CBL & ASSOCIATES PROPERTIES INC
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 9, 2024
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-10.
0000950170-24-057509
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-09.
0000950170-24-094439
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 38 previous paragraphs and 49 current paragraphs.
24 unchanged; 10 reworded; 11 added; 4 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Interest expense was $4.8 million lower;
Current report
Real estate taxes were $1.5 million lower;
Current report
Interest and other income was $1.1 million higher; and
Current report
Rental revenues were $0.8 million lower; and
Current report
The income tax provision was $0.4 million higher.
Current report
Items increasing net income for the six months ended June 30, 2024 compared to the prior-year period:
Current report
Interest expense was $8.5 million lower;
Current report
Real estate taxes were $7.0 million lower;
Current report
Interest and other income was $2.5 million higher;
Current report
Maintenance and repairs was $2.4 million lower; and
Current report
Rental revenues were $7.1 million lower; and
Removed paragraphs (4)
Previous report
Revenues were $7.2 million lower;
Previous report
Total property operating expenses was $7.9 million lower;
Previous report
Interest expense was $3.7 million lower;
Previous report
Interest income was $1.3 million higher; and
Reworded paragraphs (10)
Previous wording
The following summarizes our net (loss) income and net (loss) income attributable to common shareholders (in thousands):
Current wording
The following summarizes our net income (loss) and net income (loss) attributable to common shareholders (in thousands):
Previous wording
Items increasing net loss for the three months ended March 31, 2024 compared to the prior-year period:
Current wording
Items increasing net income for the three months ended June 30, 2024 compared to the prior-year period:
Previous wording
Depreciation and amortization expense was $15.2 million lower;
Current wording
Depreciation and amortization expense was $11.1 million lower;
Previous wording
Equity in earnings of unconsolidated affiliates was $5.9 million higher;
Current wording
Equity in earnings of unconsolidated affiliates was $6.3 million higher;
Previous wording
General and administrative expense was $1.2 million higher.
Current wording
General and administrative expense was $1.3 million lower.
Previous wording
Items decreasing net loss for the three months ended March 31, 2024 compared to the prior-year period:
Current wording
Items decreasing net income for the three months ended June 30, 2024 compared to the prior-year period:
Previous wording
Gain on sales of real estate assets was $2.1 million higher.
Current wording
Gain on sales of real estate assets was $2.2 million higher.
Previous wording
Gain on deconsolidation was $28.2 million lower; and
Current wording
Gain on deconsolidation was $28.2 million lower.
Previous wording
Our focus is on continuing to execute our strategy to improve occupancy, drive rent growth and transform the offerings available at our diverse portfolio of properties to include a targeted mix of retail, service, dining, entertainment and other non-retail uses, primarily through the re-tenanting of former anchor locations as well as diversification of in-line tenancy. This operational strategy is also supported by our balance sheet strategy. This strategy focuses on reducing overall debt, extending our debt maturity schedule and lowering our overall cost of borrowings to limit maturity risk, as well as improving net cash flow and enhancing enterprise value. While the industry and our Company continue to face challenges, some of which may not be in our control, we believe that the strategies in place to improve occupancy, diversify our tenant mix and redevelop our properties will contribute to stabilization of our portfolio and revenues in future years.
Current wording
Our focus is on continuing to execute our strategy to improve occupancy, drive rent growth and transform the offerings available at our properties to include a targeted mix of retail, service, dining, entertainment and other non-retail uses, primarily through the re-tenanting of former anchor locations as well as diversification of in-line tenancy. This operational strategy is also supported by our balance sheet strategy of reducing overall debt, extending our debt maturity schedule and lowering our overall cost of borrowings to limit maturity risk, as well as improving net cash flow and enhancing enterprise value. While the industry and our Company continue to face challenges, some of which may not be in our control, we believe that the strategies in place to improve occupancy, diversify our tenant mix and redevelop our properties will contribute to stabilization of our portfolio and revenues in future years.
Previous wording
Same-center NOI and FFO are non-GAAP measures. For a description of same-center NOI, a reconciliation from net (loss) income to same-center NOI, and an explanation of why we believe this is a useful performance measure, see Non-GAAP Measure - Same-center Net Operating Income in Results of Operations. For a description of FFO, a reconciliation from net (loss) income attributable to common shareholders to FFO allocable to Operating Partnership common unitholders, and an explanation of why we believe this is a useful performance measure, see Non-GAAP Measure - Funds from Operations.
Current wording
Same-center NOI and FFO are non-GAAP measures. For a description of same-center NOI, a reconciliation from net income (loss) to same-center NOI, and an explanation of why we believe this is a useful performance measure, see Non-GAAP Measure - Same-center Net Operating Income in Results of Operations. For a description of FFO, a reconciliation from net income (loss) attributable to common shareholders to FFO allocable to Operating Partnership common unitholders, and an explanation of why we believe this is a useful performance measure, see Non-GAAP Measure - Funds from Operations.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Significant items that affected comparability between the six-month periods include:
Current report — wording carried from elsewhere
Depreciation and amortization expense was $26.3 million lower;
Current report — wording carried from elsewhere
Equity in earnings of unconsolidated affiliates was $12.2 million higher;
Current report — wording carried from elsewhere
Items decreasing net loss for the six months ended June 30, 2024 compared to the prior-year period: