CBL & Associates Properties, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>CBL & Associates Properties, Inc. has filed its 2023 10-K report, detailing financial activities and corporate structure.</b>

AI Summary

CBL & ASSOCIATES PROPERTIES INC (CBL) filed a Annual Report (10-K) with the SEC on February 29, 2024. The company filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. Key dates mentioned include various debt maturities and agreement dates in 2024, 2025, 2026, 2027, and 2028. Specific entities and subsidiaries are referenced, including CBL TRS Med OFC Holding LLC and CBL D MCI LLC as of June 30, 2023. The report details financial information related to common stock, marketing, and specific mall properties like Northpark Mall and The Outlet Shoppes at Laredo.

Why It Matters

For investors and stakeholders tracking CBL & ASSOCIATES PROPERTIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of CBL & Associates Properties, Inc.'s financial performance, operational status, and strategic outlook for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's financial health, debt obligations, and future prospects, particularly concerning its real estate portfolio.

Risk Assessment

Risk Level: medium — CBL & ASSOCIATES PROPERTIES INC shows moderate risk based on this filing. The company's business is heavily reliant on the performance of its real estate assets, particularly malls, which are subject to market fluctuations and changing consumer behavior, as indicated by the numerous mall-related entities and segments mentioned.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand the company's current financial position and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Report period)
• 2024-02-29 — Filing Date (Date of submission)
• 0000910612 — Central Index Key (Filer's identifier)
• 6798 — Standard Industrial Classification (Industry code for Real Estate Investment Trusts)

Key Players & Entities

• CBL & ASSOCIATES PROPERTIES INC (company) — Filer name
• 2030 HAMILTON PLACE BVLD, SUITE 500 (location) — Business and mailing address
• CHATTANOOGA (location) — City for business and mailing address
• TN (location) — State for business and mailing address
• 37421 (location) — ZIP code for business and mailing address
• CBL TRS Med OFC Holding LLC (company) — Subsidiary mentioned
• CBL D MCI LLC (company) — Subsidiary mentioned
• Northpark Mall (location) — Specific mall property mentioned

FAQ

Industry Context

The company operates within the Real Estate Investment Trusts (REITs) sector, specifically focusing on retail properties such as malls and outlet centers.

Regulatory Implications

As a publicly traded company, CBL & Associates Properties, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and debt levels.
2. Examine the risk factors section for potential challenges and uncertainties.
3. Review management's discussion and analysis for strategic insights and future outlook.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.001 — e on which registered Common Stock, $0.001 par value CBL New York Stock Exchan
• $22.04 — 332,564 , based on the closing price of $22.04 per share on the New York Stock Exchang

Filing Documents

• cbl-20231231.htm (10-K) — 9259KB
• cbl-ex4_2.htm (EX-4.2) — 61KB
• cbl-ex21.htm (EX-21) — 421KB
• cbl-ex23.htm (EX-23) — 3KB
• cbl-ex24.htm (EX-24) — 37KB
• cbl-ex31_1.htm (EX-31.1) — 12KB
• cbl-ex31_2.htm (EX-31.2) — 12KB
• cbl-ex32_1.htm (EX-32.1) — 6KB
• cbl-ex32_2.htm (EX-32.2) — 6KB
• cbl-ex97.htm (EX-97) — 65KB
• img94405534_0.jpg (GRAPHIC) — 150KB
• 0000950170-24-023267.txt (&nbsp;) — 31502KB
• cbl-20231231.xsd (EX-101.SCH) — 3179KB
• cbl-20231231_htm.xml (XML) — 6277KB

Risk Factors

Risk Factors 7 1B. Unresolved Staff Comments 28 1C. Cybersecurity 28 2.

Properties

Properties 29 3.

Legal Proceedings

Legal Proceedings 42 4. Mine Safety Disclosures 42 PART II 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 43 6. [Reserved] 44 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 45 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 63 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 63 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 63 9A.

Controls and Procedures

Controls and Procedures 63 9B. Other Information 66 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 66 PART III 10. Directors, Executive Officers and Corporate Governance 67 11.

Executive Compensation

Executive Compensation 67 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 67 13. Certain Relationships and Related Transactions, and Director Independence 67 14. Principal Accounting Fees and Services 67 PART IV 15. Exhibits, Financial Statement Schedules 68 16. Form 10-K Summary 68 Index to Exhibits 125

Signatures

Signatures 130 Cautionary Statement Regardin g Forward-Looking Statements Certain statements included or incorporated by reference in this Annual Report on Form 10-K may be deemed "forward looking statements" within the meaning of the federal securities laws. All statements other than statements of historical fact should be considered to be forward-looking statements. In many cases, these forward looking statements may be identified by the use of words such as "will," "may," "should," "could," "believes," "expects," "anticipates," "estimates," "intends," "projects," "goals," "objectives," "targets," "predicts," "plans," "seeks," and variations of these words and similar expressions. Any forward-looking statement speaks only as of the date on which it is made and is qualified in its entirety by reference to the factors discussed throughout this report. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, forward-looking statements are not guarantees of future performance or results and we can give no assurance that these expectations will be attained. It is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of known and unknown risks and uncertainties. In addition to the risk factors discussed in Part I, Item 1A of this report, and those factors noted above, such known risks and uncertainties include, without limitation: general industry, economic and business conditions; interest rate fluctuations; costs and availability of capital, including debt, and capital requirements; the ability to obtain suitable equity and/or debt financing and the continued availability of financing, in the amounts and on the terms necessary to support our future refinancing requirements and business; costs and availability of real estate; inability to consummate acquisition or disposition opportunities and other risks associated wit

B USINESS

ITEM 1. B USINESS This Annual Report on Form 10-K (this "Annual Report") is being filed by CBL & Associates Properties, Inc. (the "Company," "CBL," "we," "us" and "our"), a Delaware corporation. As described below, we refer to the post-emergence reorganized company as the "Successor" and the pre-emergence company as the "Predecessor." Unless stated otherwise or the context otherwise requires, references to the "Company," "we," "us" and "our" also includes our subsidiaries. The Company's Business We are a self-managed, self-administered, fully integrated real estate investment trust ("REIT"). We own, develop, acquire, lease, manage, and operate regional shopping malls, outlet centers, lifestyle centers, open-air centers and other properties. Our properties are located in 22 states, but are primarily in the southeastern and midwestern United States. We have elected to be taxed as a REIT for federal income tax purposes. We conduct substantially all our business through CBL & Associates Limited Partnership (the "Operating Partnership"), which is a variable interest entity ("VIE"). We are the 100% owner of two qualified REIT subsidiaries, CBL Holdings I, Inc. and CBL Holdings II, Inc. CBL Holdings I, Inc. is the sole general partner of the Operating Partnership. At December 31, 2023, CBL Holdings I, Inc. owned a 1.0% general partner interest and CBL Holdings II, Inc. owned an 98.98% limited partner interest in the Operating Partnership, for a combined interest held by us of 99.98%. As of December 31, 2023, third parties owned a 0.02% limited partner interest in the Operating Partnership. See Note 1 to the consolidated financial statements for information on our properties as of December 31, 2023. Our malls, lifestyle centers and outlet centers (the "Malls") and our open-air centers and other property types (the "All Other" or "All Other Properties") are collectively referred to as the "properties" and individually as a "property." The "other" property type is m

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View this 10-K filing on SEC EDGAR