CBL & ASSOCIATES PROPERTIES INC Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CBL & Associates Properties, Inc. has filed its Q1 2024 10-Q report, detailing financial activities and entity structures.</b>

AI Summary

CBL & ASSOCIATES PROPERTIES INC (CBL) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. CBL & Associates Properties, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. Key dates mentioned include fiscal year end December 31, and reporting periods such as March 31, 2024, and March 31, 2023. The company's business address is 2030 Hamilton Place Blvd, Suite 500, Chattanooga, TN 37421. The filing includes references to various financial instruments and entities, such as interest rate swaps, variable interest entities, and specific LLCs like CBL TRS Med OFC Holding LLC.

Why It Matters

For investors and stakeholders tracking CBL & ASSOCIATES PROPERTIES INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational updates for CBL & Associates Properties, Inc. Understanding the details within this report is crucial for assessing the company's financial health, debt structure, and potential risks or opportunities in the real estate investment trust sector.

Risk Assessment

Risk Level: medium — CBL & ASSOCIATES PROPERTIES INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) for a publicly traded company, indicating ongoing disclosure requirements rather than an immediate event, but the nature of REITs and their debt can introduce medium-level financial risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand CBL & Associates Properties, Inc.'s current financial position and operational performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-10 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (First quarter of fiscal year 2024)
• 2023-03-31 — Prior Year Period End Date (Comparison period)

Key Players & Entities

• CBL & ASSOCIATES PROPERTIES INC (company) — Filer name
• 2030 HAMILTON PLACE BVLD, SUITE 500 (address) — Business address
• CHATTANOOGA (location) — City for business address
• TN (location) — State for business address
• 37421 (postal_code) — ZIP code for business address
• CBL TRS Med OFC Holding LLC (company) — Mentioned entity
• VisionCBL Hamilton Place LLC (company) — Mentioned entity
• Fayette Mall (location) — Mentioned property

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with an update on the company's financial condition between annual reports.)

Variable Interest Entity

A legal entity whose equity is not sufficient to support its activities without additional financial support from other parties. (Relevant for understanding consolidated financial statements and potential off-balance sheet risks.)

Interest Rate Swap

A derivative contract where two parties exchange interest rate payments. (Indicates hedging strategies used by the company to manage interest rate risk.)

Key Financial Figures

• $0.001 — e on which registered Common Stock, $0.001 par value CBL New York Stock Exchan

Filing Documents

• cbl-20240331.htm (10-Q) — 2546KB
• cbl-ex31_1.htm (EX-31.1) — 12KB
• cbl-ex31_2.htm (EX-31.2) — 12KB
• cbl-ex32_1.htm (EX-32.1) — 8KB
• cbl-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-057509.txt (&nbsp;) — 10132KB
• cbl-20240331.xsd (EX-101.SCH) — 1432KB
• cbl-20240331_htm.xml (XML) — 1812KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33 PART II OTHER INFORMATION 34 Item 1.

Legal Proceedings

Legal Proceedings 34 Item1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 35

– FINANCI AL INFORMATION

PART I – FINANCI AL INFORMATION

: Condensed Consolidated Finan cial Statements (Unaudited)

ITEM 1: Condensed Consolidated Finan cial Statements (Unaudited) CBL & Associates Properties, Inc. Condensed Consolida ted Balance Sheets (In thousands, except share data) (Unaudited) March 31, December 31, ASSETS (1) 2024 2023 Real estate assets: Land $ 582,949 $ 585,191 Buildings and improvements 1,218,746 1,216,054 1,801,695 1,801,245 Accumulated depreciation ( 247,387 ) ( 228,034 ) 1,554,308 1,573,211 Developments in progress 7,479 8,900 Net investment in real estate assets 1,561,787 1,582,111 Cash and cash equivalents 60,311 34,188 Restricted cash 66,946 88,888 Available-for-sale securities - at fair value (amortized cost of $ 235,072 and $ 261,869 as of March 31, 2024 and December 31, 2023, respectively) 234,998 262,142 Receivables: Tenant 37,588 43,436 Other 7,246 2,752 Investments in unconsolidated affiliates 77,818 76,458 In-place leases, net 142,683 157,639 Intangible lease assets and other assets 154,439 158,291 $ 2,343,816 $ 2,405,905 LIABILITIES AND EQUITY Mortgage and other indebtedness, net $ 1,860,294 $ 1,888,803 Accounts payable and accrued liabilities 168,672 186,485 Total liabilities (1) 2,028,966 2,075,288 Shareholders' equity: Common stock, $ .001 par value, 200,000,000 shares authorized, 32,033,939 and 31,975,645 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively (excluding 140,034 treasury shares as of March 31, 2024 and excluding 34 treasury shares as of December 31, 2023) 32 32 Additional paid-in capital 716,706 719,125 Accumulated other comprehensive income 726 610 Accumulated deficit ( 393,266 ) ( 380,446 ) Total shareholders' equity 324,198 339,321 Noncontrolling interests ( 9,348 ) ( 8,704 ) Total equity 314,850 330,617 $ 2,343,816 $ 2,405,905 (1) As of March 31, 2024, includes $ 179,986 of assets relat

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View this 10-Q filing on SEC EDGAR