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.
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All Other Properties Lease Expirations
The following table summarizes the scheduled lease expirations for tenants in occupancy at All Other Properties as of December 31, 2023:
| Year EndingDecember 31, | Number ofLeasesExpiring | AnnualizedGrossRent (1) | GLA ofExpiringLeases | AverageAnnualizedGross RentPer SquareFoot | ExpiringLeasesas % of TotalAnnualizedGrossRent (2) | ExpiringLeases as a% of TotalLeasedGLA (3) |
|---|---|---|---|---|---|---|
| 2024 | 56 | $5,709,067 | 152,911 | $37.34 | 9.2% | 6.3% |
| 2025 | 70 | 10,649,077 | 400,027 | 26.62 | 17.2% | 16.4% |
| 2026 | 58 | 7,288,847 | 421,767 | 17.28 | 11.8% | 17.3% |
| 2027 | 49 | 11,152,642 | 477,879 | 23.34 | 18.0% | 19.6% |
| 2028 | 47 | 8,113,756 | 330,523 | 24.55 | 13.1% | 13.5% |
| 2029 | 26 | 6,014,966 | 216,388 | 27.80 | 9.7% | 8.9% |
| 2030 | 16 | 2,864,511 | 75,780 | 37.80 | 4.6% | 3.1% |
| 2031 | 17 | 5,505,741 | 194,136 | 28.36 | 8.9% | 8.0% |
| 2032 | 14 | 2,361,076 | 86,547 | 27.28 | 3.8% | 3.5% |
| 2033 | 13 | 2,340,721 | 84,015 | 27.86 | 3.8% | 3.4% |
(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.
Debt on All Other Properties
Please see the table entitled“Mortgage Loans Outstanding at December 31, 2023” included herein for information regarding any liens or encumbrances related to our All Other Properties.
Anchors and Junior Anchors
Anchors and Junior Anchors are an important factor in a property’s successful performance. However, over the past several years the number of traditional department store anchors have declined, providing us the opportunity to redevelop these spaces to attract new uses such as restaurants, entertainment, fitness centers, casinos, grocery stores and lifestyle retailers that engage consumers and encourage them to spend more time at our properties. Anchors are generally a department store or, increasingly, other large format tenants, including retailers whose merchandise appeals to a broad range of shoppers, and non-retail uses. Anchors play a significant role in generating customer traffic and creating a desirable location for the property's tenants.
Anchors and Junior Anchors may own their stores and the land underneath, as well as the adjacent parking areas, or may enter into long-term leases with respect to their stores. Rental rates for Anchor tenants are significantly lower than the rents charged to non-anchor tenants. Total revenues from Anchors and Junior Anchors accounted for 16.6% of the total revenues from our properties in 2023. Each Anchor and Junior Anchor that owns its store has entered into an operating and reciprocal easement agreement with us covering items such as operating covenants, reciprocal easements, property operations, initial construction and future expansion.
During 2023, the following Anchors and Junior Anchors were added to our properties:
| Name | Property | Location |
|---|---|---|
| Appliance Factory Mattress Kingdom (Owned by Others) | Frontier Mall | Cheyenne, WY |
| Bob's Discount Furniture | York Town Center | York, PA |
| Burlington | York Town Center | York, PA |
| Conn's Home Plus (Owned by Others) | Arbor Place | Atlanta (Douglasville), GA |
| Crunch Fitness (Owned by Others) | Parkdale Mall | Beaumont, TX |
| Dick's Sporting Goods Fulfillment Center | Southpark Mall | Colonial Heights, VA |
| Hickory Farms | Governor's Square Plaza | Clarksville, TN |
| Hobby Lobby (Owned by Others) | Sunrise Commons | Brownsville, TX |
| Main Event | Cross Creek Mall | Fayetteville, NC |
| Marshalls | Fremaux Town Center | Slidell, LA |
| Nordstrom Rack | The Terrace | Chattanooga, TN |
| Stars and Strikes | Coastal Grand Mall | Myrtle Beach, SC |
| Tilt | Kirkwood Mall | Bismarck, ND |
| Truliant Federal Credit Union (Owned by Others) | Hanes Mall | Winston-Salem, NC |
| Tuesday Morning | Layton Hills Convenience Center | Layton, UT |
As of December 31, 2023, our properties had a total of 447 Anchors and Junior Anchors, including 53 vacant Anchor and Junior Anchor locations, and excluding Anchors and Junior Anchors at Excluded Malls. The Anchors and Junior Anchors and the amount of GLA leased or owned by each as of December 31, 2023 is as follows:
| Number of Stores · Gross Leasable Area | ||||||||
|---|---|---|---|---|---|---|---|---|
| Anchor Owned · Anchor Owned | ||||||||
| Anchor/Junior Anchor | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total Gross Leased Area |
| JC Penney | 17 | 20 | 4 | 41 | 1,828,329 | 2,528,291 | 586,030 | 4,942,650 |
| Dillard's | — | 30 | 3 | 33 | — | 4,225,177 | 559,612 | 4,784,789 |
| Macy's | 8 | 12 | 3 | 23 | 905,442 | 1,943,839 | 658,388 | 3,507,669 |
| Belk | 5 | 11 | 3 | 19 | 430,017 | 1,495,213 | 300,995 | 2,226,225 |
| Sears | — | — | 1 | 1 | — | — | 147,766 | 147,766 |
| Academy Sports + Outdoors | 3 | — | — | 3 | 199,091 | — | — | 199,091 |
| AMC Theatres | 4 | — | 1 | 5 | 160,295 | — | 56,255 | 216,550 |
| American Signature Furniture | — | 1 | — | 1 | — | 61,620 | — | 61,620 |
| Appliance Factory Mattress Kingdom | — | 1 | — | 1 | — | 59,314 | — | 59,314 |
| Ashley HomeStore | 1 | — | — | 1 | 20,000 | — | — | 20,000 |
| At Home | — | 1 | — | 1 | — | 124,700 | — | 124,700 |
| Number of Stores · Gross Leasable Area | ||||||||
|---|---|---|---|---|---|---|---|---|
| Anchor Owned · Anchor Owned | ||||||||
| Anchor/Junior Anchor | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total Gross Leased Area |
| Barnes & Noble | 15 | — | — | 15 | 450,537 | — | — | 450,537 |
| Ben's Furniture and Antiques | 1 | — | — | 1 | 35,895 | — | — | 35,895 |
| Best Buy | 6 | — | 1 | 7 | 216,640 | — | 45,070 | 261,710 |
| Big Air Trampoline Park | 1 | — | — | 1 | 33,938 | — | — | 33,938 |
| BJ's Wholesale Club | 1 | — | — | 1 | 85,188 | — | — | 85,188 |
| Bob's Discount Furniture | 1 | — | — | 1 | 20,308 | — | — | 20,308 |
| Books-A-Million, Inc.: | ||||||||
| Books-A-Million | 1 | — | — | 1 | 20,642 | — | — | 20,642 |
| 2nd & Charles | 1 | — | — | 1 | 23,538 | — | — | 23,538 |
| Books-A-Million, Inc. Subtotal | 2 | — | — | 2 | 44,180 | — | — | 44,180 |
| Boscov's | — | 1 | — | 1 | — | 150,000 | — | 150,000 |
| Burlington | 2 | 2 | — | 4 | 51,437 | 94,049 | — | 145,486 |
| Cinemark | 7 | — | — | 7 | 382,506 | — | — | 382,506 |
| City of College Station | — | 1 | — | 1 | — | 103,888 | — | 103,888 |
| Conn's Home Plus | — | 2 | — | 2 | — | 88,312 | — | 88,312 |
| Costco | — | 1 | — | 1 | — | 153,973 | — | 153,973 |
| Crunch Fitness | — | 2 | — | 2 | — | 128,067 | — | 128,067 |
| Dave & Buster's | 2 | 1 | — | 3 | 61,316 | 26,509 | — | 87,825 |
| Dick's Sporting Goods Inc.: | ||||||||
| Dick's Sporting Goods | 23 | 1 | 1 | 25 | 1,368,063 | 50,000 | 80,515 | 1,498,578 |
| Dick's Warehouse | 1 | — | — | 1 | 77,117 | — | — | 77,117 |
| Dick's Sporting Goods Inc. Subtotal | 24 | 1 | 1 | 26 | 1,445,180 | 50,000 | 80,515 | 1,575,695 |
| Dunham's Sports | 2 | — | — | 2 | 125,551 | — | — | 125,551 |
| EFO Furniture & Mattress Outlet | 1 | — | — | 1 | 43,171 | — | — | 43,171 |
| Electronic Express | — | 2 | — | 2 | — | 87,573 | — | 87,573 |
| Encore | 3 | — | — | 3 | 76,096 | — | — | 76,096 |
| Flip N Fly | 1 | — | — | 1 | 27,972 | — | — | 27,972 |
| Flix Brewhouse | 1 | — | — | 1 | 39,150 | — | — | 39,150 |
| Foot Locker | 1 | — | — | 1 | 22,847 | — | — | 22,847 |
| Forever 21 | 6 | — | — | 6 | 157,141 | — | — | 157,141 |
| Full Throttle Adrenaline Park | 1 | — | — | 1 | 64,135 | — | — | 64,135 |
| The Fresh Market | 1 | — | — | 1 | 21,442 | — | — | 21,442 |
| Gabe's | — | 1 | — | 1 | — | 29,596 | — | 29,596 |
| Galleria Furniture and Mattress | 1 | — | — | 1 | 128,330 | — | — | 128,330 |
| H&M | 27 | — | — | 27 | 594,150 | — | — | 594,150 |
| Hamrick's | 1 | — | — | 1 | 40,000 | — | — | 40,000 |
| Harris Teeter | — | — | 1 | 1 | — | — | 72,757 | 72,757 |
| Havertys Furniture | 1 | — | — | 1 | 25,080 | — | — | 25,080 |
| Hickory Farms | 1 | — | — | 1 | 23,708 | — | — | 23,708 |
| High Caliber Karting | 1 | — | — | 1 | 100,683 | — | — | 100,683 |
| Hobby Lobby | — | 2 | — | 2 | — | 163,104 | — | 163,104 |
| Hollywood Casino | 1 | — | — | 1 | 79,500 | — | — | 79,500 |
| Hospital Corporation of America | 1 | — | — | 1 | 48,000 | — | — | 48,000 |
| I. Keating Furniture | 1 | — | — | 1 | 103,994 | — | — | 103,994 |
| Jax Outdoor Gear | — | 1 | — | 1 | — | 83,055 | — | 83,055 |
| Jo-Ann Fabrics & Crafts | 3 | — | — | 3 | 73,738 | — | — | 73,738 |
| Kings Dining & Entertainment | 1 | — | — | 1 | 22,678 | — | — | 22,678 |
| Kohl's | 2 | 4 | 1 | 7 | 142,205 | 312,731 | 83,000 | 537,936 |
| LA Fitness | 1 | — | — | 1 | 41,000 | — | — | 41,000 |
| Launch Trampoline Park | 1 | — | — | 1 | 31,989 | — | — | 31,989 |
| Levin Furniture | 1 | — | — | 1 | 55,314 | — | — | 55,314 |
| Life Storage | — | 1 | — | 1 | — | 131,915 | — | 131,915 |
| Live! Casino Pittsburgh | 1 | — | — | 1 | 129,552 | — | — | 129,552 |
| LIVE Ventures, Inc.: | ||||||||
| V-Stock | 1 | — | — | 1 | 23,058 | — | — | 23,058 |
| Vintage Stock | 1 | — | — | 1 | 46,108 | — | — | 46,108 |
| LIVE Ventures, Inc. Subtotal | 2 | — | — | 2 | 69,166 | — | — | 69,166 |
| Macy's Furniture Gallery | 1 | — | — | 1 | 24,599 | — | — | 24,599 |
| Number of Stores · Gross Leasable Area | ||||||||
|---|---|---|---|---|---|---|---|---|
| Anchor Owned · Anchor Owned | ||||||||
| Anchor/Junior Anchor | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total Gross Leased Area |
| Main Event | 2 | 1 | — | 3 | 99,344 | 64,103 | — | 163,447 |
| Marcus Theatres | 1 | — | — | 1 | 57,500 | — | — | 57,500 |
| Metcalfe's Market | — | 1 | — | 1 | — | 67,365 | — | 67,365 |
| Michaels | 6 | 1 | — | 7 | 132,595 | 23,645 | — | 156,240 |
| Movie Tavern by Marcus | 1 | — | — | 1 | 40,585 | — | — | 40,585 |
| Nickels and Dimes, Inc.: | ||||||||
| Tilt | 1 | — | — | 1 | 22,484 | — | — | 22,484 |
| Tilt Studio | 5 | — | — | 5 | 347,046 | — | — | 347,046 |
| Nickels and Dimes, Inc. Subtotal | 6 | — | — | 6 | 369,530 | — | — | 369,530 |
| Nike Factory Store | 1 | — | — | 1 | 22,479 | — | — | 22,479 |
| Nordstrom | — | — | 2 | 2 | — | — | 385,000 | 385,000 |
| Nordstrom Rack | 3 | — | — | 3 | 80,131 | — | — | 80,131 |
| O2 Fitness | 1 | — | — | 1 | 27,048 | — | — | 27,048 |
| Office Depot | 1 | — | — | 1 | 23,425 | — | — | 23,425 |
| OfficeMax | — | 1 | — | 1 | — | 24,606 | — | 24,606 |
| Old Navy | 1 | — | — | 1 | 20,257 | — | — | 20,257 |
| Ollie's Bargain Outlet | 1 | — | — | 1 | 28,446 | — | — | 28,446 |
| One Life Fitness | — | 1 | — | 1 | — | 49,241 | — | 49,241 |
| Overstock Furniture and Mattress | 1 | — | — | 1 | 59,360 | — | — | 59,360 |
| PA Fitness | 1 | — | — | 1 | 30,664 | — | — | 30,664 |
| Party City | 1 | — | — | 1 | 20,841 | — | — | 20,841 |
| PetSmart | 2 | — | — | 2 | 46,248 | — | — | 46,248 |
| Planet Fitness | 3 | — | — | 3 | 63,509 | — | — | 63,509 |
| Publix | 1 | — | — | 1 | 45,600 | — | — | 45,600 |
| Reaching Out For Jesus Christian Center | 1 | — | — | 1 | 43,632 | — | — | 43,632 |
| Regal Cinemas | 3 | 1 | 1 | 5 | 188,365 | 57,854 | 60,400 | 306,619 |
| REI | 1 | — | — | 1 | 24,427 | — | — | 24,427 |
| Rooms To Go | — | 1 | — | 1 | — | 45,000 | — | 45,000 |
| Ross Dress for Less | 8 | 2 | — | 10 | 215,747 | 70,981 | — | 286,728 |
| Round1 Bowling & Amusement | 1 | — | — | 1 | 50,000 | — | — | 50,000 |
| Saks Fifth Avenue OFF 5TH | 1 | — | — | 1 | 24,807 | — | — | 24,807 |
| Scheel's | 1 | — | 1 | 2 | 141,840 | — | 81,296 | 223,136 |
| Schuler Books & Music | 1 | — | — | 1 | 24,116 | — | — | 24,116 |
| ShopRite | 1 | — | — | 1 | 87,381 | — | — | 87,381 |
| Sleep Inn & Suites | — | — | 1 | 1 | — | — | 123,506 | 123,506 |
| Southwest Theaters | 1 | — | — | 1 | 29,830 | — | — | 29,830 |
| Spare Time Entertainment | — | 1 | — | 1 | — | 21,200 | — | 21,200 |
| Sports Center | 1 | — | — | 1 | 60,000 | — | — | 60,000 |
| Sportsman's Warehouse | — | 1 | — | 1 | — | 48,171 | — | 48,171 |
| Stars and Strikes | 1 | — | — | 1 | 52,727 | — | — | 52,727 |
| Target | — | 8 | — | 8 | — | 948,730 | — | 948,730 |
| The TJX Companies, Inc.: | ||||||||
| HomeGoods | 4 | 1 | — | 5 | 97,277 | 26,355 | — | 123,632 |
| Marshalls | 8 | — | — | 8 | 229,182 | — | — | 229,182 |
| T.J. Maxx | 4 | 1 | — | 5 | 109,031 | 28,081 | — | 137,112 |
| The TJX Companies, Inc. Subtotal | 16 | 2 | — | 18 | 435,490 | 54,436 | — | 489,926 |
| Total Wine and More | — | 1 | — | 1 | — | 28,350 | — | 28,350 |
| TruFit | 1 | 1 | — | 2 | 45,179 | 43,145 | — | 88,324 |
| Truist | — | — | 1 | 1 | — | — | 60,000 | 60,000 |
| Truliant Federal Credit Union | — | 1 | — | 1 | — | 150,447 | — | 150,447 |
| Tuesday Morning | 1 | — | — | 1 | 32,586 | — | — | 32,586 |
| Urban Air Adventure Park | 1 | 1 | — | 2 | 33,860 | 30,404 | — | 64,264 |
| Urban Planet | 1 | — | — | 1 | 30,463 | — | — | 30,463 |
| Vertical Trampoline Park | 1 | — | — | 1 | 24,972 | — | — | 24,972 |
| Von Maur | — | 2 | — | 2 | — | 232,377 | — | 232,377 |
| Wave Fashion | 1 | — | — | 1 | 27,978 | — | — | 27,978 |
| WhirlyBall | 1 | — | — | 1 | 27,094 | — | — | 27,094 |
| Whole Foods | 1 | — | 1 | 2 | 26,841 | — | 34,320 | 61,161 |
| Number of Stores · Gross Leasable Area | ||||||||
|---|---|---|---|---|---|---|---|---|
| Anchor Owned · Anchor Owned | ||||||||
| Anchor/Junior Anchor | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total | Leased(OwnedbyCBL) | OwnedbyOthers | GroundLeased(OwnedbyCBL) | Total Gross Leased Area |
| Vacant Anchor/Junior Anchor: | ||||||||
| Vacant - former AMC Theaters (Carmike Cinema) | 1 | — | — | 1 | 31,119 | — | — | 31,119 |
| Vacant - former Ashley HomeStore | 1 | — | — | 1 | 20,487 | — | — | 20,487 |
| Vacant - former Bealls | 4 | — | — | 4 | 151,209 | — | — | 151,209 |
| Vacant - former Bed Bath & Beyond | 1 | — | — | 1 | 28,000 | — | — | 28,000 |
| Vacant - former Bergner's | 1 | — | — | 1 | 131,616 | — | — | 131,616 |
| Vacant - former Boston Store | — | 2 | — | 2 | — | 354,205 | — | 354,205 |
| Vacant - former Burlington | 1 | — | — | 1 | 63,013 | — | — | 63,013 |
| Vacant - former Christmas Tree Shops | 1 | — | — | 1 | 33,992 | — | — | 33,992 |
| Vacant - former Dillard's | 2 | 1 | — | 3 | 116,376 | 99,828 | — | 216,204 |
| Vacant - former Forever 21 (1) | — | 1 | — | 1 | — | 57,500 | — | 57,500 |
| Vacant - former Gordman's | 1 | — | — | 1 | 47,943 | — | — | 47,943 |
| Vacant - former JC Penney | — | 1 | — | 1 | — | 158,771 | — | 158,771 |
| Vacant - former Macy's | 4 | 2 | — | 6 | 361,246 | 242,530 | — | 603,776 |
| Vacant - former Overstock Furniture and Mattress | 2 | — | — | 2 | 119,775 | — | — | 119,775 |
| Vacant - former Restoration Hardware Outlet | 1 | — | — | 1 | 24,558 | — | — | 24,558 |
| Vacant - former Sears | 5 | 11 | 3 | 19 | 551,078 | 1,436,277 | 476,059 | 2,463,414 |
| Vacant - former Younkers | 1 | — | — | 1 | 93,597 | — | — | 93,597 |
| Current Developments: | ||||||||
| Crunch Fitness (2)(3) | 2 | — | — | 2 | 60,135 | — | — | 60,135 |
| Future grocer (4) | — | 1 | — | 1 | — | 161,358 | — | 161,358 |
| Murdoch's Farm & Ranch | — | 1 | — | 1 | — | 60,241 | — | 60,241 |
| Novant Health (5) | — | 1 | — | 1 | — | 174,643 | — | 174,643 |
| Schuler Books & Music (6) | 1 | — | — | 1 | 30,432 | — | — | 30,432 |
| Total Anchors/Junior Anchors | 272 | 146 | 29 | 447 | 13,340,963 | 16,746,334 | 3,810,969 | 33,898,266 |
(1)
The upper floor of Belk for Men at Hamilton Place was formerly leased by Belk to Forever 21 and is now vacant.
(2)
The former Bed Bath & Beyond at Coastal Grand Mall is being leased to Crunch Fitness, which is expected to open in 2024.
(3)
A portion of the former Sears at Hamilton Place is being leased to Crunch Fitness, which is expected to open in 2024.
(4)
The former Sears at Harford Mall was sold and is under construction for a future grocer (owned by others).
(5)
The former Sears space at Hanes Mall will be redeveloped for future office and retail space (owned by others).
(6)
The former Bed Bath & Beyond at Meridian Mall is being leased to Schuler Books & Music, which is expected to open in 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.