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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CBL and Associates Properties Inc | NYSE:CBL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.04 | -0.18% | 21.87 | 21.90 | 21.73 | 21.81 | 61,022 | 01:00:00 |
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:
“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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