CBL & ASSOCIATES PROPERTIES INC, 10-Q filed on 8/6/2025
Quarterly Report
v3.25.2
Document And Entity Information - shares
 6 Months Ended
Jun. 30, 2025
Jul. 30, 2025
Cover [Abstract]    
Entity Central Index Key 0000910612  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 1-12494  
Entity Registrant Name CBL & ASSOCIATES PROPERTIES, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 62-1545718  
Entity Address, Address Line One 2030 Hamilton Place Blvd.  
Entity Address, Address Line Two Suite 500  
Entity Address, City or Town Chattanooga  
Entity Address, State or Province TN  
Entity Address, Postal Zip Code 37421  
City Area Code 423  
Local Phone Number 855-0001  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Bankruptcy Proceedings, Reporting Current true  
Title of 12(b) Security Common Stock, $0.001 par value  
Trading Symbol CBL  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   30,933,176
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Real estate assets:    
Land [1] $ 581,751 $ 588,153
Buildings and improvements [1] 1,485,745 1,505,232
Real estate assets [1] 2,067,496 2,093,385
Accumulated depreciation [1] (314,093) (283,785)
Net investment in real estate assets [1] 1,753,403 1,809,600
Held-for-sale [1] 33,134 56,075
Developments in progress [1] 7,757 5,817
Net investment in real estate assets [1] 1,794,294 1,871,492
Cash and cash equivalents [1] 100,325 40,791
Restricted cash [1] 104,171 112,938
Available-for-sale securities - at fair value (amortized cost of $187,764 and $242,881 as of June 30, 2025 and December 31, 2024, respectively) [1] 187,662 243,148
Receivables:    
Tenant [1] 35,648 45,594
Other [1] 1,484 2,356
Investments in unconsolidated affiliates [1] 84,434 83,465
In-place leases, net [1] 148,572 186,561
Intangible lease assets and other assets [1] 146,417 160,846
Total assets [1] 2,603,007 2,747,191
LIABILITIES AND EQUITY    
Mortgage and other indebtedness, net 2,139,776 2,212,680
Accounts payable and accrued liabilities 185,718 221,647
Total liabilities [1] 2,325,494 2,434,327
Shareholders' equity:    
Common stock, $.001 par value, 200,000,000 shares authorized, 30,935,677 and 30,711,227 issued and outstanding as of June 30, 2025 and December 31, 2024, respectively (in each case, excluding 34 treasury shares) 31 31
Additional paid-in capital 699,150 694,566
Accumulated other comprehensive (loss) income (12) 782
Accumulated deficit (409,782) (371,833)
Total shareholders' equity 289,387 323,546
Noncontrolling interests (11,874) (10,682)
Total equity 277,513 312,864
Total liabilities, redeemable noncontrolling interests and equity $ 2,603,007 $ 2,747,191
[1] As of June 30, 2025, includes $167,278 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $210,970 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 8.
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Available-for-sale securities, amortized cost $ 187,764 $ 242,881
Common stock, par value (USD per share) $ 0.001 $ 0.001
Common stock authorized (shares) 200,000,000 200,000,000
Common stock issued (shares) 30,935,677 30,711,227
Common stock outstanding (shares) 30,935,677 30,711,227
Common stock, treasury shares 34 34
Variable interest asset entities [1] $ 2,603,007 $ 2,747,191
Variable interest liability entities [1] 2,325,494 $ 2,434,327
Variable Interest Entity Primary Beneficiary    
Variable interest asset entities 167,278  
Variable interest liability entities $ 210,970  
[1] As of June 30, 2025, includes $167,278 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $210,970 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 8.
v3.25.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
REVENUES:        
Rental revenues $ 136,453 $ 124,071 $ 273,813 $ 248,098
Management, development and leasing fees 1,357 1,817 2,674 3,722
Other 3,095 3,777 6,186 6,962
Total revenues [1],[2] 140,905 129,665 282,673 258,782
EXPENSES:        
Property operating (23,583) (20,740) (49,461) (44,567)
Depreciation and amortization (39,702) (38,664) (85,243) (76,704)
Real estate taxes (15,027) (13,028) (30,758) (22,297)
Maintenance and repairs (10,372) (9,179) (23,838) (19,117)
General and administrative (15,188) (14,831) (35,895) (35,245)
Loss on impairment (1,457)   (1,457) (836)
Litigation settlement   72   140
Other (30) (127) (30) (127)
Total expenses (105,359) (96,497) (226,682) (198,753)
OTHER INCOME (EXPENSES):        
Interest and other income 3,164 4,082 6,632 8,086
Interest expense (43,959) (39,407) (88,184) (79,219)
Loss on extinguishment of debt (0)   (217)  
Gain (loss) on sales of real estate assets 1,339 (50) 22,871 3,671
Income tax (provision) benefit (369) (650) 102 (492)
Equity in earnings of unconsolidated affiliates 6,437 7,148 13,350 11,742
Total other expenses, net (33,388) (28,877) (45,446) (56,212)
Net income 2,158 4,291 10,545 3,817
Net income (loss) attributable to common shareholders        
Operating Partnership (2)   (8)  
Other consolidated subsidiaries 603 453 1,011 977
Net income attributable to the Company 2,759 4,744 11,548 4,794
Earnings allocable to unvested restricted stock (192) (260) (769) (519)
Net income attributable to common shareholders $ 2,567 $ 4,484 $ 10,779 $ 4,275
Basic and diluted per share data attributable to common shareholders:        
Basic earnings per share $ 0.08 $ 0.14 $ 0.35 $ 0.14
Diluted earnings per share [3] $ 0.08 $ 0.14 $ 0.35 $ 0.14
Weighted-average basic shares 30,456 31,150 30,438 31,348
Weighted-average diluted shares [3] 30,742 31,156 30,726 31,351
[1] Management, development and leasing fees earned by the Management Company are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source.
[2] Sales taxes are excluded from revenues.
[3] For the three and six months ended June 30, 2025, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the three and six months ended June 30, 2025, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three and six months ended June 30, 2025, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 30,832,900 and 30,828,038, respectively, including 90,604 and 102,232, respectively, contingently issuable shares related to unvested restricted stock awards. For the three and six months ended June 30, 2024, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the three and six months ended June 30, 2024, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three and six months ended June 30, 2024, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,183,259 and 31,370,543, respectively, including 26,957 and 19,532, respectively, contingently issuable shares related to unvested restricted stock awards.
v3.25.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 2,158 $ 4,291 $ 10,545 $ 3,817
Other comprehensive income (loss):        
Unrealized (loss) gain on interest rate swap (143) 35 (424) 497
Unrealized loss on available-for-sale securities (176) (118) (370) (464)
Total other comprehensive (loss) income (319) (83) (794) 33
Comprehensive income 1,839 4,208 9,751 3,850
Comprehensive (income) loss attributable to noncontrolling interests in:        
Operating Partnership (2) (0) (8) 0
Other consolidated subsidiaries 603 453 1,011 977
Comprehensive income attributable to the Company 2,440 4,661 10,754 4,827
Earnings allocable to unvested restricted stock (192) (260) (769) (519)
Comprehensive income attributable to common shareholders $ 2,248 $ 4,401 $ 9,985 $ 4,308
v3.25.2
Condensed Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Total Shareholders' Equity
Noncontrolling Interests
Beginning balance at Dec. 31, 2023 $ 330,617 $ 32 $ 719,125 $ 610 $ (380,446) $ 339,321 $ (8,704)
Net income (loss) (474)       50 50 (524)
Other comprehensive income (loss) 116     116   116  
Dividends declared - common stock (12,870)       (12,870) (12,870)  
Issuance of share of common stock associated with performance stock units net of shares withheld for tax (769)   (769)     (769)  
Distributions to noncontrolling interests (133)           (133)
Amortization of deferred compensation 2,012   2,012     2,012  
Compensation expense related to performance stock units 1,667   1,667     1,667  
Cancellation of shares of restricted common stock (292)   (292)     (292)  
Repurchases of common stock (5,037)   (5,037)     (5,037)  
Contributions from noncontrolling interests 13           13
Ending balance at Mar. 31, 2024 314,850 32 716,706 726 (393,266) 324,198 (9,348)
Net income (loss) 4,291       4,744 4,744 (453)
Other comprehensive income (loss) (83)     (83)   (83)  
Dividends declared - common stock (12,671)       (12,671) (12,671)  
Distributions to noncontrolling interests (2)           (2)
Amortization of deferred compensation 2,124   2,124     2,124  
Compensation expense related to performance stock units 1,441   1,441     1,441  
Repurchases of common stock (10,964)   (10,964)     (10,964)  
Ending balance at Jun. 30, 2024 298,986 32 709,307 643 (401,193) 308,789 (9,803)
Beginning balance at Dec. 31, 2024 312,864 31 694,566 782 (371,833) 323,546 (10,682)
Net income (loss) 8,387       8,789 8,789 (402)
Other comprehensive income (loss) (475)     (475)   (475)  
Dividends declared - common stock (37,123)       (37,123) (37,123)  
Issuance of share of common stock associated with performance stock units net of shares withheld for tax (2,548)   (2,548)     (2,548)  
Distributions to noncontrolling interests (183)           (183)
Amortization of deferred compensation 2,156   2,156     2,156  
Compensation expense related to performance stock units 1,834   1,834     1,834  
Cancellation of shares of restricted common stock (1,150)   (1,150)     (1,150)  
Adjustment for noncontrolling interests     (3)     (3) 3
Ending balance at Mar. 31, 2025 283,762 31 694,855 307 (400,167) 295,026 (11,264)
Net income (loss) 2,158       2,759 2,759 (601)
Other comprehensive income (loss) (319)     (319)   (319)  
Dividends declared - common stock (12,374)       (12,374) (12,374)  
Distributions to noncontrolling interests (3)           (3)
Amortization of deferred compensation 2,308   2,308     2,308  
Compensation expense related to performance stock units 1,981   1,981     1,981  
Adjustment for noncontrolling interests     6     6 (6)
Ending balance at Jun. 30, 2025 $ 277,513 $ 31 $ 699,150 $ (12) $ (409,782) $ 289,387 $ (11,874)
v3.25.2
Condensed Consolidated Statements of Equity (Parenthetical) - shares
 3 Months Ended
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]      
Issuance of restricted common stock (shares) 132,466   145,352
Issuance of common stock associated with performance stock units net of shares withheld for tax (shares) 128,368   164,837
Cancellation of restricted common stock (shares) 36,384   12,484
Repurchases of common stock (shares)   482,797 239,411
v3.25.2
Condensed Consolidated Statements of Cash Flows
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 2,158 $ 10,545 $ 3,817
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization   85,243 76,704
Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts   15,527 4,963
Net amortization of intangible lease assets and liabilities   6,346 6,148
Gain on sales of real estate assets   (22,871) (3,671)
Write-off of development projects   27 127
Share-based compensation expense   8,279 7,244
Loss on impairment 1,457 1,457 836
Loss on extinguishment of debt 0 217  
Equity in earnings of unconsolidated affiliates (6,437) (13,350) (11,742)
Distributions of earnings from unconsolidated affiliates   8,891 9,734
Change in estimate of uncollectable revenues   1,042 2,344
Change in deferred tax accounts   1,527 213
Changes in:      
Tenant and other receivables   10,497 2,667
Other assets   (2,815) 1,509
Accounts payable and accrued liabilities   (10,615) (5,929)
Net cash provided by operating activities   99,947 94,964
CASH FLOWS FROM INVESTING ACTIVITIES:      
Additions to real estate assets   (28,263) (13,939)
Acquisitions of real estate assets   (6,158)  
Net proceeds from sales of real estate assets   76,435 6,694
Purchases of available-for-sale securities   (110,634) (128,769)
Redemptions of available-for-sale securities   164,235 154,036
Additional investments in and advances to unconsolidated affiliates   (100) (4,798)
Distributions in excess of equity in earnings of unconsolidated affiliates   3,695 886
Changes in other assets   (1,155) (1,228)
Net cash provided by investing activities   98,055 12,882
CASH FLOWS FROM FINANCING ACTIVITIES:      
Principal payments on mortgage and other indebtedness   (93,659) (46,958)
Additions to debt issuance costs   (270)  
Repurchases of common stock     (16,001)
Contributions from noncontrolling interests     13
Payment of tax withholdings for restricted stock awards and performance stock units   (3,698) (1,062)
Distributions to noncontrolling interests   (186) (135)
Dividends paid to common shareholders   (49,497) (25,541)
Net cash used in financing activities   (147,310) (89,684)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   50,692 18,162
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period   153,804 123,076
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 204,496 204,496 141,238
Reconciliation from condensed consolidated statements of cash flows to condensed consolidated balance sheets:      
Cash and cash equivalents 100,325 [1] 100,325 [1]  
Restricted cash:      
Restricted cash 43,926 43,926 43,116
Mortgage escrows 60,245 60,245 40,443
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period $ 204,496 204,496 141,238
SUPPLEMENTAL INFORMATION      
Cash paid for interest, net of amounts capitalized   $ 68,025 $ 68,585
[1] As of June 30, 2025, includes $167,278 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $210,970 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 8.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 2,759 $ 4,744 $ 11,548 $ 4,794
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Organization and Basis of Presentation
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Basis of Presentation

Note 1 – Organization and Basis of Presentation

CBL & Associates Properties, Inc. (“CBL”), a Delaware corporation, is a self-managed, self-administered, fully integrated real estate investment trust (“REIT”) that is engaged in the ownership, development, acquisition, leasing, management and operation of regional shopping malls, outlet centers, lifestyle centers, open-air centers, office buildings and other properties, including single-tenant and multi-tenant parcels. Its properties are located in 20 states, but are primarily in the southeastern and midwestern United States.

CBL conducts substantially all its business through CBL & Associates Limited Partnership (the “Operating Partnership”), which is a variable interest entity ("VIE"). The Operating Partnership consolidates the financial statements of all entities in which it has a controlling financial interest or where it is the primary beneficiary of a VIE.

As of June 30, 2025, the Operating Partnership owned interests in the following properties:

 

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Other (1)(2)

 

 

Total

 

Consolidated Properties

 

 

40

 

 

 

2

 

 

 

3

 

 

 

19

 

 

 

3

 

 

 

67

 

Unconsolidated Properties (3)

 

 

3

 

 

 

3

 

 

 

1

 

 

 

8

 

 

 

1

 

 

 

16

 

Total

 

 

43

 

 

 

5

 

 

 

4

 

 

 

27

 

 

 

4

 

 

 

83

 

 

(1)
Included in “All Other” for purposes of segment reporting.
(2)
CBL's two consolidated corporate office buildings are included in the Other category.
(3)
The Operating Partnership accounts for these investments using the equity method.

CBL is the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. As of June 30, 2025, CBL Holdings I, Inc., the sole general partner of the Operating Partnership, owned a 1.00% general partner interest in the Operating Partnership and CBL Holdings II, Inc. owned a 98.98% limited partner interest for a combined interest held by CBL of 99.98%. As of June 30, 2025, third parties owned a 0.02% limited partner interest in the Operating Partnership.

As used herein, the term "Company" includes CBL & Associates Properties, Inc. and its subsidiaries, including CBL & Associates Limited Partnership and its subsidiaries, unless the context indicates otherwise. The term "Operating Partnership" refers to CBL & Associates Limited Partnership and its subsidiaries.

The Operating Partnership conducts the Company's property management and development activities through its wholly owned subsidiary, CBL & Associates Management, Inc. (the “Management Company"), to comply with certain requirements of the Internal Revenue Code.

The accompanying condensed consolidated financial statements are unaudited; however, they have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in conjunction with the rules and regulations of the Securities and Exchange Commission ("SEC"). Accordingly, they do not include all the disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting solely of normal recurring matters) necessary for a fair presentation of the financial statements for these interim periods have been included. All intercompany transactions have been eliminated. The results for the interim period ended June 30, 2025 are not necessarily indicative of the results to be obtained for the full fiscal year.
v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Note 2 – Summary of Significant Accounting Policies

Accounting Guidance Not Yet Adopted

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU"), "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures," to improve the disclosures about a public business entity's expenses by providing more detailed information about the types of expenses in commonly presented expense captions. The standard will be effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning December 15, 2027. The Company is currently evaluating the impact that the adoption of this new standard will have on its condensed consolidated financial statements.

Accounts Receivable

Receivables include amounts billed and currently due from tenants pursuant to lease agreements and receivables attributable to straight-line rents associated with those lease agreements. Individual leases where the collection of rents is in dispute are assessed for collectability based on management’s best estimate of collection considering the anticipated

outcome of the dispute. Individual leases that are not in dispute are assessed for collectability and upon the determination that the collection of rents over the remaining lease term is not probable, accounts receivable is reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, management assesses whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. An allowance for the uncollectable portion of the portfolio is recorded as an adjustment to rental revenues.

Management’s collection assessment took into consideration the type of retailer, billing disputes, lease negotiation status and executed deferral or abatement agreements, as well as recent rent collection experience and tenant bankruptcies based on the best information available to management at the time of evaluation.
v3.25.2
Revenues
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenues

Note 3 – Revenues

Revenues

The following table presents the Company's revenues disaggregated by revenue source for the three and six months ended June 30, 2025 and 2024:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Rental revenues

 

$

136,453

 

 

$

124,071

 

 

$

273,813

 

 

$

248,098

 

Revenues from contracts with customers:

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense reimbursements (see table below)

 

 

1,747

 

 

 

1,960

 

 

 

3,689

 

 

 

4,220

 

Management, development and leasing fees (1)

 

 

1,357

 

 

 

1,817

 

 

 

2,674

 

 

 

3,722

 

Marketing revenues (see table below)

 

 

758

 

 

 

563

 

 

 

1,109

 

 

 

967

 

 

 

3,862

 

 

 

4,340

 

 

 

7,472

 

 

 

8,909

 

 

 

 

 

 

 

 

 

 

 

 

 

Other revenues

 

 

590

 

 

 

1,254

 

 

 

1,388

 

 

 

1,775

 

Total revenues (2)

 

$

140,905

 

 

$

129,665

 

 

$

282,673

 

 

$

258,782

 

 

(1)
Included in All Other segment.
(2)
Sales taxes are excluded from revenues.

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Operating expense reimbursements detail:

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Malls

 

$

1,485

 

 

$

1,546

 

 

$

3,135

 

 

$

3,427

 

Lifestyle Centers

 

 

164

 

 

 

163

 

 

 

335

 

 

 

328

 

Open-Air Centers

 

 

89

 

 

 

125

 

 

 

167

 

 

 

291

 

All Other

 

 

9

 

 

 

126

 

 

 

52

 

 

 

174

 

 

$

1,747

 

 

$

1,960

 

 

$

3,689

 

 

$

4,220

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Marketing revenues detail:

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Malls

 

$

716

 

 

$

505

 

 

$

1,036

 

 

$

840

 

Lifestyle Centers

 

 

40

 

 

 

51

 

 

 

69

 

 

 

119

 

Open-Air Centers

 

 

2

 

 

 

7

 

 

 

4

 

 

 

8

 

 

$

758

 

 

$

563

 

 

$

1,109

 

 

$

967

 

See Note 10 for information on the Company's segments.

Revenues from Contracts with Customers

Outstanding Performance Obligations

The Company has outstanding performance obligations related to certain noncancelable contracts with customers for which it will receive fixed operating expense reimbursements for providing certain maintenance and other services as described above. As of June 30, 2025, the Company expects to recognize these amounts as revenue over the following periods:

Performance obligation

 

Less than 5
years

 

 

5-20
years

 

 

Over 20
years

 

 

Total

 

Fixed operating expense reimbursements

 

$

19,754

 

 

$

44,132

 

 

$

33,882

 

 

$

97,768

 

The Company evaluates its performance obligations each period and makes adjustments to reflect any known additions or cancellations. Performance obligations related to variable consideration, which is based on sales, are constrained.
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases

Note 4 – Leases

The components of rental revenues for the three and six months ended June 30, 2025 and 2024 are as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Fixed lease payments

 

$

107,552

 

 

$

97,833

 

 

$

225,073

 

 

$

196,137

 

Variable lease payments

 

 

28,901

 

 

 

26,238

 

 

 

48,740

 

 

 

51,961

 

Total rental revenues

 

$

136,453

 

 

$

124,071

 

 

$

273,813

 

 

$

248,098

 

The undiscounted future fixed lease payments to be received under the Company's operating leases as of June 30, 2025, are as follows:

Years Ending December 31,

 

 

 

2025 (1)

 

$

219,671

 

2026

 

 

364,731

 

2027

 

 

281,851

 

2028

 

 

210,024

 

2029

 

 

152,873

 

2030

 

 

100,193

 

Thereafter

 

 

295,090

 

Total undiscounted lease payments

 

$

1,624,433

 
(1)
Reflects rental payments for the period July 1, 2025 to December 31, 2025.
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 5 – Fair Value Measurements

The Company has categorized its financial assets and financial liabilities that are recorded at fair value into a hierarchy in accordance with Accounting Standards Codification ("ASC") 820, Fair Value Measurements and Disclosure, ("ASC 820") based on whether the inputs to valuation techniques are observable or unobservable. The fair value hierarchy contains three levels of inputs that may be used to measure fair value as follows:

Level 1 –

Inputs represent quoted prices in active markets for identical assets and liabilities as of the measurement date.

Level 2 –

Inputs, other than those included in Level 1, represent observable measurements for similar instruments in active markets, or identical or similar instruments in markets that are not active, and observable measurements or market data for instruments with substantially the full term of the asset or liability.

Level 3 –

Inputs represent unobservable measurements, supported by little, if any, market activity, and require considerable assumptions that are significant to the fair value of the asset or liability. Market valuations must often be determined using discounted cash flow methodologies, pricing models or similar techniques based on the Company’s assumptions and best judgment.

 

The asset or liability's fair value within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Under ASC 820, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability in an orderly transaction at the measurement date and under current market conditions. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs and consider assumptions such as inherent risk, transfer restrictions and risk of nonperformance.

The carrying values of cash and cash equivalents, receivables, accounts payable and accrued liabilities are reasonable estimates of their fair values because of the short-term nature of these financial instruments. The estimated fair value of mortgage and other indebtedness was $2,041,150 and $2,110,154 as of June 30, 2025 and December 31, 2024, respectively. The fair value of mortgage and other indebtedness was calculated using Level 2 inputs by discounting future cash flows for mortgage and other indebtedness using estimated market rates at which similar loans would be made currently.

Fair Value Measurements on a Recurring Basis

The Company uses interest rate swaps to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows. This analysis reflects the contractual terms of the interest rate swap, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the Company's derivative contracts for the effect of nonperformance risk, it has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. In accordance with ASU 2011-04, the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Although the Company has determined that the majority of the inputs used to value its interest rate swap fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its interest rate swap utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contract, which determination was based on the fair value of the individual contract, was not significant to the overall valuation. As a result, the Company's interest rate swap held as of June 30, 2025 and December 31, 2024 was classified as Level 2 of the fair value hierarchy.

The following table sets forth information regarding the Company's interest rate swap that was designated as a cash flow hedge of interest rate risk for the six months ended June 30, 2025. See Note 9 for more information.

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

Asset

 

Fair Value at June 30, 2025

 

 

Quoted Prices in
Active Markets
 for Identical
Assets (Level 1)

 

 

Significant
Other
Observable
Inputs (Level 2)

 

 

Significant
Unobservable
Inputs (Level 3)

 

Interest rate swap

 

$

90

 

 

$

—

 

 

$

90

 

 

$

—

 

During the six months ended June 30, 2025, the Company has continued to reinvest the cash from maturing U.S. Treasury securities into new U.S. Treasury securities. The Company designated the U.S. Treasury securities as available-for-sale (“AFS”). The table below sets forth information regarding the Company’s AFS securities that were measured at fair value for the six months ended June 30, 2025 and for the year ended December 31, 2024:

U.S. Treasury securities

 

June 30, 2025

 

 

December 31, 2024

 

Amortized cost (1)

 

$

187,764

 

 

$

242,881

 

Allowance for credit losses (2)

 

 

—

 

 

 

—

 

Total unrealized (loss) gain

 

 

(102

)

 

 

267

 

Fair value (3)

 

$

187,662

 

 

$

243,148

 
(1)
The U.S. Treasury securities held as of June 30, 2025 have maturities through May 2026.
(2)
U.S. Treasury securities have a long history with no credit losses. Additionally, the Company notes that U.S. Treasury securities are explicitly fully guaranteed by a sovereign entity that can print its own currency and that the sovereign entity’s currency is routinely held by central banks and other major financial institutions, is used in international commerce, and commonly viewed as a reserve currency, all of which qualitatively indicate that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Therefore, the Company did not record expected credit losses for its U.S. Treasury securities for the six months ended June 30, 2025, nor for the year ended December 31, 2024.
(3)
Fair value was calculated using Level 1 inputs.

Fair Value Measurements on a Nonrecurring Basis

The Company measures the fair value of certain long-lived assets on a nonrecurring basis, through quarterly impairment testing or when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The Company’s evaluation of the recoverability of long-lived assets involves the comparison of undiscounted future cash flows expected to be generated by each property over the Company’s expected remaining holding period to the respective carrying amount. The determination of whether the carrying value is recoverable also requires management to make estimates related to probability weighted scenarios impacting undiscounted cash flow models. The Company considers both quantitative and qualitative factors in its impairment analysis of long-lived assets. Significant quantitative factors include historical and forecasted information for each property such as net operating income, occupancy statistics and sales levels. Significant qualitative factors used include market conditions, age and condition of the property and tenant mix. The quantitative and qualitative factors impact the selection of the terminal capitalization rate which is used in both an undiscounted and discounted cash flow model and the discount rate used in a discounted cash flow model. Due to the significant unobservable estimates and assumptions used in the valuation of long-lived assets that experience impairment, the Company classifies such long-lived assets under Level 3 in the fair value hierarchy. Level 3 inputs primarily consist of sales and market data, independent valuations and discounted cash flow models.

Long-lived Assets Measured at Fair Value in 2025

During the three and six months ended June 30, 2025, the Company sold 840 Greenbrier Circle for less than its carrying value and recorded an impairment of $1,457.

Long-lived Assets Measured at Fair Value in 2024

During the six months ended June 30, 2024, the Company sold an outparcel for less than its carrying value and recorded an impairment of $836.
v3.25.2
Acquisitions
 6 Months Ended
Jun. 30, 2025
Business Combinations [Abstract]  
Acquisitions

Note 6 - Acquisitions

The Company's acquisitions are accounted for as acquisitions of assets. The Company includes the results of operations of real estate assets acquired in the condensed consolidated statements of operations from the date of the related acquisition.

2025 Acquisitions

In January 2025, the Company acquired four Macy's stores for $6,156, which included land, buildings and improvements, for future redevelopment at the respective properties. Subsequent to June 30, 2025, the Company closed on the acquisition of four enclosed malls for $178,900 (the "WPG acquisition"). See Note 15 for more information.
v3.25.2
Dispositions and Held for Sale
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions and Held for Sale

Note 7 – Dispositions and Held-for-Sale

Dispositions

Based on its analysis, the Company determined that the dispositions described below do not meet the criteria for classification as discontinued operations and are not considered to be significant disposals based on its quantitative and qualitative evaluation. Thus, the results of operations of the properties described below, as well as any related gains or losses, are included in net income (loss) for all periods presented, as applicable.

2025 Dispositions

During the three months ended June 30, 2025, the Company realized a gain of $1,339 primarily related to the sale of an outparcel. During the six months ended June 30, 2025, the Company realized a gain of $22,871 primarily related to the sales of Imperial Valley Mall, Annex at Monroeville, Monroeville Mall, three outparcels associated with the Monroeville Mall properties, a land parcel associated with Imperial Valley Mall and an outparcel. For the three and six months ended June 30, 2025, gross proceeds from sales of real estate assets were $5,000 and $77,100, respectively, which were primarily used to partially paydown the secured term loan and the open-air centers and outparcels loan. See Note 9 for more information. The Company recorded a loss on impairment related to the sale of 840 Greenbrier Circle. See Note 5 for more information. Subsequent to June 30, 2025, the Company sold The Promenade for $83,100. See Note 15 for more information.

2024 Dispositions

During the three and six months ended June 30, 2024, the Company realized a loss of $50 and a gain of $3,671, respectively, related to the sale of an anchor parcel. Gross proceeds from sales of real estate assets was $7,745. In addition, the Company recorded a loss on impairment related to an outparcel that was sold. See Note 5 for more information.

Held-for-Sale

The following property was classified as held-for-sale as of June 30, 2025:

Property

 

Location

 

Property Type

 

Total Assets

 

 

Total Liabilities (1)

 

The Promenade D'Iberville

 

D'Iberville, MS

 

Open Air/Power Center

 

$

33,134

 

 

$

2,413

 
(1)
Included within accounts payable and accrued liabilities on the condensed consolidated balance sheets.
v3.25.2
Unconsolidated Affiliates and Noncontrolling Interests
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Unconsolidated Affiliates and Noncontrolling Interests

Note 8 – Unconsolidated Affiliates and Noncontrolling Interests

Unconsolidated Affiliates

At June 30, 2025, the Company had investments in 23 entities, which are accounted for using the equity method of accounting. All investments in unconsolidated affiliates were similar in nature and the entities all were developing or held and operated real estate assets.

The Company had three unconsolidated affiliates with its ownership interests ranging from 33% to 49%, 16 unconsolidated affiliates owned in 50/50 joint ventures and four unconsolidated affiliates with ownership interests of 65%.

Although the Company had majority ownership of certain joint ventures during 2025 and 2024, it evaluated the investments and concluded that the other partners or owners in these joint ventures had substantive participating rights, such as approvals of:

•
the pro forma for the development and construction of the project and any material deviations or modifications thereto;
•
the site plan and any material deviations or modifications thereto;
•
the conceptual design of the project and the initial plans and specifications for the project and any material deviations or modifications thereto;
•
any acquisition/construction loans or any permanent financings/refinancings;
•
the annual operating budgets and any material deviations or modifications thereto;
•
the initial leasing plan and leasing parameters and any material deviations or modifications thereto; and
•
any material acquisitions or dispositions with respect to the project.

As a result of the joint control over these joint ventures, the Company accounts for these investments using the equity method of accounting.

2025 Activity - Unconsolidated Affiliates

Alamance Crossing CMBS, LLC

In March 2025, the Company transferred title of the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property, which had a balance of $41,122.

BI Developments II, LLC

In March 2025, the Company and its joint venture partner sold an outparcel. The sale resulted in total gross proceeds of $2,400 and the Company recognized a gain of $1,035 at the Company's share.

Port Orange I, LLC

In February 2025, the Company and its joint venture partner exercised the one-year extension option on the loan secured by the Pavilion at Port Orange, which extends the maturity date through February 2026.

In April 2025, the Company and its joint venture partner sold an outparcel. The sale resulted in total gross proceeds of $1,300 and the Company recognized a gain of $832 at the Company's share.

York Town Center Holding, LP

In March 2025, the loan secured by York Town Center was extended for six months through September 2025.

2024 Activity - Unconsolidated Affiliates

Mall of South Carolina, LP and Mall of South Carolina Outparcel, LP

Subsequent to June 30, 2024, the loans secured by Coastal Grand Mall and Coastal Grand Crossing entered maturity default.

Vision-CBL Hamilton Place, LLC

Subsequent to June 30, 2024, the loan secured by Hamilton Place Aloft Hotel was modified and extended.

WestGate Mall CMBS, LLC

In May 2024, the Company transferred title of the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property, which had a balance of $28,661.

Condensed Combined Financial Statements - Unconsolidated Affiliates

Condensed combined financial statement information of the unconsolidated affiliates is as follows:

 

 

June 30,
2025

 

 

December 31,
2024

 

ASSETS:

 

 

 

 

 

 

Investment in real estate assets

 

$

1,282,281

 

 

$

1,284,494

 

Accumulated depreciation

 

 

(592,047

)

 

 

(576,289

)

 

 

 

690,234

 

 

 

708,205

 

Developments in progress

 

 

39,774

 

 

 

32,114

 

Net investment in real estate assets

 

 

730,008

 

 

 

740,319

 

Other assets

 

 

137,871

 

 

 

156,363

 

Total assets

 

$

867,879

 

 

$

896,682

 

LIABILITIES:

 

 

 

 

 

 

Mortgage and other indebtedness, net

 

$

733,716

 

 

$

780,536

 

Other liabilities

 

 

24,501

 

 

 

36,253

 

Total liabilities

 

 

758,217

 

 

 

816,789

 

OWNERS' EQUITY:

 

 

 

 

 

 

The Company

 

 

75,635

 

 

 

76,607

 

Other investors

 

 

34,027

 

 

 

3,286

 

Total owners' equity

 

 

109,662

 

 

 

79,893

 

Total liabilities and owners’ equity

 

$

867,879

 

 

$

896,682

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total revenues

 

$

43,636

 

 

$

63,875

 

 

$

88,838

 

 

$

127,872

 

Net income (1)

 

$

9,556

 

 

$

28,328

 

 

$

52,546

 

 

$

34,592

 

 

(1)
The Company's pro rata share of net income was $6,437 and $7,148 for the three months ended June, 2025 and 2024, respectively. The Company's pro rata share of net income was $13,350 and $11,742 for the six months ended June 30, 2025 and 2024, respectively.

Variable Interest Entities

The Operating Partnership and certain of its subsidiaries are VIEs primarily because the limited partners of these entities do not collectively possess substantive kick-out or participating rights.

The Company consolidates the Operating Partnership because it is the primary beneficiary. The Company, through the Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. Generally, a VIE is a legal entity in which the equity investors do not have the characteristics of a controlling financial interest or the equity investors lack sufficient equity at risk for the entity to finance its activities without additional subordinated financial support. A limited partnership is considered a VIE when the majority of the limited partners unrelated to the general partner possess neither the right to remove the general partner without cause, nor certain rights to participate in the decisions that most significantly affect the financial results of the partnership. In determining whether the Company is the primary beneficiary of a VIE, the Company considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Company's investment; the obligation or likelihood for the Company or other investors to provide financial support; and the similarity with and significance to the Company's business activities and the business activities of the other investors.

Consolidated VIEs

As of June 30, 2025, the Company had investments in 10 consolidated VIEs with ownership interests ranging from 50% to 92%.

Unconsolidated VIEs

The table below lists the Company's unconsolidated VIEs as of June 30, 2025:

Unconsolidated VIEs:

 

Investment in
Real Estate
Joint
Ventures
and
Partnerships

 

 

Maximum
Risk of Loss

 

Ambassador Infrastructure, LLC (1)

 

$

—

 

 

$

2,797

 

Atlanta Outlet JV, LLC

 

 

—

 

 

 

—

 

BI Development, LLC

 

 

79

 

 

 

79

 

El Paso Outlet Center Holding, LLC

 

 

—

 

 

 

—

 

Fremaux Town Center JV, LLC

 

 

—

 

 

 

—

 

Louisville Outlet Shoppes, LLC

 

 

—

 

 

 

—

 

Mall of South Carolina L.P.

 

 

—

 

 

 

—

 

Port Orange I, LLC (1)

 

 

4,074

 

 

 

24,861

 

Vision - CBL Hamilton Place, LLC

 

 

3,641

 

 

 

3,641

 

Vision - CBL Mayfaire TC Hotel, LLC

 

 

6,171

 

 

 

6,171

 

 

$

13,965

 

 

$

37,549

 
(1)
The Operating Partnership has guaranteed all or a portion of the debt. See Note 12 for more information.
v3.25.2
Mortgage and Other Indebtedness, Net
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Mortgage and Other Indebtedness, Net

Note 9 – Mortgage and Other Indebtedness, Net

CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries that it has a direct or indirect ownership interest in are the borrowers on all the Company's debt. At June 30, 2025, all the Company's consolidated debt is non-recourse.

The Company’s mortgage and other indebtedness, net, consisted of the following:

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

Amount

 

 

Weighted-
Average
Interest
Rate (1)

 

 

Amount

 

 

Weighted-
Average
Interest
Rate (1)

 

Fixed-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

Non-recourse open-air centers and outparcels loan (2)

 

$

166,478

 

 

 

6.95

%

 

$

170,031

 

 

 

6.95

%

Non-recourse loans on operating properties

 

 

1,207,714

 

 

 

4.75

%

 

 

1,233,767

 

 

 

4.75

%

Total fixed-rate debt

 

 

1,374,192

 

 

 

5.01

%

 

 

1,403,798

 

 

 

5.02

%

Variable-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

Non-recourse, secured term loan

 

 

665,812

 

 

 

7.19

%

 

 

725,495

 

 

 

7.42

%

Non-recourse open-air centers and outparcels loan (2)

 

 

166,478

 

 

 

8.42

%

 

 

170,031

 

 

 

8.65

%

Non-recourse loan on an operating property

 

 

31,980

 

 

 

7.30

%

 

 

32,580

 

 

 

8.05

%

Total variable-rate debt

 

 

864,270

 

 

 

7.43

%

 

 

928,106

 

 

 

7.67

%

Total fixed-rate and variable-rate debt

 

 

2,238,462

 

 

 

5.95

%

 

 

2,331,904

 

 

 

6.07

%

Unamortized deferred financing costs

 

 

(6,619

)

 

 

 

 

 

(8,688

)

 

 

 

Debt discounts (3)

 

 

(92,067

)

 

 

 

 

 

(110,536

)

 

 

 

Total mortgage and other indebtedness, net

 

$

2,139,776

 

 

 

 

 

$

2,212,680

 

 

 

 
(1)
Weighted-average interest rate excludes amortization of deferred financing costs.
(2)
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%. Subsequent to June 30, 2025, the Company completed a modification and extension of the existing loan. See Note 15 for more information.
(3)
In conjunction with the acquisition of the Company's partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of fresh start accounting upon emergence from bankruptcy, the Company estimated the fair value of its mortgage notes with the assistance of a third-party valuation advisor. This resulted in recognizing a debt discount, which is accreted over the term of the respective debt using the effective interest method. The remaining debt discounts at June 30, 2025 will be accreted over a weighted average period of 4.5 years.

Non-recourse loans on operating properties, the open-air centers and outparcels loan and the secured term loan include loans that are secured by properties owned by the Company that have a carrying value of $1,630,187 at June 30, 2025.

2025 Loan Activity

In January 2025, a portion of the proceeds from the sale of Monroeville Mall and the Annex at Monroeville were used to paydown the open-air centers and outparcels loan by $7,107.

In February 2025, a portion of the proceeds from the sale of Imperial Valley Mall were used to paydown the secured term loan principal balance by $41,116.

In March 2025, the loan secured by Cross Creek Mall was modified to extend the maturity date to August 2025. Subsequent to June 30, 2025, the Company closed on a new $78,000, five-year non-recourse loan secured by Cross Creek Mall. The new loan bears a fixed interest rate of 6.856%. See Note 15.

In March 2025, the lender notified the Company that the loan secured by The Outlet Shoppes at Laredo was in default. The Company is in discussions with the lender regarding a loan modification for the loan secured by The Outlet Shoppes at Laredo.

In May 2025, the Company exercised the one-year extension option on the loan secured by Fayette Mall.

Subsequent to June 30, 2025, the loan secured by Southpark Mall entered default and the property was placed into receivership. The Company anticipates returning the property to the lender. See Note 15.

Subsequent to June 30, 2025, the Company completed a modification and extension of the existing $332,956 non-recourse open-air centers and outparcels loan. See Note 15 for more information.

2024 Loan Activity

In February 2024, the Company redeemed U.S. Treasury securities and used the proceeds to pay off the $15,190 loan secured by Brookfield Square Anchor Redevelopment.

In May 2024, the Company exercised the first one-year extension option on the loan secured by Fayette Mall.

Scheduled Principal Payments

As of June 30, 2025, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, are as follows:

2025 (1)

 

$

817,781

 

2026

 

 

652,650

 

2027

 

 

342,814

 

2028

 

 

133,350

 

2029

 

 

6,407

 

2030

 

 

225,628

 

Thereafter

 

 

59,832

 

Total mortgage and other indebtedness

 

$

2,238,462

 
(1)
Reflects scheduled principal amortization for the period July 1, 2025 through December 31, 2025.

Of the $817,781 of scheduled principal payments for the remainder of 2025, $799,267 relates to the maturing principal balances of loans secured by three properties, including Cross Creek Mall which has been subsequently repaid with proceeds from a new loan, and the secured term loan. See Note 15. As of June 30, 2025, the Company has met the extension test to secure a one-year extension on the secured term loan.

Interest Rate Hedge Instruments

The Company records its derivative instruments in its condensed consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the derivative has been designated as a hedge and, if so, whether the hedge has met the criteria necessary to apply hedge accounting.

The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt.

Instrument Type

 

Location in the Condensed Consolidated Balance Sheet

 

Notional

 

 

Index

 

Fair Value at June 30, 2025

 

 

Maturity Date

Pay fixed/Receive variable swap

 

Intangible lease assets and other assets

 

$

32,000

 

 

1-month USD-SOFR CME

 

$

90

 

 

Jun-27

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Hedging Instrument - Interest Rate Swap

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(Loss) gain recognized in other comprehensive income (loss)

 

$

(143

)

 

$

35

 

 

$

(424

)

 

$

497

 

Gain recognized in earnings (1)

 

$

82

 

 

$

161

 

 

$

163

 

 

$

324

 
(1)
Gain reclassified from accumulated other comprehensive income into earnings shown in interest expense.

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that $156 will be reclassified from other comprehensive income (loss) as a decrease to interest expense.

The Company has an agreement with each derivative counterparty that contains a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

As of June 30, 2025, the Company did not have any derivatives with a fair value in a net liability position including accrued interest but excluding any adjustment for nonperformance risk. As of June 30, 2025, the Company has posted $1,920 of cash collateral related to the interest rate swap. The Company is not in breach of any agreement provisions.
v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information

Note 10 – Segment Information

As discussed in Note 1, the Company owns interests in a portfolio of properties including regional shopping malls, outlet centers, lifestyle centers, open-air centers, office buildings and other properties, including single-tenant and multi-tenant parcels. The Company has identified each property as an operating segment, and each is led by a general manager. Performance and resource allocation is assessed by the chief executive officer (“CEO”), whom the Company has determined to be the Chief Operating Decision Maker ("CODM").

The Company’s reportable segments are malls, lifestyle centers, outlet centers and open-air centers. The CODM evaluates performance and allocates resources on a property-by-property basis aggregated based on property type in accordance with aggregation criteria. The CODM measures performance and allocates resources to each property based on net operating income ("NOI") and certain criteria such as tenant mix, capital requirements, economic risks, leasing terms, and short- and long-term returns on capital. NOI is a supplemental non-GAAP measure of the operating performance of the Company’s shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating expenditures, real estate taxes and maintenance and repairs) plus property interest and other income. The Company computes NOI based on its pro rata share of both consolidated and unconsolidated properties.

The following is a brief description of the Company’s reportable segments and the remaining operating segments that comprise the All Other category:

Malls – The malls reporting segment consists of enclosed large regional shopping centers, generally anchored by two or more anchors or junior anchors, a wide variety of in-line retail stores, restaurants and non-retail tenants.

Lifestyle centers – The lifestyle center reporting segment consists of large open-air centers, generally anchored by one or more anchors, which can include traditional department store anchors, grocers, or other non-traditional anchors and/or junior anchors, a wide variety of in-line and retail stores, restaurants, and/or non-retail tenants.

Outlet centers – The outlet center reporting segment consists of open-air centers, generally anchored by one or more discount or off-price junior anchors and a wide variety of brand name off-price or discount in-line stores.

Open-air centers – The open-air centers reporting segment is typically anchored by a combination of supermarkets, value-priced stores, big-box retailers or traditional department stores. In many cases, the open-air centers in this category are adjacent to the properties that make up the malls reporting segment.

All Other – The All Other category includes outparcels, office buildings, hotels, corporate-level debt and the Management Company.

Rental income and tenant reimbursements from tenant leases provide the majority of revenues from all segments. The accounting policies of the reportable segments are the same as those described in Note 2 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

The below presentation has been recast for the prior-year period to comply with updates to Accounting Standards Codification ("ASC") 280 required by ASU 2023-07. Information on the Company's reportable segments is presented as follows:

Three Months Ended June 30, 2025

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

114,207

 

 

$

8,531

 

 

$

12,677

 

 

$

18,270

 

 

$

153,685

 

 

$

8,116

 

 

$

(20,896

)

 

$

140,905

 

Property operating expenses (4)

 

 

(41,184

)

 

 

(3,420

)

 

 

(3,693

)

 

 

(3,763

)

 

 

(52,060

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

90

 

 

 

13

 

 

 

58

 

 

 

168

 

 

 

329

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

73,113

 

 

$

5,124

 

 

$

9,042

 

 

$

14,675

 

 

 

101,954

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,054

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,921

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(43,959

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,339

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,702

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,188

)

 

 

 

 

 

 

 

 

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,457

)

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(369

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,437

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,158

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2024

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

120,956

 

 

$

8,309

 

 

$

11,815

 

 

$

18,278

 

 

$

159,358

 

 

$

9,447

 

 

$

(39,140

)

 

$

129,665

 

Property operating expenses (4)

 

 

(42,732

)

 

 

(3,070

)

 

 

(3,416

)

 

 

(2,966

)

 

 

(52,184

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

179

 

 

 

20

 

 

 

—

 

 

 

219

 

 

 

418

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

78,403

 

 

$

5,259

 

 

$

8,399

 

 

$

15,531

 

 

 

107,592

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,582

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,374

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,407

)

 

 

 

 

 

 

 

 

 

Loss on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50

)

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(127

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,664

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,831

)

 

 

 

 

 

 

 

 

 

Litigation settlement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(650

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,148

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,291

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2025

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

230,116

 

 

$

17,123

 

 

$

24,811

 

 

$

35,867

 

 

$

307,917

 

 

$

16,259

 

 

$

(41,503

)

 

$

282,673

 

Property operating expenses (4)

 

 

(88,836

)

 

 

(6,507

)

 

 

(7,482

)

 

 

(7,442

)

 

 

(110,267

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

308

 

 

 

25

 

 

 

58

 

 

 

340

 

 

 

731

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

141,588

 

 

$

10,641

 

 

$

17,387

 

 

$

28,765

 

 

 

198,381

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,532

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31,665

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(88,184

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,871

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(85,243

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,895

)

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(217

)

 

 

 

 

 

 

 

 

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,457

)

 

 

 

 

 

 

 

 

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,350

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

10,545

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2024

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

241,817

 

 

$

16,670

 

 

$

23,842

 

 

$

36,143

 

 

$

318,472

 

 

$

18,347

 

 

$

(78,037

)

 

$

258,782

 

Property operating expenses (4)

 

 

(85,930

)

 

 

(5,915

)

 

 

(6,882

)

 

 

(6,041

)

 

 

(104,768

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

344

 

 

 

50

 

 

 

—

 

 

 

385

 

 

 

779

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

156,231

 

 

$

10,805

 

 

$

16,960

 

 

$

30,487

 

 

 

214,483

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,103

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(55,699

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(79,219

)

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(127

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,671

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(76,704

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,245

)

 

 

 

 

 

 

 

 

 

Litigation settlement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

140

 

 

 

 

 

 

 

 

 

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(836

)

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(492

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,742

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,817

 

 

 

 

 

 

 

 

 

 

 

(1)
The All Other category includes outparcels, office buildings, hotels, corporate-level entities and the Management Company.
(2)
Consolidated adjustments represent the elimination of the Company's share of unconsolidated affiliates and the addition of the noncontrolling interests' share to reconcile to the amounts reported in the Company's condensed consolidated statements of operations.
(3)
Management, development and leasing fees earned by the Management Company are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source.
(4)
Property operating expenses include property operating, real estate taxes and maintenance and repairs, none of which represent significant segment expense.
v3.25.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share

Note 11 – Earnings Per Share

Earnings per share ("EPS") is calculated under the two-class method. Under the two-class method, all earnings (distributed and undistributed) are allocated to common stock and participating securities. The Company grants restricted stock awards to certain employees under its share-based compensation program, which entitle recipients to receive nonforfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested restricted stock awards meet the definition of participating securities based on their respective rights to receive nonforfeitable dividends.

Diluted EPS incorporates the potential impact of contingently issuable shares. Diluted EPS is calculated under both the two-class and treasury stock methods, and the more dilutive amount is reported. Performance stock units ("PSUs") and unvested restricted stock awards are contingently issuable common shares and are included in diluted EPS if the effect is dilutive.

The following table presents the calculation of basic and diluted EPS (in thousands, except per share amounts):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to the Company

 

$

2,759

 

 

$

4,744

 

 

$

11,548

 

 

$

4,794

 

Less: Earnings allocable to unvested restricted stock

 

 

(192

)

 

 

(260

)

 

 

(769

)

 

 

(519

)

Net income attributable to common shareholders

 

 

2,567

 

 

 

4,484

 

 

 

10,779

 

 

 

4,275

 

Weighted-average basic shares outstanding

 

 

30,456

 

 

 

31,150

 

 

 

30,438

 

 

 

31,348

 

Net income per share attributable to common shareholders

 

$

0.08

 

 

$

0.14

 

 

$

0.35

 

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

2,567

 

 

$

4,484

 

 

$

10,779

 

 

$

4,275

 

Weighted-average diluted shares outstanding

 

 

30,742

 

 

 

31,156

 

 

 

30,726

 

 

 

31,351

 

Net income per share attributable to common shareholders

 

$

0.08

 

 

$

0.14

 

 

$

0.35

 

 

$

0.14

 

 

(1)
For the three and six months ended June 30, 2025, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the three and six months ended June 30, 2025, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three and six months ended June 30, 2025, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 30,832,900 and 30,828,038, respectively, including 90,604 and 102,232, respectively, contingently issuable shares related to unvested restricted stock awards. For the three and six months ended June 30, 2024, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the three and six months ended June 30, 2024, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three and six months ended June 30, 2024, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,183,259 and 31,370,543, respectively, including 26,957 and 19,532, respectively, contingently issuable shares related to unvested restricted stock awards.
v3.25.2
Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Contingencies

Note 12 – Contingencies

The Company is currently involved in litigation that arises in the ordinary course of business, most of which is expected to be covered by liability insurance. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters using the latest information available. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the liquidity, results of operations, business or financial condition of the Company.

Environmental Contingencies

The Company evaluates potential loss contingencies related to environmental matters using the same criteria described above related to litigation matters. Based on current information, an unfavorable outcome concerning such environmental matters, both individually and in the aggregate, is considered to be reasonably possible. However, the Company believes its maximum potential exposure to loss would not be material to its results of operations or financial condition. The Company has a master insurance policy that provides coverage through 2027 for certain environmental claims up to $40,000 per occurrence and up to $40,000 in the aggregate, subject to deductibles and certain exclusions. At certain locations, individual policies are in place.

Guarantees

The Operating Partnership may guarantee the debt of a joint venture primarily because it allows the joint venture to obtain funding at a lower cost than could be obtained otherwise. This results in a higher return for the joint venture on its investment, and a higher return on the Operating Partnership's investment in the joint venture. The Operating Partnership may receive a fee from the joint venture for providing the guaranty. Additionally, when the Operating Partnership issues a guaranty, the terms of the joint venture agreement typically provide that the Operating Partnership may receive indemnification from the joint venture partner or have the ability to increase its ownership interest. The guarantees expire upon repayment of the debt, unless noted otherwise.

The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024:

 

 

As of June 30, 2025

 

Obligation
recorded to reflect
guaranty

 

Unconsolidated Affiliate

 

Company's
Ownership
Interest

 

Outstanding
Balance

 

 

Percentage
Guaranteed
by the
Operating
Partnership

 

Maximum
Guaranteed
Amount

 

 

Debt
Maturity
Date

 

June 30, 2025

 

 

December 31, 2024

 

Port Orange I, LLC

 

50%

 

 

41,574

 

 

50%

 

 

20,787

 

 

Feb-2026

 

$

208

 

 

$

222

 

Ambassador Infrastructure, LLC

 

65%

 

 

2,797

 

 

100%

 

 

2,797

 

 

Mar-2027

 

 

28

 

 

 

44

 

Total guaranty liability

 

 

 

 

 

 

 

 

 

 

 

 

 

$

236

 

 

$

266

 

For the three and six months ended June 30, 2025 and 2024, the Company evaluated each guaranty, listed in the table above, by evaluating the debt service ratio, cash flow forecasts and the performance of each loan, where applicable. The result of the analysis was that each loan is current and performing. The Company did not record a credit loss related to the guarantees listed in the table above for the three and six months ended June 30, 2025 and 2024.
v3.25.2
Share-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share-Based Compensation

Note 13 – Share-Based Compensation

Restricted Stock Awards

Compensation expense is recognized on a straight-line basis over the requisite service period. The share-based compensation expense related to restricted stock awards granted under the CBL & Associates Properties, Inc. 2021 Equity Incentive Plan ("EIP") was $2,276 and $4,402 for the three and six months ended June 30, 2025, respectively. The share-based compensation expense related to restricted stock awards was $2,089 and $4,077 for the three and six months ended June 30, 2024, respectively. Share-based compensation cost capitalized as part of real estate assets was $32 and $62 for the three and six months ended June 30, 2025, respectively. Share-based compensation cost capitalized as part of real estate assets was $35 and $59 for the three and six months ended June 30, 2024, respectively. As of June 30, 2025, there was $8,909 of total unrecognized compensation cost related to unvested restricted stock awards, which is expected to be recognized over a weighted-average period of 1.6 years. Share-based compensation cost resulting from share-based awards is recorded at the Management Company, which is a taxable entity.

A summary of the status of the Company’s unvested restricted stock awards as of June 30, 2025, and changes during the six months ended June 30, 2025, are presented below:

 

 

Shares

 

 

Weighted-
Average
Grant-Date
Fair Value Per Share

 

Unvested at January 1, 2025

 

 

490,864

 

 

$

26.08

 

Granted

 

 

132,466

 

 

$

30.85

 

Vested

 

 

(143,680

)

 

$

25.00

 

Unvested at June 30, 2025

 

 

479,650

 

 

$

27.72

 

The total grant-date fair value of restricted stock awards granted during the six months ended June 30, 2025 was $4,087. The total fair value of restricted stock awards that vested during the six months ended June 30, 2025 was $4,495.

Performance Stock Unit Awards

Compensation cost for the PSUs granted in February 2023, February 2024 and February 2025 is recognized on a straight-line basis over the service period since it is longer than the performance period. The resulting expense is recorded regardless of whether any PSU awards are earned as long as the required service period is met. For the PSUs granted in February 2022, each quarter, management assesses the probability that the measures associated with the Company's outstanding PSU awards will be attained. The Company begins recognizing compensation expense on a straight-line basis over the remaining service period once the PSU award measures are deemed probable of achievement. Share-based compensation expense related to the PSUs granted under the EIP was $1,981 and $3,815 for the three and six months ended June 30, 2025, respectively; and $1,441 and $3,108 for the three and six months ended June 30, 2024, respectively. The unrecognized compensation expense related to the PSUs was $11,254 as of June 30, 2025, which is expected to be recognized over a weighted-average period of 2.3 years.

A summary of the status of the Company’s outstanding PSU awards as of June 30, 2025, and changes during the six months ended June 30, 2025, are presented below:

 

 

PSUs

 

 

Weighted-
Average
Grant-Date
Fair Value Per Share

 

Outstanding at January 1, 2025

 

 

571,287

 

 

$

28.48

 

2025 PSUs granted

 

 

130,312

 

 

$

35.57

 

Incremental PSUs granted (1)

 

 

43,776

 

 

$

25.93

 

Outstanding at June 30, 2025

 

 

745,375

 

 

$

29.57

 
(1)
PSUs granted shall be adjusted as if the shares of common stock represented by such PSUs had received any applicable stock or cash dividends declared. For stock dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that would have been payable per such stock dividend on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs. For cash dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that could have been acquired by the cash dividend payable on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs, and the calculation of the number of shares of common stock that could have been acquired shall be based on the closing price of the common stock on the record date for the cash dividend at issue.

The total grant-date fair value of PSU awards granted during the six months ended June 30, 2025 was $4,635.

The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the PSUs granted in 2025:

 

 

2025 PSUs

 

Grant date

 

February 12, 2025

 

Fair value per share on valuation date (1)

 

$

35.57

 

Risk-free interest rate (2)

 

 

4.40

%

Expected share price volatility (3)

 

 

32.00

%
(1)
The value of the 2025 PSU awards is estimated on the date of grant using a Monte Carlo simulation model. The valuation consists of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the pay off of the award is also risk-free. The weighted-average fair value per share related to the 2025 PSUs consists of 39,094 PSUs at a fair value of $42.50 per share (which relates to the relative TSR) and 91,218 PSUs at a fair value of $32.60 per share (which relates to absolute TSR).
(2)
The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date, which is the grant date listed above.
(3)
The computation of expected volatility for the 2025 PSUs was based on the historical volatility of CBL's shares of common stock for a trading period equal to the time from the grant date to the end of the performance period.
v3.25.2
Noncash Investing and Financing Activities
 6 Months Ended
Jun. 30, 2025
Supplemental Cash Flow Information [Abstract]  
Noncash Investing and Financing Activities

Note 14 – Noncash Investing and Financing Activities

The Company’s noncash investing and financing activities were as follows:

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

Additions to real estate assets accrued but not yet paid

 

$

11,792

 

 

$

10,339

 
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events

Note 15 – Subsequent Events

In July 2025, the Company redeemed $27,654 in U.S. Treasury securities and purchased $97,652 in new U.S. Treasury securities.

In July 2025, the Company closed on a new $78,000, five-year non-recourse loan secured by Cross Creek Mall. The new loan bears a fixed interest rate of 6.856%.

In July 2025, the loan secured by Southpark Mall entered default and the property was placed into receivership. The Company anticipates returning the property to the lender.

In July 2025, the Company sold The Promenade for $83,100. Proceeds from the transaction were used to fund the WPG acquisition.

In July 2025, the Company closed on the WPG acquisition. The malls include Ashland Town Center in Ashland, KY, Mesa Mall in Grand Junction, CO, Paddock Mall in Ocala, FL, and Southgate Mall in Missoula, MT. Concurrently with the WPG acquisition, the Company completed a modification and extension of the existing $332,956 non-recourse open-air centers and outparcels loan, which was scheduled to initially mature in June 2027. The loan was modified to include the WPG acquisition properties, increasing the principal balance by $110,000 to $442,956 and extending the initial maturity through October 2030, with one, two-year extension option for a final maturity in October 2032. For the initial five-year term,

the interest-only loan will bear a fixed interest rate of 7.70% on a principal balance of approximately $368,000 and a floating interest rate of SOFR plus 410 basis points on the remaining balance of approximately $75,000. The full principal balance will convert to the floating rate after the initial term. Supported by the incremental cash flow growth from the WPG acquisition, our board of directors authorized a 12.5% increase in the regular common dividend to an annualized rate of $1.80 per share for the quarter ending September 30, 2025.

v3.25.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Accounting Guidance Not Yet Adopted

Accounting Guidance Not Yet Adopted

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU"), "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures," to improve the disclosures about a public business entity's expenses by providing more detailed information about the types of expenses in commonly presented expense captions. The standard will be effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning December 15, 2027. The Company is currently evaluating the impact that the adoption of this new standard will have on its condensed consolidated financial statements.
Accounts Receivable

Accounts Receivable

Receivables include amounts billed and currently due from tenants pursuant to lease agreements and receivables attributable to straight-line rents associated with those lease agreements. Individual leases where the collection of rents is in dispute are assessed for collectability based on management’s best estimate of collection considering the anticipated

outcome of the dispute. Individual leases that are not in dispute are assessed for collectability and upon the determination that the collection of rents over the remaining lease term is not probable, accounts receivable is reduced as an adjustment to rental revenues. Revenue from leases where collection is deemed to be less than probable is recorded on a cash basis until collectability is determined to be probable. Further, management assesses whether operating lease receivables, at a portfolio level, are appropriately valued based upon an analysis of balances outstanding, historical collection levels and current economic trends. An allowance for the uncollectable portion of the portfolio is recorded as an adjustment to rental revenues.

Management’s collection assessment took into consideration the type of retailer, billing disputes, lease negotiation status and executed deferral or abatement agreements, as well as recent rent collection experience and tenant bankruptcies based on the best information available to management at the time of evaluation.
v3.25.2
Organization and Basis of Presentation (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Properties Owned by Operating Partnership

As of June 30, 2025, the Operating Partnership owned interests in the following properties:

 

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Other (1)(2)

 

 

Total

 

Consolidated Properties

 

 

40

 

 

 

2

 

 

 

3

 

 

 

19

 

 

 

3

 

 

 

67

 

Unconsolidated Properties (3)

 

 

3

 

 

 

3

 

 

 

1

 

 

 

8

 

 

 

1

 

 

 

16

 

Total

 

 

43

 

 

 

5

 

 

 

4

 

 

 

27

 

 

 

4

 

 

 

83

 

 

(1)
Included in “All Other” for purposes of segment reporting.
(2)
CBL's two consolidated corporate office buildings are included in the Other category.
(3)
The Operating Partnership accounts for these investments using the equity method.
v3.25.2
Revenues (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue

The following table presents the Company's revenues disaggregated by revenue source for the three and six months ended June 30, 2025 and 2024:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Rental revenues

 

$

136,453

 

 

$

124,071

 

 

$

273,813

 

 

$

248,098

 

Revenues from contracts with customers:

 

 

 

 

 

 

 

 

 

 

 

 

Operating expense reimbursements (see table below)

 

 

1,747

 

 

 

1,960

 

 

 

3,689

 

 

 

4,220

 

Management, development and leasing fees (1)

 

 

1,357

 

 

 

1,817

 

 

 

2,674

 

 

 

3,722

 

Marketing revenues (see table below)

 

 

758

 

 

 

563

 

 

 

1,109

 

 

 

967

 

 

 

3,862

 

 

 

4,340

 

 

 

7,472

 

 

 

8,909

 

 

 

 

 

 

 

 

 

 

 

 

 

Other revenues

 

 

590

 

 

 

1,254

 

 

 

1,388

 

 

 

1,775

 

Total revenues (2)

 

$

140,905

 

 

$

129,665

 

 

$

282,673

 

 

$

258,782

 

 

(1)
Included in All Other segment.
(2)
Sales taxes are excluded from revenues.

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Operating expense reimbursements detail:

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Malls

 

$

1,485

 

 

$

1,546

 

 

$

3,135

 

 

$

3,427

 

Lifestyle Centers

 

 

164

 

 

 

163

 

 

 

335

 

 

 

328

 

Open-Air Centers

 

 

89

 

 

 

125

 

 

 

167

 

 

 

291

 

All Other

 

 

9

 

 

 

126

 

 

 

52

 

 

 

174

 

 

$

1,747

 

 

$

1,960

 

 

$

3,689

 

 

$

4,220

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Marketing revenues detail:

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Malls

 

$

716

 

 

$

505

 

 

$

1,036

 

 

$

840

 

Lifestyle Centers

 

 

40

 

 

 

51

 

 

 

69

 

 

 

119

 

Open-Air Centers

 

 

2

 

 

 

7

 

 

 

4

 

 

 

8

 

 

$

758

 

 

$

563

 

 

$

1,109

 

 

$

967

 
Schedule of Expected Recognition of Remaining Performance Obligation As of June 30, 2025, the Company expects to recognize these amounts as revenue over the following periods:

Performance obligation

 

Less than 5
years

 

 

5-20
years

 

 

Over 20
years

 

 

Total

 

Fixed operating expense reimbursements

 

$

19,754

 

 

$

44,132

 

 

$

33,882

 

 

$

97,768

 
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Components of Lease Revenue

The components of rental revenues for the three and six months ended June 30, 2025 and 2024 are as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Fixed lease payments

 

$

107,552

 

 

$

97,833

 

 

$

225,073

 

 

$

196,137

 

Variable lease payments

 

 

28,901

 

 

 

26,238

 

 

 

48,740

 

 

 

51,961

 

Total rental revenues

 

$

136,453

 

 

$

124,071

 

 

$

273,813

 

 

$

248,098

 
Schedule of Undiscounted Future Lease Payments to be Received

The undiscounted future fixed lease payments to be received under the Company's operating leases as of June 30, 2025, are as follows:

Years Ending December 31,

 

 

 

2025 (1)

 

$

219,671

 

2026

 

 

364,731

 

2027

 

 

281,851

 

2028

 

 

210,024

 

2029

 

 

152,873

 

2030

 

 

100,193

 

Thereafter

 

 

295,090

 

Total undiscounted lease payments

 

$

1,624,433

 
(1)
Reflects rental payments for the period July 1, 2025 to December 31, 2025.
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Interest Rate Swap Designated as Cash Flow Hedges of Interest Rate Risk

The following table sets forth information regarding the Company's interest rate swap that was designated as a cash flow hedge of interest rate risk for the six months ended June 30, 2025. See Note 9 for more information.

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

Asset

 

Fair Value at June 30, 2025

 

 

Quoted Prices in
Active Markets
 for Identical
Assets (Level 1)

 

 

Significant
Other
Observable
Inputs (Level 2)

 

 

Significant
Unobservable
Inputs (Level 3)

 

Interest rate swap

 

$

90

 

 

$

—

 

 

$

90

 

 

$

—

 
Schedule of Debt Securities, Available-for-sale Measured at Fair Value The table below sets forth information regarding the Company’s AFS securities that were measured at fair value for the six months ended June 30, 2025 and for the year ended December 31, 2024:

U.S. Treasury securities

 

June 30, 2025

 

 

December 31, 2024

 

Amortized cost (1)

 

$

187,764

 

 

$

242,881

 

Allowance for credit losses (2)

 

 

—

 

 

 

—

 

Total unrealized (loss) gain

 

 

(102

)

 

 

267

 

Fair value (3)

 

$

187,662

 

 

$

243,148

 
(1)
The U.S. Treasury securities held as of June 30, 2025 have maturities through May 2026.
(2)
U.S. Treasury securities have a long history with no credit losses. Additionally, the Company notes that U.S. Treasury securities are explicitly fully guaranteed by a sovereign entity that can print its own currency and that the sovereign entity’s currency is routinely held by central banks and other major financial institutions, is used in international commerce, and commonly viewed as a reserve currency, all of which qualitatively indicate that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. Therefore, the Company did not record expected credit losses for its U.S. Treasury securities for the six months ended June 30, 2025, nor for the year ended December 31, 2024.
(3)
Fair value was calculated using Level 1 inputs.
v3.25.2
Dispositions and Held for Sale (Tables)
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Summary of Properties Held-for-Sale

The following property was classified as held-for-sale as of June 30, 2025:

Property

 

Location

 

Property Type

 

Total Assets

 

 

Total Liabilities (1)

 

The Promenade D'Iberville

 

D'Iberville, MS

 

Open Air/Power Center

 

$

33,134

 

 

$

2,413

 
(1)
Included within accounts payable and accrued liabilities on the condensed consolidated balance sheets.
v3.25.2
Unconsolidated Affiliates and Noncontrolling Interests (Tables)
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Condensed Combined Financial Statement Information - Unconsolidated Affiliates

Condensed combined financial statement information of the unconsolidated affiliates is as follows:

 

 

June 30,
2025

 

 

December 31,
2024

 

ASSETS:

 

 

 

 

 

 

Investment in real estate assets

 

$

1,282,281

 

 

$

1,284,494

 

Accumulated depreciation

 

 

(592,047

)

 

 

(576,289

)

 

 

 

690,234

 

 

 

708,205

 

Developments in progress

 

 

39,774

 

 

 

32,114

 

Net investment in real estate assets

 

 

730,008

 

 

 

740,319

 

Other assets

 

 

137,871

 

 

 

156,363

 

Total assets

 

$

867,879

 

 

$

896,682

 

LIABILITIES:

 

 

 

 

 

 

Mortgage and other indebtedness, net

 

$

733,716

 

 

$

780,536

 

Other liabilities

 

 

24,501

 

 

 

36,253

 

Total liabilities

 

 

758,217

 

 

 

816,789

 

OWNERS' EQUITY:

 

 

 

 

 

 

The Company

 

 

75,635

 

 

 

76,607

 

Other investors

 

 

34,027

 

 

 

3,286

 

Total owners' equity

 

 

109,662

 

 

 

79,893

 

Total liabilities and owners’ equity

 

$

867,879

 

 

$

896,682

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total revenues

 

$

43,636

 

 

$

63,875

 

 

$

88,838

 

 

$

127,872

 

Net income (1)

 

$

9,556

 

 

$

28,328

 

 

$

52,546

 

 

$

34,592

 

 

(1)
The Company's pro rata share of net income was $6,437 and $7,148 for the three months ended June, 2025 and 2024, respectively. The Company's pro rata share of net income was $13,350 and $11,742 for the six months ended June 30, 2025 and 2024, respectively.
Schedule of Variable Interest Entities

The table below lists the Company's unconsolidated VIEs as of June 30, 2025:

Unconsolidated VIEs:

 

Investment in
Real Estate
Joint
Ventures
and
Partnerships

 

 

Maximum
Risk of Loss

 

Ambassador Infrastructure, LLC (1)

 

$

—

 

 

$

2,797

 

Atlanta Outlet JV, LLC

 

 

—

 

 

 

—

 

BI Development, LLC

 

 

79

 

 

 

79

 

El Paso Outlet Center Holding, LLC

 

 

—

 

 

 

—

 

Fremaux Town Center JV, LLC

 

 

—

 

 

 

—

 

Louisville Outlet Shoppes, LLC

 

 

—

 

 

 

—

 

Mall of South Carolina L.P.

 

 

—

 

 

 

—

 

Port Orange I, LLC (1)

 

 

4,074

 

 

 

24,861

 

Vision - CBL Hamilton Place, LLC

 

 

3,641

 

 

 

3,641

 

Vision - CBL Mayfaire TC Hotel, LLC

 

 

6,171

 

 

 

6,171

 

 

$

13,965

 

 

$

37,549

 
(1)
The Operating Partnership has guaranteed all or a portion of the debt. See Note 12 for more information.
v3.25.2
Mortgage and Other Indebtedness, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Pre-Emergence Net Mortgage Notes Payable

The Company’s mortgage and other indebtedness, net, consisted of the following:

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

Amount

 

 

Weighted-
Average
Interest
Rate (1)

 

 

Amount

 

 

Weighted-
Average
Interest
Rate (1)

 

Fixed-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

Non-recourse open-air centers and outparcels loan (2)

 

$

166,478

 

 

 

6.95

%

 

$

170,031

 

 

 

6.95

%

Non-recourse loans on operating properties

 

 

1,207,714

 

 

 

4.75

%

 

 

1,233,767

 

 

 

4.75

%

Total fixed-rate debt

 

 

1,374,192

 

 

 

5.01

%

 

 

1,403,798

 

 

 

5.02

%

Variable-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

Non-recourse, secured term loan

 

 

665,812

 

 

 

7.19

%

 

 

725,495

 

 

 

7.42

%

Non-recourse open-air centers and outparcels loan (2)

 

 

166,478

 

 

 

8.42

%

 

 

170,031

 

 

 

8.65

%

Non-recourse loan on an operating property

 

 

31,980

 

 

 

7.30

%

 

 

32,580

 

 

 

8.05

%

Total variable-rate debt

 

 

864,270

 

 

 

7.43

%

 

 

928,106

 

 

 

7.67

%

Total fixed-rate and variable-rate debt

 

 

2,238,462

 

 

 

5.95

%

 

 

2,331,904

 

 

 

6.07

%

Unamortized deferred financing costs

 

 

(6,619

)

 

 

 

 

 

(8,688

)

 

 

 

Debt discounts (3)

 

 

(92,067

)

 

 

 

 

 

(110,536

)

 

 

 

Total mortgage and other indebtedness, net

 

$

2,139,776

 

 

 

 

 

$

2,212,680

 

 

 

 
(1)
Weighted-average interest rate excludes amortization of deferred financing costs.
(2)
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%. Subsequent to June 30, 2025, the Company completed a modification and extension of the existing loan. See Note 15 for more information.
(3)
In conjunction with the acquisition of the Company's partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of fresh start accounting upon emergence from bankruptcy, the Company estimated the fair value of its mortgage notes with the assistance of a third-party valuation advisor. This resulted in recognizing a debt discount, which is accreted over the term of the respective debt using the effective interest method. The remaining debt discounts at June 30, 2025 will be accreted over a weighted average period of 4.5 years.
Schedule of Pre-Emergence Principal Payments

As of June 30, 2025, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, are as follows:

2025 (1)

 

$

817,781

 

2026

 

 

652,650

 

2027

 

 

342,814

 

2028

 

 

133,350

 

2029

 

 

6,407

 

2030

 

 

225,628

 

Thereafter

 

 

59,832

 

Total mortgage and other indebtedness

 

$

2,238,462

 
Reflects scheduled principal amortization for the period July 1, 2025 through December 31, 2025.
Schedule of Effective Portion of Changes In The Fair Value of Derivatives Designated As, and That Qualify As, Cash Flow Hedges

The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt.

Instrument Type

 

Location in the Condensed Consolidated Balance Sheet

 

Notional

 

 

Index

 

Fair Value at June 30, 2025

 

 

Maturity Date

Pay fixed/Receive variable swap

 

Intangible lease assets and other assets

 

$

32,000

 

 

1-month USD-SOFR CME

 

$

90

 

 

Jun-27

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Hedging Instrument - Interest Rate Swap

 

2025

 

 

2024

 

 

2025

 

 

2024

 

(Loss) gain recognized in other comprehensive income (loss)

 

$

(143

)

 

$

35

 

 

$

(424

)

 

$

497

 

Gain recognized in earnings (1)

 

$

82

 

 

$

161

 

 

$

163

 

 

$

324

 
(1)
Gain reclassified from accumulated other comprehensive income into earnings shown in interest expense.
v3.25.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Information on Reportable Segments

The below presentation has been recast for the prior-year period to comply with updates to Accounting Standards Codification ("ASC") 280 required by ASU 2023-07. Information on the Company's reportable segments is presented as follows:

Three Months Ended June 30, 2025

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

114,207

 

 

$

8,531

 

 

$

12,677

 

 

$

18,270

 

 

$

153,685

 

 

$

8,116

 

 

$

(20,896

)

 

$

140,905

 

Property operating expenses (4)

 

 

(41,184

)

 

 

(3,420

)

 

 

(3,693

)

 

 

(3,763

)

 

 

(52,060

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

90

 

 

 

13

 

 

 

58

 

 

 

168

 

 

 

329

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

73,113

 

 

$

5,124

 

 

$

9,042

 

 

$

14,675

 

 

 

101,954

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,054

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,921

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(43,959

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,339

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,702

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,188

)

 

 

 

 

 

 

 

 

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,457

)

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(369

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,437

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,158

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2024

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

120,956

 

 

$

8,309

 

 

$

11,815

 

 

$

18,278

 

 

$

159,358

 

 

$

9,447

 

 

$

(39,140

)

 

$

129,665

 

Property operating expenses (4)

 

 

(42,732

)

 

 

(3,070

)

 

 

(3,416

)

 

 

(2,966

)

 

 

(52,184

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

179

 

 

 

20

 

 

 

—

 

 

 

219

 

 

 

418

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

78,403

 

 

$

5,259

 

 

$

8,399

 

 

$

15,531

 

 

 

107,592

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,582

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,374

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39,407

)

 

 

 

 

 

 

 

 

 

Loss on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50

)

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(127

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(38,664

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,831

)

 

 

 

 

 

 

 

 

 

Litigation settlement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(650

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,148

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,291

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2025

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

230,116

 

 

$

17,123

 

 

$

24,811

 

 

$

35,867

 

 

$

307,917

 

 

$

16,259

 

 

$

(41,503

)

 

$

282,673

 

Property operating expenses (4)

 

 

(88,836

)

 

 

(6,507

)

 

 

(7,482

)

 

 

(7,442

)

 

 

(110,267

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

308

 

 

 

25

 

 

 

58

 

 

 

340

 

 

 

731

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

141,588

 

 

$

10,641

 

 

$

17,387

 

 

$

28,765

 

 

 

198,381

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,532

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31,665

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(88,184

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,871

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(85,243

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,895

)

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(217

)

 

 

 

 

 

 

 

 

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,457

)

 

 

 

 

 

 

 

 

 

Income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,350

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

10,545

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2024

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

241,817

 

 

$

16,670

 

 

$

23,842

 

 

$

36,143

 

 

$

318,472

 

 

$

18,347

 

 

$

(78,037

)

 

$

258,782

 

Property operating expenses (4)

 

 

(85,930

)

 

 

(5,915

)

 

 

(6,882

)

 

 

(6,041

)

 

 

(104,768

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

344

 

 

 

50

 

 

 

—

 

 

 

385

 

 

 

779

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

156,231

 

 

$

10,805

 

 

$

16,960

 

 

$

30,487

 

 

 

214,483

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,103

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(55,699

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(79,219

)

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(127

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,671

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(76,704

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35,245

)

 

 

 

 

 

 

 

 

 

Litigation settlement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

140

 

 

 

 

 

 

 

 

 

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(836

)

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(492

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,742

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,817

 

 

 

 

 

 

 

 

 

 

 

(1)
The All Other category includes outparcels, office buildings, hotels, corporate-level entities and the Management Company.
(2)
Consolidated adjustments represent the elimination of the Company's share of unconsolidated affiliates and the addition of the noncontrolling interests' share to reconcile to the amounts reported in the Company's condensed consolidated statements of operations.
(3)
Management, development and leasing fees earned by the Management Company are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source.
(4)
Property operating expenses include property operating, real estate taxes and maintenance and repairs, none of which represent significant segment expense.
v3.25.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Summary of Basic and Diluted EPS

The following table presents the calculation of basic and diluted EPS (in thousands, except per share amounts):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to the Company

 

$

2,759

 

 

$

4,744

 

 

$

11,548

 

 

$

4,794

 

Less: Earnings allocable to unvested restricted stock

 

 

(192

)

 

 

(260

)

 

 

(769

)

 

 

(519

)

Net income attributable to common shareholders

 

 

2,567

 

 

 

4,484

 

 

 

10,779

 

 

 

4,275

 

Weighted-average basic shares outstanding

 

 

30,456

 

 

 

31,150

 

 

 

30,438

 

 

 

31,348

 

Net income per share attributable to common shareholders

 

$

0.08

 

 

$

0.14

 

 

$

0.35

 

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share (1)

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

2,567

 

 

$

4,484

 

 

$

10,779

 

 

$

4,275

 

Weighted-average diluted shares outstanding

 

 

30,742

 

 

 

31,156

 

 

 

30,726

 

 

 

31,351

 

Net income per share attributable to common shareholders

 

$

0.08

 

 

$

0.14

 

 

$

0.35

 

 

$

0.14

 

 

(1)
For the three and six months ended June 30, 2025, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the three and six months ended June 30, 2025, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three and six months ended June 30, 2025, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 30,832,900 and 30,828,038, respectively, including 90,604 and 102,232, respectively, contingently issuable shares related to unvested restricted stock awards. For the three and six months ended June 30, 2024, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the three and six months ended June 30, 2024, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three and six months ended June 30, 2024, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,183,259 and 31,370,543, respectively, including 26,957 and 19,532, respectively, contingently issuable shares related to unvested restricted stock awards.
v3.25.2
Contingencies (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Guarantees

The following table represents the Operating Partnership's guarantees of unconsolidated affiliates' debt as reflected in the accompanying condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024:

 

 

As of June 30, 2025

 

Obligation
recorded to reflect
guaranty

 

Unconsolidated Affiliate

 

Company's
Ownership
Interest

 

Outstanding
Balance

 

 

Percentage
Guaranteed
by the
Operating
Partnership

 

Maximum
Guaranteed
Amount

 

 

Debt
Maturity
Date

 

June 30, 2025

 

 

December 31, 2024

 

Port Orange I, LLC

 

50%

 

 

41,574

 

 

50%

 

 

20,787

 

 

Feb-2026

 

$

208

 

 

$

222

 

Ambassador Infrastructure, LLC

 

65%

 

 

2,797

 

 

100%

 

 

2,797

 

 

Mar-2027

 

 

28

 

 

 

44

 

Total guaranty liability

 

 

 

 

 

 

 

 

 

 

 

 

 

$

236

 

 

$

266

 
v3.25.2
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Company Stock Awards

A summary of the status of the Company’s unvested restricted stock awards as of June 30, 2025, and changes during the six months ended June 30, 2025, are presented below:

 

 

Shares

 

 

Weighted-
Average
Grant-Date
Fair Value Per Share

 

Unvested at January 1, 2025

 

 

490,864

 

 

$

26.08

 

Granted

 

 

132,466

 

 

$

30.85

 

Vested

 

 

(143,680

)

 

$

25.00

 

Unvested at June 30, 2025

 

 

479,650

 

 

$

27.72

 
Schedule of PSU Activity

A summary of the status of the Company’s outstanding PSU awards as of June 30, 2025, and changes during the six months ended June 30, 2025, are presented below:

 

 

PSUs

 

 

Weighted-
Average
Grant-Date
Fair Value Per Share

 

Outstanding at January 1, 2025

 

 

571,287

 

 

$

28.48

 

2025 PSUs granted

 

 

130,312

 

 

$

35.57

 

Incremental PSUs granted (1)

 

 

43,776

 

 

$

25.93

 

Outstanding at June 30, 2025

 

 

745,375

 

 

$

29.57

 
(1)
PSUs granted shall be adjusted as if the shares of common stock represented by such PSUs had received any applicable stock or cash dividends declared. For stock dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that would have been payable per such stock dividend on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs. For cash dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that could have been acquired by the cash dividend payable on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs, and the calculation of the number of shares of common stock that could have been acquired shall be based on the closing price of the common stock on the record date for the cash dividend at issue.
Schedule of Assumptions used in the Monte Carlo Simulation Pricing Models

The following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the PSUs granted in 2025:

 

 

2025 PSUs

 

Grant date

 

February 12, 2025

 

Fair value per share on valuation date (1)

 

$

35.57

 

Risk-free interest rate (2)

 

 

4.40

%

Expected share price volatility (3)

 

 

32.00

%
(1)
The value of the 2025 PSU awards is estimated on the date of grant using a Monte Carlo simulation model. The valuation consists of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the pay off of the award is also risk-free. The weighted-average fair value per share related to the 2025 PSUs consists of 39,094 PSUs at a fair value of $42.50 per share (which relates to the relative TSR) and 91,218 PSUs at a fair value of $32.60 per share (which relates to absolute TSR).
(2)
The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date, which is the grant date listed above.
(3)
The computation of expected volatility for the 2025 PSUs was based on the historical volatility of CBL's shares of common stock for a trading period equal to the time from the grant date to the end of the performance period.
v3.25.2
Noncash Investing and Financing Activities (Tables)
 6 Months Ended
Jun. 30, 2025
Supplemental Cash Flow Information [Abstract]  
Schedule of Noncash Investing and Financing Activities

The Company’s noncash investing and financing activities were as follows:

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

Additions to real estate assets accrued but not yet paid

 

$

11,792

 

 

$

10,339

 
v3.25.2
Organization and Basis of Presentation - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
State
Subsidiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]  
Number of states in which entity operates | State 20
Consolidated Properties | CBL Holdings  
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]  
Ownership interest in qualified subsidiaries (as a percent) 100.00%
Subsidiaries  
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]  
Number of wholly owned subsidiaries | Subsidiary 2
Combined ownership by the subsidiaries in operating partnership (as a percent) 99.98%
Non-controlling limited partner interest ownership of CBL's related parties in the Operating Partnership (as a percent) 0.02%
Subsidiaries | CBL Associates Properties Inc  
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]  
Ownership of the sole general partner in partnership (as a percent) 1.00%
Limited partnership interest owned by CBL Holdings II, Inc. in the operating partnership (as a percent) 98.98%
v3.25.2
Organization and Basis of Presentation - Properties Owned by Operating Partnership (Details)
Jun. 30, 2025
Outlet_center
OpenAir_center
Property
Lifestyle_center
Other_property
Mall
Office_building
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]  
Malls | Mall 43
Outlet Centers | Outlet_center 5
Lifestyle Centers | Lifestyle_center 4
Open-Air Centers | OpenAir_center 27
Other | Other_property 4
Total Properties | Property 83
Consolidated Properties  
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]  
Malls | Mall 40
Outlet Centers | Outlet_center 2
Lifestyle Centers | Lifestyle_center 3
Open-Air Centers | OpenAir_center 19
Other | Other_property 3
Total Properties | Property 67
Consolidated Properties | CBL & Associates Limited Partnership  
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]  
Office Buildings | Office_building 2
Unconsolidated Properties  
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]  
Malls | Mall 3
Outlet Centers | Outlet_center 3
Lifestyle Centers | Lifestyle_center 1
Open-Air Centers | OpenAir_center 8
Other | Other_property 1
Total Properties | Property 16
v3.25.2
Revenues - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation Of Revenue [Line Items]        
Rental revenues $ 136,453 $ 124,071 $ 273,813 $ 248,098
Revenues from contracts with customers: 3,862 4,340 7,472 8,909
Total revenues [1],[2] 140,905 129,665 282,673 258,782
All Other        
Disaggregation Of Revenue [Line Items]        
Total revenues [1],[3] 8,116 9,447 16,259 18,347
Operating expense reimbursements        
Disaggregation Of Revenue [Line Items]        
Revenues from contracts with customers: 1,747 1,960 3,689 4,220
Operating expense reimbursements | Malls        
Disaggregation Of Revenue [Line Items]        
Revenues from contracts with customers: 1,485 1,546 3,135 3,427
Operating expense reimbursements | Lifestyle Centers        
Disaggregation Of Revenue [Line Items]        
Revenues from contracts with customers: 164 163 335 328
Operating expense reimbursements | Open-Air Centers        
Disaggregation Of Revenue [Line Items]        
Revenues from contracts with customers: 89 125 167 291
Operating expense reimbursements | All Other        
Disaggregation Of Revenue [Line Items]        
Revenues from contracts with customers: 9 126 52 174
Management, development and leasing fees        
Disaggregation Of Revenue [Line Items]        
Revenues from contracts with customers: [4] 1,357 1,817 2,674 3,722
Marketing revenues        
Disaggregation Of Revenue [Line Items]        
Revenues from contracts with customers: 758 563 1,109 967
Marketing revenues | Malls        
Disaggregation Of Revenue [Line Items]        
Revenues from contracts with customers: 716 505 1,036 840
Marketing revenues | Lifestyle Centers        
Disaggregation Of Revenue [Line Items]        
Revenues from contracts with customers: 40 51 69 119
Marketing revenues | Open-Air Centers        
Disaggregation Of Revenue [Line Items]        
Revenues from contracts with customers: 2 7 4 8
Other revenues        
Disaggregation Of Revenue [Line Items]        
Total revenues $ 590 $ 1,254 $ 1,388 $ 1,775
[1] Management, development and leasing fees earned by the Management Company are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source.
[2] Sales taxes are excluded from revenues.
[3] The All Other category includes outparcels, office buildings, hotels, corporate-level entities and the Management Company.
[4] Included in All Other segment
v3.25.2
Revenues - Remaining Performance Obligations (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Remaining performance obligation $ 97,768
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-07-01  
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Remaining performance obligation $ 19,754
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2030-07-01  
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Remaining performance obligation $ 44,132
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2045-07-01  
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Remaining performance obligation $ 33,882
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 20 years
v3.25.2
Revenues - Remaining Performance Obligations (Details 1)
$ in Thousands
Jun. 30, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 97,768
v3.25.2
Leases - Components of Rental Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Fixed lease payments $ 107,552 $ 97,833 $ 225,073 $ 196,137
Variable lease payments 28,901 26,238 48,740 51,961
Total rental revenues $ 136,453 $ 124,071 $ 273,813 $ 248,098
v3.25.2
Leases - Future Minimum Lease Payments to be Received (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Operating Leases  
2025 $ 219,671 [1]
2026 364,731
2027 281,851
2028 210,024
2029 152,873
2030 100,193
Thereafter 295,090
Total undiscounted lease payments $ 1,624,433
[1] Reflects rental payments for the period July 1, 2025 to December 31, 2025.
v3.25.2
Fair Value Measurements - Schedule of Interest Rate Swap Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Interest Rate Swap
$ in Thousands
Jun. 30, 2025
USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Fair Value, Asset $ 90
Significant Other Observable Inputs (Level 2)  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Fair Value, Asset $ 90
v3.25.2
Fair Value Measurements - Debt Securities, Available-for-sale Measured at Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fair value of mortgage and other indebtedness $ 2,041,150 $ 2,110,154
Available-for-sale securities, amortized cost 187,764 242,881
Available-For-Sale Securities Held, Fair Value [1] 187,662 243,148
U.S Treasury Securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Available-for-sale securities, amortized cost 187,764 242,881
Available-For-Sale Securities Held, unrealized (loss) gain (102) 267
Available-For-Sale Securities Held, Fair Value $ 187,662 $ 243,148
U.S. Treasury securities, maturity date Mar. 31, 2026  
[1] As of June 30, 2025, includes $167,278 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $210,970 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 8.
v3.25.2
Fair Value Measurements - Long-Lived Assets Measured at Fair Value (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
GreenbrierCircle
Jun. 30, 2025
USD ($)
GreenbrierCircle
Jun. 30, 2024
USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Numberof Stores sold | GreenbrierCircle 840 840  
Loss on impairment | $ $ 1,457 $ 1,457 $ 836
v3.25.2
Acquisitions - Narrative (Details)
$ in Thousands
 1 Months Ended 6 Months Ended
Jul. 01, 2025
USD ($)
Acquisition
Jan. 31, 2025
USD ($)
Acquisition
Jun. 30, 2025
USD ($)
Business Acquisition [Line Items]      
Payments to acquire real estate     $ 6,158
Macy's Stores      
Business Acquisition [Line Items]      
Number of businesses acquired | Acquisition   4  
Payments to acquire real estate   $ 6,156  
Enclosed Malls | Subsequent Event      
Business Acquisition [Line Items]      
Number of businesses acquired | Acquisition 4    
Payments to acquire real estate $ 178,900    
v3.25.2
Dispositions and Held for Sale - Summary (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jul. 01, 2025
USD ($)
Jun. 30, 2025
USD ($)
GreenbrierCircle
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Outparcel
GreenbrierCircle
LandParcel
Jun. 30, 2024
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Gain (loss) on sales of real estate assets       $ 22,871 $ 3,671
Number of stores sold (outparcel) | GreenbrierCircle   840   840  
Land Parcel Sale | Imperial Valley Mall          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of stores sold (outparcel) | LandParcel       1  
Anchor Parcel Sale          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Gain (loss) on sales of real estate assets     $ (50)   3,671
Proceeds from sale of real estate         $ 7,745
Outparcel Sale          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Gain (loss) on sales of real estate assets   $ 1,339   $ 22,871  
Number of stores sold (outparcel) | Outparcel       1  
Proceeds from sale of real estate   $ 5,000   $ 77,100  
Outparcel Sale | Monroeville Mall          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Number of stores sold (outparcel) | Outparcel       3  
The Promenade D'Iberville | Subsequent Event          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Proceeds from sale of real estate $ 83,100        
v3.25.2
Dispositions and Held For Sale - Summary of Properties Held for Sale (Details) - The Promenade D'Iberville - Open Air/Power Center
$ in Thousands
Jun. 30, 2025
USD ($)
Long-Lived Assets Held-for-Sale [Line Items]  
Total Assets $ 33,134
Total Liabilities $ 2,413 [1]
[1] Included within accounts payable and accrued liabilities on the condensed consolidated balance sheets.
v3.25.2
Unconsolidated Affiliates and Noncontrolling Interests - Narrative (Details)
$ in Thousands
 1 Months Ended 6 Months Ended
Apr. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Jun. 30, 2025
USD ($)
Entity
Jun. 30, 2024
USD ($)
May 31, 2024
USD ($)
Schedule Of Equity Method Investments [Line Items]          
Number of entities - equity method of accounting (entity) | Entity     23    
Number of 50/50 joint ventures | Entity     16    
Gain on sales of real estate assets     $ 22,871 $ 3,671  
Loan, fixed interest rate     7.3975%    
Alamance Crossing CMBS, LLC          
Schedule Of Equity Method Investments [Line Items]          
Fair value carrying amount     $ 41,122    
BI Developments II, LLC          
Schedule Of Equity Method Investments [Line Items]          
Proceeds from sale of real estate   $ 2,400      
Gain on sales of real estate assets   $ 1,035      
Port Orange I, LLC          
Schedule Of Equity Method Investments [Line Items]          
Ownership interest in joint venture (as a percent)     50.00%    
Proceeds from sale of real estate $ 1,300        
Gain on sales of real estate assets $ 832        
WestGate Mall CMBS, LLC          
Schedule Of Equity Method Investments [Line Items]          
Fair value carrying amount         $ 28,661
Unconsolidated Affiliates          
Schedule Of Equity Method Investments [Line Items]          
Ownership interest in joint venture (as a percent)     65.00%    
Minimum          
Schedule Of Equity Method Investments [Line Items]          
Ownership in variable interest entity (as a percent)     50.00%    
Minimum | Unconsolidated Affiliates          
Schedule Of Equity Method Investments [Line Items]          
Ownership interest in joint venture (as a percent)     33.00%    
Maximum          
Schedule Of Equity Method Investments [Line Items]          
Ownership in variable interest entity (as a percent)     92.00%    
Maximum | Unconsolidated Affiliates          
Schedule Of Equity Method Investments [Line Items]          
Ownership interest in joint venture (as a percent)     49.00%    
v3.25.2
Unconsolidated Affiliates and Noncontrolling Interests -Summarized Financial Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
ASSETS:                
Investment in real estate assets [1] $ 2,067,496   $ 2,067,496     $ 2,093,385    
Accumulated depreciation [1] (314,093)   (314,093)     (283,785)    
Net investment in real estate assets [1] 1,753,403   1,753,403     1,809,600    
Developments in progress [1] 7,757   7,757     5,817    
Net investment in real estate assets [1] 1,794,294   1,794,294     1,871,492    
Total assets [1] 2,603,007   2,603,007     2,747,191    
LIABILITIES:                
Mortgage and other indebtedness, net 2,139,776   2,139,776     2,212,680    
Total liabilities [1] 2,325,494   2,325,494     2,434,327    
OWNERS' EQUITY:                
The Company 289,387   289,387     323,546    
Noncontrolling interests (11,874)   (11,874)     (10,682)    
Total equity 277,513 $ 298,986 277,513 $ 298,986 $ 283,762 312,864 $ 314,850 $ 330,617
Total liabilities, redeemable noncontrolling interests and equity 2,603,007   2,603,007     2,747,191    
Total revenues [2],[3] 140,905 129,665 282,673 258,782        
Net income 2,158 4,291 10,545 3,817        
Unconsolidated Affiliates                
ASSETS:                
Investment in real estate assets 1,282,281   1,282,281     1,284,494    
Accumulated depreciation (592,047)   (592,047)     (576,289)    
Net investment in real estate assets 690,234   690,234     708,205    
Developments in progress 39,774   39,774     32,114    
Net investment in real estate assets 730,008   730,008     740,319    
Other assets 137,871   137,871     156,363    
Total assets 867,879   867,879     896,682    
LIABILITIES:                
Mortgage and other indebtedness, net 733,716   733,716     780,536    
Other liabilities 24,501   24,501     36,253    
Total liabilities 758,217   758,217     816,789    
OWNERS' EQUITY:                
The Company 75,635   75,635     76,607    
Noncontrolling interests 34,027   34,027     3,286    
Total equity 109,662   109,662     79,893    
Total liabilities, redeemable noncontrolling interests and equity 867,879   867,879     $ 896,682    
Total revenues 43,636 63,875 88,838 127,872        
Net income [4] $ 9,556 $ 28,328 $ 52,546 $ 34,592        
[1] As of June 30, 2025, includes $167,278 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $210,970 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 8.
[2] Management, development and leasing fees earned by the Management Company are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source.
[3] Sales taxes are excluded from revenues.
[4] The Company's pro rata share of net income was $6,437 and $7,148 for the three months ended June, 2025 and 2024, respectively. The Company's pro rata share of net income was $13,350 and $11,742 for the six months ended June 30, 2025 and 2024, respectively.
v3.25.2
Unconsolidated Affiliates and Noncontrolling Interests - Summarized Financial Information (Parenthetical) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Schedule Of Equity Method Investments [Line Items]        
Equity in earnings of unconsolidated affiliates $ 6,437 $ 7,148 $ 13,350 $ 11,742
Unconsolidated Affiliates        
Schedule Of Equity Method Investments [Line Items]        
Equity in earnings of unconsolidated affiliates $ 6,437 $ 7,148 $ 13,350 $ 11,742
v3.25.2
Unconsolidated Affiliates and Noncontrolling Interests - Variable Interest Entities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Schedule Of Equity Method Investments [Line Items]    
Variable interest asset entities [1] $ 2,603,007 $ 2,747,191
Unconsolidated VIEs    
Schedule Of Equity Method Investments [Line Items]    
Variable interest asset entities 13,965  
Maximum Risk of Loss, Unconsolidated 37,549  
Unconsolidated VIEs | Ambassador Infrastructure, LLC    
Schedule Of Equity Method Investments [Line Items]    
Maximum Risk of Loss, Unconsolidated [2] 2,797  
Unconsolidated VIEs | BI Development, LLC    
Schedule Of Equity Method Investments [Line Items]    
Variable interest asset entities 79  
Maximum Risk of Loss, Unconsolidated 79  
Unconsolidated VIEs | Port Orange I, LLC    
Schedule Of Equity Method Investments [Line Items]    
Variable interest asset entities [2] 4,074  
Maximum Risk of Loss, Unconsolidated [2] 24,861  
Unconsolidated VIEs | Vision-CBL Hamilton Place, LLC    
Schedule Of Equity Method Investments [Line Items]    
Variable interest asset entities 3,641  
Maximum Risk of Loss, Unconsolidated 3,641  
Unconsolidated VIEs | Vision - CBL Mayfaire TC Hotel, LLC    
Schedule Of Equity Method Investments [Line Items]    
Variable interest asset entities 6,171  
Maximum Risk of Loss, Unconsolidated $ 6,171  
[1] As of June 30, 2025, includes $167,278 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $210,970 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 8.
[2] The Operating Partnership has guaranteed all or a portion of the debt. See Note 12 for more information.
v3.25.2
Mortgage and Other Indebtedness, Net - Mortgage and Other Indebtedness, net (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Mortgage notes payable $ 1,374,192 $ 1,403,798
Mortgage and other indebtedness, variable-rate debt 864,270 928,106
Total fixed-rate and variable-rate debt 2,238,462 2,331,904
Unamortized deferred financing costs (6,619) (8,688)
Debt discounts [1] (92,067) (110,536)
Total mortgage and other indebtedness, net $ 2,139,776 $ 2,212,680
Weighted average interest rate (as a percent) [2] 5.95% 6.07%
Notional amount of the swap $ 32,000  
Interest rate percentage 7.3975%  
Five Mortgage Notes Payable    
Debt Instrument [Line Items]    
Remaining debt discount amortization period 4 years 6 months  
Fixed Rate Interest    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) [2] 5.01% 5.02%
Variable Rate Interest    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) [2] 7.43% 7.67%
Non-Recourse Open-Air Centers and Outparcels Loan    
Debt Instrument [Line Items]    
Mortgage and other indebtedness, variable-rate debt [3] $ 166,478 $ 170,031
Total mortgage and other indebtedness, net $ 332,956  
Non-Recourse Open-Air Centers and Outparcels Loan | Fixed Rate Interest    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) [2],[3] 6.95% 6.95%
Non-Recourse Open-Air Centers and Outparcels Loan | Variable Rate Interest    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) [2],[3] 8.42% 8.65%
Non-Recourse Loan on an Operating Property    
Debt Instrument [Line Items]    
Mortgage and other indebtedness, variable-rate debt $ 31,980 $ 32,580
Non-Recourse Loan on an Operating Property | Variable Rate Interest    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) [2] 7.30% 8.05%
Non-Recourse Loans on Operating Properties    
Debt Instrument [Line Items]    
Mortgage notes payable $ 1,207,714 $ 1,233,767
Non-Recourse Loans on Operating Properties | Fixed Rate Interest    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) [2] 4.75% 4.75%
Non-Recourse, Secured Term Loan    
Debt Instrument [Line Items]    
Mortgage notes payable $ 665,812 $ 725,495
Non-Recourse, Secured Term Loan | Variable Rate Interest    
Debt Instrument [Line Items]    
Weighted average interest rate (as a percent) [2] 7.19% 7.42%
[1] In conjunction with the acquisition of the Company's partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center and the implementation of fresh start accounting upon emergence from bankruptcy, the Company estimated the fair value of its mortgage notes with the assistance of a third-party valuation advisor. This resulted in recognizing a debt discount, which is accreted over the term of the respective debt using the effective interest method. The remaining debt discounts at June 30, 2025 will be accreted over a weighted average period of 4.5 years.
[2] Weighted-average interest rate excludes amortization of deferred financing costs.
[3] The Operating Partnership has an interest rate swap on a notional amount of $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%. Subsequent to June 30, 2025, the Company completed a modification and extension of the existing loan. See Note 15 for more information.
v3.25.2
Mortgage and Other Indebtedness, Net - Narrative (Details) - USD ($)
 1 Months Ended 6 Months Ended 12 Months Ended
Jul. 01, 2025
May 31, 2025
Feb. 28, 2025
Jan. 31, 2025
May 31, 2024
Feb. 29, 2024
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]                  
Non-recourse loan amount             $ 2,139,776,000   $ 2,212,680,000
Fair value net liability             0    
Payments to acquire real estate             $ 6,158,000    
Interest rate percentage             7.3975%    
Long-Term Debt, Maturity, Remainder of Fiscal Year [1]             $ 817,781,000    
Interest Rate Swap                  
Debt Instrument [Line Items]                  
Cash collateral             1,920,000    
Loans Secured by Three Properties and Secured Term Loan                  
Debt Instrument [Line Items]                  
Long-Term Debt, Maturity, Remainder of Fiscal Year             799,267,000    
Scenario Forecast                  
Debt Instrument [Line Items]                  
Gain recognized in other comprehensive income (loss)               $ 156,000  
Fayette Mall                  
Debt Instrument [Line Items]                  
Option extension term of debt instrument   1 year     1 year        
Cross Creek Mall | Subsequent Event                  
Debt Instrument [Line Items]                  
Non-recourse loan amount $ 78,000,000                
Interest rate percentage 6.856%                
Debt instrument, term 5 years                
Non-Recourse Loans on Operating Properties, Open-Air Centers and Outparcels Loan and Secured Term Loan                  
Debt Instrument [Line Items]                  
Non-recourse loan amount             $ 1,630,187,000    
Brookfield Square Anchor Redevelopment loan | U.S Treasury Securities                  
Debt Instrument [Line Items]                  
Loan amount paid           $ 15,190,000      
Open-Air Centers and Outparcels Loan                  
Debt Instrument [Line Items]                  
Payments to acquire real estate       $ 7,107,000          
Open-Air Centers and Outparcels Loan | Subsequent Event                  
Debt Instrument [Line Items]                  
Non-recourse loan amount $ 332,956,000                
Secured Term Loan                  
Debt Instrument [Line Items]                  
Loan amount paid     $ 41,116,000            
[1] Reflects scheduled principal amortization for the period July 1, 2025 through December 31, 2025.
v3.25.2
Mortgage and Other Indebtedness, Net- Scheduled Principal Payments (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Debt Instrument [Line Items]  
2025 $ 817,781 [1]
2026 652,650
2027 342,814
2028 133,350
2029 6,407
2030 225,628
Thereafter 59,832
Mortgages  
Debt Instrument [Line Items]  
Total mortgage and other indebtedness $ 2,238,462
[1] Reflects scheduled principal amortization for the period July 1, 2025 through December 31, 2025.
v3.25.2
Mortgage and Other Indebtedness, Net - Schedule of Effective Portion of Changes In The Fair Value of Derivatives Designated As, and That Qualify As, Cash Flow Hedges (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivatives, Fair Value [Line Items]        
Derivative, Notional Amount $ 32,000   $ 32,000  
Pay fixed or Receive Variable Swap | Cash Flow Hedging | Intangible Lease Assets And Other Assets        
Derivatives, Fair Value [Line Items]        
Derivative, Notional Amount 32,000   32,000  
Fair Value $ 90   $ 90  
Investment, Variable Interest Rate, Type [Extensible Enumeration] One Month USD SOFR CME [Member]   One Month USD SOFR CME [Member]  
Debt instrument, maturity date     Jun. 07, 2027  
Interest Rate Swap | Cash Flow Hedging        
Derivatives, Fair Value [Line Items]        
(Loss) gain recognized in other comprehensive income (loss) $ (143) $ 35 $ (424) $ 497
Interest Rate Swap | Cash Flow Hedging | Interest Expense | Reclassification out of Accumulated Other Comprehensive Income        
Derivatives, Fair Value [Line Items]        
Gain recognized in earnings [1] $ 82 $ 161 $ 163 $ 324
[1] Gain reclassified from accumulated other comprehensive income into earnings shown in interest expense.
v3.25.2
Segment Information - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] Chief Executive Officer [Member]
Segment reporting, CODM, profit (loss) measure, how used, description The CODM measures performance and allocates resources to each property based on net operating income ("NOI") and certain criteria such as tenant mix, capital requirements, economic risks, leasing terms, and short- and long-term returns on capital. NOI is a supplemental non-GAAP measure of the operating performance of the Company’s shopping centers and other properties. The Company defines NOI as property operating revenues (rental revenues, tenant reimbursements and other income) less property operating expenses (property operating expenditures, real estate taxes and maintenance and repairs) plus property interest and other income. The Company computes NOI based on its pro rata share of both consolidated and unconsolidated properties.
v3.25.2
Segment Information - Summary (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Total revenues [1],[2] $ 140,905 $ 129,665 $ 282,673 $ 258,782
Interest and other income 3,164 4,082 6,632 8,086
Other (30) (127) (30) (127)
Depreciation and amortization (39,702) (38,664) (85,243) (76,704)
General and administrative expense (15,188) (14,831) (35,895) (35,245)
Litigation settlement   72   140
Loss on extinguishment of debt (0)   (217)  
Loss on impairment (1,457)   (1,457) (836)
Income tax (provision) benefit (369) (650) 102 (492)
Equity in earnings of unconsolidated affiliates 6,437 7,148 13,350 11,742
All Other        
Segment Reporting Information [Line Items]        
Total revenues [1],[3] 8,116 9,447 16,259 18,347
Net operating income [3] 9,054 11,582 18,532 22,103
Total Reportable Segments        
Segment Reporting Information [Line Items]        
Total revenues [1] 153,685 159,358 307,917 318,472
Property operating expenses [4] (52,060) (52,184) (110,267) (104,768)
Interest and other income 329 418 731 779
Net operating income 101,954 107,592 198,381 214,483
Interest expense (43,959) (39,407) (88,184) (79,219)
Gain (loss) on sales of real estate assets 1,339 (50) 22,871 3,671
Other (30) (127) (30) (127)
Depreciation and amortization (39,702) (38,664) (85,243) (76,704)
General and administrative expense (15,188) (14,831) (35,895) (35,245)
Litigation settlement   72   140
Loss on extinguishment of debt     (217)  
Loss on impairment (1,457)   (1,457) (836)
Income tax (provision) benefit (369) (650) 102 (492)
Equity in earnings of unconsolidated affiliates 6,437 7,148 13,350 11,742
Net income (loss) 2,158 4,291 10,545 3,817
Total Reportable Segments | Malls        
Segment Reporting Information [Line Items]        
Total revenues [1] 114,207 120,956 230,116 241,817
Property operating expenses [4] (41,184) (42,732) (88,836) (85,930)
Interest and other income 90 179 308 344
Net operating income 73,113 78,403 141,588 156,231
Total Reportable Segments | Outlet Centers        
Segment Reporting Information [Line Items]        
Total revenues [1] 8,531 8,309 17,123 16,670
Property operating expenses [4] (3,420) (3,070) (6,507) (5,915)
Interest and other income 13 20 25 50
Net operating income 5,124 5,259 10,641 10,805
Total Reportable Segments | Lifestyle Centers        
Segment Reporting Information [Line Items]        
Total revenues [1] 12,677 11,815 24,811 23,842
Property operating expenses [4] (3,693) (3,416) (7,482) (6,882)
Interest and other income 58   58  
Net operating income 9,042 8,399 17,387 16,960
Total Reportable Segments | Open-Air Centers        
Segment Reporting Information [Line Items]        
Total revenues [1] 18,270 18,278 35,867 36,143
Property operating expenses [4] (3,763) (2,966) (7,442) (6,041)
Interest and other income 168 219 340 385
Net operating income 14,675 15,531 28,765 30,487
Consolidation Adjustments        
Segment Reporting Information [Line Items]        
Total revenues [1],[5] (20,896) (39,140) (41,503) (78,037)
Net operating income [5] $ (15,921) $ (28,374) $ (31,665) $ (55,699)
[1] Management, development and leasing fees earned by the Management Company are included in the All Other category. See Note 3 for information on the Company’s revenues disaggregated by revenue source.
[2] Sales taxes are excluded from revenues.
[3] The All Other category includes outparcels, office buildings, hotels, corporate-level entities and the Management Company.
[4] Property operating expenses include property operating, real estate taxes and maintenance and repairs, none of which represent significant segment expense.
[5] Consolidated adjustments represent the elimination of the Company's share of unconsolidated affiliates and the addition of the noncontrolling interests' share to reconcile to the amounts reported in the Company's condensed consolidated statements of operations.
v3.25.2
Earnings Per Share - Summary of Calculation of Basic and Diluted EPS (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Basic earnings per share        
Net income attributable to the Company $ 2,759 $ 4,744 $ 11,548 $ 4,794
Less: Earnings allocable to unvested restricted stock (192) (260) (769) (519)
Net income attributable to common shareholders $ 2,567 $ 4,484 $ 10,779 $ 4,275
Weighted-average basic shares outstanding 30,456 31,150 30,438 31,348
Net income per share attributable to common shareholders $ 0.08 $ 0.14 $ 0.35 $ 0.14
Diluted earnings per share        
Net income attributable to common shareholders [1] $ 2,567 $ 4,484 $ 10,779 $ 4,275
Weighted-average diluted shares [1] 30,742 31,156 30,726 31,351
Net income per share attributable to common shareholders [1] $ 0.08 $ 0.14 $ 0.35 $ 0.14
[1] For the three and six months ended June 30, 2025, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the three and six months ended June 30, 2025, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three and six months ended June 30, 2025, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 30,832,900 and 30,828,038, respectively, including 90,604 and 102,232, respectively, contingently issuable shares related to unvested restricted stock awards. For the three and six months ended June 30, 2024, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the three and six months ended June 30, 2024, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three and six months ended June 30, 2024, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,183,259 and 31,370,543, respectively, including 26,957 and 19,532, respectively, contingently issuable shares related to unvested restricted stock awards.
v3.25.2
Earnings Per Share - Summary of Calculation of Basic and Diluted EPS (Parenthetical) (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Weighted-average common and potential dilutive common shares outstanding, diluted [1] 30,742,000 31,156,000 30,726,000 31,351,000
Unvested Restricted Stock Awards        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from the computation of EPS (shares) 90,604 26,957 102,232 19,532
Weighted-average common and potential dilutive common shares outstanding, diluted 30,832,900 31,183,259 30,828,038 31,370,543
[1] For the three and six months ended June 30, 2025, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the three and six months ended June 30, 2025, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three and six months ended June 30, 2025, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 30,832,900 and 30,828,038, respectively, including 90,604 and 102,232, respectively, contingently issuable shares related to unvested restricted stock awards. For the three and six months ended June 30, 2024, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the three and six months ended June 30, 2024, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the three and six months ended June 30, 2024, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,183,259 and 31,370,543, respectively, including 26,957 and 19,532, respectively, contingently issuable shares related to unvested restricted stock awards.
v3.25.2
Contingencies - Environmental Contingencies (Details)
 6 Months Ended
Jun. 30, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Environmental liability insurance, maximum coverage per incident (up to) $ 40,000
Environmental liability insurance, annual coverage limit (up to) $ 40,000
v3.25.2
Contingencies - Guarantees (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Guarantor Obligations [Line Items]    
Obligation recorded to reflect guaranty $ 236 $ 266
Ambassador Infrastructure, LLC    
Guarantor Obligations [Line Items]    
Company's Ownership Interest (as a percent) 65.00%  
Outstanding Balance $ 2,797  
Percentage Guaranteed by the Operating Partnership (as a percent) 100.00%  
Maximum Guaranteed Amount $ 2,797  
Obligation recorded to reflect guaranty $ 28 44
Port Orange I, LLC    
Guarantor Obligations [Line Items]    
Company's Ownership Interest (as a percent) 50.00%  
Outstanding Balance $ 41,574  
Percentage Guaranteed by the Operating Partnership (as a percent) 50.00%  
Maximum Guaranteed Amount $ 20,787  
Obligation recorded to reflect guaranty $ 208 $ 222
v3.25.2
Share-Based Compensation - Summary (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Feb. 12, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restricted Stock Awards          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Share-based compensation cost   $ 2,276 $ 2,089 $ 4,402 $ 4,077
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]          
Unvested, beginning of period (shares)       490,864  
Granted (shares)       132,466  
Vested (shares)       (143,680)  
Unvested, end of period (shares)   479,650   479,650  
Weighted-Average Grant Date Fair Value          
Weighted average grant-date fair value, unvested, beginning of period (USD per share)       $ 26.08  
Weighted average grant-date fair value, granted (USD per share)       30.85  
Weighted average grant-date fair value, vested (USD per share)       25  
Weighted average grant-date fair value, unvested, ending of period (USD per share)   $ 27.72   $ 27.72  
Unrecognized compensation cost related to nonvested stock awards   $ 8,909   $ 8,909  
Compensation cost to be recognized over a weighted-average period       1 year 7 months 6 days  
Weighted average grant-date fair value, granted       $ 4,087  
Total fair value of shares vested       $ 4,495  
Granted (shares)       132,466  
weighted-average grant date fair value   $ 27.72   $ 27.72  
Share-based compensation cost capitalized as part of real estate assets   $ 32 35 $ 62 59
Performance Stock Unit Awards          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Share-based compensation cost   $ 1,981 $ 1,441 $ 3,815 $ 3,108
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]          
Unvested, beginning of period (shares)       571,287  
Granted (shares)       130,312  
Unvested, end of period (shares)   745,375   745,375  
Weighted-Average Grant Date Fair Value          
Weighted average grant-date fair value, unvested, beginning of period (USD per share)       $ 28.48  
Weighted average grant-date fair value, granted (USD per share)       35.57  
Weighted average grant-date fair value, unvested, ending of period (USD per share) $ 35.57 [1] $ 29.57   $ 29.57  
Unrecognized compensation cost related to nonvested stock awards   $ 11,254   $ 11,254  
Compensation cost to be recognized over a weighted-average period       2 years 3 months 18 days  
Weighted average grant-date fair value, granted       $ 4,635  
Performance period 3 years        
Granted (shares)       130,312  
Incremental granted (shares) [2]       43,776  
Weighted average incremental grant-date fair value, granted (USD per share) [2]       25.93  
weighted-average grant date fair value $ 35.57 [1] $ 29.57   $ 29.57  
Risk-free interest rate (as a percent) [3] 4.40%        
Expected share price volatility (as a percent) [4] 32.00%        
Performance Stock Unit Awards | Chief Executive Officer          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]          
Granted (shares) 39,094        
Weighted-Average Grant Date Fair Value          
Weighted average grant-date fair value, unvested, ending of period (USD per share) $ 42.5        
Granted (shares) 39,094        
weighted-average grant date fair value $ 42.5        
Performance Stock Unit Awards | Officer          
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]          
Granted (shares) 91,218        
Weighted-Average Grant Date Fair Value          
Weighted average grant-date fair value, unvested, ending of period (USD per share) $ 32.6        
Granted (shares) 91,218        
weighted-average grant date fair value $ 32.6        
[1] The value of the 2025 PSU awards is estimated on the date of grant using a Monte Carlo simulation model. The valuation consists of computing the fair value using CBL's simulated stock price as well as TSR over a three-year performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the pay off of the award is also risk-free. The weighted-average fair value per share related to the 2025 PSUs consists of 39,094 PSUs at a fair value of $42.50 per share (which relates to the relative TSR) and 91,218 PSUs at a fair value of $32.60 per share (which relates to absolute TSR).
[2] PSUs granted shall be adjusted as if the shares of common stock represented by such PSUs had received any applicable stock or cash dividends declared. For stock dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that would have been payable per such stock dividend on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs. For cash dividends, a number of PSUs shall be added to the target amount corresponding to the number of shares of common stock that could have been acquired by the cash dividend payable on the then outstanding number of PSUs under the agreement as if common stock had been issued for such PSUs, and the calculation of the number of shares of common stock that could have been acquired shall be based on the closing price of the common stock on the record date for the cash dividend at issue.
[3] The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date, which is the grant date listed above.
[4] The computation of expected volatility for the 2025 PSUs was based on the historical volatility of CBL's shares of common stock for a trading period equal to the time from the grant date to the end of the performance period.
v3.25.2
Noncash Investing and Financing Activities - Summary (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Other Significant Noncash Transactions [Line Items]    
Additions to real estate assets accrued but not yet paid $ 11,792 $ 10,339
v3.25.2
Subsequent Events - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended
Jul. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Subsequent Event [Line Items]        
Non-recourse, secured loan     $ 1,374,192 $ 1,403,798
Loan, fixed interest rate     7.3975%  
Non-recourse open-air centers and outparcels loan     $ 864,270 928,106
Non-recourse loan amount     2,139,776 2,212,680
Non-Recourse, Secured Term Loan        
Subsequent Event [Line Items]        
Non-recourse, secured loan     665,812 725,495
Non-Recourse Open-Air Centers and Outparcels Loan        
Subsequent Event [Line Items]        
Non-recourse open-air centers and outparcels loan [1]     166,478 $ 170,031
Non-recourse loan amount     $ 332,956  
Subsequent Event        
Subsequent Event [Line Items]        
Annualized rate per share   $ 1.8    
Subsequent Event | The Promenade        
Subsequent Event [Line Items]        
Proceeds from sale of real estate $ 83,100      
Subsequent Event | Non-Recourse, Secured Term Loan        
Subsequent Event [Line Items]        
Non-recourse, secured loan $ 78,000      
Loan, fixed interest rate 6.856%      
Debt instrument, term 5 years      
Subsequent Event | Non-Recourse Open-Air Centers and Outparcels Loan        
Subsequent Event [Line Items]        
Debt instrument, maturity date Jun. 30, 2027      
Loan, fixed interest rate 7.70%      
Non-recourse open-air centers and outparcels loan $ 442,956      
Principal balance increased $ 110,000      
Initial maturity period Oct. 31, 2030      
Final maturity period Oct. 31, 2032      
Principal balance $ 368,000      
Loan, basis spread rate 410.00%      
Remaining balance $ 75,000      
Option extension term of debt instrument 2 years      
Subsequent Event | U.S Treasury Securities        
Subsequent Event [Line Items]        
U.S. treasury securities redeemed $ 27,654      
Purchases of U.S. treasury securities $ 97,652      
[1] 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%. Subsequent to June 30, 2025, the Company completed a modification and extension of the existing loan. See Note 15 for more information.