CBL & ASSOCIATES PROPERTIES INC
For the period ended Jun 30, 2025. Filed Aug 6, 2025.
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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, 2025 · Filed Aug 6, 2025
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Item 2. Results of Operations
Results of Operations
Properties that were in operation for the entire year during 2024 and the six months ended June 30, 2025 are referred to as the "Comparable Properties." Since January 2024, we have opened, consolidated, acquired, deconsolidated and disposed of the following properties:
Properties Opened
| Property | Location | Date Opened |
|---|---|---|
| Friendly Center Medical Office (1) | Greensboro, NC | August 2024 |
(1)
The property is owned by a joint venture that is accounted for using the equity method of accounting and is included in equity in earnings of unconsolidated affiliates in the accompanying condensed consolidated statements of operations.
Consolidations
| Property | Location | Date of Consolidation |
|---|---|---|
| CoolSprings Galleria | Nashville, TN | December 2024 |
| Oak Park Mall | Overland Park, KS | December 2024 |
| West County Center | Des Peres, MO | December 2024 |
Acquisitions
| Property | Location | Date of Consolidation |
|---|---|---|
| Ashland Town Center (1) | Ashland, KY | July 2025 |
| Mesa Mall (1) | Grand Junction, CO | July 2025 |
| Paddock Mall (1) | Ocala, FL | July 2025 |
| Southgate Mall (1) | Missoula, MT | July 2025 |
(1)
Deconsolidations
| Property | Location | Date Opened |
|---|---|---|
| Southpark Mall (1) | Colonial Heights, VA | August 2025 |
(1)
Dispositions
| Property | Location | Date of Disposition |
|---|---|---|
| Layton Hills Mall | Layton, UT | August 2024 |
| Layton Hills Convenience Center | Layton, UT | September 2024 |
| Property | Location | Date of Disposition |
|---|---|---|
| Layton Hills Plaza | Layton, UT | September 2024 |
| Monroeville Mall | Monroeville, PA | January 2025 |
| Annex at Monroeville | Monroeville, PA | January 2025 |
| Imperial Valley Mall | El Centro, CA | February 2025 |
| 840 Greenbrier Circle | Chesapeake, VA | June 2025 |
| The Promenade (1) | D'Iberville, MS | July 2025 |
(1)
We consider properties undergoing major redevelopment, properties being considered for repositioning, properties where we intend to renegotiate the terms of the debt secured by the related property or return the property to the lender as non-core. As of June 30, 2025, Brookfield Square, Harford Mall, Laurel Park Place and Southpark Mall were designated as non-core. Additionally, The Promenade was in the process of being sold and therefore was designated as non-core as of June 30, 2025.
Comparison of the Three Months Ended June 30, 2025 to the Three Months Ended June 30, 2024
| Three Months Ended June 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | Change | Malls | Outlet Centers | Lifestyle Centers | Open-Air Centers | All Other | |
| Rental revenues | $136,453 | $124,071 | $12,382 | $12,542 | $(273) | $907 | $(255) | $(539) |
| Management, development and leasing fees | 1,357 | 1,817 | (460) | — | — | — | — | (460) |
| Other | 3,095 | 3,777 | (682) | (175) | (22) | (28) | (37) | (420) |
| Total revenues | $140,905 | $129,665 | $11,240 | $12,367 | $(295) | $879 | $(292) | $(1,419) |
Rental revenues increased primarily due to the consolidation of CoolSprings Galleria, Oak Park Mall and West County Center in December 2024, which resulted in an increase of $21.0 million during the current-year period. The increase was partially offset by $8.5 million of rental revenues associated with properties sold since the prior-year period. Rental revenues at the comparable properties were flat compared to the prior-year period.
Operating Expenses
| Three Months Ended June 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | Change | Malls | Outlet Centers | Lifestyle Centers | Open-Air Centers | All Other | |
| Property operating | $(23,583) | $(20,740) | $(2,843) | $(2,377) | $53 | $(145) | $(525) | $151 |
| Real estate taxes | (15,027) | (13,028) | (1,999) | (1,929) | (52) | (74) | 2 | 54 |
| Maintenance and repairs | (10,372) | (9,179) | (1,193) | (935) | (36) | (91) | (71) | (60) |
| Property operating expenses | (48,982) | (42,947) | (6,035) | (5,241) | (35) | (310) | (594) | 145 |
| Depreciation and amortization | (39,702) | (38,664) | (1,038) | (4,054) | 53 | 56 | 2,224 | 683 |
| General and administrative | (15,188) | (14,831) | (357) | — | — | — | — | (357) |
| Loss on impairment | (1,457) | — | (1,457) | — | — | — | — | (1,457) |
| Litigation settlement | — | 72 | (72) | — | — | — | — | (72) |
| Other | (30) | (127) | 97 | (30) | — | — | — | 127 |
| Total operating expenses | $(105,359) | $(96,497) | $(8,862) | $(9,325) | $18 | $(254) | $1,630 | $(931) |
Total property operating expenses increased primarily due to the consolidation of CoolSprings Galleria, Oak Park Mall and West County Center in December 2024, which resulted in an increase of $7.7 million during the current-year period. Also, the increase was impacted by state franchise tax rebates received in the prior-year period. The increase was partially offset by $3.7 million of total property operating expenses associated with properties sold since the prior-year period.
Depreciation and amortization expense increased primarily due to the addition of tangible assets and intangible lease assets recognized upon the consolidation of CoolSprings Galleria, Oak Park Mall and West County Center in December 2024, which resulted in an increase of $13.2 million during the current-year period. The increase was partially offset by tenant improvement and intangible in-place lease assets recognized upon the adoption of fresh start accounting on November 1, 2021 becoming fully depreciated or amortized since the prior-year period. Also, dispositions accounted for a $2.1 million decrease in the current-year period as compared to the prior-year period.
Other Income and Expenses
Interest expense increased $4.6 million during the three months ended June 30, 2025 as compared to the prior-year period. The increase was primarily due to higher accretion of property-level debt discounts and property-level interest expense associated with the consolidation of CoolSprings Galleria, Oak Park Mall and West County Center in December 2024. The increase was partially offset by lower interest expense on the secured term loan due to paydowns that have occurred since the prior-year period, as well as a lower variable interest rate in the current-year period.
During the three months ended June 30, 2025, we recognized a $1.3 million gain on sales of real estate assets primarily related to the sale of an outparcel.
Comparison of the Six Months Ended June 30, 2025 to the Six Months Ended June 30, 2024
| Six Months Ended June 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | Change | Malls | Outlet Centers | Lifestyle Centers | Open-Air Centers | All Other | |
| Rental revenues | $273,813 | $248,098 | $25,715 | $26,289 | $(251) | $907 | $(631) | $(599) |
| Management, development and leasing fees | 2,674 | 3,722 | (1,048) | — | — | — | — | (1,048) |
| Other | 6,186 | 6,962 | (776) | 36 | (112) | (161) | (125) | (414) |
| Total revenues | $282,673 | $258,782 | $23,891 | $26,325 | $(363) | $746 | $(756) | $(2,061) |
Rental revenues increased primarily due to the consolidation of CoolSprings Galleria, Oak Park Mall and West County Center in December 2024, which resulted in an increase of $41.8 million during the current-year period. The increase was partially offset by $14.7 million of rental revenues associated with properties sold since the prior-year period.
Operating Expenses
| Six Months Ended June 30, | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | Change | Malls | Outlet Centers | Lifestyle Centers | Open-Air Centers | All Other | |
| Property operating | $(49,461) | $(44,567) | $(4,894) | $(5,135) | $(91) | $(273) | $(255) | $860 |
| Real estate taxes | (30,758) | (22,297) | (8,461) | (7,698) | (121) | (193) | (665) | 216 |
| Maintenance and repairs | (23,838) | (19,117) | (4,721) | (4,062) | (114) | (240) | (240) | (65) |
| Property operating expenses | (104,057) | (85,981) | (18,076) | (16,895) | (326) | (706) | (1,160) | 1,011 |
| Depreciation and amortization | (85,243) | (76,704) | (8,539) | (14,159) | 207 | 547 | 3,481 | 1,385 |
| General and administrative | (35,895) | (35,245) | (650) | — | — | — | — | (650) |
| Loss on impairment | (1,457) | (836) | (621) | — | — | — | — | (621) |
| Litigation settlement | — | 140 | (140) | — | — | — | — | (140) |
| Other | (30) | (127) | 97 | (30) | — | — | — | 127 |
| Total operating expenses | $(226,682) | $(198,753) | $(27,929) | $(31,084) | $(119) | $(159) | $2,321 | $1,112 |
Total property operating expenses increased primarily due to the consolidation of CoolSprings Galleria, Oak Park Mall and West County Center in December 2024, which resulted in an increase of $15.8 million during the current-year period. Also, the increase was impacted by state franchise tax rebates received in the prior-year period, as well as an increase in non-contract exterior maintenance costs, primarily driven by an increase in snow removal expense across our properties. The increase was partially offset by $2.2 million of total property operating expenses associated with properties sold since the prior-year period.
Depreciation and amortization expense increased primarily due to the addition of tangible assets and intangible lease assets recognized upon the consolidation of CoolSprings Galleria, Oak Park Mall and West County Center in December 2024, which resulted in an increase of $30.4 million during the current-year period. The increase was partially offset by tenant improvement and intangible in-place lease assets recognized upon the adoption of fresh start accounting on November 1, 2021 becoming fully depreciated or amortized since the prior-year period. Also, dispositions accounted for a $3.8 million decrease in the current-year period as compared to the prior-year period.
Other Income and Expenses
Interest expense increased $9.0 million during the six months ended June 30, 2025 as compared to the prior-year period. The increase was primarily due to higher accretion of property-level debt discounts and property-level interest expense associated with the consolidation of CoolSprings Galleria, Oak Park Mall and West County Center in December
- The increase was partially offset by lower interest expense on the secured term loan due to paydowns that have occurred since the prior-year period, as well as a lower variable interest rate in the current-year period.
During the six months ended June 30, 2025, we recognized a $22.9 million gain on sales of real estate assets related to the sales of Imperial Valley Mall, Monroeville Mall, Annex at Monroeville, three outparcels associated with the Monroeville Mall properties, a land parcel associated with Imperial Valley Mall and an outparcel. During the six months ended June 30, 2024 we recognized a $3.7 million gain on sales of real estate assets related to the sale of an anchor parcel.
Non-GAAP Measure
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