): Property Our Ownership Interest Stated Interest Rate Principal Balance as of 12/31/25 (1) 2026 Debt Service (1)(2) Maturity Date Optional Extended Maturity Date Balloon Payment Due on Maturity (1) Footnote Consolidated Debt Malls: Arbor Place 100 % 5.10 % $ 85,515 $ 3,008 May-26 — $ 84,323 CoolSprings Galleria 100 % 4.84 % 133,958 9,803 May-28 — 125,774 Cross Creek Mall 100 % 6.86 % 77,603 6,530 Aug-30 — 71,112 Fayette Mall 100 % 4.25 % 101,683 4,858 May-26 — 98,598 Hamilton Place 90 % 4.36 % 86,636 2,978 Jun-26 — 85,535 Jefferson Mall 100 % 4.75 % 48,990 2,054 Jun-26 — 48,102 (3) Northwoods Mall 100 % 5.08 % 47,615 1,391 Apr-26 — 47,031 Oak Park Mall 100 % 3.97 % 245,665 17,560 Oct-30 — 220,015 Parkdale Mall & Crossing 100 % 5.85 % 49,075 1,435 Mar-26 — 48,345 Volusia Mall 100 % 4.56 % 33,165 875 May-26 — 32,918 West County Center 100 % 3.40 % 140,024 9,232 Dec-26 — 135,542 1,049,929 59,724 997,295 Outlet Centers: The Outlet Shoppes at Gettysburg 50 % 4.80 % 19,438 934 Oct-25 — 19,438 (4) The Outlet Shoppes at Laredo 65 % 7.62 % 31,380 2,038 Jun-26 — 30,680 50,818 2,972 50,118 Open-Air Centers, Outparcels and Other: Hamilton Place open-air centers loan 90% - 92% 5.85 % 64,595 4,602 Jun-32 — 58,208 2032 non-recourse bank loan 100 % 7.75 % 442,956 33,998 Oct-30 Oct-32 442,956 (5) 507,551 38,600 501,164 Corporate Debt: Secured term loan 100 % 6.74 % 646,722 38,124 Nov-26 Nov-27 646,722 Total Consolidated Debt $ 2,255,020 $ 139,420 $ 2,195,299 Unconsolidated Debt Malls: Coastal Grand Mall 50 % 5.09 % $ 79,529 $ 7,023 Aug-28 — $ 73,583 (6) Coastal Grand Mall - Dick's Sporting Goods 50 % 8.05 % 6,575 253 May-26 — 6,544 86,104 7,276 80,127 Outlet Centers: The Outlet Shoppes at Atlanta 50 % 7.85 % 79,330 6,314 Oct-33 — 79,330 The Outlet Shoppes at El Paso 50 % 5.10 % 65,843 4,888 Oct-28 — 61,342 The Outlet Shoppes of the Bluegrass 65 % 6.84 % 65,313 5,183 Nov-34 — 57,387 210,486 16,385 198,059 Lifestyle Centers: Friendly Center 50 % 6.44 % 142,529 12,542 May-28 — 136,837 Open-Air Centers: Ambassador Town Center 65 % 4.35 % 38,967 2,809 Jun-29 — 34,953 Coastal Grand Crossing 50 % 5.09 % 3,838 336 Aug-28 — 3,557 (6) Hammock Landing - Phase I 50 % 5.86 % 34,364 2,670 Dec-34 — 26,699 Hammock Landing - Phase II 50 % 5.86 % 9,818 763 Dec-34 — 7,628 The Pavilion at Port Orange 50 % 5.93 % 43,000 2,587 Oct-30 — 43,000 The Shoppes at Eagle Point 50 % 5.40 % 37,889 2,695 May-32 — 32,998 York Town Center 50 % 6.00 % 28,420 1,086 Jun-26 — 28,193 196,296 12,946 177,028 Outparcels and Other: Ambassador Town Center Infrastructure Improvements 65 % 7.26 % 2,797 1,764 Mar-27 — 36 (7) Friendly Center Medical Office 25 % 6.11 % 6,745 418 Jun-30 — 6,745 42 Property Our Ownership Interest Stated Interest Rate Principal Balance as of 12/31/25 (1) 2026 Debt Service (1)(2) Maturity Date Optional Extended Maturity Date Balloon Payment Due on Maturity (1) Footnote Hamilton Place Aloft Hotel 50 % 7.20 % 14,091 1,298 Jun-29 — 13,054 Mayfaire Town Center - hotel development 49 % 7.09 % 18,900 1,578 Jan-28 18,255 42,533 5,058 38,090 Excluded Properties: Southpark Mall 100 % 4.85 % 48,271 — Jun-26 — 48,271 (8) Total Unconsolidated Debt $ 726,219 $ 54,207 $ 678,412 Total Consolidated and Unconsolidated Debt $ 2,981,239 $ 193,627 $ 2,873,711 Company's Pro-Rata Share of Total Debt $ 2,622,566 $ 165,997 (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.
Debt on Lifestyle Centers Please see the table entitled “Mortgage Loans Outstanding at December 31, 2024” included herein for information regarding any liens or encumbrances related to the lifestyle centers. Open-Air Centers Open-air centers are designed to attract local and regional area customers and are typically anchored by a combination of supermarkets, value-priced stores, big-box retailers or traditional department stores.
Debt on Lifestyle Centers Please see the table entitled “Mortgage Loans Outstanding at December 31, 2025” included herein for information regarding any liens or encumbrances related to the lifestyle centers. Open-Air Centers Open-air centers are designed to attract local and regional area customers and are typically anchored by a combination of supermarkets, value-priced stores, big-box retailers or traditional department stores.
(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, 2024. (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, 2025. (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, 2024. (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, 2025. (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, 2024. (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, 2025. (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, 2024.
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, 2025.
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, 2024.
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, 2025.
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, 2024.
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, 2025.
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, 2024.
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, 2025.
(3) Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2024. See page 52 for a comparison between rents on leases that expired in the current reporting period compared to rents on new and renewal leases executed in 2024.
(3) Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2025. See page 52 for a comparison between rents on leases that expired in the current reporting period compared to rents on new and renewal leases executed in 2025.
(3) Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2024. See page 52 for a comparison between rents on leases that expired in the current reporting period compared to rents on new and renewal leases executed in 2024.
(3) Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2025. See page 52 for a comparison between rents on leases that expired in the current reporting period compared to rents on new and renewal leases executed in 2025.
(3) Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2024. 32 See page 52 for a comparison between rents on leases that expired in the current reporting period compared to rents on new and renewal leases executed in 2024.
(3) Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2025. See page 52 for a comparison between rents on leases that expired in the current reporting period compared to rents on new and renewal leases executed in 2025.
(3) Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2024. Debt on Open-Air Centers Please see the table entitled “Mortgage Loans Outstanding at December 31, 2024” included herein for information regarding any liens or encumbrances related to our open-air centers.
(3) Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2025. Debt on Open-Air Centers Please see the table entitled “Mortgage Loans Outstanding at December 31, 2025” included herein for information regarding any liens or encumbrances related to our open-air centers.
Debt on Malls Please see the table entitled “Mortgage Loans Outstanding at December 31, 2024” included herein for information regarding any liens or encumbrances related to the malls. Outlet Centers We owned a controlling interest in two outlet centers and a non-controlling interest in three outlet centers as of December 31, 2024.
Debt on Malls Please see the table entitled “Mortgage Loans Outstanding at December 31, 2025” included herein for information regarding any liens or encumbrances related to the malls. Outlet Centers We owned a controlling interest in two outlet centers and a non-controlling interest in three outlet centers as of December 31, 2025.
Clair Square Fairview Heights, IL 2007 100% 84,383 84,383 80% Barnes & Noble Sunrise Commons Brownsville, TX 2001 100% 205,656 104,211 100% Hobby Lobby (8) , 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% 461,183 169,286 100% Barnes & Noble, Best Buy, Crunch Fitness (6) , Kohl's (6) , Metcalf's Markets (8) , Nordstrom Rack, Office Max (8) , Spare Time Entertainment (8) 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% 279,073 279,073 100% AMC Theatres, Dick's Sporting Goods, Levin Furniture, Michaels (8) , T.J.
Clair Square Fairview Heights, IL 2007 100% 84,383 84,383 88% 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 87% Academy Sports + Outdoors, Nordstrom Rack, former Party City West Towne Crossing Madison, WI 1980 100% 461,183 169,286 100% Barnes & Noble, Best Buy, Crunch Fitness (6) , Kohl's (6) , Madison School & Community Recreation (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 84% Big Air Trampoline Park, Hamricks, former Jo-Ann Fabrics & Crafts Westmoreland Crossing Greensburg, PA 2002 100% 279,073 279,073 99% AMC Theatres, Dick's Sporting Goods, Levin Furniture, Michaels (7) , T.J.
The current rental amount is $70 per year, increasing by $10 every ten years through 2045. An additional $100 is paid every ten years.
The current rental amount is $72 per year, increasing by $10 every ten years through 2045. An additional $100 is paid every ten years.
(6) This property is owned in an unconsolidated joint venture. Inline and Adjacent Freestanding Stores The outlet centers have approximately 402 inline and adjacent freestanding stores. The outlet centers received more than 90% of their total revenues from inline and adjacent freestanding stores for the year ended December 31, 2024.
(6) This property is owned in an unconsolidated joint venture. Inline and Adjacent Freestanding Stores The outlet centers have approximately 401 inline and adjacent freestanding stores. The outlet centers received more than 90% of their total revenues from inline and adjacent freestanding stores for the year ended December 31, 2025.
(15) We exclude properties undergoing major redevelopment or being considered for repositioning, or 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”).
(15) We exclude properties undergoing major redevelopment or being considered for repositioning, or 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.
Debt on Outlet Centers Please see the table entitled “Mortgage Loans Outstanding at December 31, 2024” included herein for information regarding any liens or encumbrances related to the outlet centers. Lifestyle Centers We owned a controlling interest in four lifestyle centers and a non-controlling interest in one lifestyle center as of December 31, 2024.
Debt on Outlet Centers Please see the table entitled “Mortgage Loans Outstanding at December 31, 2025” included herein for information regarding any liens or encumbrances related to the outlet centers. Lifestyle Centers We owned a controlling interest in three lifestyle centers and a non-controlling interest in one lifestyle center as of December 31, 2025.
The lifestyle centers consist of large open-air centers, generally anchored by one or more anchors, which can include traditional department store anchors, grocers, or other non-traditional anchors and/or junior anchors, a wide variety of in-line and brand name stores, restaurants, and/or other non-retail tenants. Anchor and junior anchor tenants own or lease their stores and non-anchor stores lease their locations.
The lifestyle centers consist of large open-air centers, generally anchored by one or more anchors, which can include traditional department store anchors, grocers, or other non-traditional 33 anchors and/or junior anchors, a wide variety of in-line and brand name stores, restaurants, and/or other non-retail tenants.
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 We owned a controlling interest in 42 malls and a non-controlling interest in 3 malls as of December 31, 2024.
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 We owned a controlling interest in 43 malls and a non-controlling interest in 4 malls as of December 31, 2025.
(3) 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.
(3) 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, 2025, we occupied approximately 38% of the total square footage of the buildings.
Clair Square (13) Fairview Heights, IL 1974/1996 1993 100% 1,068,416 291,161 353 94 % Dillard's, JC Penney, Macy's, former Sears Stroud Mall (14) Stroudsburg, PA 1977/1998 2005 100% 414,427 136,100 183 91 % Cinemark, EFO Furniture Outlet, JC Penney, Reaching Out For Jesus Christian Center, ShopRite Sunrise Mall Brownsville, TX 1979/2003 2015 100% 911,500 242,175 468 98 % 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% 844,990 191,603 342 95 % At Home, Belk, Dillard's, JC Penney, former Sears, Southwest Theaters, Urban Planet Valley View Mall Roanoke, VA 1985/2003 2007 100% 864,137 337,377 369 93 % Barnes & Noble, Belk, future Dave & Buster's, JC Penney, Macy's, former Sears 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) Volusia Mall Daytona Beach, FL 1974/2004 2013 100% 1,060,340 253,564 288 83 % 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 Des Peres, MO 1969/2007 2002 100% 1,199,409 385,459 843 90 % Barnes & Noble, Dick's Sporting Goods, Forever 21, H&M, JC Penney, Macy's, Nordstrom West Towne Mall Madison, WI 1970/2001 2013 100% 773,422 282,300 378 88 % Dave & Buster's (6) , Dick's Sporting Goods, Hobby Lobby (6) , JC Penney, Planet Fitness, Total Wine & More (6) , Von Maur (6) Westmoreland Mall Greensburg, PA 1977/2002 1994 100% 976,609 286,878 348 91 % Dick's Sporting Goods, H&M, JC Penney, Live!
Clair Square (13) Fairview Heights, IL 1974/1996 1993 100% 1,068,416 291,161 362 95 % Dillard's, JC Penney, Macy's, former Sears Stroud Mall (14) Stroudsburg, PA 1977/1998 2005 100% 414,427 136,100 223 91 % Cinemark, EFO Furniture Outlet, JC Penney, Reaching Out For Jesus Christian Center, ShopRite Sunrise Mall Brownsville, TX 1979/2003 2015 100% 911,500 242,175 454 97 % Barnes & Noble, Cinemark, Dick's Sporting Goods, Dillard's, JC Penney, Main Event (6) , TruFit (6) , Z Cages Hitters' Hangout Turtle Creek Mall Hattiesburg, MS 1994 1995 100% 845,004 191,617 344 90 % At Home, Belk, Dillard's, JC Penney, former Sears, Southwest Theaters, Urban Planet Valley View Mall Roanoke, VA 1985/2003 2007 100% 864,137 337,377 375 97 % Barnes & Noble, Belk, future Dave & Buster's, JC Penney, Macy's, former Sears Volusia Mall Daytona Beach, FL 1974/2004 2013 100% 1,060,340 253,564 290 82 % Dillard's for Men & Home, Dillard's for Women, Dillard's for Juniors & Children, H&M, JC Penney, former Macy's, former Sears (6) 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: West County Center Des Peres, MO 1969/2007 2002 100% 1,199,373 385,423 872 92 % Barnes & Noble, Dick's Sporting Goods, former Forever 21, H&M, JC Penney, Macy's, Nordstrom West Towne Mall Madison, WI 1970/2001 2013 100% 773,422 282,300 390 92 % Dave & Buster's (6) , Dick's Sporting Goods, Hobby Lobby (6) , JC Penney, Planet Fitness, Total Wine & More (6) , Von Maur (6) Westmoreland Mall Greensburg, PA 1977/2002 1994 100% 976,667 286,936 366 97 % Dick's Sporting Goods, H&M, JC Penney, Live!
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 The Landing at Arbor Place Atlanta (Douglasville), GA 1999 100% 162,958 113,717 73% Ben's Furniture and Antiques, Ollie's Bargain Outlet, One Life Fitness (8) Parkdale Crossing Beaumont, TX 2002 100% 88,064 88,064 98% Barnes & Noble The Pavilion at Port Orange (4) Port Orange, FL 2010 50% 398,001 398,001 88% Belk, HomeGoods, Marshalls, Michaels, Regal Cinemas The Plaza at Fayette Lexington, KY 2006 100% 209,540 209,540 88% Cinemark, Sports Center The Promenade D'Iberville, MS 2009/2014 100% 621,526 404,566 97% Ashley 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% 243,805 243,805 100% Academy Sports + Outdoors, Publix, Ross Dress for Less The Shoppes at Hamilton Place Chattanooga, TN 2003 92% 132,856 132,856 100% Marshalls, Ross Dress for Less, Shoe Station 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 The Landing at Arbor Place Atlanta (Douglasville), GA 1999 100% 162,967 113,726 60% Former Ben's Furniture and Antiques, Ollie's Bargain Outlet, One Life Fitness (7) Parkdale Crossing Beaumont, TX 2002 100% 88,064 88,064 100% Barnes & Noble The Pavilion at Port Orange (4) Port Orange, FL 2010 50% 396,825 396,825 93% Belk, HomeGoods, Marshalls, Michaels, Regal Cinemas The Plaza at Fayette Lexington, KY 2006 100% 209,596 209,596 94% Cinemark, Sports Center The Shoppes at Eagle Point (4) Cookeville, TN 2018 50% 243,805 243,805 100% Academy Sports + Outdoors, Publix, Ross Dress for Less The Shoppes at Hamilton Place Chattanooga, TN 2003 92% 132,856 132,856 100% Marshalls, Ross Dress for Less, Shoe Station The Shoppes at St.
Anchor and junior anchor tenants own or lease their stores and non-anchor stores lease their locations. Each outlet center is managed by a property manager that is affiliated with our third-party partner, which receives a fee for its services.
Anchor and junior anchor tenants own or lease their stores and non-anchor stores lease their locations. Each outlet center is managed by a property manager that is affiliated with our 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.
The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions. 31 The following table sets forth certain information for each of the outlet centers as of December 31, 2024 (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) Outlet Centers: The Outlet Shoppes at Atlanta (6) Woodstock, GA 2013 2015 50% 405,146 380,339 502 96 % Saks Fifth Ave OFF 5TH The Outlet Shoppes at El Paso (6) El Paso, TX 2007/2012 2014 50% 433,246 411,207 541 94 % H&M The Outlet Shoppes at Gettysburg Gettysburg, PA 2000/2012 N/A 50% 249,937 249,937 207 86 % None The Outlet Shoppes at Laredo Laredo, TX 2017 N/A 65% 358,135 315,388 340 88 % former H&M, Nike Factory Store The Outlet Shoppes of the Bluegrass (6) Simpsonville, KY 2014 2015 65% 428,074 381,374 406 96 % H&M, former Restoration Hardware Outlet Total Outlet Centers 1,874,538 1,738,245 $ 432 92 % (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 sets forth certain information for each of the outlet centers as of December 31, 2025 (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) Outlet Centers: The Outlet Shoppes at Atlanta (6) Woodstock, GA 2013 2015 50% 405,146 380,339 494 94 % Saks Fifth Ave OFF 5TH The Outlet Shoppes at El Paso (6) El Paso, TX 2007/2012 2014 50% 433,246 411,207 558 96 % H&M The Outlet Shoppes at Gettysburg Gettysburg, PA 2000/2012 N/A 50% 249,937 249,937 217 80 % None 32 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 Laredo Laredo, TX 2017 N/A 65% 358,135 315,388 341 88 % former H&M, Nike Factory Store The Outlet Shoppes of the Bluegrass (6) Simpsonville, KY 2014 2015 65% 423,672 401,530 384 91 % H&M Total Outlet Centers 1,870,136 1,758,401 $ 434 91 % (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 sets forth certain information for each of the lifestyle centers as of December 31, 2024 (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) Lifestyle Centers: Alamance Crossing West (6) 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 (7) Greensboro, NC 1957/ 2006/ 2007 2016 50% 1,171,402 589,347 598 93 % Barnes & Noble, Belk, Belk Home Store, Harris Teeter, Macy's, O2 Fitness, Regal Cinemas, REI, Truist, Whole Foods (8) Mayfaire Town Center Wilmington, NC 2004/2015 2017 100% 669,544 328,163 467 95 % Barnes & Noble, Belk, future Dave & Busters, Flip N Fly, The Fresh Market, H&M, Michaels, Regal Cinemas Pearland Town Center (9) Pearland, TX 2008 N/A 100% 714,458 308,871 383 91 % Barnes & Noble, Dick's Sporting Goods, Dillard's, Hospital Corporation of America, Macy's Southaven Towne Center Southaven, MS 2005 2013 100% 607,635 184,539 272 86 % Dillard's, Havertys Furniture, JC Penney, Overstock Furniture and Mattress, Sportsman's Warehouse (8) , Urban Air Adventure Park Total Lifestyle Centers 3,387,593 1,441,286 $ 486 92 % Excluded Properties 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 (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 sets forth certain information for each of the lifestyle centers as of December 31, 2025 (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) Lifestyle Centers: Friendly Center and The Shops at Friendly (6) Greensboro, NC 1957/ 2006/ 2007 2016 50% 1,180,216 598,161 650 96 % Barnes & Noble, Belk, Belk Home Store, Harris Teeter, Macy's, O2 Fitness, Regal Cinemas, REI, Truist, Whole Foods (7) Mayfaire Town Center Wilmington, NC 2004/2015 2017 100% 670,379 328,998 513 96 % Barnes & Noble, Belk, Dave & Busters, Flip N Fly, The Fresh Market, H&M, Michaels, Regal Cinemas Pearland Town Center (8) Pearland, TX 2008 N/A 100% 714,458 308,871 405 92 % Barnes & Noble, Dick's Sporting Goods, Dillard's, Hospital Corporation of America, Macy's Southaven Towne Center Southaven, MS 2005 2013 100% 607,635 184,539 270 75 % Dillard's, Havertys Furniture, JC Penney, former Overstock Furniture and Mattress, Sportsman's Warehouse (7) , Urban Air Adventure Park Total Lifestyle Centers 3,172,688 1,420,569 $ 526 93 % (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.
(8) We are in discussions with the lender regarding foreclosure actions. (9) Represents the Company's pro rata share of debt, including our share of unconsolidated affiliates' debt and excluding noncontrolling interests' share of consolidated debt on shopping center properties.
(9) Represents the Company's pro rata share of debt, including our share of unconsolidated affiliates' debt and excluding noncontrolling interests' share of consolidated debt on shopping center properties.
Total revenues from Anchors and Junior Anchors accounted for 16.8% of the total revenues from our properties in 2024. 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.
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.
Anchors are generally a department store or, increasingly, other large format tenants, including retailers whose merchandise appeals to a broad range of shoppers, and non-retail uses. Anchors play a significant role in generating customer traffic and creating a desirable location for the property's tenants.
Anchors are generally a department store or, increasingly, other large format tenants, including retailers whose merchandise appeals to a broad range of shoppers, and non-retail uses.
The following table sets forth certain information for each of our open-air centers at December 31, 2024 (dollars in thousands, except for sales per square foot amounts): 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 99% Costco (6) , Dick's Sporting Goods, Marshalls, Nordstrom Rack Annex at Monroeville (7) 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% 37,235 37,235 84% PetSmart CoolSprings Crossing Nashville, TN 1992 100% 366,451 78,810 100% American Signature Furniture (6) , Electronic Express (6) , Gabe's (8) , Target (6) , Urban Air Adventure Park (8) Courtyard at Hickory Hollow Nashville, TN 1979 100% 68,468 68,468 100% AMC Theatres 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 Fremaux Town Center (4)(5) Slidell, LA 2014/2015 65% 621,432 493,432 94% Best Buy, Dick's Sporting Goods, Dillard's (6) , Kohl's, LA Fitness, Marshalls, Michaels, T.J.
The following table sets forth certain information for each of our open-air centers at December 31, 2025 (dollars in thousands, except for sales per square foot amounts): 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: Alamance Crossing West Burlington, NC 2011 100% 224,554 160,554 100% BJ's Wholesale Club, Dick's Sporting Goods, Kohl's Ambassador Town Center (4)(5) Lafayette, LA 2016 65% 419,904 265,931 97% Costco (6) , Dick's Sporting Goods, Marshalls, Nordstrom Rack Coastal Grand Crossing (4) Myrtle Beach, SC 2005 50% 37,235 37,235 100% PetSmart CoolSprings Crossing Nashville, TN 1992 100% 366,451 78,810 98% 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 96% AMC Theatres Frontier Square Cheyenne, WY 1985 100% 186,547 16,522 91% Ross Dress for Less (7) , Target (6) , T.J.
Maxx, Tilt, Vintage Stock Northwoods Mall North Charleston, SC 1972/2001 1995 100% 748,094 255,846 369 97 % Belk, Books-A-Million, Burlington (6) , Dillard's, JC Penney, Planet Fitness Oak Park Mall Overland Park, KS 1974/2005 1998 100% 1,516,571 429,401 508 98 % 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% 538,668 161,573 329 66 % Belk, JC Penney, former Macy's, former Sears Parkdale Mall Beaumont, TX 1972/2001 2018 100% 1,087,996 294,007 320 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% 648,259 279,081 410 96 % Belk, Dillard's Post Oak Mall College Station, TX 1982 1985 100% 788,531 301,006 328 85 % Former Bealls, City of College Station, former Conn's Home Plus (6) , Dillard's Men & Home, Dillard's Women & Children, Encore, JC Penney, Murdoch's Farm & Ranch (6) Richland Mall Waco, TX 1980/2002 1996 100% 693,577 191,999 395 97 % 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.
Maxx, Tilt, Vintage Stock Northwoods Mall North Charleston, SC 1972/2001 1995 100% 748,094 255,846 367 97 % Belk, Books-A-Million, Burlington (6) , Dillard's, JC Penney, Planet Fitness Oak Park Mall Overland Park, KS 1974/2005 1998 100% 1,515,503 428,333 557 95 % Barnes & Noble, Dillard's for Women, Dillard's for Men, Children & Home, Giselle's, H&M, JC Penney, Macy's, Nordstrom Old Hickory Mall Jackson, TN 1967/2001 1994 100% 538,668 161,573 312 53 % Belk, JC Penney, former Macy's, former Sears Paddock Mall Ocala, FL 2025 N/A 100% 318,902 171,019 543 94 % Belk, JC Penney, Macy's, future Paddock Market (6)(12) Parkdale Mall Beaumont, TX 1972/2001 2018 100% 1,087,996 294,007 338 86 % Former Ashley HomeStore, former Beall's, Crunch Fitness, Dick's Sporting Goods, Dillard's, former Forever 21, H&M, HomeGoods, JC Penney, former Macy's, former Sears, Tilt, 2nd & Charles Parkway Place Huntsville, AL 1957/1998 2002 100% 639,063 269,885 400 90 % Belk, Dillard's Post Oak Mall College Station, TX 1982 1985 100% 788,531 301,006 344 83 % Former Bealls, City of College Station, former Conn's Home Plus (6) , Dillard's Men & Home, Dillard's Women & Children, Encore, JC Penney, Murdoch's Farm & Ranch (6) Richland Mall Waco, TX 1980/2002 1996 100% 693,777 192,199 409 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.
The following table sets forth certain information for each of our office buildings and hotels at December 31, 2024 (dollars in thousands, except for sales per square foot amounts): Property / Location Year of Opening/ Most Recent Expansion Company's Ownership Total Center Square Feet Total Leasable GLA Percentage GLA Occupied Anchors & Junior Anchors Other: 840 Greenbrier Circle Office Chesapeake, VA 1983 100% 49,869 49,869 83% None Aloft Hotel (1)(2) Chattanooga, TN 2021 50% 89,674 N/A N/A None CBL Center (3) Chattanooga, TN 2001 92% 131,895 131,895 98% None CBL Center II (3) Chattanooga, TN 2008 92% 69,507 69,507 77% None Pearland Office Pearland, TX 2009 100% 66,915 66,915 91% None Total Other 407,860 318,186 90% (1) This property is owned in an unconsolidated joint venture.
The following table sets forth certain information for each of our office buildings and hotels at December 31, 2025 (dollars in thousands, except for sales per square foot amounts): Property / Location Year of Opening Company's Ownership Total Center Square Feet Total Leasable GLA Percentage GLA Occupied Anchors & Junior Anchors Other: Aloft Hotel (1)(2) Chattanooga, TN 2021 50% 89,674 N/A N/A None CBL Center (3) Chattanooga, TN 2001 92% 131,895 131,895 99% None CBL Center II (3) Chattanooga, TN 2008 92% 71,007 71,007 76% None Element by Westin (1)(2) Wilmington, NC 2025 49% 15,797 N/A N/A None Pearland Office Pearland, TX 2009 100% 64,923 64,923 91% None Total Other 373,296 267,825 91% (1) This property is owned in an unconsolidated joint venture.
Subtotal 7 — — 7 419,530 — — 419,530 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 4 — — 4 104,215 — — 104,215 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 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 Shoe Station 1 — — 1 28,777 — — 28,777 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 — 39,109 — 39,109 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 Thrill Factory 1 — — 1 47,943 — — 47,943 The TJX Companies, Inc.: HomeGoods 4 1 — 5 97,277 26,355 — 123,632 Marshalls 8 — — 8 229,182 — — 229,182 T.J.
Subtotal 7 — — 7 419,530 — — 419,530 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 PA Fitness 1 — — 1 30,664 — — 30,664 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 PetSmart 2 — — 2 46,248 — — 46,248 Phoenix Theatres 1 — — 1 42,312 — — 42,312 Planet Fitness 5 — — 5 120,630 — — 120,630 Primark 1 — — 1 50,704 — — 50,704 Publix 1 — — 1 45,600 — — 45,600 Q 1 — — 1 25,841 — — 25,841 Reaching Out For Jesus Christian Center 1 — — 1 43,632 — — 43,632 Regal Cinemas 2 1 1 4 119,407 57,854 60,400 237,661 REI 1 — — 1 24,427 — — 24,427 Rooms To Go — 1 — 1 — 45,000 — 45,000 Ross Dress for Less 7 2 — 9 190,751 70,981 — 261,732 Saks Fifth Avenue OFF 5TH 1 — — 1 24,807 — — 24,807 Scheel's 1 1 1 3 141,840 107,386 81,296 330,522 Schuler Books & Music 1 — — 1 30,432 — — 30,432 Shoe Station 1 — — 1 28,777 — — 28,777 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 — 39,109 — 39,109 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 — 935,680 — 935,680 Thrill Factory 1 — — 1 47,943 — — 47,943 The TJX Companies, Inc.: HomeGoods 5 1 — 6 121,369 26,355 — 147,724 Marshalls 6 — — 6 179,050 — — 179,050 T.J.
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 $ 2,331,904 Noncontrolling interests' share of consolidated debt (35,795 ) Company's share of unconsolidated debt 399,928 Other debt (1) 41,122 Unamortized deferred financing costs (11,133 ) Unamortized debt discounts (108,733 ) Company's pro rata share of total debt $ 2,617,293 (1) Represents the outstanding loan balance for a property that was deconsolidated due to a loss of control when the property was placed into receivership in connection with the foreclosure process.
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 $ 2,255,020 Noncontrolling interests' share of consolidated debt (34,864 ) Company's share of unconsolidated debt 354,139 Other debt (1) 48,271 Unamortized deferred financing costs (12,199 ) Unamortized debt discounts (74,708 ) Company's pro rata share of total debt $ 2,535,659 (1) Represents the outstanding loan balance for a property that was deconsolidated due to a loss of control when the property was placed into receivership in connection with the foreclosure process.
Keating Furniture, JC Penney, Scheels, Target, Tilt Laurel Park Place Livonia, MI 1989/2005 1994 100% 491,263 198,119 291 83 % Dunham Sports, Von Maur Mall del Norte Laredo, TX 1977/2004 1993 100% 1,219,412 408,419 432 93 % Former Beall's, Cinemark, Dillard's, Foot Locker, H&M, JC Penney, Macy's, Macy's Home Store, Main Event, Mega Furniture, partial former Sears, TruFit Athletic Club 28 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) Meridian Mall (12) Lansing, MI 1969/1998 2001 100% 946,072 281,394 250 80 % Future Ashley HomeStore, former Bed Bath & Beyond, Dick's Sporting Goods, H&M, High Caliber Karting, JC Penney, Launch Trampoline Park, Macy's, Planet Fitness, Schuler Books & Music Mid Rivers Mall St.
Keating Furniture, JC Penney, Scheels, Target, Tilt Mall del Norte Laredo, TX 1977/2004 1993 100% 1,219,711 408,718 425 90 % Former Beall's, Cinemark, Dillard's, Foot Locker, H&M, JC Penney, Macy's, Macy's Home Store, Main Event, Mega Furniture, partial former Sears, TruFit Athletic Club Meridian Mall (10) Lansing, MI 1969/1998 2001 100% 947,815 281,394 285 77 % Ashley HomeStore, former Bed Bath & Beyond, Dick's Sporting Goods, H&M, High Caliber Karting, JC Penney, Launch Trampoline Park, Macy's, Planet Fitness, Schuler Books & Music 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: Mesa Mall Grand Junction, CO 2025 N/A 100% 336,239 247,920 386 92 % Cabela's, Dick's Sporting Goods, Dillard's, Homegoods, Encore, JC Penney, Target Mid Rivers Mall St.
Maxx (8) Governor's Square Plaza (4)(5) Clarksville, TN 1985/1988 50% 169,918 73,349 100% Aldi, 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 98% Electronic Express (8) , HomeGoods (8) , Michaels (8) , T.J.
Maxx (7) Governor's Square Plaza (4)(5) Clarksville, TN 1985/1988 50% 169,918 73,349 64% Aldi, former Jo-Ann Fabrics & Crafts, Target (6) Gunbarrel Pointe Chattanooga, TN 2000 100% 273,913 147,913 99% Kohl's, Target (6) , Whole Foods 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 Open-Air Centers: Hamilton Corner Chattanooga, TN 1990/2005 90% 67,310 67,310 98% None Hamilton Crossing Chattanooga, TN 1987/2005 92% 192,074 98,961 98% Electronic Express (7) , HomeGoods (7) , Michaels (7) , T.J.
Maxx (8) York Town Center (4) York, PA 2007 50% 297,371 247,371 85% Future Barnes & Noble, Best Buy, Bob's Discount Furniture, Burlington, Dick's Sporting Goods (6) , Ross Dress for Less Total Open-Air Centers 6,766,747 4,777,916 96% (1) Total center square footage includes square footage of attached shops, attached and immediately adjacent Anchors and Junior Anchors and leased freestanding locations. 35 (2) All leasable square footage, including Anchors and Junior Anchors.
Maxx (7) York Town Center (4) York, PA 2007 50% 296,646 246,646 100% Barnes & Noble, Best Buy, Bob's Discount Furniture, Burlington, Dick's Sporting Goods (6) , Ross Dress for Less Total Open-Air Centers 5,560,990 3,853,119 95% (1) Total center square footage includes square footage of attached shops, attached and immediately adjacent Anchors and Junior Anchors and leased freestanding locations.
(2) SoundForce is expected to open in the former JC Penney space at Northgate Mall in 2025. (3) The former Sears space at Hanes Mall will be redeveloped for future office and retail space (owned by others).
(2) The former Sears space at Hanes Mall will be redeveloped for future office and retail space (owned by others). (3) Paddock Market at Paddock Mall opened in January 2026.
The Anchors and Junior Anchors and the amount of GLA leased or owned by each as of December 31, 2024 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 16 20 4 40 1,753,030 2,528,291 586,030 4,867,351 Dillard's — 29 3 32 — 4,062,937 559,612 4,622,549 Macy's 7 11 3 21 764,864 1,895,569 658,388 3,318,821 Belk 5 11 3 19 430,017 1,552,713 300,995 2,283,725 Academy Sports + Outdoors 3 — — 3 199,091 — — 199,091 Aldi 1 — — 1 23,708 — — 23,708 AMC Theatres 3 — 1 4 117,867 — 56,255 174,122 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 Barnes & Noble 15 — — 15 450,537 — — 450,537 Ben's Furniture and Antiques 1 — — 1 23,895 — — 23,895 Best Buy 6 — 1 7 216,640 — 45,070 261,710 Big Air Trampoline Park 1 — — 1 33,938 — — 33,938 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 BJ's Wholesale Club 1 1 — 2 85,188 104,137 — 189,325 Bob's Discount Furniture 1 — — 1 20,308 — — 20,308 Bomgaars — 1 — 1 — 83,055 — 83,055 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.
The Anchors and Junior Anchors and the amount of GLA leased or owned by each as of December 31, 2025 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 15 19 5 39 1,514,978 2,445,415 689,420 4,649,813 Dillard's 1 29 3 33 27,115 3,971,617 559,612 4,558,344 Macy's 7 9 2 18 764,864 1,538,132 417,862 2,720,858 Belk 7 11 3 21 554,638 1,552,713 300,995 2,408,346 Academy Sports + Outdoors 3 — — 3 199,091 — — 199,091 Aldi 1 — — 1 23,708 — — 23,708 AMC Theatres 4 — 1 5 165,694 — 56,255 221,949 American Signature Furniture — 1 — 1 — 61,620 — 61,620 Appliance Factory Mattress Kingdom — 1 — 1 — 59,314 — 59,314 Ashley HomeStore 1 — — 1 95,340 — — 95,340 At Home — 1 — 1 — 124,700 — 124,700 Barnes & Noble 15 — — 15 449,983 — — 449,983 Best Buy 4 — 1 5 156,602 — 45,070 201,672 Big Air Trampoline Park 1 — — 1 33,938 — — 33,938 BJ's Wholesale Club 1 1 — 2 85,188 104,137 — 189,325 Bob's Discount Furniture 1 — — 1 20,308 — — 20,308 Bomgaars — 1 — 1 — 83,055 — 83,055 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.
Peters, MO 1987/2007 2015 100% 1,035,816 286,699 304 90 % Dick's Sporting Goods, Dillard's, H&M, JC Penney, Macy's, Marcus Theatres, former Sears, V-Stock Monroeville Mall (11) Pittsburgh, PA 1969/2004 2014 100% 986,136 462,056 258 84 % Barnes & Noble, Cinemark, Dick's Sporting Goods, Forever 21, H&M, JC Penney, Macy's Northgate Mall Chattanooga, TN 1972/2011 2014 100% 643,025 177,745 326 72 % Belk, future BJ's Wholesale Club (6) , former Burlington, former JC Penney (6) Northpark Mall Joplin, MO 1972/2004 1996 100% 892,580 274,856 379 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% 1,035,843 286,726 305 94 % Dick's Sporting Goods, Dillard's, H&M, JC Penney, Macy's, Marcus Theatres, former Sears, V-Stock Northgate Mall Chattanooga, TN 1972/2011 2014 100% 643,021 177,741 357 74 % Belk, future BJ's Wholesale Club (6)(11) , former Burlington, future Sound Force (6) Northpark Mall Joplin, MO 1972/2004 1996 100% 892,580 274,856 382 74 % Dunham's Sports, H&M, JC Penney, former Jo-Ann Fabrics & Crafts, Joplin Expo Center, former Macy's Children's & Home, former Sears, T.J.
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%. (5) The loan is in maturity default.
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%. (6) In September 2025, the Company entered into a forbearance agreement that waived the previous default interest and extended the maturity date through August 2028.
(6) Owned by a third party. (7) Brookfield Square - The annual ground rent for 2024 was $107. (8) This property is owned in an unconsolidated joint venture. (9) The property is managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services.
(6) Owned by a third party. (7) This property is owned in an unconsolidated joint venture. (8) 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) Alamance Crossing West represents the open-air center portion of the property and therefore we do not report sales. (7) This property is owned in an unconsolidated joint venture. (8) Owned by a third party. (9) Pearland Town Center is a mixed-use center which combines retail, office and residential components.
(6) This property is owned in an unconsolidated joint venture. (7) Owned by a third party. (8) 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 lifestyle centers and the office portion is classified as All Other.
Subtotal 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 Urban Air Adventure Park 1 1 — 2 33,860 30,404 — 64,264 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 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 Vacant Anchor/Junior Anchor: Vacant - former AMC Theaters 2 — — 2 73,547 — — 73,547 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 — — 1 30,432 — — 30,432 Vacant - former Bergner's 1 — — 1 131,616 — — 131,616 Vacant - former Boston Store — 1 — 1 — 138,755 — 138,755 Vacant - former Burlington 1 — — 1 63,013 — — 63,013 Vacant - Conn's Home Plus — 1 — 1 — 38,312 — 38,312 Vacant - former Dillard's 2 1 — 3 116,376 99,828 — 216,204 Vacant - former H&M 1 — — 1 20,268 — — 20,268 Vacant - former JC Penney (2) — 1 — 1 — 158,771 — 158,771 Vacant - former Macy's 4 2 — 6 361,246 242,530 — 603,776 Vacant - former Restoration Hardware Outlet 1 — — 1 24,558 — — 24,558 Vacant - former Sears 4 10 2 16 468,989 1,208,277 275,988 1,953,254 Current Developments: Ashley Home Store 1 — — 1 93,000 — — 93,000 Barnes & Noble 1 — — 1 33,952 — — 33,952 BJ's Wholesale Club — 1 — 1 — 153,000 — 153,000 Dave & Buster's 2 — — 2 70,270 — — 70,270 Novant Health (3) — 1 — 1 — 174,643 — 174,643 Planet Fitness 1 — — 1 20,000 — — 20,000 Total Anchors/Junior Anchors 265 144 28 437 12,841,799 16,279,453 3,663,203 32,784,455 (1) In February 2025, Schuler Books & Music relocated to the former Bed Bath & Beyond at Meridian Mall.
Subtotal 15 2 — 17 411,350 54,436 — 465,786 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 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 — 1 — 1 — 82,377 — 82,377 Whole Foods 1 — 1 2 26,841 — 34,320 61,161 Z Cages Hitters' Hangout 1 — — 1 42,000 — — 42,000 Vacant Anchor/Junior Anchor: Vacant - former AMC Theaters 1 — — 1 31,119 — — 31,119 Vacant - former Ashley HomeStore 1 — — 1 20,487 — — 20,487 Vacant - former Bealls 3 — — 3 109,209 — — 109,209 Vacant - former Ben's Furniture and Antiques 1 — — 1 23,895 — — 23,895 Vacant - former Bergner's 1 — — 1 131,616 — — 131,616 Vacant - former Boston Store — 1 — 1 — 138,755 — 138,755 Vacant - former Burlington 1 — — 1 63,013 — — 63,013 Vacant - former Conn's Home Plus — 2 — 2 — 88,312 — 88,312 Vacant - former Dillard's 2 1 — 3 116,376 99,828 — 216,204 Vacant - former Forever 21 2 — — 2 43,999 — — 43,999 Vacant - former H&M 1 — — 1 20,268 — — 20,268 Vacant - former Jo-Ann Fabrics and Crafts 3 — — 3 73,738 — — 73,738 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 Macy's 4 2 — 6 361,246 362,122 — 723,368 Vacant - former Overstock Furniture and Mattress 1 — — 1 59,360 — — 59,360 Vacant - former Party City 1 — — 1 20,841 — — 20,841 Vacant - former Schuler Books & Music (1) 1 — — 1 24,116 — — 24,116 Vacant - former Sears 4 9 2 15 468,989 1,078,057 275,988 1,823,034 Current Developments: BJ's Wholesale Club — 1 — 1 — 99,804 — 99,804 Dave & Buster's 1 — — 1 48,270 — — 48,270 Novant Health (2) — 1 — 1 — 174,643 — 174,643 Paddock Market (3) — 1 — 1 — 145,209 — 145,209 Sound Force (4) — 1 — 1 — 158,771 — 158,771 Total Anchors/Junior Anchors 244 143 28 415 11,846,369 15,868,111 3,526,067 31,240,547 (1) In February 2025, Schuler Books & Music relocated to the former Bed Bath & Beyond at Meridian Mall.
Subtotal 2 — — 2 69,166 — — 69,166 Main Event 1 2 — 3 61,844 101,603 — 163,447 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 Marcus Theatres 1 — — 1 57,500 — — 57,500 Mega Furniture — 1 — 1 — 75,000 — 75,000 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 Murdoch's Farm & Ranch — 1 — 1 — 60,241 — 60,241 Nickels and Dimes, Inc.: Tilt 1 — — 1 22,484 — — 22,484 Tilt Studio 5 — — 5 347,046 — — 347,046 Tilted 10 1 — — 1 50,000 — — 50,000 Nickels and Dimes, Inc.
Subtotal 2 — — 2 69,166 — — 69,166 Madison School & Community Recreation — 1 — 1 — 21,200 — 21,200 Main Event 1 2 — 3 61,844 101,603 — 163,447 Marcus Theatres 1 — — 1 57,500 — — 57,500 Mega Furniture — 1 — 1 — 75,000 — 75,000 Metcalfe's Market — 1 — 1 — 67,365 — 67,365 Michaels 4 1 — 5 89,745 23,645 — 113,390 Murdoch's Farm & Ranch — 1 — 1 — 60,241 — 60,241 Nickels and Dimes, Inc.: Tilt 1 — — 1 22,484 — — 22,484 Tilt Studio 5 — — 5 347,046 — — 347,046 Tilted 10 1 — — 1 50,000 — — 50,000 Nickels and Dimes, Inc.
Maxx 4 1 — 5 109,031 28,081 — 137,112 The TJX Companies, Inc.
Maxx 4 1 — 5 110,931 28,081 — 139,012 The TJX Companies, Inc.
See Note 18 for more information. (12) 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. (13) St. Clair Square - We are the lessee under a ground lease for 20 acres.
Fixed rent is $19 per year plus 3% to 4% of all rent. (11) Northgate Mall - BJ's Wholesale Club opened in January 2026. (12) Paddock Mall - Paddock Market opened in January 2026 in the former Sears space. (13) St. Clair Square - We are the lessee under a ground lease for 20 acres.
(4) The interest rate is a fixed 6.95% for half of the outstanding loan balance, with the other half of the loan bearing a variable interest rate based on the 30-day SOFR plus 4.10%.
The interest rate is a fixed 7.70% for $367,956 of the outstanding loan balance through July 2030, with the remaining loan balance bearing a variable interest rate based on the 30-day secured overnight financing rate ("SOFR") plus 4.10%. The full principal balance will convert to a variable rate after July 2030.
Casino Pittsburgh, Macy's, Macy's Home Store, Old Navy York Galleria York, PA 1989/1999 N/A 100% 756,715 225,866 306 64 % Boscov's (6) , H&M, Hollywood Casino, Life Storage (6) , Marshalls, PA Fitness Total Malls 39,102,557 12,514,230 $ 406 88 % Excluded Properties (15) Harford Mall Bel Air, MD 1973/2003 2007 100% 367,019 179,602 N/A N/A Encore, Macy's, Macy's Furniture Gallery, future grocer (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 York Galleria York, PA 1989/1999 N/A 100% 756,715 225,866 292 66 % Boscov's (6) , H&M, Hollywood Casino, Life Storage (6) , Marshalls, PA Fitness Total Malls 36,890,350 11,893,668 $ 425 88 % Excluded Properties (15) Brookfield Square (16) Brookfield, WI 1967/2001 2008 100% 865,299 307,266 N/A N/A Barnes & Noble, H&M, JC Penney, Movie Tavern by Marcus, Whirlyball Harford Mall Bel Air, MD 1973/2003 2007 100% 367,019 179,602 N/A N/A Encore, Macy's, Macy's Furniture Gallery, future grocer Laurel Park Place Livonia, MI 1989/2005 1994 100% 491,263 198,119 N/A N/A Dunham Sports, Von Maur Southpark Mall Colonial Heights, VA 1989/2003 2007 100% 676,590 213,183 N/A N/A Dick's Sporting Goods, Dick's Sporting Goods Fulfillment Center, H&M, JC Penney, Macy's, Regal Cinemas (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.
(3) Includes all leased Anchors, Junior Anchors and tenants with leases in effect as of December 31, 2024. (4) This property is owned in an unconsolidated joint venture. (5) The property is managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services.
(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, 2025. (4) This property is owned in an unconsolidated joint venture.
We lease all or a portion of the land at each of these properties subject to long-term ground leases. 27 The following table sets forth certain information for each of the malls as of December 31, 2024 (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% 1,164,066 309,143 354 96 % Belk, Conn's Home Plus (6) , Dillard's, Forever 21, H&M, JC Penney, Macy's, future Planet Fitness, Regal Cinemas, former Sears (6) Brookfield Square (7) Brookfield, WI 1967/2001 2008 100% 865,299 307,266 194 62 % Barnes & Noble, H&M, JC Penney, Movie Tavern by Marcus, Whirlyball CherryVale Mall Rockford, IL 1973/2001 2007 100% 870,539 348,123 305 82 % Barnes & Noble, Home Trends, JC Penney, Macy's, Tilt Studio Coastal Grand Mall (8) Myrtle Beach, SC 2004 2007 50% 1,117,261 341,665 434 97 % Belk, Cinemark, Crunch Fitness, Dick's Sporting Goods, Dillard's, H&M, JC Penney, former Sears, Stars & Strikes CoolSprings Galleria Nashville, TN 1991 2015 100% 1,165,135 429,789 666 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% 841,843 299,586 487 97 % Belk, H&M, JC Penney, Macy's, Main Event, Rooms to Go Dakota Square Mall Minot, ND 1980/2012 2016 100% 740,844 222,552 304 85 % AMC Theatres, Barnes & Noble, JC Penney, Scheels, Sleep Inn & Suites, Target, Tilt Studio East Towne Mall Madison, WI 1971/2001 2004 100% 801,260 211,971 310 86 % Barnes & Noble, former Boston Store (6) , Dick's Sporting Goods, Flix Brewhouse, H&M, JC Penney, former Sears, Thrill Factory Eastland Mall Bloomington, IL 1967/2005 N/A 100% 732,651 247,509 312 56 % Former Bergner's, Kohl's, former Macy's, Planet Fitness, former Sears Fayette Mall Lexington, KY 1971/2001 2014 100% 1,161,394 463,117 502 98 % Dick's Sporting Goods, Dillard's, H&M, JC Penney, Macy's Frontier Mall Cheyenne, WY 1981 1997 100% 524,711 204,591 335 94 % Former AMC Theatres, Appliance Factory Mattress Kingdom, Dillard's, Bomgaars (6) , JC Penney (6) Governor's Square (8)(9) Clarksville, TN 1986 1999 47.5% 684,496 237,615 398 96 % Former 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% 1,139,739 350,866 484 93 % Barnes & Noble, Belk for Men, Kids & Home, Belk for Women, Crunch Fitness, Dave & Buster's, Dick's Sporting Goods, Dillard's for Men, Kids & Home, Dillard's for Women, H&M, JC Penney Hanes Mall Winston-Salem, NC 1975/2001 1990 100% 1,435,128 468,426 398 89 % Belk, Dave & Buster's, Dillard's, Encore, H&M, JC Penney, future Novant Health (6)(10) , Truliant Federal Credit Union (6) Imperial Valley Mall (11) El Centro, CA 2005 N/A 100% 762,736 214,096 408 97 % Cinemark, Dillard's, JC Penney, Macy's, former Sears (6) Jefferson Mall Louisville, KY 1978/2001 1999 100% 723,566 225,060 331 89 % BJ's Wholesale Club, Dillard's, H&M, JC Penney, Ross Dress for Less, Tilted 10 Kentucky Oaks Mall (8)(9) Paducah, KY 1982/2001 1995 50% 774,766 286,507 294 74 % 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% 835,182 231,318 337 97 % H&M, I.
Maxx CherryVale Mall Rockford, IL 1973/2001 2007 100% 870,541 348,125 301 84 % Barnes & Noble, Home Trends, JC Penney, Macy's, Tilt Studio Coastal Grand Mall (7) Myrtle Beach, SC 2004 2007 50% 1,117,260 341,664 428 100 % Belk, Cinemark, Crunch Fitness, Dick's Sporting Goods, Dillard's, H&M, JC Penney, former Sears, Stars & Strikes CoolSprings Galleria Nashville, TN 1991 2015 100% 1,171,181 435,589 677 89 % Belk, Dillard's, H&M, JC Penney, King's Dining & Entertainment, Macy's, Primark Cross Creek Mall Fayetteville, NC 1975/2003 2013 100% 917,543 292,786 473 96 % Belk, H&M, JC Penney, Macy's, Main Event, Rooms to Go Dakota Square Mall Minot, ND 1980/2012 2016 100% 740,844 222,552 312 81 % AMC Theatres, Barnes & Noble, JC Penney, Scheels, Sleep Inn & Suites, Target, Tilt Studio East Towne Mall Madison, WI 1971/2001 2004 100% 801,292 212,003 317 87 % Barnes & Noble, former Boston Store (6) , Dick's Sporting Goods, Flix Brewhouse, H&M, JC Penney, former Sears, Thrill Factory Eastland Mall Bloomington, IL 1967/2005 N/A 100% 732,649 247,507 336 48 % Former Bergner's, Kohl's, former Macy's, Planet Fitness, former Sears Fayette Mall Lexington, KY 1971/2001 2014 100% 1,161,394 463,117 511 95 % Dick's Sporting Goods, Dillard's, H&M, JC Penney, Macy's Frontier Mall Cheyenne, WY 1981 1997 100% 524,711 204,591 339 90 % Former AMC Theatres, Appliance Factory Mattress Kingdom, Dillard's, Bomgaars (6) , JC Penney (6) Governor's Square (7)(8) Clarksville, TN 1986 1999 47.5% 684,519 237,754 409 94 % Belk, Best Buy, Dick's Sporting Goods, Dillard's, JC Penney, Phoenix Theatres, Ross Dress for Less, partial former Sears Hamilton Place Chattanooga, TN 1987 2016 90% 1,138,622 349,750 490 94 % Barnes & Noble, Belk for Men, Kids & Home, Belk for Women, Crunch Fitness, Dave & Buster's, Dick's Sporting Goods, Dillard's for Men, Kids & Home, Dillard's for Women, H&M, JC Penney Hanes Mall Winston-Salem, NC 1975/2001 1990 100% 1,435,142 468,440 408 88 % Belk, Dave & Buster's, Dillard's, Encore, H&M, JC Penney, future Novant Health (6)(9) , Truliant Federal Credit Union (6) Jefferson Mall Louisville, KY 1978/2001 1999 100% 723,705 225,199 338 86 % BJ's Wholesale Club, Dillard's, H&M, JC Penney, Ross Dress for Less, Tilted 10 Kentucky Oaks Mall (7)(8) Paducah, KY 1982/2001 1995 50% 774,760 286,501 295 80 % 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% 835,159 231,295 364 96 % H&M, I.
Anchors and Junior Anchors may own their stores and the land underneath, as well as the adjacent parking areas, or may enter into long-term leases with respect to their stores. Rental rates per square foot for Anchor tenants are significantly lower than the rents charged to non-anchor tenants.
Anchors play a significant role in generating customer traffic and creating a desirable location for the property's tenants. 37 Anchors and Junior Anchors may own their stores and the land underneath, as well as the adjacent parking areas, or may enter into long-term leases with respect to their stores.
O utlet Center Lease Expirations The following table summarizes the scheduled lease expirations for inline and adjacent freestanding stores as of December 31, 2024: 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) 2025 51 $ 4,968,064 188,100 $ 26.41 10.7 % 12.6 % 2026 46 5,204,503 220,201 23.64 11.2 % 14.8 % 2027 83 9,408,888 330,905 28.43 20.3 % 22.2 % 2028 67 11,092,607 303,132 36.59 23.9 % 20.3 % 2029 58 9,345,213 266,356 35.09 20.1 % 17.9 % 2030 20 2,737,698 91,810 29.82 5.9 % 6.2 % 2031 7 1,036,053 24,114 42.96 2.2 % 1.6 % 2032 2 578,688 14,709 39.34 1.2 % 1.0 % 2033 7 768,756 27,365 28.09 1.7 % 1.8 % 2034 7 1,242,072 23,547 52.75 2.7 % 1.6 % (1) Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2024 for expiring leases that were executed as of December 31, 2024.
O utlet Center Lease Expirations The following table summarizes the scheduled lease expirations for inline and adjacent freestanding stores as of December 31, 2025: 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) 2026 35 $ 3,641,970 130,366 $ 27.94 7.6 % 9.2 % 2027 91 10,331,451 383,575 26.93 21.4 % 27.0 % 2028 83 12,754,664 350,748 36.36 26.4 % 24.7 % 2029 68 10,050,122 292,260 34.39 20.8 % 20.6 % 2030 29 4,231,009 104,234 40.59 8.8 % 7.4 % 2031 12 2,040,315 46,602 43.78 4.2 % 3.3 % 2032 2 605,430 14,709 41.16 1.3 % 1.0 % 2033 7 970,211 21,724 44.66 2.0 % 1.5 % 2034 9 1,488,675 27,725 53.69 3.1 % 2.0 % 2035 8 2,135,603 46,922 45.51 4.4 % 3.3 % (1) Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2025 for expiring leases that were executed as of December 31, 2025.
Keating Furniture 1 — — 1 103,994 — — 103,994 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!
Keating Furniture 1 — — 1 103,994 — — 103,994 Joplin Expo Center — 1 — 1 — 85,000 — 85,000 Kings Dining & Entertainment 1 — — 1 22,678 — — 22,678 Kohl's 1 3 1 5 86,584 225,771 83,000 395,355 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!
The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions. (6) Owned by the tenant. (7) Subsequent to December 31, 2024, the property was sold. See Note 18 for more information. (8) Owned by a third party.
(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.
Operational metrics are not reported for Excluded Properties. 30 Inline and Adjacent Freestanding Stores The malls have approximately 3,560 inline and adjacent freestanding stores. The malls received 84.7% of their total revenues from inline and adjacent freestanding stores for the year ended December 31, 2024.
(16) Brookfield Square - The annual ground rent for 2025 was $110. 31 Inline and Adjacent Freestanding Stores The malls have approximately 3,269 inline and adjacent freestanding stores. The malls received 85.8% of their total revenues from inline and adjacent freestanding stores for the year ended December 31, 2025.
L ifestyle Center Lease Expirations The following table summarizes the scheduled lease expirations for inline and adjacent freestanding stores as of December 31, 2024: 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) 2025 36 $ 4,071,707 98,957 $ 41.15 10.1 % 8.5 % 2026 62 7,204,307 247,563 29.10 17.9 % 21.3 % 2027 43 6,014,953 187,343 32.11 15.0 % 16.1 % 2028 36 5,013,065 135,020 37.13 12.5 % 11.6 % 2029 39 6,502,052 175,833 36.98 16.2 % 15.1 % 2030 26 4,613,715 133,729 34.50 11.5 % 11.5 % 2031 13 2,532,193 47,877 52.89 6.3 % 4.1 % 2032 11 1,548,989 32,671 47.41 3.9 % 2.8 % 2033 9 1,600,953 52,294 30.61 4.0 % 4.5 % 2034 9 1,127,516 51,796 21.77 2.8 % 4.5 % (1) Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2024 for expiring leases that were executed as of December 31, 2024.
The lifestyle centers received 78.4% of their total revenues from inline and adjacent freestanding stores for the year ended December 31, 2025. 34 L ifestyle Center Lease Expirations The following table summarizes the scheduled lease expirations for inline and adjacent freestanding stores as of December 31, 2025: 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) 2026 38 $ 4,363,716 118,666 $ 36.77 10.2 % 10.3 % 2027 50 6,189,887 202,221 30.61 14.4 % 17.5 % 2028 44 6,137,451 158,856 38.64 14.3 % 13.8 % 2029 41 6,467,407 175,129 36.93 15.1 % 15.2 % 2030 38 7,414,648 170,722 43.43 17.3 % 14.8 % 2031 23 4,224,557 121,109 34.88 9.8 % 10.5 % 2032 14 2,421,010 47,414 51.06 5.6 % 4.1 % 2033 8 1,571,605 51,075 30.77 3.6 % 4.4 % 2034 10 1,585,551 56,337 28.14 3.7 % 5.0 % 2035 16 2,589,390 51,159 50.61 6.0 % 4.4 % (1) Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2025 for expiring leases that were executed as of December 31, 2025.
Subtotal 23 1 2 26 1,398,657 50,000 280,586 1,729,243 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 2 — — 2 53,856 — — 53,856 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 5 — — 5 120,020 — — 120,020 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 H&M 26 — — 26 573,882 — — 573,882 Hamrick's 1 — — 1 40,000 — — 40,000 Harris Teeter — — 1 1 — — 72,757 72,757 Havertys Furniture 1 — — 1 25,080 — — 25,080 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 Home Trends 1 — — 1 128,330 — — 128,330 Hospital Corporation of America 1 — — 1 48,000 — — 48,000 I.
Subtotal 2 — — 2 44,180 — — 44,180 Boscov's — 1 — 1 — 150,000 — 150,000 Burlington 1 2 — 3 28,000 94,049 — 122,049 Cabela's — 1 — 1 — 75,330 — 75,330 Cinemark 6 — — 6 306,348 — — 306,348 City of College Station — 1 — 1 — 103,888 — 103,888 Costco — 1 — 1 — 153,973 — 153,973 Crunch Fitness 2 2 — 4 70,425 88,958 — 159,383 Dave & Buster's 3 1 — 4 83,316 26,509 — 109,825 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 Dick's Sporting Goods 19 1 2 22 1,102,116 50,000 280,586 1,432,702 Dunham's Sports 1 — — 1 80,551 — — 80,551 EFO Furniture & Mattress Outlet 1 — — 1 43,171 — — 43,171 Electronic Express — 2 — 2 — 87,573 — 87,573 Encore 3 — — 3 74,583 — — 74,583 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 The Fresh Market 1 — — 1 21,442 — — 21,442 Gabe's — 1 — 1 — 29,596 — 29,596 Giselle's 1 — — 1 21,301 — — 21,301 H&M 23 — — 23 511,417 — — 511,417 Hamrick's 1 — — 1 40,000 — — 40,000 Harris Teeter — — 1 1 — — 72,757 72,757 Havertys Furniture 1 — — 1 25,080 — — 25,080 High Caliber Karting 1 — — 1 100,683 — — 100,683 Hobby Lobby 1 2 — 3 51,668 163,104 — 214,772 Hollywood Casino 1 — — 1 79,500 — — 79,500 Home Trends 1 — — 1 128,330 — — 128,330 Hospital Corporation of America 1 — — 1 48,000 — — 48,000 I.
(2) Amounts are based on interest rates in effect at December 31, 2024 and do not reflect any future principal paydowns in excess of scheduled principal amortization. (3) The loan has a one-year extension option for a fully extended maturity date of May 1, 2026.
(2) Amounts are based on interest rates in effect at December 31, 2025 and do not reflect any future principal paydowns in excess of scheduled principal amortization. (3) Subsequent to December 31, 2025, we were notified by the lender that the loan was in default and the property was placed into receivership. See Note 18 .
As of December 31, 2024, we occupied approximately 39% of the total square footage of the buildings. 36 Anchors and Junior Anchors Anchors and Junior Anchors are an important factor in a property’s successful performance.
Anchors and Junior Anchors Anchors and Junior Anchors are an important factor in a property’s successful performance.
The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions. (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) Subsequent to December 31, 2024, the property was sold.
(9) 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. (10) Meridian Mall - We are the lessee under several ground leases in effect through March 2067, with extension options.
The 2025 debt service and the balloon payment due on maturity assume regular principal and interest payments throughout 2025, with a final payment in December 2025. (6) The Operating Partnership guarantees 50% of the loan. Subsequent to December 31, 2024, the loan was extended through February 2026. (7) The Operating Partnership guarantees 100% of the loan.
(4) The loan is in maturity default. The 2026 debt service and the balloon payment due on maturity assume interest payments throughout 2026, with a final payment in December 2026. (5) This loan was previously referred to as the "open-air centers and outparcels loan".
O pen-Air Centers Lease Expirations The following table summarizes the scheduled lease expirations for tenants in occupancy at our open-air centers as of December 31, 2024: 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) 2025 43 $ 4,433,350 115,378 $ 38.42 7.9 % 5.2 % 2026 71 8,209,803 454,471 18.06 14.6 % 20.5 % 2027 51 8,837,676 436,494 20.25 15.7 % 19.6 % 2028 43 6,925,362 247,814 27.95 12.3 % 11.2 % 2029 44 7,991,838 268,802 29.73 14.2 % 12.1 % 2030 35 7,291,937 266,619 27.35 12.9 % 12.0 % 2031 19 5,989,626 192,883 31.05 10.6 % 8.7 % 2032 14 2,975,762 94,016 31.65 5.3 % 4.2 % 2033 12 2,281,811 82,633 27.61 4.1 % 3.7 % 2034 11 1,390,747 62,888 22.11 2.5 % 2.8 % (1) Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2024 for expiring leases that were executed as of December 31, 2024.
(7) Owned by a third party. 36 O pen-Air Centers Lease Expirations The following table summarizes the scheduled lease expirations for tenants in occupancy at our open-air centers as of December 31, 2025: 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) 2026 44 $ 4,728,884 126,640 $ 37.34 7.8 % 5.7 % 2027 58 9,030,859 428,427 21.08 14.9 % 19.5 % 2028 52 8,301,295 272,888 30.42 13.7 % 12.4 % 2029 48 8,143,677 278,758 29.21 13.4 % 12.7 % 2030 48 10,306,568 304,815 33.81 17.0 % 13.8 % 2031 31 8,447,031 314,512 26.86 13.9 % 14.3 % 2032 18 4,368,103 254,147 17.19 7.2 % 11.5 % 2033 11 2,259,198 81,414 27.75 3.7 % 3.7 % 2034 13 1,994,524 70,529 28.28 3.3 % 3.2 % 2035 21 3,110,007 69,358 44.84 5.1 % 3.2 % (1) Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2025 for expiring leases that were executed as of December 31, 2025.
M all Lease Expirations The following table summarizes the scheduled lease expirations for inline and adjacent freestanding stores as of December 31, 2024: 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) 2025 553 $ 55,351,873 1,551,173 $ 35.68 18.0 % 18.1 % 2026 769 85,708,397 2,516,719 34.06 27.9 % 29.4 % 2027 420 52,182,718 1,417,285 36.82 17.0 % 16.6 % 2028 304 43,118,351 1,063,476 40.54 14.0 % 12.4 % 2029 258 27,494,553 902,712 30.46 8.9 % 10.6 % 2030 108 17,878,895 474,199 37.70 5.8 % 5.5 % 2031 38 4,519,508 137,835 32.79 1.5 % 1.6 % 2032 50 7,048,515 158,517 44.47 2.3 % 1.9 % 2033 31 5,622,372 112,777 49.85 1.8 % 1.3 % 2034 54 8,776,413 217,945 40.27 2.9 % 2.5 % (1) Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2024 for expiring leases that were executed as of December 31, 2024.
M all Lease Expirations The following table summarizes the scheduled lease expirations for inline and adjacent freestanding stores as of December 31, 2025: 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) 2026 468 $ 43,364,167 1,226,685 $ 35.35 14.1 % 15.0 % 2027 669 79,675,902 2,303,155 34.59 25.9 % 28.1 % 2028 497 64,095,158 1,607,195 39.88 20.8 % 19.6 % 2029 380 39,609,560 1,157,350 34.22 12.9 % 14.1 % 2030 194 27,267,332 689,676 39.54 8.9 % 8.4 % 2031 105 15,976,696 402,433 39.70 5.2 % 4.9 % 2032 62 9,979,325 213,323 46.78 3.2 % 2.6 % 2033 48 8,056,362 178,514 45.13 2.6 % 2.2 % 2034 60 9,606,298 215,569 44.56 3.1 % 2.6 % 2035 51 10,031,762 208,048 48.22 3.3 % 2.5 % (1) Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2025 for expiring leases that were executed as of December 31, 2025.
For segment reporting purposes, the retail portion of the center is classified in lifestyle centers and the office portion is classified as All Other. 33 Inline and Adjacent Freestanding Stores The lifestyle centers have approximately 442 inline and adjacent freestanding stores.
Inline and Adjacent Freestanding Stores The lifestyle centers have approximately 306 inline and adjacent freestanding stores.
Removed
Louis, MO 1963/2007 2001 100% 979,386 267,163 309 74 % Dick's Sporting Goods, Dillard's, JC Penney, Macy's, former Sears Southpark Mall Colonial Heights, VA 1989/2003 2007 100% 676,590 213,183 396 94 % Dick's Sporting Goods, Dick's Sporting Goods Fulfillment Center, H&M, JC Penney, Macy's, Regal Cinemas St.
Added
We lease all or a portion of the land at each of these properties subject to long-term ground leases. 28 The following table sets forth certain information for each of the malls as of December 31, 2025 (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% 1,164,324 327,087 351 90 % Belk, former Conn's Home Plus (6) , Dillard's, H&M, JC Penney, Macy's, Planet Fitness, Q, Regal Cinemas, former Sears (6) Ashland Town Center Ashland, KY 2025 N/A 100% 342,194 182,248 440 89 % Belk, Belk Men & Home, Cinemark, JC Penny, T.J.
Removed
The lifestyle centers received 79.2% of their total revenues from inline and adjacent freestanding stores for the year ended December 31, 2024.
Added
Louis, MO 1963/2007 2001 100% 932,986 220,763 303 77 % Dick's Sporting Goods, Dillard's, JC Penney, former Macy's, former Sears Southgate Mall Missoula, MT 2025 N/A 100% 545,780 212,955 357 89 % AMC Theatres, Dillard's for Men & Kids, Dillard's for Women, Hobby Lobby, Scheels St.
Removed
Maxx Frontier Square Cheyenne, WY 1985 100% 186,547 16,522 100% Ross Dress for Less (8) , Target (6) , T.J.
Added
Anchor and junior anchor tenants own or lease their stores and non-anchor stores lease their locations.
Removed
During 2024, the following Anchors and Junior Anchors were added to our properties: Name Property Location Aldi Governor's Square Plaza Clarksville, TN Appliance Factory Mattress Kingdom (Owned by Others) Frontier Mall Cheyenne, WY BJ's Wholesale Club (Owned by Others) Jefferson Mall Louisville, KY Bomgaars (Owned by Others) Frontier Mall Cheyenne, WY Crunch Fitness Coastal Grand Mall Myrtle Beach, SC Crunch Fitness Hamilton Place Chattanooga, TN Dick's Sporting Goods Westmoreland Mall Greensburg, PA Mega Furniture (Owned by Others) Mall del Norte Laredo, TX Murdoch's Farm & Ranch (Owned by Others) Post Oak Mall College Station, TX Planet Fitness West Towne Mall Madison, WI Shoe Station The Shoppes at Hamilton Place Chattanooga, TN Thrill Factory East Towne Mall Madison, WI Tilted 10 Jefferson Mall Louisville, KY As of December 31, 2024, our properties had a total of 437 Anchors and Junior Anchors, including 40 vacant Anchor and Junior Anchor locations, and excluding Anchors and Junior Anchors at Excluded Properties.
Added
Rental rates per square foot for Anchor tenants are significantly lower than the rents charged to non-anchor tenants. Total revenues from Anchors and Junior Anchors accounted for 16.7% of the total revenues from our properties in 2025.
Removed
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 — 1 — 1 — 50,000 — 50,000 Costco — 1 — 1 — 153,973 — 153,973 Crunch Fitness 2 2 — 4 60,165 88,958 — 149,123 Dave & Buster's 2 1 — 3 61,316 26,509 — 87,825 Dick's Sporting Goods Inc.: Dick's Sporting Goods 21 1 2 24 1,207,995 50,000 280,586 1,538,581 Dick's Sporting Goods Fulfillment Center 1 — — 1 113,545 — — 113,545 Dick's Warehouse 1 — — 1 77,117 — — 77,117 Dick's Sporting Goods Inc.
Added
During 2025, the following Anchors and Junior Anchors were added to our properties: Name Property Location Ashley Furniture Home Store Meridian Mall Lansing, MI Barnes & Noble Sunrise Mall Brownsville, TX Barnes & Noble York Town Center York, PA Dave & Buster's Mayfaire Town Center Wilmington, NC Giselle's Oak Park Mall Overland Park, KS Joplin Expo Center Northpark Mall Joplin, MO Phoenix Theatres Governor's Square Clarksville, TN Planet Fitness Arbor Place Douglasville, GA Primark CoolSprings Galleria Nashville, TN Q Arbor Place Douglasville, GA Z Cages Hitter's Hangout Sunrise Mall Brownsville, TX As of December 31, 2025, our properties had a total of 415 Anchors and Junior Anchors, including 44 vacant Anchor and Junior Anchor locations, and excluding Anchors and Junior Anchors at Excluded Properties.
Added
The forbearance agreement provides for default interest on the outstanding loan balance of 1%, 2% and 3% for each successive year of the forbearance agreement. (7) The Operating Partnership guarantees 100% of the loan. (8) We are in discussions with the lender regarding foreclosure actions.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changePeriod Total Number of Shares Purchased Average Price Paid Per Share 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 (in thousands) October 1–31, 2024 500,000 (1) $ 25.05 — $ — November 1–30, 2024 — — — — December 1–31, 2024 62,147 (2) 31.12 (3) — — Total 562,147 — (1) We repurchased 500,000 shares of CBL common stock for $12,525,000 during October 2024, in a privately negotiated block trade from a single shareholder.
Biggest changePeriod 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 (in thousands) October 1–31, 2025 101,500 $ 29.25 101,500 $ 17,671 November 1–30, 2025 267,582 32.68 267,582 16,257 December 1–31, 2025 113,060 (2) 35.62 (3) 57,826 14,293 Total 482,142 426,908 (1) In May 2025, our board of directors authorized the repurchase of up to $25.0 million of our outstanding common stock.
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 bankruptcy and the NYSE listing), at the market close, through December 31, 2024, 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 bankruptcy and the NYSE listing), at the market close, through December 31, 2025, with all dividends reinvested. Share price performance presented below is not necessarily indicative of future results.
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, 2024.
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, 2025.
Period Ending Index 11/02/21 12/31/21 12/31/22 12/31/23 12/31/24 CBL & Associates Properties, Inc. $ 100.00 $ 104.00 $ 85.32 $ 96.38 $ 123.87 Russell 3000 Index 100.00 101.61 82.09 103.40 128.02 FTSE NAREIT All Equity REITs Index 100.00 107.05 80.34 89.47 93.87
Period Ending Index 11/02/21 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 CBL & Associates Properties, Inc. 100.00 104.00 85.32 96.38 123.87 169.96 Russell 3000 Index 100.00 101.61 82.09 103.40 128.02 149.97 FTSE NAREIT All Equity REITs Index 100.00 107.05 80.34 89.47 93.87 96.00
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 528 shareholders of record for our common stock as of February 25, 2025.
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 506 shareholders of record for our common stock as of February 26, 2026.
(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.
(3) For the 55,234 shares surrendered to satisfy federal and state income tax requirements, $37.37 represented the average market value per share of the common stock on the vesting date, which was used to determine the number of shares required to be surrendered to satisfy income tax withholding requirements. 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.
The block repurchase was completed separately from our previous stock repurchase program, which was concluded in September 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.
(2) Includes 55,234 shares surrendered to us by employees to satisfy federal and state income tax requirements related to vesting of shares of restricted stock.
Added
The May 2025 share repurchase program was replaced by a new $25.0 million share repurchase program authorized by our board of directors in November 2025 to run through November 5, 2026. Subsequent to October 2025, all share repurchases were made under the new share repurchase program.

Item 7. Management's Discussion & Analysis

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

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Biggest changeThe following summarizes our net income (loss) and net income (loss) attributable to common shareholders (in thousands): Year Ended December 31, 2024 2023 2022 Net income (loss) $ 57,117 $ 3,204 $ (99,515 ) Net income (loss) attributable to common shareholders $ 57,764 $ 5,433 $ (96,019 ) Significant items that affected comparability between the years include: • Items increasing net income for the year ended December 31, 2024 compared to the year ended December 31, 2023 include: o Depreciation and amortization was $49.9 million lower; o Gain on consolidation was $26.7 million higher; o Interest expense was $18.4 million lower; o Equity in earnings was $11.1 million higher; o Gain on sales of real estate assets was $11.6 million higher; o Real estate taxes were $7.4 million lower; and o Maintenance and repairs were $3.6 million lower. • Items decreasing net income for the year ended December 31, 2024 compared to the year ended December 31, 2023 include: o Gain on deconsolidation was $47.9 million lower; o Rental revenues were $20.1 million lower; o Gain on extinguishment of debt was $4.1 million lower; and o General and administrative expense was $3.2 million higher. • Items increasing net income for the year ended December 31, 2023 compared to the year ended December 31, 2022 include: o Depreciation and amortization was $65.8 million lower; o Interest expense was $44.4 million lower; o Gain on deconsolidation was $11.6 higher; o Interest and other income was $8.3 million higher; and o General and administrative expense was $3.1 million lower. • Items decreasing net income for the year ended December 31, 2023 compared to the year ended December 31, 2022 include: 45 o Rental revenues were $28.3 million lower; o Equity in earnings was $7.9 million lower; and o Gain on extinguishment of debt was $4.1 million lower.
Biggest changeThe following summarizes our net income (loss) and net income (loss) attributable to common shareholders (in thousands): Year Ended December 31, 2025 2024 Net income $ 134,526 $ 57,117 Net income attributable to common shareholders $ 133,878 $ 57,764 Significant items that affected comparability between the years include: • Items increasing net income for the year ended December 31, 2025 compared to the year ended December 31, 2024 include: o Rental revenues were $65.1 million higher; o Gain on deconsolidation was $33.9 million higher; o Equity in earnings was $30.3 million higher; and o Gain on sales of real estate assets was $57.6 million higher. • Items decreasing net income for the year ended December 31, 2025 compared to the year ended December 31, 2024 include: o Depreciation and amortization was $24.6 million higher; o Interest expense was $21.5 million higher; o Total property operating expense was $29.2 million higher; o Gain on consolidation was $26.7 million lower; o General and administrative expense was $1.8 million higher; o Loss on impairment was $1.7 million higher; and o Interest and other income was $2.5 million lower.
This fair value is based on a variety of considerations including, but not necessarily limited to: (i) the value associated with avoiding the cost of originating the acquired in-place leases; (ii) the value associated with lost revenue related to tenant reimbursable operating costs estimated to be incurred during the assumed lease-up period; and (iii) the value associated with lost rental 60 revenue from existing leases during the assumed lease-up period.
This fair value is based on a variety of considerations including, but not necessarily limited to: (i) the value associated with avoiding the cost of originating the acquired in-place leases; (ii) the value associated with lost revenue related to tenant reimbursable operating costs estimated to be incurred during the assumed lease-up period; and (iii) the value associated with lost rental revenue from existing leases during the assumed lease-up period.
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.
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. 49 We compute NOI based on the Operating Partnership's pro rata share of both consolidated and unconsolidated properties.
Recent Accounting Pronouncements See Note 2 to the consolidated financial statements for information on recently issued accounting pronouncements. 61 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. 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.
New properties are excluded from same-center NOI, until they meet these criteria. Properties excluded from the same-center pool, which would otherwise meet these criteria, are properties undergoing major redevelopment or being considered for repositioning, or where we intend to renegotiate the 49 terms of the debt secured by the related property or return the property to the lender.
New properties are excluded from same-center NOI until they meet these criteria. Properties excluded from the same-center pool, which would otherwise meet these criteria, are properties undergoing major redevelopment or being considered for repositioning, or where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender ("Excluded Properties").
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. 50 We derive the majority of our revenues from our malls.
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 our malls.
The acquired assets and assumed liabilities for an acquired operating property generally include, but are not limited to: land, buildings, and identified tangible and intangible assets and liabilities associated with in-place leases, including tenant improvements, leasing costs, value of above-market and below-market leases, and value of acquired in-place leases.
The acquired assets and assumed liabilities for an acquired operating property generally include, but are not 60 limited to: land, buildings, and identified tangible and intangible assets and liabilities associated with in-place leases, including tenant improvements, leasing costs, value of above-market and below-market leases, and value of acquired in-place leases.
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.
As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject 61 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.
When we retain an interest in an asset rather than selling a 100% interest, it is typically because this allows us to continue to manage the property, which provides us the ability to earn fees for management, leasing, development and financing services provided to the joint venture. • We also pursue opportunities to contribute available land at our properties into joint venture partnerships for development of primarily non-retail uses such as hotels, office, self-storage and multifamily.
When we retain an interest in an asset rather than selling a 100% interest, it is typically because this allows us to continue to manage the property, which provides us the ability to earn fees for management, leasing, development and financing services provided to the joint venture. • We also pursue opportunities to contribute available land at our properties into joint venture partnerships for development of primarily non-retail uses such as hotels, offices, self-storage and multifamily.
(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, 2024.
(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, 2025.
We enter into such arrangements when 53 we determine such a project is viable and we can achieve a satisfactory return on our investment.
We enter into such arrangements when we determine such a project is viable and we can achieve a satisfactory return on our investment.
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, 2023 and the current year ended December 31, 2024.
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, 2024 and the current year ended December 31, 2025.
(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 2046 to 2089 and generally provide for renewal options.
(5) 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 2046 to 2089 and generally provide for renewal options.
The sources of our revenues by property type were as follows: Year Ended December 31, 2024 2023 Malls 70.0 % 71.4 % Outlet Centers 5.5 % 5.0 % Lifestyle Centers 7.8 % 7.7 % Open-Air Centers 11.0 % 10.5 % All Other Properties 5.7 % 5.4 % 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 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: Year Ended December 31, 2025 2024 Malls 72.2 % 70.0 % Outlet Centers 5.4 % 5.5 % Lifestyle Centers 7.7 % 7.8 % Open-Air Centers 9.9 % 11.0 % All Other Properties 4.8 % 5.7 % 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 and exclude license agreements, which are retail leases that are temporary or short-term in nature and generally last more than three months but less than twelve months.
The following 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) 2024 2023 2022 Mall in-line store sales (in millions) $ 3,691 $ 3,750 $ 3,920 Mall in-line tenant occupancy costs 11.0 % 10.9 % 10.4 % (1) In certain cases, we own less than a 100% interest in the mall.
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) 2025 2024 2023 Mall in-line store sales (in millions) $ 4,068 $ 3,691 $ 3,750 Mall in-line tenant occupancy costs 10.6 % 11.0 % 10.9 % (1) In certain cases, we own less than a 100% interest in the mall.
Occupancy for the 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, lifestyle centers and outlet centers represents percentage of in-line gross leasable area under 20,000 square feet occupied.
The weighted-average remaining term of our pro rata share of fixed-rate debt, excluding debt discounts and deferred financing costs, was 3.0 years and 2.7 years at December 31, 2024 and December 31, 2023, respectively.
The weighted-average remaining term of our pro rata share of fixed-rate debt, excluding debt discounts and deferred financing costs, was 3.2 years and 3.0 years at December 31, 2025 and December 31, 2024, respectively.
(2) Due to the purchase of our joint venture partner's 50% interest in CoolSprings Galleria, Oak Park Mall and West County Center during December 2024, same-center NOI is reflected at 100% for those properties for all periods. Same-center NOI increased 0.2% for the year ended December 31, 2024 as compared to the prior-year period.
(2) Due to the purchase of the Company's joint venture partner's 50% interest in CoolSprings Galleria, Oak Park Mall and West County Center during December 2024, same-center NOI is reflected at 100% for those properties for all periods. Same-center NOI increased 0.5% for the year ended December 31, 2025 as compared to the prior year.
We had $76.7 million in restricted cash at December 31, 2024 related to cash held in escrow accounts for insurance, real estate taxes, capital expenditures and tenant allowances as required by the terms of certain mortgage notes payable, as well as amounts related to cash management agreements with lenders of certain property-level mortgage indebtedness, which are designated for debt service and operating expense obligations.
We had $75.9 million in restricted cash at December 31, 2025 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.
Unconsolidated Affiliates We have ownership interests in 24 unconsolidated affiliates as of December 31, 2024. See Note 7 to the consolidated financial statements for more information. The unconsolidated affiliates are accounted for using the equity method of accounting and are reflected in the accompanying consolidated balance sheets as investments in unconsolidated affiliates.
Unconsolidated Affiliates We have ownership interests in 23 unconsolidated affiliates as of December 31, 2025. See Note 7 to the consolidated financial statements for more information. The unconsolidated affiliates are accounted for using the equity method of accounting and are reflected in the accompanying consolidated balance sheets as investments in unconsolidated affiliates.
(6) For the year ended December 31, 2024, we recognized a $26.7 million gain on consolidation related to the acquisition of our partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center.
(6) For the year ended December 31, 2024, we recognized gain on consolidation related to the acquisition of our partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and recognized gain on consolidation.
See Item 2 for a description of our properties owned and under development as of December 31, 2024.
See Item 2 for a description of our properties owned and under development as of December 31, 2025.
The future interest payments on variable-rate loans are projected based on the interest rates that were in effect at December 31, 2024. The secured term loan matures in November 2025 and contains two one-year extension options, subject to certain conditions. 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, 2025. The secured term loan matures in November 2026 and contains a one-year extension option, subject to certain conditions. 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, 2024 2023 % Change Malls, lifestyle centers and outlet centers same-center sales per square foot $ 418 $ 418 0.0% Tenant Occupancy Costs Occupancy cost is a tenant’s total cost of occupying its space, divided by its sales.
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, 2025 2024 % Change Malls, lifestyle centers and outlet centers same-center sales per square foot $ 437 $ 426 2.8% Tenant Occupancy Costs Occupancy cost is a tenant’s total cost of occupying its space, divided by its sales.
As of December 31, 2023, represents the outstanding loan balances for Alamance Crossing East and WestGate Mall. These properties were deconsolidated due to a loss of control when the properties were placed into receivership in connection with the foreclosure process. (2) Weighted-average interest rate excludes amortization of deferred financing costs.
As of December 31, 2024, represents the outstanding loan balance for Alamance Crossing East. These properties were deconsolidated due to a loss of control when the properties were placed into receivership in connection with the foreclosure process. (2) Weighted-average interest rate excludes amortization of deferred financing costs.
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, 2024 and December 31, 2023.
The weighted-average remaining term of our total share of consolidated and unconsolidated debt, excluding debt discounts and deferred financing costs, was 2.6 years and 2.4 years at December 31, 2025 and December 31, 2024, respectively.
(5) Represents our share of the remaining balance to be incurred under construction contracts that had been entered into as of December 31, 2024, but were not complete. The contracts are primarily for redevelopment of our properties. (6) Represents agreements for maintenance, security, and janitorial services at our properties that expire in June 2026.
(6) Represents our share of the remaining balance to be incurred under construction contracts that had been entered into as of December 31, 2025, but were not complete. The contracts are primarily for redevelopment of our properties. (7) Represents agreements for maintenance, security, and janitorial services at our properties that expire between June 2026 to September 2028.
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. 55 Cash Flows - Operating, Investing and Financing Activities There was $153.8 million of cash, cash equivalents and restricted cash as of December 31, 2024, an increase of $30.7 million from December 31, 2023.
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. 55 Cash Flows - Operating, Investing and Financing Activities There was $153.0 million of cash, cash equivalents and restricted cash as of December 31, 2025, a decrease of $0.9 million from December 31, 2024.
Treasury securities. Our total pro rata share of debt, excluding unamortized deferred financing costs and debt discounts, at December 31, 2024 was $2,737.2 million.
Treasury securities. Our total pro rata share of debt, excluding unamortized deferred financing costs and debt discounts, at December 31, 2025 was $2,622.6 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, 2024 2023 Total portfolio (1) $ 26.07 $ 25.73 Malls, lifestyle centers and outlet centers: Total same-center malls, lifestyle centers and outlet centers 31.01 30.37 Total malls 31.14 30.64 Total lifestyle centers 31.96 30.53 Total outlet centers 29.32 28.36 Open-air centers 15.84 15.56 All Other Properties 20.94 20.37 (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, 2025 2024 Total portfolio (1) $ 27.13 $ 26.07 Malls, lifestyle centers and outlet centers: Total same-center malls, lifestyle centers and outlet centers 31.41 31.59 Total malls 31.31 31.14 Total lifestyle centers 32.83 31.96 Total outlet centers 30.37 29.32 Open-air centers 16.25 15.84 All Other Properties 22.01 20.94 (1) Excluded Properties are not included in base rent.
(2) Represents the outstanding loan balance for Alamance Crossing East which was deconsolidated due to a loss of control when the property was placed into receivership in connection with the foreclosure process. (3) Includes $56,854 of variable-rate debt service. Future contractual obligations have been projected using the same assumptions as used in (1) above.
(3) Represents the outstanding loan balance for Southpark Mall which was deconsolidated due to a loss of control when the property was placed into receivership in connection with the foreclosure process. (4) Includes $21,471 of variable-rate debt service. Future contractual obligations have been projected using the same assumptions as used in (1) above.
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, 2025, our pro rata share of consolidated and unconsolidated variable-rate debt, excluding debt discounts and deferred financing costs, represented 28.7% of our total pro rata share of debt, excluding debt discounts and deferred financing costs.
Alamance Crossing East and Harford Mall were classified as Excluded Properties as of December 31, 2024. 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 of December 31, 2025, Brookfield Square, Harford Mall, Laurel Park Place and Southpark Mall were classified as Excluded Properties. Due to the exclusions noted above, same-center NOI should only be used as a supplemental measure of our performance and not as an alternative to GAAP operating income (loss) or net income (loss).
Prior to consideration of unamortized deferred financing costs or debt discounts, of our $2,737.2 million in outstanding debt at December 31, 2024, $2,710.6 million constituted non-recourse debt obligations and $26.6 million constituted recourse debt obligations.
Prior to consideration of unamortized deferred financing costs or debt discounts, of our $2,622.6 million in outstanding debt at December 31, 2025, $2,619.8 million constituted non-recourse debt obligations and $2.8 million constituted recourse debt obligations.
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%.
The full principal balance will convert to a variable rate after July 2030. 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%.
As of December 31, 2024, we own interests in 87 properties, consisting of 45 malls, 27 open-air centers, five outlet centers, five lifestyle centers and five other properties, including single-tenant and multi-tenant outparcels. As of December 31, 2024, our shopping centers are located in 21 states, and are primarily in the southeastern and midwestern United States.
As of December 31, 2025, we own interests in 86 properties, consisting of 47 malls, 25 open-air centers, five outlet centers, four lifestyle centers and five other properties, including single-tenant and multi-tenant outparcels. As of December 31, 2025, our shopping centers are located in 22 states, and are primarily in the southeastern and midwestern United States.
We also had restricted cash of $36.2 million related to the properties that secure the 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 $34.8 million related to the properties that secure the corporate term loan and the 2032 non-recourse bank loan (previously referred to as 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 2032 non-recourse bank loan, respectively.
As of December 31, 2024 2023 Total portfolio 90.3% 90.9% Malls, lifestyle centers and outlet centers: Total malls 87.8% 89.3% Total lifestyle centers 92.2% 91.5% Total outlet centers 92.3% 91.9% Total same-center malls, lifestyle centers and outlet centers 88.7% 89.8% Open-air centers 95.6% 95.5% All Other Properties 89.5% 78.2% 51 Leasing The following is a summary of the total square feet of leases signed in the year ended December 31, 2024 as compared to the prior year: Year Ended December 31, 2024 2023 Operating portfolio: New leases 980,105 1,485,375 Renewal leases 3,500,440 2,865,969 Development portfolio: New leases — 25,151 Total leased 4,480,545 4,376,495 Average annual base rents per square foot are computed based on contractual rents in effect as of December 31, 2024 and 2023, including the impact of any rent concessions.
Occupancy for open-air centers represents percentage of gross leasable area occupied. 51 As of December 31, 2025 2024 Total portfolio 90.0% 90.3% Malls, lifestyle centers and outlet centers: Total malls 87.9% 87.8% Total lifestyle centers 92.5% 92.2% Total outlet centers 90.9% 92.3% Total same-center malls, lifestyle centers and outlet centers 88.6% 88.6% Open-air centers 95.0% 95.6% All Other Properties 90.9% 89.5% Leasing The following is a summary of the total square feet of leases signed in the year ended December 31, 2025 as compared to the prior year: Year Ended December 31, 2025 2024 Operating portfolio: New leases 854,120 980,105 Renewal leases 3,165,981 3,500,440 Development portfolio: New leases 6,058 — Total leased 4,026,159 4,480,545 Average annual base rents per square foot are computed based on contractual rents in effect as of December 31, 2025 and 2024, including the impact of any rent concessions.
Of this amount, $40.8 million was unrestricted cash as of December 31, 2024. Also, at December 31, 2024, we had $243.1 million in U.S. Treasuries with maturities through December 2025.
Of this amount, $42.3 million was unrestricted cash as of December 31, 2025. Also, at December 31, 2025, we had $293.1 million in U.S. Treasuries with maturities through October 2026.
The $1.1 million increase for the year ended December 31, 2024 as compared to the prior-year period primarily consisted of a $5.9 million decrease in revenues offset by a $7.0 million decrease in operating expenses. Rental revenues were $5.9 million lower primarily due to lower minimum rents, tenant reimbursements and percentage rents.
The $2.0 million increase for the year ended December 31, 2025 compared to the same period in 2024 primarily consisted of an $8.0 million increase in revenues offset by a $6.0 million increase in operating expenses. Rental revenues were $7.1 million higher primarily due to higher minimum rents and tenant reimbursements in the current year.
(3) 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. (4) The years ended December 31, 2024 and 2023 include default interest on loans past their maturity dates.
(3) 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. (4) The year ended December 31, 2025 includes default interest on a loan past its maturity date and the reversal of previously accrued default interest.
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, 2024 and 2023, (in thousands): Year Ended December 31, 2024 2023 Tenant allowances (1) $ 19,863 $ 17,079 Maintenance capital expenditures: Parking area and parking area lighting 5,047 5,331 Roof replacements 6,801 3,319 Other capital expenditures 19,497 16,246 Total maintenance capital expenditures 31,345 24,896 Capitalized overhead 859 1,797 Capitalized interest 562 453 Total capital expenditures $ 52,629 $ 44,225 (1) Tenant allowances primarily relate to new leases.
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, 2025 and 2024, (in thousands): Year Ended December 31, 2025 2024 Tenant allowances (1) $ 20,942 $ 19,863 Maintenance capital expenditures: Parking area and parking area lighting 8,584 5,047 Roof replacements 4,360 6,801 Other capital expenditures 22,741 19,497 Total maintenance capital expenditures 35,685 31,345 Capitalized overhead 1,020 859 Capitalized interest 518 562 Total capital expenditures $ 58,165 $ 52,629 (1) Tenant allowances primarily relate to new leases.
Tenant allowances related to renewal leases were not material for the periods presented. Annual capital expenditures budgets are prepared for each of our properties that are intended to provide for all necessary recurring and non-recurring capital expenditures. We believe that property operating cash flows, which include reimbursements from tenants for certain expenses, will provide the necessary funding for these expenditures.
Tenant allowances related to renewal leases were not material for the periods presented. Annual capital expenditures budgets are prepared for each of our properties that are intended to provide for all necessary recurring and non-recurring capital expenditures.
A reconciliation of our same-center NOI to net income for the years ended December 31, 2024 and 2023 is as follows (in thousands): Year Ended December 31, 2024 2023 Net income $ 57,117 $ 3,204 Adjustments: (1) Depreciation and amortization, including our share of unconsolidated affiliates and net of noncontrolling interests' share 154,812 205,471 Interest expense, including our share of unconsolidated affiliates and net of noncontrolling interests' share 217,354 238,616 Abandoned projects expense 230 39 Gain on sales of real estate assets, net of taxes and noncontrolling interests' share (16,676 ) (4,839 ) Gain on sales of real estate assets of unconsolidated affiliates (68 ) (768 ) Adjustment for unconsolidated affiliates with negative investment (9,974 ) (7,242 ) Loss (gain) on extinguishment of debt 819 (3,270 ) Gain on deconsolidation — (47,879 ) Gain on consolidation (26,727 ) — Loss on impairment 1,461 — Litigation settlement (553 ) (2,310 ) Income tax provision 1,055 894 Lease termination fees (2,357 ) (3,504 ) Straight-line rent and above- and below-market lease amortization 14,642 13,896 Net loss attributable to noncontrolling interests in other consolidated subsidiaries 1,857 3,344 General and administrative expenses 67,254 64,066 Management fees and non-property level revenues (25,049 ) (19,087 ) Operating Partnership's share of property NOI 435,197 440,631 Non-comparable NOI 20,371 13,861 Total same-center NOI (2) $ 455,568 $ 454,492 (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.
A reconciliation of our same-center NOI to net income for the years ended December 31, 2025 and 2024 is as follows (in thousands): Year Ended December 31, 2025 2024 Net income $ 134,526 $ 57,117 Adjustments: (1) Depreciation and amortization, including our share of unconsolidated affiliates and net of noncontrolling interests' share 176,597 154,812 Interest expense, including our share of unconsolidated affiliates and net of noncontrolling interests' share 199,735 217,354 Abandoned projects expense 27 230 Gain on sales of real estate assets (74,229 ) (16,676 ) Gain on sales of real estate assets of unconsolidated affiliates (33,567 ) (68 ) Adjustment for unconsolidated affiliates with negative investment 12,811 (9,974 ) Loss on extinguishment of debt 217 819 Gain on deconsolidation (33,851 ) — Gain on consolidation — (26,727 ) Loss on impairment, including our share of unconsolidated affiliates 3,875 1,461 Litigation settlement — (553 ) Income tax provision 475 1,055 Lease termination fees (2,088 ) (2,357 ) Straight-line rent and above- and below-market lease amortization 14,389 14,642 Net loss attributable to noncontrolling interests in other consolidated subsidiaries 1,462 1,857 General and administrative expenses 69,040 67,254 Management fees and non-property level revenues (22,121 ) (25,049 ) Operating Partnership's share of property NOI 447,298 435,197 Non-comparable NOI (26,827 ) (16,732 ) Total same-center NOI (2) $ 420,471 $ 418,465 (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.
Please refer to the reconciliation of net income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders below for a description of these adjustments. 62 The reconciliation of net income attributable to common shareholders to F FO allocable to Operating Partnership common unitholders is as follows (in thousands): Year Ended December 31, 2024 2023 Net income attributable to common shareholders $ 57,764 $ 5,433 Noncontrolling interest in income of Operating Partnership 4 2 Earnings allocable to unvested restricted stock 1,206 1,113 Depreciation and amortization expense of: Consolidated properties 140,591 190,505 Unconsolidated affiliates 16,137 17,408 Non-real estate assets (1,187 ) (905 ) Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries (1,916 ) (2,442 ) Loss on impairment, net of taxes 1,244 — Gain on depreciable property (15,651 ) — FFO allocable to Operating Partnership common unitholders 198,192 211,114 Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share (1) 44,929 61,788 Adjustment for unconsolidated affiliates with negative investment (2) (9,974 ) (7,242 ) Litigation settlement (3) (553 ) (2,310 ) Non-cash default interest expense (4) 606 972 Gain on deconsolidation (5) — (47,879 ) Gain on consolidation (6) (26,727 ) — Loss (gain) on extinguishment of debt (7) 819 (3,270 ) FFO allocable to Operating Partnership common unitholders, as adjusted $ 207,292 $ 213,173 (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 income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders below for a description of these adjustments. 62 The reconciliation of net income attributable to common shareholders to F FO allocable to Operating Partnership common unitholders is as follows (in thousands): Year Ended December 31, 2025 2024 Net income attributable to common shareholders $ 133,878 $ 57,764 Noncontrolling interest in income of Operating Partnership 21 4 Earnings allocable to unvested restricted stock 26 1,206 Depreciation and amortization expense of: Consolidated properties 165,156 140,591 Unconsolidated affiliates 12,992 16,137 Non-real estate assets (1,005 ) (1,187 ) Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries (1,551 ) (1,916 ) Loss on impairment, including our share of unconsolidated affiliates, net of taxes 3,496 1,244 Gain on depreciable property, net of taxes (104,046 ) (15,651 ) FFO allocable to Operating Partnership common unitholders 208,967 198,192 Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share (1) 35,750 44,929 Adjustment for unconsolidated affiliates with negative investment (2) 12,811 (9,974 ) Litigation settlement (3) — (553 ) Non-cash default interest expense (4) (328 ) 606 Gain on deconsolidation (5) (33,851 ) — Gain on consolidation (6) — (26,727 ) Loss on extinguishment of debt (7) 217 819 FFO allocable to Operating Partnership common unitholders, as adjusted $ 223,566 $ 207,292 (1) Represents the difference between the estimated fair value and the outstanding principal balance of applicable loans at the time of fresh start accounting and dates of acquisitions.
Results of Operations Properties that were in operation for the entire year during both 2024 and 2023 are referred to as the “2024 Comparable Properties.” Since January 2023, we have opened, deconsolidated and disposed of the following properties: Properties Opened Property Location Date Opened Friendly Center Medical Office (1) Greensboro, NC August 2024 (1) The property is owned by a joint venture that is accounted for using the equity method of accounting and is included in equity in earnings of unconsolidated affiliates in the accompanying consolidated statements of operations.
The acquisition represents significant progress in the execution of our portfolio optimization strategy as we utilize proceeds from sales of non-core assets and open-air centers, such as the sales of two open-air centers, The Promenade and Fremaux Town Center, to invest in higher cash flow yielding opportunities. 46 Results of Operations Properties that were in operation for the entire year during both 2025 and 2024 are referred to as the “2025 Comparable Properties.” Since January 2024, we have opened, consolidated, deconsolidated, acquired and disposed of the following properties: Properties Opened Property Location Date Opened Friendly Center Medical Office (1) Greensboro, NC August 2024 (1) The property is owned by a joint venture that is accounted for using the equity method of accounting and is included in equity in earnings of unconsolidated affiliates in the accompanying consolidated statements of operations.
The dispositions and deconsolidations of properties accounted for $3.8 million of the decrease during 2024 as compared to the prior-year period. Depreciation and amortization expense decreased primarily due to tenant improvement and intangible in-place lease assets recognized upon the adoption of fresh start accounting on November 1, 2021 becoming fully depreciated or amortized since the prior-year period.
The increase was partially offset by tenant improvement and intangible in-place lease assets recognized upon the adoption of fresh start accounting on November 1, 2021 becoming fully depreciated or amortized since the prior year. Also, dispositions accounted for an $11.5 million decrease in the current year as compared to the prior year.
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, 2024. Equity We paid common stock dividends of $0.40 per share in each quarter of 2024.
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, 2025.
For the year ended December 31, 2024, we recognized a $26.7 million gain on consolidation related to the acquisition of our partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center. For the year ended December 31, 2023, we recorded a $47.9 million gain on deconsolidation related to Alamance Crossing East and WestGate Mall.
The property was deconsolidated due to a loss of control when it was placed into receivership in connection with the foreclosure process. For the year ended December 31, 2024, we recognized a $26.7 million gain on consolidation related to the acquisition of our partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center.
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, 2025 and 2024.
The debt discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method. (2) Represents our share of the earnings (losses) before depreciation and amortization expense of unconsolidated affiliates where we are not recognizing equity in earnings (losses) because our investment in the unconsolidated affiliate is below zero.
(2) Represents our share of the earnings (losses) before depreciation and amortization expense of unconsolidated affiliates where we are recognizing equity in earnings (losses) on a cash basis because our investment in the unconsolidated affiliate is below zero.
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, 2024 for spaces that were previously occupied, based on the contractual terms of the related leases inclusive of the impact of any rent concessions, which were not material, are as follows: Property Type Square Feet Prior Gross Rent PSF New Initial Gross Rent PSF % Change Initial New Average Gross Rent PSF % Change Average All Property Types (1) 2,686,925 $ 35.50 $ 36.66 3.3 % $ 37.57 5.8 % Malls, lifestyle centers and outlet centers (2) 2,526,612 36.12 37.24 3.1 % 38.12 5.5 % New leases (2) 253,863 28.39 41.27 45.4 % 44.44 56.5 % Renewal leases (2) 2,272,749 36.99 36.79 (0.5 )% 37.41 1.1 % Open Air Centers 132,367 24.61 27.17 10.4 % 28.47 15.7 % (1) Includes malls, lifestyle centers, outlet centers, open-air centers and other.
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, 2025 for spaces that were previously occupied, based on the contractual terms of the related leases inclusive of the impact of any rent concessions, which were not material, are as follows: Property Type Square Feet Prior Gross Rent PSF New Initial Gross Rent PSF % Change Initial New Average Gross Rent PSF % Change Average All Property Types (1) 2,439,969 $ 41.45 $ 41.30 (0.4 )% $ 42.52 2.6 % Malls, lifestyle centers and outlet centers (2) 2,304,160 42.35 41.97 (0.9 )% 43.17 1.9 % New leases (2) 236,953 39.09 48.25 23.4 % 52.84 35.2 % Renewal leases (2) 2,067,207 42.72 41.25 (3.4 )% 42.07 (1.5 )% Open-air Centers 105,296 26.53 31.43 18.5 % 33.24 25.3 % (1) Includes malls, lifestyle centers, outlet centers, open-air centers and other.
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 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. See Part II, Item 7.
(7) During the year ended December 31, 2024, we made a partial paydown on the open-air centers and outparcels loan and recognized loss on extinguishment of debt related to a prepayment fee. The year ended December 31, 2023 includes a gain on extinguishment of debt related to the loan secured by The Outlet Shoppes at Laredo.
(7) During the years ended December 31, 2025 and 2024, we made a partial paydown on the 2032 non-recourse bank loan (previously referred to as the "open-air centers and outparcels loan") and recognized loss on extinguishment of debt related to prepayment fees.
During the year ended December 31, 2024, we sold Layton Hills Mall, Layton Hills Convenience Center, Layton Hills Plaza, 12 outparcels, of which 9 outparcels were associated with the Layton Hills properties, two land parcels and two anchor parcels which generated approximately $85.0 million in gross proceeds at our share.
During the year ended December 31, 2025, we sold six properties, six outparcels, three land parcels and two anchor parcels, which generated gross proceeds of $240.7 million at our share.
We believe the tables below provide investors and lenders a clearer understanding of our total debt obligations and liquidity (in thousands): December 31, 2024: Consolidated Noncontrolling Interests Other Debt (1) Unconsolidated Affiliates Total Weighted- Average Interest Rate (2) Fixed-rate debt: Non-recourse loans on operating properties $ 1,233,767 $ (24,392 ) $ 41,122 $ 368,578 $ 1,619,075 4.98% Non-recourse open-air centers and outparcels loan 170,031 — — — 170,031 6.95% (3) Recourse loan on an operating property — — — 4,361 4,361 7.26% Total fixed-rate debt 1,403,798 (24,392 ) 41,122 372,939 1,793,467 5.18% Variable-rate debt: Non-recourse loans on operating properties 32,580 (11,403 ) — 4,740 25,917 7.99% Recourse loan on an operating property — — — 22,249 22,249 7.55% Non-recourse open-air centers and outparcels loan 170,031 — — — 170,031 8.65% (3) Non-recourse, secured term loan 725,495 — — — 725,495 7.42% Total variable-rate debt 928,106 (11,403 ) — 26,989 943,692 7.66% Total fixed-rate and variable-rate debt 2,331,904 (35,795 ) 41,122 399,928 2,737,159 6.03% Unamortized deferred financing costs (8,688 ) 168 — (2,613 ) (11,133 ) Debt discounts (4)(5) (110,536 ) 1,803 — — (108,733 ) Total mortgage and other indebtedness, net $ 2,212,680 $ (33,824 ) $ 41,122 $ 397,315 $ 2,617,293 December 31, 2023: Consolidated Noncontrolling Interests Other Debt (1) Unconsolidated Affiliates Total Weighted- Average Interest Rate (2) Fixed-rate debt: Non-recourse loans on operating properties $ 736,573 $ (25,021 ) $ 69,783 $ 616,337 $ 1,397,672 5.05% Non-recourse open-air centers and outparcels loan 179,180 — — — 179,180 6.95% (3) Recourse loans on operating properties — — — 5,832 5,832 3.04% Total fixed-rate debt 915,753 (25,021 ) 69,783 622,169 1,582,684 5.26% Variable-rate debt: Non-recourse loans on operating properties 33,780 (11,823 ) — 10,478 32,435 8.56% Recourse loans on operating properties 15,339 — — 46,796 62,135 8.13% Non-recourse open-air centers and outparcels loan 179,180 — — — 179,180 9.44% (3) Non-recourse, secured term loan 799,914 — — — 799,914 8.21% Total variable-rate debt 1,028,213 (11,823 ) — 57,274 1,073,664 8.42% Total fixed-rate and variable-rate debt 1,943,966 (36,844 ) 69,783 679,443 2,656,348 6.54% Unamortized deferred financing costs (13,221 ) 249 — (3,197 ) (16,169 ) Debt discounts (5) (41,942 ) 3,706 — — (38,236 ) Total mortgage and other indebtedness, net $ 1,888,803 $ (32,889 ) $ 69,783 $ 676,246 $ 2,601,943 (1) As of December 31, 2024, represents the outstanding loan balance for Alamance Crossing East.
We believe the tables below provide investors and lenders a clearer understanding of our total debt obligations and liquidity (in thousands): December 31, 2025: Consolidated Noncontrolling Interests Other Debt (1) Unconsolidated Affiliates Total Weighted- Average Interest Rate (2) Fixed-rate debt: Non-recourse loans on operating properties $ 1,133,962 $ (23,881 ) $ 48,271 $ 342,081 $ 1,500,433 4.97% 2032 non-recourse bank loan 367,956 — — — 367,956 7.70% (3) Recourse loan on an operating property — — — 2,797 2,797 7.26% Total fixed-rate debt 1,501,918 (23,881 ) 48,271 344,878 1,871,186 5.51% Variable-rate debt: Non-recourse loans on operating properties 31,380 (10,983 ) — 9,261 29,658 7.46% 2032 non-recourse bank loan 75,000 — — — 75,000 7.97% (3) Non-recourse, secured term loan 646,722 — — — 646,722 6.74% Total variable-rate debt 753,102 (10,983 ) — 9,261 751,380 6.89% Total fixed-rate and variable-rate debt 2,255,020 (34,864 ) 48,271 354,139 2,622,566 5.91% Unamortized deferred financing costs (9,276 ) 83 — (3,006 ) (12,199 ) Debt discounts (4) (74,959 ) 251 — — (74,708 ) Total mortgage and other indebtedness, net $ 2,170,785 $ (34,530 ) $ 48,271 $ 351,133 $ 2,535,659 December 31, 2024: Consolidated Noncontrolling Interests Other Debt (1) Unconsolidated Affiliates Total Weighted- Average Interest Rate (2) Fixed-rate debt: Non-recourse loans on operating properties $ 1,233,767 $ (24,392 ) $ 41,122 $ 368,578 $ 1,619,075 4.98% 2032 non-recourse bank loan 170,031 — — — 170,031 6.95% (3) Recourse loan on an operating property — — — 4,361 4,361 7.26% Total fixed-rate debt 1,403,798 (24,392 ) 41,122 372,939 1,793,467 5.18% Variable-rate debt: Non-recourse loans on operating properties 32,580 (11,403 ) — 4,740 25,917 7.99% Recourse loan on an operating property — — — 22,249 22,249 7.55% 2032 non-recourse bank loan 170,031 — — — 170,031 8.65% (3) Non-recourse, secured term loan 725,495 — — — 725,495 7.42% Total variable-rate debt 928,106 (11,403 ) — 26,989 943,692 7.66% Total fixed-rate and variable-rate debt 2,331,904 (35,795 ) 41,122 399,928 2,737,159 6.03% Unamortized deferred financing costs (8,688 ) 168 — (2,613 ) (11,133 ) Debt discounts (4) (110,536 ) 1,803 — — (108,733 ) Total mortgage and other indebtedness, net $ 2,212,680 $ (33,824 ) $ 41,122 $ 397,315 $ 2,617,293 (1) As of December 31, 2025, represents the outstanding loan balance for Southpark Mall.
Treasury securities during 2024 as compared to the prior-year period. Cash Used in Financing Activities Cash used in financing activities increased primarily due to an increase in principal payments using proceeds from sales of properties and repurchases of common stock during the current-year period as compared to the prior-year period.
Cash Used in Financing Activities Cash used in financing activities decreased primarily due to proceeds from new financings in the current year and a lower amount of repurchases of common stock as compared to the prior year.
This increase was partially offset by a reduction in dividends paid due to the payment of a first quarter 2023 special dividend that was declared during the fourth quarter of 2022. 56 Debt CBL has no indebtedness.
The decrease was partially offset by an increase in principal payments and the payment of a first quarter 2025 special dividend during the current year as compared to the prior year. 56 Debt CBL has no indebtedness.
Treasury securities that carry higher interest rates in the current-year period. Interest expense decreased $44.4 million during the year ended December 31, 2023 as compared to the prior-year period. The decrease was primarily due to $87.0 million less accretion of property-level debt discounts as certain discounts became fully accreted since the prior-year period.
Treasury securities that carried lower interest rates in the current year. Interest expense increased $21.5 million during the year ended December 31, 2025 as compared to the prior year. The increase was primarily due to higher accretion of property-level debt discounts and property-level interest expense associated with the consolidation of three malls in December 2024.
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.
The year ended December 31, 2024 includes default interest on loans past their maturity dates. (5) For the year ended December 31, 2025, the Company deconsolidated Southpark Mall due to a loss of control when the property was placed into receivership in connection with the foreclosure process.
During the year ended December 31, 2024, we continued to reinvest the cash from maturing U.S. Treasury securities into new U.S. Treasury securities. We designated our U.S. Treasury securities as available-for-sale. In February 2024, we redeemed U.S. Treasury securities and used the proceeds to pay off the $15.2 million loan secured by Brookfield Square Anchor Redevelopment.
During the year ended December 31, 2025, 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, 2025, our U.S. Treasury securities have maturities through October 2026. Subsequent to December 31, 2025, we redeemed and purchased additional U.S. Treasury securities.
See Note 18 for more information. We paid common stock dividends of $0.40 per share in all four quarters of 2024. Subsequent to December 31, 2024, our board of directors declared a $0.40 per share regular quarterly dividend for the first quarter of 2025 and a special dividend of $0.80 per share of common stock.
We paid common stock dividends of $0.40 per share in each of the first and second quarters of 2025 and $0.45 per share in each of the third and fourth quarters of 2025. Additionally, our board of directors declared a special dividend of $0.80 per share, which was paid in cash during the first quarter of 2025.
N ew and renewal leasing activity of comparable in-line space of less than 10,000 square feet for the year ended December 31, 2024, 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 2024: New 78 268,832 6.29 $ 34.71 $ 37.68 $ 24.95 $ 9.76 39.1 % $ 12.73 51.0 % Renewal 715 2,259,842 2.74 35.64 36.39 36.80 (1.16 ) (3.2 )% (0.41 ) (1.1 )% Commencement 2024 Total 793 2,528,674 3.09 35.54 36.52 35.54 — — 0.98 2.8 % Commencement 2025: New 27 77,723 6.91 46.66 50.56 30.89 15.77 51.1 % 19.67 63.7 % Renewal 216 686,645 3.04 35.61 36.32 35.87 (0.26 ) (0.7 )% 0.45 1.3 % Commencement 2025 Total 243 764,368 3.47 36.73 37.77 35.36 1.37 3.9 % 2.41 6.8 % Total 2024/2025 1,036 3,293,042 3.18 $ 35.82 $ 36.81 $ 35.50 $ 0.32 0.9 % $ 1.31 3.7 % 52 Liquidity and Ca pital Resources As of December 31, 2024, we had $283.9 million available in unrestricted cash and U.S.
(2) The change is primarily driven by malls. 52 N ew and renewal leasing activity of comparable in-line space of less than 10,000 square feet for the year ended December 31, 2025, 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 2025: New 89 227,157 6.58 $ 44.45 $ 49.05 $ 35.02 $ 9.43 26.9 % $ 14.03 40.1 % Renewal 596 1,857,922 2.82 36.01 36.72 37.68 (1.67 ) (4.4 )% (0.96 ) (2.5 )% Commencement 2025 Total 685 2,085,079 3.31 36.93 38.06 37.39 (0.46 ) (1.2 )% 0.67 1.8 % Commencement 2026: New 42 96,722 7.42 51.80 56.78 38.85 12.95 33.3 % 17.93 46.2 % Renewal 345 1,034,282 3.00 43.06 43.89 43.28 (0.22 ) (0.5 )% 0.61 1.4 % Commencement 2026 Total 387 1,131,004 3.48 43.81 45.00 42.90 0.91 2.1 % 2.10 4.9 % Total 2025/2026 1,072 3,216,083 3.37 $ 39.35 $ 40.50 $ 39.33 $ 0.02 0.1 % $ 1.17 3.0 % Liquidity and Ca pital Resources As of December 31, 2025, we had $335.4 million available in unrestricted cash and U.S.
In August 2023, our board of directors authorized the repurchase of up to $25.0 million of our outstanding common stock. In August 2024, the share repurchase program was extended. In September 2024, the share repurchase program was completed.
In August 2023, our board of directors authorized the repurchase of up to $25.0 million of our outstanding common stock. See Part II, Item 5 for additional information regarding our repurchases of common stock during 2025.
(2) Cost to Date does not reflect reimbursements until they are received. 59 Properties under Development at December 31, 2024 (Dollars in thousands) CBL's Share of Property Location CBL Ownership Interest Total Project Square Feet Total Cost (1) Cost to Date (2) 2024 Cost Expected Opening Date Initial Unleveraged Yield Outparcel Development: Mayfaire Town Center - hotel development Wilmington, NC 49% 83,021 $ 15,435 $ 10,347 $ 7,151 Summer '25 11.0% (1) Total Cost is presented net of reimbursements to be received.
We believe that property operating cash flows, which include reimbursements from tenants for certain expenses, will provide the necessary funding for these expenditures. 59 D evelopments and Redevelopments Developments Completed at December 31, 2025 (Dollars in thousands) CBL's Share of Property Location CBL Ownership Interest Total Project Square Feet Total Cost (1) Cost to Date (2) 2025 Cost Opening Date Initial Unleveraged Yield Outparcel Development: Mayfaire Town Center - hotel development Wilmington, NC 49% 83,021 $ 16,285 $ 16,285 $ 4,432 Aug 2025 11.0% (1) Total Cost is presented net of reimbursements to be received.
Subsequent to December 31, 2024, our board of directors declared a $0.40 per share regular quarterly dividend for the first quarter of 2025 and a special dividend of $0.80 per share of common stock.
Subsequent to December 31, 2025, our board of directors declared a $0.45 per share regular quarterly dividend for the first quarter of 58 2026. The regular quarterly dividend is payable in cash on March 31, 2026, to shareholders of record as of March 17, 2026. See Note 18 .
Both the regular quarterly 58 dividend and the special dividend are payable in cash on March 31, 2025, to shareholders of record as of March 13, 2025. The special dividend was made to ensure that we meet the minimum requirement to maintain our status as a REIT. See Note 18 .
The special dividend was made to ensure that we meet the minimum requirement to maintain our status as a REIT.
(3) The interest rate is a fixed 6.95% for half of the outstanding loan balance, with the other half of the loan bearing a variable interest rate based on the 30-day SOFR plus 4.10%.
(3) This loan was previously referred to as the "open-air centers and outparcels loan." The loan was modified in July 2025. The interest rate is now a fixed 7.70% for $367,956 of the outstanding loan balance through July 2030, with the remaining loan balance bearing a variable interest rate based on the 30-day SOFR plus 4.10%.
During the year ended December 31, 2023, we recognized a $5.1 million gain on sales of real estate assets related to the sale of eight land parcels.
During the year ended December 31, 2025, we recognized $74.2 million of gain on sales of real estate assets related to the sales of The Promenade, Imperial Valley Mall, Monroeville Mall, Annex at Monroeville, three outparcels associated with the Monroeville Mall properties, a land parcel associated with Imperial Valley Mall, an outparcel and two land parcels.
(2) The loan has two one-year extension options, subject to certain conditions, for a fully extended maturity date of November 2027. (3) Subsequent to December 31, 2024, the loan was extended through February 2026. (4) The loan has a six-month extension option for a fully extended maturity date of May 2026.
See Note 18 . (2) The loan has a one-year extension option, subject to certain conditions, for a fully extended maturity date of November 2027. (3) In July 2025, the loan entered default and the property was placed into receivership. The Company anticipates returning the property to the lender.
The debt discounts are accreted over the term of the respective debt using the effective interest method. 57 The following table presents our pro rata share of consolidated and unconsolidated debt as of December 31, 2024, excluding unamortized deferred financing costs and debt discounts, that is scheduled to mature in 2025 based on the original maturity date (in thousands): Balance Consolidated Debt: Fayette Mall $ 110,680 (1) Cross Creek Mall 85,719 The Outlet Shoppes at Laredo 21,177 The Outlet Shoppes at Gettysburg 9,938 Secured term loan 725,495 (2) 953,009 Unconsolidated Debt: The Pavilion at Port Orange 22,249 (3) York Town Center 14,515 Northgate Mall Development 863 Coastal Grand Mall - Dick's Sporting Goods 3,320 (4) 40,947 Total 2025 maturities at our pro rata share $ 993,956 (1) The loan has a one-year extension option for a fully extended maturity date of May 2026.
These discounts are accreted as additional interest expense over the terms of the respective debt using the effective interest method. 57 The following table presents our pro rata share of consolidated and unconsolidated debt as of December 31, 2025, excluding unamortized deferred financing costs and debt discounts, that is scheduled to mature in 2026 based on the original maturity date (in thousands): Balance Consolidated Debt: Parkdale Mall & Crossing $ 49,075 Northwoods Mall 47,615 Arbor Place 85,515 Fayette Mall 101,683 Volusia Mall 33,165 Hamilton Place 77,972 Jefferson Mall 48,990 (1) The Outlet Shoppes at Laredo 20,397 West County Center 140,024 Secured term loan 646,722 (2) 1,251,158 Unconsolidated Debt: Coastal Grand Mall - Dick's Sporting Goods 3,287 York Town Center 14,210 17,497 Other Debt: Southpark Mall 48,271 (3) Total 2026 maturities at our pro rata share $ 1,316,926 (1) Subsequent to December 31, 2025, we were notified by the lender that the loan was in default and the property was placed into receivership.
As of December 31, 2024, our total share of consolidated, unconsolidated and other outstanding debt, excluding debt discounts and deferred financing costs, that matured during or prior to 2024, which remains outstanding at December 31, 2024, is $90.5 million, consisting of two property loans in maturity default and a property loan that is in receivership.
As of December 31, 2025, our total share of consolidated, unconsolidated and other outstanding debt, excluding debt discounts and deferred financing costs, maturing during 2026, assuming all extension options are elected, is $670.2 million. The $9.7 million loan, at our share, secured by The Outlet Shoppes at Gettysburg, which matured during 2025, remains outstanding.
Equity in earnings of unconsolidated affiliates decreased $7.9 million for the year ended December 31, 2023 as compared to the prior-year period.
Equity in earnings of unconsolidated affiliates increased $30.3 million during the year ended December 31, 2025 as compared to the prior year. The increase was primarily due to a gain on the sale of Fremaux Town Center.
D evelopments and Redevelopments Developments Completed at December 31, 2024 (Dollars in thousands) CBL's Share of Property Location CBL Ownership Interest Total Project Square Feet Total Cost (1) Cost to Date (2) 2024 Cost Opening Date Initial Unleveraged Yield Redevelopments: Hamilton Place - Crunch Fitness Chattanooga, TN 100% 36,640 $ 2,648 $ 2,434 $ 579 Q4 '24 23.3% (1) Total Cost is presented net of reimbursements to be received.
Properties Under Development at December 31, 2025 (Dollars in thousands) CBL's Share of Property Location CBL Ownership Interest Total Project Square Feet Total Cost (1) Cost to Date (2) 2025 Cost Opening Date Initial Unleveraged Yield Redevelopments: Friendly Center - Cooper's Hawk Greensboro, NC 50% 10,600 $ 2,551 $ 2,314 $ 2,291 Nov 2025 10.2% Friendly Center - North Italia Greensboro, NC 50% 6,000 2,550 1,869 1,869 Dec 2025 8.1% Total Redevelopment Properties Completed 16,600 $ 5,101 $ 4,183 $ 4,160 (1) Total Cost is presented net of reimbursements to be received.
Other Income and Expenses Interest and other income increased $2.5 million during the year ended December 31, 2024 as compared to the prior-year period due to holding U.S. Treasury securities that carry higher interest rates in the current-year period and cash held in interest-bearing accounts.
During the year ended December 31, 2024, we recorded loss on impairment of $1.5 million related to two outparcels we sold for less than each asset's carrying value. Other Income and Expenses Interest and other income decreased $2.5 million during the year ended December 31, 2025 as compared to the prior year primarily due to holding U.S.
Both the regular quarterly dividend and the special dividend are payable in cash on March 31, 2025, to shareholders of record as of March 13, 2025. The special dividend was made to ensure that we meet the minimum requirement to maintain our status as a REIT. See Note 18 for more information.
The special dividend was made to ensure that we meet the minimum requirement to maintain our status as a REIT. In November 2025, our board of directors authorized the 53 repurchase of up to $25.0 million of the Company's common stock.
Property operating expenses decreased in the current-year period primarily due to lower real estate taxes, as well as janitorial and security costs. State franchise and real estate taxes were lower due to reduced assessments and refunds received from successful appeals at certain properties, which were partially offset by increased insurance rates.
The increase in rental revenues was partially offset by lower percentage rents during the current year as compared to the prior year. Property operating 50 expenses increased in the current year primarily due to one-time real estate and franchise tax refunds received in the prior year as well as higher utility and maintenance expense.
Dispositions Property Location Date of Disposition Layton Hills Mall Layton, UT August 2024 Layton Hills Convenience Center Layton, UT September 2024 Layton Hills Plaza Layton, UT September 2024 We consider properties undergoing major redevelopment or being considered for repositioning as non-core. As of December 31, 2024, Harford Mall was designated as non-core.
We consider properties undergoing major redevelopment, properties being considered for repositioning, properties where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender as non-core. As of December 31, 2025, Brookfield Square, Harford Mall, Laurel Park Place and Southpark Mall were designated as non-core.
Our net cash flows are summarized as follows (in thousands): Year Ended December 31, 2024 2023 Change Net cash provided by operating activities $ 202,223 $ 183,516 $ 18,707 Net cash provided by investing activities 65,006 1,701 63,305 Net cash used in financing activities (236,501 ) (204,090 ) (32,411 ) Net cash flows $ 30,728 $ (18,873 ) $ 49,601 Cash Provided by Operating Activities Cash provided by operating activities increased primarily due to lower state franchise and real estate taxes related to reduced assessments, as well as refunds received from successful appeals, lower janitorial and security costs, increased interest income on our U.S.
Our net cash flows are summarized as follows (in thousands): Year Ended December 31, 2025 2024 Change Net cash provided by operating activities $ 249,680 $ 202,223 $ 47,457 Net cash (used in) provided by investing activities (115,114 ) 65,006 (180,120 ) Net cash used in financing activities (135,418 ) (236,501 ) 101,083 Net cash flows $ (852 ) $ 30,728 $ (31,580 ) Cash Provided by Operating Activities Cash provided by operating activities increased primarily due to the consolidation of three malls in December 2024, as well as the acquisition of four malls in July 2025.
Additionally, we have three loans, with an aggregate principal balance of $90.5 million at our share as of December 31, 2024, secured by Coastal Grand Mall, Coastal Grand Crossing and Alamance Crossing East that are past their maturity dates.
Additionally, we have a loan with a principal balance of $9.7 million, at our share, as of December 31, 2025, secured by The Outlet Shoppes at Gettysburg that is past its maturity date. We anticipate returning the property to the lender.

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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 changeITEM 7A. QUANTITATIVE AND QUALITAT IVE DISCLOSURES ABOUT MARKET RISK We are exposed to various market risk exposures, including interest rate risk. The following discussion regarding our risk management activities includes forward-looking statements that involve risk and uncertainties. Estimates of future performance and economic conditions are reflected assuming certain changes in interest rates.
Biggest changeThe following discussion regarding our risk management activities includes forward-looking statements that involve risk and uncertainties. Estimates of future performance and economic conditions are reflected assuming certain changes in interest rates. Caution should be used in evaluating our overall market risk from the information presented below, as actual results may differ.
Based on our proportionate share of total consolidated and unconsolidated debt at December 31, 2024, a 0.5% increase in interest rates would decrease the fair value of debt by approximately $16.3 million, while a 0.5% decrease in interest rates would increase the fair value of debt by approximately $16.7 million.
Based on our proportionate share of total consolidated and unconsolidated debt at December 31, 2025, a 0.5% increase in interest rates would decrease the fair value of debt by approximately $21.5 million, while a 0.5% decrease in interest rates would increase the fair value of debt by approximately $22.1 million.
Caution should be used in evaluating our overall market risk from the information presented below, as actual results may differ. Interest Rate Risk Based on our proportionate share of consolidated and unconsolidated variable-rate debt at December 31, 2024, a 0.5% increase or decrease in interest rates on variable-rate debt would increase or decrease annual interest expense by approximately $4.7 million.
Interest Rate Risk Based on our proportionate share of consolidated and unconsolidated variable-rate debt at December 31, 2025, a 0.5% increase or decrease in interest rates on variable-rate debt would increase or decrease annual interest expense by approximately $3.7 million.
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ITEM 7A. QUANTITATIVE AND QUALITAT IVE DISCLOSURES ABOUT MARKET RISK We are exposed to various market risk exposures, including interest rate risk with respect to our variable-rate debt instruments.
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We also may use derivative financial instruments, including interest rate swaps, caps, options, floor and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with our variable rate debt. See Note 8 to the consolidated financial statements for additional detail concerning our current interest rate hedging instruments.

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