CBL & ASSOCIATES PROPERTIES INC
For the period ended Mar 31, 2025. Filed May 5, 2025.
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.
Mar 31, 2025 · Filed May 5, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-11-12.
0000950170-24-125286
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-05.
0000950170-25-063585
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 50 previous paragraphs and 37 current paragraphs.
26 unchanged; 5 reworded; 6 added; 14 removed; 5 previous and 0 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 (6)
Current report
cyberattacks or acts of cyberterrorism;
Current report
Rental revenues were $13.3 million higher;
Current report
Equity in earnings was $2.3 million higher.
Current report
Interest expense was $4.4 million higher;
Current report
Maintenance and repairs expense was $3.5 million higher; and
Current report
Property operating expense was $2.1 million higher.
Removed paragraphs (14)
Previous report
cyber-attacks or acts of cyber-terrorism;
Previous report
Equity in earnings of unconsolidated affiliates was $3.8 million higher;
Previous report
Interest expense was $4.0 million lower; and
Previous report
Rental revenues were $4.8 million lower;
Previous report
Gain on deconsolidation was $19.7 million lower;
Previous report
Litigation settlement expense was $2.0 million higher; and
Previous report
General and administrative expense was $1.0 million higher.
Previous report
Equity in earnings of unconsolidated affiliates was $16.0 million higher;
Previous report
Interest expense was $12.5 million lower;
Previous report
Interest and other income was $2.8 million higher;
Previous report
Maintenance and repairs was $2.0 million lower; and
Previous report
Rental revenues were $11.9 million lower;
Previous report
Litigation settlement expense was $2.0 million higher; and
Previous report
Gain on deconsolidation was $47.9 million lower.
Reworded paragraphs (5)
Previous wording
uncertainty and economic impact of pandemics, epidemics or other public health emergencies or fear of such events, such as the COVID-19 pandemic and related governmental responses; and
Current wording
uncertainty and economic impact of pandemics, epidemics or other public health emergencies or fear of such events; and
Previous wording
Gain on sales of real estate assets was $9.4 million higher.
Current wording
Gain on sales of real estate assets was $17.8 million higher; and
Previous wording
Depreciation and amortization expense was $12.8 million lower;
Current wording
Depreciation and amortization expense was $7.5 million higher;
Previous wording
Real estate taxes were $7.5 million lower;
Current wording
Real estate taxes were $6.5 million higher;
Previous 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.
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 continue to contribute to stabilization of our portfolio and revenues in future years.
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
Significant items that affected comparability between the nine-month periods include:
Previous report — wording carried elsewhere
Items increasing net income for the nine months ended September 30, 2024 compared to the prior-year period:
Previous report — wording carried elsewhere
Depreciation and amortization expense was $39.1 million lower;
Previous report — wording carried elsewhere
Gain on sales of real estate assets was $11.6 million higher.
Previous report — wording carried elsewhere
Items decreasing net income for the nine months ended September 30, 2024 compared to the prior-year period: