CBL Properties Reports Results for First Quarter 2025

CHATTANOOGA, Tenn.--(BUSINESS WIRE)-- 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			$	1.50

(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 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."

Same-center Net Operating Income (“NOI”) ⁽¹⁾:

		Three Months Ended March 31,
		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.

PORTFOLIO OPERATIONAL RESULTS

Occupancy⁽¹⁾:

		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:

		Sales Per Square Foot for the Trailing Twelve Months Ended March 31,
		2025				2024				% Change
Malls, lifestyle centers and outlet centers same-center sales per square foot		$	423			$	424			(0.2)%

DIVIDEND

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.

FINANCING ACTIVITY

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.

DISPOSITION ACTIVITY

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.

STOCK REPURCHASE PROGRAM

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.

DEVELOPMENT AND REDEVELOPMENT ACTIVITY

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

OUTLOOK AND GUIDANCE

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				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				4.93
Gain on depreciable property			(0.71	)			(0.71	)
Expected FFO, per diluted, fully converted common share			5.13				5.49
Debt discount accretion, net of noncontrolling interests' share			1.13				1.13
Loss on extinguishment of debt			0.01				0.01
Adjustment for unconsolidated affiliates with negative investment			0.70				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

2025 Estimate of Capital Items (in millions):

		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.

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 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.

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,
		2025				2024
REVENUES:
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			—				68
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				50
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

The Company's reconciliation of net income (loss) 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,
		2025				2024
Net income (loss) attributable to common shareholders		$	8,212			$	(209	)
Noncontrolling interest in income of Operating Partnership			6				—
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			$	1.50
Weighted-average common and potential dilutive common units outstanding			30,714				31,546

(1)		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.
(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 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, 2025 includes default interest on loans past their maturity dates.
(5)		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 assets and excluding amounts allocated to noncontrolling interests			1.57				1.31
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,
		2025				2024
SUPPLEMENTAL FFO INFORMATION:
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,
		2025				2024
Straight-line rent receivable		$	23,814			$	22,537

Same-center Net Operating Income
(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	)%

(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, 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.

Same-center Net Operating Income
(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	)%

Company's Share of Consolidated and Unconsolidated Debt
(Dollars in thousands)
		As of March 31, 2025
		Fixed Rate				Variable Rate				Total Debt				Unamortized Deferred Financing Costs				Unamortized Debt Discounts (1)				Total, net
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	%
		As of March 31, 2024
		Fixed Rate				Variable Rate				Total Debt				Unamortized Deferred Financing Costs				Unamortized Debt Discounts (1)				Total, net
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				—				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	%

(1)		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.
(2)		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.
(3)		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)			31				31
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

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250505080963/en/

Katie Reinsmidt, Executive Vice President - Chief Operating Officer, 423.490.8301, katie.reinsmidt@cblproperties.com

Source: CBL Properties