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
“Mortgage Loans Outstanding at December 31, 2024”
Mortgage Loans Outstanding at December 31, 2024 (in thousands):
| Property · OurOwnershipInterest · StatedInterestRate · PrincipalBalance asof12/31/24 (1) · 2025DebtService (1)(2) · MaturityDate · OptionalExtendedMaturityDate · BalloonPaymentDueonMaturity (1) · Footnote | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Debt | ||||||||||
| Malls: | ||||||||||
| Arbor Place | 100% | 5.10% | $89,711 | $7,948 | May-26 | — | $85,144 | |||
| CoolSprings Galleria | 100% | 4.84% | 137,193 | 9,803 | May-28 | — | 125,774 | |||
| Cross Creek Mall | 100% | 8.19% | 85,719 | 6,076 | Jun-25 | — | 83,188 | |||
| Fayette Mall | 100% | 4.25% | 110,680 | 4,890 | May-25 | May-26 | 107,723 | (3) | ||
| Property · OurOwnershipInterest · StatedInterestRate · PrincipalBalance asof12/31/24 (1) · 2025DebtService (1)(2) · MaturityDate · OptionalExtendedMaturityDate · BalloonPaymentDueonMaturity (1) · Footnote | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hamilton Place | 90% | 4.36% | 89,197 | 6,400 | Jun-26 | — | 85,535 | |||||
| Jefferson Mall | 100% | 4.75% | 51,323 | 4,456 | Jun-26 | — | 48,412 | |||||
| Northwoods Mall | 100% | 5.08% | 50,745 | 4,743 | Apr-26 | — | 47,990 | |||||
| Oak Park Mall | 100% | 3.97% | 251,448 | 15,590 | Oct-30 | — | 220,511 | |||||
| Parkdale Mall & Crossing | 100% | 5.85% | 53,471 | 7,241 | Mar-26 | — | 48,518 | |||||
| Southpark Mall | 100% | 4.85% | 49,634 | 4,240 | Jun-26 | — | 46,988 | |||||
| Volusia Mall | 100% | 4.56% | 35,033 | 2,249 | May-26 | — | 34,139 | |||||
| West County Center | 100% | 3.40% | 144,736 | 9,652 | Dec-26 | — | 135,515 | |||||
| 1,148,890 | 83,288 | 1,069,437 | ||||||||||
| Outlet Centers: | ||||||||||||
| The Outlet Shoppes at Gettysburg | 50% | 4.80% | 19,877 | 1,071 | Oct-25 | — | 19,597 | |||||
| The Outlet Shoppes at Laredo | 65% | 8.05% | 32,580 | 2,062 | Jun-25 | — | 31,980 | |||||
| 52,457 | 3,133 | 51,577 | ||||||||||
| Open-Air Centers, Outparcels and Other: | ||||||||||||
| Hamilton Place open-air centers loan | 90% - 92% | 5.85% | 65,000 | 4,203 | Jun-32 | — | 58,208 | |||||
| Open-air centers and outparcels loan | 100% | 7.80% | 340,062 | 27,967 | Jun-27 | Jun-29 | 340,062 | (4) | ||||
| 405,062 | 32,170 | 398,270 | ||||||||||
| Corporate Debt: | ||||||||||||
| Secured term loan | 100% | 7.42% | 725,495 | 73,115 | Nov-25 | Nov-26/Nov-27 | 701,819 | |||||
| Total Consolidated Debt | $2,331,904 | $191,706 | $2,221,103 | |||||||||
| Unconsolidated Debt | ||||||||||||
| Malls: | ||||||||||||
| Coastal Grand Mall | 50% | 4.09% | $94,222 | $6,958 | Aug-24 | — | $91,044 | (5) | ||||
| Coastal Grand Mall - Dick's Sporting Goods | 50% | 8.05% | 6,640 | 572 | Nov-25 | May-26 | 6,581 | |||||
| 100,862 | 7,530 | 97,625 | ||||||||||
| Outlet Centers: | ||||||||||||
| The Outlet Shoppes at Atlanta | 50% | 7.85% | 79,330 | 6,314 | Oct-33 | — | 79,330 | |||||
| The Outlet Shoppes at El Paso | 50% | 5.10% | 67,330 | 4,888 | Oct-28 | — | 61,342 | |||||
| The Outlet Shoppes of the Bluegrass | 65% | 6.84% | 65,944 | 5,183 | Nov-34 | — | 57,387 | |||||
| 212,604 | 16,385 | 198,059 | ||||||||||
| Lifestyle Centers: | ||||||||||||
| Friendly Center | 50% | 6.44% | 144,720 | 12,542 | May-28 | — | 136,838 | |||||
| Open-Air Centers: | ||||||||||||
| Ambassador Town Center | 65% | 4.35% | 40,033 | 2,809 | Jun-29 | — | 34,953 | |||||
| Coastal Grand Crossing | 50% | 4.09% | 4,546 | 336 | Aug-24 | — | 4,393 | (5) | ||||
| Fremaux Town Center | 65% | 3.70% | 55,614 | 4,480 | Jun-26 | — | 52,130 | |||||
| Hammock Landing - Phase I | 50% | 5.86% | 35,000 | 2,670 | Dec-34 | — | 26,699 | |||||
| Hammock Landing - Phase II | 50% | 5.86% | 10,000 | 763 | Dec-34 | — | 7,628 | |||||
| The Pavilion at Port Orange | 50% | 7.55% | 44,498 | 1,278 | Feb-25 | Feb-26 | 44,048 | (6) | ||||
| The Shoppes at Eagle Point | 50% | 5.40% | 38,520 | 2,695 | May-32 | — | 32,998 | |||||
| York Town Center | 50% | 4.75% | 29,030 | 470 | Mar-25 | — | 28,896 | |||||
| 257,241 | 15,501 | 231,745 | ||||||||||
| Outparcels and Other: | ||||||||||||
| Ambassador Town Center Infrastructure Improvements | 65% | 7.26% | 4,361 | 1,769 | Mar-27 | — | 49 | (7) | ||||
| Friendly Center Medical Office | 25% | 6.11% | 6,800 | 421 | Jun-30 | — | 6,800 | |||||
| Hamilton Place Aloft Hotel | 50% | 7.20% | 14,350 | 1,298 | Jun-29 | — | 13,053 | |||||
| Mayfaire Town Center Aloft Hotel | 49% | 7.78% | 7,913 | 592 | Jan-28 | 7,643 | ||||||
| Northgate Mall Developments | 50% | 7.25% | 1,725 | 117 | Nov-25 | — | 1,725 | |||||
| 35,149 | 4,197 | 29,270 | ||||||||||
| Property · OurOwnershipInterest · StatedInterestRate · PrincipalBalance asof12/31/24 (1) · 2025DebtService (1)(2) · MaturityDate · OptionalExtendedMaturityDate · BalloonPaymentDueonMaturity (1) · Footnote | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Excluded Properties: | ||||||||||
| Alamance Crossing | 100% | 5.83% | 41,122 | — | Jul-21 | — | 41,122 | (8) | ||
| Total Unconsolidated Debt | $791,698 | $56,155 | $734,659 | |||||||
| Total Consolidated and Unconsolidated Debt | $3,123,602 | $247,861 | $2,955,762 | |||||||
| Company's Pro-Rata Share of Total Debt | $2,737,159 | $219,554 | (9) | |||||||
(1)
The amount listed includes 100% of the loan or payment amount even though the Operating Partnership may have less than a 100% ownership interest in the property.
(2)
Amounts are based on interest rates in effect at December 31, 2024 and do not reflect any future principal paydowns in excess of scheduled principal amortization.
(3)
The loan has a one-year extension option for a fully extended maturity date of May 1, 2026.
(4)
The interest rate is a fixed 6.95% for half of the outstanding loan balance, with the other half of the loan bearing a variable interest rate based on the 30-day SOFR plus 4.10%. The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%.
(5)
The loan is in maturity default. The 2025 debt service and the balloon payment due on maturity assume regular principal and interest payments throughout 2025, with a final payment in December 2025.
(6)
The Operating Partnership guarantees 50% of the loan. Subsequent to December 31, 2024, the loan was extended through February 2026.
(7)
The Operating Partnership guarantees 100% of the loan.
(8)
We are in discussions with the lender regarding foreclosure actions.
(9)
Represents the Company's pro rata share of debt, including our share of unconsolidated affiliates' debt and excluding noncontrolling interests' share of consolidated debt on shopping center properties.
The following is a reconciliation of consolidated debt to our pro rata share of total debt, including debt discounts and unamortized deferred financing costs (in thousands):
| Total consolidated debt | $2,331,904 |
|---|---|
| Noncontrolling interests' share of consolidated debt | (35,795) |
| Company's share of unconsolidated debt | 399,928 |
| Other debt (1) | 41,122 |
| Unamortized deferred financing costs | (11,133) |
| Unamortized debt discounts | (108,733) |
| Company's pro rata share of total debt | $2,617,293 |
(1)
Represents the outstanding loan balance for a property that was deconsolidated due to a loss of control when the property was placed into receivership in connection with the foreclosure process.
See Note 7 and Note 8 to the consolidated financial statements for additional information regarding property-specific indebtedness.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.