CBL & Associates Properties : First Quarter 2025 Supplemental

Published: 2025-05-05 09:28:19 ET CBL

Published on 05/05/2025 at 09:28

Page

Earnings Release 1

Consolidated Statements of Operations 7

Reconciliations of Supplementary Non-GAAP Financial Measures:

Funds from Operations (FFO) 8

Same-center Net Operating Income (NOI) 10

Share of Consolidated and Unconsolidated Debt 11

Consolidated Balance Sheets 12

Condensed Combined Financial Statements - Unconsolidated Affiliates 13

Ratio of Adjusted EBITDAre to Interest Expense and Reconciliation of Adjusted EBITDAre to Operating Cash

Flows 14

Components of Rental Revenues 15

Schedule of Mortgage and Other Indebtedness 16

Schedule of Maturities 18

Property List 20

Operating Metrics by Collateral Pool 23

CBL & Associates HoldCo I, LLC Financial Statements 25

Leasing Activity and Average Annual Base Rents 26

Top 25 Tenants Based on Percentage of Total Annualized Revenues 28

Capital Expenditures 28

Development Activity 29

News Release

Contact: Katie Reinsmidt, Executive Vice President - Chief Operating Officer, 423.490.8301, [email protected]

CHATTANOOGA, Tenn. (May 5, 2025) - CBL Properties (NYSE: CBL) announced results for the first quarter ended March 31, 2025. Results of operations as reported in the consolidated financial statements for these periods are prepared in accordance with GAAP. A description of each supplemental non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is located at the end of this news release.

Three Months Ended March 31,

2025

2024

Net income (loss) attributable to common shareholders

$ 0.27

$ (0.01)

Funds from Operations ("FFO")

$ 1.13

$ 1.21

FFO, as adjusted (1)

$ 1.50

For a reconciliation of FFO to FFO, as adjusted, for the periods presented, please refer to the footnotes to the Company's reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 8 of this news release.

KEY TAKEAWAYS:

During Q1 2025, CBL closed on dispositions representing more than $73.3 million of gross proceeds at CBL's share, including the

$34.0 million sale of Monroeville Mall in Monroeville, PA, and the $38.1 million sale of Imperial Valley Mall in El Centro, CA.

Consistent with our previously issued guidance range, same-center NOI for Q1 2025 declined 2.3% compared with the prior-year period, and FFO, as adjusted, per share was $1.50, flat with the prior-year period.

Portfolio occupancy was 90.4% as of March 31, 2025, a 100-basis-point-increase compared with portfolio occupancy of 89.4% as of March 31, 2024. Same-center occupancy for malls, lifestyle centers and outlet centers was 88.7% as of March 31, 2025, a 40-basis-point increase from 88.3% as of March 31, 2024. Bankruptcy related store closures, including the anticipated first quarter closures of three Forever21 locations and one Party City location, representing over 284,000-square-feet, negatively impacted mall occupancy by 182 basis points compared with the prior-year quarter.

Nearly 575,000-square-feet of leases were executed in first quarter 2025, including comparable leases of approximately 473,000 square feet signed at a 2.4% decline in average rents versus the prior rents. New comparable leases were signed at an increase of more than 21% in average rents versus the prior rents.

Same-center tenant sales per square foot for the first quarter 2025 declined approximately 1.6% as compared with the prior-year period. Same-center tenant sales per square foot for the 12-months ended March 31, 2025, of $423, were essentially flat as compared with the prior period.

As of March 31, 2025, the Company had $276.1 million of unrestricted cash and marketable securities.

CBL's Board of Directors declared a regular cash dividend of $0.40 per common share for the quarter ending June 30, 2025.

On April 30, 2025, CBL announced that it had successfully met the extension test for its non-recourse term loan to secure a one-year extension to November 2026. Based on current projections, CBL also anticipates meeting the second extension test later in 2026, to secure the final one-year extension to November 2027.

On May 1, 2025, CBL announced that its Board of Directors authorized a stock repurchase program for the Company to buy up to $25 million of its common stock.

"CBL is off to a solid start in 2025 with first quarter results in-line with expectations and previously issued guidance," said CBL's chief executive officer, Stephen D. Lebovitz. "Financial results reflected the anticipated decline in same-center NOI as we faced a difficult comparable period in the prior year that included one-time tax savings and lower operating expense related to timing of maintenance and repairs.

"While absolute leasing volumes in the first quarter moderated from the record volumes signed during the prior-year period, the resilience of our portfolio was demonstrated with the signing of a number of new in-demand tenants. These additions included Fabletics, LEGO, James Avery Artisan Jewelry, Hey Dude, Miss A, and nostalgic restaurant concept, Ford's Garage. New comparable shop leases were signed at positive lease spreads of more than 21% while renewal leases were signed at a 6.5% decline. The strong prior-year new leasing volumes contributed to a 100-basis point increase in portfolio occupancy compared with the prior-year period, including a 40-basis point increase in same-center malls, outlet and lifestyle centers. This new leasing activity more than offset the negative impact of several first quarter Forever21 and Party City closures. We anticipate additional Forever21 closures to occur in the second quarter but have already made significant progress in lining up strong backfills for the impacted locations to minimize downtime and bring new higher rents online.

"We continue to focus on actively pursuing opportunities to return capital to shareholders, which was demonstrated with the Board's authorization of a new $25 million stock repurchase program as well as the regular quarterly cash dividend and the special cash dividend paid in March. The stock repurchase program provides us with a powerful tool to allocate capital to capture significant discounts in our stock's valuation.

"We have actively worked to improve the strength and flexibility of our balance sheet over the past several years. As a result, today we enjoy a balance sheet comprised almost exclusively of non-recourse mortgage debt, with significant amortization reducing leverage further. Additionally, our maturity schedule continues to improve with the recent achievement of the extension test to extend our term loan maturity as well as the recent extensions of four property-specific loans.

"Last quarter, we noted that uncertainty would be a factor impacting 2025, and this has proven to be even more prescient than we expected. While it is difficult to project the impact the changes in tariffs will have on our tenants and customers, the majority of our leases are long-term and are diversified across higher credit tenants, which serves to mitigate the short-term impact. As such, we are maintaining our current guidance range and will keep our focus on the areas we can influence, including operating the portfolio efficiently, driving occupancy and revenues and allocating capital prudently."

2025

2024

Total Revenues

$ 160,032

$ 158,637

Total Expenses

$ (56,834)

$ (52,991)

Total portfolio same-center NOI

$ 103,197

$ 105,646

Total same-center NOI percentage change

(2.3)%

Estimate for uncollectable revenues (recovery)

$ 1,046

$ (1,784)

(1) CBL's definition of same-center NOI excludes the impact of lease termination fees and certain non-cash items such as straight-line rents and reimbursements, write-offs of landlord inducements and net amortization of above and below market leases.

Same-center NOI for the first quarter 2025 declined $2.4 million. First quarter 2025 results were impacted by a $0.7 million decline in percentage rents. Total operating expense increased $3.8 million, primarily driven by one-time real estate and franchise tax refunds received in the prior-year period and timing of certain maintenance and repair expense. The estimate for uncollectable revenues favorably impacted the quarter by approximately $0.7 million.

As of March 31,

2025

2024

Total portfolio

90.4%

89.4%

Malls, lifestyle centers and outlet centers:

Total malls

87.9%

87.0%

Total lifestyle centers

92.2%

90.5%

Total outlet centers

90.4%

90.5%

Total same-center malls, lifestyle centers and outlet centers

88.7%

88.3%

Open-air centers

95.7%

95.1%

All Other Properties

89.6%

84.5%

(1) Occupancy for malls, lifestyle centers and outlet centers represent 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.

New and Renewal Leasing Activity of Same Small Shop Space Less Than 10,000 Square Feet:

% Change in Average Gross Rent Per Square Foot:

Three Months Ended March 31,

2025

All Property Types

(2.4)%

Stabilized Malls, Lifestyle Centers and Outlet Centers

(2.7)%

New leases

21.5%

Renewal leases

(6.5)%

Open Air Centers

8.6%

Same-Center Sales Per Square Foot for In-line Tenants 10,000 Square Feet or Less:

Twelve Months Ended March 31,

Malls, lifestyle centers and outlet centers same-center sales per square foot $ 423 $ 424 (0.2)%

On May 1, 2025, CBL announced that its Board of Directors declared a regular cash dividend of $0.40 per common share for the quarter ending June 30, 2025. The dividend is payable on June 30, 2025, to shareholders of record as of June, 13, 2025. The regular dividend equates to an annual dividend payment of $1.60 per common share. CBL also paid a special dividend of $0.80 per share on March 31, 2025.

In February 2025, CBL and its joint venture partner exercised the one-year extension option on the loan secured by the Pavilion at Port Orange in Port Orange, FL, which extends the maturity date through February 2026.

In March, CBL and its joint venture partner closed on a modification of the $28.8 million loan (at 100%) secured by York Town Center in York, PA, to extend the maturity to September 2025. Additionally, the loan secured by Cross Creek Mall in Fayetteville, NC, was modified for an extended maturity date of August 2025.

Additionally in March, the conveyance of Alamance Crossing East, in Burlington, NC, was completed in satisfaction of the outstanding $41.1 million non-recourse loan.

In April 2025, CBL exercised the one-year extension option on the loan secured by Fayette Mall in Lexington, KY.

On April 30, 2025, CBL announced that the principal balance of CBL's non-recourse term loan has been reduced to $668.3 million, successfully meeting the extension test to secure a one-year extension. The loan's maturity will automatically extend from November 2025 to November 2026.

Additionally, based on current projections, CBL anticipates meeting the second required extension test, which requires a principal balance of $615 million, in 2026 through natural amortization, enabling another one-year extension to November 2027.

During Q1 2025, CBL closed on dispositions generating more than $73.3 million of gross proceeds including the sale of Monroeville Mall and Annex in Monroeville PA, for $34.0 million in January and the $38.1 million sale of Imperial Valley Mall in El Centro, CA, in February. CBL also completed the sale of one outparcel, generating aggregate proceeds at CBL's share of $1.2 million.

On May 1, 2025, CBL announced that its Board of Directors authorized a stock repurchase program for the Company to buy up to $25 million of its common stock.

The Company plans to repurchase shares from time to time on the open market, in privately negotiated transactions or otherwise, depending on market prices and other conditions and all in compliance with the rules of the United States Securities and Exchange Commission and other applicable legal requirements.

The size and timing of any purchases will depend on a number of factors, including share price, general business and market conditions, and other factors. The repurchase program does not obligate the Company to acquire any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company's discretion. Purchases may be made through the program by May 1, 2026.

Detailed project information is available in CBL's Financial Supplement for Q1 2025, which can be found in the Invest - Financial Reports section of CBL's website at cblproperties.com

Based on Management's expectations, CBL is reiterating FFO, as adjusted, guidance for 2025 in the range of $6.98 - $7.34 per share. Management anticipates same-center NOI for full-year 2025 in the range of (2.0)% to 0.5%.

Low

High

2025 FFO, as adjusted (in millions)

$ 213.0

$ 224.0

2025 WA Share Count

30.5

2025 FFO, as adjusted, per share

$ 6.98

$ 7.34

2025 Same-Center NOI ("SC NOI") (in millions)

$ 427.0

$ 438.0

2025 change in same-center NOI

(2.0)%

0.5%

Reconciliation of GAAP Earnings Per Share to 2025 FFO, as Adjusted, Per Share:

Low

High

Expected diluted earnings per common share

0.91

1.27

Depreciation and amortization

4.93

Gain on depreciable property

(0.71)

Expected FFO, per diluted, fully converted common share

5.13

5.49

Debt discount accretion, net of noncontrolling interests' share

1.13

Loss on extinguishment of debt

0.01

Adjustment for unconsolidated affiliates with negative investment

0.70

Non-cash default interest expense 0.01 0.01

Expected FFO, as adjusted, per diluted, fully converted common share $ 6.98 $ 7.34

Low High

2025 Estimated maintenance capital/tenant allowances (1)

$ 40.0 $

55.0

2025 Estimated development/redevelopment expenditures

7.5

12.5

2025 Estimated principal amortization (including est. term loan ECF) 90.0 100.0

Total Estimate $ 137.5 $ 167.5

(1) Excludes amounts related to properties which have 100% of the cash flows from such properties restricted under the terms of the respective loan agreements as further described on page 17 of the Financial Supplement.

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities. CBL's owned and managed portfolio is comprised of 88 properties totaling 55.4 million square feet across 20 states, including 52 high-quality enclosed malls, outlet centers and lifestyle retail centers as well as more than 30 open-air centers and other assets. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.

FFO is a widely used non-GAAP measure of the operating performance of real estate companies that supplements net income (loss) determined in accordance with GAAP. The National Association of Real Estate Investment Trusts ("NAREIT") defines FFO as net income (loss) (computed in accordance with GAAP) excluding gains or losses on sales of depreciable operating properties and impairment losses of depreciable properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests. Adjustments for unconsolidated partnerships and joint ventures and noncontrolling interests are calculated on the same basis. We define FFO as defined above by NAREIT. The Company's method of calculating FFO may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs.

The Company believes that FFO provides an additional indicator of the operating performance of its properties without giving effect to real estate depreciation and amortization, which assumes the value of real estate assets declines predictably over time. Since values of well-maintained real estate assets have historically risen with market conditions, the Company believes that FFO enhances investors' understanding of its operating performance. The use of FFO as an indicator of financial performance is influenced not only by the operations of the Company's properties and interest rates, but also by its capital structure.

The Company believes FFO allocable to Operating Partnership common unitholders is a useful performance measure since it conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company's common shareholders and the noncontrolling interest in the Operating Partnership.

In the reconciliation of net income (loss) attributable to the Company's common shareholders to FFO allocable to Operating Partnership common unitholders, located in this earnings release, the Company makes an adjustment to add back noncontrolling interest in income (loss) of its Operating Partnership in order to arrive at FFO of the Operating Partnership common unitholders.

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

The Company believes that it is important to identify the impact of certain significant items on its FFO measures for a reader to have a complete understanding of the Company's results of operations. Therefore, the Company has also presented adjusted FFO measures excluding these items from the applicable periods. Please refer to the reconciliation of net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders on page 8 of this news release for a description of these adjustments.

NOI is a supplemental non-GAAP measure of the operating performance of the Company's shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs).

The Company computes NOI based on the Operating Partnership's pro rata share of both consolidated and unconsolidated properties. The Company believes that presenting NOI and same-center NOI (described below) based on its Operating Partnership's pro rata share of both consolidated and unconsolidated properties is useful since the Company conducts substantially all of its business through its Operating Partnership and, therefore, it reflects the performance of the properties in absolute terms regardless of the ratio of ownership interests of the Company's common shareholders and the noncontrolling interest in the Operating Partnership. The Company's definition of NOI may be different than that used by other companies and, accordingly, the Company's calculation of NOI may not be comparable to that of other companies.

Since NOI includes only those revenues and expenses related to the operations of the Company's shopping center properties, the Company believes that same-center NOI provides a measure that reflects trends in occupancy rates, rental rates, sales at the malls and operating costs and the impact of those trends on the Company's results of operations. The Company's calculation of same-center NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-off of landlord inducement assets in order to enhance the comparability of results from one period to another. A reconciliation of same-center NOI to net income (loss) is located at the end of this earnings release.

The Company presents debt based on the carrying value of its pro rata ownership share (including the carrying value of the Company's pro rata share of unconsolidated affiliates and excluding noncontrolling interests' share of consolidated properties) because it believes this provides investors a clearer understanding of the Company's total debt obligations which affect the Company's liquidity. A reconciliation of the Company's pro rata share of debt to the amount of debt on the Company's condensed consolidated balance sheet is located at the end of this earnings release.

Information included herein contains "forward-looking statements" within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company's various filings with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K, and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" included therein, for a discussion of such risks and uncertainties.

(Unaudited; in thousands, except per share amounts)

Three Months Ended March 31,

REVENUES:

2025

2024

Rental revenues

$ 137,360

$ 124,027

Management, development and leasing fees

1,317

1,905

Other

3,091

3,185

Total revenues

141,768

129,117

EXPENSES:

Property operating

(25,878)

(23,827)

Depreciation and amortization

(45,541)

(38,040)

Real estate taxes

(15,731)

(9,269)

Maintenance and repairs

(13,466)

(9,938)

General and administrative

(20,707)

(20,414)

Loss on impairment

(836)

Litigation settlement

Total expenses

(121,323)

(102,256)

OTHER INCOME (EXPENSES):

Interest and other income

3,468

4,004

Interest expense

(44,225)

(39,812)

Loss on extinguishment of debt

(217)

Gain on sales of real estate assets

21,532

3,721

Income tax benefit

471

158

Equity in earnings of unconsolidated affiliates

6,913

4,594

Total other expenses, net

(12,058)

(27,335)

Net income (loss)

8,387

(474)

Net (income) loss attributable to noncontrolling interests in:

Operating Partnership

(6)

Other consolidated subsidiaries

408

524

Net income attributable to the Company

8,789

Earnings allocable to unvested restricted stock

(577)

(259)

Net income (loss) attributable to common shareholders

$ 8,212

$ (209)

Basic and diluted per share data attributable to common shareholders:

Basic earnings per share

$ 0.27

$ (0.01)

Diluted earnings per share

0.27

(0.01)

Weighted-average basic shares

30,419

31,546

Weighted-average diluted shares

30,709

31,546

(in thousands, except per share data)

Three Months Ended March 31,

2025

2024

Net income (loss) attributable to common shareholders

$ 8,212

$ (209)

Noncontrolling interest in income of Operating Partnership

Earnings allocable to unvested restricted stock

259

Depreciation and amortization expense of:

Consolidated properties

45,541

38,040

Unconsolidated affiliates

3,432

3,989

Non-real estate assets

(247)

(259)

Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries

(426)

(560)

Loss on impairment, net of taxes

619

Gain on depreciable property, net of taxes

(21,706)

(3,721)

FFO allocable to Operating Partnership common unitholders

34,812

38,158

Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share (1)

9,207

11,795

Adjustment for unconsolidated affiliates with negative investment (2)

1,534

(2,568)

Litigation settlement (3)

(68)

Non-cash default interest expense (4)

363

Loss on extinguishment of debt (5)

217

FFO allocable to Operating Partnership common unitholders, as adjusted

$ 46,133

$ 47,317

FFO per diluted share

$ 1.13

$ 1.21

FFO, as adjusted, per diluted share

$ 1.50

Weighted-average common and potential dilutive common units outstanding

30,714

31,546

In conjunction with the acquisition of the Company's partners' 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of fresh start accounting upon emergence from bankruptcy, the Company recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable. The debt discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method. The Company began recognizing the debt discount accretion associated with the acquisition of its partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center during the three months ended March 31, 2025.

Represents the Company's share of the earnings (losses) before depreciation and amortization expense of unconsolidated affiliates where the Company is not recognizing equity in earnings (losses) because its investment in the unconsolidated affiliate is below zero.

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.

The three months ended March 31, 2025 includes default interest on loans past their maturity dates.

During the three months ended March 31, 2025, the Company made a partial paydown on the open-air centers and outparcels loan and recognized loss on extinguishment of debt related to a prepayment fee.

Three Months Ended March 31,

2025

2024

Diluted EPS attributable to common shareholders

$ 0.27

$ (0.01)

Add amounts per share included in FFO:

Unvested restricted stock

0.01

Eliminate amounts per share excluded from FFO:

Depreciation and amortization expense, including amounts from

consolidated properties, unconsolidated affiliates, non-real estate 1.57 1.31

assets and excluding amounts allocated to noncontrolling

interests

Loss on impairment, net of taxes

0.02

Gain on depreciable property, net of taxes

(0.71)

(0.12)

FFO per diluted share

$ 1.13

$ 1.21

Three Months Ended March 31,

SUPPLEMENTAL FFO INFORMATION:

2025

2024

Lease termination fees

$ 963

$ 983

Straight-line rental income adjustment

$ (542)

$ (515)

Gain on outparcel sales, net of taxes

$ 766

$ -

Net amortization of acquired above- and below-market leases

$ (3,720)

$ (3,492)

Income tax benefit

$ 471

$ 158

Interest capitalized

$ 113

$ 134

Estimate of uncollectable revenues

$ (822)

$ (6,192)

As of March 31,

Straight-line rent receivable

22,537

(Dollars in thousands)

Three Months Ended March 31,

2025

2024

Net income (loss)

$ 8,387

$ (474)

Adjustments:

Depreciation and amortization

45,541

38,040

Depreciation and amortization from unconsolidated affiliates

3,432

3,989

Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries

(426)

(560)

Interest expense

44,225

39,812

Interest expense from unconsolidated affiliates

7,290

17,281

Noncontrolling interests' share of interest expense in other consolidated subsidiaries

(1,014)

(1,065)

Gain on sales of real estate assets

(21,532)

(3,721)

Gain on sales of real estate assets of unconsolidated affiliates

(1,035)

Adjustment for unconsolidated affiliates with negative investment

1,534

(2,568)

Loss on extinguishment of debt

217

Loss on impairment

836

Litigation settlement

(68)

Income tax benefit

(471)

(158)

Lease termination fees

(963)

(983)

Straight-line rent and above- and below-market lease amortization

4,262

4,007

Net loss attributable to noncontrolling interests in other consolidated subsidiaries

408

524

General and administrative expenses

20,707

20,414

Management fees and non-property level revenues

(5,657)

(6,447)

Operating Partnership's share of property NOI

104,905

108,859

Non-comparable NOI

(1,708)

(3,213)

Total same-center NOI (1)

$ 103,197

$ 105,646

Total same-center NOI percentage change

(2.3)%

CBL defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income), less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes lease termination income, straight-line rent adjustments, amortization of above and below market lease intangibles and write-offs of landlord inducement assets. We include a property in our same-center pool when we own all or a portion of the property as of March 31, 2025, and we owned it and it was in operation for both the entire preceding calendar year and the current year-to-date reporting period ending March 31, 2025. New properties are excluded from same-center NOI, until they meet these criteria. Properties excluded from the same-center pool that would otherwise meet these criteria are properties which are under major redevelopment or being considered for repositioning, where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender.

(Dollars in thousands)

Three Months Ended March 31,

2025

2024

Malls

$ 69,710

$ 72,522

Outlet centers

5,463

5,622

Lifestyle centers

8,555

8,724

Open-air centers

14,077

13,934

Outparcels and other

5,392

4,844

Total same-center NOI

$ 103,197

$ 105,646

Percentage Change:

Malls

(3.9)%

Outlet centers

(2.8)%

Lifestyle centers

(1.9)%

Open-air centers

1.0%

Outparcels and other

11.3%

Total same-center NOI

(2.3)%

(Dollars in thousands)

Fixed Rate

Costs

Consolidated debt (2)

$1,387,453

$ 871,887

$2,259,340

$ (7,480) $

(101,298) $

2,150,562

Noncontrolling interests' share of consolidated debt

(24,234)

(11,298)

(35,532

) 135

1,339

(34,058)

Company's share of unconsolidated affiliates' debt

369,366

28,836

398,202

(2,528)

395,674

Company's share of consolidated, unconsolidated and other debt

$1,732,585

$ 889,425

$2,622,010

(9,873) $

(99,959) $2,512,178

Weighted-average interest rate 5.16% 7.44% 5.93%

Fixed Rate

Consolidated debt (2)

$ 906,438

$1,003,255

$1,909,693

$ (12,086) $

(37,313)

$1,860,294

Noncontrolling interests' share of consolidated debt

(24,919)

(11,718)

(36,637)

224

3,229

(33,184)

Company's share of unconsolidated affiliates' debt

618,640

56,619

675,259

(2,890)

672,369

Other debt (3)

69,783

Company's share of consolidated, unconsolidated and other debt

$1,569,942

$1,048,156

$2,618,098

(14,752) $

(34,084)

$2,569,262

Weighted-average interest rate 5.26% 8.42% 6.53%

In conjunction with the acquisition of the Company's partners' 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of fresh start accounting upon emergence from bankruptcy, the Company recognized debt discounts equal to the difference between the outstanding balance of mortgage notes payable and the estimated fair value of such mortgage notes payable. The debt discounts are accreted as additional interest expense over the terms of the respective mortgage notes payable using the effective interest method. The Company recognized the debt discounts associated with the acquisition of its partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center in December 2024.

At March 31, 2025, includes $529,919 of debt and $82,248 of unamortized debt discounts related to three properties in which the Company acquired its joint venture partner's 50% interest and now consolidates the properties.

Represents the outstanding loan balance 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. The foreclosure processes for Alamance Crossing East and WestGate Mall were completed in March 2025 and May 2024, respectively.

‌Consolidated Balance Sheets

(Unaudited; in thousands, except share data)

March 31,

December 31,

2025

2024

ASSETS

Real estate assets:

Land

$ 592,056

$ 588,153

Buildings and improvements

1,512,377

1,505,232

2,104,433

2,093,385

Accumulated depreciation

(303,946)

(283,785)

1,800,487

1,809,600

Held-for-sale

56,075

Developments in progress

6,381

5,817

Net investment in real estate assets

1,806,868

1,871,492

Cash and cash equivalents

29,822

40,791

Restricted cash

93,325

112,938

Available-for-sale securities - at fair value (amortized cost of $246,216 and $242,881 as of March 31, 2025 and December 31, 2024, respectively)

246,290

243,148

Receivables:

Tenant

37,876

45,594

Other

2,618

2,356

Investments in unconsolidated affiliates

84,121

83,465

In-place leases, net

167,852

186,561

Intangible lease assets and other assets

155,742

160,846

$ 2,624,514

$ 2,747,191

LIABILITIES AND EQUITY

Mortgage and other indebtedness, net

$ 2,150,562

$ 2,212,680

Accounts payable and accrued liabilities

190,190

221,647

Total liabilities

2,340,752

2,434,327

Shareholders' equity:

Common stock, $.001 par value, 200,000,000 shares authorized, 30,935,677 and 30,711,227 issued and outstanding as of March 31, 2025 and December 31, 2024, respectively (in each

case, excluding 34 treasury shares)

Additional paid-in capital

694,855

694,566

Accumulated other comprehensive income

307

782

Accumulated deficit

(400,167)

(371,833)

Total shareholders' equity

295,026

323,546

Noncontrolling interests

(11,264)

(10,682)

Total equity

283,762

312,864

$ 2,624,514

$ 2,747,191

‌Condensed Combined Financial Statements - Unconsolidated Affiliates

(Unaudited; in thousands)

ASSETS:

March 31,

2025

December 31,

2024

Investment in real estate assets

$ 1,281,007

$ 1,284,494

Accumulated depreciation

(583,296)

(576,289)

697,711

708,205

Developments in progress

34,431

32,114

Net investment in real estate assets

732,142

740,319

Other assets

140,292

156,363

Total assets

$ 872,434

$ 896,682

LIABILITIES:

Mortgage and other indebtedness, net

$ 738,511

$ 780,536

Other liabilities

22,888

36,253

Total liabilities

761,399

816,789

OWNERS' EQUITY:

The Company

76,153

76,607

Other investors

34,882

3,286

Total owners' equity

111,035

79,893

Total liabilities and owners' equity

$ 872,434

$ 896,682

2025

2024

Total revenues

$ 45,202

$ 63,997

Depreciation and amortization

(11,010)

(18,399)

Operating expenses

(13,758)

(21,488)

Interest and other income

569

612

Interest expense

(12,577)

(18,458)

Gain on extinguishment of debt

32,494

Gain on sales of real estate assets

2,070

Net income

$ 42,990

$ 6,264

2025

2024

Total revenues

$ 24,853

$ 33,708

Depreciation and amortization

(6,204)

(10,802)

Operating expenses

(7,070)

(10,774)

Interest and other income

351

361

Interest expense

(7,290)

(17,281)

Negative investment adjustment

1,238

9,382

Gain on sales of real estate assets

1,035

Net income

$ 6,913

$ 4,594

EBITDA for real estate ("EBITDAre") is a non-GAAP financial measure which NAREIT defines as net income (loss) (computed in accordance with GAAP), plus interest expense, income tax expense, depreciation and amortization, gains on the dispositions of depreciable property and impairment write-downs of depreciable property, and after adjustments to reflect the Company's share of EBITDAre from unconsolidated affiliates. The Company also calculates Adjusted EBITDAre to exclude the non-controlling interest in EBITDAre of consolidated entities, (gains) losses on extinguishment of debt, adjustments related to unconsolidated affiliates and litigation settlement.

The Company presents the ratio of Adjusted EBITDAre to interest expense because the Company believes that the Adjusted EBITDAre to interest coverage ratio, along with cash flows from operating activities, investing activities and financing activities, provides investors an additional indicator of the Company's ability to incur and service debt. Adjusted EBITDAre excludes items that are not a normal result of operations which assists the Company and investors in distinguishing changes related to the growth or decline of operations at our properties. EBITDAre and Adjusted EBITDAre, as presented, may not be comparable to similar measures calculated by other companies. This non-GAAP measure should not be considered as an alternative to net income (loss), cash from operating activities or any other measure calculated in accordance with GAAP. Pro rata amounts listed below are calculated using the Company's ownership percentage in the respective joint venture and any other applicable terms.

(Dollars in thousands)

Three Months Ended March 31,

2025

2024

Net income (loss)

$ 8,387

$ (474)

Depreciation and amortization

45,541

38,040

Depreciation and amortization from unconsolidated affiliates

3,432

3,989

Interest expense

44,225

39,812

Interest expense from unconsolidated affiliates

7,290

17,281

Income taxes

(471)

(158)

Loss on impairment

836

Gain on depreciable property

(21,532)

(3,721)

EBITDAre (1)

86,872

95,605

Loss on extinguishment of debt

217

Litigation settlement

(68)

Adjustment for unconsolidated affiliates with negative investment

1,534

(2,568)

Net loss attributable to noncontrolling interests in other consolidated subsidiaries

408

524

Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries

(426)

(560)

Noncontrolling interests' share of interest expense in other consolidated subsidiaries

(1,014)

(1,065)

Company's share of Adjusted EBITDAre

$ 87,591

$ 91,868

Includes $1,035 for the three months ended March 31, 2025 related to sales of non-depreciable real estate assets.

Three Months Ended March 31,

2025

2024

Interest Expense:

Interest expense

$ 44,225

$ 39,812

Interest expense from unconsolidated affiliates

7,290

17,281

Debt discount accretion, including our share of unconsolidated affiliates and net of noncontrolling interests' share

(9,207)

(11,795)

Noncontrolling interests' share of interest expense in other consolidated subsidiaries, excluding

noncontrolling interests' share of debt discount accretion

Three Months Ended March 31,

Noncontrolling interests' share of interest expense in other consolidated subsidiaries 1,014 1,065

Income taxes 471 158

Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts

2,459

Net amortization of intangible lease assets and liabilities 3,704 3,449

Depreciation and interest expense from unconsolidated affiliates (10,722) (21,270)

Adjustment for unconsolidated affiliates with negative investment (1,534) 2,568 Litigation settlement - 68

Noncontrolling interests' share of depreciation and amortization in other consolidated subsidiaries 426 560

Net loss attributable to noncontrolling interests in other consolidated subsidiaries (408) (524)

Gain on insurance proceeds (65) -

Equity in earnings of unconsolidated affiliates (6,913) (4,594)

Distributions of earnings from unconsolidated affiliates 4,535 3,692

Share-based compensation expense 3,990 3,679

Change in estimate of uncollectable revenues 559 1,522

Change in deferred tax assets 2,575 1,331

Changes in operating assets and liabilities (16,966) (15,481)

30,738

The Company believes the following summary is useful to users of its consolidated financial statements because it provides more detail regarding the components of rental revenues in the consolidated financial statements and trends in these components for the periods shown.

Three Months Ended March 31,

2025

2024

Minimum rents

$ 101,020

$ 93,908

Percentage rents

2,827

2,790

Other rents

2,205

1,832

Tenant reimbursements

31,858

26,879

Estimate of uncollectable amounts

(550)

(1,382)

Total rental revenues

$ 137,360

$ 124,027

(Dollars in thousands)

Property Location

Original Maturity

Date

Optional Extended Maturity

Date

Interest

Rate

Balance as of March 31,

2025 (1) Balance

Operating Properties:

Fixed

Variable

Fayette Mall (2)

Lexington, KY

May-25

May-26

4.25%

$ 108,466

$ -

The Outlet Shoppes at Laredo (3)

Laredo, TX

Jun-25

7.82%

32,280

Cross Creek Mall

Fayetteville, NC

Aug-25

8.19%

83,979

The Outlet Shoppes at Gettysburg

Gettysburg, PA

Oct-25

4.80%

19,689

Parkdale Mall & Crossing

Beaumont, TX

Mar-26

5.85%

52,438

Northwoods Mall

North Charleston, SC

Apr-26

5.08%

50,065

Arbor Place

Atlanta (Douglasville), GA

May-26

5.10%

88,662

Volusia Mall

Daytona Beach, FL

May-26

4.56%

34,243

Hamilton Place

Chattanooga, TN

Jun-26

4.36%

88,567

Jefferson Mall

Louisville, KY

Jun-26

4.75%

50,787

Southpark Mall

Colonial Heights, VA

Jun-26

4.85%

49,160

West County Center

Des Peres, MO

Dec-26

3.40%

143,520

Open-air centers and outparcels loan (4)

Jun-27

Jun-29

7.69%

332,956

166,478

CoolSprings Galleria

Nashville, TN

May-28

4.84%

136,399

Oak Park Mall

Overland Park, KS

Oct-30

3.97%

250,000

Hamilton Place open-air centers loan

Chattanooga, TN

Jun-32

5.85%

65,000

Total Loans On Operating Properties

1,586,211

1,387,453

198,758

Weighted-average interest rate

5.43%

5.01%

8.33 %

Corporate Debt:

Secured term loan

Nov-25

Nov-26/Nov-27

7.19%

673,129

Total Consolidated Debt

2,259,340

1,387,453

871,887

Weighted-average interest rate

5.95%

5.01%

7.45 %

Plus CBL's Share Of Unconsolidated Affiliates' Debt:

Coastal Grand Mall (5)Myrtle Beach, SC

Aug-24

4.09%

$ 46,590

$ -

Coastal Grand Crossing (5)Myrtle Beach, SC

Aug-24

4.09%

2,248

York Town Center York, PA

Sep-25

4.75%

14,412

Northgate Mall Development Chattanooga, TN

Nov-25

7.25%

863

Coastal Grand Mall - Dick's Sporting Myrtle Beach, SC

Nov-25

May-26

8.05%

3,311

The Pavilion at Port Orange Port Orange, FL

Feb-26

7.32%

21,661

Fremaux Town Center Slidell, LA

Jun-26

3.70%

35,754

Ambassador Town Center Lafayette, LA

Mar-27

7.26%

2,798

Mayfaire Town Center Aloft Hotel Wilmington, NC

Jan-28

7.57%

6,312

Friendly Center Greensboro, NC

May-28

6.44%

72,077

The Outlet Shoppes at El Paso El Paso, TX

Oct-28

5.10%

33,483

Ambassador Town Center Lafayette, LA

Jun-29

4.35%

25,847

Hamilton Place Aloft Hotel Chattanooga, TN

Jun-29

7.20%

7,145

Friendly Center Medical Office Greensboro, NC

Jun-30

6.11%

1,700

The Shoppes at Eagle Point Cookeville, TN

May-32

5.40%

19,182

The Outlet Shoppes at Atlanta Woodstock, GA

Oct-33

7.85%

39,665

The Outlet Shoppes of the Bluegrass Simpsonville, KY

Nov-34

6.84%

42,754

Hammock Landing - Phase I West Melbourne, FL

Dec-34

5.86%

17,422

Hammock Landing - Phase II West Melbourne, FL

Dec-34

5.86%

4,978

398,202

369,366

28,836

Less Noncontrolling Interests' Share Of Consolidated Debt:

The Outlet Shoppes at Laredo (3)(35%) Laredo, TX

Jun-25

7.82%

(11,298

) -

(11,298 )

Goods

Infrastructure Improvements

The Outlet Shoppes at Gettysburg (50%)

Gettysburg, PA Oct-25 4.80% (9,844) (9,844) -

Hamilton Place (10%) Chattanooga, TN Jun-26 4.36% (8,857) (8,857) -

Property Location

Original Maturity

Date

Optional Extended Maturity

Date

Interest

Rate

Balance as of March 31,

2025 (1) Balance

Fixed

Variable

Hamilton Place open-air centers loan Chattanooga, TN

Jun-32

5.85%

(5,533)

(35,532)

(24,234)

(11,298 )

(8% - 10%)

Company's Share Of Consolidated, Unconsolidated and Other Debt (6)

$ 2,622,010

$ 1,732,585

$ 889,425

Weighted-average interest rate

5.93%

5.16%

7.44 %

Total Debt of Unconsolidated Affiliates:

Coastal Grand Mall (5)

Myrtle Beach, SC

Aug-24

4.09%

$ 93,181

$ -

Coastal Grand Crossing (5)

Myrtle Beach, SC

Aug-24

4.09%

4,496

York Town Center

York, PA

Sep-25

4.75%

28,824

Northgate Mall Development

Chattanooga, TN

Nov-25

7.25%

1,725

Coastal Grand Mall - Dick's Sporting Goods

Myrtle Beach, SC

Nov-25

May-26

8.05%

6,622

The Pavilion at Port Orange

Port Orange, FL

Feb-26

7.32%

43,323

Fremaux Town Center

Slidell, LA

Jun-26

3.70%

55,006

Ambassador Town Center

Lafayette, LA

Mar-27

7.26%

2,798

Infrastructure Improvements

Mayfaire Town Center Aloft Hotel

Wilmington, NC

Jan-28

7.57%

12,881

Friendly Center

Greensboro, NC

May-28

6.44%

144,153

The Outlet Shoppes at El Paso

El Paso, TX

Oct-28

5.10%

66,965

Ambassador Town Center

Lafayette, LA

Jun-29

4.35%

39,765

Hamilton Place Aloft Hotel

Chattanooga, TN

Jun-29

7.20%

14,290

Friendly Center Medical Office

Greensboro, NC

Jun-30

6.11%

6,800

The Shoppes at Eagle Point

Cookeville, TN

May-32

5.40%

38,365

The Outlet Shoppes at Atlanta

Woodstock, GA

Oct-33

7.85%

79,330

The Outlet Shoppes of the Bluegrass

Simpsonville, KY

Nov-34

6.84%

65,775

Hammock Landing - Phase I

West Melbourne, FL

Dec-34

5.86%

34,844

Hammock Landing - Phase II

West Melbourne, FL

Dec-34

5.86%

9,956

$ 749,099

$ 691,170

$ 57,929

Weighted-average interest rate

5.83%

5.71%

7.38 %

See page 11 for debt discounts and unamortized deferred financing costs.

Subsequent to March 31, 2025, the Company exercised the one-year extension option on the loan.

The loan is in default. The Company is in discussions with the lender regarding a loan modification/extension.

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

The loan is in maturity default. The Company is in discussions with the lender regarding a loan modification/extension.

As of March 31, 2025, CBL owns interests in 12 assets (9 malls, 2 outlet centers and an open-air center) with a pro rata share debt balance of $798,540 which have 100% of the cash flows from such properties restricted under the terms of the respective loan agreements. Of this amount, $765,465 of pro rata debt relates to malls,

$30,827 relates to outlet centers and $2,248 relates to an open-air center. These loans are non-recourse to CBL. The restricted cash can only be used to pay the respective property's real estate and insurance costs, debt service, operating expenses, and fund escrow accounts for capital expenditures and tenant allowances. Additionally, CBL receives management fees from the property cash flows. For the three months ended March 31, 2025, CBL's pro rata share of same-center NOI was

$103,197, of which same-center NOI from cash trapped properties made up $20,958, with $19,479 relating to malls, $935 relating to outlet centers and $544 relating to an open-air center. For the three months ended March 31, 2024, CBL's pro rata share of same-center NOI was $105,646, of which same-center NOI from cash trapped properties made up $21,031, with $19,545 relating to malls, $1,136 relating to outlet centers and $350 relating to an open-air center.

(Dollars in thousands)

Year

Consolidated Debt

CBL's Share of Unconsolidated Affiliates' Debt

Noncontrolling Interests' Share

of Consolidated Debt

Consolidated, Unconsolidated and Other

Debt

% of Total

Weighted Average

Interest Rate

2024

$ -

$ 48,838

$ -

$ 48,838

1.86%

4.09%

2025

135,948

15,275

(21,142)

130,081

4.96%

7.49%

2026

665,908

60,726

(8,857)

717,777

27.38%

4.55%

2027

673,129

2,798

675,927

25.78%

7.19%

2028

136,399

111,872

248,271

9.47%

5.41%

2029

332,956

32,992

365,948

13.96%

7.44%

2030

250,000

1,700

251,700

9.60%

3.98%

2032

65,000

19,182

(5,533)

78,649

3.00%

5.74%

2033

39,665

1.51%

7.85%

2034

65,154

2.48%

6.50%

Total

2,259,340

398,202

(35,532) $

2,622,010

100.00%

5.93%

Based on Original Maturity Dates:

Noncontrolling

CBL's Share of Consolidated,

Weighted

Consolidated

CBL's Share of

Unconsolidated

Interests' Share

of Consolidated

Unconsolidated

and Other

Average

Interest

Year

Debt

Affiliates' Debt

Debt

% of Total

Rate

2024

$ -

$ 48,838

$ -

$ 48,838

1.86%

4.09%

2025

917,543

18,586

(21,142)

914,987

34.90%

6.89%

2026

557,442

57,415

(8,857)

606,000

23.11%

4.58%

2027

332,956

2,798

335,754

12.81%

7.68%

2028

136,399

111,872

248,271

9.47%

5.41%

2029

32,992

1.26%

4.97%

2030

250,000

1,700

251,700

9.60%

3.98%

2032

65,000

19,182

(5,533)

78,649

3.00%

5.74%

2033

39,665

1.51%

7.85%

2034

65,154

2.48%

6.50%

Total

2,259,340

398,202

(35,532) $

2,622,010

100.00%

5.93%

The tables below provide certain property level financial information by property type and by categories based on the debt supported. The property types include Malls, Lifestyle Centers, Outlet Centers, Open-Air Centers, Outparcels and Other, each as defined below:

The information provided in the tables below, including historic operational and financial information, is for properties owned as of March 31, 2025, as listed on the Property List table. Information is provided on a "same-center" basis and any properties or interests in properties acquired or disposed of prior to March 31, 2025, were assumed to have been acquired or disposed for all periods presented.

Net Operating Income (NOI) and other financial information included in the presentation is reflected based on CBL's share of ownership.

NOI is a supplemental non-GAAP measure of the operating performance of our shopping centers and other properties. We define NOI as property operating revenues (rental revenues and other income) less property operating expenses (property operating, real estate taxes and maintenance and repairs). NOI excludes straight-line rents, above/below market lease rates, landlord inducement write-offs, lease buyouts and management fees.

Due to the exclusions noted above, NOI should only be used as a supplemental measure of our performance and not as an alterna tive to GAAP operating income (loss) or net income (loss).

Interest is calculated on a GAAP basis including amortization of deferred financing costs and accretion of debt discounts.

‌Property Location

Sales Per Square Foot for the

Trailing Twelve Months Ended (1)In-Line Occupancy (2)

TERM LOAN ASSETS (HOLDCO I)

March 31, 2025

March 31, 2024

March 31, 2025

March 31, 2024

Malls:

CherryVale Mall

Rockford, IL

East Towne Mall

Madison, WI

Frontier Mall

Cheyenne, WY

Hanes Mall

Winston-Salem, NC

Kirkwood Mall

Bismarck, ND

Mall del Norte

Laredo, TX

Northgate Mall

Chattanooga, TN

Post Oak Mall

College Station, TX

Richland Mall

Waco, TX

Sunrise Mall

Brownsville, TX

Turtle Creek Mall

Hattiesburg, MS

Valley View Mall

Roanoke, VA

West Towne Mall

Madison, WI

Westmoreland Mall

Greensburg, PA

Total Malls

$ 370

$ 367

90.7%

89.4%

Lifestyle Centers:

Mayfaire Town Center

Wilmington, NC

Pearland Town Center

Pearland, TX

Southaven Towne Center

Southaven, MS

Total Lifestyle Centers

$ 400

$ 387

92.4%

89.7%

Open-Air Centers:

Westmoreland Crossing

Greensburg, PA

N/A

99.6%

98.9%

Outparcels and Other

N/A

91.6%

88.1%

Total Term Loan Assets (HoldCo I)

$ 375

$ 371

91.5%

90.0%

CONSOLIDATED UNENCUMBERED

Malls:

Dakota Square Mall

Minot, ND

Eastland Mall

Bloomington, IL

Meridian Mall

Lansing, MI

Mid Rivers Mall

St. Peters, MO

Northpark Mall

Joplin, MO

Old Hickory Mall

Jackson, TN

Parkway Place

Huntsville, AL

South County Center

St. Louis, MO

St. Clair Square

Fairview Heights, IL

Stroud Mall

Stroudsburg, PA

York Galleria

York, PA

Total Malls

$ 325

$ 324

77.6%

79.3%

Open-Air Centers:

The Promenade D'Iberville, MS

N/A

97.2%

99.7%

Outparcels and Other

N/A

89.6%

84.3%

Total Consolidated Unencumbered

$ 325

$ 324

81.0%

82.2%

JOINT VENTURE ASSETS

Malls:

Coastal Grand Mall

Myrtle Beach, SC

Governor's Square

Clarksville, TN

Kentucky Oaks Mall

Paducah, KY

Total Malls

$ 382

$ 393

88.6%

86.5%

Outlet Centers:

March 31, 2025

March 31, 2024

March 31, 2025

March 31, 2024

The Outlet Shoppes at Atlanta

Woodstock, GA

The Outlet Shoppes at El Paso

El Paso, TX

The Outlet Shoppes of the Bluegrass

Simpsonville, KY

Total Outlet Centers

$ 476

$ 502

94.0%

95.0%

Lifestyle Centers:

Friendly Center and The Shops at Friendly

Greensboro, NC $ 593 $ 593 91.8% 91.0%

Open-Air Centers:

Ambassador Town Center

Lafayette, LA

Coastal Grand Crossing

Myrtle Beach, SC

Fremaux Town Center

Slidell, LA

Governor's Square Plaza

Clarksville, TN

Hammock Landing

West Melbourne, FL

The Pavilion at Port Orange

Port Orange, FL

The Shoppes at Eagle Point

Cookeville, TN

York Town Center

York, PA

Total Open-Air Centers

N/A

94.7%

93.6%

Total Joint Venture Assets

$ 473

488

93.1%

92.3%

CONSOLIDATED ENCUMBERED ASSETS

Arbor Place

Atlanta (Douglasville), GA

CoolSprings Galleria

Nashville, TN

Cross Creek Mall

Fayetteville, NC

Fayette Mall

Lexington, KY

Hamilton Place

Chattanooga, TN

Jefferson Mall

Louisville, KY

Northwoods Mall

North Charleston, SC

Oak Park Mall

Overland Park, KS

Parkdale Mall

Beaumont, TX

Southpark Mall

Colonial Heights, VA

Volusia Mall

Daytona Beach, FL

West County Center

Des Peres, MO

Total Malls

$ 495

$ 491

91.7%

92.0%

Outlet Centers:

The Outlet Shoppes at Gettysburg

Gettysburg, PA

The Outlet Shoppes at Laredo

Laredo, TX

Total Outlet Centers

$ 277

$ 292

82.9%

80.9%

Open-Air Centers:

Alamance Crossing West

Burlington, NC

CoolSprings Crossing

Nashville, TN

Courtyard at Hickory Hollow

Nashville, TN

Frontier Square

Cheyenne, WY

Gunbarrel Pointe

Chattanooga, TN

Hamilton Corner

Chattanooga, TN

Hamilton Crossing

Chattanooga, TN

Harford Annex

Bel Air, MD

The Landing at Arbor Place

Atlanta (Douglasville), GA

Parkdale Crossing

Beaumont, TX

The Plaza at Fayette

Lexington, KY

The Shoppes at Hamilton Place

Chattanooga, TN

The Shoppes at St. Clair Square

Fairview Heights, IL

Sunrise Commons

Brownsville, TX

The Terrace

Chattanooga, TN

West Towne Crossing

Madison, WI

WestGate Crossing

Spartanburg, SC

Total Open-Air Centers

N/A

95.6%

94.3%

Outparcels

N/A

97.8%

95.5%

Malls:

March 31, 2025

March 31, 2024

March 31, 2025

March 31, 2024

Total Consolidated Encumbered Assets

$ 472

$ 470

92.3%

91.8%

Total Same-Center Portfolio

$ 423

$ 424

90.4%

89.8%

EXCLUDED PROPERTIES

Brookfield Square

Brookfield, WI

Harford Mall

Bel Air, MD

Laurel Park Place

Livonia, MI

Total Excluded Properties

N/A

Represents same-center sales per square foot for tenants 10,000 square feet or less for malls, outlet centers and lifestyle centers. Sales are reported on a whole property basis. Sales for unencumbered portions or outparcels of a property with reporting tenants under 10,000 square feet are reflected with the sales of the main property.

Includes occupancy metrics for stores with gross leasable area under 20,000 square feet for unencumbered portions or outparcels of a property.

‌ NOI

Capital

Expenditures

Unleveraged

Redevelopment Cash Flow

Interest

Expense

(1)

Amortization

Cash Flow

TERM LOAN ASSETS (HOLDCO I)

Malls

$ 22,563

$ (1,811 )

$ - $ 20,752

$ -

$ 20,752

Lifestyle Centers

5,394

(2,668 )

- 2,726

2,726

Open-Air Centers

616

- 616

616

Outparcels

- 78

Other

247

- 247

247

Term Loan Debt Service

- -

(12,659 )

100

(11,250 )

(23,809 )

Total Term Loan Assets (HoldCo I)

28,898

(4,479 )

- 24,419

(12,659 )

100

(11,250 )

610

CONSOLIDATED UNENCUMBERED

Malls

8,985

(1,304 )

7,681

Outlet Centers

(7 )

Open-Air Centers

1,892

Outparcels

Other

586

(174 )

412

Total Consolidated Unencumbered

11,555

(1,478 )

10,077

JOINT VENTURE ASSETS

Malls

3,801

(1,607 )

2,194

(894 )

8,816

(530 )

9,586

Outlet Centers

4,534

(1,982 )

345

(292 )

2,605

Lifestyle Centers

3,161

(103 )

(253 )

2,805

(1,205 )

(283 )

1,358

Open-Air Centers

5,083

(410 )

4,673

(2,784 )

(1,462 )

521

Outparcels

Other

129

(11 )

118

(133 )

(1,594 )

(1,609 )

Total Joint Venture Assets

16,769

(2,131 )

(253 )

14,385

(6,998 )

9,296

(4,161 )

12,522

CONSOLIDATED ENCUMBERED ASSETS

Malls

34,362

(4,373 )

29,989

(22,721 )

461

(12,539 )

(4,810 )

Outlet Centers

935

(70 )

865

(877 )

(289 )

(263 )

Open-Air Centers

6,486

(143 )

6,343

(4,014 )

263

2,592

Outparcels

4,192

(42 )

4,150

(3,099 )

237

1,288

Total Consolidated Encumbered Assets

45,975

(4,628 )

41,347

(30,711 )

999

(12,828 )

(1,193 )

Total Same-Center

$ 103,197

$ (12,716 )

$ (253 )

$ 90,228

$ (50,368 )

$ 10,395

$ (28,239 )

$ 22,016

Non-cash interest expense consists of the accretion of debt discounts, amortization of deferred financing costs and default interest.

Operating Metrics - Three Months Ended March 31, 2024 at CBL Share

(Dollars in thousands)

NOI

Capital

Expenditures Redevelopment

Unleveraged

Cash Flow

Interest

Expense

Non-Cash Interest Expense

(1)Amortization Cash Flow

TERM LOAN ASSETS (HOLDCO I)

Malls

$ 24,385

$ (576 )

- $ 23,809

$ -

$ 23,809

Lifestyle Centers

5,785

(339 )

- 5,446

5,446

Open-Air Centers

652

(29 )

- 623

623

Outparcels

- 74

Other

293

- 293

293

Term Loan Debt Service

- -

(16,607 )

100

(9,319 )

(25,826 )

Total Term Loan Assets (HoldCo I)

31,189

(944 )

- 30,245

(16,607 )

100

(9,319 )

4,419

CONSOLIDATED UNENCUMBERED

Malls (2)

10,423

(1,011 )

9,412

(136 )

- (150 )

9,126

Outlet Centers

(7 )

- -

(7 )

Open-Air Centers

1,830

- -

1,830

Outparcels

- -

Other

378

(446 )

(68 )

- -

(68 )

Total Consolidated Unencumbered

12,666

(1,457 )

11,209

(136 )

- (150 )

10,923

JOINT VENTURE ASSETS

Malls

3,984

(156 )

3,828

(550 )

(389 )

2,904

Outlet Centers

4,493

(437 )

4,056

(1,673 )

(485 )

1,934

Lifestyle Centers

2,940

(163 )

2,777

(1,235 )

(254 )

1,329

Open-Air Centers

4,971

(217 )

4,754

(3,129 )

(1,353 )

351

Outparcels

Other

(12 )

(158 )

(1,418 )

(1,551 )

Total Joint Venture Assets

16,489

(985 )

15,504

(6,745 )

171

(3,899 )

5,031

CONSOLIDATED ENCUMBERED ASSETS

Malls

33,731

(3,428 )

(5 )

30,298

(16,191 )

4,439

(10,821 )

7,725

Outlet Centers

1,136

(25 )

1,111

(945 )

339

(237 )

268

Open-Air Centers

6,480

(114 )

6,366

(4,290 )

263

2,339

Outparcels

3,955

(145 )

3,810

(3,373 )

237

674

Total Consolidated Encumbered Assets

45,302

(3,712 )

(5 )

41,585

(24,799 )

5,278

(11,058 )

11,006

Total Same-Center

$ 105,646

$ (7,098 )

$ (5 )

$ 98,543

$ (48,287 )

$ 5,549

$ (24,426 )

$ 31,379

Non-cash interest expense consists of the accretion of debt discounts and amortization of deferred financing costs.

In February 2024, the loan secured by Brookfield Square Anchor Redevelopment was paid off.

‌CBL & Associates HoldCo I, LLC - Consolidated Balance Sheet

(unaudited, in thousands)

March 31,

2025

December 31,

2024

ASSETS

Real estate assets:

Land

$ 154,508

Buildings and improvements

388,027

384,269

542,535

538,777

Accumulated depreciation

(110,017)

(104,111)

432,518

434,666

Held for sale

17,562

Developments in progress

296

149

Net investment in real estate assets

432,814

452,377

Cash

13,098

31,708

Receivables:

Tenant

19,395

22,234

Other

982

353

In-place leases, net

29,414

32,377

Above market leases, net

20,428

22,743

Other assets

8,842

5,893

$ 524,973

$ 567,685

LIABILITIES AND EQUITY

Senior secured term loan, net of deferred financing costs

$ 672,896

$ 725,163

Below market leases, net

14,210

15,245

Accounts payable and accrued liabilities

33,005

39,396

Total liabilities

720,111

779,804

Owner's deficit

(195,138)

(212,119)

$ 524,973

$ 567,685

CBL & Associates HoldCo I, LLC - Consolidated Income Statement

(unaudited, in thousands)

Three Months Ended March 31,

2025

2024

Revenues:

Rental revenues

$ 44,720

$ 48,693

Other

1,118

1,432

Total revenues

45,838

50,125

Expenses:

Property operating

(8,704)

(9,045)

Depreciation and amortization

(9,916)

(13,691)

Real estate taxes

(4,664)

(4,801)

Maintenance and repairs

(4,516)

(3,810)

Management fees

(2,250)

Total expenses

(30,050)

(33,597)

Other income (expenses):

Other income

193

246

Interest expense

(12,659)

(16,606)

Gain on sales of real estate assets

21,109

Total other expenses

8,643

(16,360)

Net income

$ 24,431

$ 168

Modified Cash NOI (1)

$ 29,802

$ 35,070

Interest Coverage Ratio (2)

2.2x

Modified Cash NOI is calculated in accordance with the terms of the exit credit agreement and is not comparable to the Company's definition of NOI, presented on page 6, that is used for NOI and same-center NOI metrics.

The Interest Coverage Ratio represents Modified Cash NOI divided by Facility Interest Expense, as defined in the exit credit agreement.

Rent PSF

PSF

Initial

PSF

All Property Types (1)

472,926

$ 43.52

$ 41.18

(5.4)% $

42.49

(2.4)%

Malls, Lifestyle Centers & Outlet Centers (2)

444,262

44.77

42.20

(5.7)%

43.54

(2.7)%

New leases (2)

54,536

49.23

53.75

9.2%

59.81

21.5%

Renewal leases (2)

389,726

44.14

40.58

(8.1)%

41.27

(6.5)%

Open Air Centers

28,664

24.16

25.44

5.3%

26.23

8.6%

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

The change is primarily driven by malls.

Square Feet

Operating portfolio: As of

New leases 111,794

2025

2024

Renewal leases 465,132

Same-center Malls, Lifestyle & Outlet Centers

$ 31.58

$ 31.18

Total leased 576,926

Total Malls

31.72

31.42

Total Lifestyle Centers 32.23

30.69

Total Outlet Centers 30.20

29.12

Total Malls, Lifestyle & Outlet Centers 31.58

31.07

Open-Air Centers

16.31

15.47

Other

20.98

20.61

Average annual base rents per square foot are based on contractual rents in effect as of March 31, 2025, including the impact of any rent concessions. Average base rents for open-air centers and office buildings include all leased space, regardless of size.

Leases

Feet

years)

PSF

Spread

Commencement 2025:

New

131,440

7.36

$ 49.82

$ 54.63

$ 39.00

$10.82

27.7%

$15.63

40.1%

Renewal

326

1,027,355

2.98

36.70

37.36

38.20

(1.50)

(3.9)%

(0.84)

(2.2)%

Commencement 2025 Total

374

1,158,795

3.55

38.19

39.32

38.29

(0.10)

(0.3)%

1.03

2.7%

Commencement 2026:

New

5,245

10.21

33.37

36.30

21.59

11.78

54.6%

14.71

68.1%

Renewal

205,847

2.83

32.70

33.19

33.32

(0.62)

(1.9)%

(0.13)

(0.4)%

Commencement 2026 Total

211,092

3.11

32.72

33.27

33.03

(0.31)

(0.9)%

0.24

0.7%

Total 2025/2026

428

1,369,887

3.49

$ 37.35

$ 38.39

$ 37.48

$ (0.13)

(0.3)%

$ 0.91

2.4%

1 Signet Group, PLC (2)

102

156,790

2.74%

2 Victoria's Secret & Co.

363,873

2.66%

3 American Eagle Outfitters, Inc.

342,514

2.48%

4 Dick's Sporting Goods, Inc. (3)

1,484,202

2.31%

5 Pentland Group (4)

324,252

2.31%

6 Foot Locker, Inc.

294,981

2.23%

7 Bath & Body Works, Inc.

218,029

1.81%

8 Genesco Inc. (5)

138,881

1.55%

9 Knitwell Group

363,596

1.53%

10 Luxottica Group S.P.A. (6)

152,449

1.28%

11 The Gap, Inc.

500,744

1.26%

12 Catalyst Brands

2,954,577

1.22%

13 The Buckle, Inc.

162,079

1.22%

14 Sycamore Partners

227,687

1.05%

15 The TJX Companies, Inc. (7)

542,607

0.99%

16 Abercrombie & Fitch, Co.

177,910

0.96%

17 H & M Hennes & Mauritz AB

719,101

0.92%

18 Barnes & Noble, Inc..

412,017

0.90%

19 Cinemark Corp.

326,130

0.89%

20 Claire's Stores, Inc.

77,134

0.84%

21 Spencer Spirit Holdings, Inc.

99,837

0.82%

22 Ulta Salon, Cosmetics & Fragrance, Inc.

237,961

0.82%

23 Shoe Show, Inc.

345,211

0.81%

24 Focus Brands LLC (8)

42,992

0.74%

25 Darden Restaurants, Inc.

240,371

0.72%

1,185

10,905,925

35.06%

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.

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.

Dick's Sporting Goods, Inc. operates Dick's Sporting Goods, Golf Galaxy and Field & Stream. Includes a former Sears lease acquired by Dick's Sporting Goods, Inc. for future redevelopment.

Pentland Group is formerly known as Finish Line, Inc. and operates Finish Line, JD Sports and Shoe Palace.

Genesco Inc. operates Journey's, Underground by Journey's, Shi by Journey's, Johnston & Murphy, Hat Shack, Lids, Hat Zone and Clubhouse.

Luxottica Group S.P.A. operates Lenscrafters, Pearle Vision and Sunglass Hut.

The TJX Companies, Inc. operates T.J. Maxx, Marshalls, HomeGoods and Sierra Trading Post.

Focus Brands operates certain Auntie Anne's, Cinnabon, Moe's Southwest Grill and Planet Smoothie locations.

(In thousands)

Three Months Ended March 31,

2025

2024

Tenant allowances (1)

$ 6,543

$ 1,982

Maintenance capital expenditures: (2)

Parking lot and parking lot lighting

997

280

Roof replacements

1,276

948

Other capital expenditures

3,915

4,189

Total maintenance capital expenditures

6,188

5,417

Total capital expenditures

$ 12,731

$ 7,399

Tenant allowances, sometimes made to third-generation tenants, are recovered through minimum rents from the tenants over the term of the lease.

The capital expenditures incurred for maintenance such as parking lot repairs, parking lot lighting and roofs are classified as maintenance capital expenditures.

Disclaimer

CBL & Associates Properties Inc. published this content on May 05, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 05, 2025 at 13:22 UTC.