CBL & ASSOCIATES PROPERTIES INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Mall, Lifestyle Center and Outlet Center Lease Expirations
The following table summarizes the scheduled lease expirations for inline and adjacent freestanding stores as of December 31, 2023:
| Year EndingDecember 31, | Number ofLeasesExpiring | AnnualizedGross Rent (1) | GLA ofExpiringLeases | AverageAnnualizedGross RentPer SquareFoot | ExpiringLeases as % ofTotalAnnualizedGross Rent (2) | ExpiringLeases as a %of Total LeasedGLA (3) |
|---|---|---|---|---|---|---|
| 2024 | 686 | $54,871,208 | 1,758,822 | $31.20 | 13.4% | 14.9% |
| 2025 | 933 | 108,930,584 | 3,364,860 | 32.37 | 26.6% | 28.5% |
| 2026 | 634 | 81,873,673 | 2,238,618 | 36.57 | 20.0% | 19.0% |
| 2027 | 413 | 54,919,251 | 1,511,331 | 36.34 | 13.4% | 12.8% |
| 2028 | 353 | 51,211,164 | 1,253,720 | 40.85 | 12.5% | 10.6% |
| 2029 | 159 | 23,137,071 | 701,253 | 32.99 | 5.6% | 5.9% |
| 2030 | 92 | 14,595,537 | 377,509 | 38.66 | 3.6% | 3.2% |
| 2031 | 66 | 6,399,593 | 223,687 | 28.61 | 1.6% | 1.9% |
| 2032 | 53 | 6,754,156 | 162,231 | 41.63 | 1.6% | 1.4% |
| 2033 | 47 | 7,219,964 | 198,201 | 36.43 | 1.8% | 1.7% |
(1)
Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2023 for expiring leases that were executed as of December 31, 2023. Based on 100% of the applicable amounts and has not been adjusted for our ownership share.
(2)
Total annualized gross rent, including recoverable CAM expenses and real estate taxes, of expiring leases as a percentage of the total annualized gross rent of all leases that were executed as of December 31, 2023.
(3)
Total GLA of expiring leases as a percentage of the total GLA of all leases that were executed as of December 31, 2023.
See page 51 for a comparison between rents on leases that expired in the current reporting period compared to rents on new and renewal leases executed in 2023.
Tenant Occupancy Costs
Occupancy cost is a tenant’s total cost of occupying its space, divided by its sales. Inline and adjacent freestanding store sales represent total sales amounts received from reporting tenants with space of less than 10,000 square feet.
The following table summarizes tenant occupancy costs as a percentage of total inline and adjacent freestanding store sales for reporting tenants less than 10,000 square feet, excluding license agreements, for each of the past three years:
| Year Ended December 31, (1) | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| In-line store sales (in millions) | $3,750 | $3,920 | $3,802 |
| In-line tenant occupancy costs | 10.89% | 10.41% | 10.65% |
(1)
In certain cases, we own less than a 100% interest in the Mall, Lifestyle Center or Outlet Center. The information in this table is based on 100% of the applicable amounts and has not been adjusted for our ownership share.
Debt on Malls, Lifestyle Centers and Outlet Centers
Please see the table entitled“Mortgage Loans Outstanding at December 31, 2023” included herein for information regarding any liens or encumbrances related to the malls, lifestyle centers and outlet centers.
All Other Properties
All Other Properties include the following categories:
(1)
Open-Air Centers - Designed to attract local and regional area customers and are typically anchored by a combination of big box retailers, supermarkets or value-priced stores that attract shoppers to each center’s small shops. The tenants at our Open-Air Centers typically offer necessities, value-oriented and convenience merchandise.
(2)
Other - Office Buildings and Hotel.
See Note 1 to the consolidated financial statements for additional information on the number of consolidated and unconsolidated properties in each of the above categories related to our other property types. The following tables set forth certain information for each of our other property types at December 31, 2023:
| Property / Location | Year ofOpening/ MostRecentExpansion | Company'sOwnership | TotalCenterSquare Feet (1) | TotalLeasableGLA (2) | PercentageGLAOccupied (3) | Anchors &JuniorAnchors |
|---|---|---|---|---|---|---|
| Open-Air Centers: | ||||||
| Ambassador Town Center (4)(5) Lafayette, LA | 2016 | 65% | 419,904 | 265,931 | 100% | Costco (6), Dick's Sporting Goods, Marshalls, Nordstrom Rack |
| Annex at Monroeville Pittsburgh, PA | 1986 | 100% | 185,517 | 185,517 | 100% | Dick's Sporting Goods, Full Throttle Adrenaline Park |
| Coastal Grand Crossing (4) Myrtle Beach, SC | 2005 | 50% | 37,234 | 37,234 | 100% | PetSmart |
| CoolSprings Crossing Nashville, TN | 1992 | 100% | 366,451 | 78,810 | 100% | American Signature Furniture (6), Electronic Express (6), Gabe's (7), Target (6), Urban Air Adventure Park (7) |
| Courtyard at Hickory Hollow Nashville, TN | 1979 | 100% | 68,468 | 68,468 | 100% | AMC Theatres |
| Fremaux Town Center (4)(5) Slidell, LA | 2014/2015 | 65% | 621,432 | 493,432 | 95% | Best Buy, Dick's Sporting Goods, Dillard's (6), Kohl's, LA Fitness, Marshalls, Michaels, T.J. Maxx |
| Frontier Square Cheyenne, WY | 1985 | 100% | 186,547 | 16,522 | 100% | Ross Dress for Less (7), Target (6), T.J. Maxx (7) |
| Governor's Square Plaza (4)(5) Clarksville, TN | 1985/1988 | 50% | 169,918 | 73,349 | 100% | Hickory Farms, Jo-Ann Fabrics & Crafts, Target (6) |
| Gunbarrel Pointe Chattanooga, TN | 2000 | 100% | 273,913 | 147,913 | 100% | Kohl's, Target (6), Whole Foods |
| Hamilton Corner Chattanooga, TN | 1990/2005 | 90% | 67,310 | 67,310 | 100% | None |
| Hamilton Crossing Chattanooga, TN | 1987/2005 | 92% | 192,074 | 98,961 | 100% | Electronic Express (7), HomeGoods (7), Michaels (7), T.J. Maxx |
| Hammock Landing (4) West Melbourne, FL | 2009/2015 | 50% | 569,535 | 345,568 | 100% | Academy Sports + Outdoors, AMC Theatres, HomeGoods, Kohl's (6), Marshalls, Michaels, Ross Dress for Less, Target (6) |
| Harford Annex Bel Air, MD | 1973/2003 | 100% | 107,656 | 107,656 | 100% | Best Buy, Office Depot, PetSmart |
| Property / Location | Year ofOpening/ MostRecentExpansion | Company'sOwnership | TotalCenterSquare Feet (1) | TotalLeasableGLA (2) | PercentageGLAOccupied (3) | Anchors &JuniorAnchors |
|---|---|---|---|---|---|---|
| Open-Air Centers: | ||||||
| The Landing at Arbor Place Atlanta (Douglasville), GA | 1999 | 100% | 162,958 | 113,717 | 88% | Ben's Furniture and Antiques, Ollie's Bargain Outlet, One Life Fitness (7) |
| Layton Hills Convenience Center Layton, UT | 1980 | 100% | 100,987 | 100,987 | 100% | Tuesday Morning |
| Layton Hills Plaza Layton, UT | 1989 | 100% | 18,836 | 18,836 | 92% | None |
| Parkdale Crossing Beaumont, TX | 2002 | 100% | 88,064 | 88,064 | 89% | Barnes & Noble |
| The Pavilion at Port Orange (4) Port Orange, FL | 2010 | 50% | 398,018 | 398,018 | 88% | Belk, HomeGoods, Marshalls, Michaels, Regal Cinemas |
| The Plaza at Fayette Lexington, KY | 2006 | 100% | 209,535 | 209,535 | 89% | Cinemark, Sports Center |
| The Promenade D'Iberville, MS | 2009/2014 | 100% | 621,526 | 404,566 | 100% | Ashley Furniture HomeStore, Best Buy, Burlington, Dick's Sporting Goods, Kohl's (6), Marshalls, Michaels, Ross Dress for Less, Target (6) |
| The Shoppes at Eagle Point (4) Cookeville, TN | 2018 | 50% | 243,805 | 243,805 | 99% | Academy Sports + Outdoors, Publix, Ross Dress for Less |
| The Shoppes at Hamilton Place Chattanooga, TN | 2003 | 92% | 132,079 | 132,079 | 79% | Former Bed Bath & Beyond, Marshalls, Ross Dress for Less |
| The Shoppes at St. Clair Square Fairview Heights, IL | 2007 | 100% | 84,383 | 84,383 | 86% | Barnes & Noble |
| Sunrise Commons Brownsville, TX | 2001 | 100% | 205,656 | 104,211 | 100% | Hobby Lobby (7), Marshalls, Ross Dress for Less |
| The Terrace Chattanooga, TN | 1997 | 92% | 158,109 | 158,109 | 100% | Academy Sports + Outdoors, Nordstrom Rack, Party City |
| West Towne Crossing Madison, WI | 1980 | 100% | 461,905 | 170,008 | 94% | Barnes & Noble, Best Buy, Crunch Fitness (6), Kohl's (6), Metcalf's Markets (7), Nordstrom Rack, Office Max (7), Spare Time Entertainment (7) |
| WestGate Crossing Spartanburg, SC | 1985/1999 | 100% | 158,262 | 158,262 | 100% | Big Air Trampoline Park, Hamricks, Jo-Ann Fabrics & Crafts |
| Westmoreland Crossing Greensburg, PA | 2002 | 100% | 279,073 | 279,073 | 98% | AMC Theatres, Dick's Sporting Goods, Levin Furniture, Michaels (7), T.J. Maxx (7) |
| York Town Center (4) York, PA | 2007 | 50% | 297,371 | 247,371 | 85% | Best Buy, Bob's Discount Furniture, Burlington, former Christmas Tree Shops, Dick's Sporting Goods (6), Ross Dress for Less |
| Total Open-Air Centers | 6,886,526 | 4,897,695 | 96% | |||
| Property / Location · Year ofOpening/ MostRecentExpansion · Company'sOwnership · TotalCenterSquare Feet (1) · TotalLeasableGLA (2) · PercentageGLAOccupied (3) · Anchors &JuniorAnchors | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Other: | ||||||||||
| 840 Greenbrier Circle Office Chesapeake, VA | 1983 | 100% | 49,869 | 49,869 | 50% | None | ||||
| Aloft Hotel (4)(5) Chattanooga, TN | 2021 | 50% | 89,674 | N/A | N/A | None | ||||
| CBL Center (8) Chattanooga, TN | 2001 | 92% | 131,569 | 131,569 | 94% | None | ||||
| CBL Center II (8) Chattanooga, TN | 2008 | 92% | 70,770 | 70,770 | 61% | None | ||||
| Pearland Office Pearland, TX | 2009 | 100% | 66,915 | 66,915 | 87% | None | ||||
| Total Other | 408,797 | 319,123 | 78% | |||||||
| Total All Other Properties | 7,295,323 | 5,216,818 | 95% | |||||||
(1)
Total center square footage includes square footage of attached shops, attached and immediately adjacent Anchors and Junior Anchors and leased freestanding locations.
(2)
All leasable square footage, including Anchors and Junior Anchors.
(3)
Includes all leased Anchors, Junior Anchors and tenants with leases in effect as of December 31, 2023.
(4)
This property is owned in an unconsolidated joint venture.
(5)
The property is managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services. The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions.
(6)
Owned by the tenant.
(7)
Owned by a third party.
(8)
We own a 92% interest in the CBL Center office buildings, with an aggregate square footage of approximately 202,000 square feet, where our corporate headquarters is located. As of December 31, 2023, we occupied approximately 39% of the total square footage of the buildings.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.