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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Schedule III Real Estate and Accumulated Depreciation
le III
| Initial Cost (1) · Gross Carry Amounts at Close of Period | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description /Location · Encumbrances(2) · Land · BuildingsandImprovements · CostsCapitalizedSubsequent toAcquisition · Sales ofOutparcelLand · Fresh StartAdjustments · Land · BuildingsandImprovements · Total (3) · AccumulatedDepreciation(4) · Date ofConstruction / Acquisition | ||||||||||||
| MALLS: | ||||||||||||
| Alamance Crossing WestBurlington, NC | $18,445 | $8,344 | $19,549 | $240 | $(3,962) | $(11,969) | $6,242 | $5,960 | $12,202 | $(935) | 2007 | |
| Arbor PlaceAtlanta (Douglasville), GA | 93,452 | 8,508 | 95,088 | 28,211 | — | (89,396) | 3,050 | 39,361 | 42,411 | (7,468) | 1998-1999 | |
| Brookfield SquareBrookfield, WI | 15,339 | 8,996 | 78,533 | 100,088 | (5,208) | (146,235) | 10,284 | 25,890 | 36,174 | (6,900) | 2001 | |
| CherryVale MallRockford, IL | — | (5) | 11,892 | 64,117 | 56,309 | (1,667) | (113,543) | 5,360 | 11,748 | 17,108 | (4,243) | 2001 |
| Cross Creek MallFayetteville, NC | 92,363 | 19,155 | 104,378 | 33,451 | — | (49,534) | 4,372 | 103,078 | 107,450 | (15,890) | 2003 | |
| Dakota Square MallMinot, ND | — | 4,552 | 87,625 | 27,451 | — | (96,630) | 5,179 | 17,819 | 22,998 | (2,883) | 2012 | |
| East Towne MallMadison, WI | — | (5) | 4,496 | 63,867 | 64,119 | (909) | (123,012) | 4,413 | 4,148 | 8,561 | (2,309) | 2002 |
| Eastland MallBloomington, IL | — | 5,746 | 75,893 | (71,318) | (753) | (5,600) | 1,921 | 2,047 | 3,968 | (629) | 2005 | |
| Fayette MallLexington, KY | 119,303 | 25,205 | 84,256 | 108,443 | — | (87,361) | 11,203 | 119,340 | 130,543 | (13,958) | 2001 | |
| Frontier MallCheyenne, WY | — | (5) | 2,681 | 15,858 | 21,574 | (83) | (31,588) | 3,715 | 4,727 | 8,442 | (1,441) | 1984-1985 |
| Hamilton PlaceChattanooga, TN | 91,649 | 3,532 | 42,619 | 54,812 | (2,933) | (35,984) | 9,091 | 52,955 | 62,046 | (8,232) | 1986-1987 | |
| Hanes MallWinston-Salem, NC | — | (5) | 17,176 | 133,376 | 50,944 | (1,767) | (147,963) | 13,968 | 37,798 | 51,766 | (6,215) | 2001 |
| Harford MallBel Air, MD | — | 8,699 | 45,704 | 17,714 | — | (65,736) | 4,582 | 1,799 | 6,381 | (736) | 2003 | |
| Imperial Valley MallEl Centro, CA | — | (5) | 35,378 | 71,753 | 3,836 | — | (92,019) | 4,810 | 14,138 | 18,948 | (3,455) | 2012 |
| Jefferson MallLouisville, KY | 53,526 | 13,125 | 40,234 | 28,046 | (521) | (70,099) | 4,625 | 6,160 | 10,785 | (2,731) | 2001 | |
| Kirkwood MallBismarck, ND | — | (5) | 3,368 | 118,945 | 40,569 | — | (126,278) | 8,114 | 28,490 | 36,604 | (3,767) | 2012 |
| Laurel Park PlaceLivonia, MI | — | 13,289 | 92,579 | (97,644) | — | (3,630) | 751 | 3,843 | 4,594 | (1,258) | 2005 | |
| Layton Hills MallLayton, UT | — | (5) | 20,464 | 99,836 | (13,356) | (1,165) | (74,968) | 10,261 | 20,550 | 30,811 | (2,590) | 2005 |
| Mall del NorteLaredo, TX | — | (5) | 21,734 | 142,049 | 58,203 | (149) | (148,232) | 13,875 | 59,730 | 73,605 | (8,760) | 2004 |
| Initial Cost (1) · Gross Carry Amounts at Close of Period | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description /Location · Encumbrances(2) · Land · BuildingsandImprovements · CostsCapitalizedSubsequent toAcquisition · Sales ofOutparcelLand · Fresh StartAdjustments · Land · BuildingsandImprovements · Total (3) · AccumulatedDepreciation(4) · Date ofConstruction / Acquisition | ||||||||||||
| Mayfaire Town CenterWilmington, NC | $— | (5) | $26,333 | $101,087 | $23,578 | $— | $(107,804) | $7,165 | $36,029 | $43,194 | $(6,550) | 2015 |
| Meridian MallLansing, MI | — | 2,797 | 103,678 | 62,528 | — | (150,764) | 8,573 | 9,666 | 18,239 | (3,286) | 1998 | |
| Mid Rivers MallSt. Peters, MO | — | 16,384 | 170,582 | (134,795) | (4,174) | (27,787) | 9,191 | 11,019 | 20,210 | (3,285) | 2007 | |
| Monroeville MallPittsburgh, PA | — | 22,911 | 177,214 | (136,413) | — | (36,624) | 12,379 | 14,709 | 27,088 | (3,457) | 2004 | |
| Northgate MallChattanooga, TN | — | (5) | 2,330 | 8,960 | 24,019 | (492) | (23,815) | 3,413 | 7,589 | 11,002 | (1,389) | 2011 |
| Northpark MallJoplin, MO | — | 9,977 | 65,481 | 39,737 | — | (99,164) | 7,084 | 8,947 | 16,031 | (2,759) | 2004 | |
| Northwoods MallNorth Charleston, SC | 54,086 | 14,867 | 49,647 | 30,358 | (2,339) | (52,958) | 9,402 | 30,173 | 39,575 | (6,638) | 2001 | |
| Old Hickory MallJackson, TN | — | 15,527 | 29,413 | (32,628) | (362) | (9,431) | 800 | 1,719 | 2,519 | (822) | 2001 | |
| The Outlet Shoppes at GettysburgGettysburg, PA | 20,646 | 20,779 | 22,180 | (29,702) | — | (47) | 7,822 | 5,388 | 13,210 | (1,707) | 2012 | |
| The Outlet Shoppes at LaredoLaredo, TX | 33,780 | 11,000 | 97,353 | (65,798) | — | (26,318) | 3,741 | 12,496 | 16,237 | (1,588) | 2017 | |
| Parkdale Mall and CrossingBeaumont, TX | 58,216 | 22,060 | 29,842 | (5,155) | (874) | (21,766) | 11,364 | 12,743 | 24,107 | (3,748) | 2001 | |
| Parkway PlaceHuntsville, AL | — | 6,364 | 67,067 | 8,006 | — | (43,144) | 10,067 | 28,226 | 38,293 | (4,678) | 2010 | |
| Pearland Town CenterPearland, TX | — | (5) | 16,300 | 108,615 | 25,794 | (857) | (106,531) | 16,896 | 26,425 | 43,321 | (4,826) | 2008 |
| Post Oak MallCollege Station, TX | — | (5) | 3,936 | 48,948 | 17,570 | (327) | (52,738) | 6,206 | 11,183 | 17,389 | (2,481) | 1984-1985 |
| Richland MallWaco, TX | — | (5) | 9,874 | 34,793 | 24,912 | (1,225) | (44,167) | 8,793 | 15,394 | 24,187 | (3,147) | 2002 |
| South County CenterSt. Louis, MO | — | 15,754 | 159,249 | 2,978 | — | (160,681) | 11,165 | 6,135 | 17,300 | (2,802) | 2007 | |
| Southaven Towne CenterSouthaven, MS | — | (5) | 14,315 | 29,380 | 1,680 | — | (27,929) | 10,163 | 7,283 | 17,446 | (1,253) | 2005 |
| Southpark MallColonial Heights, VA | 51,719 | 9,501 | 73,262 | 30,724 | — | (102,613) | 4,193 | 6,681 | 10,874 | (1,571) | 2003 | |
| St. Clair SquareFairview Heights, IL | — | 11,027 | 75,620 | 36,384 | — | (82,113) | 8,150 | 32,768 | 40,918 | (6,017) | 1996 | |
| Stroud MallStroudsburg, PA | — | 14,711 | 23,936 | (24,533) | — | (5,698) | 2,942 | 5,474 | 8,416 | (1,517) | 1998 | |
| Sunrise MallBrownsville, TX | — | (5) | 11,156 | 59,047 | 15,624 | — | (45,064) | 14,999 | 25,764 | 40,763 | (7,342) | 2003 |
| Turtle Creek MallHattiesburg, MS | — | (5) | 2,345 | 26,418 | 18,631 | — | (26,937) | 3,977 | 16,480 | 20,457 | (4,108) | 1993-1995 |
| Valley View MallRoanoke, VA | — | (5) | 15,985 | 77,771 | 23,960 | — | (89,309) | 9,499 | 18,908 | 28,407 | (4,195) | 2003 |
| Initial Cost (1) · Gross Carry Amounts at Close of Period | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description /Location · Encumbrances(2) · Land · BuildingsandImprovements · CostsCapitalizedSubsequent toAcquisition · Sales ofOutparcelLand · Fresh StartAdjustments · Land · BuildingsandImprovements · Total (3) · AccumulatedDepreciation(4) · Date ofConstruction / Acquisition | ||||||||||||
| Volusia MallDaytona Beach, FL | $36,613 | $2,526 | $120,242 | $21,689 | $(222) | $(128,334) | $10,856 | $5,045 | $15,901 | $(1,883) | 2004 | |
| West Towne MallMadison, WI | — | (5) | 8,912 | 83,084 | 45,324 | — | (84,533) | 14,623 | 38,164 | 52,787 | (7,094) | 2002 |
| Westmoreland MallGreensburg, PA | — | (5) | 4,621 | 84,215 | 35,926 | (1,240) | (107,620) | 6,389 | 9,513 | 15,902 | (4,437) | 2002 |
| York GalleriaYork, PA | — | 5,757 | 63,316 | 23,683 | — | (84,499) | 1,767 | 6,490 | 8,257 | (2,435) | 1995 | |
| OTHER PROPERTIES: | ||||||||||||
| 840 Greenbrier CircleChesapeake, VA | — | 2,096 | 3,091 | 2,073 | — | (1,626) | 1,387 | 4,247 | 5,634 | (358) | 2007 | |
| Annex at MonroevillePittsburgh, PA | — | — | 29,496 | 599 | — | (25,862) | 1,454 | 2,779 | 4,233 | (1,097) | 2004 | |
| CBL CenterChattanooga, TN | — | 1,332 | 24,675 | 2,622 | — | (17,030) | 3,081 | 8,518 | 11,599 | (1,102) | 2001 | |
| CBL Center IIChattanooga, TN | — | 22 | 13,648 | 1,333 | — | (9,880) | 965 | 4,158 | 5,123 | (354) | 2008 | |
| CoolSprings CrossingNashville, TN | 17,651 | 2,803 | 14,985 | (2,843) | — | (10,291) | 2,969 | 1,685 | 4,654 | (458) | 1991-1993 | |
| CoolSprings JC PenneyFranklin, TN | — | 3,573 | 2,193 | — | — | — | 3,573 | 2,193 | 5,766 | (104) | 2022 | |
| Courtyard at Hickory HollowNashville, TN | 4,568 | 3,314 | 2,771 | 482 | (231) | (1,181) | 1,844 | 3,311 | 5,155 | (425) | 1998 | |
| Frontier SquareCheyenne, WY | 2,915 | 346 | 684 | 955 | (86) | 612 | 904 | 1,607 | 2,511 | (196) | 1985 | |
| Gunbarrel PointeChattanooga, TN | 16,660 | 4,170 | 10,874 | 4,490 | — | (5,974) | 8,099 | 5,461 | 13,560 | (708) | 2000 | |
| Hamilton CornerChattanooga, TN | 16,638 | 630 | 5,532 | 8,646 | — | (2,368) | 4,981 | 7,459 | 12,440 | (872) | 1986-1987 | |
| Hamilton CrossingChattanooga, TN | 11,688 | 4,014 | 5,906 | 7,416 | (1,370) | (5,550) | 5,300 | 5,116 | 10,416 | (666) | 1987 | |
| Harford AnnexBel Air, MD | 13,222 | 3,117 | 9,718 | 1,312 | — | (2,430) | 3,117 | 8,600 | 11,717 | (813) | 2003 | |
| The Landing at Arbor PlaceAtlanta (Douglasville), GA | 5,786 | 7,238 | 14,330 | 3,189 | (2,242) | (18,627) | 1,587 | 2,301 | 3,888 | (545) | 1998-1999 | |
| Layton Convenience CenterLayton, UT (5) | — | (5) | — | 8 | 3,215 | — | 1,947 | 3,574 | 1,596 | 5,170 | (444) | 2005 |
| Layton Hills PlazaLayton, UT | — | (5) | — | 2 | 1,029 | — | 1,243 | 826 | 1,448 | 2,274 | (187) | 2005 |
| Parkdale CornerBeaumont, TX | 4,161 | 1,255 | 2,657 | 1 | — | (896) | 1,305 | 1,712 | 3,017 | (214) | 2002 | |
| Pearland OfficePearland, TX | — | (5) | — | 7,849 | 2,443 | — | (3,210) | — | 7,082 | 7,082 | (1,317) | 2009 |
| The Plaza at FayetteLexington, KY | 23,534 | 9,531 | 27,646 | 1,269 | — | (28,520) | 2,527 | 7,399 | 9,926 | (2,301) | 2006 | |
| Initial Cost (1) · Gross Carry Amounts at Close of Period | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description /Location · Encumbrances(2) · Land · BuildingsandImprovements · CostsCapitalizedSubsequent toAcquisition · Sales ofOutparcelLand · Fresh StartAdjustments · Land · BuildingsandImprovements · Total (3) · AccumulatedDepreciation(4) · Date ofConstruction / Acquisition | ||||||||||||||
| The Promenade D'lbervilleD'lberville, MS | $— | $16,278 | $48,806 | $28,703 | $(706) | $(53,513) | $8,728 | $30,840 | $39,568 | $(6,167) | 2009 | |||
| The Shoppes at Hamilton PlaceChattanooga, TN | 19,023 | 5,837 | 16,326 | 773 | — | (10,827) | 5,061 | 7,048 | 12,109 | (1,514) | 2003 | |||
| The Shoppes at St. Clair SquareFairview Heights, IL | 16,835 | 8,250 | 23,623 | 739 | (5,044) | (19,688) | 2,782 | 5,098 | 7,880 | (674) | 2007 | |||
| Sunrise CommonsBrownsville, TX | 8,665 | 1,013 | 7,525 | 2,024 | — | (2,845) | 3,503 | 4,214 | 7,717 | (578) | 2003 | |||
| The TerraceChattanooga, TN | 17,651 | 4,166 | 9,929 | 11,072 | — | (9,404) | 8,981 | 6,782 | 15,763 | (793) | 1997 | |||
| West Towne CrossingMadison, WI | 20,273 | 1,784 | 2,955 | 7,715 | — | 4,227 | 5,830 | 10,851 | 16,681 | (922) | 1998 | |||
| WestGate CrossingSpartanburg, SC | 7,741 | 1,082 | 3,422 | 7,886 | — | (5,426) | 2,047 | 4,917 | 6,964 | (716) | 1997 | |||
| Westmoreland CrossingGreensburg, PA | — | (5) | 2,898 | 21,167 | 9,320 | — | (23,389) | 3,119 | 6,877 | 9,996 | (3,915) | 2002 | ||
| OUTPARCELS: | — | — | ||||||||||||
| Outparcel properties | 197,904 | 36,096 | 89,748 | 60,878 | — | 683 | 97,867 | 89,538 | 187,405 | (10,769) | Various | |||
| DISPOSITIONS: | — | |||||||||||||
| Westgate MallSpartanburg, SC | — | 2,149 | 23,257 | 43,429 | (432) | (68,403) | — | — | — | — | 1995 | |||
| Alamance CrossingBurlington, NC | — | 12,509 | 43,303 | 32,992 | (3,962) | (84,842) | — | — | — | — | 2007 | |||
| Other | — | 39,662 | 19,125 | (10,155) | (5,715) | 12,653 | 52,345 | 3,225 | 55,570 | (410) | Various | |||
| Developments in progress consisting of construction and development properties | — | — | — | 8,900 | — | — | — | 8,900 | 8,900 | — | ||||
| TOTALS | $1,144,052 | $729,554 | $3,951,910 | $838,280 | $(51,017) | $(3,658,582) | $585,191 | $1,224,954 | $1,810,145 | $(228,034) | ||||
(1)
Initial cost represents the total cost capitalized including carrying cost at the end of the first fiscal year in which the property opened or was acquired.
(2)
Encumbrances represent the outstanding balance of the mortgage and other indebtedness balance at December 31, 2023, excluding debt discounts, if applicable.
(3)
The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $6.408 billion.
(4)
Depreciation for all properties is computed over the useful life which is generally 30 -40 years for buildings,10 -20 years for certain improvements and 5 -10 years for equipment and fixtures.
(5)
Encumbered by the secured term loan.
The changes in real estate assets and accumulated depreciation for the Successor years ended December 31, 2023 and 2022, the Successor period ended December 31, 2021 and the Predecessor period ended October 31, 2021 (in thousands):
| Successor · Predecessor | ||||
|---|---|---|---|---|
| As of December 31, · As of October 31, | ||||
| 2023 | 2022 | 2021 | 2021 | |
| REAL ESTATE ASSETS: | ||||
| Balance at beginning of period | $1,800,888 | $1,789,055 | $1,797,332 | $5,859,113 |
| Additions during the period: | ||||
| Additions and improvements | 42,267 | 37,080 | 5,599 | 31,278 |
| Acquisitions of real estate assets | — | 5,766 | — | — |
| Deductions during the period: | ||||
| Disposals, deconsolidations and accumulated depreciation on impairments | (33,010) | (30,752) | (13,876) | (250,136) |
| Fresh start accounting adjustments | — | — | — | (3,683,547) |
| Transfers from real estate assets | — | (261) | — | (11,209) |
| Impairment of real estate assets | — | — | — | (148,167) |
| Balance at end of period | $1,810,145 | $1,800,888 | $1,789,055 | $1,797,332 |
| ACCUMULATED DEPRECIATION: | ||||
| Balance at beginning of period | $136,901 | $19,937 | $— | $2,241,421 |
| Depreciation expense | 104,153 | 123,695 | 20,543 | 152,973 |
| Fresh start accounting adjustments | — | — | — | (2,252,275) |
| Transfers from real estate assets | — | 15 | — | — |
| Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired | (13,020) | (6,746) | (606) | (142,119) |
| Balance at end of period | $228,034 | $136,901 | $19,937 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.