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What changed in CBL & ASSOCIATES PROPERTIES INC's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of CBL & ASSOCIATES PROPERTIES INC's 2023 and 2024 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 2024 report.

+382 added−347 removedSource: 10-K (2025-03-03) vs 10-K (2024-02-29)

Top changes in CBL & ASSOCIATES PROPERTIES INC's 2024 10-K

382 paragraphs added · 347 removed · 272 edited across 6 sections

Item 1. Business

Business — how the company describes what it does

36 edited+5 added−11 removed24 unchanged
Biggest change(6) 18 520,475 0.90 % 18 Express Fashions 30 246,437 0.89 % 19 Barnes & Noble, Inc. 16 457,337 0.84 % 20 H & M Hennes & Mauritz AB 38 803,797 0.81 % 21 Ulta Salon, Cosmetics & Fragrance, Inc. 23 237,961 0.75 % 22 The Children's Place, Inc. 34 147,763 0.73 % 23 Focus Brands LLC (7) 66 47,095 0.72 % 24 Abercrombie & Fitch, Co. 28 189,942 0.71 % 25 Chick-fil-A, Inc. 27 54,895 0.64 % 1,184 8,272,791 33.02 % (1) Includes the Company’s proportionate share of total revenues from consolidated and unconsolidated affiliates based on the ownership percentage in the respective joint venture and any other applicable terms.
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.
The members that make up this committee represent various departments within CBL, such as Management, Investor Relations, People & Culture, Public Relations and Operations Services with day-to-day efforts led by our Vice President - ESG. The Nominating/Corporate Governance Committee of CBL's board of directors is responsible for oversight of the Company’s ESG efforts.
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 evaluation process includes interactive goal setting and feedback designed to enhance performance, engagement, and professional development. Annually, we conduct a compensation analysis to ensure any pay gaps (gender, race) are reviewed and addressed. Our compensation programs are supplemented by comprehensive employment benefits as well as training and educational programs. Certain benefits are also available to part-time CBL team members.
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.
We are committed to providing a work environment that attracts, develops, and retains high-performing team members and to promoting a culture that allows each team member to feel respected, included and empowered. We engage with our employees regularly and in 2023 completed an employee engagement assessment.
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.
Balance Sheet Strategy Our balance sheet strategy is focused on reducing overall debt, extending our debt maturity schedule, limiting exposure to recourse loans and lowering our overall cost of borrowings to limit maturity risk, improve free cash flow and enhance enterprise value.
Balance Sheet Strategy Our balance sheet strategy is focused on reducing overall debt, extending our debt maturity schedule, limiting exposure to floating rate debt and recourse loans and lowering our overall cost of borrowings to limit maturity risk, improve free cash flow and enhance enterprise value.
We also selectively acquire properties, including available anchors or parcels, we believe will provide resilient cash flows or that can appreciate in value by increasing NOI through our redevelopment, leasing and management expertise.
We also selectively acquire available anchors or parcels that we believe will provide resilient cash flows or that can appreciate in value by increasing NOI through our redevelopment, leasing and management expertise.
Seasonality The shopping center business is, to some extent, seasonal in nature with tenants typically achieving the highest levels of sales during the fourth quarter due to the holiday season, which generally results in higher percentage rent income in the fourth quarter. Additionally, the Malls earn most of their “temporary” rents (rents from short-term tenants) during the holiday period.
Seasonality The shopping center business is, to some extent, seasonal in nature with tenants typically achieving the highest levels of sales during the fourth quarter due to the holiday season, which generally results in higher percentage rent income in the fourth quarter. Additionally, our properties earn most of their “temporary” rents (rents from short-term tenants) during the holiday period.
We provide our team with learning and development opportunities including conferences, leadership programs, and other ad hoc training programs. Programs cover a variety of topics such as career development and skills training; health, well-being, and safety; DEIB; and more. We also mandate annual cybersecurity training and ethics training for all full-time employees.
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.
The following terms used in this Annual Report on Form 10-K will have the meanings described below: ▪ GLA – refers to gross leasable area of space in square feet, including Anchors and Mall tenants. ▪ Anchor – refers to a department store, other large retail store, non-retail space or theater greater than or equal to 50,000 square feet. ▪ Junior Anchor - retail store, non-retail space or theater comprising 20,000 square feet and greater, but less than 50,000 square feet. ▪ Inline – retail store or non-retail space comprising less than 20,000 square feet. ▪ Freestanding – property locations that are not attached to the primary complex of buildings that comprise the mall shopping center. ▪ Outparcel – land and freestanding developments, such as retail stores, banks and restaurants, which are generally on the periphery of our properties. 2 Significant Markets and Tenants Top Five Markets Our top five markets, based on percentage of total revenues, were as follows for the year ended December 31, 2023: Market Percentage of Total Revenues (1) St.
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 survey netted a 77% response rate and secured CBL Great Place to Work Certification™, with 95% of employees saying it is a great place to work. CBL does not have any employees other than its statutory officers.
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.
(2) Signet Jewelers Ltd. 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 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) Dick's Sporting Goods, Inc. operates Dick's Sporting Goods, Golf Galaxy and Field & Stream.
Louis, MO 6.8 % Chattanooga, TN 4.6 % Laredo, TX 4.3 % Lexington, KY 4.2 % Greensboro, NC 3.8 % (1) Includes the Company’s proportionate share of total revenues from consolidated and unconsolidated affiliates based on the ownership percentage in the respective joint venture and any other applicable terms.
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.
In 2023 CBL Community continued its Fireside Chats program, which allows team members to learn about various DEIB topics from their peers as well as subject matter experts. A strong focus in 2023 was on the mental wellbeing of our workforce.
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.
See Liquidity and Capital Resources section in Item 7 of this Annual Report for information on the projects completed during 2023 and under construction at December 31, 2023. Active Portfolio Management and Asset Recycling We actively manage our asset base with the goal of enhancing the overall quality and value of our portfolio.
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.
CBL benefits from low voluntary turnover, which remained at 8% year-over-year. 80% of employees who left voluntarily completed our exit interview process with 100% stating they would recommend working at CBL to family and friends. While we support freedom of association, we enjoy direct relationships as none of our employees are represented by a union.
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.
Our malls, lifestyle centers and outlet centers (the “Malls”) and our open-air centers and other property types (the "All Other" or "All Other Properties") are collectively referred to as the “properties” and individually as a “property.” The "other" property type is made up of office buildings, outparcels and hotels.
Our malls, lifestyle centers, outlet centers, open-air centers and other property types are collectively referred to as the “properties” and individually as a “property.” The other property type (the "All Other" or "All Other Properties") is made up of office buildings, outparcels and hotels. We conduct our property management and development activities through CBL & Associates Management, Inc.
At December 31, 2023, CBL Holdings I, Inc. owned a 1.0% general partner interest and CBL Holdings II, Inc. owned an 98.98% limited partner interest in the Operating Partnership, for a combined interest held by us of 99.98%. As of December 31, 2023, third parties owned a 0.02% limited partner interest in the Operating Partnership.
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%.
Approximately 30% of our 2023 same-center net operating income ("NOI") was generated by non-enclosed mall assets. Our primary objective is to operate our portfolio to maximize the long-term value of our company by generating increasing levels of NOI and improving free cash flow through a variety of methods as further discussed below. NOI is a non-GAAP measure.
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.
In total, through volunteer hours, corporate donations and CBL Cares funds, we provided support valued at nearly $200,000 to organizations across our portfolio that work to meet the diverse needs of our communities. Lastly, through our annual United Way workplace campaign, our team contributed more than $117,500 to United Way.
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.
We conduct substantially all our business through CBL & Associates Limited Partnership (the "Operating Partnership"), which is a variable interest entity ("VIE"). We are the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. CBL Holdings I, Inc. is the sole general partner of the Operating Partnership.
We have elected to be taxed as a REIT for federal income tax purposes. We conduct substantially all our business through CBL & Associates Limited Partnership (the "Operating Partnership"), which is a variable interest entity ("VIE"). We are the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc.
Thus, occupancy levels and revenues are generally the highest in the fourth quarter of each year. Results of operations realized in any one quarter may not be indicative of the results likely to be experienced over the course of our fiscal year.
Thus, occupancy levels and revenues are generally the highest in the fourth quarter of each year. Results of operations realized in any one quarter may not be indicative of the results likely to be experienced over the course of our fiscal year. Equity Common Stock Our authorized common stock consists of 200,000,000 shares at $0.001 par value per share.
We conduct our property management and development activities through CBL & Associates Management, Inc. (the "Management Company") to comply with certain requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). The Operating Partnership owns 100% of the Management Company’s outstanding stock.
(the "Management Company") to comply with certain requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). The Operating Partnership owns 100% of the Management Company’s outstanding stock.
No shares of preferred stock were issued and outstanding as of December 31, 2023. Financial Information about Segments See Note 11 to the consolidated financial statements for information about our reportable segments. Human Capital We believe our people are critical to the success of our company.
Financial Information about Segments See Note 11 to the consolidated financial statements for information about our reportable segments. Human Capital We believe our people are critical to the success of our company.
As of December 31, 2023, our Management Company had 396 full-time and 73 part-time employees that represented the following demographics: ▪ 19% racially diverse and 55% female. ▪ We are proud that 4% of our workforce served in the military. ▪ Within the team, 6% self-identify as disabled. ▪ Generationally, the population is represented across the Gen X (253), Gen Y (123), and Baby Boomer (78) array with an emerging Gen Z (13) and a contribution by Traditionalists (2).
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).
Equity Common Stock Our authorized common stock consists of 200,000,000 shares at $0.001 par value per share. We had 31,975,645 shares of common stock issued and outstanding as of December 31, 2023.
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.
ITEM 1. B USINESS This Annual Report on Form 10-K (this "Annual Report") is being filed by CBL & Associates Properties, Inc. (the "Company," "CBL," "we," "us" and "our"), a Delaware corporation.
ITEM 1. B USINESS This Annual Report on Form 10-K (this "Annual Report") is being filed by CBL & Associates Properties, Inc. (the "Company," "CBL," "we," "us" and "our"), a Delaware corporation. Unless stated otherwise or the context otherwise requires, references to the “Company,” “we,” “us” and “our” also includes our subsidiaries.
We continued our outreach efforts in recruiting through several partnerships including: ▪ Partnering with Transition Overwatch, which targets Veterans. ▪ Partnering with Project Destined which targets underrepresented groups in our industry, to host an intern in our Marketing department. ▪ Participating in Chattanooga-based STEP-UP internship program to offer two internship roles to underrepresented area high school students.
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.
(7) 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. Our locations are in strong mid-tier markets with a focus in the growing southeast and midwest.
(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.
See Note 1 to the consolidated financial statements for information on our properties as of December 31, 2023.
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.
Top 25 Tenants Our top 25 tenants based on percentage of total revenues were as follows for the year ended December 31, 2023: Tenant Number of Stores Square Feet Percentage of Total Revenues (1) 1 Signet Jewelers Ltd.
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.
We own, develop, acquire, lease, manage, and operate regional shopping malls, outlet centers, lifestyle centers, open-air centers and other properties. Our properties are located in 22 states, but are primarily in the southeastern and midwestern United States. We have elected to be taxed as a REIT for federal income tax purposes.
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.
In 2023 we increased the number of hours CBL team members volunteer through our CBL Cares volunteer program, with team members volunteering 947 hours with non-profit organizations, an increase over 2022.
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.
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.
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.
(4) Genesco Inc. operates Journey’s, Underground by Journey’s, Shi by Journey’s, Johnston & Murphy, Hat Shack, Lids, Hat Zone and Clubhouse. (5) Luxottica Group S.P.A. operates Lenscrafters, Pearle Vision and Sunglass Hut. (6) The TJX Companies, Inc. operates T.J. Maxx, Marshalls, HomeGoods and Sierra Trading Post. In Europe, they operate T.K. Maxx and HomeSense.
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.
CBL Community is pursuing internal and external endeavors to improve organizational impacts on DEIB, through education, engagement initiatives, and the creation of opportunities and partnerships with underrepresented groups. To help us identify the best approach to support these efforts, we continued to engage a third-party consulting firm that specializes in inclusive leadership practices.
CBL Community pursues internal and external endeavors to improve organizational impacts that help foster an inclusive environment for our team members and our customers through education, engagement initiatives, and the creation of opportunities and partnerships with a broad array of groups, including underrepresented groups.
More information on our sustainability, diversity, equity, inclusion and belonging ("DEIB"), social responsibility and community involvement initiatives is available in the Human Capital section below and on dedicated web pages at cblproperties.com/esg-commitment/overview. The information on our web site is not, and should not be considered, a part of this Form 10-K.
The information on our web site is not, and should not be considered, a part of this Form 10-K.
Removed
As described below, we refer to the post-emergence reorganized company as the “Successor” and the pre-emergence company as the “Predecessor.” Unless stated otherwise or the context otherwise requires, references to the “Company,” “we,” “us” and “our” also includes our subsidiaries. The Company’s Business We are a self-managed, self-administered, fully integrated real estate investment trust ("REIT").
Added
(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.
Removed
(2) 108 164,271 2.73 % 2 Victoria's Secret & Co. 49 400,863 2.71 % 3 Foot Locker, Inc. 73 357,594 2.35 % 4 Dick's Sporting Goods, Inc.
Added
(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.
Removed
(3) 25 1,462,150 2.32 % 5 American Eagle Outfitters, Inc. 63 382,073 2.16 % 6 Bath & Body Works, Inc. 58 239,031 1.95 % 7 Finish Line, Inc. 38 210,745 1.61 % 8 Genesco Inc. (4) 76 152,215 1.54 % 9 The Buckle, Inc. 36 186,133 1.24 % 10 Luxottica Group S.P.A.
Added
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.
Removed
(5) 79 178,795 1.22 % 11 The Gap, Inc. 44 537,209 1.19 % 12 Cinemark Corp. 9 467,190 1.17 % 13 Hot Topic, Inc. 100 249,881 1.04 % 14 Shoe Show, Inc. 29 379,954 0.94 % 15 Spencer Spirit Holdings, Inc. 48 112,483 0.91 % 16 Claire's Stores, Inc. 69 86,502 0.91 % 17 The TJX Companies, Inc.
Added
We also selectively acquire properties, including enclosed regional malls that we believe will be additive to our portfolio by providing stable and/or growing cash flow, redevelopment opportunities or other opportunities to realize value.
Removed
Emergence from Bankruptcy Beginning on November 1, 2020, CBL and the Operating Partnership, together with certain of its direct and indirect subsidiaries (collectively, the “Debtors”), filed voluntary petitions (the “Chapter 11 Cases”) under chapter 11 of title 11 (“Chapter 11”) of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”).
Added
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.
Removed
The Bankruptcy Court authorized the Debtors to continue to operate their businesses and manage their properties as debtors-in-possession pursuant to the Bankruptcy Code. The Chapter 11 Cases are being jointly administered for procedural purposes only under the caption In re CBL & Associates Properties, Inc., et al. , Case No. 20-35226.
Removed
In connection with the Chapter 11 Cases, on August 11, 2021, the Bankruptcy Court entered an order, Docket No.1397 (Confirmation Order), confirming the Debtors’ Third Amended Joint Chapter 11 Plan of CBL & Associates Properties, Inc. and its Affiliated Debtors (With Technical Modifications) (as modified at Docket No. 1521, the “Plan”).
Removed
On November 1, 2021 (the “Effective Date”), the conditions to effectiveness of the Plan were satisfied and the Debtors emerged from the Chapter 11 Cases. The Company filed a notice of the Effective Date of the Plan with the Bankruptcy Court on November 1, 2021.
Removed
In connection with the Company's emergence from Chapter 11 reorganization on the Effective Date, all equity interests of the Company issued and outstanding immediately prior to the Effective Date were deemed cancelled, discharged and of no force or effect. 5 Preferred Stock Our authorized preferred stock consists of 15,000,000 shares at $0.001 par value per share.
Removed
In 2023, CBL team members completed 6,885 hours of training.
Removed
Finally, the entire CBL team participated in unconscious bias training in the first quarter of 2023. 6 CBL Cares partners with and supports local charitable organizations that contribute to the growth and development of the communities we serve.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

89 edited+17 added−6 removed210 unchanged
Biggest changeRisks Related to Federal Income Tax Laws • We conduct a portion of our business through taxable REIT subsidiaries, which are subject to certain tax risks. • If the Operating Partnership fails to qualify as a partnership for U.S. federal income tax purposes, we would fail to qualify as a REIT and would suffer adverse consequences. • Complying with REIT requirements might cause us to forego otherwise attractive opportunities, and failing to qualify as a REIT would reduce our funds available for distribution to stockholders. • Transfers of our capital stock to any person in excess of the ownership limits necessary to maintain our status as a REIT would be deemed void ab initio, and those shares would automatically be transferred to the Company as trustee of a charitable trust. • We must satisfy minimum distribution requirements to maintain our status as a REIT, which may limit the amount of cash available for use in growing our business. • Transfers or issuances of equity may impair our ability to utilize the existing tax basis in our assets, our federal income tax net operating loss carryforwards and other tax attributes. 8 Risks Related to Our Organizational Structure • The ownership limit described above, as well as certain provisions in our Second Amended and Restated Certificate of Incorporation (our “Certificate of Incorporation”) and our Fifth Amended and Restated Bylaws (our “Bylaws”), may hinder any attempt to acquire us. • Our Certificate of Incorporation contains a provision renouncing our interest and expectancy in certain corporate opportunities identified by our non-employee directors and their affiliates.
Biggest changeRisks Related to Federal Income Tax Laws • We conduct a portion of our business through taxable REIT subsidiaries, which are subject to certain tax risks. • If the Operating Partnership fails to qualify as a partnership for U.S. federal income tax purposes, we would fail to qualify as a REIT and would suffer adverse consequences. • Complying with REIT requirements might cause us to forego otherwise attractive opportunities, and failing to qualify as a REIT would reduce our funds available for distribution to stockholders. • Transfers of our capital stock to any person in excess of the ownership limits necessary to maintain our status as a REIT would be deemed void ab initio, and those shares would automatically be transferred to the Company as trustee of a charitable trust. • We must satisfy minimum distribution requirements to maintain our status as a REIT, which may limit the amount of cash available for use in growing our business. • Transfers or issuances of equity may impair our ability to utilize the existing tax basis in our assets, our federal income tax net operating loss carryforwards and other tax attributes.
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.
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.
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.
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.
Under certain provisions of the Internal Revenue Code (the “Code”), and similar state provisions, a corporation is generally permitted to offset net taxable income in a given year with net operating losses carried forward from prior years, and its existing adjusted tax basis in its assets may be used to offset future gains or to generate annual cost recovery deductions.
Under certain provisions of the Internal Revenue Code, and similar state provisions, a corporation is generally permitted to offset net taxable income in a given year with net operating losses carried forward from prior years, and its existing adjusted tax basis in its assets may be used to offset future gains or to generate annual cost recovery deductions.
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.
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.
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.
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.
Uninsured losses could adversely affect our financial condition, and in the future our insurance may not include coverage for acts of terrorism. We carry a comprehensive blanket policy for general liability, property casualty (including fire, earthquake, flood and wind) and rental loss covering all of our properties, with specifications and insured limits customarily carried for similar properties.
Uninsured losses could adversely affect our financial condition, and in the future our insurance may not include coverage for acts of terrorism. We carry a comprehensive blanket policy for general liability, property casualty (including fire, earthquake, flood and wind) and rental loss covering our properties, with specifications and insured limits customarily carried for similar properties.
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.
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.
Additionally, certain proceedings or the resolution of certain proceedings may affect the availability or cost of some of our insurance coverage and expose us to increased risks that would be uninsured. 17 Our success depends, in part, on our ability to attract and retain talented employees, and the loss of any one of our key personnel could adversely impact our business.
Additionally, certain proceedings or the resolution of certain proceedings may affect the availability or cost of some of our insurance coverage and expose us to increased risks that would be uninsured. 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.
As a result, we would be forced to take other actions to meet those obligations, such as selling properties, raising equity or delaying capital expenditures, any of which could have a material adverse effect on us. Furthermore, we cannot be certain that we will be able to effect any of these actions on favorable terms, or at all.
As a result, we would be forced to take other actions to meet those obligations, such as selling properties, raising equity or delaying capital expenditures, any of which could have a material adverse effect on us. Furthermore, we cannot be certain that we will be able to affect any of these actions on favorable terms, or at all.
This low tax basis may also have the effect of reducing or eliminating the portion of distributions made by us that are treated as a non-taxable return of capital. 25 Complying with REIT requirements might cause us to forego otherwise attractive opportunities.
This low tax basis may also have the effect of reducing or eliminating the portion of distributions made by us that are treated as a non-taxable return of capital. Complying with REIT requirements might cause us to forego otherwise attractive opportunities.
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.
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.
The estimated fair value is calculated based on the following 15 information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value.
The estimated fair value is calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value.
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.
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 of these events could harm our business, results of operations and financial condition. Future litigation could have a material adverse effect on our business, financial condition and results of operation. We may from time to time be a defendant in lawsuits and regulatory proceedings relating to our business.
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.
Our Certificate of Incorporation generally prohibits 24 ownership of more than 9.9% of the outstanding shares of our capital stock by any single stockholder, either directly or constructively as determined through the application of applicable provisions of the Internal Revenue Code.
Our Certificate of Incorporation generally prohibits ownership of more than 9.9% of the outstanding shares of our capital stock by any single stockholder, either directly or constructively as determined through the application of applicable provisions of the Internal Revenue Code.
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 Code denies a deduction, interest expense deductions limited by Section 163(j) of the 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 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 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 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.
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.
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.
Under the federal bankruptcy law and comparable provisions of state fraudulent transfer laws, 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.
A number of factors may decrease the income generated by a retail shopping center property, including: • national, regional and local economic climates, which may be negatively impacted by loss of jobs, production slowdowns, inflation, adverse weather conditions, natural disasters, acts of violence, war, riots or terrorism, declines in residential real estate activity and other factors which tend to reduce consumer spending on retail goods; • adverse changes in levels of consumer spending, consumer confidence and seasonal spending (especially during the holiday season when many retailers generate a disproportionate amount of their annual profits); • local real estate conditions, such as an oversupply of, or reduction in demand for, retail space or retail goods, and the availability and creditworthiness of current and prospective tenants; • increased operating costs, such as increases in repairs and maintenance, real property taxes, utility rates and insurance premiums; • delays or cost increases associated with the opening of new properties or redevelopment and expansion of properties, due to higher than estimated construction costs, cost overruns, delays in receiving zoning, occupancy or other governmental approvals, lack of availability of materials and labor, weather conditions, and similar factors which may be outside our ability to control; • perceptions by retailers or shoppers of the safety, convenience and attractiveness of the shopping center; • the convenience and quality of competing retail properties and other retailing options, such as the internet and the adverse impact of online sales; and • public health emergencies, such as COVID-19, or the threat of a public health emergency, which could cause customers of our tenants to avoid public places where large crowds are in attendance, such as shopping centers and related entertainment, hotel, office or restaurant properties operated by our tenants.
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.
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.
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.
Although we and our service providers/business partners have implemented processes, procedures and controls to help mitigate these risks, there can be no assurance that these measures, as well as our increased awareness of the risk of cyber incidents, will be effective or that attempted or actual security incidents, breaches or system disruptions that could be damaging to us or others will not occur.
Although we and our service providers/business partners have implemented processes, procedures and controls to help mitigate these risks, there can be no assurance that these measures, as well as our increased awareness of the risk of cyberincidents, will be effective or that attempted or actual security incidents, breaches or system disruptions that could be damaging to us or others will not occur.
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.
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.
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. 21 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. 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.
There can be no assurance that our leases will be renewed or that vacant space will be re-leased at rates equal to or above the current average net effective rental rates or that substantial rent abatements, tenant improvements, early termination rights or below market renewal options will not be offered to attract new tenants or retain existing tenants.
There can be no assurance that our leases will be renewed, that bankrupt tenants will assume our leases, or that vacant space will be re-leased at rates equal to or above the current average net effective rental rates or that substantial rent abatements, tenant improvements, early termination rights or below market renewal options will not be offered to attract new tenants or retain existing tenants.
As a result, customers may make purchases through other sales channels during or immediately after visiting our Malls, with such sales not being captured currently in our tenant sales figures or monetized in our minimum or overage rents. We compete with other major real estate investors with significant capital for attractive investment opportunities.
As a result, customers may make purchases through other sales channels during or immediately after visiting our properties, with such sales not being captured currently in our tenant sales figures or monetized in our minimum or overage rents. We compete with other major real estate investors with significant capital for attractive investment opportunities.
Generally, there is an “ownership change” under section 382 of the Code if one or more stockholders owning 5% or more of a corporation’s common stock have aggregate increases in their ownership of such stock of more than 50 percentage points over a prescribed testing period.
Generally, there is an “ownership change” under section 382 of the Internal Revenue Code if one or more stockholders owning 5% or more of a corporation’s common stock have aggregate increases in their ownership of such stock of more than 50 percentage points over a prescribed testing period.
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 contamination, that adverse environmental conditions have arisen subsequent 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 12 to the performance of the environmental assessments, or that there are material environmental liabilities of which management is unaware.
This impact could be exacerbated by the loss of one or more significant tenants, due to bankruptcies or as a result of consolidations in the retail industry. We could be adversely affected by the bankruptcy, early termination, sales performance, or closing of tenants and Anchors.
This impact could be exacerbated by the loss of one or more significant tenants, due to lease rejections in bankruptcies or as a result of consolidations in the retail industry. We could be adversely affected by the bankruptcy, early termination, sales performance, or closing of tenants and Anchors.
We use significant judgement in assessing events or circumstances which might indicate impairment, including but not limited to, changes in our intent to hold a long-lived asset over its previously estimated useful life.
We use significant judgment in assessing events or circumstances which might indicate impairment, including but not limited to, changes in our intent to hold a long-lived asset over its previously estimated useful life.
The bankruptcy of a tenant could result in the termination of its lease and potentially trigger co-tenancy or other clauses in other tenants’ leases, which would lower the amount of cash generated by that property.
The bankruptcy of a tenant could result in the rejection of its lease and potentially trigger co-tenancy or other clauses in other tenants’ leases, which would lower the amount of cash generated by that property.
Our relative size may limit the capital and resources we are willing to allocate to invest in strategic technology to enhance the mall experience, which may make our Malls relatively less desirable to anchors, mall tenants, and consumers.
Our relative size may limit the capital and resources we are willing to allocate to invest in strategic technology to enhance the mall experience, which may make our properties relatively less desirable to anchors, mall tenants, and consumers.
If the rental rates decrease, if our existing tenants do not renew their leases or if we do not re-lease a significant portion of our available space and space for which leases will expire, our financial condition and results of operations could be adversely affected. We face possible risks associated with climate change.
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.
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.
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.
Additionally, a small but increasing number of tenants utilize our Malls as showrooms or as part of an omni-channel strategy (allowing customers to shop seamlessly through various sales channels).
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).
We cannot assure you that the Internal Revenue Service (the "IRS") will not challenge the status of the Operating Partnership or any other subsidiary partnership or limited liability company in which we own an interest as a disregarded entity or partnership for federal income tax purposes, or that a court would not sustain such a challenge.
We cannot assure you that the IRS will not challenge the status of the Operating Partnership or any other subsidiary partnership or limited liability company in which we own an interest as a disregarded entity or partnership for federal income tax purposes, or that a court would not sustain such a challenge.
We experienced an “ownership change,” as defined in section 382 of the Internal Revenue Code, in connection with our emergence from the Chapter 11 Cases, that may substantially limit our ability to use future tax deductions, net operating loss carryforwards and other tax attributes to offset future taxable income, which could have a negative impact on our financial position and results of operations.
We experienced an “ownership change,” as defined in section 382 of the Internal Revenue Code, in connection with our emergence from bankruptcy, that may substantially limit our ability to use future tax deductions, net operating loss carryforwards and other tax attributes to offset future taxable income, which could have a negative impact on our financial position and results of operations.
Bankruptcy Code. The measures of insolvency for purposes of these fraudulent transfer laws will vary depending upon the law applied in any proceeding to determine whether a fraudulent transfer has occurred.
The measures of insolvency for purposes of these fraudulent transfer laws will vary depending upon the law applied in any proceeding to determine whether a fraudulent transfer has occurred.
As of December 31, 2023, we have recorded in our consolidated financial statements a liability of $2.5 million related to potential future asbestos abatement activities at our properties which are not expected to have a material impact on our financial condition or results of operations.
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.
In addition, other factors may adversely affect the value of our properties without affecting their current revenues, including: • an environment of rising interest rates, which could negatively impact both the value of commercial real estate such as retail shopping centers and the overall retail climate; • adverse changes in governmental regulations, such as local zoning and land use laws, environmental regulations or local tax structures that could inhibit our ability to proceed with development, expansion or renovation activities that otherwise would be beneficial to our properties; • potential environmental or other legal liabilities that reduce the amount of funds available to us for investment in our properties; and • any inability to obtain sufficient financing (including construction financing, permanent debt, secured and unsecured notes issuances, lines of credit and term loans), or the inability to obtain such financing on commercially favorable terms, to fund repayment of maturing loans, new developments, acquisitions, and property redevelopments, expansions and renovations which otherwise would benefit our properties. 9 Illiquidity of real estate investments could significantly affect our ability to respond to adverse changes in the performance of our properties and harm our financial condition.
In addition, other factors may adversely affect the value of our properties without affecting their current revenues, including: • an environment of rising interest rates, which could negatively impact both the value of commercial real estate such as retail shopping centers and the overall retail climate; • adverse changes in governmental regulations, such as local zoning and land use laws, environmental regulations or local tax structures that could inhibit our ability to proceed with development, expansion or renovation activities that otherwise would be beneficial to our properties; • potential environmental or other legal liabilities that reduce the amount of funds available to us for investment in our properties; and • any inability to obtain sufficient financing (including construction financing, permanent debt, secured and unsecured notes issuances, lines of credit and term loans), or the inability to obtain such financing on commercially favorable terms, to fund repayment of maturing loans, new developments, acquisitions, and property redevelopments, expansions and renovations which otherwise would benefit our properties.
We own partial interests in 7 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, 12 open-air centers, 2 office buildings, a hotel and a hotel development.
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. Cyber attacks 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. Cyberattacks targeting our infrastructure could result in a full or partial disruption of our operations, as well as those of our tenants.
These include, among others: ➣ Adverse changes to national, regional and local economic conditions, including increased volatility in the capital and credit markets, as well as changes in consumer confidence and consumer spending patterns. ➣ Possible inability to lease space in our properties on favorable terms, or at all. ➣ Potential loss of one or more significant tenants, due to bankruptcies or consolidations in the retail industry. ➣ Increased operating costs, such as repairs and maintenance, real property taxes, utility rates and insurance. ➣ Adverse changes in governmental regulations and related costs, including potential significant costs related to compliance with environmental laws and disclosure requirements. ➣ Competition from other retail facilities, and from alternatives to traditional retail such as online shopping. • Certain of our properties are subject to ownership interests held by third parties, whose interests may conflict with ours. • Inflation continues to impact our financial condition and results of operations. • Increased expenses, decreased occupancy rates, tenants converting to gross leases and requesting deferrals and rent abatements may not allow us to recover the majority of our CAM, real estate taxes and other operating expenses. • Bankruptcy of joint venture partners could impose delays and costs on us with respect to jointly owned retail properties. • We face possible risks associated with climate change, which may increase our future expenses. • An increased focus on metrics and reporting related to ESG factors may impose additional costs and expose us to new risks. • Possible terrorist activity or other acts of violence could adversely affect our financial condition and results of operations. • Social unrest and acts of vandalism or violence could adversely affect our business operations. 7 • Our properties may be subject to impairment charges which could adversely affect our financial results. • While cybersecurity attacks, to date, have not materially impacted our financial results, future cyber attacks, cyber intrusions or other disruptions of our information technology networks could disrupt our operations, compromise confidential information and adversely impact our financial condition. • Our success depends, in part, on our ability to attract and retain talented employees, and the loss of any one of our key personnel could adversely impact our business. • Compliance with the Americans with Disabilities Act and fire, safety and other regulations may require us to make expenditures that could adversely affect our cash flows. • Uninsured losses could adversely affect us, and in the future our insurance may not cover acts of terrorism. • Our historical financial information may not be indicative of our future financial performance. • Any significant resurgence of the COVID-19 pandemic or a similar threat, and governmental responses thereto, could once again materially and adversely impact or disrupt our financial condition, results of operations, cash flows and performance, as could any future outbreak of another highly infectious or contagious disease.
These 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.
Our Certificate of Incorporation generally prohibits ownership of more than 9.9% of the outstanding shares of our capital stock by any single stockholder, either directly or constructively as determined through the application of applicable provisions of the Internal Revenue Code, subject to the ability of the board of directors to grant waivers in appropriate circumstances, and further subject to Existing Holder Limits that were established in connection with our emergence from the Chapter 11 Cases for two stockholder groups, Canyon Capital Advisors and certain of its affiliates (33.1%) and Oaktree Capital Group, LLC and certain of its affiliates (19.0%).
Our Certificate of Incorporation generally prohibits ownership of more than 9.9% of the outstanding shares of our capital stock by any single stockholder, either directly or constructively as determined through the application of applicable provisions of the Internal Revenue Code, subject to the ability of the board of directors to grant waivers in appropriate circumstances, and further subject to Existing Holder Limits that were established in connection with our emergence from bankruptcy for two stockholder groups, Canyon Capital Advisors and certain of its affiliates and Oaktree Capital Group, LLC and certain of its affiliates.
These impacts may adversely affect our properties, our business, financial condition and results of operations. An increased focus on metrics and reporting related to ESG factors, may impose additional costs and expose us to new risks. Investors and other stakeholders have become more focused on understanding how companies address a variety of ESG factors.
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.
Our properties located in the southeastern United States accounted for approximately 51.2% of our total pro-rata share of revenues from all properties for the year ended December 31, 2023 and currently include 19 malls, 4 lifestyle centers, 2 outlet centers, 18 open-air centers, 3 office buildings and a hotel.
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 indebtedness is substantial and could impair our ability to obtain additional financing. At December 31, 2023, our pro-rata share of consolidated and unconsolidated debt outstanding, excluding debt discounts and deferred financing costs, was approximately $2,656.3 million.
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.
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. 20 As of December 31, 2023, our total share of consolidated and unconsolidated variable-rate debt, excluding debt discounts and deferred financing costs, was $1,073.7 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. 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.
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.
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.
Any significant resurgence of COVID-19, or a similar future public health emergency, could once again reduce the willingness of customers to visit our properties and adversely impact our tenants’ businesses based on many factors, including local transmission rates, the emergence of new variants, the development, availability, distribution, effectiveness and acceptance of existing and new vaccines, and the effectiveness and availability of cures or treatments.
Any future public health emergency could reduce the willingness of customers to visit our properties and adversely impact our tenants’ businesses based on many factors, including local transmission rates, the emergence of new variants, the development, availability, distribution, effectiveness and acceptance of existing and new vaccines, and the effectiveness and availability of cures or treatments.
Our properties located in the midwestern United States accounted for approximately 22.3% of our total pro-rata share of revenues from all properties for the year ended December 31, 2023 and currently include 15 malls and 2 open-air centers. Further, our properties located in our five largest metropolitan area markets – St.
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.
The risk of a security breach or disruption, particularly through cyber attack or cyber intrusion, including by internal actors, computer hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased.
The risk of a security breach or disruption, particularly through cyberattack or cyberintrusion, including by internal actors, computer hackers, foreign governments and cyberterrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased.
Substantially all our consolidated assets consist of investments in real estate properties. Because real estate investments are relatively illiquid, our ability to quickly sell one or more properties in our portfolio in response to changing economic, financial and investment conditions is limited.
Because real estate investments are relatively illiquid, our ability to quickly sell one or more properties in our portfolio in response to changing economic, financial and investment conditions is limited.
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.
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.
Moreover, no assurances can be given that (i) future laws, ordinances or regulations will not impose any material environmental liability or (ii) the current environmental condition of our properties has not been or will not be affected by tenants and occupants of our properties, by the condition of properties in the vicinity of our properties or by third parties unrelated to us, the Operating Partnership or the relevant property’s partnership. 13 Possible terrorist activity or other acts of violence could adversely affect our financial condition and results of operations.
Moreover, no assurances can be given that (i) future laws, ordinances or regulations will not impose any material environmental liability or (ii) the current environmental condition of our properties has not been or will not be affected by tenants and occupants of our properties, by the condition of properties in the vicinity of our properties or by third parties unrelated to us, the Operating Partnership or the relevant property’s partnership.
Increases in interest rates will increase our cash interest payments on the variable-rate debt we have outstanding from time to time.
Increases in interest rates will increase our cash interest payments on any variable-rate debt we have outstanding.
In addition, if a significant number of our stockholders sell shares of our common stock in order to pay taxes owed on any future dividends, such sales would put downward pressure on the market price of our common stock. 22 The decision to declare and pay dividends on any outstanding shares of our common stock, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our board of directors and will depend on our earnings, taxable income, FFO, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our then-current indebtedness, the annual distribution requirements under the REIT provisions of the Internal Revenue Code, Delaware law and such other factors as our board of directors deems relevant.
The decision to declare and pay dividends on any outstanding shares of our common stock, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of our board of directors and will depend on our earnings, taxable income, FFO, liquidity, financial condition, capital requirements, contractual prohibitions or other limitations under our then-current indebtedness, the annual distribution requirements under the REIT provisions of the Internal Revenue Code, Delaware law and such other factors as our board of directors deems relevant.
Department stores’ market share is declining, and their ability to drive traffic has substantially decreased. Despite traffic to our Malls, Lifestyle Centers and Outlet Centers traditionally being driven by department store Anchors, in the event of a need for replacement, it has become necessary to consider non-department store Anchors.
Despite traffic to our malls, lifestyle centers and outlet centers traditionally being driven by department store Anchors, in the event of a need for replacement, it has become necessary to consider non-department store Anchors.
The increased popularity of digital and mobile technologies has accelerated the transition of a percentage of market share from shopping at physical stores to web-based shopping, and the COVID-19 pandemic and restrictions intended to prevent its spread significantly increased the utilization of e-commerce and may, particularly in certain market segments, accelerate the long-term penetration of pure online retail.
The increased popularity of digital and mobile technologies has accelerated the transition of a percentage of market share from shopping at physical stores to web-based shopping, and may, particularly in certain market segments, accelerate the long-term penetration of pure online retail.
Our capital structure was significantly altered by the Plan. Under fresh-start reporting rules, our assets and liabilities were adjusted to fair values and our accumulated deficit was restated to zero.
Under fresh-start reporting rules, our assets and liabilities were adjusted to fair values and our accumulated deficit was restated to zero.
If a third-party vendor fails to provide agreed upon services, we may suffer losses. We are dependent and rely on third-party vendors, including cloud providers, for redundancy of our network, system data, security and data integrity.
Furthermore, these platforms may increase the risk of unauthorized disclosure of material non-public Company information. If a third-party vendor fails to provide agreed upon services, we may suffer losses. We are dependent and rely on third-party vendors, including cloud providers, for redundancy of our network, system data, security and data integrity.
We have a significant NUBIL in our assets, as well as net operating loss carryforwards and other tax attributes at the date of emergence from the Chapter 11 Cases, that would be subject to limitation under section 382.
We had a significant NUBIL in our assets, as well as net operating loss carryforwards and other tax attributes at the November 1, 2021 date of our emergence from bankruptcy, that are subject to limitation under section 382.
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.
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.
In general, had we continued to be subject to Section 203 as we were prior to emerging from the Chapter 11 reorganization, 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). 27 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.
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).
An economic recession may cause extreme volatility and disruption in the capital and credit markets. This may make it difficult to obtain the financing we may need for future growth and/or to meet our debt service obligations as they mature.
This may make it difficult to obtain the financing we may need for future growth and/or to meet our debt service obligations as they mature.
Additionally, in the event that our properties are not fully occupied, we would be required to pay the portion of any operating, redevelopment or renovation expenses allocable to the vacant space(s) that would otherwise typically be paid by the residing tenant(s). 11 Bankruptcy of joint venture partners could impose delays and costs on us with respect to the jointly owned retail properties.
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).
Moreover, cyber attacks perpetrated against our Anchors and tenants, including unauthorized access to customers’ credit card data and other confidential information, could subject us to significant litigation, liability and costs, adversely impact our reputation, or diminish consumer confidence and consumer spending and negatively impact our business. 16 The compromise of our or our business partners’ or service providers’ technology systems resulting in the loss, disclosure, misappropriation of, or access to, our information or that of our tenants, employees or business partners or failure to comply with ever-evolving regulatory obligations or contractual obligations with respect to such information could result in legal claims or proceedings, liability or regulatory penalties under laws protecting the privacy of personal information, disruption to our operations and damage to our reputation, any or all of which could adversely affect our business.
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.
Louis, MO; Laredo, TX; Chattanooga, TN; Lexington, KY; and Greensboro, NC – accounted for approximately 6.8%, 4.3%, 4.6%, 4.2% and 3.8%, respectively, of our total pro-rata share of revenues for the year ended December 31, 2023.
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.
No other market accounted for more than 3.5% of our total pro-rata share of revenues for the year ended December 31, 2023. 23 Our results of operations and funds available for distribution to shareholders therefore will be impacted generally by economic conditions in the southeastern and midwestern United States, and particularly by the results experienced at properties located in our five largest market areas.
Our results of operations and funds available for distribution to shareholders therefore will be impacted generally by economic conditions in the southeastern and midwestern United States, and particularly by the results experienced at properties located in our five largest market areas.
Because we have leases expiring annually, we are continually focused on leasing our properties. Similarly, we are pursuing a strategy of replacing expiring short-term leases with long-term leases. For more information on lease expirations see Mall, Lifestyle Center and Outlet Center Lease Expirations and All Other Properties Lease Expirations .
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.
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.
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.
Our leverage and the limitations imposed on us by our financing arrangements and debt service obligations could have important consequences.
See Note 7 and Note 8 to the consolidated financial statements for additional information. Our leverage and the limitations imposed on us by our financing arrangements and debt service obligations could have important consequences.
Failure to participate in certain of the third-party ratings systems, failure to score well in those ratings systems or failure to provide certain ESG disclosures could result in reputational harm when investors compare us to other companies, and could cause certain investors to be unwilling to invest in our stock which could adversely impact our stock price. 12 We may incur significant costs related to compliance with environmental laws, which could have a material adverse effect on our results of operations, cash flows and the funds available to us to pay dividends.
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.
Our total share of consolidated and unconsolidated debt, excluding debt discounts and deferred financing costs, maturing in 2024, 2025 and 2026 giving effect to all maturity extensions, is approximately $106.8 million, $288.1 million and $710.1 million, respectively. Additionally, we have $69.8 million of debt, at our share, which matured prior to December 31, 2023.
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.
As the impact of the COVID-19 pandemic continued to evolve, governments and other authorities imposed 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.
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.
In certain cases, the approval or consent of the other owners is required before we may sell, finance, expand or make other significant changes in the operations of such properties.
Where we serve as managing general partner (or equivalent) of the entities that own our properties, we may have certain fiduciary responsibilities to the other owners of those entities. In certain cases, the approval or consent of the other owners is required before we may sell, finance, expand or make other significant changes in the operations of such properties.
The early termination or closing of tenants or Anchors for reasons other than bankruptcy could have a similar impact on the operations of our properties, although in the case of early terminations we may benefit in the short-term from lease termination income. 14 Certain traditional department stores have experienced challenges including limited opportunities for new investment/openings and declining sales, which lead department stores to close stores or seek rent reductions.
The early termination or closing of tenants or Anchors for reasons other than bankruptcy could have a similar impact on the operations of our properties, although in the case of early terminations we may benefit in the short-term from lease termination income.
In addition to the possible effects on our joint ventures of our having gone through the bankruptcy process, 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.
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 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.
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.

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Item 2. Properties

Properties — owned and leased real estate

56 edited+21 added−6 removed5 unchanged
Biggest change(6) The former Bed Bath & Beyond at Meridian Mall is being leased to Schuler Books & Music, which is expected to open in 2024. 40 Mortgage Loans Outstanding at De cember 31, 2023 (in thousands): Property Our Ownership Interest Stated Interest Rate Principal Balance as of 12/31/23 (1) 2024 Annual Debt Service (1)(2) Maturity Date Optional Extended Maturity Date Balloon Payment Due on Maturity (1)(2) Footnote Consolidated Debt Malls: Arbor Place 100 % 5.10 % $ 93,452 $ 7,942 May-26 — $ 85,754 Cross Creek Mall 100 % 8.19 % 92,363 12,000 Jun-25 — 85,315 Fayette Mall 100 % 4.25 % 119,303 4,922 May-24 May-26 116,470 (3) Hamilton Place 90 % 4.36 % 91,649 6,400 Jun-26 — 85,535 Jefferson Mall 100 % 4.75 % 53,526 4,456 Jun-26 — 48,722 Northwoods Mall 100 % 5.08 % 54,086 4,743 Apr-26 — 49,421 Parkdale Mall & Crossing 100 % 5.85 % 58,216 7,241 Mar-26 — 49,380 Southpark Mall 100 % 4.85 % 51,719 4,240 Jun-26 — 47,368 Volusia Mall 100 % 4.56 % 36,613 2,249 May-26 — 35,190 650,927 54,193 603,155 Outlet Centers: The Outlet Shoppes at Gettysburg 50 % 4.80 % 20,646 1,323 Oct-25 — 20,044 The Outlet Shoppes at Laredo 65 % 8.84 % 33,780 4,001 Jun-25 — 31,980 54,426 5,324 52,024 Open-Air Centers, Outparcels and Other: Brookfield Square Anchor Redevelopment 100 % 8.24 % 15,339 1,299 Dec-24 — 15,339 (4)(5) Hamilton Place open-air centers loan 90% - 92% 5.85 % 65,000 3,803 Jun-32 — 58,208 Open-air centers and outparcels loan 100 % 8.20 % 358,360 31,939 Jun-27 Jun-29 358,360 (6) 438,699 37,041 431,907 Corporate Debt: Secured term loan 100 % 8.21 % 799,914 85,530 Nov-25 Nov-26/Nov-27 749,621 Total Consolidated Debt $ 1,943,966 $ 182,088 $ 1,836,707 Unconsolidated Debt Malls: Coastal Grand Mall 50 % 4.09 % $ 97,014 $ 4,383 Aug-24 — $ 95,249 CoolSprings Galleria 50 % 4.84 % 140,276 9,803 May-28 — 125,774 Oak Park Mall 50 % 3.97 % 257,098 15,755 Oct-25 — 247,061 West County Center 50 % 3.40 % 152,383 9,441 Dec-24 Dec-26 148,136 646,771 39,382 616,220 Outlet Centers: The Outlet Shoppes at Atlanta 50 % 7.85 % 79,330 6,331 Oct-33 — 79,330 The Outlet Shoppes at El Paso 50 % 5.10 % 68,743 4,888 Oct-28 — 61,342 The Outlet Shoppes of the Bluegrass 65 % 4.05 % 63,098 4,299 Dec-24 — 61,316 211,171 15,518 201,988 Lifestyle Centers: Friendly Center 50 % 6.44 % 146,747 11,577 May-28 — 137,038 Open-Air Centers, Outparcels and Other: Ambassador Town Center 65 % 4.35 % 41,047 2,809 Jun-29 — 34,953 Ambassador Town Center Infrastructure Improvements 65 % 3.00 % 5,749 1,485 Mar-25 — 2,859 (4) Coastal Grand Mall - Dick's Sporting Goods 50 % 5.05 % 6,749 424 Nov-24 — 6,652 Coastal Grand Mall Outparcel 50 % 4.09 % 4,681 212 Aug-24 — 4,596 Fremaux Town Center 65 % 3.70 % 57,954 4,480 Jun-26 — 52,130 Friendly Center Medical Office 25 % 6.11 % 83 5 Jun-30 — 83 (4) Hamilton Place Aloft Hotel 50 % 7.90 % 16,170 1,401 Nov-24 — 15,871 Hammock Landing - Phase I 50 % 8.09 % 35,337 4,525 Feb-25 Feb-26 33,215 (7) Hammock Landing - Phase II 50 % 8.09 % 11,106 1,222 Feb-25 Feb-26 10,686 (7) Northgate Mall Developments 50 % 8.25 % 4,787 372 Nov-25 — 4,787 The Pavilion at Port Orange 50 % 8.09 % 47,148 6,387 Feb-25 Feb-26 44,048 (7) The Shoppes at Eagle Point 50 % 5.40 % 39,117 2,695 May-32 — 32,998 41 Property Our Ownership Interest Stated Interest Rate Principal Balance as of 12/31/23 (1) 2024 Annual Debt Service (1)(2) Maturity Date Optional Extended Maturity Date Balloon Payment Due on Maturity (1)(2) Footnote York Town Center 50 % 4.75 % 29,809 2,190 Mar-25 — 28,900 299,737 28,207 271,778 Excluded Malls: Alamance Crossing 100 % 5.83 % 41,122 — Jul-21 — 41,122 (8) WestGate Mall 100 % 4.99 % 28,661 — Jul-22 — 28,661 (8) 69,783 — 69,783 Total Unconsolidated Debt $ 1,374,209 $ 94,684 $ 1,296,807 Total Consolidated and Unconsolidated Debt $ 3,318,175 $ 276,772 $ 3,133,514 Company's Pro-Rata Share of Total Debt $ 2,656,348 $ 228,363 (9) (1) The amount listed includes 100% of the loan or payment amount even though the Operating Partnership may have less than a 100% ownership interest in the property.
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.
(2) Excludes tenants 20,000 square feet and over. (3) Totals represent weighted averages for reporting tenants of 10,000 square feet or less. (4) Includes tenants under 20,000 square feet with leases in effect as of December 31, 2023. (5) Anchors and Junior Anchors listed are immediately adjacent to the property or are in freestanding locations immediately adjacent to the property.
(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.
Based on 100% of the applicable amounts and has not been adjusted for our ownership share. (2) Total annualized gross rent, including recoverable CAM expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2023.
Based on 100% of the applicable amounts and has not been adjusted for our ownership share. (2) Total annualized gross rent, including recoverable CAM expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 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, 2023.
Based on 100% of the applicable amounts and has not been adjusted for our ownership share. (2) Total annualized gross rent, including recoverable CAM expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2024.
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 for Anchor tenants are significantly lower than the rents charged to non-anchor tenants.
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.
Keating Furniture 1 — — 1 103,994 — — 103,994 Jax Outdoor Gear — 1 — 1 — 83,055 — 83,055 Jo-Ann Fabrics & Crafts 3 — — 3 73,738 — — 73,738 Kings Dining & Entertainment 1 — — 1 22,678 — — 22,678 Kohl's 2 4 1 7 142,205 312,731 83,000 537,936 LA Fitness 1 — — 1 41,000 — — 41,000 Launch Trampoline Park 1 — — 1 31,989 — — 31,989 Levin Furniture 1 — — 1 55,314 — — 55,314 Life Storage — 1 — 1 — 131,915 — 131,915 Live!
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!
Maxx (7) Governor's Square Plaza (4)(5) Clarksville, TN 1985/1988 50% 169,918 73,349 100% Hickory Farms, Jo-Ann Fabrics & Crafts, Target (6) Gunbarrel Pointe Chattanooga, TN 2000 100% 273,913 147,913 100% Kohl's, Target (6) , Whole Foods Hamilton Corner Chattanooga, TN 1990/2005 90% 67,310 67,310 100% None Hamilton Crossing Chattanooga, TN 1987/2005 92% 192,074 98,961 100% Electronic Express (7) , HomeGoods (7) , Michaels (7) , T.J.
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.
Total revenues from Anchors and Junior Anchors accounted for 16.6% of the total revenues from our properties in 2023. Each Anchor and Junior Anchor that owns its store has entered into an operating and reciprocal easement agreement with us covering items such as operating covenants, reciprocal easements, property operations, initial construction and future expansion.
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.
Maxx Frontier Square Cheyenne, WY 1985 100% 186,547 16,522 100% Ross Dress for Less (7) , Target (6) , T.J.
Maxx Frontier Square Cheyenne, WY 1985 100% 186,547 16,522 100% Ross Dress for Less (8) , Target (6) , T.J.
(3) Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2023. See page 51 for a comparison between rents on leases that expired in the current reporting period compared to rents on new and renewal leases executed in 2023.
(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.
Clair Square Fairview Heights, IL 2007 100% 84,383 84,383 86% Barnes & Noble Sunrise Commons Brownsville, TX 2001 100% 205,656 104,211 100% Hobby Lobby (7) , Marshalls, Ross Dress for Less The Terrace Chattanooga, TN 1997 92% 158,109 158,109 100% Academy Sports + Outdoors, Nordstrom Rack, Party City West Towne Crossing Madison, WI 1980 100% 461,905 170,008 94% Barnes & Noble, Best Buy, Crunch Fitness (6) , Kohl's (6) , Metcalf's Markets (7) , Nordstrom Rack, Office Max (7) , Spare Time Entertainment (7) WestGate Crossing Spartanburg, SC 1985/1999 100% 158,262 158,262 100% Big Air Trampoline Park, Hamricks, Jo-Ann Fabrics & Crafts Westmoreland Crossing Greensburg, PA 2002 100% 279,073 279,073 98% AMC Theatres, Dick's Sporting Goods, Levin Furniture, Michaels (7) , T.J.
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.
Subtotal 6 — — 6 369,530 — — 369,530 Nike Factory Store 1 — — 1 22,479 — — 22,479 Nordstrom — — 2 2 — — 385,000 385,000 Nordstrom Rack 3 — — 3 80,131 — — 80,131 O2 Fitness 1 — — 1 27,048 — — 27,048 Office Depot 1 — — 1 23,425 — — 23,425 OfficeMax — 1 — 1 — 24,606 — 24,606 Old Navy 1 — — 1 20,257 — — 20,257 Ollie's Bargain Outlet 1 — — 1 28,446 — — 28,446 One Life Fitness — 1 — 1 — 49,241 — 49,241 Overstock Furniture and Mattress 1 — — 1 59,360 — — 59,360 PA Fitness 1 — — 1 30,664 — — 30,664 Party City 1 — — 1 20,841 — — 20,841 PetSmart 2 — — 2 46,248 — — 46,248 Planet Fitness 3 — — 3 63,509 — — 63,509 Publix 1 — — 1 45,600 — — 45,600 Reaching Out For Jesus Christian Center 1 — — 1 43,632 — — 43,632 Regal Cinemas 3 1 1 5 188,365 57,854 60,400 306,619 REI 1 — — 1 24,427 — — 24,427 Rooms To Go — 1 — 1 — 45,000 — 45,000 Ross Dress for Less 8 2 — 10 215,747 70,981 — 286,728 Round1 Bowling & Amusement 1 — — 1 50,000 — — 50,000 Saks Fifth Avenue OFF 5TH 1 — — 1 24,807 — — 24,807 Scheel's 1 — 1 2 141,840 — 81,296 223,136 Schuler Books & Music 1 — — 1 24,116 — — 24,116 ShopRite 1 — — 1 87,381 — — 87,381 Sleep Inn & Suites — — 1 1 — — 123,506 123,506 Southwest Theaters 1 — — 1 29,830 — — 29,830 Spare Time Entertainment — 1 — 1 — 21,200 — 21,200 Sports Center 1 — — 1 60,000 — — 60,000 Sportsman's Warehouse — 1 — 1 — 48,171 — 48,171 Stars and Strikes 1 — — 1 52,727 — — 52,727 Target — 8 — 8 — 948,730 — 948,730 The TJX Companies, Inc.: HomeGoods 4 1 — 5 97,277 26,355 — 123,632 Marshalls 8 — — 8 229,182 — — 229,182 T.J.
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.
The following tables set forth certain information for each of our other property types at December 31, 2023: Property / Location Year of Opening/ Most Recent Expansion Company's Ownership Total Center Square Feet (1) Total Leasable GLA (2) Percentage GLA Occupied (3) Anchors & Junior Anchors Open-Air Centers: Ambassador Town Center (4)(5) Lafayette, LA 2016 65% 419,904 265,931 100% Costco (6) , Dick's Sporting Goods, Marshalls, Nordstrom Rack Annex at Monroeville Pittsburgh, PA 1986 100% 185,517 185,517 100% Dick's Sporting Goods, Full Throttle Adrenaline Park Coastal Grand Crossing (4) Myrtle Beach, SC 2005 50% 37,234 37,234 100% PetSmart CoolSprings Crossing Nashville, TN 1992 100% 366,451 78,810 100% American Signature Furniture (6) , Electronic Express (6) , Gabe's (7) , Target (6) , Urban Air Adventure Park (7) Courtyard at Hickory Hollow Nashville, TN 1979 100% 68,468 68,468 100% AMC Theatres Fremaux Town Center (4)(5) Slidell, LA 2014/2015 65% 621,432 493,432 95% Best Buy, Dick's Sporting Goods, Dillard's (6) , Kohl's, LA Fitness, Marshalls, Michaels, T.J.
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.
(5) The property is managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services. The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions. (6) Owned by the tenant. (7) Owned by a third party.
(2) 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.
(2) Amounts are based on interest rates in effect at December 31, 2023 and do not reflect any future principal paydowns in excess of scheduled principal amortization. (3) The loan has two one-year extension options for a fully extended maturity date of May 1, 2026. (4) The Operating Partnership guarantees 100% of the loan.
(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.
ITEM 2. P ROPERTIES Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations included in Item 7 for additional information pertaining to our properties’ performance. Malls, Lifestyle Centers and Outlet Centers We owned a controlling interest in 40 malls, 4 lifestyle centers and 2 outlet centers as of December 31, 2023.
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.
Clair Square - We are the lessee under a ground lease for 20 acres. Assuming the exercise of available renewal options, at our election, the ground lease expires January 31, 2073. The rental amount is $41 per year. In addition to base rent, the landlord receives 0.25% of Dillard's sales in excess of $16,200.
Assuming the exercise of available renewal options, at our election, the ground lease expires January 31, 2073. The rental amount is $41 per year. In addition to base rent, the landlord receives 0.25% of Dillard's sales in excess of $16,200. (14) Stroud Mall - We are the lessee under a ground lease, which extends through July 2089.
(8) We own a 92% interest in the CBL Center office buildings, with an aggregate square footage of approximately 202,000 square feet, where our corporate headquarters is located. As of December 31, 2023, we occupied approximately 39% of the total square footage of the buildings.
(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.
(5) Subsequent to December 31, 2023, the loan was paid off. (6) The interest rate is a fixed 6.95% for half of the outstanding loan balance, with the other half of the loan bearing a variable interest rate based on the 30-day SOFR plus 4.10%.
(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%.
Subtotal 2 — — 2 69,166 — — 69,166 Macy's Furniture Gallery 1 — — 1 24,599 — — 24,599 38 Number of Stores Gross Leasable Area Anchor Owned Anchor Owned Anchor/Junior Anchor Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Gross Leased Area Main Event 2 1 — 3 99,344 64,103 — 163,447 Marcus Theatres 1 — — 1 57,500 — — 57,500 Metcalfe's Market — 1 — 1 — 67,365 — 67,365 Michaels 6 1 — 7 132,595 23,645 — 156,240 Movie Tavern by Marcus 1 — — 1 40,585 — — 40,585 Nickels and Dimes, Inc.: Tilt 1 — — 1 22,484 — — 22,484 Tilt Studio 5 — — 5 347,046 — — 347,046 Nickels and Dimes, Inc.
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 24 1 1 26 1,445,180 50,000 80,515 1,575,695 Dunham's Sports 2 — — 2 125,551 — — 125,551 EFO Furniture & Mattress Outlet 1 — — 1 43,171 — — 43,171 Electronic Express — 2 — 2 — 87,573 — 87,573 Encore 3 — — 3 76,096 — — 76,096 Flip N Fly 1 — — 1 27,972 — — 27,972 Flix Brewhouse 1 — — 1 39,150 — — 39,150 Foot Locker 1 — — 1 22,847 — — 22,847 Forever 21 6 — — 6 157,141 — — 157,141 Full Throttle Adrenaline Park 1 — — 1 64,135 — — 64,135 The Fresh Market 1 — — 1 21,442 — — 21,442 Gabe's — 1 — 1 — 29,596 — 29,596 Galleria Furniture and Mattress 1 — — 1 128,330 — — 128,330 H&M 27 — — 27 594,150 — — 594,150 Hamrick's 1 — — 1 40,000 — — 40,000 Harris Teeter — — 1 1 — — 72,757 72,757 Havertys Furniture 1 — — 1 25,080 — — 25,080 Hickory Farms 1 — — 1 23,708 — — 23,708 High Caliber Karting 1 — — 1 100,683 — — 100,683 Hobby Lobby — 2 — 2 — 163,104 — 163,104 Hollywood Casino 1 — — 1 79,500 — — 79,500 Hospital Corporation of America 1 — — 1 48,000 — — 48,000 I.
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.
(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.
(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.
Maxx Hammock Landing (4) West Melbourne, FL 2009/2015 50% 569,535 345,568 100% Academy Sports + Outdoors, AMC Theatres, HomeGoods, Kohl's (6) , Marshalls, Michaels, Ross Dress for Less, Target (6) Harford Annex Bel Air, MD 1973/2003 100% 107,656 107,656 100% Best Buy, Office Depot, PetSmart 34 Property / Location Year of Opening/ Most Recent Expansion Company's Ownership Total Center Square Feet (1) Total Leasable GLA (2) Percentage GLA Occupied (3) Anchors & Junior Anchors Open-Air Centers: The Landing at Arbor Place Atlanta (Douglasville), GA 1999 100% 162,958 113,717 88% Ben's Furniture and Antiques, Ollie's Bargain Outlet, One Life Fitness (7) Layton Hills Convenience Center Layton, UT 1980 100% 100,987 100,987 100% Tuesday Morning Layton Hills Plaza Layton, UT 1989 100% 18,836 18,836 92% None Parkdale Crossing Beaumont, TX 2002 100% 88,064 88,064 89% Barnes & Noble The Pavilion at Port Orange (4) Port Orange, FL 2010 50% 398,018 398,018 88% Belk, HomeGoods, Marshalls, Michaels, Regal Cinemas The Plaza at Fayette Lexington, KY 2006 100% 209,535 209,535 89% Cinemark, Sports Center The Promenade D'Iberville, MS 2009/2014 100% 621,526 404,566 100% Ashley Furniture HomeStore, Best Buy, Burlington, Dick's Sporting Goods, Kohl's (6) , Marshalls, Michaels, Ross Dress for Less, Target (6) The Shoppes at Eagle Point (4) Cookeville, TN 2018 50% 243,805 243,805 99% Academy Sports + Outdoors, Publix, Ross Dress for Less The Shoppes at Hamilton Place Chattanooga, TN 2003 92% 132,079 132,079 79% Former Bed Bath & Beyond, Marshalls, Ross Dress for Less The Shoppes at St.
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.
Louis, MO 1963/2007 2001 100% 979,389 267,166 320 81 % Dick's Sporting Goods, Dillard's, JC Penney, Macy's, former Sears Southpark Mall Colonial Heights, VA 1989/2003 2007 100% 676,589 213,182 408 92 % Dick's Sporting Goods, Dick's Sporting Goods Fulfillment Center, H&M, JC Penney, Macy's, Regal Cinemas St.
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.
Peters, MO 1987/2007 2015 100% 1,035,816 286,699 314 94 % Dick's Sporting Goods, Dillard's, H&M, JC Penney, Macy's, Marcus Theatres, former Sears, V-Stock Monroeville Mall Pittsburgh, PA 1969/2004 2014 100% 986,136 447,440 275 86 % Barnes & Noble, Cinemark, Dick's Sporting Goods, Forever 21, H&M, JC Penney, Macy's Northgate Mall Chattanooga, TN 1972/2011 2014 100% 643,025 177,745 324 74 % Belk, former Burlington, former JC Penney (6) , former Sears (6) Northpark Mall Joplin, MO 1972/2004 1996 100% 896,044 278,320 348 81 % Dunham's Sports, H&M, JC Penney, Jo-Ann Fabrics & Crafts, former Macy's Children's & Home, former Macy's Women & Men's, former Sears, T.J.
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.
(18) We exclude properties for which we are working or intend to work with the lender on a restructure of the terms of the loan secured by the property or convey the secured property to the lender (“Excluded Properties”). Operational metrics are not reported for Excluded Properties.
(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”).
The Anchors and Junior Anchors and the amount of GLA leased or owned by each as of December 31, 2023 is as follows: Number of Stores Gross Leasable Area Anchor Owned Anchor Owned Anchor/Junior Anchor Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Gross Leased Area JC Penney 17 20 4 41 1,828,329 2,528,291 586,030 4,942,650 Dillard's — 30 3 33 — 4,225,177 559,612 4,784,789 Macy's 8 12 3 23 905,442 1,943,839 658,388 3,507,669 Belk 5 11 3 19 430,017 1,495,213 300,995 2,226,225 Sears — — 1 1 — — 147,766 147,766 Academy Sports + Outdoors 3 — — 3 199,091 — — 199,091 AMC Theatres 4 — 1 5 160,295 — 56,255 216,550 American Signature Furniture — 1 — 1 — 61,620 — 61,620 Appliance Factory Mattress Kingdom — 1 — 1 — 59,314 — 59,314 Ashley HomeStore 1 — — 1 20,000 — — 20,000 At Home — 1 — 1 — 124,700 — 124,700 37 Number of Stores Gross Leasable Area Anchor Owned Anchor Owned Anchor/Junior Anchor Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Gross Leased Area Barnes & Noble 15 — — 15 450,537 — — 450,537 Ben's Furniture and Antiques 1 — — 1 35,895 — — 35,895 Best Buy 6 — 1 7 216,640 — 45,070 261,710 Big Air Trampoline Park 1 — — 1 33,938 — — 33,938 BJ's Wholesale Club 1 — — 1 85,188 — — 85,188 Bob's Discount Furniture 1 — — 1 20,308 — — 20,308 Books-A-Million, Inc.: Books-A-Million 1 — — 1 20,642 — — 20,642 2nd & Charles 1 — — 1 23,538 — — 23,538 Books-A-Million, Inc.
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.
Subtotal 2 — — 2 44,180 — — 44,180 Boscov's — 1 — 1 — 150,000 — 150,000 Burlington 2 2 — 4 51,437 94,049 — 145,486 Cinemark 7 — — 7 382,506 — — 382,506 City of College Station — 1 — 1 — 103,888 — 103,888 Conn's Home Plus — 2 — 2 — 88,312 — 88,312 Costco — 1 — 1 — 153,973 — 153,973 Crunch Fitness — 2 — 2 — 128,067 — 128,067 Dave & Buster's 2 1 — 3 61,316 26,509 — 87,825 Dick's Sporting Goods Inc.: Dick's Sporting Goods 23 1 1 25 1,368,063 50,000 80,515 1,498,578 Dick's Warehouse 1 — — 1 77,117 — — 77,117 Dick's Sporting Goods Inc.
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.
The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%. (7) The Operating Partnership guarantees 50% of the loan. (8) We are in discussions with the lender regarding foreclosure actions.
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.
Clair Square (15) Fairview Heights, IL 1974/1996 1993 100% 1,068,343 291,088 359 97 % Dillard's, JC Penney, Macy's, former Sears Stroud Mall (16) Stroudsburg, PA 1977/1998 2005 100% 414,427 136,100 200 79 % Cinemark, EFO Furniture Outlet, JC Penney, Reaching Out For Jesus Christian Center, ShopRite Sunrise Mall Brownsville, TX 1979/2003 2015 100% 911,500 242,175 472 96 % Former Beall's, Cinemark, Dick's Sporting Goods, Dillard's, JC Penney, Main Event (6) , TruFit (6) , Wave Fashion Turtle Creek Mall Hattiesburg, MS 1994 1995 100% 844,980 191,593 344 94 % At Home, Belk, Dillard's, JC Penney, former Sears, Southwest Theaters, Urban Planet Valley View Mall Roanoke, VA 1985/2003 2007 100% 864,137 337,377 379 95 % Barnes & Noble, Belk, JC Penney, Macy's, Macy's for Home & Children, former Sears Volusia Mall Daytona Beach, FL 1974/2004 2013 100% 1,060,340 253,564 310 84 % Dillard's for Men & Home, Dillard's for Women, Dillard's for Juniors & Children, H&M, JC Penney, former Macy's, former Sears (6) West County Center (8) Des Peres, MO 1969/2007 2002 50% 1,199,168 385,218 803 92 % Barnes & Noble, Dick's Sporting Goods, Forever 21, H&M, JC Penney, Macy's, Nordstrom West Towne Mall Madison, WI 1970/2001 2013 100% 773,400 282,278 371 88 % Dave & Buster's (6) , Dick's Sporting Goods, Forever 21, Hobby Lobby (6) , JC Penney, Total Wine & More (6) , Von Maur (6) Westmoreland Mall Greensburg, PA 1977/2002 1994 100% 976,584 286,853 319 95 % H&M, JC Penney, Live!
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!
The following is a reconciliation of consolidated debt to our pro rata share of total debt, including debt discounts and unamortized deferred financing costs (in thousands): Total consolidated debt $ 1,943,966 Noncontrolling interests' share of consolidated debt (36,844 ) Company's share of unconsolidated debt 679,443 Other debt (1) 69,783 Unamortized deferred financing costs (16,169 ) Unamortized debt discounts (38,236 ) Company's pro rata share of total debt $ 2,601,943 (1) Represents the outstanding loan balance for properties that were deconsolidated due to a loss of control when the properties were placed into receivership in connection with the foreclosure process.
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.
For segment reporting purposes, the retail portion of the center is classified in Malls and the office portion is classified as All Other.
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.
Maxx, Tilt, Vintage Stock Northwoods Mall North Charleston, SC 1972/2001 1995 100% 748,094 255,846 382 96 % Belk, Books-A-Million, Burlington (6) , Dillard's, JC Penney, Planet Fitness Oak Park Mall (8) Overland Park, KS 1974/2005 1998 50% 1,516,526 429,356 501 98 % Barnes & Noble, Dillard's for Women, Dillard's for Men, Children & Home, Forever 21, 30 Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center Square Feet (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Malls: H&M, JC Penney, Macy's, Nordstrom Old Hickory Mall Jackson, TN 1967/2001 1994 100% 538,668 161,573 331 75 % Belk, JC Penney, former Macy's, former Sears Parkdale Mall Beaumont, TX 1972/2001 2018 100% 1,088,002 294,013 313 89 % Former Ashley HomeStore, former Beall's, Crunch Fitness, Dick's Sporting Goods, Dillard's, Forever 21, H&M, HomeGoods, JC Penney, former Macy's, former Sears, Tilt, 2nd & Charles Parkway Place Huntsville, AL 1957/1998 2002 100% 647,838 278,660 424 91 % Belk, Dillard's Post Oak Mall College Station, TX 1982 1985 100% 788,279 300,754 312 93 % Former Bealls, City of College Station, Conn's Home Plus (6) , Dillard's Men & Home, Dillard's Women & Children, Encore, JC Penney, future Murdoch's Farm & Ranch (6) Richland Mall Waco, TX 1980/2002 1996 100% 693,497 191,919 404 98 % Dick's Sporting Goods, Dillard's for Men, Kids & Home, Dillard's for Women (6) , former Dillard's for Women, JC Penney, Tilt Studio South County Center St.
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.
(13) Meridian Mall - We are the lessee under several ground leases in effect through March 2067, with extension options. Fixed rent is $19 per year plus 3% to 4% of all rent. (14) Meridian Mall - There is an executed lease with Schuler Books & Music. They are expected to open in 2024. (15) St.
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.
The following table summarizes certain information for our portfolio of malls, lifestyle centers and outlet centers as of December 31, 2023 (dollars in thousands, except for sales per square foot amounts): Number of Properties Total Center Square Footage Total In-Line GLA In-Line Sales per Square Foot Percentage In-Line GLA Leased Malls 47 40,943,587 13,096,851 $ 402 89% Lifestyle Centers 5 4,244,080 1,660,345 $ 478 92% Outlet Centers 5 1,880,089 1,743,796 $ 451 92% Total Malls, Lifestyle Centers and Outlet Centers 57 47,067,756 16,500,992 $ 416 90% The following table sets forth certain information for each of the malls, lifestyle centers and outlet centers as of December 31, 2023 (dollars in thousands, except for sales per square foot amounts): Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center Square Feet (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Malls: Arbor Place Atlanta (Douglasville), GA 1999 N/A 100% 1,163,791 308,868 382 95 % Belk, Conn's Home Plus, Dillard's, Forever 21, H&M, JC Penney, Macy's, former Overstock Furniture and Mattress, Regal Cinemas, former Sears (6) Brookfield Square (7) Brookfield, WI 1967/2001 2008 100% 865,347 307,314 218 68 % Barnes & Noble, former Boston Store (6) , H&M, JC Penney, Movie Tavern by Marcus, Whirlyball CherryVale Mall Rockford, IL 1973/2001 2007 100% 870,696 348,280 318 88 % Barnes & Noble, Galleria Furniture and Mattress, JC Penney, Macy's, Tilt Studio Coastal Grand Mall (8) Myrtle Beach, SC 2004 2007 50% 1,117,231 341,665 448 98 % Future Crunch Fitness (9) , Belk, Cinemark, Dick's Sporting Goods, Dillard's, H&M, JC Penney, former Sears, Stars & Strikes CoolSprings Galleria (8) Nashville, TN 1991 2015 50% 1,167,654 432,308 636 94 % Belk Men's & Kid's, Belk Women's & Home, Dillard's, H&M, JC Penney, King's Dining & Entertainment, Macy's Cross Creek Mall Fayetteville, NC 1975/2003 2013 100% 821,839 299,586 509 93 % Belk, H&M, JC Penney, Macy's, Main Event, Rooms to Go Dakota Square Mall Minot, ND 1980/2012 2016 100% 740,765 222,473 314 82 % AMC Theatres, Barnes & Noble, JC Penney, Scheels, Sleep Inn & Suites, Target, Tilt Studio East Towne Mall Madison, WI 1971/2001 2004 100% 801,260 211,971 303 89 % Barnes & Noble, former Boston Store (6) , Dick's Sporting Goods, Flix Brewhouse, former 29 Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center Square Feet (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Malls: Gordman's, H&M, JC Penney, former Sears Eastland Mall Bloomington, IL 1967/2005 N/A 100% 732,651 247,509 293 60 % Former Bergner's, Kohl's, former Macy's, Planet Fitness, former Sears Fayette Mall Lexington, KY 1971/2001 2014 100% 1,159,381 461,104 490 98 % Dick's Sporting Goods, Dillard's, H&M, JC Penney, Macy's Frontier Mall Cheyenne, WY 1981 1997 100% 523,699 203,579 314 88 % Former AMC Theatres, Dillard's, former Dillard's, Jax Outdoor Gear (6) , JC Penney (6) Governor's Square (8)(10) Clarksville, TN 1986 1999 47.5% 685,143 238,261 398 96 % AMC Theatres, Belk, Best Buy, Dick's Sporting Goods, Dillard's, JC Penney, Ross Dress for Less, partial former Sears Hamilton Place Chattanooga, TN 1987 2016 90% 1,160,594 330,973 471 93 % Barnes & Noble, Belk for Men, Kids & Home, Belk for Women, future Crunch Fitness, Dave & Buster's, Dick's Sporting Goods, Dillard's for Men, Kids & Home, Dillard's for Women, former Forever 21, H&M, JC Penney Hanes Mall Winston-Salem, NC 1975/2001 1990 100% 1,435,062 468,360 393 91 % Belk, Dave & Buster's, Dillard's, Encore, H&M, JC Penney, future Novant Health (6)(11) , Truliant Federal Credit Union (6) Harford Mall Bel Air, MD 1973/2003 2007 100% 367,019 179,602 336 80 % Encore, Macy's, Macy's Furniture Gallery, future grocer (6)(12) Imperial Valley Mall El Centro, CA 2005 N/A 100% 762,736 214,096 422 98 % Cinemark, Dillard's, JC Penney, Macy's, former Sears (6) Jefferson Mall Louisville, KY 1978/2001 1999 100% 783,558 225,011 339 95 % Dillard's, H&M, JC Penney, former Overstock Furniture and Mattress, Round1 Bowling & Amusement, Ross Dress for Less, partial former Sears Kentucky Oaks Mall (8)(10) Paducah, KY 1982/2001 1995 50% 775,064 286,805 307 68 % Best Buy, Burlington (6) , Dick's Sporting Goods, former Dillard's, former Dillard's Home Store, HomeGoods, JC Penney, Ross Dress for Less (6) , Vertical Jump Park Kirkwood Mall Bismarck, ND 1970/2012 2017 100% 832,677 228,813 349 98 % H&M, I.
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.
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 Tuesday Morning 1 — — 1 32,586 — — 32,586 Urban Air Adventure Park 1 1 — 2 33,860 30,404 — 64,264 Urban Planet 1 — — 1 30,463 — — 30,463 Vertical Trampoline Park 1 — — 1 24,972 — — 24,972 Von Maur — 2 — 2 — 232,377 — 232,377 Wave Fashion 1 — — 1 27,978 — — 27,978 WhirlyBall 1 — — 1 27,094 — — 27,094 Whole Foods 1 — 1 2 26,841 — 34,320 61,161 39 Number of Stores Gross Leasable Area Anchor Owned Anchor Owned Anchor/Junior Anchor Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Leased (Owned by CBL) Owned by Others Ground Leased (Owned by CBL) Total Gross Leased Area Vacant Anchor/Junior Anchor: Vacant - former AMC Theaters (Carmike Cinema) 1 — — 1 31,119 — — 31,119 Vacant - former Ashley HomeStore 1 — — 1 20,487 — — 20,487 Vacant - former Bealls 4 — — 4 151,209 — — 151,209 Vacant - former Bed Bath & Beyond 1 — — 1 28,000 — — 28,000 Vacant - former Bergner's 1 — — 1 131,616 — — 131,616 Vacant - former Boston Store — 2 — 2 — 354,205 — 354,205 Vacant - former Burlington 1 — — 1 63,013 — — 63,013 Vacant - former Christmas Tree Shops 1 — — 1 33,992 — — 33,992 Vacant - former Dillard's 2 1 — 3 116,376 99,828 — 216,204 Vacant - former Forever 21 (1) — 1 — 1 — 57,500 — 57,500 Vacant - former Gordman's 1 — — 1 47,943 — — 47,943 Vacant - former JC Penney — 1 — 1 — 158,771 — 158,771 Vacant - former Macy's 4 2 — 6 361,246 242,530 — 603,776 Vacant - former Overstock Furniture and Mattress 2 — — 2 119,775 — — 119,775 Vacant - former Restoration Hardware Outlet 1 — — 1 24,558 — — 24,558 Vacant - former Sears 5 11 3 19 551,078 1,436,277 476,059 2,463,414 Vacant - former Younkers 1 — — 1 93,597 — — 93,597 Current Developments: Crunch Fitness (2)(3) 2 — — 2 60,135 — — 60,135 Future grocer (4) — 1 — 1 — 161,358 — 161,358 Murdoch's Farm & Ranch — 1 — 1 — 60,241 — 60,241 Novant Health (5) — 1 — 1 — 174,643 — 174,643 Schuler Books & Music (6) 1 — — 1 30,432 — — 30,432 Total Anchors/Junior Anchors 272 146 29 447 13,340,963 16,746,334 3,810,969 33,898,266 (1) The upper floor of Belk for Men at Hamilton Place was formerly leased by Belk to Forever 21 and is now vacant.
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.
(11) Hanes Mall – The former Sears was purchased by Novant Health, which has indicated plans to redevelop this space for future medical offices with the construction start and opening to be determined. (12) Harford Mall - The former Sears was sold and is under construction for a future grocer.
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.
We owned a non-controlling interest in 7 malls, 1 lifestyle center and 3 outlet centers as of December 31, 2023. Our malls, lifestyle centers and outlet centers generally have strong competitive positions because they are the only, or the dominant, regional property in their respective trade areas.
Our lifestyle centers generally have strong competitive positions because they are the only, or the dominant, regional property in their respective trade areas.
(6) Owned by a third party. (7) Brookfield Square - The annual ground rent for 2023 was $104. (8) This property is owned in an unconsolidated joint venture. (9) Coastal Grand Mall - There is an executed lease with Crunch Fitness.
(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.
The information in this table is based on 100% of the applicable amounts and has not been adjusted for our ownership share. Debt on Malls, Lifestyle Centers and Outlet Centers Please see the table entitled “Mortgage Loans Outstanding at December 31, 2023” included herein for information regarding any liens or encumbrances related to the malls, lifestyle centers and outlet centers.
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.
We own the land underlying each property in fee simple interest, except for Brookfield Square, Dakota Square Mall, Meridian Mall, St. Clair Square, Stroud Mall and WestGate Mall. We lease all or a portion of the land at each of these properties subject to long-term ground leases.
Anchor and junior anchor tenants own or lease their stores and non-anchor stores lease their locations. We own the land underlying each property in fee simple interest, except for Brookfield Square, Dakota Square Mall, Meridian Mall, St. Clair Square and Stroud Mall.
(2) All leasable square footage, including Anchors and Junior Anchors. (3) Includes all leased Anchors, Junior Anchors and tenants with leases in effect as of December 31, 2023. (4) This property is owned in an unconsolidated joint venture.
(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.
Keating Furniture, JC Penney, Scheels, Target, Tilt Laurel Park Place Livonia, MI 1989/2005 1994 100% 491,215 198,071 279 85 % Dunham Sports, Von Maur Layton Hills Mall Layton, UT 1980/2006 1998 100% 481,844 212,398 376 97 % Dick's Sporting Goods, Dillard's, JC Penney Mall del Norte Laredo, TX 1977/2004 1993 100% 1,219,314 408,321 469 93 % Former Beall's, Cinemark, Dillard's, Foot Locker, H&M, JC Penney, Macy's, Macy's Home Store, Main Event, former Sears, TruFit Athletic Club Meridian Mall (13) Lansing, MI 1969/1998 2001 100% 946,072 284,979 258 84 % Future Schuler Books & Music (14) , Dick's Sporting Goods, H&M, High Caliber Karting, JC Penney, Launch Trampoline Park, Macy's, Planet Fitness, Schuler Books & Music, former Younkers Mid Rivers Mall St.
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.
The malls, lifestyle centers and outlet centers are generally anchored by two or more anchors or junior anchors and a wide variety of smaller stores. 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 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.
(4) The former Sears at Harford Mall was sold and is under construction for a future grocer (owned by others). (5) The former Sears space at Hanes Mall will be redeveloped for future office and retail space (owned by others).
(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).
Debt on All Other Properties Please see the table entitled “Mortgage Loans Outstanding at December 31, 2023” included herein for information regarding any liens or encumbrances related to our All Other Properties. 36 Anchors and Junior Anchors Anchors and Junior Anchors are an important factor in a property’s successful performance.
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.
Casino Pittsburgh, Macy's, Macy's Home Store, Old Navy, former Sears York Galleria York, PA 1989/1999 N/A 100% 756,707 225,858 284 73 % Boscov's (6) , H&M, Hollywood Casino, Life Storage (6) , Marshalls, PA Fitness Total Malls 40,012,101 12,875,124 $ 402 89 % 31 Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center Square Feet (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Lifestyle Centers: Alamance Crossing West Burlington, NC 2011 N/A 100% 224,554 30,366 N/A 100 % BJ's Wholesale Club, Dick's Sporting Goods, Kohl's Friendly Center and The Shops at Friendly (8) Greensboro, NC 1957/ 2006/ 2007 2016 50% 1,361,339 597,198 595 91 % Barnes & Noble, Belk, Belk Home Store, Harris Teeter, Macy's, O2 Fitness, Regal Cinemas, REI, Sears, Truist, Whole Foods (6) Mayfaire Town Center Wilmington, NC 2004/2015 2017 100% 671,653 330,272 433 95 % Barnes & Noble, Belk, Flip N Fly, The Fresh Market, H&M, Michaels, Regal Cinemas Pearland Town Center (17) Pearland, TX 2008 N/A 100% 711,659 306,072 373 93 % Barnes & Noble, Dick's Sporting Goods, Dillard's, Hospital Corporation of America, Macy's Southaven Towne Center Southaven, MS 2005 2013 100% 607,519 184,423 316 81 % Dillard's, Havertys Furniture, JC Penney, Overstock Furniture and Mattress, Sportsman's Warehouse (6) , Urban Air Adventure Park Total Lifestyle Centers 3,576,724 1,448,331 $ 478 92 % Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center Square Feet (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Outlet Centers: The Outlet Shoppes at Atlanta (8)(10) Woodstock, GA 2013 2015 50% 410,697 385,890 509 96 % Saks Fifth Ave OFF 5TH The Outlet Shoppes at El Paso (8)(10) El Paso, TX 2007/2012 2014 50% 433,246 411,207 597 94 % H&M The Outlet Shoppes at Gettysburg (10) Gettysburg, PA 2000/2012 N/A 50% 249,937 249,937 233 83 % None The Outlet Shoppes at Laredo (10) Laredo, TX 2017 N/A 65% 358,135 315,388 336 84 % H&M, Nike Factory Store The Outlet Shoppes of the Bluegrass (8)(10) Simpsonville, KY 2014 2015 65% 428,074 381,374 418 97 % H&M, former Restoration Hardware Outlet Total Outlet Centers 1,880,089 1,743,796 $ 451 92 % Total Malls, Lifestyle Centers and Outlet Centers 45,468,914 16,067,251 $ 416 90 % Excluded Properties (18) Property / Location Year of Opening/ Acquisition Year of Most Recent Expansion Our Ownership Total Center Square Feet (1) Total In-Line GLA (2) In-Line Sales per Square Foot (3) Percentage In-Line GLA Leased (4) Anchors & Junior Anchors (5) Malls: WestGate Mall (19) Spartanburg, SC 1975/1995 1996 100% 931,486 221,727 N/A N/A Former Bed Bath & Beyond, Belk, Dillard's, H&M, JC Penney, Overstock Furniture and Mattress, former Regal Cinemas, former Sears Lifestyle Centers: Alamance Crossing East Burlington, NC 2007 N/A 100% 667,356 212,014 N/A N/A Barnes & Noble, Belk, Carousel Cinemas, Dillard's, Hobby Lobby, JC Penny Total Excluded Properties 1,598,842 433,741 (1) Total center square footage includes square footage of attached shops, immediately adjacent Anchor and Junior Anchor locations and leased freestanding locations of the property.
The following table 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.
(3) Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2023.
(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.
(16) Stroud Mall - We are the lessee under a ground lease, which extends through July 2089. The current rental amount is $70 per year, increasing by $10 every ten years through 2045. An additional $100 is paid every ten years. (17) Pearland Town Center is a mixed-use center which combines retail, office and residential components.
The current rental amount is $70 per year, increasing by $10 every ten years through 2045. An additional $100 is paid every ten years.
M all, Lifestyle Center and Outlet Center Lease Expirations The following table summarizes the scheduled lease expirations for inline and adjacent freestanding stores as of December 31, 2023: Year Ending December 31, Number of Leases Expiring Annualized Gross Rent (1) GLA of Expiring Leases Average Annualized Gross Rent Per Square Foot Expiring Leases as % of Total Annualized Gross Rent (2) Expiring Leases as a % of Total Leased GLA (3) 2024 686 $ 54,871,208 1,758,822 $ 31.20 13.4 % 14.9 % 2025 933 108,930,584 3,364,860 32.37 26.6 % 28.5 % 2026 634 81,873,673 2,238,618 36.57 20.0 % 19.0 % 2027 413 54,919,251 1,511,331 36.34 13.4 % 12.8 % 2028 353 51,211,164 1,253,720 40.85 12.5 % 10.6 % 2029 159 23,137,071 701,253 32.99 5.6 % 5.9 % 2030 92 14,595,537 377,509 38.66 3.6 % 3.2 % 2031 66 6,399,593 223,687 28.61 1.6 % 1.9 % 2032 53 6,754,156 162,231 41.63 1.6 % 1.4 % 2033 47 7,219,964 198,201 36.43 1.8 % 1.7 % (1) Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2023 for expiring leases that were executed as of December 31, 2023.
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.
All Ot her Properties Lease Expirations The following table summarizes the scheduled lease expirations for tenants in occupancy at All Other Properties as of December 31, 2023: Year Ending December 31, Number of Leases Expiring Annualized Gross Rent (1) GLA of Expiring Leases Average Annualized Gross Rent Per Square Foot Expiring Leases as % of Total Annualized Gross Rent (2) Expiring Leases as a % of Total Leased GLA (3) 2024 56 $ 5,709,067 152,911 $ 37.34 9.2 % 6.3 % 2025 70 10,649,077 400,027 26.62 17.2 % 16.4 % 2026 58 7,288,847 421,767 17.28 11.8 % 17.3 % 2027 49 11,152,642 477,879 23.34 18.0 % 19.6 % 2028 47 8,113,756 330,523 24.55 13.1 % 13.5 % 2029 26 6,014,966 216,388 27.80 9.7 % 8.9 % 2030 16 2,864,511 75,780 37.80 4.6 % 3.1 % 2031 17 5,505,741 194,136 28.36 8.9 % 8.0 % 2032 14 2,361,076 86,547 27.28 3.8 % 3.5 % 2033 13 2,340,721 84,015 27.86 3.8 % 3.4 % (1) Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2023 for expiring leases that were executed as of December 31, 2023.
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.
They are expected to open in 2024. 32 (10) The property is managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services. The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions.
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.
Maxx (7) York Town Center (4) York, PA 2007 50% 297,371 247,371 85% Best Buy, Bob's Discount Furniture, Burlington, former Christmas Tree Shops, Dick's Sporting Goods (6) , Ross Dress for Less Total Open-Air Centers 6,886,526 4,897,695 96% 35 Property / Location Year of Opening/ Most Recent Expansion Company's Ownership Total Center Square Feet (1) Total Leasable GLA (2) Percentage GLA Occupied (3) Anchors & Junior Anchors Other: 840 Greenbrier Circle Office Chesapeake, VA 1983 100% 49,869 49,869 50% None Aloft Hotel (4)(5) Chattanooga, TN 2021 50% 89,674 N/A N/A None CBL Center (8) Chattanooga, TN 2001 92% 131,569 131,569 94% None CBL Center II (8) Chattanooga, TN 2008 92% 70,770 70,770 61% None Pearland Office Pearland, TX 2009 100% 66,915 66,915 87% None Total Other 408,797 319,123 78% Total All Other Properties 7,295,323 5,216,818 95% (1) Total center square footage includes square footage of attached shops, attached and immediately adjacent Anchors and Junior Anchors and leased freestanding locations.
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.
All Other Properties All Other Properties include the following categories: (1) Open-Air Centers - Designed to attract local and regional area customers and are typically anchored by a combination of big box retailers, supermarkets or value-priced stores that attract shoppers to each center’s small shops. The tenants at our Open-Air Centers typically offer necessities, value-oriented and convenience merchandise.
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.
Although inline and adjacent freestanding stores occupy only 35.1% of the total Malls GLA (the remaining 64.9% is occupied by Anchors and Junior Anchors and a small percentage is vacant), the Malls received 83.4% of their total revenues from inline and adjacent freestanding stores for the year ended December 31, 2023.
The lifestyle centers received 79.2% of their total revenues from inline and adjacent freestanding stores for the year ended December 31, 2024.
During 2023, the following Anchors and Junior Anchors were added to our properties: Name Property Location Appliance Factory Mattress Kingdom (Owned by Others) Frontier Mall Cheyenne, WY Bob's Discount Furniture York Town Center York, PA Burlington York Town Center York, PA Conn's Home Plus (Owned by Others) Arbor Place Atlanta (Douglasville), GA Crunch Fitness (Owned by Others) Parkdale Mall Beaumont, TX Dick's Sporting Goods Fulfillment Center Southpark Mall Colonial Heights, VA Hickory Farms Governor's Square Plaza Clarksville, TN Hobby Lobby (Owned by Others) Sunrise Commons Brownsville, TX Main Event Cross Creek Mall Fayetteville, NC Marshalls Fremaux Town Center Slidell, LA Nordstrom Rack The Terrace Chattanooga, TN Stars and Strikes Coastal Grand Mall Myrtle Beach, SC Tilt Kirkwood Mall Bismarck, ND Truliant Federal Credit Union (Owned by Others) Hanes Mall Winston-Salem, NC Tuesday Morning Layton Hills Convenience Center Layton, UT As of December 31, 2023, our properties had a total of 447 Anchors and Junior Anchors, including 53 vacant Anchor and Junior Anchor locations, and excluding Anchors and Junior Anchors at Excluded Malls.
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.
Removed
(19) WestGate Mall - We are the lessee under several ground leases for approximately 53% of the underlying land. Assuming the exercise of renewal options available, at our election, the ground lease expires October 2044. The rental amount is $130 per year. In addition to base rent, the landlord receives 20% of the percentage rents collected.
Added
Our malls generally have strong competitive positions because they are the only, or the dominant, regional property in their respective trade areas. The malls consist of enclosed large regional shopping centers, generally anchored by two or more anchors or junior anchors, a wide variety of in-line stores and brand name discount or off-price stores.
Removed
We have a right of first refusal to purchase the fee interest. Inline and Adjacent Freestanding Stores The Malls have approximately 4,665 inline and adjacent freestanding stores. National and regional retail chains (excluding local franchises) lease approximately 69.8% of the occupied inline and adjacent freestanding store GLA.
Added
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.
Removed
Tenant Occupancy Costs Occupancy cost is a tenant’s total cost of occupying its space, divided by its sales.
Added
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.
Removed
Inline and adjacent freestanding store sales represent total sales amounts received from reporting tenants with space of less than 10,000 square feet. 33 The following table summarizes tenant occupancy costs as a percentage of total inline and adjacent freestanding store sales for reporting tenants less than 10,000 square feet, excluding license agreements, for each of the past three years: Year Ended December 31, (1) 2023 2022 2021 In-line store sales (in millions) $ 3,750 $ 3,920 $ 3,802 In-line tenant occupancy costs 10.89 % 10.41 % 10.65 % (1) In certain cases, we own less than a 100% interest in the Mall, Lifestyle Center or Outlet Center.
Added
Our outlet centers generally have strong competitive positions because they are the only, or the dominant, regional property in their respective trade areas. The outlet centers are generally anchored by one or more discount or off-price junior anchors and a wide variety of off-price or discount in-line stores.
Removed
(2) Other - Office Buildings and Hotel. See Note 1 to the consolidated financial statements for additional information on the number of consolidated and unconsolidated properties in each of the above categories related to our other property types.
Added
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.
Removed
(2) The former Bed Bath & Beyond at Coastal Grand Mall is being leased to Crunch Fitness, which is expected to open in 2024. (3) A portion of the former Sears at Hamilton Place is being leased to Crunch Fitness, which is expected to open in 2024.
Added
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.
Added
(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.
Added
(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.
Added
(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.
Added
(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.
Added
(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.
Added
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.
Added
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.
Added
The tenants at our open-air centers typically offer necessities, value-oriented and convenience merchandise. In many cases, the open-air centers in this category are adjacent to properties that are included in the malls reporting segment.
Added
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.
Added
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.
Added
(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.
Added
All Other Properties The all other properties include office buildings and hotels.

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Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

6 edited+0 added−0 removed5 unchanged
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 October 1–31, 2023 10,304 $ 21.09 10,304 $ 23,893,054 November 1–30, 2023 — — — 23,893,054 December 1–31, 2023 56,882 (2) 23.97 (3) — 23,893,054 Total 67,186 10,304 (1) In August 2023, our board of directors authorized the repurchase of up to $25.0 million of our outstanding common stock beginning on August 10, 2023.
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.
Period Ending Index 11/02/21 12/31/21 12/31/22 12/31/23 CBL & Associates Properties, Inc. $ 100.00 $ 104.00 $ 85.32 $ 96.38 Russell 3000 Index 100.00 101.61 82.09 103.40 FTSE NAREIT All Equity REITs Index 100.00 107.05 80.34 89.47
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
The results are based on an assumed $100 invested on November 2, 2021 (the first day of trading on the NYSE following the Company’s emergence from Chapter 11 reorganization and the NYSE listing), at the market close, through December 31, 2023, with all dividends reinvested. Share price performance presented below is not necessarily indicative of future results.
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.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCK HOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information Our common stock trades on the New York Stock Exchange under the symbol "CBL". Holders There were approximately 543 shareholders of record for our common stock as of February 26, 2024.
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.
Issuer Purchases of Equity Securities The table below presents information with respect to repurchases of common stock made by us during the three months ended December 31, 2023. Subsequent to December 31, 2023, we repurchased common stock as part of our share repurchase program. See Note 20 for additional information.
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.
This share repurchase program has an expiration date of August 10, 2024. (2) Represents shares surrendered to us by employees to satisfy federal and state income tax requirements related to vesting of shares of restricted stock.
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.

Item 7. Management's Discussion & Analysis

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

83 edited+67 added−52 removed53 unchanged
Biggest changeWe believe the tables below provide investors and lenders a clearer understanding of our total debt obligations and liquidity (in thousands): December 31, 2023: Consolidated Noncontrolling Interests Other Debt (1) Unconsolidated Affiliates Total Weighted- Average Interest Rate (2) Fixed-rate debt: Non-recourse loans on operating properties $ 736,573 $ (25,021 ) $ 69,783 $ 616,337 $ 1,397,672 5.05% Open-air centers and outparcels loan 179,180 — — — 179,180 6.95% (3) Recourse loans on operating properties — — — 5,832 5,832 3.04% Total fixed-rate debt 915,753 (25,021 ) 69,783 622,169 1,582,684 5.26% Variable-rate debt: Non-recourse loans on operating properties 33,780 (11,823 ) — 10,478 32,435 8.56% Recourse loans on operating properties 15,339 — — 46,796 62,135 8.13% Open-air centers and outparcels loan 179,180 — — — 179,180 9.44% (3) Secured term loan 799,914 — — — 799,914 8.21% Total variable-rate debt 1,028,213 (11,823 ) — 57,274 1,073,664 8.42% Total fixed-rate and variable-rate debt 1,943,966 (36,844 ) 69,783 679,443 2,656,348 6.54% Unamortized deferred financing costs (13,221 ) 249 — (3,197 ) (16,169 ) Debt discounts (4) (41,942 ) 3,706 — — (38,236 ) Total mortgage and other indebtedness, net $ 1,888,803 $ (32,889 ) $ 69,783 $ 676,246 $ 2,601,943 (1) Represents the outstanding loan balances for Alamance Crossing East and WestGate Mall which were deconsolidated due to a loss of control when the properties were placed into receivership in connection with the foreclosure process.
Biggest changeWe 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.
While the industry and our Company continue to face challenges, some of which may not be in our control, we believe that the strategies in place to improve occupancy, diversify our tenant mix and redevelop our properties will contribute to stabilization of our portfolio and revenues in future years.
While the industry and our Company continue to face challenges, some of which may not be in our control, we believe that the strategies in place to improve occupancy, diversify our tenant mix and redevelop our properties will continue to contribute to stabilization of our portfolio and revenues in future years.
When we retain an interest in an asset rather than selling a 100% interest, it is typically because this allows us to continue to manage the property, which provides us the ability to earn fees for management, leasing, development and financing services provided to the joint venture. 52 • We also pursue opportunities to contribute available land at our properties into joint venture partnerships for development of primarily non-retail uses such as hotels, office, self-storage and multifamily.
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.
Evaluating and estimating uncollectable lease payments and related receivables requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. 58 Carrying Value of Long-Lived Assets We monitor events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable.
Evaluating and estimating uncollectable lease payments and related receivables requires a significant amount of judgment by management and is based on the best information available to management at the time of evaluation. Carrying Value of Long-Lived Assets We monitor events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable.
Thus, occupancy levels and revenue production are generally the highest in the fourth quarter of each year. Results of operations realized in any one quarter may not be indicative of the results likely to be experienced over the course of the fiscal year. We derive the majority of our revenues from the Malls.
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.
In our reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders that is presented below, we make an adjustment to add back noncontrolling interest in income (loss) of our Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders.
In our reconciliation of net income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders that is presented below, we make an adjustment to add back noncontrolling interest in income of our Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders.
Recent Accounting Pronouncements See Note 2 to the consolidated financial statements for information on recently issued accounting pronouncements. 60 Non-GAAP Measures Fu nds from Operations FFO is a widely used non-GAAP measure of the operating performance of real estate companies that supplements net income (loss) determined in accordance with GAAP.
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.
(2) Cost to Date does not reflect reimbursements until they are received. We are continually pursuing new redevelopment opportunities and have projects in various stages of pre-development. Except for the projects presented above, we did not have any other material capital commitments as of December 31, 2023.
(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.
We enter into such arrangements when we determine such a project is viable and we can achieve a satisfactory return on our investment.
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 include a property in our same-center pool when we have owned all or a portion of the property since January 1 of the preceding calendar year and it has been in operation for both the entire preceding calendar year ended December 31, 2022 and the current year ended December 31, 2023.
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.
This operational strategy is also supported by our balance sheet strategy. This strategy focuses on reducing overall debt, extending our debt maturity schedule and lowering our overall cost of borrowings to limit maturity risk, as well as improving net cash flow and enhancing enterprise value.
This operational strategy is also supported by our balance sheet strategy of reducing overall debt, extending our debt maturity schedule and lowering our overall cost of borrowings to limit maturity risk, as well as improving net cash flow and enhancing enterprise value.
(6) For the year ended December 31, 2023, we deconsolidated Alamance Crossing East and WestGate Mall due to a loss of control when the properties were placed into receivership in connection with the foreclosure process.
(5) For the year ended December 31, 2023, we deconsolidated Alamance Crossing East and WestGate Mall due to a loss of control when the properties were placed into receivership in connection with the foreclosure process.
(4) Obligations where we own the buildings and improvements, but lease the underlying land under long-term ground leases. The maturities of these leases range from 2044 to 2089 and generally provide for renewal options.
(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.
Operational Review The shopping center business is, to some extent, seasonal in nature with tenants typically achieving the highest levels of sales during the fourth quarter due to the holiday season, which generally results in higher percentage rents in the fourth quarter. Additionally, the Malls earn a large portion of their rents from short-term tenants during the holiday period.
Operational Review The shopping center business is, to some extent, seasonal in nature with tenants typically achieving the highest levels of sales during the fourth quarter due to the holiday season, which generally results in higher percentage rents in the fourth quarter. Additionally, our properties earn a large portion of their rents from short-term tenants during the holiday period.
The weighted-average remaining term of our total share of consolidated and unconsolidated debt, excluding debt discounts and deferred financing costs, was 2.4 years at both December 31, 2023 and December 31, 2022.
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 pro rata share of fixed-rate debt, excluding debt discounts and deferred financing costs, was 2.7 years and 2.3 years at December 31, 2023 and December 31, 2022, respectively.
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.
See Note 7 and Note 8 to the consolidated financial statements for additional information concerning the amount and terms of our outstanding indebtedness as of December 31, 2023. Equity We paid common stock dividends of $0.375 per share in each quarter of 2023.
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.
We had $50.2 million in restricted cash at December 31, 2023 related to cash held in escrow accounts for insurance, real estate taxes, capital expenditures and tenant allowances as required by the terms of certain mortgage notes payable, as well as amounts related to cash management agreements with lenders of certain property-level mortgage indebtedness, which are designated for debt service and operating expense obligations.
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.
Alamance Crossing East and WestGate Mall were classified as Excluded Properties as of December 31, 2023. 48 Due to the exclusions noted above, same-center NOI should only be used as a supplemental measure of our performance and not as an alternative to GAAP operating income (loss) or net income (loss).
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).
Occupancy for the Malls represents percentage of in-line gross leasable area under 20,000 square feet occupied. Occupancy for open-air centers represents percentage of gross leasable area occupied.
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.
See Note 19 for additional information. Executive Overview We are a self-managed, self-administered, fully integrated REIT that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, outlet centers, lifestyle centers, open-air centers and other properties.
Executive Overview We are a self-managed, self-administered, fully integrated REIT that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, outlet centers, lifestyle centers, open-air centers and other properties.
Deconsolidations Property Location Date of Deconsolidation Greenbrier Mall (1)(2) Chesapeake, VA March 2022 Alamance Crossing East (1) Burlington, NC February 2023 WestGate Mall (1) Spartanburg, SC September 2023 (1) We deconsolidated the property due to a loss of control when the property was placed into receivership in connection with the foreclosure process.
Deconsolidations Property Location Date of Deconsolidation Alamance Crossing East (1) Burlington, NC February 2023 WestGate Mall (1)(2) Spartanburg, SC September 2023 (1) We deconsolidated the property due to a loss of control when the property was placed into receivership in connection with the foreclosure process. (2) The foreclosure process was completed in May 2024.
Treasury securities. Our total pro rata share of debt, excluding unamortized deferred financing costs and debt discounts, at December 31, 2023 was $2,656.3 million.
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.
Average annual base rents per square foot for comparable small shop space of less than 10,000 square feet were as follows for each property type (1) : Year Ended December 31, 2023 2022 Total portfolio (1) $ 25.56 $ 25.14 Malls, lifestyle centers and outlet centers: Total same-center malls, lifestyle centers and outlet centers 30.19 29.58 Total malls 30.40 30.01 Total lifestyle centers 30.53 29.30 Total outlet centers 28.36 26.68 All Other Properties: Total open-air centers 15.37 15.21 Total other 20.37 19.22 (1) Excluded Properties are not included in base rent.
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.
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 where we intend to renegotiate the 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 49 terms of the debt secured by the related property or return the property to the lender.
As of December 31, 2023 2022 Total portfolio 90.9% 91.0% Malls, lifestyle centers and outlet centers: Total malls 89.3% 89.1% Total lifestyle centers 91.5% 92.7% Total outlet centers 91.9% 90.8% Total same-center malls, lifestyle centers and outlet centers 89.8% 89.6% All Other Properties: Total open-air centers 95.6% 95.3% Total other 78.2% 93.0% Leasing The following is a summary of the total square feet of leases signed in the year ended December 31, 2023 as compared to the prior year: Year Ended December 31, 2023 2022 Operating portfolio: New leases 1,485,375 1,257,659 Renewal leases 2,865,969 2,855,587 Development portfolio: New leases 25,151 15,703 Total leased 4,376,495 4,128,949 50 Average annual base rents per square foot are computed based on contractual rents in effect as of December 31, 2023 and 2022, including the impact of any rent concessions.
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.
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 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.
As of December 31, 2022, our pro rata share of consolidated and unconsolidated variable-rate debt, excluding debt discounts and deferred financing costs, represented 41.0% of our total pro rata share of debt, excluding debt discounts and deferred financing costs.
As of December 31, 2024, our pro rata share of consolidated and unconsolidated variable-rate debt, excluding debt discounts and deferred financing costs, represented 34.5% of our total pro rata share of debt, excluding debt discounts and deferred financing costs.
(2) Represents the outstanding loan balances for Alamance Crossing East and WestGate Mall which were deconsolidated due to a loss of control when the properties were placed into receivership in connection with the foreclosure process. (3) Includes $125,107 of variable-rate debt service. Future contractual obligations have been projected using the same assumptions as used in (1) above.
(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.
(2) The interest rate is a fixed 6.95% for $180,000 of the $360,000 loan, with the other half of the loan bearing a variable interest rate based on the 30-day SOFR plus 4.10%.
(3) The interest rate is a fixed 6.95% for half of the outstanding loan balance, with the other half of the loan bearing a variable interest rate based on the 30-day SOFR plus 4.10%.
The sources of our revenues by property type were as follows: Successor Year Ended December 31, 2023 2022 Malls, lifestyle centers and outlet centers 85.6 % 86.1 % All Other Properties 14.4 % 13.9 % 49 Inline and Adjacent Freestanding Store Sales Inline and adjacent freestanding store sales include reporting mall, lifestyle center and outlet center tenants of 10,000 square feet or less for the Malls and exclude license agreements, which are retail leases that are temporary or short-term in nature and generally last more than three months but less than twelve months.
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.
For the year ended December 31, 2022, we recorded a $36.3 million gain on deconsolidation related to Greenbrier Mall that was deconsolidated due to a loss of control when the mall was placed into receivership in connection with the foreclosure process. 47 Equity in earnings of unconsolidated affiliates decreased $7.9 million for the year ended December 31, 2023 as compared to the prior-year period.
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.
(6) Represents agreements for maintenance, security, and janitorial services at our properties that expire in June 2026. 53 Liquidity Sources We derive the majority of our revenues from leases with retail tenants, which have historically been the primary source for funding short-term liquidity and capital needs such as operating expenses, debt service, tenant construction allowances, recurring capital expenditures, dividends and distributions.
Liquidity Sources We derive the majority of our revenues from leases with retail tenants, which have historically been the primary source for funding short-term liquidity and capital needs such as operating expenses, debt service, tenant construction allowances, recurring capital expenditures, dividends and distributions.
The decrease primarily relates to an increase in contributions made by us during the current-year period and a decline in distributions as compared to the prior-year period attributable to certain investments in unconsolidated affiliates in which our investment is below zero.
The decrease primarily relates to an increase in contributions made by us during the current-year period and a decline in distributions as compared to the prior-year period attributable to certain investments in unconsolidated affiliates where we recognize equity in earnings on a cash basis because our investment in such unconsolidated affiliates is negative.
(5) Represents our share of the remaining balance to be incurred under construction contracts that had been entered into as of December 31, 2023, but were not complete. The contracts are primarily for redevelopment of our properties.
(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.
Prior to consideration of unamortized deferred financing costs or debt discounts, of our $2,656.3 million in outstanding debt at December 31, 2023, $2,588.3 million constituted non-recourse debt obligations and $68.0 million constituted recourse debt obligations.
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.
The future interest payments on variable-rate loans are projected based on the interest rates that were in effect at December 31, 2023. See Note 8 to the consolidated financial statements for additional information regarding the terms of long-term debt.
The 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.
Litigation settlement expense decreased during the year ended December 31, 2023 as compared to the prior-year period. The decrease results from a revision to the estimate of amounts to be paid out under the terms of the class action settlement agreement that was executed in 2019.
The increase results from a revision to the estimate in the prior-year period related to amounts to be paid out under the terms of a class action settlement agreement that was executed in 2019.
Other Income and Expenses Interest and other income increased $8.3 million during the year ended December 31, 2023 as compared to the prior-year period primarily due to holding U.S. 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.
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.
Either the Operating Partnership or one of its consolidated subsidiaries, that it has a direct or indirect ownership interest in, is the borrower on all our debt, substantially all of which is secured by real estate assets. 54 The following tables summarize debt based on our pro rata ownership share, including our pro rata share of unconsolidated affiliates and excluding noncontrolling investors’ share of consolidated properties.
Either the Operating Partnership or one of its consolidated subsidiaries that it has a direct or indirect ownership interest in is the borrower on all our debt, substantially all of which is secured by real estate assets.
Please refer to the reconciliation of net loss attributable to common shareholders to FFO allocable to Operating Partnership common unitholders below for a description of these adjustments. 61 The reconciliation of net income (loss) attributable to common shareholders to F FO allocable to Operating Partnership common unitholders is as follows (in thousands): Successor Year Ended December 31, 2023 2022 Net income (loss) attributable to common shareholders $ 5,433 $ (96,019 ) Noncontrolling interest in income (loss) of Operating Partnership 2 (34 ) Earnings allocable to unvested restricted stock 1,113 2,537 Depreciation and amortization expense of: Consolidated properties 190,505 256,310 Unconsolidated affiliates 17,408 20,813 Non-real estate assets (905 ) (1,050 ) Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries (2,442 ) (3,498 ) Loss on impairment, net of taxes — 186 Gain on depreciable property — (629 ) FFO allocable to Operating Partnership common unitholders 211,114 178,616 Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share (1) 61,788 176,055 Adjustment for unconsolidated affiliates with negative investment (2) (7,242 ) (37,645 ) Senior secured notes fair value adjustment (3) — (395 ) Litigation settlement (4) (2,310 ) (304 ) Non-cash default interest expense (5) 972 (28,953 ) Gain on deconsolidation (6) (47,879 ) (36,250 ) Loss on available-for-sale securities — 39 Reorganization items, net (7) — (298 ) Gain on extinguishment of debt (8) (3,270 ) (7,344 ) FFO allocable to Operating Partnership common unitholders, as adjusted $ 213,173 $ 243,521 (1) In conjunction with fresh start accounting upon emergence from bankruptcy, we recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable.
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.
We also had restricted cash of $38.7 million related to the properties that secure the corporate term loan and the open-air centers and outparcels loan of which we may receive a portion via distributions semiannually and quarterly in accordance with the provisions of the term loan and the open-air centers and outparcels loan, respectively. 51 During the year ended December 31, 2023, we continued to reinvest the cash from maturing U.S.
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.
The following is a comparison of our same-center sales per square foot for mall, lifestyle center and outlet center tenants of 10,000 square feet or less (Excluded Properties are not included in sales metrics): Sales Per Square Foot for the Trailing Twelve Months Ended December 31, 2023 2022 % Change Malls, lifestyle centers and outlet centers same-center sales per square foot $ 416 $ 435 (4.4)% In-Line Store Occupancy Our portfolio in-line store occupancy is summarized in the below table (Excluded Properties are not included in occupancy metrics).
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.
Our total share of consolidated, unconsolidated and other outstanding debt, excluding debt discounts and deferred financing costs, that matured prior to 2023, which remains outstanding at December 31, 2023, is $69.8 million, consisting of two property loans that are in receivership. Unconsolidated Affiliates We have ownership interests in 26 unconsolidated affiliates as of December 31, 2023.
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.
(2) Cost to Date does not reflect reimbursements until they are received. 57 Properties under Development at December 31, 2023 (Dollars in thousands) CBL's Share of Property Location CBL Ownership Interest Total Project Square Feet Total Cost (1) Cost to Date (2) 2023 Cost Expected Opening Date Initial Unleveraged Yield Outparcel Development: Mayfaire Town Center - hotel development Wilmington, NC 49% 83,021 $ 15,435 $ 3,197 $ 2,025 Summer '25 11.0% Redevelopments: Hamilton Place - Crunch Fitness Chattanooga, TN 100% 36,640 2,648 1,855 1,837 Winter '24 23.3% Total Properties Under Development 119,661 $ 18,083 $ 5,052 $ 3,862 (1) Total Cost is presented net of reimbursements to be received.
(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.
A reconciliation of our same-center NOI to net income (loss) for the years ended December 31, 2023 and 2022 is as follows (in thousands): Successor Year Ended December 31, 2023 2022 Net income (loss) $3,204 $(99,515) Adjustments: (1) Depreciation and amortization, including our share of unconsolidated affiliates and net of noncontrolling interests' share 205,471 273,625 Interest expense, including our share of unconsolidated affiliates and net of noncontrolling interests' share 238,616 297,713 Abandoned projects expense 39 834 Gain on sales of real estate assets, net of taxes and noncontrolling interests' share (4,839) (5,345) Gain on sales of real estate assets of unconsolidated affiliates (768) (1,036) Adjustment for unconsolidated affiliates with negative investment (7,242) (37,645) Gain on extinguishment of debt (3,270) (7,344) Gain on deconsolidation (47,879) (36,250) Loss on available-for-sale securities — 39 Loss on impairment — 252 Litigation settlement (2,310) (304) Reorganization items, net — (298) Income tax provision 894 3,079 Lease termination fees (3,504) (5,115) Straight-line rent and above- and below-market lease amortization 13,896 8,233 Net loss attributable to noncontrolling interests in other consolidated subsidiaries 3,344 5,999 General and administrative expenses 64,066 67,215 Management fees and non-property level revenues (19,087) (4,433) Operating Partnership's share of property NOI 440,631 459,704 Non-comparable NOI (2,119) (14,328) Total same-center NOI $438,512 $445,376 (1) Adjustments are based on our Operating Partnership's pro rata ownership share, including our share of unconsolidated affiliates and excluding noncontrolling interests' share of consolidated properties.
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.
General and administrative expenses decreased primarily due to professional fees associated with loan modifications and extensions, and fees incurred to obtain credit ratings on our secured term loan in the prior-year period. The decrease was partially offset by higher compensation and share-based compensation expenses as compared to the prior-year period.
The dispositions and deconsolidations of properties accounted for $3.4 million of the decrease during 2023 as compared to the prior-year period. General and administrative expenses decreased primarily due to professional fees associated with loan modifications and extensions, and fees incurred to obtain credit ratings on our secured term loan in the prior-year period.
(8) The year ended December 31, 2023 includes a gain on extinguishment of debt related to the loan secured by The Outlet Shoppes at Laredo. The year ended December 31, 2022 includes a gain on extinguishment of debt related to the loan secured by The Outlet Shoppes at Gettysburg.
For the year ended December 31, 2023, we recorded a $3.3 million gain on extinguishment of debt related to a reduction in the outstanding principal of the loan secured by The Outlet Shoppes at Laredo.
Subsequent to December 31, 2023, our board of directors declared a $0.40 per share regular quarterly dividend for the first quarter of 2024. See Note 20 . In August 2023, our board of directors authorized the repurchase of up to $25.0 million of our outstanding common stock.
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.
Additionally, when we issue a guaranty, the terms of the joint venture agreement typically provide that we may receive indemnification from the joint venture partner or have the ability to increase our ownership interest. See Note 14 to the consolidated financial statements for information related to our guarantees of unconsolidated affiliates' debt as of December 31, 2023 and 2022.
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.
Capital Expenditures The following table, which excludes expenditures for developments and expansions, summarizes capital expenditures, including our share of unconsolidated affiliates' capital expenditures, for the years ended December 31, 2023 and 2022, (in thousands): Successor Year Ended December 31, 2023 2022 Tenant allowances $ 17,079 $ 19,885 Maintenance capital expenditures: Parking area and parking area lighting 5,331 5,528 Roof replacements 3,319 1,048 Other capital expenditures 16,246 10,839 Total maintenance capital expenditures 24,896 17,415 Capitalized overhead 1,797 1,599 Capitalized interest 453 618 Total capital expenditures $ 44,225 $ 39,517 Annual capital expenditures budgets are prepared for each of our properties that are intended to provide for all necessary recurring and non-recurring capital expenditures.
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.
We own interests in 91 properties, consisting of 47 malls, 29 open-air centers, five outlet centers, five lifestyle centers and five other properties, including single-tenant and multi-tenant outparcels. Our shopping centers are located in 22 states, and are primarily in the southeastern and midwestern United States. We have elected to be taxed as a REIT for federal income tax purposes.
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.
We conduct substantially all our business through the Operating Partnership. The Operating Partnership consolidates the financial statements of all entities in which it has a controlling financial interest or where it is the primary beneficiary of a VIE. See Item 2 for a description of our properties owned and under development as of December 31, 2023.
We have elected to be taxed as a REIT for federal income tax purposes. We conduct substantially all our business through the Operating Partnership. The Operating Partnership consolidates the financial statements of all entities in which it has a controlling financial interest or where it is the primary beneficiary of a VIE.
Additionally, we have two loans, with an aggregate principal balance of $69.8 million at our share as of December 31, 2023, secured by Alamance Crossing East and WestGate Mall that are past their maturity dates. Both properties have been placed into receivership in connection with the foreclosure process.
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.
Capitalized terms used, but not defined, in this Management’s Discussion and Analysis of Financial Condition and Results of Operations have the same meanings as defined in the notes to the consolidated financial statements. This section of this annual report on Form 10-K generally discusses 2023 and 2022 items and year-to-year comparisons between 2023 and 2022. See Part II, Item 7.
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.
Also, the decrease includes $17.3 million of interest expense in the prior-year period on the secured notes that were fully redeemed in 2022.
The property-level debt discounts were recognized in conjunction with recording our property-level debt at fair value upon the adoption of fresh start accounting. Also, the decrease includes $17.3 million of interest expense in the prior-year period on the secured notes that were fully redeemed in 2022.
(2) Subsequent to December 31, 2023, the loan was paid off. (3) The loan has a two-year extension option for a fully extended maturity date of December 2026.
(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.
Same-center NOI decreased 1.5% for the Successor year ended December 31, 2023 as compared to the prior-year period. The $6.9 million decrease for the year ended December 31, 2023 compared to the prior-year period primarily consisted of a $9.9 million decrease in revenues offset by a $3.0 million decrease in operating expenses.
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.
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.
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.
The following summarizes our net income (loss) and net income (loss) attributable to common shareholders (in thousands): Successor Year Ended December 31, 2023 2022 Net income (loss) $ 3,204 $ (99,515 ) Net income (loss) attributable to common shareholders $ 5,433 $ (96,019 ) Significant items that affected comparability between the years include: • Items decreasing net income for the year ended December 31, 2023 compared to the prior-year period include: o Rental revenues were $28.3 million lower; o Equity in earnings was $7.9 million lower; o Gain on extinguishment of debt was $4.1 million lower. • Items increasing net income for the year ended December 31, 2023 compared to the prior-year period 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; o General and administrative expense was $3.1 million lower. 45 Our focus is on continuing to execute our strategy to improve occupancy, drive rent growth and transform the offerings available at our diverse portfolio of properties to include a targeted mix of retail, service, dining, entertainment and other non-retail uses, primarily through the re-tenanting of former anchor locations as well as diversification of in-line tenancy.
The 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.
(3) Represents the fair value adjustment recorded on the secured notes as interest expense. (4) Represents a credit to litigation settlement expense related to claim amounts that were released pursuant to the terms of the settlement agreement related to the settlement of a class action lawsuit.
(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.
In May 2023, the Operating Partnership entered into an interest rate swap with a notional amount of $32.0 million to fix the interest rate at 7.3975% on $32.0 million of the variable rate portion of the open-air centers and outparcels loan. The swap has a maturity date of June 7, 2027.
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%.
Re sults from new and renewal leasing of comparable in-line space of less than 10,000 square feet during the year ended December 31, 2023 for spaces that were previously occupied, based on the contractual terms of the related leases inclusive of the impact of any rent concessions, are as follows: Property Type Square Feet Prior Gross Rent PSF New Initial Gross Rent PSF % Change Initial New Average Gross Rent PSF (1) % Change Average All Property Types (2) 2,713,874 $ 37.36 $ 36.92 (1.2 )% $ 37.37 0.0 % Malls, lifestyle centers and outlet centers 2,511,082 38.59 37.76 (2.2 )% 38.19 (1.0 )% New leases 157,325 34.17 41.01 20.0 % 43.11 26.2 % Renewal leases 2,353,757 38.89 37.54 (3.5 )% 37.86 (2.6 )% (1) Average gross rent does not incorporate allowable future increases for recoverable common area expenses.
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.
The debt discounts are accreted over the term of the respective debt using the effective interest method. 55 The following table presents our pro rata share of consolidated and unconsolidated debt as of December 31, 2023, excluding unamortized deferred financing costs and debt discounts, that is scheduled to mature in 2024 based on the original maturity date (in thousands): Balance Consolidated Properties: Fayette Mall $ 119,303 (1) Brookfield Square Anchor Redevelopment 15,339 (2) 134,642 Unconsolidated Properties: Coastal Grand Mall 48,507 Coastal Grand Mall Outparcel 2,341 Coastal Grand Mall - Dick's Sporting Goods 3,374 Hamilton Place Aloft Hotel 8,085 The Outlet Shoppes of the Bluegrass 41,014 West County Center 76,192 (3) 179,513 Total 2024 maturities at our pro rata share $ 314,155 (1) The loan has two one-year extension options for a fully extended maturity date of May 2026.
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.
The decrease was partially offset by the completion of previously delayed maintenance projects and the timing of certain third-party contracts.
The decrease was partially offset by the completion of previously delayed maintenance projects and the timing of certain third-party contracts. Also, total property operating expenses decreased due to the deconsolidation of Alamance Crossing East and WestGate Mall in February 2023 and September 2023, respectively.
N ew and renewal leasing activity of comparable in-line space of less than 10,000 square feet for the year ended December 31, 2023, based on commencement date inclusive of the impact of any rent concessions, are as follows: Number of Leases Square Feet Term (in years) Initial Rent PSF Average Rent PSF Expiring Rent PSF Initial Rent Spread Average Rent Spread Commencement 2023: New 68 197,719 6.56 $ 39.21 $ 41.32 $ 32.74 $ 6.47 19.8 % $ 8.58 26.2 % Renewal 632 2,030,791 2.68 36.65 37.04 37.22 (0.57 ) (1.5 )% (0.18 ) (0.5 )% Commencement 2023 Total 700 2,228,510 3.06 36.88 37.42 36.82 0.06 0.2 % 0.60 1.6 % Commencement 2024: New 17 64,786 6.90 30.42 31.82 23.48 6.94 29.6 % 8.34 35.5 % Renewal 260 862,866 2.70 34.91 35.16 36.59 (1.68 ) (4.6 )% (1.43 ) (3.9 )% Commencement 2024 Total 277 927,652 2.96 34.60 34.92 35.67 (1.07 ) (3.0 )% (0.75 ) (2.1 )% Total 2023/2024 977 3,156,162 3.03 $ 36.21 $ 36.69 $ 36.49 $ (0.28 ) (0.8 )% $ 0.20 0.5 % Liquidity and Ca pital Resources As of December 31, 2023, we had $296.3 million available in unrestricted cash and U.S.
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.
The special dividend was made to ensure that we met the minimum requirement for 2022 to maintain our status as a REIT. Subsequent to December 31, 2023, our board of directors declared a $0.40 per share regular quarterly dividend for the first quarter of 2024. See Note 20 .
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.
The decrease was partially offset by increased interest income on our U.S. Treasury securities and lower real estate taxes, as well as lower utility, janitorial and security costs. 62
The decrease was partially offset by lower state franchise and real estate taxes related to reduced assessments and refunds received from successful appeals, lower janitorial and security costs, lower net interest expense, the impact of positive overall new and renewal leasing spreads and increased interest income on our U.S. Treasury securities.
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. We believe that property operating cash flows, which include reimbursements from tenants for certain expenses, will provide the necessary funding for these expenditures.
Cash Used in Financing Activities Cash used in financing activities increased primarily due to the payment of a first, second, third and fourth quarter 2023 common stock dividend and the special dividend that was declared during the fourth quarter of 2022. There were no dividends paid during the first quarter of 2022.
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.
Treasury securities into new U.S. Treasury securities. We designated our U.S. Treasury securities as available-for-sale. As of December 31, 2023, our U.S. Treasury securities have maturities through July 2024. Subsequent to December 31, 2023, we redeemed U.S. Treasury securities. See Note 20 for additional information.
As of December 31, 2024, our U.S. Treasury securities have maturities through December 2025. Subsequent to December 31, 2024, we redeemed U.S. Treasury securities. See Note 18 for additional information. In December 2024, we acquired our joint venture partner’s 50% interests in CoolSprings Galleria, Oak Park Mall, and West County Center.
The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%. (4) In conjunction with fresh start accounting, the Company estimated the fair value of its mortgage notes and recognized debt discounts upon emergence from bankruptcy on November 1, 2021.
This resulted in recognizing a debt discount, which is accreted over the term of the respective debt using the effective interest method. (5) In conjunction with fresh start accounting, the Company estimated the fair value of its mortgage notes and recognized debt discounts upon emergence from bankruptcy on November 1, 2021.
The 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. The property-level debt discounts were recognized in conjunction with recording our property-level debt at fair value upon the adoption of fresh start accounting.
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.
Comparison of the Results of Operations for the Successor Years Ended December 31, 2023 and 2022 Revenues (in thousands) Successor Year Ended December 31, Comparable Properties 2023 2022 Change Core Non-core Deconsolidation Dispositions Rental revenues $ 513,957 $ 542,247 $ (28,290 ) $ (18,807 ) $ 66 $ (9,182 ) $ (367 ) Management, development and leasing fees 7,917 7,158 759 759 — — — Other 13,412 13,606 (194 ) 84 — (273 ) (5 ) Total revenues $ 535,286 $ 563,011 $ (27,725 ) $ (17,964 ) $ 66 $ (9,455 ) $ (372 ) Rental revenues from the Comparable Properties were lower primarily due to lower percentage rents and an unfavorable variance in the estimate for uncollectable revenues as compared to the prior year due to recoveries recognized in the prior year. 46 Operating Expenses (in thousands) Successor Year Ended December 31, Comparable Properties 2023 2022 Change Core Non-core Deconsolidation Dispositions Property operating $ (90,996 ) $ (92,126 ) $ 1,130 $ (740 ) $ (42 ) $ 1,789 $ 123 Real estate taxes (54,807 ) (57,119 ) 2,312 1,519 (133 ) 903 23 Maintenance and repairs (41,336 ) (42,485 ) 1,149 410 (30 ) 767 2 Property operating expenses (187,139 ) (191,730 ) 4,591 1,189 (205 ) 3,459 148 Depreciation and amortization (190,505 ) (256,310 ) 65,805 62,622 (250 ) 3,446 (13 ) General and administrative (64,066 ) (67,215 ) 3,149 3,149 — — — Loss on impairment — (252 ) 252 — — — 252 Litigation settlement 2,310 304 2,006 2,006 — — — Other (221 ) (834 ) 613 613 — — — Total operating expenses $ (439,621 ) $ (516,037 ) $ 76,416 $ 69,579 $ (455 ) $ 6,905 $ 387 Total property operating expenses at the Comparable Properties decreased primarily due to lower real estate taxes, as well as lower utility, janitorial and security costs.
Operating Expenses (in thousands) Year Ended December 31, 2023 2022 Change Malls Outlet Centers Lifestyle Centers Open-Air Centers All Other Property operating $ (90,996 ) $ (92,126 ) $ 1,130 $ 31 $ (50 ) $ 606 $ 787 $ (244 ) Real estate taxes (54,807 ) (57,119 ) 2,312 1,937 (116 ) 386 35 70 Maintenance and repairs (41,336 ) (42,485 ) 1,149 919 131 162 135 (198 ) Property operating expenses (187,139 ) (191,730 ) 4,591 2,887 (35 ) 1,154 957 (372 ) Depreciation and amortization (190,505 ) (256,310 ) 65,805 53,919 1,866 3,827 3,163 3,030 General and administrative (64,066 ) (67,215 ) 3,149 — — — — 3,149 Loss on impairment — (252 ) 252 — — — 252 — Litigation settlement 2,310 304 2,006 — — — — 2,006 Other (221 ) (834 ) 613 — — — — 613 Total operating expenses $ (439,621 ) $ (516,037 ) $ 76,416 $ 56,806 $ 1,831 $ 4,981 $ 4,372 $ 8,426 Total property operating expenses decreased primarily due to lower real estate taxes, as well as lower utility, janitorial and security costs.
Cash Provided by (Used in) Investing Activities Cash provided by investing activities increased primarily due to more net redemptions of U.S. Treasury securities during the current-year period as compared to the prior-year period. The increase was partially offset by a decrease in distributions from unconsolidated affiliates.
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.
During the year ended December 31, 2023, we sold eight land parcels which generated approximately $9.6 million in gross proceeds at our share. We extended, refinanced or retired all loans that were set to mature during 2023.
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.
Depreciation and amortization expense at the Comparable Properties decreased primarily due to assets becoming fully depreciated or amortized since the prior-year period related to the shorter useful lives that were implemented upon the adoption of fresh start accounting when we emerged from bankruptcy.
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.
See Note 2 of the consolidated financial statements, included in Item 8 of this Annual Report on Form 10-K for a discussion of our significant accounting policies. Revenue Recognition and Accounts Receivable Receivables include amounts billed and currently due from tenants pursuant to lease agreements and receivables attributable to straight-line rents associated with those lease agreements.
These amounts are amortized as an increase to depreciation and amortization expense over the remaining term of the applicable leases. Revenue Recognition and Accounts Receivable Receivables include amounts billed and currently due from tenants pursuant to lease agreements and receivables attributable to straight-line rents associated with those lease agreements.
Rental revenues were $9.6 million lower primarily due to decreased percentage rents and an unfavorable variance in the estimate for uncollectable revenues in the current-year period as compared to the prior-year period. Property operating expenses decreased primarily due to lower real estate taxes, as well as lower utility, janitorial and security costs.
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.
Our net cash flows are summarized as follows (in thousands): Successor Year Ended December 31, 2023 2022 Net cash provided by operating activities $ 183,516 $ 208,234 Net cash provided by (used in) investing activities 1,701 (156,685 ) Net cash used in financing activities (204,090 ) (145,798 ) Net cash flows $ (18,873 ) $ (94,249 ) Cash Provided by Operating Activities Cash provided by operating activities decreased primarily due to lower percentage rents and higher interest expense resulting from rising variable interest rates.
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.

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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 changeBased on our proportionate share of total consolidated and unconsolidated debt at December 31, 2023, a 0.5% increase in interest rates would decrease the fair value of debt by approximately $12.6 million, while a 0.5% decrease in interest rates would increase the fair value of debt by approximately $13.0 million.
Biggest changeBased 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.
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, 2023, a 0.5% increase or decrease in interest rates on variable-rate debt would increase or decrease annual interest expense by approximately $5.4 million.
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.

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