CBL & ASSOCIATES PROPERTIES INC
For the period ended Dec 31, 2024. Filed Mar 3, 2025.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 3, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Mall Lease Expirations
all Lease Expirations
| 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) |
|---|---|---|---|---|---|---|
| 2025 | 553 | $55,351,873 | 1,551,173 | $35.68 | 18.0% | 18.1% |
| 2026 | 769 | 85,708,397 | 2,516,719 | 34.06 | 27.9% | 29.4% |
| 2027 | 420 | 52,182,718 | 1,417,285 | 36.82 | 17.0% | 16.6% |
| 2028 | 304 | 43,118,351 | 1,063,476 | 40.54 | 14.0% | 12.4% |
| 2029 | 258 | 27,494,553 | 902,712 | 30.46 | 8.9% | 10.6% |
| 2030 | 108 | 17,878,895 | 474,199 | 37.70 | 5.8% | 5.5% |
| 2031 | 38 | 4,519,508 | 137,835 | 32.79 | 1.5% | 1.6% |
| 2032 | 50 | 7,048,515 | 158,517 | 44.47 | 2.3% | 1.9% |
| 2033 | 31 | 5,622,372 | 112,777 | 49.85 | 1.8% | 1.3% |
| 2034 | 54 | 8,776,413 | 217,945 | 40.27 | 2.9% | 2.5% |
(1)
Total annualized gross rent, including recoverable common area expenses and real estate taxes, in effect at December 31, 2024 for expiring leases that were executed as of December 31, 2024. 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, 2024.
(3)
Debt on Malls
Please see the table entitled“Mortgage Loans Outstanding at December 31, 2024” included herein for information regarding any liens or encumbrances related to the malls.
Outlet Centers
We owned a controlling interest in two outlet centers and a non-controlling interest in three outlet centers as of December 31, 2024. Our outlet centers generally have strong competitive positions because they are the only, or the dominant, regional property in their respective trade areas. The outlet centers are generally anchored by one or more discount or off-price junior anchors and a wide variety of off-price or discount in-line stores. Anchor and junior anchor tenants own or lease their stores and non-anchor stores lease their locations. Each outlet center is managed by a property manager that is affiliated with our 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.
The following table sets forth certain information for each of the outlet centers as of December 31, 2024 (dollars in thousands, except for sales per square foot amounts):
| Property / Location | Year ofOpening/Acquisition | Year ofMostRecentExpansion | OurOwnership | Total CenterSquare Feet (1) | TotalIn-Line GLA (2) | In-LineSales perSquareFoot (3) | PercentageIn-Line GLALeased (4) | Anchors & JuniorAnchors (5) |
|---|---|---|---|---|---|---|---|---|
| Outlet Centers: | ||||||||
| The Outlet Shoppes at Atlanta (6) Woodstock, GA | 2013 | 2015 | 50% | 405,146 | 380,339 | 502 | 96% | Saks Fifth Ave OFF 5TH |
| The Outlet Shoppes at El Paso (6) El Paso, TX | 2007/2012 | 2014 | 50% | 433,246 | 411,207 | 541 | 94% | H&M |
| The Outlet Shoppes at Gettysburg Gettysburg, PA | 2000/2012 | N/A | 50% | 249,937 | 249,937 | 207 | 86% | None |
| The Outlet Shoppes at Laredo Laredo, TX | 2017 | N/A | 65% | 358,135 | 315,388 | 340 | 88% | former H&M, Nike Factory Store |
| The Outlet Shoppes of the Bluegrass (6) Simpsonville, KY | 2014 | 2015 | 65% | 428,074 | 381,374 | 406 | 96% | H&M, former Restoration Hardware Outlet |
| Total Outlet Centers | 1,874,538 | 1,738,245 | $432 | 92% | ||||
(1)
(2)
(3)
(4)
(5)
(6)
The outlet centers have approximately 402 inline and adjacent freestanding stores. The outlet centers received more than 90% of their total revenues from inline and adjacent freestanding stores for the year ended December 31, 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.