CBL & ASSOCIATES PROPERTIES INC, 10-K filed on 3/3/2025
Annual Report
v3.25.0.1
Document And Entity Information - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 25, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Amendment Flag false    
Document Period End Date Dec. 31, 2024    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Registrant Name CBL & ASSOCIATES PROPERTIES, INC.    
Entity Central Index Key 0000910612    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Interactive Data Current Yes    
Current Fiscal Year End Date --12-31    
Entity Filer Category Accelerated Filer    
Entity Well-known Seasoned Issuer No    
Document Financial Statement Error Correction [Flag] false    
Entity Public Float     $ 423,694,184
Entity Common Stock, Shares Outstanding   30,935,922  
Entity Shell Company false    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Title of 12(b) Security Common Stock, $0.001 par value    
Trading Symbol CBL    
Security Exchange Name NYSE    
Entity File Number 1-12494    
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    
Document Annual Report true    
Document Transition Report false    
Entity Bankruptcy Proceedings, Reporting Current true    
Auditor Firm ID 34    
Auditor Name Deloitte & Touche LLP    
Auditor Location Atlanta, Georgia    
Documents Incorporated by Reference [Text Block]

Portions of CBL & Associates Properties, Inc.’s Proxy Statement for the 2025 Annual Meeting of Shareholders are incorporated by reference in Part III.

    
Auditor Opinion [Text Block]

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of CBL & Associates Properties, Inc. and subsidiaries (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, 2024, and the related notes and the financial statement schedules listed in the Index at Item 15 (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March 3, 2025, expressed an unqualified opinion on the Company's internal control over financial reporting.

    
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Real estate assets:    
Land [1] $ 588,153 $ 585,191
Buildings and improvements [1] 1,505,232 1,216,054
Real estate assets [1] 2,093,385 1,801,245
Accumulated depreciation [1] (283,785) (228,034)
Net investment in real estate assets [1] 1,809,600 1,573,211
Held-for-sale [1] 56,075  
Developments in progress [1] 5,817 8,900
Net investment in real estate assets [1] 1,871,492 1,582,111
Cash and cash equivalents [1] 40,791 34,188
Restricted cash [1] 112,938 88,888
Available-for-sale securities - at fair value (amortized cost of $242,881 and $261,869 as of December 31, 2024 and 2023, respectively) [1] 243,148 262,142
Receivables:    
Tenant [1] 45,594 43,436
Other [1] 2,356 2,752
Investments in unconsolidated affiliates [1] 83,465 76,458
In-place leases, net [1] 186,561 157,639
Intangible lease assets and other assets [1] 160,846 158,291
Total assets [1] 2,747,191 2,405,905
LIABILITIES AND EQUITY    
Mortgage and other indebtedness, net 2,212,680 1,888,803
Accounts payable and accrued liabilities 221,647 186,485
Total liabilities [1] 2,434,327 2,075,288
Shareholders' equity:    
Common stock, $.001 par value, 200,000,000 shares authorized, 30,711,227 and 31,975,645 issued and outstanding as of December 31, 2024 and 2023, respectively (in each case, excluding 34 treasury shares) 31 32
Additional paid-in capital 694,566 719,125
Accumulated other comprehensive income 782 610
Accumulated deficit (371,833) (380,446)
Total shareholders' equity 323,546 339,321
Noncontrolling interests (10,682) (8,704)
Total equity 312,864 330,617
Total liabilities, redeemable noncontrolling interests and equity $ 2,747,191 $ 2,405,905
[1] As of December 31, 2024, includes $174,745 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $212,234 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10.
v3.25.0.1
Consolidated Balance Sheets (Parenthetical)
$ in Thousands
Dec. 31, 2024
USD ($)
$ / shares
shares
Available-for-sale securities, amortized cost $ 242,881
Common stock, par value (USD per share) | $ / shares $ 0.001
Common stock authorized (shares) | shares 200,000,000
Common stock issued (shares) | shares 30,711,227
Common stock outstanding (shares) | shares 30,711,227
Common stock, treasury shares | shares 34
Variable interest asset entities $ 2,747,191 [1]
Variable interest liability entities 2,434,327 [1]
Variable Interest Entity Primary Beneficiary  
Variable interest asset entities 174,745
Variable interest liability entities 227,247
Variable Interest Entity Primary Beneficiary | Nonrecourse  
Variable interest liability entities $ 212,234
[1] As of December 31, 2024, includes $174,745 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $212,234 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10.
v3.25.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
REVENUES:      
Rental revenues $ 493,876 $ 513,957 $ 542,247
Management, development and leasing fees 7,609 7,917 7,158
Other 14,076 13,412 13,606
Total revenues [1],[2] 515,561 535,286 563,011
EXPENSES:      
Property operating (90,052) (90,996) (92,126)
Depreciation and amortization (140,591) (190,505) (256,310)
Real estate taxes (47,365) (54,807) (57,119)
Maintenance and repairs (37,732) (41,336) (42,485)
General and administrative (67,254) (64,066) (67,215)
Loss on impairment (1,461)   (252)
Litigation settlement 553 2,310 304
Other (230) (221) (834)
Total expenses (384,132) (439,621) (516,037)
OTHER INCOME (EXPENSES):      
Interest and other income 15,713 13,199 4,938
Interest expense (154,486) (172,905) (217,342)
(Loss) gain on extinguishment of debt (819) 3,270 7,344
Gain on deconsolidation   47,879 36,250
Gain on consolidation 26,727    
Loss on available-for-sale securities     (39)
Gain on sales of real estate assets 16,676 5,125 5,345
Reorganizations items, net     298
Income tax provision (1,055) (894) (3,079)
Equity in earnings of unconsolidated affiliates 22,932 11,865 19,796
Total other expenses, net (74,312) (92,461) (146,489)
Net income (loss) 57,117 3,204 (99,515)
Net (income) loss attributable to noncontrolling interests in:      
Operating Partnership (4) (2) 34
Other consolidated subsidiaries 1,857 3,344 5,999
Net income (loss) attributable to the Company 58,970 6,546 (93,482)
Dividends allocable to unvested restricted stock (1,206) (1,113) (2,537)
Net income (loss) attributable to common shareholders $ 57,764 $ 5,433 $ (96,019)
Basic and diluted per share data attributable to common shareholders:      
Basic earnings per share $ 1.87 $ 0.17 $ (3.2)
Diluted earnings per share [3] $ 1.87 $ 0.17 $ (3.2)
Weighted-average basic shares 30,905 31,303 30,046
Weighted-average diluted shares [3] 30,962 31,303 30,046
[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 year ended December 31, 2023, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,330,597, including 27,434 contingently issuable shares related to unvested restricted stock awards. Due to a net loss for the year ended December 31, 2022, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the Company reported net income for the year ended December 31, 2022, the denominator for diluted EPS would have been 30,206,521, including 160,098 contingently issuable shares related to PSUs and unvested restricted stock awards.
v3.25.0.1
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 57,117 $ 3,204 $ (99,515)
Other comprehensive gain (loss):      
Unrealized gain on interest rate swap 177 338  
Unrealized (loss) gain on available-for-sale securities (5) 1,326 (1,051)
Comprehensive income (loss) 57,289 4,868 (100,566)
Comprehensive (income) loss attributable to noncontrolling interests in:      
Operating Partnership (4) (2) 34
Other consolidated subsidiaries 1,857 3,344 5,999
Comprehensive income (loss) attributable to the Company 59,142 8,210 (94,533)
Earnings allocable to unvested restricted stock (1,206) (1,113) (2,537)
Comprehensive income (loss) attributable to common shareholders $ 57,936 $ 7,097 $ (97,070)
v3.25.0.1
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, 2021 $ 401,100 $ 21 $ 547,726 $ (3) $ (151,545) $ 396,199 $ 4,901
Net income (loss) (99,515)       (93,482) (93,482) (6,033)
Other comprehensive income (loss) (1,051)     (1,051)   (1,051)  
Dividends declared - common stock (93,907)       (93,907) (93,907)  
Distributions to noncontrolling interests (2,769)           (2,769)
Amortization of deferred compensation 7,400   7,400     7,400  
Compensation expense related to performance stock units 4,485   4,485     4,485  
Cancellation of shares of restricted common stock (1,741)   (1,741)     (1,741)  
Adjustment for noncontrolling interests     100     100 (100)
Contributions from noncontrolling interests 589           589
Conversion of exchangeable notes into shares of common stock 152,538 11 152,527     152,538  
Ending balance at Dec. 31, 2022 367,129 32 710,497 (1,054) (338,934) 370,541 (3,412)
Net income (loss) 3,204       6,546 6,546 (3,342)
Other comprehensive income (loss) 1,664     1,664   1,664  
Dividends declared - common stock (48,058)       (48,058) (48,058)  
Issuance of shares of common stock associated with performance stock units net of shares withheld for tax (1,793)   (1,793)     (1,793)  
Distributions to noncontrolling interests (2,018)           (2,018)
Amortization of deferred compensation 7,343   7,343     7,343  
Compensation expense related to performance stock units 5,639   5,639     5,639  
Cancellation of shares of restricted common stock (1,391)   (1,391)     (1,391)  
Repurchases of common stock (1,109)   (1,109)     (1,109)  
Adjustment for noncontrolling interests     (61)     (61) 61
Contributions from noncontrolling interests 117           117
Redemption of Operating Partnership common units (110)           (110)
Ending balance at Dec. 31, 2023 330,617 32 719,125 610 (380,446) 339,321 (8,704)
Net income (loss) 57,117       58,970 58,970 (1,853)
Other comprehensive income (loss) 172     172   172  
Dividends declared - common stock (50,357)       (50,357) (50,357)  
Issuance of shares of common stock associated with performance stock units net of shares withheld for tax (769)   (769)     (769)  
Distributions to noncontrolling interests (140)           (140)
Amortization of deferred compensation 8,438   8,438     8,438  
Compensation expense related to performance stock units 6,490   6,490     6,490  
Cancellation of shares of restricted common stock (2,259)   (2,259)     (2,259)  
Repurchases of common stock (36,458) (1) (36,457)     (36,458)  
Adjustment for noncontrolling interests     (2)     (2) 2
Contributions from noncontrolling interests 13           13
Ending balance at Dec. 31, 2024 $ 312,864 $ 31 $ 694,566 $ 782 $ (371,833) $ 323,546 $ (10,682)
v3.25.0.1
Consolidated Statements of Equity (Parenthetical) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Issuance of restricted common stock (shares) 169,454 185,195 115,884
Issuance of common stock associated with performance stock units net of shares withheld for tax (shares) 164,837 133,221  
Conversion of operating partnership common stock shares   4,985  
Conversion of exchangeable units/Operating Partnership common units into common stock (shares)     10,982,795
Cancellation of restricted common stock (shares) 75,849 58,100 93,286
Repurchases of common stock (shares) 1,522,860 51,966  
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 57,117 $ 3,204 $ (99,515)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 140,591 190,505 256,310
Net amortization of deferred financing costs, discounts on available-for-sale securities and debt discounts 10,479 23,824 117,489
Net amortization of intangible lease assets and liabilities 15,666 21,425 20,798
Gain on sales of real estate assets (16,676) (5,125) (5,345)
Loss (gain) on insurance proceeds   176 (687)
Gain on deconsolidation   (47,879) (36,250)
Loss on available-for-sale securities     39
Write-off of development projects 230 39 834
Share-based compensation expense 14,928 12,982 11,885
Loss on impairment 1,461   252
Gain on Consolidation (26,727)    
Loss (gain) on extinguishment of debt 819 (3,270) (7,344)
Equity in earnings of unconsolidated affiliates (22,932) (11,865) (19,796)
Distributions of earnings from unconsolidated affiliates 20,665 18,433 23,905
Change in estimate of uncollectable revenues 4,155 1,646 (4,463)
Change in deferred tax accounts (1,650) (1,283) 1,128
Changes in:      
Tenant and other receivables (2,377) (3,752) (10,494)
Other assets 14,982 1,247 (355)
Accounts payable and accrued liabilities (8,508) (16,791) (40,157)
Net cash provided by operating activities 202,223 183,516 208,234
CASH FLOWS FROM INVESTING ACTIVITIES:      
Additions to real estate assets (36,192) (42,859) (39,064)
Acquisitions of real estate assets     (5,766)
Increase in cash and restricted cash from acquisition of interest in unconsolidated affiliate, net of cash paid 9,840    
Net proceeds from sales of real estate assets 79,446 9,810 9,633
Purchases of available-for-sale securities (360,824) (312,782) (741,042)
Redemptions of available-for-sale securities 379,613 355,543 600,697
Proceeds from insurance   281 743
Additional investments in and advances to unconsolidated affiliates (9,491) (10,926) (3,269)
Distributions in excess of equity in earnings of unconsolidated affiliates 5,075 5,297 25,547
Changes in other assets (2,461) (2,663) (4,164)
Net cash provided by (used in) investing activities 65,006 1,701 (156,685)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from mortgage and other indebtedness     425,000
Principal payments on mortgage and other indebtedness (146,258) (79,000) (524,171)
Additions to deferred financing costs (273) (693) (18,834)
Repurchases of common stock (36,458) (1,109)  
Contributions from noncontrolling interests 13 117 589
Payment of tax withholdings for restricted stock awards and performance stock units (3,028) (3,184) (1,740)
Distributions to noncontrolling interests (140) (2,128) (2,769)
Dividends paid to common shareholders (50,357) (118,093) (23,873)
Net cash used in financing activities (236,501) (204,090) (145,798)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 30,728 (18,873) (94,249)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period 123,076 141,949 236,198
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period 153,804 123,076 141,949
Reconciliation from consolidated statements of cash flows to consolidated balance sheets:      
Cash and cash equivalents 40,791 [1] 34,188 [1] 44,718
Cash held-for-sale 75    
Restricted cash:      
Restricted cash 47,482 53,180 58,182
Mortgage escrows 65,456 35,708 39,049
SUPPLEMENTAL INFORMATION      
Cash paid for interest, net of amounts capitalized $ 131,328 $ 136,146 124,149
Cash paid for reorganization items     $ 6,532
[1] As of December 31, 2024, includes $174,745 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $212,234 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 58,970 $ 6,546 $ (93,482)
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
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
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management, Strategy, and Governance Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

ITEM 1C. CYBERSECURITY

We face risks associated with security breaches through cyberattacks, cyberintrusions or otherwise, and other significant disruptions of information technology networks and related systems. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. However, we face certain ongoing risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. Refer to Risk Factors in Part I, Item 1A for a disclosure of our cybersecurity risks. We continue to monitor cybersecurity risks to prevent and mitigate materially negative impacts on the Company’s reputation, financial performance, customer or vendor relationships and potential litigation or regulatory investigations or actions.

Governance

As part of its regular oversight of risk management, our audit committee is responsible for the oversight of cybersecurity risk and threat mitigation related to our information technology and information systems including protection

and security of employee and customer data. Our Senior Vice President – Technology Solutions is responsible for the day-to-day management of our cybersecurity program and reports directly to our President. Our Senior Vice President – Technology Solutions has served in this role for over four years and has more than 25 years of experience in the aggregate, including more than ten years with the Company, in various information technology roles. Our audit committee is responsible for overseeing cybersecurity risks, and our management team reports to our audit committee on the Company’s cybersecurity program, current cybersecurity projects and industry trends and efforts to mitigate cybersecurity risk on at least a semi-annual basis.

Cybersecurity Risk Management and Strategy

We have designed and implemented a comprehensive program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We designed this program based on the National Institute of Standards and Technology cybersecurity framework ("NIST CSF"). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. We monitor and regularly assess our cybersecurity risks and adjust our program accordingly.

We maintain a cybersecurity incident response plan which outlines our response and action in the event of a major cybersecurity incident. The cybersecurity incident response plan sets forth a process for detecting and responding to cybersecurity incidents, determining their scope and risk, developing an appropriate response to mitigate and remediate the incident, communicating effectively to varying levels and personnel within the Company depending on the severity of the threat, effectively communicating to stakeholders and participants and reducing the likelihood of similar future incidents. In the event of a real or perceived cybersecurity incident, the Senior Vice President – Technology Solutions would, as soon as practicable, inform the Cybersecurity Incident Response Team, the members of which would then collaborate with the Senior Vice President – Technology Solutions to manage material risks.

We have adopted and require employees to abide by our personally identifiable information policy to help protect personal employee, vendor and tenant information. Employees are required to complete regular cybersecurity training and education annually, which is followed-up with quarterly testing and re-training, as necessary.

We contract with an independent cybersecurity provider to perform an annual cybersecurity risk and vulnerability assessment. We regularly test areas of potential vulnerability, utilizing penetration testing, ransomware-focused disaster recovery tests as well as testing exercises for other higher risk areas.

We conduct annual reviews of third-party hosted applications where sensitive Company data is shared. Additionally, cybersecurity tools and services are configured to identify threats and risks that may be associated with the use of third-party applications or solutions.

We maintain cybersecurity risk insurance coverage; however, there is no assurance that the insurance the Company maintains will cover all cybersecurity breaches or that policy limits will be sufficient to cover all related losses.
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]

Governance

As part of its regular oversight of risk management, our audit committee is responsible for the oversight of cybersecurity risk and threat mitigation related to our information technology and information systems including protection

and security of employee and customer data. Our Senior Vice President – Technology Solutions is responsible for the day-to-day management of our cybersecurity program and reports directly to our President. Our Senior Vice President – Technology Solutions has served in this role for over four years and has more than 25 years of experience in the aggregate, including more than ten years with the Company, in various information technology roles. Our audit committee is responsible for overseeing cybersecurity risks, and our management team reports to our audit committee on the Company’s cybersecurity program, current cybersecurity projects and industry trends and efforts to mitigate cybersecurity risk on at least a semi-annual basis.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

As part of its regular oversight of risk management, our audit committee is responsible for the oversight of cybersecurity risk and threat mitigation related to our information technology and information systems including protection

and security of employee and customer data.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our audit committee is responsible for overseeing cybersecurity risks, and our management team reports to our audit committee on the Company’s cybersecurity program, current cybersecurity projects and industry trends and efforts to mitigate cybersecurity risk on at least a semi-annual basis.
Cybersecurity Risk Role of Management [Text Block]

Cybersecurity Risk Management and Strategy

We have designed and implemented a comprehensive program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We designed this program based on the National Institute of Standards and Technology cybersecurity framework ("NIST CSF"). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. We monitor and regularly assess our cybersecurity risks and adjust our program accordingly.

We maintain a cybersecurity incident response plan which outlines our response and action in the event of a major cybersecurity incident. The cybersecurity incident response plan sets forth a process for detecting and responding to cybersecurity incidents, determining their scope and risk, developing an appropriate response to mitigate and remediate the incident, communicating effectively to varying levels and personnel within the Company depending on the severity of the threat, effectively communicating to stakeholders and participants and reducing the likelihood of similar future incidents. In the event of a real or perceived cybersecurity incident, the Senior Vice President – Technology Solutions would, as soon as practicable, inform the Cybersecurity Incident Response Team, the members of which would then collaborate with the Senior Vice President – Technology Solutions to manage material risks.

We have adopted and require employees to abide by our personally identifiable information policy to help protect personal employee, vendor and tenant information. Employees are required to complete regular cybersecurity training and education annually, which is followed-up with quarterly testing and re-training, as necessary.

We contract with an independent cybersecurity provider to perform an annual cybersecurity risk and vulnerability assessment. We regularly test areas of potential vulnerability, utilizing penetration testing, ransomware-focused disaster recovery tests as well as testing exercises for other higher risk areas.

We conduct annual reviews of third-party hosted applications where sensitive Company data is shared. Additionally, cybersecurity tools and services are configured to identify threats and risks that may be associated with the use of third-party applications or solutions.

We maintain cybersecurity risk insurance coverage; however, there is no assurance that the insurance the Company maintains will cover all cybersecurity breaches or that policy limits will be sufficient to cover all related losses.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Senior Vice President – Technology Solutions is responsible for the day-to-day management of our cybersecurity program and reports directly to our President.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our Senior Vice President – Technology Solutions has served in this role for over four years and has more than 25 years of experience in the aggregate, including more than ten years with the Company, in various information technology roles.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The cybersecurity incident response plan sets forth a process for detecting and responding to cybersecurity incidents, determining their scope and risk, developing an appropriate response to mitigate and remediate the incident, communicating effectively to varying levels and personnel within the Company depending on the severity of the threat, effectively communicating to stakeholders and participants and reducing the likelihood of similar future incidents. In the event of a real or perceived cybersecurity incident, the Senior Vice President – Technology Solutions would, as soon as practicable, inform the Cybersecurity Incident Response Team, the members of which would then collaborate with the Senior Vice President – Technology Solutions to manage material risks.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Organization
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization

NOTE 1. ORGANIZATION

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, lifestyle centers, open-air centers, outlet centers, office buildings and other properties, including single-tenant and multi-tenant outparcels. As of December 31, 2024, its properties are located in 21 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 December 31, 2024, the Operating Partnership owned interests in the following properties:

 

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers (1)

 

 

Open-Air Centers

 

 

Other (2)(3)

 

 

Total

 

Consolidated Properties

 

 

42

 

 

 

2

 

 

 

4

 

 

 

19

 

 

 

4

 

 

 

71

 

Unconsolidated Properties (4)

 

 

3

 

 

 

3

 

 

 

1

 

 

 

8

 

 

 

1

 

 

 

16

 

Total

 

 

45

 

 

 

5

 

 

 

5

 

 

 

27

 

 

 

5

 

 

 

87

 
(1)
Alamance Crossing is made up of Alamance Crossing East and Alamance Crossing West. Alamance Crossing East was deconsolidated and placed into receivership in connection with the foreclosure process. Alamance Crossing West remains consolidated. The Company views Alamance Crossing as one property and therefore only Alamance Crossing West is reflected in the total count.
(2)
Included in “All Other” for purposes of segment reporting.
(3)
CBL's two consolidated corporate office buildings are included in the Other category.
(4)
The Operating Partnership accounts for these investments using the equity method.

The malls, outlet centers, lifestyle centers, open-air centers and other properties are collectively referred to as the “properties” and individually as a “property.”

CBL is the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. At December 31, 2024, CBL Holdings I, Inc., the sole general partner of the Operating Partnership, owned a 1.0% 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 December 31, 2024, 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.

Reclassifications

The Company reclassified above-market leases, net, of $118,673 and below-market leases, net, of $80,408 from individual line items to intangible lease assets and other assets and accounts payable and accrued liabilities, respectively, on the consolidated balance sheets at December 31, 2023 to conform with the current period presentation.
v3.25.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements include the consolidated accounts of the Company, as well as entities in which the Company has a controlling financial interest or entities where the Company is deemed to be the primary beneficiary of a VIE. For entities in which the Company has less than a controlling financial interest or entities where the Company is not deemed to be the primary beneficiary of a VIE, the entities are accounted for using the equity method of accounting. Accordingly, the Company’s share of the net earnings or losses of these entities is included in consolidated net income (loss). The accompanying consolidated financial statements have been prepared in accordance with GAAP. All intercompany transactions have been eliminated.

Accounting Guidance Adopted

On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting, which amends the existing standard's disclosure requirements. Among other things, ASU 2023-07 requires companies to disclose significant segment expenses

by reportable segment if they are regularly provided to the Chief Operating Decision Maker ("CODM") and disclosures of the CODM's title and position, as well as details of how the CODM uses the reported measures. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. See Note 11 for more information.

Real Estate Assets

The Company capitalizes predevelopment project costs paid to third parties. All previously capitalized predevelopment costs are expensed when it is no longer probable that the project will be completed. Once development of a project commences, all direct costs incurred to construct the project, including interest and real estate taxes, are capitalized. Additionally, certain general and administrative expenses are allocated to the projects and capitalized based on the amount of time applicable personnel work on the development project. Ordinary repairs and maintenance are expensed as incurred. Major replacements and improvements are capitalized and depreciated over their estimated useful lives.

All real estate assets acquired have been accounted for using the acquisition method of accounting and accordingly, the results of operations are included in the consolidated statements of operations from the respective dates of acquisition. The Company allocates the purchase price to (i) tangible assets, consisting of land, buildings and improvements, as if vacant, and tenant improvements, and (ii) identifiable intangible assets and liabilities, generally consisting of above-market leases, in-place leases and tenant relationships, which are included in intangible lease assets and other assets, and below-market leases, which are included in accounts payable and accrued liabilities. The Company uses estimates of fair value based on estimated cash flows, using appropriate discount rates, and other valuation techniques to allocate the purchase price to the acquired tangible and intangible assets. Liabilities assumed generally consist of mortgage debt on the real estate assets acquired. Assumed debt is recorded at its fair value based on estimated market interest rates at the date of acquisition. The Company expects its future acquisitions will be accounted for as acquisitions of assets in which related transaction costs will be capitalized.

Depreciation is computed on a straight-line basis over estimated lives of 30 years for buildings, 10 to 20 years for certain improvements and 5 to 10 years for equipment and fixtures. Tenant improvements are capitalized and depreciated on a straight-line basis over the term of the related lease. Lease-related intangibles from acquisitions of real estate assets are generally amortized over the remaining terms of the related leases. The amortization of above- and below-market leases is recorded as an adjustment to rental revenue, while the amortization of all other lease-related intangibles is recorded as amortization expense. Any difference between the face value of the debt assumed and its fair value is amortized to interest expense over the remaining term of the debt using the effective interest method.

The Company’s intangibles and their balance sheet classifications as of December 31, 2024 and 2023, respectively, are summarized as follows:

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

Cost

 

 

Accumulated
Amortization

 

 

Cost

 

 

Accumulated
Amortization

 

In-place leases

 

$

418,458

 

 

$

(231,897

)

 

$

372,596

 

 

$

(214,957

)

Intangible lease assets and other assets:

 

 

 

 

 

 

 

 

 

 

 

 

Above-market leases

 

 

260,512

 

 

 

(138,474

)

 

 

232,638

 

 

 

(113,965

)

Tenant relationships

 

 

2,578

 

 

 

(115

)

 

 

2,578

 

 

 

(63

)

Accounts payable and accrued liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Below-market leases

 

 

166,909

 

 

 

(69,303

)

 

 

145,406

 

 

 

(64,998

)

These intangibles are related to specific tenant leases. Should a termination occur earlier than the date indicated in the lease, the related unamortized intangible assets or liabilities, if any, related to the lease are recorded as expense or income, as applicable. The total net amortization expense of the above intangibles for the Company for the years ended December 31, 2024, 2023 and 2022, was $67,031, $105,964 and $152,174, respectively. The estimated total net amortization expense for the next five succeeding years is $70,056 in 2025, $45,588 in 2026, $27,243 in 2027, $17,854 in 2028 and $10,859 in 2029.

The Company capitalized interest expense of $562, $453 and $618 for the years ended December 31, 2024, 2023 and 2022, respectively.

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.

For the year ended December 31, 2024, the Company recorded $4,155 related to uncollectable revenues, which includes the write-off of $1,257 for straight line rent receivables. For the year ended December 31, 2023, the Company recorded $1,646 related to uncollectable revenues, which includes the write-off of $346 for straight line rent receivables. For the year ended December 31, 2022, there was a reversal of $4,463 related to uncollectable revenues, which includes the write-off of $102 for straight line rent receivables.

Carrying Value of Long-Lived Assets

The Company monitors events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable. The Company uses significant judgement in assessing events or circumstances which might indicate impairment, including but not limited to, changes in management’s intent to hold a long-lived asset over its previously estimated useful life. Changes in management’s intent to hold a long-lived asset have a significant impact on the estimated undiscounted cash flows expected to result from the use and eventual disposition of a long-lived asset and whether a potential impairment loss shall be measured. When indicators of potential impairment are present that suggest that the carrying amounts of a long-lived asset may not be recoverable, the Company assesses the recoverability of the asset by determining whether the asset’s carrying value will be recovered through the estimated undiscounted future cash flows expected from the Company’s use and its eventual disposition. In the event that such undiscounted future cash flows do not exceed the carrying value, the Company adjusts the carrying value of the long-lived asset to its estimated fair value and recognizes an impairment loss. The estimated fair value is calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value. Certain of the Company’s long-lived assets may be carried at more than an amount that could be realized in a current disposition transaction. The Company estimates future operating cash flows, the terminal capitalization rate and the discount rate, among other factors. As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management’s estimates of future possible outcomes. Therefore, the future cash flows estimated in the Company’s impairment analyses may not be achieved. See Note 15 for information related to the impairment of long-lived assets in 2024, 2023 and 2022.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less as cash equivalents.

Restricted Cash

As of December 31, 2024 and 2023, restricted cash was related to cash held in escrow accounts for insurance, real estate taxes, capital expenditures and tenant allowances as required by the terms of certain mortgage notes payable, as well as amounts related to cash management agreements with the Company’s lenders that are designated for debt service and operating expense obligations. As of December 31, 2024 and 2023, restricted cash was also related to properties that secure the term loan and the open-air centers and outparcels loan of which we may receive a portion via distributions semiannually and quarterly in accordance with the provisions of the term loan and the open-air centers and outparcels loan, respectively.

Investments in Unconsolidated Affiliates

The Company evaluates its joint venture arrangements to determine whether they should be recorded on a consolidated basis. The percentage of ownership interest in the joint venture, an evaluation of control and whether a VIE exists are all considered in the Company’s consolidation assessment.

Initial investments in joint ventures that are in economic substance a capital contribution to the joint venture are recorded in an amount equal to the cash contributed by the Company and the fair value of any real estate contributed. Initial investments in joint ventures that are in economic substance the sale of a portion of the Company’s interest in the real estate are accounted for as a contribution of real estate recorded in an amount equal to the fair value of the ownership interest retained and as a sale of real estate with profit recognized to the extent of the other joint venture partners’ interests

in the joint venture. Profit recognition assumes the Company has no commitment to reinvest with respect to the percentage of the real estate sold and the accounting requirements of the full accrual method are met.

The Company accounts for its investment in joint ventures where it owns a noncontrolling interest or where it is not the primary beneficiary of a VIE using the equity method of accounting. Under the equity method, the Company’s cost of investment is adjusted for additional contributions to and distributions from the unconsolidated affiliate, as well as its share of equity in the earnings of the unconsolidated affiliate. Generally, distributions of cash flows from operations and capital events are first made to partners to pay cumulative unpaid preferences on unreturned capital balances and then to the partners in accordance with the terms of the joint venture agreements.

On a periodic basis, the Company assesses whether there are any indicators that the fair value of the Company's investments in unconsolidated affiliates may be impaired. An investment is impaired only if the Company’s estimate of the fair value of the investment is less than the carrying value of the investment and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Company's estimates of fair value for each investment are based on a number of assumptions that are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter the Company’s assumptions, the fair values estimated in the impairment analyses may not be realized. No impairment charges were recorded for the years ended December 31, 2024, 2023 and 2022.

Deferred Financing Costs

Unamortized financing costs of $8,688 and $13,221 were included in mortgage and other indebtedness, net, at December 31, 2024 and 2023, respectively. Deferred financing costs include fees and costs incurred to obtain financing and are amortized on a straight-line basis to interest expense over the terms of the related indebtedness. Amortization expense related to deferred financing costs for the Company for the years ended December 31, 2024, 2023 and 2022 was $4,554, $4,572 and $2,744, respectively. Accumulated amortization of deferred financing costs was $11,541 and $7,180 as of December 31, 2024 and 2023, respectively.

Revenue Recognition

See Note 3 and Note 4 for a description of the Company's revenue streams.

Gain on Sales of Real Estate Assets

Gains on the sale of real estate assets, like all non-lease related revenue, are subject to a five-step model requiring that the Company identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue upon satisfaction of the performance obligations. In circumstances where the Company contracts to sell a property with material post-sale involvement, such involvement must be accounted for as a separate performance obligation in the contract and a portion of the sales price allocated to each performance obligation. When the post-sale involvement performance obligation is satisfied, the portion of the sales price allocated to it will be recognized as gain on sale of real estate assets. Property dispositions with no continuing involvement will continue to be recognized upon closing of the sale.

Income Taxes

The Company is qualified as a REIT under the provisions of the Internal Revenue Code. To maintain qualification as a REIT, the Company is required to distribute at least 90% of its taxable income to shareholders and meet certain other requirements.

As a REIT, the Company is generally not liable for federal corporate income taxes. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal and state income taxes on its taxable income at regular corporate tax rates. Even if the Company maintains its qualification as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed income. For the years ended December 31, 2024, 2023 and 2022, the Company had state tax expense of $630, $823, and $1,631, respectively.

The Company has also elected taxable REIT subsidiary status for some of its subsidiaries. This enables the Company to receive income and provide services that would otherwise be impermissible for REITs. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in the Company’s judgment about the realizability of the related deferred tax asset is included in income or expense, as applicable.

The Company recorded an income tax (provision) benefit as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Current tax provision

 

$

(2,705

)

 

$

(2,177

)

 

$

(1,951

)

Deferred tax benefit (provision)

 

 

1,650

 

 

 

1,283

 

 

 

(1,128

)

Income tax (provision) benefit

 

$

(1,055

)

 

$

(894

)

 

$

(3,079

)

The Company had a net deferred tax asset of $12,608 and $10,958 at December 31, 2024 and 2023, respectively, which is included in intangible lease assets and other assets. As of December 31, 2024, tax years that generally remain subject to examination by the Company’s major tax jurisdictions include 2024, 2023, 2022 and 2021.

The Company reports any income tax penalties attributable to its properties as property operating expenses and any corporate-related income tax penalties as general and administrative expenses in its consolidated statements of operations. In addition, any interest incurred on tax assessments is reported as interest expense. The Company incurred nominal interest and penalty amounts during the years ended December 31, 2024, 2023 and 2022.

Concentration of Credit Risk

The Company’s tenants include national, regional and local retailers. Financial instruments that subject the Company to concentrations of credit risk consist primarily of tenant receivables. The Company generally does not obtain collateral or other security to support financial instruments subject to credit risk, but it monitors the credit standing of tenants. The Company derives a substantial portion of its rental income from various national and regional retail companies; however, no single tenant collectively accounted for more than 5.0% of the Company’s revenues for the year ended December 31, 2024.

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. See Note 16 for a description of the long-term incentive program that these awards relate to.

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

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to the Company

 

$

58,970

 

 

$

6,546

 

 

$

(93,482

)

Less: Dividends allocable to unvested restricted stock

 

 

(1,206

)

 

 

(1,113

)

 

 

(2,537

)

Net income (loss) attributable to common shareholders

 

$

57,764

 

 

$

5,433

 

 

$

(96,019

)

Weighted-average basic shares outstanding

 

 

30,905

 

 

 

31,303

 

 

 

30,046

 

Net income (loss) per share attributable to common shareholders

 

$

1.87

 

 

$

0.17

 

 

$

(3.20

)

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share (1)

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common shareholders

 

$

57,764

 

 

$

5,433

 

 

$

(96,019

)

Weighted-average basic shares outstanding

 

 

30,962

 

 

 

31,303

 

 

 

30,046

 

Net income (loss) per share attributable to common shareholders

 

$

1.87

 

 

$

0.17

 

 

$

(3.20

)
(1)
For the year ended December 31, 2024, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the year ended December 31, 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 year ended December 31, 2024, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,092,693, including 130,527 contingently issuable shares related to unvested restricted stock awards. For the year ended December 31, 2023, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,330,597, including 27,434 contingently issuable shares related to unvested restricted stock awards. Due to a net loss for the year ended December 31, 2022, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the Company reported net income for the year ended December 31, 2022, the denominator for diluted EPS would have been 30,206,521, including 160,098 contingently issuable shares related to PSUs and unvested restricted stock awards.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.
v3.25.0.1
Revenues
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenues

NOTE 3. REVENUES

Revenues

The following table presents the Company's revenues disaggregated by revenue source:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Rental revenues

 

$

493,876

 

 

$

513,957

 

 

$

542,247

 

Revenues from contracts with customers:

 

 

 

 

 

 

 

 

 

Operating expense reimbursements (1)

 

 

7,964

 

 

 

7,395

 

 

 

7,873

 

Management, development and leasing fees (2)

 

 

7,609

 

 

 

7,917

 

 

 

7,158

 

Marketing revenues (3)

 

 

3,000

 

 

 

3,567

 

 

 

2,819

 

 

 

18,573

 

 

 

18,879

 

 

 

17,850

 

 

 

 

 

 

 

 

 

 

Other revenues

 

 

3,112

 

 

 

2,450

 

 

 

2,914

 

Total revenues (4)

 

$

515,561

 

 

$

535,286

 

 

$

563,011

 
(1)
During the year ended December 31, 2024, operating expense reimbursements consisted of $6,585 related to malls, $684 related to lifestyle centers, $427 related to open-air centers and $268 related to all other property types. During the year ended December 31, 2023, operating expense reimbursements consisted of $5,889 related to malls, $700 related to lifestyle centers, $463 related to open-air centers and $343 related to all other property types. During the year ended December 31, 2022, operating expense reimbursements consisted of $6,551 related to malls, $829 related to lifestyle centers, $390 related to open-air centers and $103 related to all other property types.
(2)
Included in All Other segment.
(3)
During the year ended December 31, 2024, marketing revenues consisted of $2,679 related to malls, $305 related to lifestyle centers and $16 related to outlet centers. During the year ended December 31, 2023, marketing revenues consisted of $3,294 related to malls, $262 related to lifestyle centers and $11 related to outlet centers. During the year ended December 31, 2022, marketing revenues consisted of $2,658 related to malls, $159 related to lifestyle centers and $2 related to outlet centers.
(4)
Sales taxes are excluded from revenues.

See Note 11 for information on the Company's segments.

Revenue from Contracts with Customers

Operating expense reimbursements

Under operating and other agreements with third parties, which own anchor or outparcel buildings at the Company's properties and pay no rent, the Company receives reimbursements for certain operating expenses such as ring road and parking area maintenance, landscaping and other fees. These arrangements are primarily either set at a fixed rate with rate increases typically every five years or are on a variable (pro rata) basis, typically as a percentage of costs allocated based on square footage or sales. The majority of these contracts have an initial term and one or more extension options, which cumulatively approximate 50 or more years as historically the initial term and any extension options are typically reasonably certain of being executed by the third party. The standalone selling price of each performance obligation is determined based on the terms of the contract, which typically assigns a price to each performance obligation that directly relates to the value the customer receives for the services being provided. Revenue is recognized as services are transferred to the customer. Variable consideration is based on historical experience and is generally recognized over time using the cost-to-cost method of measurement because it most accurately depicts the Company's performance in satisfying the performance obligation. The cumulative catch-up method is used to recognize any adjustments in variable consideration estimates. Under this method, any adjustment is recognized in the period it is identified.

Management, development and leasing fees

The Company earns revenue from contracts with third parties and unconsolidated affiliates for property management, leasing, development and other services. These contracts are accounted for on a month-to-month basis if the agreement does not contain substantive penalties for termination. The majority of the Company's contracts with customers are accounted for on a month-to-month basis. The standalone selling price of each performance obligation is determined based on the terms of the contract, which typically assigns a price to each performance obligation that directly relates to the value the customer receives for the services being provided. These contracts generally are for the following:

•
Management fees - Management fees are charged as a percentage of revenues (as defined in the contract) and recognized as revenue over time as services are provided.
•
Leasing fees - Leasing fees are charged for newly executed leases and lease renewals and are recognized as revenue upon lease execution, when the performance obligation is completed. In cases for which the agreement specifies 50% of the leasing commission will be paid upon lease execution with the remainder paid when the tenant opens, the Company estimates the amount of variable consideration it expects to receive by evaluating the likelihood of tenant openings using the most likely amount method and records the amount as an unbilled receivable (contract asset).
•
Development fees - Development fees may be either set as a fixed rate in a separate agreement or be a variable rate based on a percentage of project costs. Variable consideration related to development fees is generally recognized over time using the cost-to-cost method of measurement because it most accurately depicts the Company's performance in satisfying the performance obligation. Contract estimates are based on various assumptions including the cost and availability of materials, anticipated performance and the complexity of the work to be performed. The cumulative catch-up method is used to recognize any adjustments in variable consideration estimates. Under this method, any adjustment is recognized in the period it is identified.

Development and leasing fees received from an unconsolidated affiliate are recognized as revenue only to the extent of the third-party partner’s ownership interest. The Company's share of such fees are recorded as a reduction to the Company’s investment in the unconsolidated affiliate.

Marketing revenues

The Company earns marketing revenues from advertising and sponsorship agreements. These fees may be for tangible items in which the Company provides advertising services and creates signs and other promotional materials for the tenant or may be arrangements in which the customer sponsors a play area or event and receives specified brand recognition and other benefits over a set period of time. Revenue related to advertising services is recognized as goods and services are provided to the customer. Sponsorship revenue is recognized on a straight-line basis over the time period specified in the contract.

Performance obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to a customer. If the contract does not specify the revenue by performance obligation, the Company allocates the transaction price to each performance obligation based on its relative standalone selling price. Such prices are generally determined using prices charged to customers or using the Company’s expected cost plus margin. Revenue is recognized as the Company’s performance obligations are satisfied over time, as services are provided, or at a point in time, such as leasing a space to earn a

commission. Open performance obligations are those in which the Company has not fully or has partially provided the applicable good or services to the customer as specified in the contract. If consideration is received in advance of the Company’s performance, including amounts which are refundable, recognition of revenue is deferred until the performance obligation is satisfied or amounts are no longer refundable.

Outstanding Performance Obligations

The Company has outstanding performance obligations related to certain noncancellable contracts with customers for which it will receive fixed operating expense reimbursements for providing certain maintenance and other services as described above. As of December 31, 2024, 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

 

$

20,423

 

 

$

45,257

 

 

$

37,556

 

 

$

103,236

 

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.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases

NOTE 4. LEASES

Lessor

Rental Revenues

The majority of the Company’s revenues are earned through the lease of space at its properties. All the Company's leases with tenants for the use of space at its properties are classified as operating leases. Rental revenues include minimum rent, percentage rent, other rents and reimbursements from tenants for real estate taxes, insurance, common area maintenance ("CAM") and other operating expenses as provided in the lease agreements. The option to extend or terminate the Company’s leases is specific to each underlying tenant lease agreement. Typically, the Company's leases contain penalties for early termination. The Company does not have any leases that convey the right for the lessee to purchase the leased asset.

Minimum rental revenue from operating leases is recognized on a straight-line basis over the initial terms of the related leases. Certain tenants are required to pay percentage rent if their sales volumes exceed thresholds specified in their lease agreements. Percentage rent is recognized as revenue when the thresholds are achieved and the amounts become determinable.

The Company receives reimbursements from tenants for real estate taxes, insurance, CAM and other recoverable operating expenses as provided in the lease agreements. Any tenant reimbursements that require fixed payments are recognized on a straight-line basis over the initial terms of the related leases, whereas any variable payments are recognized when earned in accordance with the tenant lease agreements. Tenant reimbursements related to certain capital expenditures are billed to tenants over periods of 5 to 15 years.

The components of rental revenues are as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Fixed lease payments

 

$

385,110

 

 

$

397,047

 

 

$

396,755

 

Variable lease payments

 

 

108,766

 

 

 

116,910

 

 

 

145,492

 

Total rental revenues

 

$

493,876

 

 

$

513,957

 

 

$

542,247

 

The undiscounted future fixed lease payments to be received under the Company's operating leases as of December 31, 2024, are as follows:

Years Ending December 31,

 

 

 

2025

 

$

424,733

 

2026

 

 

331,472

 

2027

 

 

255,510

 

2028

 

 

191,010

 

2029

 

 

132,402

 

Thereafter

 

 

321,760

 

Total undiscounted lease payments

 

$

1,656,887

 

 
v3.25.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2024
Business Combinations [Abstract]  
ACQUISITIONS

NOTE 5. ACQUISITIONS

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

2024 Acquisitions

In December 2024, the Company closed on the acquisition of its partner's 50% joint venture interests in the CBL/T-C, LLC joint venture, which includes CoolSprings Galleria, Oak Park Mall and West County Center. The interests were acquired for a total cash consideration of $25,025, which included $2,525 to reimburse the partner for its share of net working capital. The Company assumed the partner's interest in three non-recourse loans, secured individually by each of the assets. See Note 8 for more information. For the year ended December 31, 2024, the Company recognized gain on consolidation of $26,727 related to this transaction.

The Company engaged valuation experts to assist management in determining the fair value of the acquired assets and liabilities related to CoolSprings Galleria, Oak Park Mall and West County Center. The most subjective and judgmental assumptions used include the projected cash flows, capitalization and discount rates, and market interest rates for mortgage note payable obligations. Multiple appraisal methodologies were used to value the acquired assets and liabilities, which included the cost approach, the sales comparison approach and the income capitalization approach. All estimates, assumptions, valuations and financial projections are inherently subject to significant uncertainties and the resolution of contingencies beyond the Company’s control. Accordingly, the Company cannot assure that the estimates, assumptions, valuations or financial projections will be realized and actual results could vary materially.

The following table summarizes the amounts of identified assets acquired and liabilities assumed at the acquisition date:

Recognized amounts of identifiable assets acquired and liabilities assumed:

 

Land

 

$

57,600

 

Buildings and improvements

 

 

328,923

 

Developments in progress

 

 

587

 

Cash and cash equivalents

 

 

4,366

 

Restricted cash

 

 

30,499

 

Receivables

 

 

5,044

 

Intangible lease assets and other assets

 

 

130,261

 

Mortgage and other indebtedness, net

 

 

(446,355

)

Accounts payable and accrued liabilities

 

 

(59,173

)

Total identifiable net assets

 

 

51,752

 

Purchase price

 

 

(25,025

)

Gain on consolidation

 

$

26,727

 

Subsequent to December 31, 2024, the Company acquired four Macy's stores, which include land, buildings and improvements, for future redevelopment at the respective properties. See Note 18 for more information.

2023 Acquisitions

There were no acquisitions during 2023.

2022 Acquisitions

In July 2022, the Company acquired the JC Penney parcel located at CoolSprings Galleria for $5,650. As of December 31, 2024, this property is included in malls for purposes of segment reporting.
v3.25.0.1
Dispositions and Held for Sale
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Dispositions and Held for Sale

NOTE 6. DISPOSITIONS AND HELD FOR SALE

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 gain or loss, are included in net income (loss) for all periods presented, as applicable.

2024 Dispositions

For the year ended December 31, 2024, the Company realized a gain of $16,676 primarily related to the sales of Layton Hills Mall, Layton Hills Convenience Center, Layton Hills Plaza, 10 outparcels, of which 9 outparcels were associated with the Layton Hills properties, two land parcels and an anchor parcel. In addition, the Company recorded a loss on

impairment related to two outparcels that were sold at less than carrying value. See Note 15 for more information. For the year ended December 31, 2024, gross proceeds from sales of real estate assets were $81,733. The proceeds were primarily used to paydown the secured term loan and the open-air centers and outparcels loan. See Note 8 for more information.

2023 Dispositions

For the year ended December 31, 2023, the Company realized a gain of $5,125 primarily related to the sale of eight land parcels. Gross proceeds from sales of real estate assets were $10,325.

2022 Dispositions

For the year ended December 31, 2022, the Company realized a gain of $5,345, primarily related to the sale of five outparcels. Gross proceeds from sales of real estate assets were $11,490 for the year ended December 31, 2022. During the year ended December 31, 2022, the Company sold an outparcel that resulted in a loss on sale of $252. See Note 15 for additional information.

Held-for-Sale

The following properties were classified as held-for-sale as of December 31, 2024:

Property

 

Location

 

Property Type

 

Total Assets

 

 

Total Liabilities (1)

 

Monroeville Mall (2)

 

Pittsburgh, PA

 

Mall

 

$

30,189

 

 

$

4,306

 

Annex at Monroeville (2)

 

Pittsburgh, PA

 

Open-Air Center

 

 

3,075

 

 

 

218

 

Imperial Valley (2)

 

El Centro, CA

 

Mall

 

 

22,811

 

 

 

1,286

 

Total

 

 

 

 

 

$

56,075

 

 

$

5,810

 
(1)
Included within accounts payable and accrued liabilities on the consolidated balance sheets.
(2)
Subsequent to December 31, 2024, the property was sold. See Note 18 for more information.

As of December 31, 2023, there were no properties that met the criteria to be considered held-for-sale.
v3.25.0.1
Unconsolidated Affiliates
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Unconsolidated Affiliates

NOTE 7. UNCONSOLIDATED AFFILIATES

At December 31, 2024, the Company had investments in 24 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 interest 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 2024, 2023 and 2022, it evaluated the investments and concluded that the other partners or owners in these joint ventures had substantive participating rights or the ability to direct the activities that most significantly affect the economic performance of VIEs, 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 these considerations, the Company accounts for these investments using the equity method of accounting.

Additionally, the Company had a wholly owned investment that was deconsolidated as a result of losing control when the property went into receivership.

2024 Activity - Unconsolidated Affiliates

Ambassador Infrastructure, LLC

In December 2024, the loan secured by Ambassador Infrastructure was modified and extended. The modified loan bears a fixed interest rate of 7.26% and matures in March 2027.

BI Development II, LLC

In November 2024, the $3,062 loan secured by the former Sears parcel at Northgate Mall was paid off using proceeds from the sale of that parcel.

CBL/T-C, LLC

In December 2024, the Company closed on the acquisition of its partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center. See Note 5 and Note 8 for more information.

CBL-TRS Med OFC Holding, LLC

In September 2024, construction was completed and the Company's full payment guaranty of the construction loan was released.

Coastal Grand-DSG LLC

In November 2024, the loan secured by Coastal Grand Dick's Sporting Goods was modified and extended. The modified loan bears a fixed interest rate of 8.05% and matures in November 2025 with an option to extend to May 2026.

Louisville Outlet Shoppes, LLC

In October 2024, the Company and its joint venture partner entered into a new $66,000 non-recourse loan secured by The Outlet Shoppes of the Bluegrass. Proceeds from the new loan were used to pay off the existing $61,480 loan secured by the property. The new loan has a ten-year term and bears a fixed interest rate of 6.84%.

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

In August 2024, the Company was notified by the lender that the loans secured by Coastal Grand Mall and Coastal Grand Crossing were in maturity default. The Company is in discussions with the lender regarding a loan modification/extension.

Port Orange I, LLC

Subsequent to December 31, 2024, the loan was extended. See Note 18 for more information.

Vision-CBL Hamilton Place, LLC

In July 2024, the loan secured by Hamilton Place Aloft Hotel was modified and extended. The modified loan bears a fixed interest rate of 7.2% and matures in June 2029.

West Melbourne I, LLC

In November 2024, the Company and its joint venture partner entered into new non-recourse loans secured by Hammock Landing which total $45,000. Proceeds from the new loans were used to pay off the existing variable rate loans secured by the property, which totaled $44,243. The new loans have a ten-year term and bear a fixed interest rate of 5.86%.

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.

2023 Activity - Unconsolidated Affiliates

Alamance Crossing CMBS, LLC

In February 2023, the Company deconsolidated Alamance Crossing East as a result of the Company losing control when the property was placed in receivership. As of December 31, 2024, the loan secured by Alamance Crossing East had an outstanding balance of $41,122. For the year ended December 31, 2023, the Company recognized gain on deconsolidation of $28,151.

Atlanta Outlet Shoppes CMBS, LLC

In October 2023, the joint venture entered into a new $79,330, ten-year, non-recourse loan secured by the property. Proceeds from the new loan were used to pay off two previous loans totaling $69,531. The new loan bears a fixed interest rate of 7.85% and matures in October 2033.

CBL-TRS Med OFC Holding, LLC

In June 2023, the Company and its joint venture partner in Friendly Center and The Shops at Friendly entered into a new 50/50 joint venture, CBL-TRS Med OFC Holding, LLC, for the purpose of entering into a joint venture, CBL DMC I, LLC, with a third party to develop a medical office building on a parcel of land adjacent to those centers. CBL-TRS Med OFC Holding, LLC contributed the parcel of land valued at $2,600 to CBL DMC I, LLC in exchange for a 50% interest in CBL DMC I, LLC. The unconsolidated affiliate is a VIE.

CBL-TRS Joint Venture, LLC

In April 2023, the Company and its joint venture partner entered into a new $148,000 loan secured by Friendly Center and The Shops at Friendly Center. Proceeds from the new loan were used to pay off two previous loans totaling $145,203. The new loan bears a fixed interest rate of 6.44% and matures in May 2028.

Louisville Outlet Shoppes, LLC

In April 2023, the $7,247 loan secured by The Outlet Shoppes of the Bluegrass - Phase II, an unconsolidated affiliate, was paid off.

West County Mall CMBS, LLC

In March 2023, the loan secured by West County Mall was extended through December 2024, with one two-year conditional extension option available upon meeting certain requirements.

Westgate Mall CMBS, LLC

In September 2023, the Company deconsolidated WestGate Mall as a result of the Company losing control when the property was placed in receivership. For the year ended December 31, 2023, the Company recognized gain on deconsolidation of $19,728.

2022 Activity - Unconsolidated Affiliates

Ambassador Town Center J.V., LLC

In June 2022, the joint venture entered into a new $42,492, non-recourse loan secured by Ambassador Town Center. The loan matures in June 2029 and bears a fixed interest rate of 4.35%. The previous loan was paid off in conjunction with the closing of the new loan.

Asheville Mall CBMS, LLC

In August 2022, the Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property, which had a balance of $62,121.

Atlanta Outlet JV, LLC

In February 2022, the joint venture entered into a forbearance agreement with the lender regarding the default triggered by the filing of bankruptcy related to the loan secured by The Outlet Shoppes at Atlanta.

BI Development, LLC and BI Development II, LLC

In August 2022, the Company and another joint venture member bought out a third member's interest increasing the Company's interest from 20% to a 50% membership interest in each joint venture.

Bullseye, LLC

In March 2022, the joint venture sold its income-producing property, which generated gross proceeds of $10,500. The Company’s share of the net profit from the sale was $662.

EastGate Mall CMBS, LLC

In September 2022, the Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property, which had a balance of $29,951.

Fremaux Town Center JV, LLC

In March 2022, the joint venture entered into a forbearance agreement with the lender regarding the default triggered by the filing of bankruptcy related to the loan secured by Fremaux Town Center.

Greenbrier Mall II, LLC

In March 2022, the Company deconsolidated Greenbrier Mall as a result of the Company losing control when the property was placed in receivership. For the year ended December 31, 2022, the Company recognized a gain on deconsolidation of $36,250. In October 2022, the Company transferred title to the mall to the mortgage holder in satisfaction of the non-recourse debt secured by the property, which had a balance of $61,647.

Louisville Outlet Shoppes, LLC

In May 2022, the joint venture entered into a forbearance agreement with the lender regarding the default triggered by the filing of bankruptcy related to the loan secured by The Outlet Shoppes of the Bluegrass. In August 2022, the joint venture notified the lender of its election to extend the loan secured by The Outlet Shoppes of the Bluegrass - Phase II through April 15, 2023.

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

In March 2022, the joint ventures entered into forbearance agreements with the lenders regarding the default triggered by the filing of bankruptcy related to the loans secured by Coastal Grand Mall and Coastal Grand Crossing.

Shoppes at Eagle Point, LLC

In April 2022, the joint venture entered into a new $40,000, ten-year, non-recourse loan secured by The Shoppes at Eagle Point. The new loan bears a fixed interest rate of 5.4%. Proceeds from the new loan were utilized to retire the previous partial recourse loan, which had been set to mature in October 2022.

Vision-CBL Mayfaire TC Hotel, LLC

In August 2022, the joint venture entered into an agreement to acquire, develop and operate a hotel adjacent to Mayfaire Town Center. In December 2022, the Company recorded a $1,436 gain on sale of real estate assets related to land that it contributed to the joint venture in exchange for a 49% membership interest. The joint venture has entered into a construction loan in the amount of $18,900.

York Town Center Holding, LP

In March 2022, the joint venture entered into a $30,000 non-recourse mortgage note payable, secured by York Town Center, that provides for a three-year term and a fixed interest rate of 4.75%. The monthly debt service is interest only for the first eighteen months. Proceeds from the new loan were used to retire the previous loans.

Condensed Combined Financial Statements - Unconsolidated Affiliates

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

 

 

December 31,
2024

 

 

December 31,
2023

 

ASSETS:

 

 

 

 

 

 

Investment in real estate assets

 

$

1,284,494

 

 

$

2,010,269

 

Accumulated depreciation

 

 

(576,289

)

 

 

(886,712

)

 

 

 

708,205

 

 

 

1,123,557

 

Developments in progress

 

 

32,114

 

 

 

17,261

 

Net investment in real estate assets

 

 

740,319

 

 

 

1,140,818

 

Other assets

 

 

156,363

 

 

 

200,289

 

Total assets

 

$

896,682

 

 

$

1,341,107

 

LIABILITIES:

 

 

 

 

 

 

Mortgage and other indebtedness, net

 

$

780,536

 

 

$

1,368,031

 

Other liabilities

 

 

36,253

 

 

 

45,577

 

Total liabilities

 

 

816,789

 

 

 

1,413,608

 

OWNERS' EQUITY (DEFICIT):

 

 

 

 

 

 

The Company

 

 

76,607

 

 

 

12,290

 

Other investors

 

 

3,286

 

 

 

(84,791

)

Total owners' deficit

 

 

79,893

 

 

 

(72,501

)

Total liabilities and owners’ deficit

 

$

896,682

 

 

$

1,341,107

 

 

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Total revenues

 

$

260,969

 

 

$

255,283

 

 

$

260,275

 

Net income (1)

 

$

54,433

 

 

$

38,434

 

 

$

137,454

 
(1)
The Company's pro rata share of net income is included in equity in earnings of unconsolidated affiliates for each period presented in the accompanying consolidated statements of operations. The Company's pro rata share of net income was $22,932, $11,865 and $19,796 for the years ended December 31, 2024, 2023 and 2022, respectively.

Variable Interest Entities

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

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 proportionate rights to participate in the decisions that most significantly affect the financial results of the partnership. The Company consolidates the Operating Partnership, which is a VIE, for which the Company is the primary beneficiary. The Company, through the Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. 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.

As of December 31, 2024, the Company had investments in 10 consolidated VIEs with ownership interests ranging from 50% to 92%.

See Note 14 for a description of guarantees the Operating Partnership has issued related to the unconsolidated affiliates.
v3.25.0.1
Mortgage and Other Indebtedness, Net
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Mortgage and Other Indebtedness, Net

NOTE 8. 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 is the borrower on all the Company's debt, substantially all of which is secured by real estate assets.

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

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

Amount

 

 

Weighted-
Average
Interest
Rate (1)

 

 

Amount

 

 

Weighted-
Average
Interest
Rate (1)

 

Fixed-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

170,031

 

 

 

6.95

%

 

$

179,180

 

 

 

6.95

%

Non-recourse loans on operating properties

 

 

1,233,767

 

 

 

4.75

%

 

 

736,573

 

 

 

5.30

%

Total fixed-rate debt

 

 

1,403,798

 

 

 

5.02

%

 

 

915,753

 

 

 

5.63

%

Variable-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

Non-recourse, secured term loan

 

 

725,495

 

 

 

7.42

%

 

 

799,914

 

 

 

8.21

%

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

 

 

170,031

 

 

 

8.65

%

 

 

179,180

 

 

 

9.44

%

Non-recourse loan on an operating property

 

 

32,580

 

 

 

8.05

%

 

 

33,780

 

 

 

8.84

%

Recourse loan on an operating property

 

 

—

 

 

 

—

 

 

 

15,339

 

 

 

8.24

%

Total variable-rate debt

 

 

928,106

 

 

 

7.67

%

 

 

1,028,213

 

 

 

8.44

%

Total fixed-rate and variable-rate debt

 

 

2,331,904

 

 

 

6.07

%

 

 

1,943,966

 

 

 

7.12

%

Unamortized deferred financing costs

 

 

(8,688

)

 

 

 

 

 

(13,221

)

 

 

 

Debt discounts (3)

 

 

(110,536

)

 

 

 

 

 

(41,942

)

 

 

 

Total mortgage and other indebtedness, net

 

$

2,212,680

 

 

 

 

 

$

1,888,803

 

 

 

 

 

(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%.
(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 December 31, 2024 will be accreted over a weighted average period of 4.7 years.

Non-recourse and 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 $1,742,834 at December 31, 2024.

Certain of the Company’s properties that are pledged as collateral on non-recourse mortgage loans are subject to cash management agreements with the lenders, which restrict the cash balances associated with those properties to only be used for debt service, capital expenditures and operating expense obligations.

Corporate Debt

On November 1, 2021, CBL & Associates HoldCo I, LLC (“HoldCo I”), a wholly owned subsidiary of the Operating Partnership, entered into an amended and restated credit agreement (the “credit agreement”), providing for an $883,700 secured term loan that matures November 1, 2025. Upon satisfaction of certain conditions, the maturity date will automatically extend to November 1, 2026 and upon further satisfaction of certain conditions the maturity date will automatically extend to November 1, 2027. The secured term loan bore interest at a rate per annum equal to LIBOR for the applicable period plus 275 basis points, subject to a LIBOR floor of 1.0%. In March 2023, the secured term loan was amended to replace LIBOR with the secured overnight financing rate ("SOFR") for purposes of calculating interest. The transition to SOFR was effective as of June 30, 2023.

The credit agreement requires HoldCo I to comply with certain financial ratios in the aggregate for the collateral properties, including a covenant that it not permit the (i) interest coverage ratio (as defined in the credit agreement) commencing with the fiscal quarter ending December 31, 2021, to be less than 1.50 to 1.00, (ii) minimum debt yield ratio (as defined in the credit agreement) commencing with the fiscal quarter ending March 31, 2023 as of the last day of any fiscal quarter ending prior to the maturity date, to be less than eleven and a half percent (11.50%) and (iii) the occupancy rate (as defined in the credit agreement) commencing with the fiscal quarter ending March 31, 2023, as of the last day of any fiscal quarter ending prior to the maturity date, to be less than seventy five percent (75%). The Operating Partnership provided a limited guaranty up to a maximum of $175,000 (the “principal liability cap”). In November 2023, the limited guaranty was eliminated pursuant to the terms of the credit agreement and the loan became fully non-recourse. The Company believes that it was in compliance with all financial covenants and restrictions at December 31, 2024.

The secured term loan is secured by first-priority liens on substantially all the personal and real property assets of HoldCo I and its direct and indirect subsidiaries, including without limitation, HoldCo I’s and the subsidiary guarantors’ ownership interests in the capital stock, membership interests or partnership interests in the subsidiary guarantors.

Fixed-Rate Property Debt

As of December 31, 2024, fixed-rate loans on operating properties bear interest at stated rates ranging from 3.40% to 8.19%. Fixed-rate loans on operating properties generally provide for monthly payments of principal and/or interest and mature at various dates through June 2032, with a weighted-average maturity of 2.7 years.

2024 Activity

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

In August 2024, the Company used proceeds from the sales of Layton Hills Mall, Layton Hills Convenience Center, Layton Hills Plaza and 9 associated outparcels to partially paydown $46,000 and $18,297 on the outstanding principal balances of the secured term loan and the open-air centers and outparcels loan, respectively. In conjunction with the partial paydown of the open-air centers and outparcels loan, the Company recognized $819 of loss on extinguishment of debt related to a prepayment fee.

In December 2024, the Company closed on the acquisition of its partner's 50% joint venture interests in CoolSprings Galleria, Oak Park Mall and West County Center. The Company assumed its partner's share of three non-recourse loans, secured individually by each of the assets. As of December 31, 2024, the loans securing each asset totaled $533,377, consisting of $137,193 at CoolSprings Galleria, $251,448 at Oak Park Mall and $144,736 at West County Center.

2023 Activity

In February 2023, the Company exercised its first option to extend the loan secured by Fayette Mall through May 2024. The interest rate remains fixed at 4.25%.

In May 2023, the Operating Partnership entered into an interest rate swap with a notional amount of $32,000 to fix the interest rate at 7.3975% on $32,000 of the variable rate portion of the open-air centers and outparcels loan. The swap has a maturity date of June 7, 2027. The Company designated the swap as a cash flow hedge on its variable rate debt.

In June 2023, the loan secured by Cross Creek Mall was modified for an extended maturity date of June 2025. The interest rate is fixed at 8.19%.

In November 2023, the Company closed on a loan modification with the existing lender to extend the loan secured by Volusia Mall. Escrow balances were applied to pay down the principal amount by $1,682, the maturity date was extended two years to May 2026 and the interest rate remained fixed at 4.56%.

Variable-Rate Property Debt

The Company's variable-rate debt bears interest at a rate indexed to SOFR. At December 31, 2024, the interest rates ranged from 8.05% to 8.65%.

2024 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.

2023 Activity

In April 2023, the Company exercised its extension option on the loan secured by The Outlet Shoppes at Laredo for an extended maturity date of June 2024. In October 2023, after the lender's claim against the general unsecured claim pool related to the filing of bankruptcy was allowed, the Company and its joint venture partner modified the loan secured by The Outlet Shoppes at Laredo, which resulted in the recognition of gain on extinguishment of debt of $3,270. The principal balance was reduced to $33,980, the interest rate remains unchanged at SOFR plus 325 basis points and the modification added a one-year extension, for a new maturity date of June 2025.

In October 2023, the Company exercised the optional one-year extension on the loan secured by Brookfield Square Anchor Redevelopment.

Other

Several of the Company’s properties are owned by special purpose entities, created as a requirement under certain loan agreements that are included in the Company’s consolidated financial statements. The sole business purpose of the special purpose entities is to own and operate these properties. The real estate and other assets owned by these special purpose entities are restricted under the loan agreements in that they are not available to settle other debts of the Company. However, so long as the loans are not under an event of default, as defined in the loan agreements, the cash flows from these properties, after payments of debt service, operating expenses and reserves, are available for distribution to the Company.

Scheduled Principal Payments

As of December 31, 2024, 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

 

$

1,004,911

 

2026

 

 

551,856

 

2027

 

 

349,921

 

2028

 

 

133,350

 

2029

 

 

6,407

 

Thereafter

 

 

285,459

 

Total mortgage and other indebtedness

 

$

2,331,904

 

Of the $1,004,911 of scheduled principal payments in 2025, $248,856 relates to the maturing principal balance of four operating property loans and $725,495 relates to the secured term loan.

Interest Rate Hedge Instruments

The Company may use derivative financial instruments, including interest rate swaps, caps, options, floors and other interest rate derivative contracts, to hedge all or a portion of the interest rate risk associated with its borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure as well as to hedge specific anticipated transactions. The Company does not intend to utilize derivatives for speculative or other purposes other than interest rate risk management. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, the Company only enters into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which the Company and its affiliates may also have other financial relationships. The Company does not anticipate that its counterparty will fail to meet their obligation.

The Company records its derivative instruments in its 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 Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

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 Consolidated Balance Sheet

 

Notional

 

 

Index

 

Fair Value at December 31, 2024

 

 

Maturity Date

Pay fixed/Receive variable swap

 

Intangible lease assets and other assets

 

$

32,000

 

 

1-month USD-SOFR CME

 

$

514

 

 

Jun-27

 

 

 

Year Ended December 31,

 

Hedging Instrument - Interest Rate Swap

 

2024

 

 

2023

 

Gain recognized in other comprehensive income (loss)

 

$

177

 

 

$

338

 

Gain recognized in earnings (1)

 

$

598

 

 

$

416

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

Amounts reported in accumulated other comprehensive income (loss) 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 $250 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 December 31, 2024, 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 December 31, 2024, 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.
v3.25.0.1
Shareholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Shareholders' Equity

NOTE 9. SHAREHOLDERS’ EQUITY

Common Stock and Common Units

The Company's authorized common stock consists of 200,000,000 shares at $0.001 par value per share. The Company had 30,711,227 and 31,975,645 shares of common stock issued and outstanding as of December 31, 2024 and 2023, respectively (in each case, excluding 34 treasury shares).

The Company may repurchase shares of CBL's common stock, as authorized by the board of directors. The timing and amount of repurchase activity is based on market conditions and other considerations, including the level of available cash, alternative uses for cash and the Company's stock price. In August 2023, the board of directors authorized the repurchase of up to $25,000 of the Company's outstanding common stock beginning on August 10, 2023. In September 2024, the Company completed all repurchase activity under the $25,000 stock repurchase program. In October 2024, the Company completed the repurchase of 500,000 shares of CBL stock for $12,525, in a privately negotiated block trade from a single shareholder. The block repurchase was completed separately from the Company’s stock repurchase program. Repurchased common stock is accounted for as treasury stock until otherwise retired. During 2024, the Company repurchased 1,022,860 shares of common stock at a total cost of $23,933, which includes $41 in commissions, under the share repurchase program. During 2023, the Company repurchased 51,966 shares of common stock at a total cost of $1,109, which includes $2 in commissions, under the share repurchase program.

Partners in the Operating Partnership hold their ownership through common units of limited partnership interest, hereinafter referred to as "common units." A common unit and a share of CBL's common stock have essentially the same economic characteristics, as they effectively participate equally in the net income and distributions of the Operating Partnership. For each share of common stock issued by CBL, the Operating Partnership has issued a corresponding number of common units to CBL in exchange for the proceeds from the stock issuance.

Each limited partner in the Operating Partnership has the right to exchange all or a portion of its common units for shares of CBL's common stock, or at the Company's election, their cash equivalent. When an exchange for common stock occurs, the Company assumes the limited partner's common units in the Operating Partnership. The number of shares of common stock received by a limited partner of the Operating Partnership upon exercise of its exchange rights will be equal, on a one-for-one basis, to the number of common units exchanged by the limited partner. If the Company elects to pay cash, the amount of cash paid by the Operating Partnership to redeem the limited partner's common units will be based on the five-day trailing average of the trading price, at the time of exchange, of the shares of common stock that would otherwise have been received by the limited partner in the exchange. Neither the common units nor the shares of CBL's common stock are subject to any right of mandatory redemption.

During 2023, the Company paid cash of $110 to four holders of limited partnership interest in exchange for 4,985 common units of limited partnership interest.

Dividends

In June 2022, the board of directors established a regular quarterly dividend. The Company paid common stock dividends of $0.40 per share for each quarter during 2024. The Company paid common stock dividends of $0.375 per share for each quarter during 2023. The Company paid common stock dividends of $0.25 per share for each of the second, third and fourth quarters of 2022. In November 2022, the board of directors declared a special dividend of $2.20 per share of common stock, payable in cash. The special dividend was paid on January 18, 2023, to stockholders of record as of the close of business on December 12, 2022. Subsequent to December 31, 2024, the Company's board of directors declared a $0.40 per share regular quarterly dividend for the first quarter of 2025 and a special dividend of $0.80 per share of common stock. Both the regular quarterly dividend and the special dividend are payable in cash on March 31, 2025, to shareholders of record as of March 13, 2025. The special dividend was made to ensure that the Company meets the minimum requirement to maintain our status as a REIT. See Note 18.

The decision to declare and pay dividends on any outstanding shares of our common stock, as well as the timing, amount and composition of any such future dividends, will be at the sole discretion of the Company's board of directors and will depend on the Company's earnings, taxable income, cash flows, liquidity, financial condition, capital requirements,

contractual prohibitions or other limitations under the Company's then-current indebtedness, the annual distribution requirements under the REIT provisions of the Internal Revenue Code, Delaware law and such other factors as the Company's board of directors deems relevant. Any dividends payable will be determined by the Company's board of directors based upon the circumstances at the time of declaration. The Company's actual results of operations will be affected by a number of factors, including the revenues received from its properties, its operating expenses, interest expense, unanticipated capital expenditures and the ability of its anchors and tenants at its properties to meet their obligations for payment of rents and tenant reimbursements.

The allocations of dividends declared and paid for income tax purposes for the years ended December 31, 2024, 2023 and 2022 are as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Dividends declared:

 

 

 

 

 

 

 

 

 

Common stock

 

$

1.60

 

 

$

1.50

 

 

$

2.95

 

Allocations:

 

 

 

 

 

 

 

 

 

Ordinary income

 

 

88.86

%

 

 

87.70

%

 

 

98.58

%

Capital gains

 

 

8.61

%

 

 

12.30

%

 

 

1.42

%

Return of capital

 

 

2.53

%

 

 

—

%

 

 

—

%

Total

 

 

100.00

%

 

 

100.0

%

 

 

100.0

%
v3.25.0.1
Noncontrolling Interests
 12 Months Ended
Dec. 31, 2024
Redeemable Noncontrolling Interests And Noncontrolling Interests [Abstract]  
Noncontrolling Interests

NOTE 10. NONCONTROLLING INTERESTS

Noncontrolling Interests of the Company

Third parties held rights to convert noncontrolling interests in the Operating Partnership to 5,298 shares of common stock at December 31, 2024 and 2023.

The assets and liabilities allocated to the Operating Partnership’s noncontrolling interests are based on their ownership percentages of the Operating Partnership at December 31, 2024 and 2023. The ownership percentages are determined by dividing the number of common units held by each of the noncontrolling interests at December 31, 2024 and 2023 by the total common units outstanding at December 31, 2024 and 2023, respectively. The noncontrolling interest ownership percentage in assets and liabilities of the Operating Partnership was 0.02% at December 31, 2024 and 2023.

Income is allocated to the Operating Partnership’s noncontrolling interests based on their weighted-average ownership during the year. The ownership percentages are determined by dividing the weighted-average number of common units held by each of the noncontrolling interests by the total weighted-average number of common units outstanding during the year.

A change in the number of shares of common stock or common units changes the percentage ownership of all partners of the Operating Partnership. A common unit is considered to be equivalent to a share of common stock since it generally is exchangeable for shares of the Company’s common stock or, at the Company’s election, their cash equivalent. As a result, an allocation is made between shareholders’ equity and noncontrolling interests in the Operating Partnership in the Company's accompanying balance sheets to reflect the change in ownership of the Operating Partnership’s underlying equity when there is a change in the number of shares and/or common units outstanding.

The total noncontrolling interest in the Operating Partnership was $53 and $56 at December 31, 2024 and 2023, respectively.

Noncontrolling Interests in Other Consolidated Subsidiaries

The Company had 10 other consolidated subsidiaries at December 31, 2024 and 2023 that had noncontrolling interests held by third parties and for which the related partnership agreements either do not include redemption provisions or are subject to redemption provisions that do not require classification outside of permanent equity. The total noncontrolling interests in other consolidated subsidiaries of the Company was $(10,735) and $(8,760) at December 31, 2024 and 2023, respectively.

The assets and liabilities allocated to noncontrolling interests in other consolidated subsidiaries of the Company are based on the third parties’ ownership percentages in each subsidiary at December 31, 2024 and 2023, respectively. Income is allocated to noncontrolling interests in other consolidated subsidiaries based on the third parties’ weighted-average ownership in each subsidiary during the year.

Variable Interest Entities (VIE)

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

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 proportionate rights to participate in the decisions that most significantly affect the financial results of the partnership. The Company consolidates the Operating Partnership, which is a VIE, for which the Company is the primary beneficiary. The Company, through the Operating Partnership, consolidates all VIEs for which it is the primary beneficiary. 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.

The table below lists the Company's consolidated VIEs as of December 31, 2024 and 2023, which does not reflect the elimination of any internal debt the consolidated VIE has with the Operating Partnership:

 

 

As of December 31,

 

 

As of December 31,

 

 

 

2024

 

 

2023

 

 

 

Assets

 

 

Liabilities

 

 

Assets

 

 

Liabilities

 

Consolidated VIEs:

 

 

 

 

 

 

 

 

 

 

 

 

Atlanta Outlet Outparcels, LLC

 

$

792

 

 

$

—

 

 

$

807

 

 

$

—

 

CBL Terrace LP

 

 

15,969

 

 

 

18,148

 

 

 

16,861

 

 

 

18,124

 

Gettysburg Outlet Center Holding, LLC

 

 

10,960

 

 

 

20,129

 

 

 

11,847

 

 

 

18,446

 

Gettysburg Outlet Center, LLC

 

 

2,886

 

 

 

—

 

 

 

2,940

 

 

 

—

 

Jarnigan Road LP

 

 

14,182

 

 

 

20,541

 

 

 

14,202

 

 

 

19,869

 

Jarnigan Road II, LLC

 

 

17,611

 

 

 

16,840

 

 

 

18,148

 

 

 

16,905

 

Laredo Outlet JV, LLC

 

 

19,588

 

 

 

34,432

 

 

 

21,333

 

 

 

35,818

 

Lebcon Associates

 

 

81,420

 

 

 

105,150

 

 

 

89,006

 

 

 

103,342

 

Lebcon I, Ltd

 

 

10,800

 

 

 

12,007

 

 

 

11,539

 

 

 

12,146

 

Louisville Outlet Outparcels, LLC

 

 

537

 

 

 

—

 

 

 

538

 

 

 

—

 

 

$

174,745

 

 

$

227,247

 

 

$

187,221

 

 

$

224,650

 

 

The table below lists the Company's unconsolidated VIEs as of December 31, 2024:

Unconsolidated VIEs:

 

Investment in
Real Estate
Joint
Ventures
and
Partnerships

 

 

Maximum
Risk of Loss

 

Alamance Crossing CMBS, LLC (1)

 

$

—

 

 

$

—

 

Ambassador Infrastructure, LLC (2)

 

 

—

 

 

 

4,361

 

Atlanta Outlet JV, LLC

 

 

—

 

 

 

—

 

BI Development, LLC

 

 

77

 

 

 

77

 

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 (2)

 

 

2,547

 

 

 

24,796

 

Vision - CBL Hamilton Place, LLC

 

 

3,671

 

 

 

3,671

 

Vision - CBL Mayfaire TC Hotel, LLC

 

 

6,175

 

 

 

6,175

 

 

$

12,470

 

 

$

39,080

 
(1)
During the year ended December 31, 2023, the property was placed into receivership.
(2)
The Operating Partnership has guaranteed all or a portion of the debt. See Note 14 for more information.
v3.25.0.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information

NOTE 11. 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 CODM.

As previously mentioned in Note 1, 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, which the Company aggregates into reportable segments based on property type in accordance with Accounting Standards Codification ("ASC") 280, Segment Reporting, ("ASC 280") 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, 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.

Asset value information and capital expenditures by segment are not reported because the CODM does not use these measures to assess performance.

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.

The below presentation has been recast for all years presented to comply with updates to ASC 280 required by ASU 2023-07. Information on the Company’s reportable segments is presented as follows:

Year Ended December 31, 2024

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

446,043

 

 

$

34,688

 

 

$

49,925

 

 

$

69,924

 

 

$

600,580

 

 

$

36,516

 

 

$

(121,535

)

 

$

515,561

 

Property operating expenses (4)

 

 

(160,304

)

 

 

(12,764

)

 

 

(14,656

)

 

 

(13,135

)

 

 

(200,859

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

681

 

 

 

81

 

 

 

1

 

 

 

736

 

 

 

1,499

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

286,420

 

 

$

22,005

 

 

$

35,270

 

 

$

57,525

 

 

 

401,220

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43,139

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(88,234

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(154,486

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,676

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(230

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(140,591

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(67,254

)

 

 

 

 

 

 

 

 

 

Litigation settlement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

553

 

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(819

)

 

 

 

 

 

 

 

 

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,461

)

 

 

 

 

 

 

 

 

 

Gain on consolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,727

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,055

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,932

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

57,117

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

468,138

 

 

$

32,504

 

 

$

50,634

 

 

$

68,507

 

 

$

619,783

 

 

$

35,255

 

 

$

(119,752

)

 

$

535,286

 

Property operating expenses (4)

 

 

(170,952

)

 

 

(12,136

)

 

 

(14,026

)

 

 

(14,808

)

 

 

(211,922

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

1,068

 

 

 

22

 

 

 

12

 

 

 

877

 

 

 

1,979

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

298,254

 

 

$

20,390

 

 

$

36,620

 

 

$

54,576

 

 

 

409,840

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,851

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(87,345

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(172,905

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,125

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(221

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(190,505

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(64,066

)

 

 

 

 

 

 

 

 

 

Litigation settlement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,310

 

 

 

 

 

 

 

 

 

 

Gain on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,270

 

 

 

 

 

 

 

 

 

 

Gain on deconsolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,879

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(894

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,865

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,204

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

495,736

 

 

$

30,356

 

 

$

54,493

 

 

$

66,821

 

 

$

647,406

 

 

$

36,130

 

 

$

(120,525

)

 

$

563,011

 

Property operating expenses (4)

 

 

(173,806

)

 

 

(12,014

)

 

 

(15,089

)

 

 

(15,445

)

 

 

(216,354

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

984

 

 

 

(14

)

 

 

5

 

 

 

730

 

 

 

1,705

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

322,914

 

 

$

18,328

 

 

$

39,409

 

 

$

52,106

 

 

 

432,757

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,205

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(87,743

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(217,342

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,345

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(834

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(256,310

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(67,215

)

 

 

 

 

 

 

 

 

 

Litigation settlement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

304

 

 

 

 

 

 

 

 

 

 

Gain on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,344

 

 

 

 

 

 

 

 

 

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(252

)

 

 

 

 

 

 

 

 

 

Gain on deconsolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,250

 

 

 

 

 

 

 

 

 

 

Loss on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39

)

 

 

 

 

 

 

 

 

 

Reorganizations items, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

298

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,079

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,796

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(99,515

)

 

 

 

 

 

 

 

 

 
(1)
The All Other category includes outparcels, office buildings, hotels, corporate-level entities and the Management Company.
(2)
Consolidation 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 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.
v3.25.0.1
Supplemental and Noncash Information
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Information [Abstract]  
Supplemental and Noncash Information

NOTE 12. SUPPLEMENTAL AND NONCASH INFORMATION

The Company’s noncash investing and financing activities for the years ended December 31, 2024, 2023 and 2022 were as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Additions to real estate assets accrued but not yet paid

 

$

16,395

 

 

$

8,749

 

 

$

9,242

 

Accrued dividends and distributions payable

 

 

—

 

 

 

—

 

 

 

70,058

 

Deconsolidation upon loss of control (1):

 

 

 

 

 

 

 

 

 

Decrease in real estate assets

 

 

—

 

 

 

(14,419

)

 

 

(18,810

)

Decrease in mortgage and other indebtedness

 

 

—

 

 

 

63,339

 

 

 

56,226

 

Decrease in operating assets and liabilities

 

 

—

 

 

 

6,409

 

 

 

5,686

 

Decrease in intangible lease and other assets

 

 

—

 

 

 

(7,450

)

 

 

(6,852

)

Settlement of mortgage debt obligations (2):

 

 

 

 

 

 

 

 

 

Decrease in mortgage and other indebtedness

 

 

—

 

 

 

3,270

 

 

 

3,857

 

Decrease in operating assets and liabilities

 

 

—

 

 

 

—

 

 

 

3,487

 

Conversion of exchangeable notes (3):

 

 

 

 

 

 

 

 

 

Decrease in mortgage and other indebtedness

 

 

—

 

 

 

—

 

 

 

150,000

 

Decrease in operating assets and liabilities

 

 

—

 

 

 

—

 

 

 

2,537

 

Increase in shareholders' equity

 

 

—

 

 

 

—

 

 

 

(152,537

)
(1)
See Note 7 for more information.
(2)
See Note 8 for more information.
(3)
In February 2022, the Company issued 10,982,795 shares of common stock to holders of the exchangeable notes in satisfaction of principal, accrued interest and the make whole payment, and all the exchangeable notes were cancelled in accordance with the terms of the indenture.
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 13. RELATED PARTY TRANSACTIONS

The Management Company provides management, development and leasing services to the Company’s unconsolidated affiliates and other affiliated partnerships. The Company recognized revenues for these services in the amount of $6,818, $7,169 and $6,449 for the years ended December 31, 2024, 2023 and 2022. Of these amounts, a portion comes from three unconsolidated affiliates in which an affiliate of the Company holds a significant interest.
v3.25.0.1
Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies

NOTE 14. CONTINGENCIES

The Company is currently involved in certain other 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 consolidated balance sheets as of December 31, 2024 and 2023:

 

 

As of December 31, 2024

 

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 (1)

 

December 31, 2024

 

 

December 31, 2023

 

West Melbourne I, LLC - Phase I (2)

 

50%

 

$

35,000

 

 

 

—

 

 

$

—

 

 

Dec-2034

 

$

—

 

 

$

177

 

West Melbourne I, LLC - Phase II (2)

 

50%

 

 

10,000

 

 

 

—

 

 

 

—

 

 

Dec-2034

 

 

—

 

 

 

56

 

Port Orange I, LLC (3)

 

50%

 

 

44,498

 

 

50%

 

 

 

22,249

 

 

Feb-2025

 

 

222

 

 

 

236

 

Ambassador Infrastructure, LLC

 

65%

 

 

4,361

 

 

100%

 

 

 

4,361

 

 

Mar-2027

 

 

44

 

 

 

57

 

CBL-TRS Med OFC Holding, LLC (4)

 

50%

 

 

6,800

 

 

 

—

 

 

 

—

 

 

Jun-2030

 

 

—

 

 

 

19

 

Total guaranty liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

266

 

 

$

545

 
(1)
Excludes any extension options.
(2)
In November 2024, the existing loan was paid off using proceeds from a new loan secured by the property. The new loan does not contain a payment guaranty.
(3)
Subsequent to December 31, 2024, the loan was extended through February 2026. See Note 18.
(4)
In September 2024, construction was completed and the Company's full payment guaranty was released.

For the years ended December 31, 2024, 2023 and 2022 the Company evaluated each guaranty, listed in the table above, individually by looking at the debt service ratio, cash flow forecasts and the performance of each loan. The result of the analysis was that each loan is current. The Company did not record a credit loss related to the guarantees listed in the table above for the years ended December 31, 2024, 2023 and 2022.
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

NOTE 15. 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 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 $2,110,154 and $1,806,486 at December 31, 2024 and 2023, respectively. The fair value 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 December 31, 2024 and December 31, 2023 were 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 risk for the year ended December 31, 2024:

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

Asset

 

Fair Value at December 31, 2024

 

 

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

 

 

Significant
Other
Observable
Inputs (Level 2)

 

 

Significant
Unobservable
Inputs (Level 3)

 

Interest rate swap

 

$

514

 

 

$

—

 

 

$

514

 

 

$

—

 

The following table sets forth information regarding the Company's interest rate swap that was designated as a cash flow hedge of interest risk for the year ended December 31, 2023:

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

Asset

 

Fair Value at December 31, 2023

 

 

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

 

 

Significant
Other
Observable
Inputs (Level 2)

 

 

Significant
Unobservable
Inputs (Level 3)

 

Interest rate swap

 

$

338

 

 

$

—

 

 

$

338

 

 

$

—

 

During the year ended December 31, 2024, 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 below table sets forth information regarding the Company’s AFS securities that were measured at fair value. Subsequent to December 31, 2024, the Company redeemed U.S. Treasury securities. See Note 18 for more information.

U.S. Treasury securities

 

December 31, 2024

 

 

December 31, 2023

 

Amortized cost (1)

 

$

242,881

 

 

$

261,869

 

Allowance for credit losses (2)

 

 

—

 

 

 

—

 

Total unrealized gain

 

 

267

 

 

 

273

 

Fair value (3)

 

$

243,148

 

 

$

262,142

 
(1)
The U.S. Treasury securities have maturities through December 2025.
(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 quantitatively 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 years ended December 31, 2024 and 2023.
(3)
The 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. See below for a description of the estimates and assumptions the Company used in its impairment analysis. See Note 2 for additional information describing the Company's impairment review process.

Long-lived Assets Measured at Fair Value in 2024

During the year ended December 31, 2024, the Company sold two outparcels for less than each asset's carrying value and recorded impairment of $1,461.

See Note 5 for information regarding the fair value adjustments associated with the Company's acquisition of its partner's 50% joint venture interests in the CBL/T-C, LLC joint venture, which includes CoolSprings Galleria, Oak Park Mall and West County Center.

Long-lived Assets Measured at Fair Value in 2023

During the year ended December 31, 2023, the Company adjusted the negative equity in WestGate Mall and Alamance Crossing East to zero upon deconsolidation, which represents the estimated fair value of the Company's investment in these properties. See Note 7 for more information.

Long-lived Assets Measured at Fair Value in 2022

During the year ended December 31, 2022, the Company adjusted the negative equity in Greenbrier Mall to zero upon deconsolidation, which represented the estimated fair value of the Company’s investment in that property. See Note 7 for more information.

During the year ended December 31, 2022, the Company sold an outparcel at the Pavilion at Port Orange. Gross sales proceeds amounted to $1,660 and the transaction resulted in a loss on sale of $252.
v3.25.0.1
Share-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Share-based Compensation

NOTE 16. SHARE-BASED COMPENSATION

2021 Equity Incentive Plan

On November 10, 2021, the board of directors of the Company adopted the CBL & Associates Properties, Inc. 2021 Equity Incentive Plan (the “EIP”). The EIP authorizes the grant of equity awards to eligible participants based on the new common stock, in the form of stock options, stock appreciation rights, restricted stock, restricted stock units and other equity awards. Awards under the EIP may be granted to officers, employees, directors, consultants and independent contractors of the reorganized company. Initially, 3,222,222 shares of new common stock were available under the EIP. The initial amount of new common stock authorized for awards under the EIP is subject to an annual increase of a number of shares equal to 3% of the number of shares of new common stock issued and outstanding at the end of the relevant calendar year (beginning January 2023), or such lesser amount as the board of directors may determine. Pursuant to this provision, the board of directors approved an increase of 953,403 shares in January 2023 and determined that no additional shares would be added in January 2024 and January 2025. As of December 31, 2024, there were 2,829,138 shares available under the EIP. The Plan is administered by the compensation committee of the board of directors, which determines the participants who will be granted awards under the EIP and the terms and conditions of EIP awards.

In accordance with the provisions of ASU 2016-09, which are designed to simplify the accounting for share-based payments transactions, the Company accounts for forfeitures of share-based payments as they occur rather than estimating them in advance.

Restricted Stock Awards

Restricted stock awards granted to the Company’s executive officers vest annually over a three-year or four-year period as defined in the award. Restricted stock awards granted to the Company’s non-executive officers vest annually over a three-year period. Restricted stock awards granted to the Company’s non-employee directors vest over a one-year period, with restrictions expiring each January. The grantee generally has all the rights of a stockholder during the vesting/restricted period, including the right to receive dividends on the same basis and at the same rate as all other outstanding shares of common stock and the right to vote such shares on any matter on which holders of the Company’s common stock are entitled to vote. The shares generally are not transferable during the restricted period, except for any transfers which may be required by law.

A summary of the status of the Company’s nonvested restricted stock awards as of December 31, 2024, and changes during the year ended December 31, 2024, is presented below:

 

 

Shares

 

 

Weighted-
Average
Grant-Date
Fair Value Per Share

 

Unvested at January 1, 2024

 

 

590,953

 

 

$

27.02

 

Granted

 

 

169,454

 

 

$

24.48

 

Vested

 

 

(269,543

)

 

$

27.13

 

Unvested at December 31, 2024

 

 

490,864

 

 

$

26.08

 

Compensation expense is recognized on a straight-line basis over the requisite service period. The share-based compensation cost related to restricted stock awards was $8,305, $7,343 and $7,400 for the years ended December 31, 2024, 2023 and 2022, respectively. Share-based compensation cost capitalized as part of real estate assets was $133 for the year ended December 31, 2024. Share-based compensation cost resulting from share-based awards is recorded at the Management Company, which is a taxable entity.

The total grant-date fair value of restricted stock awards granted during the years ended December 31, 2024, 2023 and 2022 was $4,148, $10,086 and $3,095, respectively. The total fair value of restricted stock awards that vested during the years ended December 31, 2024, 2023 and 2022 was $7,720, $11,090 and $5,306, respectively.

As of December 31, 2024, there was $9,287 of total unrecognized compensation cost related to nonvested restricted stock awards granted under the EIP, which is expected to be recognized over a weighted-average period of 1.3 years.

Performance Stock Unit Awards

In February 2022, the compensation committee approved the terms of new awards of PSUs. The PSUs are earned over a four-year performance period aligned with fiscal years 2022 (includes the period from November 1, 2021 through December 31, 2021) through 2025, with one-quarter of the PSUs assigned to each fiscal year within the four-year performance period. The number of PSUs earned for each fiscal year within the four-year performance period will be determined based on the achievement of both (i) a quantitative total market return goal and (ii) a Company-specific stated goal, for such fiscal year.

In February 2023, the compensation committee established a long-term incentive program (“LTIP”) under the EIP. The 2023 LTIP awards approved by the compensation committee consist of both a PSU component (55% - 60% of the LTIP award) and a restricted stock award component (40% - 45% of the LTIP award). The amount of common stock that may be issued for the PSU component upon the conclusion of the applicable three-year performance period will be determined by two measures: (i) a portion (40%) of the number of shares issued will be determined based on the Company’s achievement of specified levels of long-term relative total stockholder return (“TSR”) performance (stock price appreciation plus aggregate dividends) versus the Retail Sector Component (excluding companies comprising the Free-Standing Subsector) of the FTSE NAREIT All Equity REIT Index, provided that at least a “Threshold” level must be attained for any shares to be received, and (ii) a portion (60%) of such number of shares issued will be determined based on the Company’s absolute TSR performance over such period, provided again that at least a “Threshold” level must be attained for any shares to be received. The restricted stock award component consists of time-vesting restricted stock, of which a third of the award vests annually over the three-year performance period. The 2024 LTIP awards approved by the compensation committee consist of both a PSU component (60% - 70% of the LTIP award) and a restricted stock award component (30% - 40% of the LTIP award). The amount of common stock that may be issued for the PSU component upon the conclusion of the applicable three-year performance period will be determined by two measures: (i) a portion (30%) of the number of shares issued will be determined based on the Company’s achievement of specified levels of long-term relative TSR performance (stock price appreciation plus aggregate dividends) versus the Retail Sector Component (excluding companies comprising the Free-Standing Subsector) of the FTSE NAREIT All Equity REIT Index, provided that at least a “Threshold” level must be attained for any shares to be received, and (ii) a portion (70%) of such number of shares issued will be determined based on the

Company’s absolute TSR performance over such period, provided again that at least a “Threshold” level must be attained for any shares to be received. The restricted stock award component consists of time-vesting restricted stock, of which a third of the award vests annually over the three-year performance period.

Compensation cost for the PSUs granted in February 2023 and February 2024 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 2022, 2023 and 2024 PSUs granted under the EIP was $6,490, $5,639 and 4,485 for the years ended December 31, 2024, 2023 and 2022, respectively. The unrecognized compensation expense related to the 2022, 2023 and 2024 PSUs was $10,434 as of December 31, 2024, which is expected to be recognized over a weighted-average period of 1.9 years.

A summary of the status of the Company’s outstanding PSU awards as of December 31, 2024, and changes during the year ended December 31, 2024, are presented below:

 

 

PSUs

 

 

Weighted-
Average
Grant-Date
Fair Value Per Share

 

Outstanding at January 1, 2024

 

 

563,581

 

 

$

28.65

 

2024 PSUs granted

 

 

169,420

 

 

$

24.30

 

Incremental PSUs granted (1)

 

 

49,248

 

 

$

24.58

 

Vested

 

 

(210,962

)

 

$

24.67

 

Outstanding at December 31, 2024

 

 

571,287

 

 

$

28.48

 
(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. As 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. As to 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 following table summarizes the assumptions used in the Monte Carlo simulation pricing model related to the Company’s PSUs:

 

 

2024 PSUs

 

 

2023 PSUs

 

 

2022 PSUs

 

Grant date

 

February 7, 2024

 

 

February 17, 2023

 

 

February 16, 2022

 

Fair value per share on valuation date (1)

 

$

24.30

 

 

$

38.79

 

 

$

24.67

 

Risk-free interest rate (2)

 

 

4.19

%

 

 

4.37

%

 

 

1.85

%

Expected share price volatility (3)

 

 

40.00

%

 

 

62.50

%

 

 

65.00

%
(1)
The value of the PSU awards are estimated on the date of grant using a Monte Carlo simulation model. For the 2023 and 2024 PSUs, 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 payoff of the award is also risk-free. The weighted-average fair value per share related to the 2024 PSUs consists of 50,825 PSUs at a fair value of $29.38 per share (which relates to the relative TSR) and 118,595 PSUs at a fair value of $22.12 per share (which relates to absolute TSR). The weighted-average fair value per share related to the 2023 PSUs consists of 63,114 shares at a fair value of $40.64 per share (which relates to the relative TSR) and 94,675 shares at a fair value of $37.55 per share (which relates to absolute TSR). For the 2022 PSUs, the valuation consists of computing the fair value using CBL's simulated stock price as well as TMR for each 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 payoff of the award is also risk-free.
(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)
For the 2024 PSUs, the computation of expected volatility 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. Since the performance period exceeds CBL's trading history, volatility indications of comparable public companies were also considered. For the 2023 PSUs, the computation of expected volatility was based on the historical volatility of CBL's shares of common stock based on annualized daily total continuous returns over a three-year period and implied volatility data based on the trailing month average of daily implied volatilities implied by stock call option contracts that were both closest to the terms shown and closest to the money. For the 2022 PSUs, the computation of expected volatility was based on the historical volatility of the share prices of comparable, publicly traded companies and given the Company's risk profile and leverage relative to the comparable, publicly traded companies. The Company's historical volatility was not relied upon given the Company's limited trading history since its emergence from bankruptcy on November 1, 2021.
v3.25.0.1
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans

NOTE 17. EMPLOYEE BENEFIT PLANS

401(k) Plan

The Management Company maintains a 401(k) profit sharing plan, which is qualified under Section 401(a) and Section 401(k) of the Internal Revenue Code to cover employees of the Management Company. All employees who have attained the age of 21 and have completed at least two months of service are eligible to participate in the plan. The plan provides for employer matching contributions on behalf of each participant equal to 50% of the portion of such participant’s contribution that does not exceed 2.5% of such participant’s annual gross salary for the plan year. Additionally, the Management Company has the discretion to make additional profit-sharing-type contributions not related to participant elective contributions. Total contributions by the Management Company for the years ended December 31, 2024, 2023 and 2022, were $903, $890 and $823, respectively.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events

NOTE 18. SUBSEQUENT EVENTS

In January 2025, the Company acquired four Macy's stores for $6,156, which include land, buildings and improvements, for future redevelopment at the respective properties.

In January 2025, the Company sold Monroeville Mall and the Annex at Monroeville for $34,000. A portion of the proceeds from the sale were used to paydown the open-air centers and outparcels loan by $7,323.

During 2025, the Company redeemed $31,756 in U.S. Treasury securities and purchased $32,374 in new U.S. Treasury securities with maturities through February 2026.

On February 12, 2025, the Company's board of directors declared a $0.40 per share regular quarterly dividend for the first quarter of 2025. Additionally, the Company's board of directors declared a special dividend of $0.80 per share of common stock, which is payable in cash on March 31, 2025, to shareholders of record as of March 13, 2025. The special dividend was made to ensure that we met the minimum requirement to maintain our status as a REIT.

In February 2025, the Company sold Imperial Valley Mall for $38,100. Imperial Valley Mall served as collateral under the secured term loan. Net proceeds from the sale were used to partially fund a paydown of $41,116 on the secured term loan.

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.
v3.25.0.1
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

Schedule III

CBL & ASSOCIATES PROPERTIES, INC.

REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

At December 31, 2024

(In thousands)

 

 

 

 

 

Initial Cost (1)

 

 

 

 

 

 

 

 

 

 

 

Gross Carry Amounts at Close of Period

 

 

 

Description /Location

 

Encumbrances
(2)

 

 

Land

 

 

Buildings
and
Improvements

 

 

Costs
Capitalized
Subsequent to
Acquisition

 

 

Sales of
Outparcel
Land

 

 

Fresh Start
Adjustments

 

 

Land

 

 

Buildings
and
Improvements

 

 

Total (3)

 

 

Accumulated
Depreciation
(4)

 

 

Date of
Construction
 / Acquisition

OPERATING PROPERTIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

840 Greenbrier Circle
Chesapeake, VA

 

$

—

 

 

$

2,096

 

 

$

3,091

 

 

$

2,127

 

 

$

—

 

 

$

(1,626

)

 

$

1,387

 

 

$

4,301

 

 

$

5,688

 

 

$

(657

)

 

2007

Alamance Crossing West
Burlington, NC

 

 

18,233

 

 

 

8,344

 

 

 

19,549

 

 

 

240

 

 

 

(3,962

)

 

 

(11,969

)

 

 

6,242

 

 

 

5,960

 

 

 

12,202

 

 

 

(1,366

)

 

2007

Arbor Place
Atlanta (Douglasville), GA

 

 

89,711

 

 

 

8,508

 

 

 

95,088

 

 

 

29,201

 

 

 

—

 

 

 

(89,396

)

 

 

3,050

 

 

 

40,351

 

 

 

43,401

 

 

 

(9,469

)

 

1998-1999

Brookfield Square
Brookfield, WI

 

 

—

 

 

 

8,996

 

 

 

78,533

 

 

 

99,969

 

 

 

(5,208

)

 

 

(146,235

)

 

 

10,284

 

 

 

25,771

 

 

 

36,055

 

 

 

(9,394

)

 

2001

CBL Center
Chattanooga, TN

 

 

—

 

 

 

1,332

 

 

 

24,675

 

 

 

2,816

 

 

 

—

 

 

 

(17,030

)

 

 

3,081

 

 

 

8,712

 

 

 

11,793

 

 

 

(1,740

)

 

2001

CBL Center II
Chattanooga, TN

 

 

—

 

 

 

22

 

 

 

13,648

 

 

 

1,823

 

 

 

—

 

 

 

(9,880

)

 

 

965

 

 

 

4,648

 

 

 

5,613

 

 

 

(631

)

 

2008

CherryVale Mall
Rockford, IL

 

 

—

 

(5)

 

11,892

 

 

 

64,117

 

 

 

56,299

 

 

 

(1,667

)

 

 

(113,543

)

 

 

5,360

 

 

 

11,738

 

 

 

17,098

 

 

 

(4,955

)

 

2001

CoolSprings Crossing
Nashville, TN

 

 

17,447

 

 

 

2,803

 

 

 

14,985

 

 

 

(2,802

)

 

 

—

 

 

 

(10,291

)

 

 

2,969

 

 

 

1,726

 

 

 

4,695

 

 

 

(660

)

 

1991-1993

Coolsprings Galleria
Nashville, TN

 

 

137,193

 

 

 

21,333

 

 

 

133,501

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

21,333

 

 

 

133,501

 

 

 

154,834

 

 

 

(177

)

 

2024

Courtyard at Hickory Hollow
Nashville, TN

 

 

4,515

 

 

 

3,314

 

 

 

2,771

 

 

 

482

 

 

 

(231

)

 

 

(1,181

)

 

 

1,844

 

 

 

3,311

 

 

 

5,155

 

 

 

(609

)

 

1998

Cross Creek Mall
Fayetteville, NC

 

 

85,719

 

 

 

19,155

 

 

 

104,378

 

 

 

33,989

 

 

 

—

 

 

 

(49,534

)

 

 

4,372

 

 

 

103,616

 

 

 

107,988

 

 

 

(20,425

)

 

2003

Dakota Square Mall
Minot, ND

 

 

—

 

 

 

4,552

 

 

 

87,625

 

 

 

27,902

 

 

 

—

 

 

 

(96,630

)

 

 

5,179

 

 

 

18,270

 

 

 

23,449

 

 

 

(4,159

)

 

2012

East Towne Mall
Madison, WI

 

 

—

 

(5)

 

4,496

 

 

 

63,867

 

 

 

64,228

 

 

 

(909

)

 

 

(123,012

)

 

 

4,413

 

 

 

4,257

 

 

 

8,670

 

 

 

(2,872

)

 

2002

Eastland Mall
Bloomington, IL

 

 

—

 

 

 

5,746

 

 

 

75,893

 

 

 

(71,130

)

 

 

(753

)

 

 

(5,600

)

 

 

1,921

 

 

 

2,235

 

 

 

4,156

 

 

 

(840

)

 

2005

Fayette Mall
Lexington, KY

 

 

110,680

 

 

 

25,205

 

 

 

84,256

 

 

 

112,307

 

 

 

—

 

 

 

(87,361

)

 

 

11,203

 

 

 

123,204

 

 

 

134,407

 

 

 

(19,082

)

 

2001

Frontier Mall
Cheyenne, WY

 

 

—

 

(5)

 

2,681

 

 

 

15,858

 

 

 

21,959

 

 

 

(83

)

 

 

(31,588

)

 

 

3,715

 

 

 

5,112

 

 

 

8,827

 

 

 

(1,844

)

 

1984-1985

Frontier Square
Cheyenne, WY

 

 

2,882

 

 

 

346

 

 

 

684

 

 

 

1,056

 

 

 

(86

)

 

 

612

 

 

 

904

 

 

 

1,708

 

 

 

2,612

 

 

 

(304

)

 

1985

Gunbarrel Pointe
Chattanooga, TN

 

 

16,468

 

 

 

4,170

 

 

 

10,874

 

 

 

4,994

 

 

 

—

 

 

 

(5,974

)

 

 

8,099

 

 

 

5,965

 

 

 

14,064

 

 

 

(1,066

)

 

2000

Hamilton Corner
Chattanooga, TN

 

 

16,638

 

 

 

630

 

 

 

5,532

 

 

 

8,646

 

 

 

—

 

 

 

(2,368

)

 

 

4,981

 

 

 

7,459

 

 

 

12,440

 

 

 

(1,245

)

 

1986-1987

 

Schedule III

CBL & ASSOCIATES PROPERTIES, INC.

REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

At December 31, 2024

(In thousands)

 

 

 

 

 

Initial Cost (1)

 

 

 

 

 

 

 

 

 

 

 

Gross Carry Amounts at Close of Period

 

 

 

Description /Location

 

Encumbrances
(2)

 

 

Land

 

 

Buildings
and
Improvements

 

 

Costs
Capitalized
Subsequent to
Acquisition

 

 

Sales of
Outparcel
Land

 

 

Fresh Start
Adjustments

 

 

Land

 

 

Buildings
and
Improvements

 

 

Total (3)

 

 

Accumulated
Depreciation
(4)

 

 

Date of
Construction
 / Acquisition

Hamilton Crossing
Chattanooga, TN

 

$

11,688

 

 

$

4,014

 

 

$

5,906

 

 

$

7,412

 

 

$

(1,370

)

 

$

(5,550

)

 

$

5,300

 

 

$

5,112

 

 

$

10,412

 

 

$

(1,014

)

 

1987

Hamilton Place
Chattanooga, TN

 

 

89,197

 

 

 

3,532

 

 

 

42,619

 

 

 

55,588

 

 

 

(2,933

)

 

 

(35,984

)

 

 

9,091

 

 

 

53,731

 

 

 

62,822

 

 

 

(11,213

)

 

1986-1987

Hanes Mall
Winston-Salem, NC

 

 

—

 

(5)

 

17,176

 

 

 

133,376

 

 

 

51,375

 

 

 

(1,767

)

 

 

(147,963

)

 

 

13,968

 

 

 

38,229

 

 

 

52,197

 

 

 

(8,247

)

 

2001

Harford Annex
Bel Air, MD

 

 

13,069

 

 

 

3,117

 

 

 

9,718

 

 

 

1,312

 

 

 

—

 

 

 

(2,430

)

 

 

3,117

 

 

 

8,600

 

 

 

11,717

 

 

 

(1,217

)

 

2003

Harford Mall
Bel Air, MD

 

 

—

 

 

 

8,699

 

 

 

45,704

 

 

 

17,929

 

 

 

—

 

 

 

(65,736

)

 

 

4,582

 

 

 

2,014

 

 

 

6,596

 

 

 

(898

)

 

2003

Jefferson Mall
Louisville, KY

 

 

51,323

 

 

 

13,125

 

 

 

40,234

 

 

 

28,371

 

 

 

(521

)

 

 

(70,099

)

 

 

4,625

 

 

 

6,485

 

 

 

11,110

 

 

 

(2,793

)

 

2001

Kirkwood Mall
Bismarck, ND

 

 

—

 

(5)

 

3,368

 

 

 

118,945

 

 

 

43,131

 

 

 

(2,394

)

 

 

(126,278

)

 

 

8,114

 

 

 

28,658

 

 

 

36,772

 

 

 

(5,683

)

 

2012

The Landing at Arbor Place
Atlanta (Douglasville), GA

 

 

5,720

 

 

 

7,238

 

 

 

14,330

 

 

 

3,193

 

 

 

(2,242

)

 

 

(18,627

)

 

 

1,587

 

 

 

2,305

 

 

 

3,892

 

 

 

(841

)

 

1998-1999

Laurel Park Place
Livonia, MI

 

 

—

 

 

 

13,289

 

 

 

92,579

 

 

 

(98,075

)

 

 

—

 

 

 

(3,630

)

 

 

751

 

 

 

3,412

 

 

 

4,163

 

 

 

(1,361

)

 

2005

Mall del Norte
Laredo, TX

 

 

—

 

(5)

 

21,734

 

 

 

142,049

 

 

 

58,779

 

 

 

(149

)

 

 

(148,232

)

 

 

13,875

 

 

 

60,306

 

 

 

74,181

 

 

 

(12,369

)

 

2004

Mayfaire Town Center
Wilmington, NC

 

 

—

 

(5)

 

26,333

 

 

 

101,087

 

 

 

27,138

 

 

 

—

 

 

 

(107,804

)

 

 

7,165

 

 

 

39,589

 

 

 

46,754

 

 

 

(9,215

)

 

2015

Meridian Mall
Lansing, MI

 

 

—

 

 

 

2,797

 

 

 

103,678

 

 

 

64,173

 

 

 

—

 

 

 

(150,764

)

 

 

8,573

 

 

 

11,311

 

 

 

19,884

 

 

 

(4,099

)

 

1998

Mid Rivers Mall
St. Peters, MO

 

 

—

 

 

 

16,384

 

 

 

170,582

 

 

 

(134,754

)

 

 

(4,174

)

 

 

(27,787

)

 

 

9,191

 

 

 

11,060

 

 

 

20,251

 

 

 

(4,059

)

 

2007

Northgate Mall
Chattanooga, TN

 

 

—

 

(5)

 

2,330

 

 

 

8,960

 

 

 

24,505

 

 

 

(492

)

 

 

(23,815

)

 

 

3,413

 

 

 

8,075

 

 

 

11,488

 

 

 

(1,866

)

 

2011

Northpark Mall
Joplin, MO

 

 

—

 

 

 

9,977

 

 

 

65,481

 

 

 

39,470

 

 

 

—

 

 

 

(99,164

)

 

 

7,084

 

 

 

8,680

 

 

 

15,764

 

 

 

(3,469

)

 

2004

Northwoods Mall
North Charleston, SC

 

 

50,745

 

 

 

14,867

 

 

 

49,647

 

 

 

32,216

 

 

 

(2,339

)

 

 

(52,958

)

 

 

9,402

 

 

 

32,031

 

 

 

41,433

 

 

 

(8,570

)

 

2001

Oak Park Mall
Overland Park, KS

 

 

251,448

 

 

 

28,207

 

 

 

100,879

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

28,207

 

 

 

100,879

 

 

 

129,086

 

 

 

—

 

 

2024

Old Hickory Mall
Jackson, TN

 

 

—

 

 

 

15,527

 

 

 

29,413

 

 

 

(32,541

)

 

 

(362

)

 

 

(9,431

)

 

 

800

 

 

 

1,806

 

 

 

2,606

 

 

 

(930

)

 

2001

The Outlet Shoppes at Gettysburg
Gettysburg, PA

 

 

19,877

 

 

 

20,779

 

 

 

22,180

 

 

 

(27,240

)

 

 

(2,394

)

 

 

(47

)

 

 

7,822

 

 

 

5,456

 

 

 

13,278

 

 

 

(2,112

)

 

2012

The Outlet Shoppes at Laredo
Laredo, TX

 

 

32,580

 

 

 

11,000

 

 

 

97,353

 

 

 

(62,797

)

 

 

(2,394

)

 

 

(26,318

)

 

 

3,741

 

 

 

13,103

 

 

 

16,844

 

 

 

(2,162

)

 

2017

Parkdale Corner
Beaumont, TX

 

 

4,113

 

 

 

1,255

 

 

 

2,657

 

 

 

1

 

 

 

—

 

 

 

(896

)

 

 

1,305

 

 

 

1,712

 

 

 

3,017

 

 

 

(311

)

 

2002

Parkdale Mall and Crossing
Beaumont, TX

 

 

53,471

 

 

 

22,060

 

 

 

29,842

 

 

 

(4,741

)

 

 

(874

)

 

 

(21,766

)

 

 

11,364

 

 

 

13,157

 

 

 

24,521

 

 

 

(4,819

)

 

2001

Parkway Place
Huntsville, AL

 

 

—

 

 

 

6,364

 

 

 

67,067

 

 

 

10,503

 

 

 

—

 

 

 

(43,144

)

 

 

10,067

 

 

 

30,723

 

 

 

40,790

 

 

 

(6,452

)

 

2010

 

Schedule III

CBL & ASSOCIATES PROPERTIES, INC.

REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

At December 31, 2024

(In thousands)

 

 

 

 

 

Initial Cost (1)

 

 

 

 

 

 

 

 

 

 

 

Gross Carry Amounts at Close of Period

 

 

 

Description /Location

 

Encumbrances
(2)

 

 

Land

 

 

Buildings
and
Improvements

 

 

Costs
Capitalized
Subsequent to
Acquisition

 

 

Sales of
Outparcel
Land

 

 

Fresh Start
Adjustments

 

 

Land

 

 

Buildings
and
Improvements

 

 

Total (3)

 

 

Accumulated
Depreciation
(4)

 

 

Date of
Construction
 / Acquisition

Pearland Office
Pearland, TX

 

$

—

 

(5)

$

—

 

 

$

7,849

 

 

$

2,472

 

 

$

—

 

 

$

(3,210

)

 

$

—

 

 

$

7,111

 

 

$

7,111

 

 

$

(1,811

)

 

2009

Pearland Town Center
Pearland, TX

 

 

—

 

(5)

 

16,300

 

 

 

108,615

 

 

 

25,674

 

 

 

(857

)

 

 

(106,531

)

 

 

16,896

 

 

 

26,305

 

 

 

43,201

 

 

 

(6,532

)

 

2008

The Plaza at Fayette
Lexington, KY

 

 

23,263

 

 

 

9,531

 

 

 

27,646

 

 

 

1,340

 

 

 

—

 

 

 

(28,520

)

 

 

2,527

 

 

 

7,470

 

 

 

9,997

 

 

 

(3,304

)

 

2006

Post Oak Mall
College Station, TX

 

 

—

 

(5)

 

3,936

 

 

 

48,948

 

 

 

17,395

 

 

 

(327

)

 

 

(52,738

)

 

 

6,028

 

 

 

11,186

 

 

 

17,214

 

 

 

(3,151

)

 

1984-1985

The Promenade D'lberville
D'lberville, MS

 

 

—

 

 

 

16,278

 

 

 

48,806

 

 

 

28,221

 

 

 

(706

)

 

 

(53,513

)

 

 

8,728

 

 

 

30,358

 

 

 

39,086

 

 

 

(8,693

)

 

2009

Richland Mall
Waco, TX

 

 

—

 

(5)

 

9,874

 

 

 

34,793

 

 

 

25,256

 

 

 

(1,225

)

 

 

(44,167

)

 

 

8,793

 

 

 

15,738

 

 

 

24,531

 

 

 

(4,175

)

 

2002

The Shoppes at Hamilton Place
Chattanooga, TN

 

 

19,023

 

 

 

5,837

 

 

 

16,326

 

 

 

1,501

 

 

 

—

 

 

 

(10,827

)

 

 

5,062

 

 

 

7,775

 

 

 

12,837

 

 

 

(1,920

)

 

2003

The Shoppes at St. Clair Square
Fairview Heights, IL

 

 

16,641

 

 

 

8,250

 

 

 

23,623

 

 

 

739

 

 

 

(5,044

)

 

 

(19,688

)

 

 

2,783

 

 

 

5,097

 

 

 

7,880

 

 

 

(912

)

 

2007

South County Center
St. Louis, MO

 

 

—

 

 

 

15,754

 

 

 

159,249

 

 

 

2,824

 

 

 

—

 

 

 

(160,681

)

 

 

11,165

 

 

 

5,981

 

 

 

17,146

 

 

 

(3,252

)

 

2007

Southaven Towne Center
Southaven, MS

 

 

—

 

(5)

 

14,315

 

 

 

29,380

 

 

 

2,461

 

 

 

—

 

 

 

(27,929

)

 

 

10,163

 

 

 

8,064

 

 

 

18,227

 

 

 

(1,741

)

 

2005

Southpark Mall
Colonial Heights, VA

 

 

49,634

 

 

 

9,501

 

 

 

73,262

 

 

 

32,365

 

 

 

—

 

 

 

(102,613

)

 

 

4,193

 

 

 

8,322

 

 

 

12,515

 

 

 

(1,931

)

 

2003

St. Clair Square
Fairview Heights, IL

 

 

—

 

 

 

11,027

 

 

 

75,620

 

 

 

36,179

 

 

 

—

 

 

 

(82,113

)

 

 

8,150

 

 

 

32,563

 

 

 

40,713

 

 

 

(7,307

)

 

1996

Stroud Mall
Stroudsburg, PA

 

 

—

 

 

 

14,711

 

 

 

23,936

 

 

 

(24,208

)

 

 

—

 

 

 

(5,698

)

 

 

2,942

 

 

 

5,799

 

 

 

8,741

 

 

 

(2,186

)

 

1998

Sunrise Commons
Brownsville, TX

 

 

8,565

 

 

 

1,013

 

 

 

7,525

 

 

 

2,123

 

 

 

—

 

 

 

(2,845

)

 

 

3,504

 

 

 

4,312

 

 

 

7,816

 

 

 

(806

)

 

2003

Sunrise Mall
Brownsville, TX

 

 

—

 

(5)

 

11,156

 

 

 

59,047

 

 

 

16,287

 

 

 

—

 

 

 

(45,064

)

 

 

14,999

 

 

 

26,427

 

 

 

41,426

 

 

 

(10,038

)

 

2003

The Terrace
Chattanooga, TN

 

 

17,651

 

 

 

4,166

 

 

 

9,929

 

 

 

11,281

 

 

 

—

 

 

 

(9,404

)

 

 

8,982

 

 

 

6,990

 

 

 

15,972

 

 

 

(1,350

)

 

1997

Turtle Creek Mall
Hattiesburg, MS

 

 

—

 

(5)

 

2,345

 

 

 

26,418

 

 

 

18,738

 

 

 

—

 

 

 

(26,937

)

 

 

3,977

 

 

 

16,587

 

 

 

20,564

 

 

 

(5,300

)

 

1993-1995

Valley View Mall
Roanoke, VA

 

 

—

 

(5)

 

15,985

 

 

 

77,771

 

 

 

23,403

 

 

 

—

 

 

 

(89,309

)

 

 

9,499

 

 

 

18,351

 

 

 

27,850

 

 

 

(4,698

)

 

2003

Volusia Mall
Daytona Beach, FL

 

 

35,033

 

 

 

2,526

 

 

 

120,242

 

 

 

22,065

 

 

 

(222

)

 

 

(128,334

)

 

 

10,856

 

 

 

5,421

 

 

 

16,277

 

 

 

(2,499

)

 

2004

West County Center
Des Peres, MO

 

 

144,736

 

 

 

11,634

 

 

 

96,736

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11,634

 

 

 

96,736

 

 

 

108,370

 

 

 

—

 

 

2024

West Towne Crossing
Madison, WI

 

 

20,039

 

 

 

1,784

 

 

 

2,955

 

 

 

7,777

 

 

 

—

 

 

 

4,227

 

 

 

5,831

 

 

 

10,912

 

 

 

16,743

 

 

 

(1,388

)

 

1998

 

Schedule III

CBL & ASSOCIATES PROPERTIES, INC.

REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

At December 31, 2024

(In thousands)

 

 

 

 

 

Initial Cost (1)

 

 

 

 

 

 

 

 

 

 

 

Gross Carry Amounts at Close of Period

 

 

 

Description /Location

 

Encumbrances
(2)

 

 

Land

 

 

Buildings
and
Improvements

 

 

Costs
Capitalized
Subsequent to
Acquisition

 

 

Sales of
Outparcel
Land

 

 

Fresh Start
Adjustments

 

 

Land

 

 

Buildings
and
Improvements

 

 

Total (3)

 

 

Accumulated
Depreciation
(4)

 

 

Date of
Construction
 / Acquisition

West Towne Mall
Madison, WI

 

 

—

 

(5)

 

8,912

 

 

 

83,084

 

 

 

49,701

 

 

 

—

 

 

 

(84,533

)

 

 

14,623

 

 

 

42,541

 

 

 

57,164

 

 

 

(10,070

)

 

2002

WestGate Crossing
Spartanburg, SC

 

$

7,651

 

 

$

1,082

 

 

$

3,422

 

 

$

7,886

 

 

$

—

 

 

$

(5,426

)

 

$

2,047

 

 

$

4,917

 

 

$

6,964

 

 

$

(1,011

)

 

1997

Westmoreland Crossing
Greensburg, PA

 

 

—

 

(5)

 

2,898

 

 

 

21,167

 

 

 

9,415

 

 

 

—

 

 

 

(23,389

)

 

 

3,119

 

 

 

6,972

 

 

 

10,091

 

 

 

(4,993

)

 

2002

Westmoreland Mall
Greensburg, PA

 

 

—

 

(5)

 

4,621

 

 

 

84,215

 

 

 

35,436

 

 

 

(1,240

)

 

 

(107,620

)

 

 

6,389

 

 

 

9,023

 

 

 

15,412

 

 

 

(4,549

)

 

2002

York Galleria
York, PA

 

 

—

 

 

 

5,757

 

 

 

63,316

 

 

 

23,421

 

 

 

—

 

 

 

(84,499

)

 

 

1,767

 

 

 

6,228

 

 

 

7,995

 

 

 

(2,993

)

 

1995

OUTPARCELS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

—

 

 

 

 

 

 

 

 

 

—

 

 

 

 

 

 

Outparcel properties

 

 

176,588

 

 

 

75,758

 

 

 

108,873

 

 

 

13,244

 

 

 

(2,394

)

 

 

13,336

 

 

 

129,050

 

 

 

79,767

 

 

 

208,817

 

 

 

(11,980

)

 

Various

Developments in progress consisting of construction and development properties

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,817

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

5,817

 

 

 

5,817

 

 

 

—

 

 

Various

TOTAL OPERATING PROPERTIES

 

$

1,601,541

 

 

$

693,744

 

 

$

3,835,964

 

 

$

897,867

 

 

$

(49,319

)

 

$

(3,279,054

)

 

$

588,153

 

 

$

1,511,049

 

 

$

2,099,202

 

 

$

(283,785

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annex at Monroeville
Pittsburgh, PA

 

 

—

 

 

 

—

 

 

 

29,496

 

 

 

671

 

 

 

—

 

 

 

(25,862

)

 

 

1,454

 

 

 

2,851

 

 

 

4,305

 

 

 

(1,555

)

 

2004

Imperial Valley Mall
El Centro, CA

 

 

—

 

(5)

 

35,378

 

 

 

71,753

 

 

 

11,211

 

 

 

(2,394

)

 

 

(92,019

)

 

 

9,966

 

 

 

13,963

 

 

 

23,929

 

 

 

(4,439

)

 

2012

Monroeville Mall
Pittsburgh, PA

 

 

4,868

 

 

 

22,911

 

 

 

177,214

 

 

 

(131,953

)

 

 

—

 

 

 

(36,624

)

 

 

13,793

 

 

 

17,755

 

 

 

31,548

 

 

 

(6,855

)

 

2004

Total held-for-sale

 

$

4,868

 

 

$

58,289

 

 

$

278,463

 

 

$

(120,071

)

 

$

(2,394

)

 

$

(154,505

)

 

$

25,213

 

 

$

34,569

 

 

$

59,782

 

 

$

(12,849

)

 

 

DISPOSITIONS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Layton Hills Mall
Layton, UT

 

 

—

 

 

 

20,464

 

 

 

99,836

 

 

 

(13,270

)

 

 

(32,062

)

 

 

(74,968

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

2005

Layton Convenience Center
Layton, UT

 

 

—

 

 

 

—

 

 

 

8

 

 

 

3,301

 

 

 

(5,256

)

 

 

1,947

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

2005

Layton Hills Plaza
Layton, UT

 

 

—

 

 

 

—

 

 

 

2

 

 

 

1,115

 

 

 

(2,360

)

 

 

1,243

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

2005

Total Dispositions

 

$

-

 

 

$

20,464

 

 

$

99,846

 

 

$

(8,854

)

 

$

(39,678

)

 

$

(71,778

)

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

 

(1)
Initial cost represents the total cost capitalized including carrying cost at the end of the first fiscal year in which the property opened or was acquired.
(2)
Encumbrances represent the outstanding balance of the mortgage and other indebtedness balance at December 31, 2024, excluding debt discounts, if applicable.
(3)
The aggregate cost of land and buildings and improvements for federal income tax purposes is approximately $7.252 billion.
(4)
Depreciation for all properties is computed over the useful life which is generally 30 years for buildings, 10 - 20 years for certain improvements and 5 - 10 years for equipment and fixtures.
(5)
Encumbered by the secured term loan.

Schedule III

CBL & ASSOCIATES PROPERTIES, INC.

REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION

At December 31, 2024

(In thousands)

The changes in real estate assets and accumulated depreciation for the years ended December 31, 2024, 2023 and 2022 (in thousands):

 

 

As of December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

REAL ESTATE ASSETS:

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

1,810,145

 

 

$

1,800,888

 

 

$

1,789,055

 

Additions during the period:

 

 

 

 

 

 

 

 

 

Additions and improvements

 

 

43,514

 

 

 

42,267

 

 

 

37,080

 

Acquisitions of real estate assets

 

 

387,110

 

 

 

—

 

 

 

5,766

 

Deductions during the period:

 

 

 

 

 

 

 

 

 

Disposals, deconsolidations and accumulated depreciation on impairments

 

 

(81,590

)

 

 

(33,010

)

 

 

(30,752

)

Transfers from real estate assets

 

 

(59,977

)

 

 

—

 

 

 

(261

)

Balance at end of period

 

$

2,099,202

 

 

$

1,810,145

 

 

$

1,800,888

 

 

 

 

 

 

 

 

 

 

ACCUMULATED DEPRECIATION:

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

228,034

 

 

$

136,901

 

 

$

19,937

 

Depreciation expense

 

 

87,063

 

 

 

104,153

 

 

 

123,695

 

Transfers from real estate assets

 

 

(12,780

)

 

 

—

 

 

 

15

 

Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired

 

 

(18,532

)

 

 

(13,020

)

 

 

(6,746

)

Balance at end of period

 

$

283,785

 

 

$

228,034

 

 

$

136,901

 
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements include the consolidated accounts of the Company, as well as entities in which the Company has a controlling financial interest or entities where the Company is deemed to be the primary beneficiary of a VIE. For entities in which the Company has less than a controlling financial interest or entities where the Company is not deemed to be the primary beneficiary of a VIE, the entities are accounted for using the equity method of accounting. Accordingly, the Company’s share of the net earnings or losses of these entities is included in consolidated net income (loss). The accompanying consolidated financial statements have been prepared in accordance with GAAP. All intercompany transactions have been eliminated.
Accounting Guidance Adopted and Not Yet Adopted

Accounting Guidance Adopted

On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting, which amends the existing standard's disclosure requirements. Among other things, ASU 2023-07 requires companies to disclose significant segment expenses

by reportable segment if they are regularly provided to the Chief Operating Decision Maker ("CODM") and disclosures of the CODM's title and position, as well as details of how the CODM uses the reported measures. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. See Note 11 for more information.
Real Estate Assets

Real Estate Assets

The Company capitalizes predevelopment project costs paid to third parties. All previously capitalized predevelopment costs are expensed when it is no longer probable that the project will be completed. Once development of a project commences, all direct costs incurred to construct the project, including interest and real estate taxes, are capitalized. Additionally, certain general and administrative expenses are allocated to the projects and capitalized based on the amount of time applicable personnel work on the development project. Ordinary repairs and maintenance are expensed as incurred. Major replacements and improvements are capitalized and depreciated over their estimated useful lives.

All real estate assets acquired have been accounted for using the acquisition method of accounting and accordingly, the results of operations are included in the consolidated statements of operations from the respective dates of acquisition. The Company allocates the purchase price to (i) tangible assets, consisting of land, buildings and improvements, as if vacant, and tenant improvements, and (ii) identifiable intangible assets and liabilities, generally consisting of above-market leases, in-place leases and tenant relationships, which are included in intangible lease assets and other assets, and below-market leases, which are included in accounts payable and accrued liabilities. The Company uses estimates of fair value based on estimated cash flows, using appropriate discount rates, and other valuation techniques to allocate the purchase price to the acquired tangible and intangible assets. Liabilities assumed generally consist of mortgage debt on the real estate assets acquired. Assumed debt is recorded at its fair value based on estimated market interest rates at the date of acquisition. The Company expects its future acquisitions will be accounted for as acquisitions of assets in which related transaction costs will be capitalized.

Depreciation is computed on a straight-line basis over estimated lives of 30 years for buildings, 10 to 20 years for certain improvements and 5 to 10 years for equipment and fixtures. Tenant improvements are capitalized and depreciated on a straight-line basis over the term of the related lease. Lease-related intangibles from acquisitions of real estate assets are generally amortized over the remaining terms of the related leases. The amortization of above- and below-market leases is recorded as an adjustment to rental revenue, while the amortization of all other lease-related intangibles is recorded as amortization expense. Any difference between the face value of the debt assumed and its fair value is amortized to interest expense over the remaining term of the debt using the effective interest method.

The Company’s intangibles and their balance sheet classifications as of December 31, 2024 and 2023, respectively, are summarized as follows:

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

Cost

 

 

Accumulated
Amortization

 

 

Cost

 

 

Accumulated
Amortization

 

In-place leases

 

$

418,458

 

 

$

(231,897

)

 

$

372,596

 

 

$

(214,957

)

Intangible lease assets and other assets:

 

 

 

 

 

 

 

 

 

 

 

 

Above-market leases

 

 

260,512

 

 

 

(138,474

)

 

 

232,638

 

 

 

(113,965

)

Tenant relationships

 

 

2,578

 

 

 

(115

)

 

 

2,578

 

 

 

(63

)

Accounts payable and accrued liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Below-market leases

 

 

166,909

 

 

 

(69,303

)

 

 

145,406

 

 

 

(64,998

)

These intangibles are related to specific tenant leases. Should a termination occur earlier than the date indicated in the lease, the related unamortized intangible assets or liabilities, if any, related to the lease are recorded as expense or income, as applicable. The total net amortization expense of the above intangibles for the Company for the years ended December 31, 2024, 2023 and 2022, was $67,031, $105,964 and $152,174, respectively. The estimated total net amortization expense for the next five succeeding years is $70,056 in 2025, $45,588 in 2026, $27,243 in 2027, $17,854 in 2028 and $10,859 in 2029.

The Company capitalized interest expense of $562, $453 and $618 for the years ended December 31, 2024, 2023 and 2022, respectively.
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.

For the year ended December 31, 2024, the Company recorded $4,155 related to uncollectable revenues, which includes the write-off of $1,257 for straight line rent receivables. For the year ended December 31, 2023, the Company recorded $1,646 related to uncollectable revenues, which includes the write-off of $346 for straight line rent receivables. For the year ended December 31, 2022, there was a reversal of $4,463 related to uncollectable revenues, which includes the write-off of $102 for straight line rent receivables.
Carrying Value of Long-Lived Assets

Carrying Value of Long-Lived Assets

The Company monitors events or changes in circumstances that could indicate the carrying value of a long-lived asset may not be recoverable. The Company uses significant judgement in assessing events or circumstances which might indicate impairment, including but not limited to, changes in management’s intent to hold a long-lived asset over its previously estimated useful life. Changes in management’s intent to hold a long-lived asset have a significant impact on the estimated undiscounted cash flows expected to result from the use and eventual disposition of a long-lived asset and whether a potential impairment loss shall be measured. When indicators of potential impairment are present that suggest that the carrying amounts of a long-lived asset may not be recoverable, the Company assesses the recoverability of the asset by determining whether the asset’s carrying value will be recovered through the estimated undiscounted future cash flows expected from the Company’s use and its eventual disposition. In the event that such undiscounted future cash flows do not exceed the carrying value, the Company adjusts the carrying value of the long-lived asset to its estimated fair value and recognizes an impairment loss. The estimated fair value is calculated based on the following information, in order of preference, depending upon availability: (Level 1) recently quoted market prices, (Level 2) market prices for comparable properties, or (Level 3) the present value of future cash flows, including estimated salvage value. Certain of the Company’s long-lived assets may be carried at more than an amount that could be realized in a current disposition transaction. The Company estimates future operating cash flows, the terminal capitalization rate and the discount rate, among other factors. As these assumptions are subject to economic and market uncertainties, they are difficult to predict and are subject to future events that may alter the assumptions used or management’s estimates of future possible outcomes. Therefore, the future cash flows estimated in the Company’s impairment analyses may not be achieved. See Note 15 for information related to the impairment of long-lived assets in 2024, 2023 and 2022.
Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less as cash equivalents.
Restricted Cash

Restricted Cash

As of December 31, 2024 and 2023, restricted cash was related to cash held in escrow accounts for insurance, real estate taxes, capital expenditures and tenant allowances as required by the terms of certain mortgage notes payable, as well as amounts related to cash management agreements with the Company’s lenders that are designated for debt service and operating expense obligations. As of December 31, 2024 and 2023, restricted cash was also related to properties that secure the term loan and the open-air centers and outparcels loan of which we may receive a portion via distributions semiannually and quarterly in accordance with the provisions of the term loan and the open-air centers and outparcels loan, respectively.
Investments in Unconsolidated Affiliates

Investments in Unconsolidated Affiliates

The Company evaluates its joint venture arrangements to determine whether they should be recorded on a consolidated basis. The percentage of ownership interest in the joint venture, an evaluation of control and whether a VIE exists are all considered in the Company’s consolidation assessment.

Initial investments in joint ventures that are in economic substance a capital contribution to the joint venture are recorded in an amount equal to the cash contributed by the Company and the fair value of any real estate contributed. Initial investments in joint ventures that are in economic substance the sale of a portion of the Company’s interest in the real estate are accounted for as a contribution of real estate recorded in an amount equal to the fair value of the ownership interest retained and as a sale of real estate with profit recognized to the extent of the other joint venture partners’ interests

in the joint venture. Profit recognition assumes the Company has no commitment to reinvest with respect to the percentage of the real estate sold and the accounting requirements of the full accrual method are met.

The Company accounts for its investment in joint ventures where it owns a noncontrolling interest or where it is not the primary beneficiary of a VIE using the equity method of accounting. Under the equity method, the Company’s cost of investment is adjusted for additional contributions to and distributions from the unconsolidated affiliate, as well as its share of equity in the earnings of the unconsolidated affiliate. Generally, distributions of cash flows from operations and capital events are first made to partners to pay cumulative unpaid preferences on unreturned capital balances and then to the partners in accordance with the terms of the joint venture agreements.

On a periodic basis, the Company assesses whether there are any indicators that the fair value of the Company's investments in unconsolidated affiliates may be impaired. An investment is impaired only if the Company’s estimate of the fair value of the investment is less than the carrying value of the investment and such decline in value is deemed to be other than temporary. To the extent impairment has occurred, the loss is measured as the excess of the carrying amount of the investment over the estimated fair value of the investment. The Company's estimates of fair value for each investment are based on a number of assumptions that are subject to economic and market uncertainties including, but not limited to, demand for space, competition for tenants, changes in market rental rates, and operating costs. As these factors are difficult to predict and are subject to future events that may alter the Company’s assumptions, the fair values estimated in the impairment analyses may not be realized. No impairment charges were recorded for the years ended December 31, 2024, 2023 and 2022.

Deferred Financing Costs

Deferred Financing Costs

Unamortized financing costs of $8,688 and $13,221 were included in mortgage and other indebtedness, net, at December 31, 2024 and 2023, respectively. Deferred financing costs include fees and costs incurred to obtain financing and are amortized on a straight-line basis to interest expense over the terms of the related indebtedness. Amortization expense related to deferred financing costs for the Company for the years ended December 31, 2024, 2023 and 2022 was $4,554, $4,572 and $2,744, respectively. Accumulated amortization of deferred financing costs was $11,541 and $7,180 as of December 31, 2024 and 2023, respectively.
Revenue Recognition

Revenue Recognition

See Note 3 and Note 4 for a description of the Company's revenue streams.
Gain on Sales of Real Estate Assets

Gain on Sales of Real Estate Assets

Gains on the sale of real estate assets, like all non-lease related revenue, are subject to a five-step model requiring that the Company identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue upon satisfaction of the performance obligations. In circumstances where the Company contracts to sell a property with material post-sale involvement, such involvement must be accounted for as a separate performance obligation in the contract and a portion of the sales price allocated to each performance obligation. When the post-sale involvement performance obligation is satisfied, the portion of the sales price allocated to it will be recognized as gain on sale of real estate assets. Property dispositions with no continuing involvement will continue to be recognized upon closing of the sale.
Income Taxes

Income Taxes

The Company is qualified as a REIT under the provisions of the Internal Revenue Code. To maintain qualification as a REIT, the Company is required to distribute at least 90% of its taxable income to shareholders and meet certain other requirements.

As a REIT, the Company is generally not liable for federal corporate income taxes. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal and state income taxes on its taxable income at regular corporate tax rates. Even if the Company maintains its qualification as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed income. For the years ended December 31, 2024, 2023 and 2022, the Company had state tax expense of $630, $823, and $1,631, respectively.

The Company has also elected taxable REIT subsidiary status for some of its subsidiaries. This enables the Company to receive income and provide services that would otherwise be impermissible for REITs. For these entities, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in the Company’s judgment about the realizability of the related deferred tax asset is included in income or expense, as applicable.

The Company recorded an income tax (provision) benefit as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Current tax provision

 

$

(2,705

)

 

$

(2,177

)

 

$

(1,951

)

Deferred tax benefit (provision)

 

 

1,650

 

 

 

1,283

 

 

 

(1,128

)

Income tax (provision) benefit

 

$

(1,055

)

 

$

(894

)

 

$

(3,079

)

The Company had a net deferred tax asset of $12,608 and $10,958 at December 31, 2024 and 2023, respectively, which is included in intangible lease assets and other assets. As of December 31, 2024, tax years that generally remain subject to examination by the Company’s major tax jurisdictions include 2024, 2023, 2022 and 2021.

The Company reports any income tax penalties attributable to its properties as property operating expenses and any corporate-related income tax penalties as general and administrative expenses in its consolidated statements of operations. In addition, any interest incurred on tax assessments is reported as interest expense. The Company incurred nominal interest and penalty amounts during the years ended December 31, 2024, 2023 and 2022.
Concentration of Credit Risk

Concentration of Credit Risk

The Company’s tenants include national, regional and local retailers. Financial instruments that subject the Company to concentrations of credit risk consist primarily of tenant receivables. The Company generally does not obtain collateral or other security to support financial instruments subject to credit risk, but it monitors the credit standing of tenants. The Company derives a substantial portion of its rental income from various national and regional retail companies; however, no single tenant collectively accounted for more than 5.0% of the Company’s revenues for the year ended December 31, 2024.
Earnings per Share and Earnings per Unit

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. See Note 16 for a description of the long-term incentive program that these awards relate to.

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

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to the Company

 

$

58,970

 

 

$

6,546

 

 

$

(93,482

)

Less: Dividends allocable to unvested restricted stock

 

 

(1,206

)

 

 

(1,113

)

 

 

(2,537

)

Net income (loss) attributable to common shareholders

 

$

57,764

 

 

$

5,433

 

 

$

(96,019

)

Weighted-average basic shares outstanding

 

 

30,905

 

 

 

31,303

 

 

 

30,046

 

Net income (loss) per share attributable to common shareholders

 

$

1.87

 

 

$

0.17

 

 

$

(3.20

)

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share (1)

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common shareholders

 

$

57,764

 

 

$

5,433

 

 

$

(96,019

)

Weighted-average basic shares outstanding

 

 

30,962

 

 

 

31,303

 

 

 

30,046

 

Net income (loss) per share attributable to common shareholders

 

$

1.87

 

 

$

0.17

 

 

$

(3.20

)
(1)
For the year ended December 31, 2024, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the year ended December 31, 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 year ended December 31, 2024, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,092,693, including 130,527 contingently issuable shares related to unvested restricted stock awards. For the year ended December 31, 2023, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,330,597, including 27,434 contingently issuable shares related to unvested restricted stock awards. Due to a net loss for the year ended December 31, 2022, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the Company reported net income for the year ended December 31, 2022, the denominator for diluted EPS would have been 30,206,521, including 160,098 contingently issuable shares related to PSUs and unvested restricted stock awards.
Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates.
v3.25.0.1
Organization (Tables)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Properties Owned by Operating Partnership As of December 31, 2024, the Operating Partnership owned interests in the following properties:

 

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers (1)

 

 

Open-Air Centers

 

 

Other (2)(3)

 

 

Total

 

Consolidated Properties

 

 

42

 

 

 

2

 

 

 

4

 

 

 

19

 

 

 

4

 

 

 

71

 

Unconsolidated Properties (4)

 

 

3

 

 

 

3

 

 

 

1

 

 

 

8

 

 

 

1

 

 

 

16

 

Total

 

 

45

 

 

 

5

 

 

 

5

 

 

 

27

 

 

 

5

 

 

 

87

 
(1)
Alamance Crossing is made up of Alamance Crossing East and Alamance Crossing West. Alamance Crossing East was deconsolidated and placed into receivership in connection with the foreclosure process. Alamance Crossing West remains consolidated. The Company views Alamance Crossing as one property and therefore only Alamance Crossing West is reflected in the total count.
(2)
Included in “All Other” for purposes of segment reporting.
(3)
CBL's two consolidated corporate office buildings are included in the Other category.
(4)
The Operating Partnership accounts for these investments using the equity method.
v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Intangible Assets and Balance Sheet Classifications

The Company’s intangibles and their balance sheet classifications as of December 31, 2024 and 2023, respectively, are summarized as follows:

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

Cost

 

 

Accumulated
Amortization

 

 

Cost

 

 

Accumulated
Amortization

 

In-place leases

 

$

418,458

 

 

$

(231,897

)

 

$

372,596

 

 

$

(214,957

)

Intangible lease assets and other assets:

 

 

 

 

 

 

 

 

 

 

 

 

Above-market leases

 

 

260,512

 

 

 

(138,474

)

 

 

232,638

 

 

 

(113,965

)

Tenant relationships

 

 

2,578

 

 

 

(115

)

 

 

2,578

 

 

 

(63

)

Accounts payable and accrued liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Below-market leases

 

 

166,909

 

 

 

(69,303

)

 

 

145,406

 

 

 

(64,998

)
Schedule of Income Tax Provision

The Company recorded an income tax (provision) benefit as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Current tax provision

 

$

(2,705

)

 

$

(2,177

)

 

$

(1,951

)

Deferred tax benefit (provision)

 

 

1,650

 

 

 

1,283

 

 

 

(1,128

)

Income tax (provision) benefit

 

$

(1,055

)

 

$

(894

)

 

$

(3,079

)
Summary of Basic and Diluted EPS

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

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to the Company

 

$

58,970

 

 

$

6,546

 

 

$

(93,482

)

Less: Dividends allocable to unvested restricted stock

 

 

(1,206

)

 

 

(1,113

)

 

 

(2,537

)

Net income (loss) attributable to common shareholders

 

$

57,764

 

 

$

5,433

 

 

$

(96,019

)

Weighted-average basic shares outstanding

 

 

30,905

 

 

 

31,303

 

 

 

30,046

 

Net income (loss) per share attributable to common shareholders

 

$

1.87

 

 

$

0.17

 

 

$

(3.20

)

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share (1)

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common shareholders

 

$

57,764

 

 

$

5,433

 

 

$

(96,019

)

Weighted-average basic shares outstanding

 

 

30,962

 

 

 

31,303

 

 

 

30,046

 

Net income (loss) per share attributable to common shareholders

 

$

1.87

 

 

$

0.17

 

 

$

(3.20

)
(1)
For the year ended December 31, 2024, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the year ended December 31, 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 year ended December 31, 2024, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,092,693, including 130,527 contingently issuable shares related to unvested restricted stock awards. For the year ended December 31, 2023, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,330,597, including 27,434 contingently issuable shares related to unvested restricted stock awards. Due to a net loss for the year ended December 31, 2022, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the Company reported net income for the year ended December 31, 2022, the denominator for diluted EPS would have been 30,206,521, including 160,098 contingently issuable shares related to PSUs and unvested restricted stock awards.
v3.25.0.1
Revenues (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue

The following table presents the Company's revenues disaggregated by revenue source:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Rental revenues

 

$

493,876

 

 

$

513,957

 

 

$

542,247

 

Revenues from contracts with customers:

 

 

 

 

 

 

 

 

 

Operating expense reimbursements (1)

 

 

7,964

 

 

 

7,395

 

 

 

7,873

 

Management, development and leasing fees (2)

 

 

7,609

 

 

 

7,917

 

 

 

7,158

 

Marketing revenues (3)

 

 

3,000

 

 

 

3,567

 

 

 

2,819

 

 

 

18,573

 

 

 

18,879

 

 

 

17,850

 

 

 

 

 

 

 

 

 

 

Other revenues

 

 

3,112

 

 

 

2,450

 

 

 

2,914

 

Total revenues (4)

 

$

515,561

 

 

$

535,286

 

 

$

563,011

 
(1)
During the year ended December 31, 2024, operating expense reimbursements consisted of $6,585 related to malls, $684 related to lifestyle centers, $427 related to open-air centers and $268 related to all other property types. During the year ended December 31, 2023, operating expense reimbursements consisted of $5,889 related to malls, $700 related to lifestyle centers, $463 related to open-air centers and $343 related to all other property types. During the year ended December 31, 2022, operating expense reimbursements consisted of $6,551 related to malls, $829 related to lifestyle centers, $390 related to open-air centers and $103 related to all other property types.
(2)
Included in All Other segment.
(3)
During the year ended December 31, 2024, marketing revenues consisted of $2,679 related to malls, $305 related to lifestyle centers and $16 related to outlet centers. During the year ended December 31, 2023, marketing revenues consisted of $3,294 related to malls, $262 related to lifestyle centers and $11 related to outlet centers. During the year ended December 31, 2022, marketing revenues consisted of $2,658 related to malls, $159 related to lifestyle centers and $2 related to outlet centers.
(4)
Sales taxes are excluded from revenues.
Schedule of Expected Recognition of Remaining Performance Obligation As of December 31, 2024, 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

 

$

20,423

 

 

$

45,257

 

 

$

37,556

 

 

$

103,236

 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Components of Lease Revenue

The components of rental revenues are as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Fixed lease payments

 

$

385,110

 

 

$

397,047

 

 

$

396,755

 

Variable lease payments

 

 

108,766

 

 

 

116,910

 

 

 

145,492

 

Total rental revenues

 

$

493,876

 

 

$

513,957

 

 

$

542,247

 
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 December 31, 2024, are as follows:

Years Ending December 31,

 

 

 

2025

 

$

424,733

 

2026

 

 

331,472

 

2027

 

 

255,510

 

2028

 

 

191,010

 

2029

 

 

132,402

 

Thereafter

 

 

321,760

 

Total undiscounted lease payments

 

$

1,656,887

 

 
v3.25.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combinations [Abstract]  
Schedule of Amounts of Identified Assets Acquired and Liabilities Assumed at Acquisition Date

The following table summarizes the amounts of identified assets acquired and liabilities assumed at the acquisition date:

Recognized amounts of identifiable assets acquired and liabilities assumed:

 

Land

 

$

57,600

 

Buildings and improvements

 

 

328,923

 

Developments in progress

 

 

587

 

Cash and cash equivalents

 

 

4,366

 

Restricted cash

 

 

30,499

 

Receivables

 

 

5,044

 

Intangible lease assets and other assets

 

 

130,261

 

Mortgage and other indebtedness, net

 

 

(446,355

)

Accounts payable and accrued liabilities

 

 

(59,173

)

Total identifiable net assets

 

 

51,752

 

Purchase price

 

 

(25,025

)

Gain on consolidation

 

$

26,727

 
v3.25.0.1
Dispositions and Held for Sale (Tables)
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Summary of Properties Held-for-Sale

The following properties were classified as held-for-sale as of December 31, 2024:

Property

 

Location

 

Property Type

 

Total Assets

 

 

Total Liabilities (1)

 

Monroeville Mall (2)

 

Pittsburgh, PA

 

Mall

 

$

30,189

 

 

$

4,306

 

Annex at Monroeville (2)

 

Pittsburgh, PA

 

Open-Air Center

 

 

3,075

 

 

 

218

 

Imperial Valley (2)

 

El Centro, CA

 

Mall

 

 

22,811

 

 

 

1,286

 

Total

 

 

 

 

 

$

56,075

 

 

$

5,810

 
(1)
Included within accounts payable and accrued liabilities on the consolidated balance sheets.
(2)
Subsequent to December 31, 2024, the property was sold. See Note 18 for more information.
v3.25.0.1
Unconsolidated Affiliates (Tables)
 12 Months Ended
Dec. 31, 2024
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:

 

 

December 31,
2024

 

 

December 31,
2023

 

ASSETS:

 

 

 

 

 

 

Investment in real estate assets

 

$

1,284,494

 

 

$

2,010,269

 

Accumulated depreciation

 

 

(576,289

)

 

 

(886,712

)

 

 

 

708,205

 

 

 

1,123,557

 

Developments in progress

 

 

32,114

 

 

 

17,261

 

Net investment in real estate assets

 

 

740,319

 

 

 

1,140,818

 

Other assets

 

 

156,363

 

 

 

200,289

 

Total assets

 

$

896,682

 

 

$

1,341,107

 

LIABILITIES:

 

 

 

 

 

 

Mortgage and other indebtedness, net

 

$

780,536

 

 

$

1,368,031

 

Other liabilities

 

 

36,253

 

 

 

45,577

 

Total liabilities

 

 

816,789

 

 

 

1,413,608

 

OWNERS' EQUITY (DEFICIT):

 

 

 

 

 

 

The Company

 

 

76,607

 

 

 

12,290

 

Other investors

 

 

3,286

 

 

 

(84,791

)

Total owners' deficit

 

 

79,893

 

 

 

(72,501

)

Total liabilities and owners’ deficit

 

$

896,682

 

 

$

1,341,107

 

 

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Total revenues

 

$

260,969

 

 

$

255,283

 

 

$

260,275

 

Net income (1)

 

$

54,433

 

 

$

38,434

 

 

$

137,454

 
(1)
The Company's pro rata share of net income is included in equity in earnings of unconsolidated affiliates for each period presented in the accompanying consolidated statements of operations. The Company's pro rata share of net income was $22,932, $11,865 and $19,796 for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Mortgage and Other Indebtedness, Net (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Pre-Emergence Net Mortgage Notes Payable

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

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

Amount

 

 

Weighted-
Average
Interest
Rate (1)

 

 

Amount

 

 

Weighted-
Average
Interest
Rate (1)

 

Fixed-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

170,031

 

 

 

6.95

%

 

$

179,180

 

 

 

6.95

%

Non-recourse loans on operating properties

 

 

1,233,767

 

 

 

4.75

%

 

 

736,573

 

 

 

5.30

%

Total fixed-rate debt

 

 

1,403,798

 

 

 

5.02

%

 

 

915,753

 

 

 

5.63

%

Variable-rate debt:

 

 

 

 

 

 

 

 

 

 

 

 

Non-recourse, secured term loan

 

 

725,495

 

 

 

7.42

%

 

 

799,914

 

 

 

8.21

%

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

 

 

170,031

 

 

 

8.65

%

 

 

179,180

 

 

 

9.44

%

Non-recourse loan on an operating property

 

 

32,580

 

 

 

8.05

%

 

 

33,780

 

 

 

8.84

%

Recourse loan on an operating property

 

 

—

 

 

 

—

 

 

 

15,339

 

 

 

8.24

%

Total variable-rate debt

 

 

928,106

 

 

 

7.67

%

 

 

1,028,213

 

 

 

8.44

%

Total fixed-rate and variable-rate debt

 

 

2,331,904

 

 

 

6.07

%

 

 

1,943,966

 

 

 

7.12

%

Unamortized deferred financing costs

 

 

(8,688

)

 

 

 

 

 

(13,221

)

 

 

 

Debt discounts (3)

 

 

(110,536

)

 

 

 

 

 

(41,942

)

 

 

 

Total mortgage and other indebtedness, net

 

$

2,212,680

 

 

 

 

 

$

1,888,803

 

 

 

 

 

(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%.
(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 December 31, 2024 will be accreted over a weighted average period of 4.7 years.
Schedule of Pre-Emergence Principal Payments

As of December 31, 2024, 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

 

$

1,004,911

 

2026

 

 

551,856

 

2027

 

 

349,921

 

2028

 

 

133,350

 

2029

 

 

6,407

 

Thereafter

 

 

285,459

 

Total mortgage and other indebtedness

 

$

2,331,904

 
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 Consolidated Balance Sheet

 

Notional

 

 

Index

 

Fair Value at December 31, 2024

 

 

Maturity Date

Pay fixed/Receive variable swap

 

Intangible lease assets and other assets

 

$

32,000

 

 

1-month USD-SOFR CME

 

$

514

 

 

Jun-27

 

 

 

Year Ended December 31,

 

Hedging Instrument - Interest Rate Swap

 

2024

 

 

2023

 

Gain recognized in other comprehensive income (loss)

 

$

177

 

 

$

338

 

Gain recognized in earnings (1)

 

$

598

 

 

$

416

 
(1)
Gain reclassified from accumulated other comprehensive income into earnings shown in interest expense.
v3.25.0.1
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Dividends Declared and Paid for Income Tax Purposes

The allocations of dividends declared and paid for income tax purposes for the years ended December 31, 2024, 2023 and 2022 are as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Dividends declared:

 

 

 

 

 

 

 

 

 

Common stock

 

$

1.60

 

 

$

1.50

 

 

$

2.95

 

Allocations:

 

 

 

 

 

 

 

 

 

Ordinary income

 

 

88.86

%

 

 

87.70

%

 

 

98.58

%

Capital gains

 

 

8.61

%

 

 

12.30

%

 

 

1.42

%

Return of capital

 

 

2.53

%

 

 

—

%

 

 

—

%

Total

 

 

100.00

%

 

 

100.0

%

 

 

100.0

%
v3.25.0.1
Noncontrolling Interests (Tables)
 12 Months Ended
Dec. 31, 2024
Redeemable Noncontrolling Interests And Noncontrolling Interests [Abstract]  
Schedule of Variable Interest Entities

The table below lists the Company's consolidated VIEs as of December 31, 2024 and 2023, which does not reflect the elimination of any internal debt the consolidated VIE has with the Operating Partnership:

 

 

As of December 31,

 

 

As of December 31,

 

 

 

2024

 

 

2023

 

 

 

Assets

 

 

Liabilities

 

 

Assets

 

 

Liabilities

 

Consolidated VIEs:

 

 

 

 

 

 

 

 

 

 

 

 

Atlanta Outlet Outparcels, LLC

 

$

792

 

 

$

—

 

 

$

807

 

 

$

—

 

CBL Terrace LP

 

 

15,969

 

 

 

18,148

 

 

 

16,861

 

 

 

18,124

 

Gettysburg Outlet Center Holding, LLC

 

 

10,960

 

 

 

20,129

 

 

 

11,847

 

 

 

18,446

 

Gettysburg Outlet Center, LLC

 

 

2,886

 

 

 

—

 

 

 

2,940

 

 

 

—

 

Jarnigan Road LP

 

 

14,182

 

 

 

20,541

 

 

 

14,202

 

 

 

19,869

 

Jarnigan Road II, LLC

 

 

17,611

 

 

 

16,840

 

 

 

18,148

 

 

 

16,905

 

Laredo Outlet JV, LLC

 

 

19,588

 

 

 

34,432

 

 

 

21,333

 

 

 

35,818

 

Lebcon Associates

 

 

81,420

 

 

 

105,150

 

 

 

89,006

 

 

 

103,342

 

Lebcon I, Ltd

 

 

10,800

 

 

 

12,007

 

 

 

11,539

 

 

 

12,146

 

Louisville Outlet Outparcels, LLC

 

 

537

 

 

 

—

 

 

 

538

 

 

 

—

 

 

$

174,745

 

 

$

227,247

 

 

$

187,221

 

 

$

224,650

 

 

The table below lists the Company's unconsolidated VIEs as of December 31, 2024:

Unconsolidated VIEs:

 

Investment in
Real Estate
Joint
Ventures
and
Partnerships

 

 

Maximum
Risk of Loss

 

Alamance Crossing CMBS, LLC (1)

 

$

—

 

 

$

—

 

Ambassador Infrastructure, LLC (2)

 

 

—

 

 

 

4,361

 

Atlanta Outlet JV, LLC

 

 

—

 

 

 

—

 

BI Development, LLC

 

 

77

 

 

 

77

 

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 (2)

 

 

2,547

 

 

 

24,796

 

Vision - CBL Hamilton Place, LLC

 

 

3,671

 

 

 

3,671

 

Vision - CBL Mayfaire TC Hotel, LLC

 

 

6,175

 

 

 

6,175

 

 

$

12,470

 

 

$

39,080

 
(1)
During the year ended December 31, 2023, the property was placed into receivership.
(2)
The Operating Partnership has guaranteed all or a portion of the debt. See Note 14 for more information.
v3.25.0.1
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Information on Reportable Segments Information on the Company’s reportable segments is presented as follows:

Year Ended December 31, 2024

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

446,043

 

 

$

34,688

 

 

$

49,925

 

 

$

69,924

 

 

$

600,580

 

 

$

36,516

 

 

$

(121,535

)

 

$

515,561

 

Property operating expenses (4)

 

 

(160,304

)

 

 

(12,764

)

 

 

(14,656

)

 

 

(13,135

)

 

 

(200,859

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

681

 

 

 

81

 

 

 

1

 

 

 

736

 

 

 

1,499

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

286,420

 

 

$

22,005

 

 

$

35,270

 

 

$

57,525

 

 

 

401,220

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43,139

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(88,234

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(154,486

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,676

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(230

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(140,591

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(67,254

)

 

 

 

 

 

 

 

 

 

Litigation settlement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

553

 

 

 

 

 

 

 

 

 

 

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(819

)

 

 

 

 

 

 

 

 

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,461

)

 

 

 

 

 

 

 

 

 

Gain on consolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,727

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,055

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,932

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

57,117

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2023

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

468,138

 

 

$

32,504

 

 

$

50,634

 

 

$

68,507

 

 

$

619,783

 

 

$

35,255

 

 

$

(119,752

)

 

$

535,286

 

Property operating expenses (4)

 

 

(170,952

)

 

 

(12,136

)

 

 

(14,026

)

 

 

(14,808

)

 

 

(211,922

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

1,068

 

 

 

22

 

 

 

12

 

 

 

877

 

 

 

1,979

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

298,254

 

 

$

20,390

 

 

$

36,620

 

 

$

54,576

 

 

 

409,840

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,851

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(87,345

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(172,905

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,125

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(221

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(190,505

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(64,066

)

 

 

 

 

 

 

 

 

 

Litigation settlement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,310

 

 

 

 

 

 

 

 

 

 

Gain on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,270

 

 

 

 

 

 

 

 

 

 

Gain on deconsolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,879

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(894

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,865

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,204

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2022

 

Malls

 

 

Outlet Centers

 

 

Lifestyle Centers

 

 

Open-Air Centers

 

 

Total Reportable Segments

 

 

All Other (1)

 

 

Consolidation Adjustments (2)

 

 

Consolidated Total

 

Revenues (3)

 

$

495,736

 

 

$

30,356

 

 

$

54,493

 

 

$

66,821

 

 

$

647,406

 

 

$

36,130

 

 

$

(120,525

)

 

$

563,011

 

Property operating expenses (4)

 

 

(173,806

)

 

 

(12,014

)

 

 

(15,089

)

 

 

(15,445

)

 

 

(216,354

)

 

 

 

 

 

 

 

 

 

Interest and other income

 

 

984

 

 

 

(14

)

 

 

5

 

 

 

730

 

 

 

1,705

 

 

 

 

 

 

 

 

 

 

Segment net operating income

 

$

322,914

 

 

$

18,328

 

 

$

39,409

 

 

$

52,106

 

 

 

432,757

 

 

 

 

 

 

 

 

 

 

All other segment net operating income (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,205

 

 

 

 

 

 

 

 

 

 

Consolidation adjustments (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(87,743

)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(217,342

)

 

 

 

 

 

 

 

 

 

Gain on sales of real estate assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,345

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(834

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(256,310

)

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(67,215

)

 

 

 

 

 

 

 

 

 

Litigation settlement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

304

 

 

 

 

 

 

 

 

 

 

Gain on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,344

 

 

 

 

 

 

 

 

 

 

Loss on impairment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(252

)

 

 

 

 

 

 

 

 

 

Gain on deconsolidation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36,250

 

 

 

 

 

 

 

 

 

 

Loss on available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(39

)

 

 

 

 

 

 

 

 

 

Reorganizations items, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

298

 

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,079

)

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,796

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(99,515

)

 

 

 

 

 

 

 

 

 
(1)
The All Other category includes outparcels, office buildings, hotels, corporate-level entities and the Management Company.
(2)
Consolidation 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 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.
v3.25.0.1
Supplemental and Noncash Information (Tables)
 12 Months Ended
Dec. 31, 2024
Supplemental Cash Flow Information [Abstract]  
Schedule of Noncash Investing and Financing Activities

The Company’s noncash investing and financing activities for the years ended December 31, 2024, 2023 and 2022 were as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Additions to real estate assets accrued but not yet paid

 

$

16,395

 

 

$

8,749

 

 

$

9,242

 

Accrued dividends and distributions payable

 

 

—

 

 

 

—

 

 

 

70,058

 

Deconsolidation upon loss of control (1):

 

 

 

 

 

 

 

 

 

Decrease in real estate assets

 

 

—

 

 

 

(14,419

)

 

 

(18,810

)

Decrease in mortgage and other indebtedness

 

 

—

 

 

 

63,339

 

 

 

56,226

 

Decrease in operating assets and liabilities

 

 

—

 

 

 

6,409

 

 

 

5,686

 

Decrease in intangible lease and other assets

 

 

—

 

 

 

(7,450

)

 

 

(6,852

)

Settlement of mortgage debt obligations (2):

 

 

 

 

 

 

 

 

 

Decrease in mortgage and other indebtedness

 

 

—

 

 

 

3,270

 

 

 

3,857

 

Decrease in operating assets and liabilities

 

 

—

 

 

 

—

 

 

 

3,487

 

Conversion of exchangeable notes (3):

 

 

 

 

 

 

 

 

 

Decrease in mortgage and other indebtedness

 

 

—

 

 

 

—

 

 

 

150,000

 

Decrease in operating assets and liabilities

 

 

—

 

 

 

—

 

 

 

2,537

 

Increase in shareholders' equity

 

 

—

 

 

 

—

 

 

 

(152,537

)
(1)
See Note 7 for more information.
(2)
See Note 8 for more information.
(3)
In February 2022, the Company issued 10,982,795 shares of common stock to holders of the exchangeable notes in satisfaction of principal, accrued interest and the make whole payment, and all the exchangeable notes were cancelled in accordance with the terms of the indenture.
v3.25.0.1
Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
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 consolidated balance sheets as of December 31, 2024 and 2023:

 

 

As of December 31, 2024

 

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 (1)

 

December 31, 2024

 

 

December 31, 2023

 

West Melbourne I, LLC - Phase I (2)

 

50%

 

$

35,000

 

 

 

—

 

 

$

—

 

 

Dec-2034

 

$

—

 

 

$

177

 

West Melbourne I, LLC - Phase II (2)

 

50%

 

 

10,000

 

 

 

—

 

 

 

—

 

 

Dec-2034

 

 

—

 

 

 

56

 

Port Orange I, LLC (3)

 

50%

 

 

44,498

 

 

50%

 

 

 

22,249

 

 

Feb-2025

 

 

222

 

 

 

236

 

Ambassador Infrastructure, LLC

 

65%

 

 

4,361

 

 

100%

 

 

 

4,361

 

 

Mar-2027

 

 

44

 

 

 

57

 

CBL-TRS Med OFC Holding, LLC (4)

 

50%

 

 

6,800

 

 

 

—

 

 

 

—

 

 

Jun-2030

 

 

—

 

 

 

19

 

Total guaranty liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

266

 

 

$

545

 
(1)
Excludes any extension options.
(2)
In November 2024, the existing loan was paid off using proceeds from a new loan secured by the property. The new loan does not contain a payment guaranty.
(3)
Subsequent to December 31, 2024, the loan was extended through February 2026. See Note 18.
(4)
In September 2024, construction was completed and the Company's full payment guaranty was released.
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
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 risk for the year ended December 31, 2024:

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

Asset

 

Fair Value at December 31, 2024

 

 

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

 

 

Significant
Other
Observable
Inputs (Level 2)

 

 

Significant
Unobservable
Inputs (Level 3)

 

Interest rate swap

 

$

514

 

 

$

—

 

 

$

514

 

 

$

—

 

The following table sets forth information regarding the Company's interest rate swap that was designated as a cash flow hedge of interest risk for the year ended December 31, 2023:

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

Asset

 

Fair Value at December 31, 2023

 

 

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

 

 

Significant
Other
Observable
Inputs (Level 2)

 

 

Significant
Unobservable
Inputs (Level 3)

 

Interest rate swap

 

$

338

 

 

$

—

 

 

$

338

 

 

$

—

 
Schedule of Debt Securities, Available-for-sale Measured at Fair Value The below table sets forth information regarding the Company’s AFS securities that were measured at fair value. Subsequent to December 31, 2024, the Company redeemed U.S. Treasury securities. See Note 18 for more information.

U.S. Treasury securities

 

December 31, 2024

 

 

December 31, 2023

 

Amortized cost (1)

 

$

242,881

 

 

$

261,869

 

Allowance for credit losses (2)

 

 

—

 

 

 

—

 

Total unrealized gain

 

 

267

 

 

 

273

 

Fair value (3)

 

$

243,148

 

 

$

262,142

 
(1)
The U.S. Treasury securities have maturities through December 2025.
(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 quantitatively 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 years ended December 31, 2024 and 2023.
(3)
The fair value was calculated using Level 1 inputs.
v3.25.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Company Stock Awards

A summary of the status of the Company’s nonvested restricted stock awards as of December 31, 2024, and changes during the year ended December 31, 2024, is presented below:

 

 

Shares

 

 

Weighted-
Average
Grant-Date
Fair Value Per Share

 

Unvested at January 1, 2024

 

 

590,953

 

 

$

27.02

 

Granted

 

 

169,454

 

 

$

24.48

 

Vested

 

 

(269,543

)

 

$

27.13

 

Unvested at December 31, 2024

 

 

490,864

 

 

$

26.08

 
Schedule of PSU Activity

A summary of the status of the Company’s outstanding PSU awards as of December 31, 2024, and changes during the year ended December 31, 2024, are presented below:

 

 

PSUs

 

 

Weighted-
Average
Grant-Date
Fair Value Per Share

 

Outstanding at January 1, 2024

 

 

563,581

 

 

$

28.65

 

2024 PSUs granted

 

 

169,420

 

 

$

24.30

 

Incremental PSUs granted (1)

 

 

49,248

 

 

$

24.58

 

Vested

 

 

(210,962

)

 

$

24.67

 

Outstanding at December 31, 2024

 

 

571,287

 

 

$

28.48

 
(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. As 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. As to 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 Company’s PSUs:

 

 

2024 PSUs

 

 

2023 PSUs

 

 

2022 PSUs

 

Grant date

 

February 7, 2024

 

 

February 17, 2023

 

 

February 16, 2022

 

Fair value per share on valuation date (1)

 

$

24.30

 

 

$

38.79

 

 

$

24.67

 

Risk-free interest rate (2)

 

 

4.19

%

 

 

4.37

%

 

 

1.85

%

Expected share price volatility (3)

 

 

40.00

%

 

 

62.50

%

 

 

65.00

%
(1)
The value of the PSU awards are estimated on the date of grant using a Monte Carlo simulation model. For the 2023 and 2024 PSUs, 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 payoff of the award is also risk-free. The weighted-average fair value per share related to the 2024 PSUs consists of 50,825 PSUs at a fair value of $29.38 per share (which relates to the relative TSR) and 118,595 PSUs at a fair value of $22.12 per share (which relates to absolute TSR). The weighted-average fair value per share related to the 2023 PSUs consists of 63,114 shares at a fair value of $40.64 per share (which relates to the relative TSR) and 94,675 shares at a fair value of $37.55 per share (which relates to absolute TSR). For the 2022 PSUs, the valuation consists of computing the fair value using CBL's simulated stock price as well as TMR for each 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 payoff of the award is also risk-free.
(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)
For the 2024 PSUs, the computation of expected volatility 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. Since the performance period exceeds CBL's trading history, volatility indications of comparable public companies were also considered. For the 2023 PSUs, the computation of expected volatility was based on the historical volatility of CBL's shares of common stock based on annualized daily total continuous returns over a three-year period and implied volatility data based on the trailing month average of daily implied volatilities implied by stock call option contracts that were both closest to the terms shown and closest to the money. For the 2022 PSUs, the computation of expected volatility was based on the historical volatility of the share prices of comparable, publicly traded companies and given the Company's risk profile and leverage relative to the comparable, publicly traded companies. The Company's historical volatility was not relied upon given the Company's limited trading history since its emergence from bankruptcy on November 1, 2021.
v3.25.0.1
Organization - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Subsidiary
State
Dec. 31, 2023
USD ($)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]    
Number of states in which entity operates | State 21  
Above market leases, net   $ 118,673
Below market leases, net   $ 80,408
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%  
v3.25.0.1
Organization- Properties Owned by Operating Partnership (Details)
Dec. 31, 2024
Property
Lifestyle_center
OpenAir_center
Mall
Other_property
Outlet_center
Office_building
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]  
Malls | Mall 45
Outlet Centers | Outlet_center 5
Lifestyle Centers | Lifestyle_center 5
Open-Air Centers | OpenAir_center 27
Other | Other_property 5
Total Properties | Property 87
Consolidated Properties  
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]  
Malls | Mall 42
Outlet Centers | Outlet_center 2
Lifestyle Centers | Lifestyle_center 4
Open-Air Centers | OpenAir_center 19
Other | Other_property 4
Total Properties | Property 71
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
v3.25.0.1
Summary of Significant Accounting Policies - Real Estate Assets (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]      
Net amortization expense of acquired intangibles $ 67,031 $ 105,964 $ 152,174
Future amortization expense, 2025 70,056    
Future amortization expense, 2026 45,588    
Future amortization expense, 2027 27,243    
Future amortization expense, 2028 17,854    
Future amortization expense, 2029 10,859    
Interest expense capitalized 562 453 $ 618
Intangible Lease Assets And Other Assets | Above-market/Below-market leases      
Finite Lived Intangible Assets [Line Items]      
Intangible lease assets and liabilities, Cost 260,512 232,638  
Intangible lease assets and liabilities, Accumulated Amortization (138,474) (113,965)  
Intangible Lease Assets And Other Assets | In-place leases      
Finite Lived Intangible Assets [Line Items]      
Intangible lease assets and liabilities, Cost 418,458 372,596  
Intangible lease assets and liabilities, Accumulated Amortization (231,897) (214,957)  
Intangible Lease Assets And Other Assets | Tenant relationships      
Finite Lived Intangible Assets [Line Items]      
Intangible lease assets and liabilities, Cost 2,578 2,578  
Intangible lease assets and liabilities, Accumulated Amortization (115) (63)  
Accounts Payable and Accrued Liabilities | Above-market/Below-market leases      
Finite Lived Intangible Assets [Line Items]      
Intangible lease assets and liabilities, Cost 166,909 145,406  
Intangible lease assets and liabilities, Accumulated Amortization $ (69,303) $ (64,998)  
Buildings      
Finite Lived Intangible Assets [Line Items]      
Estimated useful life 30 years    
Certain Improvements | Minimum      
Finite Lived Intangible Assets [Line Items]      
Estimated useful life 10 years    
Certain Improvements | Maximum      
Finite Lived Intangible Assets [Line Items]      
Estimated useful life 20 years    
Equipment and Fixtures | Minimum      
Finite Lived Intangible Assets [Line Items]      
Estimated useful life 5 years    
Equipment and Fixtures | Maximum      
Finite Lived Intangible Assets [Line Items]      
Estimated useful life 10 years    
v3.25.0.1
Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]      
Change in estimate of uncollectable revenues $ 4,155 $ 1,646 $ (4,463)
Straight line rent receivables $ 1,257 $ 346 $ 102
v3.25.0.1
Summary of Significant Accounting Policies - Investments in Unconsolidated Affiliates (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]      
Impairment charges $ 0 $ 0 $ 0
v3.25.0.1
Summary of Significant Accounting Policies - Deferred Financing Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]      
Unamortized deferred financing costs $ 8,688 $ 13,221  
Amortization expense 4,554 4,572 $ 2,744
Accumulated amortization 11,541 7,180  
Mortgage and Other Indebtedness      
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]      
Unamortized deferred financing costs $ 8,688 $ 13,221  
v3.25.0.1
Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($)
$ in Thousands
 10 Months Ended 12 Months Ended
Oct. 31, 2021
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accounting Policies [Abstract]        
State tax expense   $ 630 $ 823 $ 1,631
Current tax provision   (2,705) (2,177) (1,951)
Deferred tax benefit (provision)   1,650 1,283 (1,128)
Income tax (provision) benefit $ (3,079) (1,055) (894) $ (3,079)
Net deferred tax asset   $ 12,608 $ 10,958  
v3.25.0.1
Summary of Significant Accounting Policies - Concentration of Credit Risk (Details)
 12 Months Ended
Dec. 31, 2024
Customer Concentration Risk | Revenues | Minimum  
Concentration Risk [Line Items]  
Concentration risk (as a percent) 5.00%
v3.25.0.1
Summary of Significant Accounting Policies - Summary of Calculation of Basic and Diluted EPS (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Basic earnings per share      
Net Income (Loss) $ 58,970 $ 6,546 $ (93,482)
Dividends allocable to unvested restricted stock (1,206) (1,113) (2,537)
Net income (loss) attributable to common shareholders $ 57,764 $ 5,433 $ (96,019)
Weighted-average basic shares outstanding 30,905 31,303 30,046
Net income (loss) per share attributable to common shareholders $ 1.87 $ 0.17 $ (3.2)
Diluted earnings per share      
Net income (loss) attributable to common shareholders [1] $ 57,764 $ 5,433 $ (96,019)
Weighted-average dilutive shares [1] 30,962 31,303 30,046
Net income (loss) per share attributable to common shareholders [1] $ 1.87 $ 0.17 $ (3.2)
[1] . For the year ended December 31, 2023, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,330,597, including 27,434 contingently issuable shares related to unvested restricted stock awards. Due to a net loss for the year ended December 31, 2022, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the Company reported net income for the year ended December 31, 2022, the denominator for diluted EPS would have been 30,206,521, including 160,098 contingently issuable shares related to PSUs and unvested restricted stock awards.
v3.25.0.1
Summary of Significant Accounting Policies - Summary of Calculation of Basic and Diluted EPS (Parenthetical) (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-average common and potential dilutive common shares outstanding, diluted [1] 30,962,000 31,303,000 30,046,000
Performance Stock Units (“PSUs”) and Nonvested Restricted Stock Awards      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted-average common and potential dilutive common shares outstanding, diluted 31,092,693 31,330,597 30,206,521
Antidilutive securities excluded from the computation of EPS (shares) 130,527 27,434 160,098
[1] . For the year ended December 31, 2023, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,330,597, including 27,434 contingently issuable shares related to unvested restricted stock awards. Due to a net loss for the year ended December 31, 2022, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the Company reported net income for the year ended December 31, 2022, the denominator for diluted EPS would have been 30,206,521, including 160,098 contingently issuable shares related to PSUs and unvested restricted stock awards.
v3.25.0.1
Revenues - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation Of Revenue [Line Items]      
Rental revenues $ 493,876 $ 513,957 $ 542,247
Revenues from contracts with customers: 18,573 18,879 17,850
Total revenues [1],[2] 515,561 535,286 563,011
Operating expense reimbursements      
Disaggregation Of Revenue [Line Items]      
Revenues from contracts with customers: [3] 7,964 7,395 7,873
Management, development and leasing fees      
Disaggregation Of Revenue [Line Items]      
Revenues from contracts with customers: [4] 7,609 7,917 7,158
Marketing revenues      
Disaggregation Of Revenue [Line Items]      
Revenues from contracts with customers: [5] 3,000 3,567 2,819
Other revenues      
Disaggregation Of Revenue [Line Items]      
Total revenues $ 3,112 $ 2,450 $ 2,914
[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] During the year ended December 31, 2024, operating expense reimbursements consisted of $6,585 related to malls, $684 related to lifestyle centers, $427 related to open-air centers and $268 related to all other property types. During the year ended December 31, 2023, operating expense reimbursements consisted of $5,889 related to malls, $700 related to lifestyle centers, $463 related to open-air centers and $343 related to all other property types. During the year ended December 31, 2022, operating expense reimbursements consisted of $6,551 related to malls, $829 related to lifestyle centers, $390 related to open-air centers and $103 related to all other property types.
[4] Included in All Other segment.
[5] During the year ended December 31, 2024, marketing revenues consisted of $2,679 related to malls, $305 related to lifestyle centers and $16 related to outlet centers. During the year ended December 31, 2023, marketing revenues consisted of $3,294 related to malls, $262 related to lifestyle centers and $11 related to outlet centers. During the year ended December 31, 2022, marketing revenues consisted of $2,658 related to malls, $159 related to lifestyle centers and $2 related to outlet centers.
v3.25.0.1
Revenues - Disaggregation of Revenue (Parenthetical) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers $ 18,573 $ 18,879 $ 17,850
Operating expense reimbursements      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers [1] 7,964 7,395 7,873
Marketing revenues      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers [2] 3,000 3,567 2,819
Malls | Operating expense reimbursements      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 6,585 5,889 6,551
Malls | Marketing revenues      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 2,679 3,294 2,658
Lifestyle Centers | Operating expense reimbursements      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 684 700 829
Lifestyle Centers | Marketing revenues      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 305 262 159
Open-Air Centers | Operating expense reimbursements      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 427 463 390
Other Property Types | Operating expense reimbursements      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers 268 343 103
Outlet Centers | Marketing revenues      
Disaggregation of Revenue [Line Items]      
Revenues from contracts with customers $ 16 $ 11 $ 2
[1] During the year ended December 31, 2024, operating expense reimbursements consisted of $6,585 related to malls, $684 related to lifestyle centers, $427 related to open-air centers and $268 related to all other property types. During the year ended December 31, 2023, operating expense reimbursements consisted of $5,889 related to malls, $700 related to lifestyle centers, $463 related to open-air centers and $343 related to all other property types. During the year ended December 31, 2022, operating expense reimbursements consisted of $6,551 related to malls, $829 related to lifestyle centers, $390 related to open-air centers and $103 related to all other property types.
[2] During the year ended December 31, 2024, marketing revenues consisted of $2,679 related to malls, $305 related to lifestyle centers and $16 related to outlet centers. During the year ended December 31, 2023, marketing revenues consisted of $3,294 related to malls, $262 related to lifestyle centers and $11 related to outlet centers. During the year ended December 31, 2022, marketing revenues consisted of $2,658 related to malls, $159 related to lifestyle centers and $2 related to outlet centers.
v3.25.0.1
Revenues - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Lease commission recognized upon lease execution (as a percent) 50.00%
v3.25.0.1
Revenues - Remaining Performance Obligations (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Remaining performance obligation $ 103,236
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01  
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Remaining performance obligation $ 20,423
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2030-01-01  
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Remaining performance obligation $ 45,257
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 5 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2045-01-01  
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]  
Remaining performance obligation $ 37,556
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period 20 years
v3.25.0.1
Revenues - Remaining Performance Obligations (Details 1)
$ in Thousands
Dec. 31, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 103,236
v3.25.0.1
Leases - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
Lessee, Lease, Description [Line Items]  
Tenant reimbursements period related to certain capital expenditure minimum 5 years
Tenant reimbursements period related to certain capital expenditure maximum 15 years
v3.25.0.1
Leases - Components of Rental Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Fixed lease payments $ 385,110 $ 397,047 $ 396,755
Variable lease payments 108,766 116,910 145,492
Total rental revenues $ 493,876 $ 513,957 $ 542,247
v3.25.0.1
Leases - Future Minimum Lease Payments to be Received (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Operating Leases  
2025 $ 424,733
2026 331,472
2027 255,510
2028 191,010
2029 132,402
Thereafter 321,760
Total undiscounted lease payments $ 1,656,887
v3.25.0.1
Acquisitions - Narrative (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Jan. 01, 2025
Acquisition
Jan. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Loan
Jul. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Loan
Dec. 31, 2023
Acquisition
Dec. 31, 2022
USD ($)
Business Acquisition [Line Items]              
Payments to acquire real estate             $ 5,766
Number of businesses acquired | Acquisition           0  
Joint Venture Partner's Interest in CBL/T-C, LLC              
Business Acquisition [Line Items]              
Joint venture interests acquired     50.00%   50.00%    
Payments to reimburse partner for share of net working capital     $ 2,525        
Number of non-recourse loans secured by assets acquired assumption | Loan     3   3    
Payments to acquire real estate     $ 25,025        
Gain on consolidation     $ 26,727   $ 26,727    
Macy's Stores | Subsequent Event              
Business Acquisition [Line Items]              
Payments to acquire real estate   $ 6,156          
Number of businesses acquired | Acquisition 4            
J C Penney Parcel | Cool Spring Galleria              
Business Acquisition [Line Items]              
Payments to acquire real estate       $ 5,650      
v3.25.0.1
Acquisitions - Schedule of Amounts of Identified Assets Acquired and Liabilities Assumed at Acquisition Date (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2022
Business Acquisition [Line Items]      
Purchase price     $ (5,766)
Joint Venture Partner's Interest in CBL/T-C, LLC      
Business Acquisition [Line Items]      
Land $ 57,600 $ 57,600  
Buildings and improvements 328,923 328,923  
Developments in progress 587 587  
Cash and cash equivalents 4,366 4,366  
Restricted cash 30,499 30,499  
Receivables 5,044 5,044  
Intangible lease assets and other assets 130,261 130,261  
Mortgage and other indebtedness, net (446,355) (446,355)  
Accounts payable and accrued liabilities (59,173) (59,173)  
Total identifiable net assets 51,752 51,752  
Purchase price (25,025)    
Gain on consolidation $ 26,727 $ 26,727  
v3.25.0.1
Dispositions and Held for Sale - Summary (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
AnchorParcel
Dec. 31, 2024
USD ($)
Dec. 31, 2024
Outparcel
Dec. 31, 2024
LandParcel
Dec. 31, 2023
USD ($)
Property
LandParcel
Dec. 31, 2022
USD ($)
Outparcel
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]            
Gain on sales of real estate assets   $ 16,676     $ 5,125 $ 5,345
Number of stores sold (outparcel) | Outparcel     2      
Loss on impairment   1,461       252
Properties held for sale | Property         0  
Outparcel Sale            
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]            
Gain on sales of real estate assets   16,676       $ 5,345
Number of stores sold (outparcel) 1   10 2   5
Proceeds from sale of real estate   81,733       $ 11,490
Loss on sale           252
Gain (loss) on sale of outparcels           (252)
Net Sales Price   $ 81,733       $ 11,490
Outparcel Sale | Layton Hills [Member]            
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]            
Number of stores sold (outparcel) | Outparcel     9      
Land Parcel Sale            
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]            
Gain on sales of real estate assets         $ 5,125  
Number of stores sold (outparcel) | LandParcel         8  
Proceeds from sale of real estate         $ 10,325  
Net Sales Price         $ 10,325  
v3.25.0.1
Dispositions and Held For Sale - Summary of Properties Held for Sale (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Long-Lived Assets Held-for-Sale [Line Items]  
Total Assets $ 56,075
Total Liabilities 5,810
Monroeville Mall, Pittsburgh, PA | Malls  
Long-Lived Assets Held-for-Sale [Line Items]  
Total Assets 30,189
Total Liabilities 4,306
Annex at Monroeville, Pittsburgh, PA | Open-Air Centers  
Long-Lived Assets Held-for-Sale [Line Items]  
Total Assets 3,075
Total Liabilities 218
Imperial Valley, El Centro, CA | Malls  
Long-Lived Assets Held-for-Sale [Line Items]  
Total Assets 22,811
Total Liabilities $ 1,286
v3.25.0.1
Unconsolidated Affiliates - Narrative (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Nov. 30, 2024
USD ($)
Oct. 31, 2024
USD ($)
Jul. 31, 2024
Oct. 31, 2023
USD ($)
May 31, 2023
Apr. 30, 2023
USD ($)
Dec. 31, 2022
USD ($)
Jun. 30, 2022
USD ($)
Apr. 30, 2022
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2024
USD ($)
Entity
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
May 31, 2024
USD ($)
Jun. 30, 2023
USD ($)
Feb. 28, 2023
Oct. 31, 2022
USD ($)
Sep. 30, 2022
USD ($)
Aug. 31, 2022
USD ($)
Schedule of Equity Method Investments [Line Items]                                      
Number of entities - equity method of accounting (entity) | Entity                     24                
Number of 50/50 joint ventures | Entity                     16                
Debt instrument, maturity date         Jun. 07, 2027                            
Loan, fixed interest rate 5.86%       7.3975%           7.3975%         4.25%      
Gain on consolidation/deconsolidation                       $ 47,879 $ 36,250            
Secured loan                     $ 533,377                
Unconsolidated Affiliates                                      
Schedule of Equity Method Investments [Line Items]                                      
Ownership interest in joint venture (as a percent)                     65.00%                
Alamance Crossing CMBS, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Loan outstanding balance                     $ 41,122                
Gain on consolidation/deconsolidation                       28,151              
Atlanta Outlet Shoppes CMBS, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Fair value carrying amount       $ 79,330                              
Debt instrument, maturity date       Oct. 31, 2023                              
Loan, fixed interest rate       7.85%                              
Loan agreement term       10 years                              
Debt instrument face amount       $ 69,531                              
CBL-TRS Med OFC Holding, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Ownership interest in joint venture (as a percent)                     50.00%                
CBL-TRS Med OFC Holding, LLC | CBL DMC I, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Ownership interest in joint venture (as a percent)                             50.00%        
Land contribution valuation amount                             $ 2,600        
CBL-TRS Joint Venture, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Fair value carrying amount           $ 148,000                          
Debt instrument, maturity date           May 31, 2028                          
Loan, fixed interest rate           6.44%                          
Debt instrument face amount           $ 145,203                          
CBL-T/C, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Ownership interest in joint venture (as a percent)                     50.00%                
Coastal Grand-DSG LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Loan, fixed interest rate 8.05%                                    
Vision-CBL Hamilton Place, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Debt instrument, maturity date     Jun. 30, 2029                                
Loan, fixed interest rate     7.20%                                
Louisville Outlet Shoppes, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Fair value carrying amount   $ 66,000                                  
Loan, fixed interest rate   6.84%                                  
Loan agreement term   10 years                                  
Debt instrument face amount   $ 61,480       $ 7,247                          
Westgate Mall CMBS, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Fair value carrying amount                           $ 28,661          
Gain on consolidation/deconsolidation                       $ 19,728              
Ambassador Infrastructure, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Loan, fixed interest rate                     7.26%                
West Melbourne I, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Fair value carrying amount $ 45,000                                    
Loan agreement term 10 years                                    
Debt instrument face amount $ 44,243                                    
Ambassador Town Center J.V., LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Fair value carrying amount               $ 42,492                      
Debt instrument, maturity date               Jun. 30, 2029                      
Loan, fixed interest rate               4.35%                      
Asheville Mall CMBS, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Fair value carrying amount                                     $ 62,121
BI Development II, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Fair value carrying amount $ 3,062                                    
Bullseye, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Proceeds from Sale of Property Held-for-sale                   $ 10,500                  
Net profit from sale of property                   662                  
EastGate Mall CMBS, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Fair value carrying amount                                   $ 29,951  
Greenbrier Mall                                      
Schedule of Equity Method Investments [Line Items]                                      
Loan outstanding balance                                 $ 61,647    
Gain on consolidation/deconsolidation                         36,250            
Shoppes at Eagle Point, LLC | Nonrecourse                                      
Schedule of Equity Method Investments [Line Items]                                      
Fair value carrying amount                 $ 40,000                    
Debt instrument, maturity date                 Oct. 31, 2022                    
Loan, fixed interest rate                 5.40%                    
Loan agreement term                 10 years                    
Vision - CBL Mayfaire TC Hotel, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Fair value carrying amount             $ 18,900           $ 18,900            
Ownership interest in joint venture (as a percent)             49.00%           49.00%            
Net profit from sale of property             $ 1,436                        
York Town Center Holding, LP | Nonrecourse | Mortgage Note Payable                                      
Schedule of Equity Method Investments [Line Items]                                      
Fair value carrying amount                   $ 30,000                  
Loan agreement term                   18 months                  
Debt Instrument, Interest Rate, Effective Percentage                   4.75%                  
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%                
Minimum | BI Development, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Ownership interest in joint venture (as a percent)                                     20.00%
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%                
Maximum | BI Development, LLC                                      
Schedule of Equity Method Investments [Line Items]                                      
Ownership interest in joint venture (as a percent)                                     50.00%
v3.25.0.1
Unconsolidated Affiliates - Joint Ventures (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Nov. 30, 2024
Jul. 31, 2024
May 31, 2023
Jun. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Feb. 28, 2023
Aug. 31, 2022
Schedule Of Equity Method Investments [Line Items]                  
Gain on consolidation/deconsolidation         $ 47,879 $ 36,250      
Secured loan             $ 533,377    
Debt instrument, maturity date     Jun. 07, 2027            
Interest rate percentage 5.86%   7.3975%       7.3975% 4.25%  
Ambassador Infrastructure, LLC                  
Schedule Of Equity Method Investments [Line Items]                  
Interest rate percentage             7.26%    
Ambassador Town Center J.V., LLC                  
Schedule Of Equity Method Investments [Line Items]                  
Fair value carrying amount       $ 42,492          
Debt instrument, maturity date       Jun. 30, 2029          
Interest rate percentage       4.35%          
Asheville Mall CMBS, LLC                  
Schedule Of Equity Method Investments [Line Items]                  
Fair value carrying amount                 $ 62,121
West Melbourne I, LLC                  
Schedule Of Equity Method Investments [Line Items]                  
Loan agreement term 10 years                
Fair value carrying amount $ 45,000                
BI Development II, LLC                  
Schedule Of Equity Method Investments [Line Items]                  
Fair value carrying amount $ 3,062                
Vision-CBL Hamilton Place, LLC                  
Schedule Of Equity Method Investments [Line Items]                  
Debt instrument, maturity date   Jun. 30, 2029              
Interest rate percentage   7.20%              
v3.25.0.1
Unconsolidated Affiliates - Summarized Financial Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
ASSETS:        
Investment in real estate assets [1] $ 2,093,385 $ 1,801,245    
Accumulated depreciation [1] (283,785) (228,034)    
Net investment in real estate assets [1] 1,809,600 1,573,211    
Developments in progress [1] 5,817 8,900    
Net investment in real estate assets [1] 1,871,492 1,582,111    
Total assets [1] 2,747,191 2,405,905    
LIABILITIES:        
Mortgage and other indebtedness, net 2,212,680 1,888,803    
Total liabilities [1] 2,434,327 2,075,288    
OWNERS' EQUITY (DEFICIT):        
The Company 323,546 339,321    
Noncontrolling interests (10,682) (8,704)    
Total equity 312,864 330,617 $ 367,129 $ 401,100
Total liabilities, redeemable noncontrolling interests and equity 2,747,191 2,405,905    
Total revenues [2],[3] 515,561 535,286 563,011  
Net income 57,117 3,204 (99,515)  
BI Development II, LLC        
ASSETS:        
Investment in real estate assets 1,284,494 2,010,269    
Accumulated depreciation (576,289) (886,712)    
Net investment in real estate assets 708,205 1,123,557    
Developments in progress 32,114 17,261    
Net investment in real estate assets 740,319 1,140,818    
Other assets 156,363 200,289    
Total assets 896,682 1,341,107    
LIABILITIES:        
Mortgage and other indebtedness, net 780,536 1,368,031    
Other liabilities 36,253 45,577    
Total liabilities 816,789 1,413,608    
OWNERS' EQUITY (DEFICIT):        
The Company 76,607 12,290    
Noncontrolling interests 3,286 (84,791)    
Total equity 79,893 (72,501)    
Total liabilities, redeemable noncontrolling interests and equity 896,682 1,341,107    
Total revenues 260,969 255,283 260,275  
Net income [4] $ 54,433 $ 38,434 $ 137,454  
[1] As of December 31, 2024, includes $174,745 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $212,234 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10.
[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 is included in equity in earnings of unconsolidated affiliates for each period presented in the accompanying consolidated statements of operations. The Company's pro rata share of net income was $22,932, $11,865 and $19,796 for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Unconsolidated Affiliates - Summarized Financial Information (Parenthetical) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule Of Equity Method Investments [Line Items]      
Equity in earnings of unconsolidated affiliates $ 22,932 $ 11,865 $ 19,796
BI Development II, LLC      
Schedule Of Equity Method Investments [Line Items]      
Equity in earnings of unconsolidated affiliates $ 22,932 $ 11,865 $ 19,796
v3.25.0.1
Mortgage and Other Indebtedness, Net - Mortgage and Other Indebtedness, net And senior Secured Notes (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Nov. 30, 2024
Dec. 31, 2023
May 31, 2023
Feb. 28, 2023
Debt Instrument [Line Items]          
Mortgage notes payable $ 1,403,798   $ 915,753    
Mortgage and other indebtedness, variable-rate debt 928,106   1,028,213    
Total fixed-rate and variable-rate debt 2,331,904   1,943,966    
Unamortized deferred financing costs (8,688)   (13,221)    
Debt discounts [1] (110,536)   (41,942)    
Total mortgage and other indebtedness, net $ 2,212,680   $ 1,888,803    
Weighted average interest rate (as a percent) [2] 6.07%   7.12%    
Interest rate percentage 7.3975% 5.86%   7.3975% 4.25%
Notional amount of the swap $ 32,000     $ 32,000  
Five Mortgage Notes Payable          
Debt Instrument [Line Items]          
Remaining debt discount amortization period 4 years 8 months 12 days        
Fixed Rate Interest          
Debt Instrument [Line Items]          
Weighted average interest rate (as a percent) [2] 5.02%   5.63%    
Variable Rate Interest          
Debt Instrument [Line Items]          
Weighted average interest rate (as a percent) [2] 7.67%   8.44%    
Non-Recourse Secured Term Loan          
Debt Instrument [Line Items]          
Mortgage notes payable     $ 799,914    
Mortgage and other indebtedness, variable-rate debt $ 725,495        
Non-Recourse Secured Term Loan | Variable Rate Interest          
Debt Instrument [Line Items]          
Weighted average interest rate (as a percent) [2] 7.42%   8.21%    
Non-Recourse Open-Air Centers and Outparcels Loan          
Debt Instrument [Line Items]          
Mortgage notes payable [3] $ 170,031   $ 179,180    
Mortgage and other indebtedness, variable-rate debt [3] $ 170,031   $ 179,180    
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] 8.65%   9.44%    
Non-Recourse Loans on Operating Properties          
Debt Instrument [Line Items]          
Mortgage notes payable $ 1,233,767   $ 736,573    
Non-Recourse Loans on Operating Properties | Fixed Rate Interest          
Debt Instrument [Line Items]          
Weighted average interest rate (as a percent) [2] 4.75%   5.30%    
Non-Recourse Loan on an Operating Property          
Debt Instrument [Line Items]          
Mortgage and other indebtedness, variable-rate debt $ 32,580   $ 33,780    
Non-Recourse Loan on an Operating Property | Variable Rate Interest          
Debt Instrument [Line Items]          
Weighted average interest rate (as a percent) [2] 8.05%   8.84%    
Recourse loans on an operating property          
Debt Instrument [Line Items]          
Mortgage and other indebtedness, variable-rate debt $ 0   $ 15,339    
Weighted average interest rate (as a percent) [2] 0.00%   8.24%    
[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 December 31, 2024 will be accreted over a weighted average period of 4.7 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 $32,000 related to the variable portion of the loan to effectively fix the interest rate at 7.3975%
v3.25.0.1
Mortgage and Other Indebtedness, Net - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Feb. 28, 2023
Aug. 31, 2024
Nov. 30, 2023
Jun. 30, 2023
May 31, 2023
Jan. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Nov. 30, 2024
Debt Instrument [Line Items]                    
Non-recourse loan amount             $ 2,212,680 $ 1,888,803    
Debt instrument, maturity date         Jun. 07, 2027          
Interest rate percentage 4.25%       7.3975%   7.3975%     5.86%
Escrow Deposit             $ 65,456 35,708 $ 39,049  
Notional amount of the swap         $ 32,000   $ 32,000      
Loan, collaterals             9 associated outparcels      
Debt instrument extented maturity date May 31, 2024                  
Senior secured notes             $ 533,377      
(Loss) gain on extinguishment of debt   $ (819)         (819) $ 3,270 $ 7,344  
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax           $ 250        
Fair value net liability             0      
2025             1,004,911      
Interest Rate Swap                    
Debt Instrument [Line Items]                    
Cash collateral             1,920      
Volusia Mall                    
Debt Instrument [Line Items]                    
Debt instrument, maturity date     May 31, 2026              
Interest rate percentage     4.56%              
Escrow Deposit     $ 1,682              
Loan agreement term     2 years              
Cross Creek Mall                    
Debt Instrument [Line Items]                    
Debt instrument, maturity date       Jun. 30, 2025            
Interest rate percentage       8.19%            
Operating Property Loan                    
Debt Instrument [Line Items]                    
2025             $ 248,856      
Senior Secured Term Loan | Credit Agreement                    
Debt Instrument [Line Items]                    
Debt Instrument, covenant description             The credit agreement requires HoldCo I to comply with certain financial ratios in the aggregate for the collateral properties, including a covenant that it not permit the (i) interest coverage ratio (as defined in the credit agreement) commencing with the fiscal quarter ending December 31, 2021, to be less than 1.50 to 1.00, (ii) minimum debt yield ratio (as defined in the credit agreement) commencing with the fiscal quarter ending March 31, 2023 as of the last day of any fiscal quarter ending prior to the maturity date, to be less than eleven and a half percent (11.50%) and (iii) the occupancy rate (as defined in the credit agreement) commencing with the fiscal quarter ending March 31, 2023, as of the last day of any fiscal quarter ending prior to the maturity date, to be less than seventy five percent (75%). The Operating Partnership provided a limited guaranty up to a maximum of $175,000 (the “principal liability cap”). In November 2023, the limited guaranty was eliminated pursuant to the terms of the credit agreement and the loan became fully non-recourse. The Company believes that it was in compliance with all financial covenants and restrictions at December 31, 2024.      
Debt instrument, maturity date, description             secured term loan that matures November 1, 2025. Upon satisfaction of certain conditions, the maturity date will automatically extend to November 1, 2026 and upon further satisfaction of certain conditions the maturity date will automatically extend to November 1, 2027.      
Fair value carrying amount             $ 883,700      
Debt instrument, maturity date             Nov. 01, 2025      
Interest coverage ratio             1.50%      
Maximum debt yield ratio             11.50%      
Occupancy rate           75.00%        
Limited guaranty amount             $ 175,000      
Senior Secured Term Loan | Credit Agreement | SOFR                    
Debt Instrument [Line Items]                    
Debt instrument, description of variable rate basis             The secured term loan bore interest at a rate per annum equal to LIBOR for the applicable period plus 275 basis points, subject to a LIBOR floor of 1.0%. In March 2023, the secured term loan was amended to replace LIBOR with the secured overnight financing rate ("SOFR") for purposes of calculating interest. The transition to SOFR was effective as of June 30, 2023.      
Senior Secured Term Loan | Credit Agreement | LIBOR                    
Debt Instrument [Line Items]                    
Interest rate percentage             1.00%      
Secured Term Loan [Member]                    
Debt Instrument [Line Items]                    
Loan amount paid             $ 46,000      
Loan amount   $ 18,297                
2025             725,495      
Brookfield Square Anchor Redevelopment loan | U.S Treasury Securities                    
Debt Instrument [Line Items]                    
Loan amount paid             15,190      
CoolSprings Galleria                    
Debt Instrument [Line Items]                    
Senior secured notes             $ 137,193      
Joint venture interests acquired             50.00%      
Oak Park Mall                    
Debt Instrument [Line Items]                    
Senior secured notes             $ 251,448      
West County Center                    
Debt Instrument [Line Items]                    
Senior secured notes             $ 144,736      
v3.25.0.1
Mortgage and Other Indebtedness, Net - Narrative (Details1) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
Oct. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Mortgage and other indebtedness, net   $ 2,212,680 $ 1,888,803
Weighted-average remaining term to maturity   2 months 21 days  
Fixed Rate Operating Loans [Member] | Minimum [Member]      
Debt Instrument [Line Items]      
Interest rate of debt bearing fixed interest (as a percent)   3.40%  
Fixed Rate Operating Loans [Member] | Maximum [Member]      
Debt Instrument [Line Items]      
Interest rate of debt bearing fixed interest (as a percent)     8.19%
Non-Recourse Loans on Operating Properties, Open-Air Centers and Outparcels Loan and Secured Term Loan      
Debt Instrument [Line Items]      
Mortgage and other indebtedness, net   $ 1,742,834  
Variable Rate Debt | Minimum [Member]      
Debt Instrument [Line Items]      
Variable interest rate (as a percent)   8.05%  
Variable Rate Debt | Maximum [Member]      
Debt Instrument [Line Items]      
Variable interest rate (as a percent)   8.65%  
Brookfield Square Anchor Redevelopment loan      
Debt Instrument [Line Items]      
Option extension term of debt instrument 1 year    
v3.25.0.1
Mortgage and Other Indebtedness, Net - Scheduled Principal Payments (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]  
2025 $ 1,004,911
2026 551,856
2027 349,921
2028 133,350
2029 6,407
Thereafter 285,459
Mortgages  
Debt Instrument [Line Items]  
Total mortgage and other indebtedness $ 2,331,904
v3.25.0.1
Mortgage and Other Indebtedness, Net - Variable Rate Debt (Details) - USD ($)
$ in Thousands
 1 Months Ended
Oct. 31, 2023
May 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]        
Non-recourse loan amount     $ 2,212,680 $ 1,888,803
Debt instrument, maturity date   Jun. 07, 2027    
Laredo Outlet Shoppes CMBSLLC        
Debt Instrument [Line Items]        
Non-recourse loan amount $ 33,980      
Option extension term of debt instrument 1 year      
Debt instrument, maturity date Jun. 30, 2025      
Extinguishment of debt $ 3,270      
Laredo Outlet Shoppes CMBSLLC | SOFR        
Debt Instrument [Line Items]        
Debt instrument basis points 325.00%      
v3.25.0.1
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
 1 Months Ended 12 Months Ended
May 31, 2023
Jan. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]        
Derivative, Notional Amount $ 32,000   $ 32,000  
Debt instrument, maturity date Jun. 07, 2027      
Gain recognized in other comprehensive income (loss)   $ 250    
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  
Debt instrument, maturity date     Jun. 07, 2027  
Pay fixed or Receive Variable Swap | Cash Flow Hedging | Intangible Lease Assets And Other Assets | One Month USD SOFR CME        
Derivatives, Fair Value [Line Items]        
Fair Value     $ 514  
Interest Rate Swap | Cash Flow Hedging        
Derivatives, Fair Value [Line Items]        
Gain recognized in other comprehensive income (loss)     177 $ 338
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]     $ 598 $ 416
[1] Gain reclassified from accumulated other comprehensive income into earnings shown in interest expense.
v3.25.0.1
Shareholders' Equity - Common Stock and Common Units (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Feb. 12, 2025
Oct. 31, 2024
Sep. 30, 2024
May 31, 2023
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Dec. 31, 2024
Dec. 31, 2023
Nov. 30, 2024
Feb. 28, 2023
Shareholders Equity [Line Items]                                      
Common stock, par value (USD per share)         $ 0.001       $ 0.001             $ 0.001 $ 0.001    
Common stock issued (shares)         30,711,227       31,975,645             30,711,227 31,975,645    
Common stock outstanding (shares)         30,711,227       31,975,645             30,711,227 31,975,645    
Common stock, treasury shares         34       34             34 34    
Authorized repurchase amount         $ 25,000                     $ 25,000      
Repurchases of common stock (shares)   500,000                           1,522,860 51,966    
Amount of stock repurchased   $ 12,525 $ 25,000                         $ 36,458 $ 1,109    
Commission on sale of common stock                                 $ 2    
Common stock authorized (shares)         200,000,000       200,000,000             200,000,000 200,000,000    
Interest rate percentage       7.3975% 7.3975%                     7.3975%   5.86% 4.25%
Debt instrument, maturity date       Jun. 07, 2027                              
Common stock cash dividends per share         $ 0.4 $ 0.4 $ 0.4 $ 0.4 $ 0.375 $ 0.375 $ 0.375 $ 0.375 $ 0.25 $ 0.25 $ 0.25        
NumberOfSharesExchanged                                 4,985    
Cash paid to holders of limited partnership                                 $ 110    
Stock Repurchase Program                                      
Shareholders Equity [Line Items]                                      
Repurchases of common stock (shares)                               1,022,860      
Amount of stock repurchased                               $ 23,933      
Commission on sale of common stock                               $ 41      
Special Dividend                                      
Shareholders Equity [Line Items]                                      
Dividends declared per share                         2.2            
Common stock Special divident payable                         $ 2.2            
Subsequent Event | Regular Dividend                                      
Shareholders Equity [Line Items]                                      
Dividends declared per share $ 0.4                                    
Common stock Special divident payable 0.4                                    
Subsequent Event | Special Dividend                                      
Shareholders Equity [Line Items]                                      
Dividends declared per share 0.8                                    
Common stock Special divident payable $ 0.8                                    
Common Stock                                      
Shareholders Equity [Line Items]                                      
Common stock, par value (USD per share)         $ 0.001       $ 0.001             $ 0.001 $ 0.001    
Common stock issued (shares)         30,711,227       31,975,645             30,711,227 31,975,645    
Common stock outstanding (shares)         30,711,227       31,975,645             30,711,227 31,975,645    
Amount of stock repurchased                               $ 1      
Common stock authorized (shares)         200,000,000       200,000,000             200,000,000 200,000,000    
v3.25.0.1
Shareholders' Equity - Allocations of Dividends and Declared and Paid for Income Tax Purposes (Details) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shareholders Equity [Line Items]                            
Common stock cash dividends per share $ 0.4 $ 0.4 $ 0.4 $ 0.4 $ 0.375 $ 0.375 $ 0.375 $ 0.375 $ 0.25 $ 0.25 $ 0.25      
Common Stock                            
Shareholders Equity [Line Items]                            
Dividends declared                       $ 1.6 $ 1.5 $ 2.95
Allocations                       100.00% 100.00% 100.00%
Ordinary income | Common Stock                            
Shareholders Equity [Line Items]                            
Allocations                       88.86% 87.70% 98.58%
Capital gains | Common Stock                            
Shareholders Equity [Line Items]                            
Allocations                       8.61% 12.30% 1.42%
Return of capital | Common Stock                            
Shareholders Equity [Line Items]                            
Allocations                       2.53%    
v3.25.0.1
Noncontrolling Interests - Operating Partnership (Details) - Operating Partnership - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Redeemable Noncontrolling Interest [Line Items]    
Units of partnership interest (shares) 5,298 5,298
Noncontrolling interest, ownership interest of noncontrolling owners (as a percent) 0.02% 0.02%
The Company    
Redeemable Noncontrolling Interest [Line Items]    
Partners' capital attributable to noncontrolling interest | $ $ 53 $ 56
v3.25.0.1
Noncontrolling Interests - Other Consolidated Subsidiaries and Variable Interest Entities (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Subsidiary
Dec. 31, 2023
USD ($)
Subsidiary
Redeemable Noncontrolling Interest [Line Items]    
Number of other consolidated subsidiaries | Subsidiary 10 10
Other Consolidated Subsidiaries    
Redeemable Noncontrolling Interest [Line Items]    
Other non controlling interests | $ $ (10,735) $ (8,760)
v3.25.0.1
Noncontrolling Interests - Variable Interest Entities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Variable interest asset entities [1] $ 2,747,191 $ 2,405,905
Variable interest liability entities [1] 2,434,327 2,075,288
Assets, Consolidated/Unconsolidated [1] (2,747,191) (2,405,905)
Variable Interest Entity Primary Beneficiary    
Variable Interest Entity [Line Items]    
Variable interest asset entities 174,745 187,221
Variable interest liability entities 227,247 224,650
Assets, Consolidated/Unconsolidated (174,745) (187,221)
Unconsolidated VIEs    
Variable Interest Entity [Line Items]    
Variable interest asset entities 12,470  
Assets, Consolidated/Unconsolidated (12,470)  
Maximum Risk of Loss, Unconsolidated 39,080  
Atlanta Outlet Outparcels, LLC | Variable Interest Entity Primary Beneficiary    
Variable Interest Entity [Line Items]    
Variable interest asset entities 792 807
Assets, Consolidated/Unconsolidated (792) (807)
CBL Terrace LP | Variable Interest Entity Primary Beneficiary    
Variable Interest Entity [Line Items]    
Variable interest asset entities 15,969 16,861
Variable interest liability entities 18,148 18,124
Assets, Consolidated/Unconsolidated (15,969) (16,861)
Gettysburg Outlet Center Holding, LLC | Variable Interest Entity Primary Beneficiary    
Variable Interest Entity [Line Items]    
Variable interest asset entities 10,960 11,847
Variable interest liability entities 20,129 18,446
Assets, Consolidated/Unconsolidated (10,960) (11,847)
Gettysburg Outlet Center, LLC | Variable Interest Entity Primary Beneficiary    
Variable Interest Entity [Line Items]    
Variable interest asset entities 2,886 2,940
Assets, Consolidated/Unconsolidated (2,886) (2,940)
Jarnigan Road LP | Variable Interest Entity Primary Beneficiary    
Variable Interest Entity [Line Items]    
Variable interest asset entities 14,182 14,202
Variable interest liability entities 20,541 19,869
Assets, Consolidated/Unconsolidated (14,182) (14,202)
Jarnigan Road II, LLC | Variable Interest Entity Primary Beneficiary    
Variable Interest Entity [Line Items]    
Variable interest asset entities 17,611 18,148
Variable interest liability entities 16,840 16,905
Assets, Consolidated/Unconsolidated (17,611) (18,148)
Laredo Outlet JV, LLC | Variable Interest Entity Primary Beneficiary    
Variable Interest Entity [Line Items]    
Variable interest asset entities 19,588 21,333
Variable interest liability entities 34,432 35,818
Assets, Consolidated/Unconsolidated (19,588) (21,333)
Lebcon Associates | Variable Interest Entity Primary Beneficiary    
Variable Interest Entity [Line Items]    
Variable interest asset entities 81,420 89,006
Variable interest liability entities 105,150 103,342
Assets, Consolidated/Unconsolidated (81,420) (89,006)
Lebcon I, Ltd | Variable Interest Entity Primary Beneficiary    
Variable Interest Entity [Line Items]    
Variable interest asset entities 10,800 11,539
Variable interest liability entities 12,007 12,146
Assets, Consolidated/Unconsolidated (10,800) (11,539)
Louisville Outlet Outparcels, LLC | Variable Interest Entity Primary Beneficiary    
Variable Interest Entity [Line Items]    
Variable interest asset entities 537 538
Assets, Consolidated/Unconsolidated (537) (538)
Ambassador Infrastructure, LLC | Unconsolidated VIEs    
Variable Interest Entity [Line Items]    
Maximum Risk of Loss, Unconsolidated [2] 4,361  
BI Development, LLC | Unconsolidated VIEs    
Variable Interest Entity [Line Items]    
Variable interest asset entities 77  
Assets, Consolidated/Unconsolidated (77)  
Maximum Risk of Loss, Unconsolidated 77  
BI Development II, LLC    
Variable Interest Entity [Line Items]    
Variable interest asset entities 896,682 1,341,107
Variable interest liability entities 816,789 1,413,608
Assets, Consolidated/Unconsolidated (896,682) $ (1,341,107)
Port Orange I, LLC | Unconsolidated VIEs    
Variable Interest Entity [Line Items]    
Variable interest asset entities [2] 2,547  
Assets, Consolidated/Unconsolidated [2] (2,547)  
Maximum Risk of Loss, Unconsolidated [2] 24,796  
Vision-CBL Hamilton Place, LLC | Unconsolidated VIEs    
Variable Interest Entity [Line Items]    
Variable interest asset entities 3,671  
Assets, Consolidated/Unconsolidated (3,671)  
Maximum Risk of Loss, Unconsolidated 3,671  
Vision - CBL Mayfaire TC Hotel, LLC | Unconsolidated VIEs    
Variable Interest Entity [Line Items]    
Variable interest asset entities 6,175  
Assets, Consolidated/Unconsolidated (6,175)  
Maximum Risk of Loss, Unconsolidated $ 6,175  
[1] As of December 31, 2024, includes $174,745 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $212,234 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10.
[2] The Operating Partnership has guaranteed all or a portion of the debt. See Note 14 for more information.
v3.25.0.1
Noncontrolling Interests - Variable Interest Entities (Parenthetical) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Jun. 30, 2023
CBL-TRS Med OFC Holding, LLC    
Schedule of Equity Method Investments [Line Items]    
Ownership interest in joint venture (as a percent) 50.00%  
CBL-TRS Med OFC Holding, LLC | CBL DMC I, LLC    
Schedule of Equity Method Investments [Line Items]    
Ownership interest in joint venture (as a percent)   50.00%
Unconsolidated VIEs    
Schedule of Equity Method Investments [Line Items]    
Maximum Risk of Loss, Unconsolidated $ 39,080  
v3.25.0.1
Segment Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
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, 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.
v3.25.0.1
Segment Information - Summary (Details) - USD ($)
$ in Thousands
 1 Months Ended 10 Months Ended 12 Months Ended
Aug. 31, 2024
Oct. 31, 2021
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]          
Total revenues [1],[2]     $ 515,561 $ 535,286 $ 563,011
Interest and other income     15,713 13,199 4,938
Interest expense     (154,486) (172,905) (217,342)
Other     (230) (221) (834)
Depreciation and amortization     (140,591) (190,505) (256,310)
General and administrative     (67,254) (64,066) (67,215)
Litigation settlement     553 2,310 304
Gain (loss) on extinguishment of debt $ (819)   (819) 3,270 7,344
Loss on available-for-sale securities         (39)
Reorganizations items, net         298
Loss on impairment     (1,461)   (252)
Gain on consolidation     26,727    
Gain on deconsolidation       47,879 36,250
Income tax provision   $ (3,079) (1,055) (894) (3,079)
Equity in earnings of unconsolidated affiliates     22,932 11,865 19,796
Net income (loss)       3,204  
Total Reportable Segments          
Segment Reporting Information [Line Items]          
Total revenues [1]     600,580 619,783 647,406
Property operating expenses [3]     (200,859) (211,922) (216,354)
Interest and other income     1,499 1,979 1,705
Net operating income     401,220 409,840 432,757
Interest expense     (154,486) (172,905) (217,342)
Gain on sales of real estate assets     16,676 5,125 5,345
Other     (230) (221) (834)
Depreciation and amortization     (140,591) (190,505) (256,310)
General and administrative     (67,254) (64,066) (67,215)
Litigation settlement     553 2,310 304
Gain (loss) on extinguishment of debt     (819) 3,270 7,344
Loss on available-for-sale securities         (39)
Reorganizations items, net         298
Loss on impairment     1,461   (252)
Gain on consolidation     26,727    
Gain on deconsolidation       47,879 36,250
Income tax provision     (1,055) (894) (3,079)
Equity in earnings of unconsolidated affiliates     22,932 11,865 19,796
Net income (loss)     57,117   (99,515)
Consolidation Adjustments          
Segment Reporting Information [Line Items]          
Total revenues [1],[4]     (121,535) (119,752) (120,525)
Net operating income [4]     (88,234) (87,345) (87,743)
Malls | Total Reportable Segments          
Segment Reporting Information [Line Items]          
Total revenues [1]     446,043 468,138 495,736
Property operating expenses [3]     (160,304) (170,952) (173,806)
Interest and other income     681 1,068 984
Net operating income     286,420 298,254 322,914
Outlet Centers | Total Reportable Segments          
Segment Reporting Information [Line Items]          
Total revenues [1]     34,688 32,504 30,356
Property operating expenses [3]     (12,764) (12,136) (12,014)
Interest and other income     81 22 (14)
Net operating income     22,005 20,390 18,328
Lifestyle Centers | Total Reportable Segments          
Segment Reporting Information [Line Items]          
Total revenues [1]     49,925 50,634 54,493
Property operating expenses [3]     (14,656) (14,026) (15,089)
Interest and other income     1 12 5
Net operating income     35,270 36,620 39,409
Open-Air Centers | Total Reportable Segments          
Segment Reporting Information [Line Items]          
Total revenues [1]     69,924 68,507 66,821
Property operating expenses [3]     (13,135) (14,808) (15,445)
Interest and other income     736 877 730
Net operating income     57,525 54,576 52,106
All Other          
Segment Reporting Information [Line Items]          
Total revenues [1],[5]     36,516 35,255 36,130
Net operating income [5]     $ 43,139 $ 38,851 $ 31,205
[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] Property operating expenses include property operating, real estate taxes and maintenance and repairs, none of which represent significant segment expense.
[4] Consolidation 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 consolidated statements of operations.
[5] The All Other category includes outparcels, office buildings, hotels, corporate-level entities and the Management Company.
v3.25.0.1
Supplemental and Noncash Information - Summary (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Other Significant Noncash Transactions [Line Items]      
Additions to real estate assets accrued but not yet paid $ 16,395 $ 8,749 $ 9,242
Accrued dividends and distributions payable     70,058
Increase (decrease) in mortgage and other indebtedness   3,270 3,857
Increase (decrease) in operating assets and liabilities     3,487
Conversion of Exchangeable Notes      
Other Significant Noncash Transactions [Line Items]      
Increase (decrease) in mortgage and other indebtedness     150,000
Increase (decrease) in operating assets and liabilities     2,537
Increase in shareholders' equity     (152,537)
Deconsolidation Upon Contribution/Assignment of Interest in Joint Venture and Loss of Control      
Other Significant Noncash Transactions [Line Items]      
Increase (decrease) in real estate assets   (14,419) (18,810)
Increase (decrease) in mortgage and other indebtedness   63,339 56,226
Increase (decrease) in operating assets and liabilities   6,409 5,686
Increase (decrease) in intangible lease and other assets   $ (7,450) $ (6,852)
v3.25.0.1
Supplemental and Noncash Information - Summary (Parenthetical) (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Other Significant Noncash Transactions [Line Items]    
Conversion of exchangeable notes into shares of common stock   4,985
Conversion of Exchangeable Notes    
Other Significant Noncash Transactions [Line Items]    
Conversion of exchangeable notes into shares of common stock 10,982,795  
v3.25.0.1
Related Party Transactions - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]      
Revenues recognized, from related party transactions [1],[2] $ 515,561 $ 535,286 $ 563,011
Unconsolidated Affiliate and Other Affiliated Partnerships | Related Party      
Related Party Transaction [Line Items]      
Revenues recognized, from related party transactions $ 6,818 $ 7,169 $ 6,449
[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.
v3.25.0.1
Contingencies - Guarantees (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Guarantor Obligations [Line Items]      
Obligation recorded to reflect guaranty, Successor/Predecessor $ 266 $ 545  
Ambassador Infrastructure, LLC      
Guarantor Obligations [Line Items]      
Company's Ownership Interest (as a percent) 65.00%    
Outstanding Balance $ 4,361    
Percentage Guaranteed by the Operating Partnership (as a percent) 100.00%    
Maximum Guaranteed Amount $ 4,361    
Obligation recorded to reflect guaranty, Successor/Predecessor $ 44 57  
West Melbourne I, LLC - Phase I      
Guarantor Obligations [Line Items]      
Company's Ownership Interest (as a percent) 50.00%    
Outstanding Balance $ 35,000    
Maximum Guaranteed Amount 0    
Obligation recorded to reflect guaranty, Successor/Predecessor $ 0 177  
West Melbourne I, LLC - Phase II      
Guarantor Obligations [Line Items]      
Company's Ownership Interest (as a percent) 50.00%    
Outstanding Balance $ 10,000    
Maximum Guaranteed Amount 0    
Obligation recorded to reflect guaranty, Successor/Predecessor $ 0 56  
Port Orange I, LLC      
Guarantor Obligations [Line Items]      
Company's Ownership Interest (as a percent) 50.00%    
Outstanding Balance $ 44,498    
Percentage Guaranteed by the Operating Partnership (as a percent) 50.00%    
Maximum Guaranteed Amount $ 22,249    
Obligation recorded to reflect guaranty, Successor/Predecessor $ 222 236  
CBL-TRS Med OFC Holding, LLC      
Guarantor Obligations [Line Items]      
Company's Ownership Interest (as a percent) 50.00%    
Outstanding Balance $ 6,800    
Maximum Guaranteed Amount $ 0    
Obligation recorded to reflect guaranty, Successor/Predecessor   $ 19  
CBL-TRS Med OFC Holding, LLC | CBL DMC I, LLC      
Guarantor Obligations [Line Items]      
Company's Ownership Interest (as a percent)     50.00%
v3.25.0.1
Contingencies - Environmental Contingencies (Details)
 12 Months Ended
Dec. 31, 2024
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
v3.25.0.1
Fair Value Measurements - Schedule of Interest Rate Swap Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Interest Rate Swap - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fair Value, Asset $ 514 $ 338
Significant Other Observable Inputs (Level 2)    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fair Value, Asset $ 514 $ 338
v3.25.0.1
Fair Value Measurements - Debt Securities, Available-for-sale Measured at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Fair value of mortgage and other indebtedness $ 2,110,154 $ 1,806,486
Available-for-sale securities, amortized cost 242,881 261,869
Available-For-Sale Securities Held, Fair Value [1] 243,148 262,142
U.S Treasury Securities    
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Available-for-sale securities, amortized cost 242,881 261,869
Available-For-Sale Securities Held, unrealized gains/(losses) 267 273
Available-For-Sale Securities Held, Fair Value $ 243,148 $ 262,142
U.S. Treasury securities, maturity date Dec. 31, 2025  
[1] As of December 31, 2024, includes $174,745 of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and $212,234 of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. See Note 10.
v3.25.0.1
Fair Value Measurements - Long-Lived Assets Measured at Fair Value (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
Outparcel
Dec. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Loss on impairment $ 1,461,000 $ 252,000  
Number of stores sold (outparcel) | Outparcel 2    
CBL-T/C, LLC      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Ownership interest in joint venture (as a percent) 50.00%    
Westgate Mall      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Long-lived assets     $ 0
Fair Value     0
Alamance Crossing East      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Long-lived assets     0
Fair Value     $ 0
Greenbrier Mall      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Long-lived assets   0  
Fair Value   0  
Outparcel at Pavilion at Port Orange      
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]      
Proceeds from sale of real estate   1,660,000  
Loss from sales of real estate assets   $ (252,000)  
v3.25.0.1
Share-Based Compensation - Summary (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Feb. 07, 2024
Feb. 17, 2023
Feb. 16, 2022
Jan. 31, 2025
Feb. 29, 2024
Jan. 31, 2024
Feb. 28, 2023
Jan. 31, 2023
Feb. 28, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Performance Stock Unit Awards                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Granted (shares)                   169,420    
Share-based compensation cost                   $ 6,490 $ 5,639 $ 4,485
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   563,581       563,581    
Granted (shares)                   169,420    
Incremental granted (shares) [1]                   49,248    
Vested (shares)                   (210,962)    
Unvested, end of period (shares)                   571,287 563,581  
Weighted-Average Grant Date Fair Value                        
Weighted average grant-date fair value, unvested, beginning of period (USD per share)       $ 28.48   $ 28.65       $ 28.65    
Weighted average grant-date fair value, granted (USD per share)                   $ 24.3    
Weighted average incremental grant-date fair value, granted (USD per share) [1]                   24.58    
Weighted average grant-date fair value, vested (USD per share)                   $ 24.67    
Weighted average grant-date fair value, unvested, ending of period (USD per share) $ 24.3 [2] $ 38.79 [2] $ 24.67 [2]             $ 28.48 $ 28.65  
Vested (shares)                   (210,962)    
Unrecognized compensation cost related to nonvested stock awards                   $ 10,434    
Compensation cost to be recognized over a weighted-average period                   1 year 10 months 24 days    
weighted-average grant date fair value $ 24.3 [2] $ 38.79 [2] $ 24.67 [2]             $ 28.48 $ 28.65  
Risk-free interest rate (as a percent) [3] 4.19% 4.37% 1.85%                  
Expected share price volatility (as a percent) [4] 40.00% 62.50% 65.00%                  
Performance period   3 years             4 years      
Pecentage of shares issued based on achievement of long term relative TSR performance         30.00%   40.00%          
Percentage of shares issued based on achievement of TSR performance         70.00%   60.00%          
Performance Stock Unit Awards | Chief Executive Officer                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Granted (shares) 50,825 63,114                    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]                        
Granted (shares) 50,825 63,114                    
Weighted-Average Grant Date Fair Value                        
Weighted average grant-date fair value, unvested, ending of period (USD per share) $ 29.38 $ 40.64                    
weighted-average grant date fair value $ 29.38 $ 40.64                    
Performance Stock Unit Awards | Officer                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Granted (shares) 118,595 94,675                    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]                        
Granted (shares) 118,595 94,675                    
Weighted-Average Grant Date Fair Value                        
Weighted average grant-date fair value, unvested, ending of period (USD per share) $ 22.12 $ 37.55                    
weighted-average grant date fair value $ 22.12 $ 37.55                    
2021 Equity Incentive Plan                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Number of shares authorized (shares)                   3,222,222    
Increase in number of shares authorised           0   953,403        
Shares available under the EIP                   2,829,138    
Percentage released stock awards granted                   3.00%    
Restricted Stock Awards                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Granted (shares)                   169,454    
Share-based compensation cost                   $ 8,305 $ 7,343 7,400
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   590,953       590,953    
Granted (shares)                   169,454    
Vested (shares)                   (269,543)    
Unvested, end of period (shares)                   490,864 590,953  
Weighted-Average Grant Date Fair Value                        
Weighted average grant-date fair value, unvested, beginning of period (USD per share)       $ 26.08   $ 27.02       $ 27.02    
Weighted average grant-date fair value, granted (USD per share)                   24.48    
Weighted average grant-date fair value, vested (USD per share)                   27.13    
Weighted average grant-date fair value, unvested, ending of period (USD per share)                   $ 26.08 $ 27.02  
Weighted average grant-date fair value, granted                   $ 4,148 $ 10,086 3,095
Vested (shares)                   (269,543)    
Unrecognized compensation cost related to nonvested stock awards                   $ 9,287    
Compensation cost to be recognized over a weighted-average period                   1 year 3 months 18 days    
Share-based compensation cost capitalized as part of real estate assets                   $ 133    
Total fair value of shares vested                   $ 7,720 $ 11,090 $ 5,306
weighted-average grant date fair value                   $ 26.08 $ 27.02  
RSU component award vesting performance period             3 years          
Restricted Stock Awards | Non-Executive Officers                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Vesting period                   3 years    
Restricted Stock Awards | Non-Employee Directors                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Vesting period                   1 year    
Maximum | Performance Stock Unit Awards                        
Weighted-Average Grant Date Fair Value                        
Component percentage in long-term incentive program         70.00%   60.00%          
Maximum | Restricted Stock Awards                        
Weighted-Average Grant Date Fair Value                        
Component percentage in long-term incentive program         40.00%   45.00%          
Maximum | Restricted Stock Awards | Executive Officer                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Vesting period                   4 years    
Minimum | Performance Stock Unit Awards                        
Weighted-Average Grant Date Fair Value                        
Component percentage in long-term incentive program         60.00%   55.00%          
Minimum | Restricted Stock Awards                        
Weighted-Average Grant Date Fair Value                        
Component percentage in long-term incentive program         30.00%   40.00%          
Minimum | Restricted Stock Awards | Executive Officer                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Vesting period                   3 years    
Subsequent Event | 2021 Equity Incentive Plan                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Increase in number of shares authorised       0                
[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. As 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. As to 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.
[2] The value of the PSU awards are estimated on the date of grant using a Monte Carlo simulation model. For the 2023 and 2024 PSUs, 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 payoff of the award is also risk-free. The weighted-average fair value per share related to the 2024 PSUs consists of 50,825 PSUs at a fair value of $29.38 per share (which relates to the relative TSR) and 118,595 PSUs at a fair value of $22.12 per share (which relates to absolute TSR). The weighted-average fair value per share related to the 2023 PSUs consists of 63,114 shares at a fair value of $40.64 per share (which relates to the relative TSR) and 94,675 shares at a fair value of $37.55 per share (which relates to absolute TSR). For the 2022 PSUs, the valuation consists of computing the fair value using CBL's simulated stock price as well as TMR for each performance period. The award is modeled as a contingent claim in that the expected return on the underlying shares is risk-free and the rate of discounting the payoff of the award is also risk-free.
[3] The risk-free interest rate was based on the yield curve on zero-coupon U.S. Treasury securities in effect as of the valuation date, which is the grant date listed above.
[4] For the 2024 PSUs, the computation of expected volatility was based on the historical volatility of CBL's shares of common stock for a trading period equal to the time from the grant date to the end of the performance period. Since the performance period exceeds CBL's trading history, volatility indications of comparable public companies were also considered. For the 2023 PSUs, the computation of expected volatility was based on the historical volatility of CBL's shares of common stock based on annualized daily total continuous returns over a three-year period and implied volatility data based on the trailing month average of daily implied volatilities implied by stock call option contracts that were both closest to the terms shown and closest to the money. For the 2022 PSUs, the computation of expected volatility was based on the historical volatility of the share prices of comparable, publicly traded companies and given the Company's risk profile and leverage relative to the comparable, publicly traded companies. The Company's historical volatility was not relied upon given the Company's limited trading history since its emergence from bankruptcy on November 1, 2021.
v3.25.0.1
Employee Benefit Plans - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Defined contribution plan, age of eligibility 21 years    
Defined contribution plan, required service period prior to plan participation 2 months    
Defined contribution plan, employer matching contribution (as a percent) 50.00%    
Defined contribution plan, maximum annual contribution per employee (as a percent) 2.50%    
Defined contribution plan, employer discretionary contribution amount $ 903 $ 890 $ 823
v3.25.0.1
Subsequent Events - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended
Feb. 12, 2025
Feb. 28, 2025
Jan. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Subsequent Event [Line Items]              
Payments to acquire real estate             $ 5,766
U.S treasury securities redeemed           $ 110  
Secured Term Loan              
Subsequent Event [Line Items]              
Loan amount paid         $ 46,000    
Scenario Forecast | U.S Treasury Securities              
Subsequent Event [Line Items]              
U.S treasury securities redeemed       $ 31,756      
Purchases of U.S. treasury securities       $ 32,374      
Subsequent Event | Regular Dividend              
Subsequent Event [Line Items]              
Dividends Payable, Date Declared Feb. 12, 2025            
Dividends declared per share $ 0.4            
Subsequent Event | Special Dividend              
Subsequent Event [Line Items]              
Dividends declared per share $ 0.8            
Dividends Payable, Date to be Paid Mar. 31, 2025            
Dividends Payable, Date of Record Mar. 13, 2025            
Subsequent Event | Open-Air Centers and Outparcels Loan              
Subsequent Event [Line Items]              
Payments to acquire real estate     $ 7,323        
Subsequent Event | Secured Term Loan              
Subsequent Event [Line Items]              
Loan amount paid   $ 41,116          
Annex at Monroeville | Subsequent Event              
Subsequent Event [Line Items]              
Proceeds from sale of real estate     34,000        
Imperial Valley Mall | Subsequent Event | Secured Term Loan              
Subsequent Event [Line Items]              
Proceeds from sale of real estate   $ 38,100          
Macy's Stores | Subsequent Event              
Subsequent Event [Line Items]              
Payments to acquire real estate     $ 6,156        
v3.25.0.1
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 31, 2022
Real Estate And Accumulated Depreciation [Line Items]        
Gross Amounts at Which Carried at Close of Period, Total $ 2,099,202 $ 1,810,145 $ 1,800,888 $ 1,789,055
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (283,785) $ (228,034) $ (136,901) $ (19,937)
Land and buildings and improvements, gross $ 7,252,000      
Buildings        
Real Estate And Accumulated Depreciation [Line Items]        
Estimated useful life 30 years      
Certain Improvements | Minimum        
Real Estate And Accumulated Depreciation [Line Items]        
Estimated useful life 10 years      
Certain Improvements | Maximum        
Real Estate And Accumulated Depreciation [Line Items]        
Estimated useful life 20 years      
Equipment and Fixtures | Minimum        
Real Estate And Accumulated Depreciation [Line Items]        
Estimated useful life 5 years      
Equipment and Fixtures | Maximum        
Real Estate And Accumulated Depreciation [Line Items]        
Estimated useful life 10 years      
A840 Greenbrier Circle        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land $ 2,096      
Initial Cost, Buildings and Improvements 3,091      
Costs Capitalized Subsequent to Acquisition 2,127      
Fresh Start Adjustments (1,626)      
Gross Amounts at Which Carried at Close of Period, Land 1,387      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 4,301      
Gross Amounts at Which Carried at Close of Period, Total 5,688      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (657)      
Alamance Crossing West Burlington, NC        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 18,233      
Initial Cost, Land 8,344      
Initial Cost, Buildings and Improvements 19,549      
Costs Capitalized Subsequent to Acquisition 240      
Sales of Outparcel Land (3,962)      
Fresh Start Adjustments (11,969)      
Gross Amounts at Which Carried at Close of Period, Land 6,242      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 5,960      
Gross Amounts at Which Carried at Close of Period, Total 12,202      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (1,366)      
Arbor Place Atlanta (Douglasville), GA        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 89,711      
Initial Cost, Land 8,508      
Initial Cost, Buildings and Improvements 95,088      
Costs Capitalized Subsequent to Acquisition 29,201      
Fresh Start Adjustments (89,396)      
Gross Amounts at Which Carried at Close of Period, Land 3,050      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 40,351      
Gross Amounts at Which Carried at Close of Period, Total 43,401      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (9,469)      
Brookfield Square, Brookfield, WI        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 8,996      
Initial Cost, Buildings and Improvements 78,533      
Costs Capitalized Subsequent to Acquisition 99,969      
Sales of Outparcel Land (5,208)      
Fresh Start Adjustments (146,235)      
Gross Amounts at Which Carried at Close of Period, Land 10,284      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 25,771      
Gross Amounts at Which Carried at Close of Period, Total 36,055      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (9,394)      
Cbl Center        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 1,332      
Initial Cost, Buildings and Improvements 24,675      
Costs Capitalized Subsequent to Acquisition 2,816      
Fresh Start Adjustments (17,030)      
Gross Amounts at Which Carried at Close of Period, Land 3,081      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 8,712      
Gross Amounts at Which Carried at Close of Period, Total 11,793      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (1,740)      
Cbl Center Ii        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 22      
Initial Cost, Buildings and Improvements 13,648      
Costs Capitalized Subsequent to Acquisition 1,823      
Fresh Start Adjustments (9,880)      
Gross Amounts at Which Carried at Close of Period, Land 965      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 4,648      
Gross Amounts at Which Carried at Close of Period, Total 5,613      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (631)      
CherryVale Mall, Rockford, IL        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 11,892      
Initial Cost, Buildings and Improvements 64,117      
Costs Capitalized Subsequent to Acquisition 56,299      
Sales of Outparcel Land (1,667)      
Fresh Start Adjustments (113,543)      
Gross Amounts at Which Carried at Close of Period, Land 5,360      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 11,738      
Gross Amounts at Which Carried at Close of Period, Total 17,098      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (4,955)      
Cool Springs Crossing        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 17,447      
Initial Cost, Land 2,803      
Initial Cost, Buildings and Improvements 14,985      
Costs Capitalized Subsequent to Acquisition (2,802)      
Fresh Start Adjustments (10,291)      
Gross Amounts at Which Carried at Close of Period, Land 2,969      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 1,726      
Gross Amounts at Which Carried at Close of Period, Total 4,695      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (660)      
CoolSprings Galleria        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 137,193      
Initial Cost, Land 21,333      
Initial Cost, Buildings and Improvements 133,501      
Gross Amounts at Which Carried at Close of Period, Land 21,333      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 133,501      
Gross Amounts at Which Carried at Close of Period, Total 154,834      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (177)      
Courtyard At Hickory Hollow        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 4,515      
Initial Cost, Land 3,314      
Initial Cost, Buildings and Improvements 2,771      
Costs Capitalized Subsequent to Acquisition 482      
Sales of Outparcel Land (231)      
Fresh Start Adjustments (1,181)      
Gross Amounts at Which Carried at Close of Period, Land 1,844      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 3,311      
Gross Amounts at Which Carried at Close of Period, Total 5,155      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (609)      
Cross Creek Mall, Fayetteville, NC        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 85,719      
Initial Cost, Land 19,155      
Initial Cost, Buildings and Improvements 104,378      
Costs Capitalized Subsequent to Acquisition 33,989      
Fresh Start Adjustments (49,534)      
Gross Amounts at Which Carried at Close of Period, Land 4,372      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 103,616      
Gross Amounts at Which Carried at Close of Period, Total 107,988      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (20,425)      
Dakota Square Mall, Minot, ND        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 4,552      
Initial Cost, Buildings and Improvements 87,625      
Costs Capitalized Subsequent to Acquisition 27,902      
Fresh Start Adjustments (96,630)      
Gross Amounts at Which Carried at Close of Period, Land 5,179      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 18,270      
Gross Amounts at Which Carried at Close of Period, Total 23,449      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (4,159)      
East Towne Mall, Madison, WI        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 4,496      
Initial Cost, Buildings and Improvements 63,867      
Costs Capitalized Subsequent to Acquisition 64,228      
Sales of Outparcel Land (909)      
Fresh Start Adjustments (123,012)      
Gross Amounts at Which Carried at Close of Period, Land 4,413      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 4,257      
Gross Amounts at Which Carried at Close of Period, Total 8,670      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (2,872)      
Eastland Mall, Bloomington, IL        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 5,746      
Initial Cost, Buildings and Improvements 75,893      
Costs Capitalized Subsequent to Acquisition (71,130)      
Sales of Outparcel Land (753)      
Fresh Start Adjustments (5,600)      
Gross Amounts at Which Carried at Close of Period, Land 1,921      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 2,235      
Gross Amounts at Which Carried at Close of Period, Total 4,156      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (840)      
Fayette Mall        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 110,680      
Initial Cost, Land 25,205      
Initial Cost, Buildings and Improvements 84,256      
Costs Capitalized Subsequent to Acquisition 112,307      
Fresh Start Adjustments (87,361)      
Gross Amounts at Which Carried at Close of Period, Land 11,203      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 123,204      
Gross Amounts at Which Carried at Close of Period, Total 134,407      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (19,082)      
Frontier Mall, Cheyenne, WY        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 2,681      
Initial Cost, Buildings and Improvements 15,858      
Costs Capitalized Subsequent to Acquisition 21,959      
Sales of Outparcel Land (83)      
Fresh Start Adjustments (31,588)      
Gross Amounts at Which Carried at Close of Period, Land 3,715      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 5,112      
Gross Amounts at Which Carried at Close of Period, Total 8,827      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (1,844)      
Frontier Square        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 2,882      
Initial Cost, Land 346      
Initial Cost, Buildings and Improvements 684      
Costs Capitalized Subsequent to Acquisition 1,056      
Sales of Outparcel Land (86)      
Fresh Start Adjustments 612      
Gross Amounts at Which Carried at Close of Period, Land 904      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 1,708      
Gross Amounts at Which Carried at Close of Period, Total 2,612      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (304)      
Gunbarrel Pointe        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 16,468      
Initial Cost, Land 4,170      
Initial Cost, Buildings and Improvements 10,874      
Costs Capitalized Subsequent to Acquisition 4,994      
Fresh Start Adjustments (5,974)      
Gross Amounts at Which Carried at Close of Period, Land 8,099      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 5,965      
Gross Amounts at Which Carried at Close of Period, Total 14,064      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (1,066)      
Hamilton Corner        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 16,638      
Initial Cost, Land 630      
Initial Cost, Buildings and Improvements 5,532      
Costs Capitalized Subsequent to Acquisition 8,646      
Fresh Start Adjustments (2,368)      
Gross Amounts at Which Carried at Close of Period, Land 4,981      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 7,459      
Gross Amounts at Which Carried at Close of Period, Total 12,440      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (1,245)      
Hamilton Crossing        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 11,688      
Initial Cost, Land 4,014      
Initial Cost, Buildings and Improvements 5,906      
Costs Capitalized Subsequent to Acquisition 7,412      
Sales of Outparcel Land (1,370)      
Fresh Start Adjustments (5,550)      
Gross Amounts at Which Carried at Close of Period, Land 5,300      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 5,112      
Gross Amounts at Which Carried at Close of Period, Total 10,412      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (1,014)      
Hamilton Place, Chattanooga, TN        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 89,197      
Initial Cost, Land 3,532      
Initial Cost, Buildings and Improvements 42,619      
Costs Capitalized Subsequent to Acquisition 55,588      
Sales of Outparcel Land (2,933)      
Fresh Start Adjustments (35,984)      
Gross Amounts at Which Carried at Close of Period, Land 9,091      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 53,731      
Gross Amounts at Which Carried at Close of Period, Total 62,822      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (11,213)      
Hanes Mall, Winston-Salem, NC        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 17,176      
Initial Cost, Buildings and Improvements 133,376      
Costs Capitalized Subsequent to Acquisition 51,375      
Sales of Outparcel Land (1,767)      
Fresh Start Adjustments (147,963)      
Gross Amounts at Which Carried at Close of Period, Land 13,968      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 38,229      
Gross Amounts at Which Carried at Close of Period, Total 52,197      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (8,247)      
Harford Annex        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 13,069      
Initial Cost, Land 3,117      
Initial Cost, Buildings and Improvements 9,718      
Costs Capitalized Subsequent to Acquisition 1,312      
Fresh Start Adjustments (2,430)      
Gross Amounts at Which Carried at Close of Period, Land 3,117      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 8,600      
Gross Amounts at Which Carried at Close of Period, Total 11,717      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (1,217)      
Harford Mall, Bel Air, MD        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 8,699      
Initial Cost, Buildings and Improvements 45,704      
Costs Capitalized Subsequent to Acquisition 17,929      
Fresh Start Adjustments (65,736)      
Gross Amounts at Which Carried at Close of Period, Land 4,582      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 2,014      
Gross Amounts at Which Carried at Close of Period, Total 6,596      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (898)      
Jefferson Mall, Louisville, KY        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 51,323      
Initial Cost, Land 13,125      
Initial Cost, Buildings and Improvements 40,234      
Costs Capitalized Subsequent to Acquisition 28,371      
Sales of Outparcel Land (521)      
Fresh Start Adjustments (70,099)      
Gross Amounts at Which Carried at Close of Period, Land 4,625      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 6,485      
Gross Amounts at Which Carried at Close of Period, Total 11,110      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (2,793)      
Kirkwood Mall, Bismarck, ND        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 3,368      
Initial Cost, Buildings and Improvements 118,945      
Costs Capitalized Subsequent to Acquisition 43,131      
Sales of Outparcel Land (2,394)      
Fresh Start Adjustments (126,278)      
Gross Amounts at Which Carried at Close of Period, Land 8,114      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 28,658      
Gross Amounts at Which Carried at Close of Period, Total 36,772      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (5,683)      
The Landing at Arbor Place Atlanta (Douglasville), GA        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 5,720      
Initial Cost, Land 7,238      
Initial Cost, Buildings and Improvements 14,330      
Costs Capitalized Subsequent to Acquisition 3,193      
Sales of Outparcel Land (2,242)      
Fresh Start Adjustments (18,627)      
Gross Amounts at Which Carried at Close of Period, Land 1,587      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 2,305      
Gross Amounts at Which Carried at Close of Period, Total 3,892      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (841)      
Laurel Park Place Livonia, MI        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 13,289      
Initial Cost, Buildings and Improvements 92,579      
Costs Capitalized Subsequent to Acquisition (98,075)      
Fresh Start Adjustments (3,630)      
Gross Amounts at Which Carried at Close of Period, Land 751      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 3,412      
Gross Amounts at Which Carried at Close of Period, Total 4,163      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (1,361)      
Mall Del Norte, Laredo, TX        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 21,734      
Initial Cost, Buildings and Improvements 142,049      
Costs Capitalized Subsequent to Acquisition 58,779      
Sales of Outparcel Land (149)      
Fresh Start Adjustments (148,232)      
Gross Amounts at Which Carried at Close of Period, Land 13,875      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 60,306      
Gross Amounts at Which Carried at Close of Period, Total 74,181      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (12,369)      
Mayfaire Town Centerand Community Center        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 26,333      
Initial Cost, Buildings and Improvements 101,087      
Costs Capitalized Subsequent to Acquisition 27,138      
Fresh Start Adjustments (107,804)      
Gross Amounts at Which Carried at Close of Period, Land 7,165      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 39,589      
Gross Amounts at Which Carried at Close of Period, Total 46,754      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (9,215)      
Meridian Mall        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 2,797      
Initial Cost, Buildings and Improvements 103,678      
Costs Capitalized Subsequent to Acquisition 64,173      
Fresh Start Adjustments (150,764)      
Gross Amounts at Which Carried at Close of Period, Land 8,573      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 11,311      
Gross Amounts at Which Carried at Close of Period, Total 19,884      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (4,099)      
Mid Rivers Mall        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 16,384      
Initial Cost, Buildings and Improvements 170,582      
Costs Capitalized Subsequent to Acquisition (134,754)      
Sales of Outparcel Land (4,174)      
Fresh Start Adjustments (27,787)      
Gross Amounts at Which Carried at Close of Period, Land 9,191      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 11,060      
Gross Amounts at Which Carried at Close of Period, Total 20,251      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (4,059)      
Northgate Mall        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 2,330      
Initial Cost, Buildings and Improvements 8,960      
Costs Capitalized Subsequent to Acquisition 24,505      
Sales of Outparcel Land (492)      
Fresh Start Adjustments (23,815)      
Gross Amounts at Which Carried at Close of Period, Land 3,413      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 8,075      
Gross Amounts at Which Carried at Close of Period, Total 11,488      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (1,866)      
Northpark Mall        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 9,977      
Initial Cost, Buildings and Improvements 65,481      
Costs Capitalized Subsequent to Acquisition 39,470      
Fresh Start Adjustments (99,164)      
Gross Amounts at Which Carried at Close of Period, Land 7,084      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 8,680      
Gross Amounts at Which Carried at Close of Period, Total 15,764      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (3,469)      
Northwoods Mall Northwoods Mall North Charleston, SC        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 50,745      
Initial Cost, Land 14,867      
Initial Cost, Buildings and Improvements 49,647      
Costs Capitalized Subsequent to Acquisition 32,216      
Sales of Outparcel Land (2,339)      
Fresh Start Adjustments (52,958)      
Gross Amounts at Which Carried at Close of Period, Land 9,402      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 32,031      
Gross Amounts at Which Carried at Close of Period, Total 41,433      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (8,570)      
Oak Park Mall        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 251,448      
Initial Cost, Land 28,207      
Initial Cost, Buildings and Improvements 100,879      
Gross Amounts at Which Carried at Close of Period, Land 28,207      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 100,879      
Gross Amounts at Which Carried at Close of Period, Total 129,086      
Old Hickory Mall        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 15,527      
Initial Cost, Buildings and Improvements 29,413      
Costs Capitalized Subsequent to Acquisition (32,541)      
Sales of Outparcel Land (362)      
Fresh Start Adjustments (9,431)      
Gross Amounts at Which Carried at Close of Period, Land 800      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 1,806      
Gross Amounts at Which Carried at Close of Period, Total 2,606      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (930)      
The Outlet Shoppes at Gettysburg Gettysburg, PA        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 19,877      
Initial Cost, Land 20,779      
Initial Cost, Buildings and Improvements 22,180      
Costs Capitalized Subsequent to Acquisition (27,240)      
Sales of Outparcel Land (2,394)      
Fresh Start Adjustments (47)      
Gross Amounts at Which Carried at Close of Period, Land 7,822      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 5,456      
Gross Amounts at Which Carried at Close of Period, Total 13,278      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (2,112)      
The Outlet Shoppes at Laredo        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 32,580      
Initial Cost, Land 11,000      
Initial Cost, Buildings and Improvements 97,353      
Costs Capitalized Subsequent to Acquisition (62,797)      
Sales of Outparcel Land (2,394)      
Fresh Start Adjustments (26,318)      
Gross Amounts at Which Carried at Close of Period, Land 3,741      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 13,103      
Gross Amounts at Which Carried at Close of Period, Total 16,844      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (2,162)      
Parkdale Corner        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 4,113      
Initial Cost, Land 1,255      
Initial Cost, Buildings and Improvements 2,657      
Costs Capitalized Subsequent to Acquisition 1      
Fresh Start Adjustments (896)      
Gross Amounts at Which Carried at Close of Period, Land 1,305      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 1,712      
Gross Amounts at Which Carried at Close of Period, Total 3,017      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (311)      
Parkdale Mall and Crossing        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 53,471      
Initial Cost, Land 22,060      
Initial Cost, Buildings and Improvements 29,842      
Costs Capitalized Subsequent to Acquisition (4,741)      
Sales of Outparcel Land (874)      
Fresh Start Adjustments (21,766)      
Gross Amounts at Which Carried at Close of Period, Land 11,364      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 13,157      
Gross Amounts at Which Carried at Close of Period, Total 24,521      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (4,819)      
Parkway Place        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 6,364      
Initial Cost, Buildings and Improvements 67,067      
Costs Capitalized Subsequent to Acquisition 10,503      
Fresh Start Adjustments (43,144)      
Gross Amounts at Which Carried at Close of Period, Land 10,067      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 30,723      
Gross Amounts at Which Carried at Close of Period, Total 40,790      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (6,452)      
Pearland Office        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Buildings and Improvements 7,849      
Costs Capitalized Subsequent to Acquisition 2,472      
Fresh Start Adjustments (3,210)      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 7,111      
Gross Amounts at Which Carried at Close of Period, Total 7,111      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (1,811)      
Pearland Town Center        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 16,300      
Initial Cost, Buildings and Improvements 108,615      
Costs Capitalized Subsequent to Acquisition 25,674      
Sales of Outparcel Land (857)      
Fresh Start Adjustments (106,531)      
Gross Amounts at Which Carried at Close of Period, Land 16,896      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 26,305      
Gross Amounts at Which Carried at Close of Period, Total 43,201      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (6,532)      
The Plaza at Fayette Lexington, KY        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 23,263      
Initial Cost, Land 9,531      
Initial Cost, Buildings and Improvements 27,646      
Costs Capitalized Subsequent to Acquisition 1,340      
Fresh Start Adjustments (28,520)      
Gross Amounts at Which Carried at Close of Period, Land 2,527      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 7,470      
Gross Amounts at Which Carried at Close of Period, Total 9,997      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (3,304)      
Post Oak Mall        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 3,936      
Initial Cost, Buildings and Improvements 48,948      
Costs Capitalized Subsequent to Acquisition 17,395      
Sales of Outparcel Land (327)      
Fresh Start Adjustments (52,738)      
Gross Amounts at Which Carried at Close of Period, Land 6,028      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 11,186      
Gross Amounts at Which Carried at Close of Period, Total 17,214      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (3,151)      
The Promenade D'lberville D'lberville, MS        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 16,278      
Initial Cost, Buildings and Improvements 48,806      
Costs Capitalized Subsequent to Acquisition 28,221      
Sales of Outparcel Land (706)      
Fresh Start Adjustments (53,513)      
Gross Amounts at Which Carried at Close of Period, Land 8,728      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 30,358      
Gross Amounts at Which Carried at Close of Period, Total 39,086      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (8,693)      
Richland Mall        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 9,874      
Initial Cost, Buildings and Improvements 34,793      
Costs Capitalized Subsequent to Acquisition 25,256      
Sales of Outparcel Land (1,225)      
Fresh Start Adjustments (44,167)      
Gross Amounts at Which Carried at Close of Period, Land 8,793      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 15,738      
Gross Amounts at Which Carried at Close of Period, Total 24,531      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (4,175)      
Shoppes At Hamilton Place        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 19,023      
Initial Cost, Land 5,837      
Initial Cost, Buildings and Improvements 16,326      
Costs Capitalized Subsequent to Acquisition 1,501      
Fresh Start Adjustments (10,827)      
Gross Amounts at Which Carried at Close of Period, Land 5,062      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 7,775      
Gross Amounts at Which Carried at Close of Period, Total 12,837      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (1,920)      
The Shoppes at St. Clair Square Fairview Heights, IL        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 16,641      
Initial Cost, Land 8,250      
Initial Cost, Buildings and Improvements 23,623      
Costs Capitalized Subsequent to Acquisition 739      
Sales of Outparcel Land (5,044)      
Fresh Start Adjustments (19,688)      
Gross Amounts at Which Carried at Close of Period, Land 2,783      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 5,097      
Gross Amounts at Which Carried at Close of Period, Total 7,880      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (912)      
South County Center St. Louis, MO        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 15,754      
Initial Cost, Buildings and Improvements 159,249      
Costs Capitalized Subsequent to Acquisition 2,824      
Fresh Start Adjustments (160,681)      
Gross Amounts at Which Carried at Close of Period, Land 11,165      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 5,981      
Gross Amounts at Which Carried at Close of Period, Total 17,146      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (3,252)      
Southaven Towne Center Southaven, MS        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 14,315      
Initial Cost, Buildings and Improvements 29,380      
Costs Capitalized Subsequent to Acquisition 2,461      
Fresh Start Adjustments (27,929)      
Gross Amounts at Which Carried at Close of Period, Land 10,163      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 8,064      
Gross Amounts at Which Carried at Close of Period, Total 18,227      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (1,741)      
Southpark Mall        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 49,634      
Initial Cost, Land 9,501      
Initial Cost, Buildings and Improvements 73,262      
Costs Capitalized Subsequent to Acquisition 32,365      
Fresh Start Adjustments (102,613)      
Gross Amounts at Which Carried at Close of Period, Land 4,193      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 8,322      
Gross Amounts at Which Carried at Close of Period, Total 12,515      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (1,931)      
St Clair Square        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 11,027      
Initial Cost, Buildings and Improvements 75,620      
Costs Capitalized Subsequent to Acquisition 36,179      
Fresh Start Adjustments (82,113)      
Gross Amounts at Which Carried at Close of Period, Land 8,150      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 32,563      
Gross Amounts at Which Carried at Close of Period, Total 40,713      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (7,307)      
Stroud Mall        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 14,711      
Initial Cost, Buildings and Improvements 23,936      
Costs Capitalized Subsequent to Acquisition (24,208)      
Fresh Start Adjustments (5,698)      
Gross Amounts at Which Carried at Close of Period, Land 2,942      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 5,799      
Gross Amounts at Which Carried at Close of Period, Total 8,741      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (2,186)      
Sunrise Commons        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 8,565      
Initial Cost, Land 1,013      
Initial Cost, Buildings and Improvements 7,525      
Costs Capitalized Subsequent to Acquisition 2,123      
Fresh Start Adjustments (2,845)      
Gross Amounts at Which Carried at Close of Period, Land 3,504      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 4,312      
Gross Amounts at Which Carried at Close of Period, Total 7,816      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (806)      
Sunrise Mall        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 11,156      
Initial Cost, Buildings and Improvements 59,047      
Costs Capitalized Subsequent to Acquisition 16,287      
Fresh Start Adjustments (45,064)      
Gross Amounts at Which Carried at Close of Period, Land 14,999      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 26,427      
Gross Amounts at Which Carried at Close of Period, Total 41,426      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (10,038)      
Terrace        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 17,651      
Initial Cost, Land 4,166      
Initial Cost, Buildings and Improvements 9,929      
Costs Capitalized Subsequent to Acquisition 11,281      
Fresh Start Adjustments (9,404)      
Gross Amounts at Which Carried at Close of Period, Land 8,982      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 6,990      
Gross Amounts at Which Carried at Close of Period, Total 15,972      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (1,350)      
Turtle Creek Mall        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 2,345      
Initial Cost, Buildings and Improvements 26,418      
Costs Capitalized Subsequent to Acquisition 18,738      
Fresh Start Adjustments (26,937)      
Gross Amounts at Which Carried at Close of Period, Land 3,977      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 16,587      
Gross Amounts at Which Carried at Close of Period, Total 20,564      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (5,300)      
Valley View Mall        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 15,985      
Initial Cost, Buildings and Improvements 77,771      
Costs Capitalized Subsequent to Acquisition 23,403      
Fresh Start Adjustments (89,309)      
Gross Amounts at Which Carried at Close of Period, Land 9,499      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 18,351      
Gross Amounts at Which Carried at Close of Period, Total 27,850      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (4,698)      
Volusia Mall Daytona Beach, FL        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 35,033      
Initial Cost, Land 2,526      
Initial Cost, Buildings and Improvements 120,242      
Costs Capitalized Subsequent to Acquisition 22,065      
Sales of Outparcel Land (222)      
Fresh Start Adjustments (128,334)      
Gross Amounts at Which Carried at Close of Period, Land 10,856      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 5,421      
Gross Amounts at Which Carried at Close of Period, Total 16,277      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (2,499)      
West County Center        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 144,736      
Initial Cost, Land 11,634      
Initial Cost, Buildings and Improvements 96,736      
Gross Amounts at Which Carried at Close of Period, Land 11,634      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 96,736      
Gross Amounts at Which Carried at Close of Period, Total 108,370      
West Towne Crossing        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 20,039      
Initial Cost, Land 1,784      
Initial Cost, Buildings and Improvements 2,955      
Costs Capitalized Subsequent to Acquisition 7,777      
Fresh Start Adjustments 4,227      
Gross Amounts at Which Carried at Close of Period, Land 5,831      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 10,912      
Gross Amounts at Which Carried at Close of Period, Total 16,743      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (1,388)      
West Towne Mall        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 8,912      
Initial Cost, Buildings and Improvements 83,084      
Costs Capitalized Subsequent to Acquisition 49,701      
Fresh Start Adjustments (84,533)      
Gross Amounts at Which Carried at Close of Period, Land 14,623      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 42,541      
Gross Amounts at Which Carried at Close of Period, Total 57,164      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (10,070)      
Westgate Crossing        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 7,651      
Initial Cost, Land 1,082      
Initial Cost, Buildings and Improvements 3,422      
Costs Capitalized Subsequent to Acquisition 7,886      
Fresh Start Adjustments (5,426)      
Gross Amounts at Which Carried at Close of Period, Land 2,047      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 4,917      
Gross Amounts at Which Carried at Close of Period, Total 6,964      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (1,011)      
Westmoreland South        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 2,898      
Initial Cost, Buildings and Improvements 21,167      
Costs Capitalized Subsequent to Acquisition 9,415      
Fresh Start Adjustments (23,389)      
Gross Amounts at Which Carried at Close of Period, Land 3,119      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 6,972      
Gross Amounts at Which Carried at Close of Period, Total 10,091      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (4,993)      
Westmoreland Mall        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 4,621      
Initial Cost, Buildings and Improvements 84,215      
Costs Capitalized Subsequent to Acquisition 35,436      
Sales of Outparcel Land (1,240)      
Fresh Start Adjustments (107,620)      
Gross Amounts at Which Carried at Close of Period, Land 6,389      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 9,023      
Gross Amounts at Which Carried at Close of Period, Total 15,412      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (4,549)      
York Galleria        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 5,757      
Initial Cost, Buildings and Improvements 63,316      
Costs Capitalized Subsequent to Acquisition 23,421      
Fresh Start Adjustments (84,499)      
Gross Amounts at Which Carried at Close of Period, Land 1,767      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 6,228      
Gross Amounts at Which Carried at Close of Period, Total 7,995      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (2,993)      
Outparcel properties        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 176,588      
Initial Cost, Land 75,758      
Initial Cost, Buildings and Improvements 108,873      
Costs Capitalized Subsequent to Acquisition 13,244      
Sales of Outparcel Land (2,394)      
Fresh Start Adjustments 13,336      
Gross Amounts at Which Carried at Close of Period, Land 129,050      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 79,767      
Gross Amounts at Which Carried at Close of Period, Total 208,817      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (11,980)      
Development In Progress Consisting Of Construction And Development Properties        
Real Estate And Accumulated Depreciation [Line Items]        
Costs Capitalized Subsequent to Acquisition 5,817      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 5,817      
Gross Amounts at Which Carried at Close of Period, Total 5,817      
Operating Properties        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 1,601,541      
Initial Cost, Land 693,744      
Initial Cost, Buildings and Improvements 3,835,964      
Costs Capitalized Subsequent to Acquisition 897,867      
Sales of Outparcel Land (49,319)      
Fresh Start Adjustments (3,279,054)      
Gross Amounts at Which Carried at Close of Period, Land 588,153      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 1,511,049      
Gross Amounts at Which Carried at Close of Period, Total 2,099,202      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (283,785)      
Annex at Monroeville        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Buildings and Improvements 29,496      
Costs Capitalized Subsequent to Acquisition 671      
Fresh Start Adjustments (25,862)      
Gross Amounts at Which Carried at Close of Period, Land 1,454      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 2,851      
Gross Amounts at Which Carried at Close of Period, Total 4,305      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (1,555)      
Imperial Valley Mall        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 35,378      
Initial Cost, Buildings and Improvements 71,753      
Costs Capitalized Subsequent to Acquisition 11,211      
Sales of Outparcel Land (2,394)      
Fresh Start Adjustments (92,019)      
Gross Amounts at Which Carried at Close of Period, Land 9,966      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 13,963      
Gross Amounts at Which Carried at Close of Period, Total 23,929      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (4,439)      
Monroeville Mall, Pittsburgh, PA        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 4,868      
Initial Cost, Land 22,911      
Initial Cost, Buildings and Improvements 177,214      
Costs Capitalized Subsequent to Acquisition (131,953)      
Fresh Start Adjustments (36,624)      
Gross Amounts at Which Carried at Close of Period, Land 13,793      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 17,755      
Gross Amounts at Which Carried at Close of Period, Total 31,548      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (6,855)      
Held-for-Sale        
Real Estate And Accumulated Depreciation [Line Items]        
Encumbrances 4,868      
Initial Cost, Land 58,289      
Initial Cost, Buildings and Improvements 278,463      
Costs Capitalized Subsequent to Acquisition (120,071)      
Sales of Outparcel Land (2,394)      
Fresh Start Adjustments (154,505)      
Gross Amounts at Which Carried at Close of Period, Land 25,213      
Gross Amounts at Which Carried at Close of Period, Buildings and Improvements 34,569      
Gross Amounts at Which Carried at Close of Period, Total 59,782      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation (12,849)      
Layton Hills Mall, Layton, UT        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 20,464      
Initial Cost, Buildings and Improvements 99,836      
Costs Capitalized Subsequent to Acquisition (13,270)      
Sales of Outparcel Land (32,062)      
Fresh Start Adjustments (74,968)      
Layton Convenience Center Layton, UT        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Buildings and Improvements 8      
Costs Capitalized Subsequent to Acquisition 3,301      
Sales of Outparcel Land (5,256)      
Fresh Start Adjustments 1,947      
Layton Hills Plaza Layton, UT        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Buildings and Improvements 2      
Costs Capitalized Subsequent to Acquisition 1,115      
Sales of Outparcel Land (2,360)      
Fresh Start Adjustments 1,243      
Dispositions        
Real Estate And Accumulated Depreciation [Line Items]        
Initial Cost, Land 20,464      
Initial Cost, Buildings and Improvements 99,846      
Costs Capitalized Subsequent to Acquisition (8,854)      
Sales of Outparcel Land (39,678)      
Fresh Start Adjustments (71,778)      
Gross Amounts at Which Carried at Close of Period, Accumulated Depreciation $ 0      
v3.25.0.1
Schedule III - REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION - Activity (Details) - USD ($)
$ in Thousands
 2 Months Ended 12 Months Ended
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of Carrying Amount of Real Estate Investments and Accumulated Depreciation [Roll Forward]      
Balance at beginning of period $ 1,789,055 $ 1,810,145 $ 1,800,888
Additions and improvements 37,080 43,514 42,267
Acquisitions of real estate assets 5,766 387,110  
Disposals, deconsolidations and accumulated depreciation on impairments (30,752) (81,590) (33,010)
Transfers from real estate assets (261) (59,977)  
Balance at end of period 1,800,888 2,099,202 1,810,145
Accumulated depreciation, beginning of period 19,937 228,034 136,901
Depreciation expense 123,695 87,063 104,153
Transfers from real estate assets 15 (12,780)  
Accumulated depreciation on real estate assets sold, retired, deconsolidated or impaired (6,746) (18,532) (13,020)
Accumulated depreciation, end of period $ 136,901 $ 283,785 $ 228,034