Same-center NOI increased 3.6% over the
prior-year period
CBL Properties (NYSE: CBL) announced results for the first
quarter ended March 31, 2024. 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,
2024
2023
Net (loss) income attributable to common
shareholders
$
(0.01
)
$
0.06
Funds from Operations ("FFO")
$
1.21
$
1.86
FFO, as adjusted (1)
$
1.50
$
1.56
(1)
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 (loss) income attributable
to common shareholders to FFO allocable to Operating Partnership
common unitholders on page 8 of this news release.
KEY TAKEAWAYS:
- CBL reported an increase in same-center NOI of 3.6% for first
quarter 2024 compared with the prior-year period, and FFO, as
adjusted, per share of $1.50, compared with $1.56 for first quarter
2023. Results were in-line with the previously issued guidance
range for 2024 same-center NOI in the range of $428 million - $442
million and after adjusting for year-to-date share repurchase
activity, 2024 FFO, as adjusted, per share guidance in the range of
$6.24 - $6.69.
- Over 1.1 million square feet of leases were executed in first
quarter 2024. First quarter 2024 leasing results included
comparable leases of approximately 775,000 square feet signed at a
10.2% increase in average rents versus the prior leases.
- Portfolio occupancy was 89.4% as of March 31, 2024, a 50 basis
point decline compared with portfolio occupancy of 89.9% as of
March 31, 2023. Same-center occupancy for malls, lifestyle centers
and outlet centers was 87.7% as of March 31, 2024, a 50-basis-point
decline from 88.2% as of March 31, 2023.
- Same-center tenant sales per square foot for the first quarter
2024 increased 0.2%, a reversal of previous sales trends.
Same-center tenant sales per square foot for the 12-months ended
March 31, 2024, declined 3.7% to $417, compared with $433 for the
prior period.
- As of March 31, 2024, the Company had $295.3 million of
unrestricted cash and marketable securities.
- More than $9.1 million in share repurchases completed
year-to-date, continuing CBL's commitment to return capital to
shareholders.
- CBL's Board of Directors declared a cash dividend of $0.40 per
common share for the quarter ending June 30, 2024. The dividend
equates to an annual dividend payment of $1.60 per common
share.
“As demonstrated by first quarter results, CBL is off to a solid
start in 2024," said CBL's chief executive officer, Stephen D.
Lebovitz. "We are pleased with the strong 3.6% growth in
same-center NOI for the quarter. This growth reflects the improving
fundamentals and overall quality of the CBL portfolio. NOI results
also include the realization of a multi-year effort to reduce real
estate taxes in certain markets, which was anticipated in our
original guidance provided last quarter. In addition, results
benefited from lower third-party contract expense related to the
new contracts signed in third quarter 2023. Maintenance and repair
expense was also lower in the quarter, primarily due to timing of
projects which are expected to occur later in the year.
“Leasing volumes remained strong this quarter as we signed more
than 220,000-square-feet of new leases, highlighted by new
locations for Barnes & Noble's in-line mall concept,
fast-growing global lifestyle retailer MINISO, Five Below, and food
court stores for Popeye's. Comparable leasing spreads were notably
up more than 10% as we replaced several spaces with below market
prior rents. While we are pleased with this quarter’s leasing
spreads, we anticipate experiencing some pressure going forward due
to certain national tenants with higher occupancy costs. We were
encouraged to see portfolio tenant sales improve modestly during
the quarter. Although occupancy declined modestly in the quarter,
the overall tenant environment is healthy, and we remain focused on
capitalizing on tenant demand for new locations across the
portfolio to generate occupancy growth.
"Interest rate volatility and its impact on the overall
financing market remains a concern; however, we are benefiting from
our well-laddered maturity schedule with only three major loan
maturities in 2024. Financing plans for all three are actively in
process. We are also exploring various avenues, including potential
sales of term loan properties, to meet our term loan extension test
in 2025 while minimizing use of our corporate cash reserve.
"Our focus through the remainder of the year is to build on the
strong momentum generated in the first quarter while working to
improve our debt maturity profile and grow our strong cash
position."
Same-center Net Operating Income (“NOI”) (1):
Three Months Ended March
31,
2024
2023
Total Revenues
$
159,521
$
162,648
Total Expenses
$
(50,709
)
$
(57,637
)
Total portfolio same-center NOI
$
108,812
$
105,011
Total same-center NOI percentage
change
3.6
%
Estimate for uncollectable revenues
(recovery)
$
1,498
$
(749
)
(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 2024 increased $3.8
million. First quarter 2024 results included a $3.9 million benefit
to real estate tax expense related to reduced assessments and
refunds received from successful appeals, net of related
reimbursement amounts due to tenants. Operating and maintenance and
repair expenses were approximately $2.2 million lower related to
timing of maintenance and repair projects as well as lower
third-party contract expense. Insurance expense rose $0.3 million
in the quarter. The estimate for uncollectible revenues negatively
impacted the quarter by approximately $2.2 million. Percentage
rents declined $0.3 million due to lower tenant sales.
PORTFOLIO OPERATIONAL RESULTS
Occupancy(1):
As of March 31,
2024
2023
Total portfolio
89.4%
89.9%
Malls, lifestyle centers and outlet
centers:
Total malls
87.0%
88.0%
Total lifestyle centers
90.5%
90.9%
Total outlet centers
90.5%
87.3%
Total same-center malls, lifestyle centers
and outlet centers
87.7%
88.2%
All Other Properties:
Total open-air centers
95.1%
96.0%
Total other
84.5%
79.9%
(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,
2024
All Property Types
10.2%
Stabilized Malls, Lifestyle Centers and
Outlet Centers
9.8%
New leases
109.3%
Renewal leases
1.0%
Same-Center Sales Per Square Foot for In-line Tenants 10,000
Square Feet or Less:
Sales Per Square Foot for the
Trailing Twelve Months Ended March 31,
2024
2023
% Change
Malls, lifestyle centers and outlet
centers same-center sales per square foot
$
417
$
433
(3.7
)%
DIVIDEND
On May 8, 2024, CBL’s Board of Directors declared CBL's regular
quarterly cash dividend for the three months ended June 30, 2024,
of $0.40 per share. The dividend, which equates to an annual
dividend payment of $1.60 per share, is payable on June 28, 2024,
to shareholders of record as of June 13, 2024.
FINANCING ACTIVITY
In February 2024, CBL retired the $15.3 million recourse loan
secured by Brookfield Square Anchor Redevelopment in Brookfield,
WI.
CBL is cooperating with the foreclosure or conveyance of
WestGate Mall in Spartanburg, SC, ($28.7 million) and Alamance
Crossing East in Burlington, NC, ($41.1 million).
STOCK REPURCHASE PROGRAM ACTIVITY
On August 10, 2023, CBL announced that its Board of Directors
authorized a stock repurchase program for the Company to buy up to
$25.0 million of its common stock. Purchases may be made through
the program by August 10, 2024. Since commencement, CBL has
repurchased 452,910 shares at an average price of $22.54 per share
under the program including 400,944 shares repurchased year-to-date
at an average price of $22.70 per share.
DISPOSITIONS
During the first quarter, CBL completed the sale of two land
parcels, generating more than $7.7 million in gross proceeds at
CBL's share.
DEVELOPMENT AND REDEVELOPMENT ACTIVITY
Detailed project information is available in CBL’s Financial
Supplement for Q1 2024, which can be found in the Invest –
Financial Reports section of CBL’s website at
cblproperties.com.
OUTLOOK AND GUIDANCE
Based on first quarter 2024 results, including any anticipated
impact from the bankruptcy filings of Express and rue21, and
Management's expectations for the remainder of 2024, CBL is
reiterating the following guidance for FFO, as adjusted, and
same-center NOI for full-year 2024. Per share amounts have been
adjusted to reflect the impact of year-to-date share repurchase
activity. Guidance excludes the impact of any unannounced
transactions.
Low
High
2024 FFO, as adjusted (in millions)
$
196.0
$
210.0
2024 WA Share Count
31.4
31.4
2024 FFO, as adjusted, per share
$
6.24
$
6.69
2024 Same-Center NOI ("SC NOI") (in
millions)
$
428.0
$
442.0
2024 change in same-center NOI
(1.9
)%
1.3
%
Reconciliation of GAAP Earnings Per Share to 2024 FFO, as
Adjusted, Per Share:
Low
High
Expected diluted earnings per common
share
$
0.18
$
0.63
Depreciation and amortization
4.78
4.78
Dividends allocable to unvested restricted
stock
0.03
0.03
Less: Gain on depreciable property
(0.12
)
(0.12
)
Add: Loss on impairment
0.02
0.02
Debt discount accretion, net of
noncontrolling interests' share
1.44
1.44
Adjustment for unconsolidated affiliates
with negative investment
(0.09
)
(0.09
)
Expected FFO, as adjusted, per diluted,
fully converted common share
$
6.24
$
6.69
2024 Estimate of Capital Items (in millions):
Low
High
2024 Estimated maintenance capital/tenant
allowances
$
40.0
$
55.0
2024 Estimated development/redevelopment
expenditures
10.0
15.0
2024 Estimated principal amortization
(including est. term loan ECF)
70.0
80.0
Total Estimate
$
120.0
$
150.0
ABOUT CBL PROPERTIES
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 94 properties totaling more than 58.5
million square feet across 22 states, including 56 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.
NON-GAAP FINANCIAL MEASURES
Funds From Operations
FFO is a widely used non-GAAP measure of the operating
performance of real estate companies that supplements net income
(loss) determined in accordance with GAAP. The National Association
of Real Estate Investment Trusts ("NAREIT") defines FFO as net
income (loss) (computed in accordance with GAAP) excluding gains or
losses on sales of depreciable operating properties and impairment
losses of depreciable properties, plus depreciation and
amortization, and after adjustments for unconsolidated partnerships
and joint ventures and noncontrolling interests. Adjustments for
unconsolidated partnerships and joint ventures and noncontrolling
interests are calculated on the same basis. We define FFO as
defined above by NAREIT. 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.
Same-center Net Operating Income
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.
Pro Rata Share of Debt
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.
Consolidated Statements of
Operations
(Unaudited; in thousands, except per share
amounts)
Three Months Ended March
31,
2024
2023
REVENUES:
Rental revenues
$
124,027
$
130,324
Management, development and leasing
fees
1,905
2,434
Other
3,185
3,601
Total revenues
129,117
136,359
EXPENSES:
Property operating
(23,827
)
(24,614
)
Depreciation and amortization
(38,040
)
(53,269
)
Real estate taxes
(9,269
)
(14,788
)
Maintenance and repairs
(9,938
)
(11,524
)
General and administrative
(20,414
)
(19,229
)
Loss on impairment
(836
)
—
Litigation settlement
68
44
Other
—
(198
)
Total expenses
(102,256
)
(123,578
)
OTHER INCOME (EXPENSES):
Interest and other income
4,004
2,665
Interest expense
(39,812
)
(43,524
)
Gain on deconsolidation
—
28,151
Gain on sales of real estate assets
3,721
1,596
Income tax benefit
158
101
Equity in earnings (losses) of
unconsolidated affiliates
4,594
(1,256
)
Total other expenses
(27,335
)
(12,267
)
Net (loss) income
(474
)
514
Net loss (income) attributable to
noncontrolling interests in:
Operating Partnership
—
—
Other consolidated subsidiaries
524
1,745
Net income attributable to the
Company
50
2,259
Earnings allocable to unvested restricted
stock
(259
)
(280
)
Net (loss) income attributable to
common shareholders
$
(209
)
$
1,979
Basic and diluted per share data
attributable to common shareholders:
Basic earnings per share
$
(0.01
)
$
0.06
Diluted earnings per share
(0.01
)
0.06
Weighted-average basic shares
31,546
31,304
Weighted-average diluted shares
31,546
31,369
The Company's reconciliation of net
(loss) income attributable to common shareholders to FFO allocable
to Operating Partnership common unitholders is as follows:
(in thousands, except per share data)
Three Months Ended March
31,
2024
2023
Net (loss) income attributable to common
shareholders
$
(209
)
$
1,979
Earnings allocable to unvested restricted
stock
259
280
Depreciation and amortization expense
of:
Consolidated properties
38,040
53,269
Unconsolidated affiliates
3,989
4,638
Non-real estate assets
(259
)
(148
)
Noncontrolling interests' share of
depreciation and amortization in other consolidated
subsidiaries
(560
)
(665
)
Loss on impairment, net of taxes
619
—
Gain on depreciable property
(3,721
)
—
FFO allocable to Operating Partnership
common unitholders
38,158
59,353
Debt discount accretion, including our
share of unconsolidated affiliates and net of noncontrolling
interests' share (1)
11,795
16,616
Adjustment for unconsolidated affiliates
with negative investment (2)
(2,568
)
1,591
Litigation settlement (3)
(68
)
(44
)
Non-cash default interest expense (4)
—
494
Gain on deconsolidation (5)
—
(28,151
)
FFO allocable to Operating Partnership
common unitholders, as adjusted
$
47,317
$
49,859
FFO per diluted share
$
1.21
$
1.86
FFO, as adjusted, per diluted
share
$
1.50
$
1.56
Weighted-average common and potential
dilutive common shares outstanding with Operating Partnership units
fully converted
31,546
31,927
(1)
In conjunction with 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.
(2)
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.
(3)
Represents a credit to litigation
settlement expense, in each respective period, related to claim
amounts that were released pursuant to the terms of the settlement
agreement related to the settlement of a class action lawsuit.
(4)
The three months ended March 31, 2023
includes default interest on loans past their maturity dates.
(5)
For the three months ended March 31, 2023,
the Company deconsolidated Alamance Crossing East due to a loss of
control when the property was placed into receivership in
connection with the foreclosure process.
Three Months Ended March
31,
2024
2023
Diluted EPS attributable to common
shareholders
$
(0.01
)
$
0.06
Add amounts per share included in FFO:
Unvested restricted stock
0.01
0.01
Eliminate amounts per share excluded from
FFO:
Depreciation and amortization expense,
including amounts from consolidated properties, unconsolidated
affiliates, non-real estate assets and excluding amounts allocated
to noncontrolling interests
1.31
1.79
Loss on impairment, net of taxes
0.02
—
Gain on depreciable property
(0.12
)
—
FFO per diluted share
$
1.21
$
1.86
Three Months Ended March
31,
2024
2023
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees
$
983
$
1,161
Straight-line rental income adjustment
$
(515
)
$
1,633
Gain on outparcel sales
$
—
$
1,580
Net amortization of acquired above- and
below-market leases
$
(3,492
)
$
(5,322
)
Income tax benefit
$
158
$
101
Abandoned projects expense
$
—
$
(17
)
Interest capitalized
$
134
$
106
Estimate of uncollectable revenues
$
(6,192
)
$
363
As of March 31,
2024
2023
Straight-line rent receivable
$
22,537
$
17,095
Same-center Net Operating
Income
(Dollars in thousands)
Three Months Ended March
31,
2024
2023
Net (loss) income
$
(474
)
$
514
Adjustments:
Depreciation and amortization
38,040
53,269
Depreciation and amortization from
unconsolidated affiliates
3,989
4,638
Noncontrolling interests' share of
depreciation and amortization in other consolidated
subsidiaries
(560
)
(665
)
Interest expense
39,812
43,524
Interest expense from unconsolidated
affiliates
17,281
17,525
Noncontrolling interests' share of
interest expense in other consolidated subsidiaries
(1,065
)
(2,043
)
Abandoned projects expense
—
17
Gain on sales of real estate assets
(3,721
)
(1,596
)
Loss on sales of real estate assets of
unconsolidated affiliates
—
16
Adjustment for unconsolidated affiliates
with negative investment
(2,568
)
1,591
Gain on deconsolidation
—
(28,151
)
Loss on impairment
836
—
Litigation settlement
(68
)
(44
)
Income tax benefit
(158
)
(101
)
Lease termination fees
(983
)
(1,161
)
Straight-line rent and above- and
below-market lease amortization
4,007
3,689
Net loss attributable to noncontrolling
interests in other consolidated subsidiaries
524
1,745
General and administrative expenses
20,414
19,229
Management fees and non-property level
revenues
(6,447
)
(4,980
)
Operating Partnership's share of
property NOI
108,859
107,016
Non-comparable NOI
(47
)
(2,005
)
Total same-center NOI (1)
$
108,812
$
105,011
Total same-center NOI percentage
change
3.6
%
(1)
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, 2024,
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, 2024. 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.
Three Months Ended March
31,
2024
2023
Malls
$
74,187
$
71,810
Outlet centers
5,620
5,114
Lifestyle centers
9,184
8,967
Open-air centers
14,694
13,918
Outparcels and other
5,127
5,202
Total same-center NOI
$
108,812
$
105,011
Percentage Change:
Malls
3.3
%
Outlet centers
9.9
%
Lifestyle centers
2.4
%
Open-air centers
5.6
%
Outparcels and other
(1.4
)%
Total same-center NOI
3.6
%
Company's Share of Consolidated and
Unconsolidated Debt
(Dollars in thousands)
As of March 31, 2024
Fixed Rate
Variable Rate
Total Debt
Unamortized Deferred Financing
Costs
Unamortized Debt Discounts
(1)
Total, net
Consolidated debt
$
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 (2)
69,783
—
69,783
—
—
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
%
As of March 31, 2023
Fixed Rate
Variable Rate
Total Debt
Unamortized Deferred Financing
Costs
Unamortized Debt Discounts
(1)
Total, net
Consolidated debt
$
972,999
$
1,052,704
$
2,025,703
$
(15,903
)
$
(63,371
)
$
1,946,429
Noncontrolling interests' share of
consolidated debt
(25,320
)
(13,282
)
(38,602
)
294
6,051
(32,257
)
Company's share of unconsolidated
affiliates' debt
614,947
70,847
685,794
(2,916
)
—
682,878
Other debt (2)
41,122
—
41,122
—
—
41,122
Company's share of consolidated,
unconsolidated and other debt
$
1,603,748
$
1,110,269
$
2,714,017
$
(18,525
)
$
(57,320
)
$
2,638,172
Weighted-average interest rate
4.83
%
7.66
%
5.99
%
(1)
In conjunction with 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.
(2)
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.
Consolidated Balance Sheets
(Unaudited; in thousands, except share
data)
March 31,
December 31,
2024
2023
ASSETS
Real estate assets:
Land
$
582,949
$
585,191
Buildings and improvements
1,218,746
1,216,054
1,801,695
1,801,245
Accumulated depreciation
(247,387
)
(228,034
)
1,554,308
1,573,211
Developments in progress
7,479
8,900
Net investment in real estate assets
1,561,787
1,582,111
Cash and cash equivalents
60,311
34,188
Restricted cash
66,946
88,888
Available-for-sale securities - at fair
value (amortized cost of $235,072 and $261,869 as of March 31, 2024
and December 31, 2023, respectively)
234,998
262,142
Receivables:
Tenant
37,588
43,436
Other
7,246
2,752
Investments in unconsolidated
affiliates
77,818
76,458
In-place leases, net
142,683
157,639
Intangible lease assets and other
assets
154,439
158,291
$
2,343,816
$
2,405,905
LIABILITIES AND EQUITY
Mortgage and other indebtedness, net
$
1,860,294
$
1,888,803
Accounts payable and accrued
liabilities
168,672
186,485
Total liabilities
2,028,966
2,075,288
Shareholders' equity:
Common stock, $.001 par value, 200,000,000
shares authorized, 32,033,939 and 31,975,645 issued and outstanding
as of March 31, 2024 and December 31, 2023, respectively (excluding
140,034 treasury shares as of March 31, 2024 and excluding 34
treasury shares as of December 31, 2023)
32
32
Additional paid-in capital
716,706
719,125
Accumulated other comprehensive income
726
610
Accumulated deficit
(393,266
)
(380,446
)
Total shareholders' equity
324,198
339,321
Noncontrolling interests
(9,348
)
(8,704
)
Total equity
314,850
330,617
$
2,343,816
$
2,405,905
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240510562028/en/
Katie Reinsmidt, Executive Vice President - Chief Operating
Officer, 423.490.8301, katie.reinsmidt@cblproperties.com
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