Positive Operational Trends Contribute to
Fourth Quarter and Full-Year Financial Results Above
Expectation
CBL Properties (NYSE: CBL) announced results for the fourth
quarter and year ended December 31, 2022. Financial results for the
periods from January 1, 2021, through October 31, 2021, and for the
month ended October 31, 2021, are referred to as those of the
“Predecessor” period. Financial results for the periods from
November 1, 2021 through December 31, 2021; and, from January 1,
2022, through December 31, 2022, are referred to as those of the
“Successor” period. Results of operations as reported in the
consolidated financial statements for these periods are prepared in
accordance with GAAP. A description of each supplemental non-GAAP
financial measure and the related reconciliation to the comparable
GAAP financial measure is located at the end of this news
release.
Successor
Predecessor
Three Months Ended December
31,
For the Period November 1,
through December 31,
For the Period October 1,
through October 31,
2022
2021
2021
Net income (loss) attributable to common
shareholders
$
811
$
(151,545
)
$
(393,262
)
Funds from Operations ("FFO")
$
63,214
$
(92,968
)
$
(360,265
)
FFO, as adjusted (1)
$
67,173
$
63,178
$
43,163
Successor
Predecessor
Year Ended December
31,
For the Period November 1,
through December 31,
For the Period January 1,
through October 31,
2022
2021
2021
Net loss attributable to common
shareholders
$
(96,019
)
$
(151,545
)
$
(470,627
)
Funds from Operations ("FFO")
$
178,616
$
(92,968
)
$
(144,738
)
FFO, as adjusted (1)
$
243,521
$
63,178
$
286,649
(1)
For a reconciliation of FFO to FFO, as
adjusted, for the periods presented, please refer to the footnotes
to the Company’s reconciliation of net income (loss) attributable
to common shareholders to FFO allocable to Operating Partnership
common unitholders on page 10 of this news release.
For the Predecessor periods, FFO, as adjusted, allocable to
Operating Partnership common unitholders, did not include interest
expense related to the senior secured notes and credit facility.
Interest payments on these loans were not required to be made
during the Predecessor periods due to the Company’s bankruptcy
filing on November 1, 2020.
KEY TAKEAWAYS:
- Consistent strong occupancy increases, higher percentage and
other rents contributed to improvement in 2022 same-center NOI to
$443.4 million. FFO, as adjusted for the year, for 2022 was $243.5
million, which was above previously issued guidance.
- CBL's Board of Directors declared a 50% increase in the regular
quarterly dividend rate for the first quarter 2023 to $0.375 per
share. During 2022, CBL’s Board of Directors declared a total of
$2.95 per share in dividends on its common stock, including $0.75
per share in regular quarterly dividends as well as a special
all-cash dividend of $2.20 per share, demonstrating CBL's
commitment to returning value to shareholders.
- Portfolio occupancy as of December 31, 2022, was 91.0%,
representing a 170-basis-point increase from occupancy of 89.3% as
of December 31, 2021 and an increase of 50-basis-points from
occupancy of 90.5% as of September 30, 2022. Same-center occupancy
for malls, lifestyle centers and outlet centers was 89.6% as of
December 31, 2022, a 170-basis-point increase from 87.9% as of
December 31, 2021.
- Fourth quarter new and renewal comparable space leases were
signed at 4.5% lower average rents versus the prior leases. The
decline was driven by 10 renewal leases with one tenant. Excluding
these 10 renewal leases, average renewal and total lease spreads
were flat.
- Same-center tenant sales per square foot for the 12-months
ended December 31, 2022, declined 2.6% to $435, compared with $447
for the prior period.
- As of December 31, 2022, the Company had $337.1 million of
unrestricted cash and marketable securities.
- CBL issues 2023 FFO, as adjusted, per share, guidance in the
range of $5.85 - $6.47 and 2023 same-center NOI guidance in the
range of $418 million - $440 million. Guidance assumes that
positive trends in occupancy and operations are offset by lower
percentage rent, an unfavorable variance in the estimate for
uncollectable revenues due to lower recoveries, and the net impact
of lease spreads. FFO, as adjusted is also impacted by higher
interest expense, primarily related to floating rate debt. More
details outlined below.
“CBL enjoyed a strong and successful 2022 in all respects," said
Stephen D. Lebovitz, CBL's chief executive officer. “We are pleased
with our excellent fourth quarter and full-year 2022 operational
and financial results, highlighted by adjusted FFO and NOI above
expectations. This performance was driven primarily by strong
occupancy growth both sequentially and year-over-year with
portfolio occupancy improving 170 basis points over year-end 2021.
Our results also benefited from higher specialty income and
percentage rents and disciplined expense management. We were
cautious going into the year given the macro-economic challenges,
including interest rate hikes and inflationary pressure. Despite
these headwinds, we enjoyed healthy tenant demand and limited store
bankruptcies or closings. Traffic at our properties confirmed the
consumers’ ongoing support of in-person shopping and experiences
with full-year sales per square foot just 2.6% lower than 2021
levels, while remaining more than 12% above pre-pandemic levels in
2019.
"Our guidance for 2023 reflects our expectation for additional
occupancy gains as new tenant demand remains at a high level. We
are adding new restaurants, entertainment users and successful
regional and local retailers. Additionally, expenses are expected
to remain relatively in-line despite inflationary pressures.
However, we expect a greater impact from bankruptcies and store
closures in 2023 based on recent tenant announcements and reviews
of tenant credit risk, and a lower contribution from percentage
rents with the expectation that sales will moderate. Generally, new
leasing demand remains healthy, and we have significant activity
occurring across our portfolio that will contribute to our cash
flows in 2023 and going forward.
"Our 2022 results and significant free cash flow has contributed
to our strong cash balance, which funded the return of significant
value to shareholders in 2022 through more than $91 million in cash
dividends. We further demonstrated our commitment to our
shareholders with the recently announced 50% increase in our
regular quarterly dividend and are committed to pursuing
opportunities that would meaningfully contribute to shareholder
value in the future. The strength and flexibility of our balance
sheet improved materially in 2022, with over $1.1 billion in
financing activity completed. Major milestone achievements include
refinancing our 10% Notes with non-recourse mortgage debt at
favorable spreads to the prior rate, as well as several other
notable financings through the year. As a result, we enjoy a
balance sheet comprised almost-exclusively of non-recourse mortgage
debt with significant ongoing amortization reducing leverage
further."
Same-center Net Operating Income
(“NOI”) (1):
Successor
Predecessor
Three months ended December
31, 2022
For the Period November 1,
2021 through December 31, 2021
For the Period October 1, 2021
through October 31, 2021
Total Revenues
$
176,091
$
122,799
$
53,643
Total Expenses
$
55,665
$
36,981
$
17,964
Total portfolio same-center NOI
$
120,426
$
85,818
$
35,679
Estimate for uncollectable revenues
(recovery)
$
(416
)
$
(784
)
$
(782
)
(1)
CBL’s definition of same-center NOI
excludes the impact of lease termination fees and certain non-cash
items such as straight-line rents and reimbursements, write-offs of
landlord inducements and net amortization of acquired above and
below market leases.
Same-Center NOI growth in the fourth quarter benefited from new
rent related to occupancy improvements and higher percentage rents,
offset by the impact of negative renewal lease spreads and a lower
recovery of uncollectable revenues.
Successor
Predecessor
Year Ended December 31,
2022
For the Period November 1,
2021 through December 31, 2021
For the Period January 1, 2021
through October 31, 2021
Total Revenues
$
661,091
$
122,799
$
525,059
Total Expenses
$
217,732
$
36,981
$
172,019
Total portfolio same-center NOI
$
443,359
$
85,818
$
353,040
Estimate for uncollectable revenues
(recovery)
$
(4,339
)
$
(784
)
$
2,882
(1)
CBL’s definition of same-center NOI
excludes the impact of lease termination fees and certain non-cash
items such as straight-line rents and reimbursements, write-offs of
landlord inducements and net amortization of acquired above and
below market leases.
Same-Center NOI growth for the full-year 2022 benefited from new
rent related to occupancy improvements, higher percentage rents and
a positive variance due to the recovery of uncollectable revenues
partially offset by the impact of negative renewal lease spreads
and a moderate increase in operating expenses primarily related to
inflationary pressure.
PORTFOLIO OPERATIONAL RESULTS
Occupancy(1):
As of December 31,
2022
2021
Total portfolio
91.0%
89.3%
Malls, Lifestyle Centers and Outlet
Centers:
Total malls
89.1%
87.2%
Total lifestyle centers
92.7%
86.7%
Total outlet centers
90.8%
93.6%
Total same-center malls, lifestyle centers
and outlet centers
89.6%
87.9%
All Other:
Total open-air centers
95.3%
94.8%
Total other
93.0%
90.5%
(1)
Occupancy for malls, lifestyle centers and
outlet centers represent percentage of in-line gross leasable area
under 20,000 square feet occupied. Occupancy for open-air centers
represents percentage of gross leasable area occupied.
New and Renewal Leasing Activity of
Same Small Shop Space Less Than 10,000 Square Feet:
% Change in Average Gross Rent Per
Square Foot:
Three Months Ended December
31,
Year Ended December
31,
2022
2022
Stabilized Malls, Lifestyle Centers and
Outlet Centers
(5.0)%
(5.9)%
New leases
34.8%
15.8%
Renewal leases
(5.8)%
(8.0)%
Same-Center Sales Per Square Foot for In-line Tenants 10,000
Square Feet or Less:
Sales Per Square Foot for the
Trailing Twelve Months Ended December 31,
2022
2021
Mall, Lifestyle Center and Outlet Center
same-center sales per square foot
$
435
$
447
Same-center tenant sales per square foot for the twelve months
ended December 31, 2022, declined 2.6% as compared with prior
year.
DIVIDEND
On February 16, 2023, CBL’s Board of Directors declared a
regular quarterly cash dividend for the three months ended March
31, 2023, of $0.375 per share, representing an increase of 50%. The
dividend, which equates to an annual dividend payment of $1.50 per
share, is payable on March 31, 2023, to shareholders of record as
of March 15, 2023.
FINANCING ACTIVITY
In 2022, CBL completed more than $1.1 billion in financing
activity. Details of financings completed in the fourth quarter
2022 and year-to-date 2023 are outlined below.
In October, CBL finalized the modification of the loan secured
by Southpark Mall in Richmond, VA ($54.4 million). The loan was
extended through June 2026 at the existing interest rate of
4.85%.
Additionally in October, the modification of the $35.2 million
recourse loan secured by The Outlet Shoppes at Gettysburg in
Gettysburg, PA was completed. The loan balance was reduced to $21.0
million ($10.5 million at CBL's share), and the loan was converted
to non-recourse.
In October, the foreclosure of Greenbrier Mall in Chesapeake, VA
($61.6 million) was completed. CBL is cooperating with the
foreclosure or conveyance of Westgate Mall in Spartanburg, SC,
($29.0 million) and Alamance Crossing East in Burlington, NC,
($41.4 million) and anticipates that the properties will be placed
into receivership imminently. CBL does not recognize earnings or
receive cash flow from the properties in receivership.
In October, CBL completed a short-term extension to January 2023
for the loan secured by Cross Creek Mall in Fayetteville, NC ($97.4
million). CBL is in discussions with the lender for a two-year
extension/modification of the loan, which it anticipates closing
within 90 days. CBL is also in discussions with the lender for a
potential extension/modification of the loan secured by West County
Center located in St. Louis, MO ($80.9 million at CBL’s share).
DISPOSITIONS
During the fourth quarter 2022, CBL completed the sale of five
land parcels generating $4.5 million in gross proceeds at CBL's
share. Year-to-date, CBL has generated more than $13.4 million from
dispositions, at its share.
DEVELOPMENT AND REDEVELOPMENT ACTIVITY
In January 2023, CBL Properties and Vision Hospitality Group,
Inc. announced a 50/50 joint venture to develop a 139-room Element
by Westin at Mayfaire Town Center in Wilmington, North Carolina.
The new hotel marks the brand’s entrance into the Wilmington
market. The 83,000-square-foot hotel will be located on
International Drive.
Detailed project information is available in CBL’s Financial
Supplement for Q4 2022, which can be found in the Invest –
Financial Reports section of CBL’s website at cblproperties.com.
OUTLOOK AND GUIDANCE
CBL is providing the following guidance
for FFO, as adjusted, and Same-Center NOI for full-year 2023:
Low
High
2023 FFO, as adjusted
$188 million
$208 million
2023 FFO, as adjusted, per share
$
5.85
$
6.47
Weighted Average Common Shares
Outstanding
32.1 million
32.1 million
2023 Same-Center NOI ("SC NOI")
$418 million
$440 million
2023 Change in Same-Center NOI
(5.6
)%
(0.7
)%
Assumptions driving the projected change in 2023 Same-Center
NOI:
2023 SC NOI Low End (in
millions)
2023 SC NOI High End (in
millions)
Category Explanation
2022 Same-Center NOI
$
443.0
$
443.0
Rent from new leases and contractual rent
increases
$
22.0
$
25.0
New gross rent contribution from stores
that opened in 2022 or expected to open in 2023 and net increases
from existing tenants from contractual rent bumps.
Percentage Rent
$
(7.0
)
$
(5.0
)
Lower percentage rent resulting from an
anticipated decline in full-year sales.
Specialty Leasing, Branding and Other
Misc. Rents
$
(7.0
)
$
(3.0
)
Represents an assumption of lower
temporary and specialty leasing rents and lower branding and
advertising revenue.
Store Closures/Non-Renewals
$
(11.0
)
$
(9.0
)
Represents gross rent loss in 2023 related
to stores that closed for a partial year in 2022 or are expected to
close before year-end 2023.
Lease Renewals/Modifications
$
(7.0
)
$
(5.0
)
Impact of net gross rent spreads related
to renewals or lease modifications completed in 2022 and budgeted
for 2023.
Operating Expense
$
(5.0
)
$
0.0
Low end represents potential increase in
operating expenses driven by increases in wage expense and impact
of inflation on materials.
Credit Loss
$
(3.0
)
$
(1.0
)
Unbudgeted reserve for tenants that may
file for bankruptcy/close stores.
Uncollectable Revenue Variance
$
(7.0
)
$
(5.0
)
Represents the estimated impact of an
unfavorable variance in the estimate for Uncollectable Revenues.
2022 NOI included a reversal of the estimate for Uncollectable
Revenues related to collected revenues that were previously written
off.
Total Variance
$
(25.0
)
$
(3.0
)
2023 SC NOI Guidance
$
418.0
$
440.0
% Variance
(5.6
)%
(0.7
)%
Reconciliation of GAAP Earnings Per Share to 2023 FFO, as
Adjusted, Per Share:
Low
High
Expected diluted earnings per common
share
$
(3.20
)
$
(2.58
)
Depreciation and amortization
7.16
7.16
Debt discount accretion, net of
noncontrolling interests' share
1.89
1.89
Expected FFO, as adjusted, per diluted,
fully converted common share
$
5.85
$
6.47
2023 Estimate of Capital Items:
Low
High
2023 Estimated deferred maintenance/tenant
allowances
$40 million
$55 million
2023 Estimated development/redevelopment
expenditures
$15 million
$22 million
2023 Estimated principal amortization
(including est. term loan ECF)
$75 million
$85 million
Total Estimate
$130 million
$162 million
ABOUT CBL PROPERTIES
Headquartered in Chattanooga, TN, CBL Properties owns and
manages a national portfolio of market-dominant properties located
in dynamic and growing communities. CBL’s owned and managed
portfolio is comprised of 94 properties totaling 58.5 million
square feet across 22 states, including 56 high-quality enclosed
malls, outlet centers and lifestyle retail centers as well as more
than 30 open-air centers and other assets. CBL seeks to
continuously strengthen its company and portfolio through active
management, aggressive leasing and profitable reinvestment in its
properties. For more information visit cblproperties.com.
NON-GAAP FINANCIAL MEASURES
Funds From Operations
FFO is a widely used non-GAAP measure of the operating
performance of real estate companies that supplements net income
(loss) determined in accordance with GAAP. The National Association
of Real Estate Investment Trusts ("NAREIT") defines FFO as net
income (loss) (computed in accordance with GAAP) excluding gains or
losses on sales of depreciable operating properties and impairment
losses of depreciable properties, plus depreciation and
amortization, and after adjustments for unconsolidated partnerships
and joint ventures and noncontrolling interests. Adjustments for
unconsolidated partnerships and joint ventures and noncontrolling
interests are calculated on the same basis. We define FFO as
defined above by NAREIT. The Company’s method of calculating FFO
may be different from methods used by other REITs and, accordingly,
may not be comparable to such other REITs.
The Company believes that FFO provides an additional indicator
of the operating performance of its properties without giving
effect to real estate depreciation and amortization, which assumes
the value of real estate assets declines predictably over time.
Since values of well-maintained real estate assets have
historically risen with market conditions, the Company believes
that FFO enhances investors’ understanding of its operating
performance. The use of FFO as an indicator of financial
performance is influenced not only by the operations of the
Company’s properties and interest rates, but also by its capital
structure.
The Company believes FFO allocable to Operating Partnership
common unitholders is a useful performance measure since it
conducts substantially all of its business through its Operating
Partnership and, therefore, it reflects the performance of the
properties in absolute terms regardless of the ratio of ownership
interests of the Company’s common shareholders and the
noncontrolling interest in the Operating Partnership.
In the reconciliation of net income (loss) attributable to the
Company’s common shareholders to FFO allocable to Operating
Partnership common unitholders, located in this earnings release,
the Company makes an adjustment to add back noncontrolling interest
in income (loss) of its Operating Partnership in order to arrive at
FFO of the Operating Partnership common unitholders.
FFO does not represent cash flows from operations as defined by
GAAP, is not necessarily indicative of cash available to fund all
cash flow needs and should not be considered as an alternative to
net income (loss) for purposes of evaluating the Company’s
operating performance or to cash flow as a measure of
liquidity.
The Company believes that it is important to identify the impact
of certain significant items on its FFO measures for a reader to
have a complete understanding of the Company’s results of
operations. Therefore, the Company has also presented adjusted FFO
measures excluding these items from the applicable periods. Please
refer to the reconciliation of net income (loss) attributable to
common shareholders to FFO allocable to Operating Partnership
common unitholders on page 10 of this news release for a
description of these adjustments.
Same-center Net Operating Income
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).
The Company computes NOI based on the Operating Partnership’s
pro rata share of both consolidated and unconsolidated properties.
The Company believes that presenting NOI and same-center NOI
(described below) based on its Operating Partnership’s pro rata
share of both consolidated and unconsolidated properties is useful
since the Company conducts substantially all of its business
through its Operating Partnership and, therefore, it reflects the
performance of the properties in absolute terms regardless of the
ratio of ownership interests of the Company’s common shareholders
and the noncontrolling interest in the Operating Partnership. The
Company's definition of NOI may be different than that used by
other companies and, accordingly, the Company's calculation of NOI
may not be comparable to that of other companies.
Since NOI includes only those revenues and expenses related to
the operations of the Company’s shopping center properties, the
Company believes that same-center NOI provides a measure that
reflects trends in occupancy rates, rental rates, sales at the
malls and operating costs and the impact of those trends on the
Company’s results of operations. The Company’s calculation of
same-center NOI excludes lease termination income, straight-line
rent adjustments, amortization of above and below market lease
intangibles and write-off of landlord inducement assets in order to
enhance the comparability of results from one period to another. A
reconciliation of same-center NOI to net income (loss) is located
at the end of this earnings release.
Pro Rata Share of Debt
The Company presents debt based on the carrying value of its pro
rata ownership share (including the carrying value of the Company’s
pro rata share of unconsolidated affiliates and excluding
noncontrolling interests’ share of consolidated properties) because
it believes this provides investors a clearer understanding of the
Company’s total debt obligations which affect the Company’s
liquidity. A reconciliation of the Company’s pro rata share of debt
to the amount of debt on the Company’s condensed consolidated
balance sheet is located at the end of this earnings release.
Information included herein contains “forward-looking
statements” within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy and some of which might
not even be anticipated. Future events and actual events, financial
and otherwise, may differ materially from the events and results
discussed in the forward-looking statements. The reader is directed
to the Company’s various filings with the Securities and Exchange
Commission, including without limitation the Company’s Annual
Report on Form 10-K, and the “Management's Discussion and Analysis
of Financial Condition and Results of Operations” included therein,
for a discussion of such risks and uncertainties.
Consolidated Statements of
Operations
(Unaudited; in thousands, except per share
amounts)
Successor
Predecessor
Three Months Ended December
31,
Period from November 1,
through December 31,
Period from October 1, through
October 31,
2022
2021
2021
REVENUES:
Rental revenues
$
143,441
$
103,252
$
45,892
Management, development and leasing
fees
1,820
1,500
755
Other
4,350
4,094
1,263
Total revenues
149,611
108,846
47,910
EXPENSES:
Property operating
(23,080
)
(15,258
)
(7,492
)
Depreciation and amortization
(61,841
)
(49,504
)
(16,483
)
Real estate taxes
(14,550
)
(9,598
)
(5,169
)
Maintenance and repairs
(11,417
)
(7,581
)
(3,440
)
General and administrative
(16,066
)
(9,175
)
(5,779
)
Loss on impairment
—
—
(26,439
)
Litigation settlement
122
118
43
Other
—
(3
)
(354
)
Total expenses
(126,832
)
(91,001
)
(65,113
)
OTHER INCOME (EXPENSES):
Interest and other income
3,722
510
16
Interest expense
(33,914
)
(195,488
)
(6,947
)
Gain on extinguishment of debt
7,344
—
—
Gain on deconsolidation
—
19,126
—
Gain (loss) on sales of real estate
assets
1,798
(3
)
3,695
Reorganization items, net
36
(1,403
)
(383,148
)
Income tax (provision) benefit
(328
)
5,885
(856
)
Equity in earnings (losses) of
unconsolidated affiliates
3,488
797
(1,248
)
Total other expenses
(17,854
)
(170,576
)
(388,488
)
Net income (loss)
4,925
(152,731
)
(405,691
)
Net (income) loss attributable to
noncontrolling interests in:
Operating Partnership
—
—
460
Other consolidated subsidiaries
(2,003
)
1,186
11,969
Net income (loss) attributable to the
Company
2,922
(151,545
)
(393,262
)
Dividends allocable to unvested restricted
stock
(2,111
)
—
—
Net income (loss) attributable to
common shareholders
$
811
$
(151,545
)
$
(393,262
)
Basic and diluted per share data
attributable to common shareholders:
Net income (loss) attributable to common
shareholders
$
0.03
$
(7.50
)
$
(1.99
)
Weighted-average common and potential
dilutive common shares outstanding
30,999
20,208
197,625
Consolidated Statements of
Operations
(Unaudited; in thousands, except per share
amounts)
Successor
Predecessor
Year Ended December
31,
Period from November 1,
through December 31,
Period from January 1, through
October 31,
2022
2021
2021
REVENUES:
Rental revenues
$
542,247
$
103,252
$
450,922
Management, development and leasing
fees
7,158
1,500
5,642
Other
13,606
4,094
11,465
Total revenues
563,011
108,846
468,029
EXPENSES:
—
Property operating
(92,126
)
(15,258
)
(72,735
)
Depreciation and amortization
(256,310
)
(49,504
)
(158,574
)
Real estate taxes
(57,119
)
(9,598
)
(50,787
)
Maintenance and repairs
(42,485
)
(7,581
)
(32,487
)
General and administrative
(67,215
)
(9,175
)
(43,160
)
Loss on impairment
(252
)
—
(146,781
)
Litigation settlement
304
118
932
Other
(834
)
(3
)
(745
)
Total expenses
(516,037
)
(91,001
)
(504,337
)
OTHER INCOME (EXPENSES):
—
Interest and other income
4,938
510
2,055
Interest expense
(217,342
)
(195,488
)
(72,415
)
Gain on extinguishment of debt
7,344
—
—
Gain on deconsolidation
36,250
19,126
55,131
Loss on available-for-sale securities
(39
)
—
—
Gain (loss) on sales of real estate
assets
5,345
(3
)
12,187
Reorganization items, net
298
(1,403
)
(435,162
)
Income tax (provision) benefit
(3,079
)
5,885
(1,078
)
Equity in earnings (losses) of
unconsolidated affiliates
19,796
797
(10,823
)
Total other expenses
(146,489
)
(170,576
)
(450,105
)
Net loss
(99,515
)
(152,731
)
(486,413
)
Net loss attributable to noncontrolling
interests in:
Operating Partnership
34
—
2,473
Other consolidated subsidiaries
5,999
1,186
13,313
Net loss attributable to the
Company
(93,482
)
(151,545
)
(470,627
)
Dividends allocable to unvested restricted
stock
(2,537
)
—
—
Net loss attributable to common
shareholders
$
(96,019
)
$
(151,545
)
$
(470,627
)
Basic and diluted per share data
attributable to common shareholders:
Net loss attributable to common
shareholders
$
(3.20
)
$
(7.50
)
$
(2.39
)
Weighted-average common and potential
dilutive common shares outstanding
30,046
20,208
196,591
The Company's reconciliation of net
income (loss) attributable to common shareholders to FFO allocable
to Operating Partnership common unitholders is as follows:
(in thousands, except per share data)
Successor
Predecessor
Three Months Ended December
31,
Period from November 1,
through December 31,
Period from October 1, through
October 31,
2022
2021
2021
Net income (loss) attributable to common
shareholders
$
811
$
(151,545
)
$
(393,262
)
Noncontrolling interest in loss of
Operating Partnership
—
—
(460
)
Dividends allocable to unvested restricted
stock
2,111
—
—
Depreciation and amortization expense
of:
Consolidated properties
61,841
49,504
16,483
Unconsolidated affiliates
(191
)
9,847
4,660
Non-real estate assets
(526
)
(132
)
(145
)
Noncontrolling interests' share of
depreciation and amortization in other consolidated
subsidiaries
(832
)
(622
)
(191
)
Loss on impairment, net of noncontrolling
interests' share
—
—
15,704
Gain on depreciable property, net of
taxes
—
(20
)
(3,054
)
FFO allocable to Operating Partnership
common unitholders
63,214
(92,968
)
(360,265
)
Debt discount accretion, net of
noncontrolling interests' share (1)
22,131
184,637
—
Adjustment for unconsolidated affiliates
with negative investment (2)
(1,522
)
(4,574
)
—
Senior secured notes fair value adjustment
(3)
—
395
—
Litigation settlement (4)
(122
)
(118
)
(43
)
Non-cash default interest expense (5)
(9,148
)
(6,471
)
3,107
Gain on deconsolidation (6)
—
(19,126
)
—
Reorganization items, net of
noncontrolling interests' share (7)
(36
)
1,403
400,364
Gain on extinguishment of debt (8)
(7,344
)
—
—
FFO allocable to Operating Partnership
common unitholders, as adjusted
$
67,173
$
63,178
$
43,163
FFO per diluted share
$
1.99
$
(4.60
)
FFO, as adjusted, per diluted
share
$
2.11
$
3.12
Weighted-average common and potential
dilutive common shares outstanding with Operating Partnership units
fully converted
31,840
20,219
(1)
In conjunction with fresh start accounting
upon emergence from bankruptcy, the Company recognized debt
discounts equal to the difference between the outstanding balance
of mortgage notes payable and the estimated fair value of such
mortgage notes payable. The debt discounts are accreted as
additional interest expense over the terms of the respective
mortgage notes payable using the effective interest method.
(2)
Represents the Company’s share of the
earnings (losses) before depreciation and amortization expense of
unconsolidated affiliates where the Company is not recognizing
equity in earnings (losses) because its investment in the
unconsolidated affiliate is below zero.
(3)
Represents the fair value adjustment
recorded on the senior secured notes as interest expense.
(4)
Represents a credit to litigation
settlement expense in each Successor and Predecessor period related
to claim amounts that were released pursuant to the terms of the
settlement agreement related to the settlement of a class action
lawsuit.
(5)
The three month Successor period ended
December 31, 2022 and the Successor period from November 1, 2021
through December 31, 2021 includes the reversal of default interest
expense when waivers or forbearance agreements were obtained, as
well as default interest on loans past their maturity. The
Predecessor period from October 1, 2021 through October 31, 2021
includes default interest expense related to loans secured by
properties that were in default prior to the Company filing
bankruptcy, as well as loans secured by properties that were in
default due to the Company filing bankruptcy.
(6)
During the Successor period from November
1, 2021 through December 31, 2021, the Successor Company
deconsolidated EastGate Mall due to a loss of control when the
property was placed into receivership in connection with the
foreclosure process.
(7)
For the three month Successor period ended
December 31, 2022 and the Successor period from November 1, 2021
through December 31, 2021, reorganization items, net, represents
costs incurred subsequent to the Company filing the chapter 11
cases associated with the Company’s reorganization efforts, which
consists of professional fees, legal fees, retention bonuses and
U.S. Trustee fees expensed in accordance with ASC 852. For the
Predecessor period from October 1, 2021 through October 31, 2021
reorganization items represent adjustments related to the fair
value of the Successor Company, adjustments related to the write
off of the Predecessor Company’s debt and the issuance of new debt
of the Successor Company, as well as costs incurred subsequent to
the Company filing the chapter 11 cases associated with the
Company’s reorganization efforts, which consists of professional
fees, legal fees, retention bonuses and U.S. Trustee fees.
(8)
The three month Successor period ended
December 31, 2022 includes a gain on extinguishment of debt related
to the loan secured by The Outlet Shoppes at Gettysburg, which was
modified and the modification was accounted for as an
extinguishment for accounting purposes.
The Company's reconciliation of net
loss attributable to common shareholders to FFO allocable to
Operating Partnership common unitholders is as follows:
(in thousands, except per share data)
Successor
Predecessor
Year Ended December
31,
Period from November 1,
through December 31,
Period from January 1, through
October 31,
2022
2021
2021
Net loss attributable to common
shareholders
$
(96,019
)
$
(151,545
)
$
(470,627
)
Noncontrolling interest in loss of
Operating Partnership
(34
)
—
(2,473
)
Dividends allocable to unvested restricted
stock
2,537
—
—
Depreciation and amortization expense
of:
Consolidated properties
256,310
49,504
158,574
Unconsolidated affiliates
20,813
9,847
45,126
Non-real estate assets
(1,050
)
(132
)
(1,593
)
Noncontrolling interests' share of
depreciation and amortization in other consolidated
subsidiaries
(3,498
)
(622
)
(1,901
)
Loss on impairment, net of taxes and
noncontrolling interests' share
186
—
136,046
Gain on depreciable property, net of
taxes
(629
)
(20
)
(7,890
)
FFO allocable to Operating Partnership
common unitholders
178,616
(92,968
)
(144,738
)
Debt discount accretion, net of
noncontrolling interests' share (1)
176,055
184,637
—
Adjustment for unconsolidated affiliates
with negative investment (2)
(37,645
)
(4,574
)
—
Senior secured notes fair value adjustment
(3)
(395
)
395
—
Litigation settlement (4)
(304
)
(118
)
(932
)
Non-cash default interest expense (5)
(28,953
)
(6,471
)
35,072
Gain on deconsolidation (6)
(36,250
)
(19,126
)
(55,131
)
Loss on available-for-sale securities
39
—
—
Reorganization items, net of
noncontrolling interests' share (7)
(298
)
1,403
452,378
Gain on extinguishment of debt (8)
(7,344
)
—
—
FFO allocable to Operating Partnership
common unitholders, as adjusted
$
243,521
$
63,178
$
286,649
FFO per diluted share
$
5.78
$
(4.60
)
FFO, as adjusted, per diluted
share
$
7.88
$
3.12
Weighted-average common and potential
dilutive common shares outstanding with Operating Partnership units
fully converted
30,888
20,219
(1)
In conjunction with fresh start accounting
upon emergence from bankruptcy, the Company recognized debt
discounts equal to the difference between the outstanding balance
of mortgage notes payable and the estimated fair value of such
mortgage notes payable. The debt discounts are accreted as
additional interest expense over the terms of the respective
mortgage notes payable using the effective interest method.
(2)
Represents the Company’s share of the
earnings (losses) before depreciation and amortization expense of
unconsolidated affiliates where the Company is not recognizing
equity in earnings (losses) because its investment in the
unconsolidated affiliate is below zero.
(3)
Represents the fair value adjustment
recorded on the senior secured notes as interest expense.
(4)
Represents a credit to litigation
settlement expense in each Successor and Predecessor period related
to claim amounts that were released pursuant to the terms of the
settlement agreement related to the settlement of a class action
lawsuit.
(5)
The Successor year ended December 31, 2022
and the Successor period from November 1, 2021 through December 31,
2021 includes the reversal of default interest expense when waivers
or forbearance agreements were obtained, as well as default
interest on loans past their maturity. The Predecessor period from
January 1, 2021 through October 31, 2021 includes default interest
expense related to loans secured by properties that were in default
prior to the Company filing bankruptcy, as well as loans secured by
properties that were in default due to the Company filing
bankruptcy.
(6)
For the Successor year ended December 31,
2022, the Successor Company deconsolidated Greenbrier Mall due to a
loss of control when the property was placed into receivership in
connection with the foreclosure process. For the Successor period
from November 1, 2021 through December 31, 2021, the Successor
Company deconsolidated EastGate Mall due to a loss of control when
the property was placed into receivership in connection with the
foreclosure process. For the Predecessor period from January 1,
2021 through October 31, 2021, the Predecessor Company
deconsolidated Asheville Mall and Park Plaza due to a loss of
control when the properties were placed into receivership in
connection with the foreclosure process.
(7)
For the Successor year ended December 31,
2022 and the Successor period from November 1, 2021 through
December 31, 2021, reorganization items, net, represents costs
incurred subsequent to the Company filing the chapter 11 cases
associated with the Company’s reorganization efforts, which
consists of professional fees, legal fees, retention bonuses and
U.S. Trustee fees expensed in accordance with ASC 852. For the
Predecessor period from January 1, 2021 through October 31, 2021
reorganization items represent adjustments related to the fair
value of the Successor Company, adjustments related to the write
off of the Predecessor Company’s debt and the issuance of new debt
of the Successor Company, as well as costs incurred subsequent to
the Company filing the chapter 11 cases associated with the
Company’s reorganization efforts, which consists of professional
fees, legal fees, retention bonuses and U.S. Trustee fees.
(8)
The Successor year ended December 31, 2022
includes a gain on extinguishment of debt related to the loan
secured by The Outlet Shoppes at Gettysburg, which was modified and
the modification was accounted for as an extinguishment for
accounting purposes.
Successor
Three Months Ended December
31,
For the Period November 1,
through December 31,
2022
2021
Diluted EPS attributable to common
shareholders
$
0.03
$
(7.50
)
Add amounts per share included in FFO:
Unvested restricted stock
0.08
—
Eliminate amounts per share excluded from
FFO:
Depreciation and amortization expense,
including amounts from consolidated properties, unconsolidated
affiliates, non-real estate assets and excluding amounts allocated
to noncontrolling interests
1.88
2.90
FFO per diluted share
$
1.99
$
(4.60
)
Successor
Year Ended December
31,
For the Period November 1,
through December 31,
2022
2021
Diluted EPS attributable to common
shareholders
$
(3.20
)
$
(7.50
)
Add amounts per share included in FFO:
Unvested restricted stock
0.16
—
Eliminate amounts per share excluded from
FFO:
Depreciation and amortization expense,
including amounts from consolidated properties, unconsolidated
affiliates, non-real estate assets and excluding amounts allocated
to noncontrolling interests
8.83
2.90
Loss on impairment, net of taxes
0.01
—
Gain on depreciable property, net of
taxes
(0.02
)
—
FFO per diluted share
$
5.78
$
(4.60
)
Successor
Predecessor
Three Months Ended December
31,
For the Period November 1,
through December 31,
For the Period October 1,
through October 31,
2022
2021
2021
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees
$
1,095
$
3,597
$
1,518
Straight-line rental income adjustment
$
3,140
$
1,361
$
(901
)
Gain (loss) on outparcel sales
$
2,132
$
(23
)
$
(1
)
Net amortization of acquired above- and
below-market leases
$
(4,286
)
$
(3,291
)
$
40
Income tax (provision) benefit
$
(328
)
$
5,885
$
(856
)
Abandoned projects expense
$
—
$
(3
)
$
(354
)
Interest capitalized
$
87
$
221
$
101
Estimate of uncollectable revenues
$
866
$
(782
)
$
(2,007
)
Successor
Predecessor
Year Ended December
31,
For the Period November 1,
through December 31,
For the Period January 1,
through October 31,
2022
2021
2021
SUPPLEMENTAL FFO INFORMATION:
Lease termination fees
$
5,115
$
3,597
$
4,843
Straight-line rental income adjustment
$
12,540
$
1,361
$
(2,051
)
Gain (loss) on outparcel sales, net of
taxes
$
5,712
$
(23
)
$
3,584
Net amortization of acquired above- and
below-market leases
$
(20,773
)
$
(3,291
)
$
225
Income tax (provision) benefit
$
(3,079
)
$
5,885
$
(1,078
)
Abandoned projects expense
$
(834
)
$
(3
)
$
(745
)
Interest capitalized
$
618
$
221
$
133
Estimate of uncollectable revenues
$
4,920
$
(782
)
$
(6,046
)
Successor
Year Ended December
31,
Year Ended December
31,
2022
2021
Straight-line rent receivable
$
15,600
$
2,452
Same-center Net Operating
Income
(Dollars in thousands)
Successor
Predecessor
Three Months Ended December
31,
For the Period November 1,
through December 31,
For the Period October 1,
through October 31,
2022
2021
2021
Net income (loss)
$
4,925
$
(152,731
)
$
(405,691
)
Adjustments:
Depreciation and amortization
61,841
49,504
16,483
Depreciation and amortization from
unconsolidated affiliates
(191
)
9,847
4,660
Noncontrolling interests' share of
depreciation and amortization in other consolidated
subsidiaries
(832
)
(622
)
(191
)
Interest expense
33,914
195,488
6,947
Interest expense from unconsolidated
affiliates
22,877
11,425
3,507
Noncontrolling interests' share of
interest expense in other consolidated subsidiaries
(177
)
(1,464
)
(282
)
Abandoned projects expense
—
3
354
(Gain) loss on sales of real estate
assets
(1,798
)
3
(3,695
)
Gain on sales of real estate assets of
unconsolidated affiliates
(374
)
—
—
Adjustment for unconsolidated affiliates
with negative investment
(1,522
)
(4,574
)
—
Gain on deconsolidation
—
(19,126
)
—
Loss on impairment, net of noncontrolling
interests' share
—
—
15,704
Litigation settlement
(122
)
(118
)
(43
)
Reorganization items, net of
noncontrolling interests' share
(36
)
1,403
400,364
Income tax provision (benefit)
328
(5,885
)
856
Lease termination fees
(1,095
)
(3,597
)
(1,518
)
Straight-line rent and above- and
below-market lease amortization
1,146
1,930
861
Net (income) loss attributable to
noncontrolling interests in other consolidated subsidiaries
(2,003
)
1,186
11,969
General and administrative expenses
16,066
9,175
5,779
Management fees and non-property level
revenues
(9,979
)
(2,801
)
(19,462
)
Operating Partnership's share of
property NOI
122,968
89,046
36,602
Non-comparable NOI
(2,542
)
(3,228
)
(923
)
Total same-center NOI (1)
$
120,426
$
85,818
$
35,679
(1)
CBL 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). NOI excludes lease termination
income, straight-line rent adjustments, amortization of above and
below market lease intangibles and write-offs of landlord
inducement assets. We include a property in our same-center pool
when we own all or a portion of the property as of December 31,
2022, and we owned it and it was in operation for both the entire
preceding calendar year and the current year-to-date reporting
period ending December 31, 2022. New properties are excluded from
same-center NOI, until they meet these criteria. Properties
excluded from the same-center pool that would otherwise meet these
criteria are properties which are under major redevelopment or
being considered for repositioning, where we intend to renegotiate
the terms of the debt secured by the related property or return the
property to the lender. Same-center NOI of the Successor company
was $120,426 for the three months ended December 31, 2022.
Same-center NOI of the Successor company for the period from
November 1, 2021 through December 31, 2021 was $85,818. Same-center
NOI of the Predecessor company for the period from October 1, 2021
through October 31, 2021 was $35,679. Same-center NOI of the
Successor company was 0.9% lower for the three months ended
December 31, 2022.
Same-center Net Operating
Income
(Dollars in thousands)
Successor
Predecessor
Year Ended December
31,
For the Period November 1,
through December 31,
For the Period January 1,
through October 31,
2022
2021
2021
Net loss
$
(99,515
)
$
(152,731
)
$
(486,413
)
Adjustments:
Depreciation and amortization
256,310
49,504
158,574
Depreciation and amortization from
unconsolidated affiliates
20,813
9,847
45,126
Noncontrolling interests' share of
depreciation and amortization in other consolidated
subsidiaries
(3,498
)
(622
)
(1,901
)
Interest expense
217,342
195,488
72,415
Interest expense from unconsolidated
affiliates
88,331
11,425
34,514
Noncontrolling interests' share of
interest expense in other consolidated subsidiaries
(7,960
)
(1,464
)
(2,790
)
Abandoned projects expense
834
3
745
(Gain) loss on sales of real estate
assets
(5,345
)
3
(12,187
)
Gain on sales of real estate assets of
unconsolidated affiliates
(1,036
)
—
(70
)
Adjustment for unconsolidated affiliates
with negative investment
(37,645
)
(4,574
)
—
Gain on deconsolidation
(36,250
)
(19,126
)
(55,131
)
Loss on available-for-sale securities
39
—
—
Loss on impairment, net of noncontrolling
interests' share
252
—
136,046
Litigation settlement
(304
)
(118
)
(932
)
Reorganization items, net of
noncontrolling interests' share
(298
)
1,403
452,378
Income tax provision (benefit)
3,079
(5,885
)
1,078
Lease termination fees
(5,115
)
(3,597
)
(4,843
)
Straight-line rent and above- and
below-market lease amortization
8,233
1,930
1,826
Net loss attributable to noncontrolling
interests in other consolidated subsidiaries
5,999
1,186
13,313
General and administrative expenses
67,215
9,175
43,160
Management fees and non-property level
revenues
(11,777
)
(2,801
)
(26,604
)
Operating Partnership's share of
property NOI
459,704
89,046
368,304
Non-comparable NOI
(16,345
)
(3,228
)
(15,264
)
Total same-center NOI (1)
$
443,359
$
85,818
$
353,040
(1)
CBL 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). NOI excludes lease termination
income, straight-line rent adjustments, amortization of above and
below market lease intangibles and write-offs of landlord
inducement assets. We include a property in our same-center pool
when we own all or a portion of the property as of December 31,
2022, and we owned it and it was in operation for both the entire
preceding calendar year and the current year-to-date reporting
period ending December 31, 2022. New properties are excluded from
same-center NOI, until they meet these criteria. Properties
excluded from the same-center pool that would otherwise meet these
criteria are properties which are under major redevelopment or
being considered for repositioning, where we intend to renegotiate
the terms of the debt secured by the related property or return the
property to the lender. Same-center NOI of the Successor company
was $120,426 for the three months ended December 31, 2022.
Same-center NOI of the Successor company for the period from
November 1, 2021 through December 31, 2021 was $85,818. Same-center
NOI of the Predecessor company for the period from October 1, 2021
through October 31, 2021 was $35,679. Same-center NOI of the
Successor company was 0.9% lower for the three months ended
December 31, 2022.
Same-center Net Operating
Income
(Continued)
Successor
Predecessor
Three Months Ended December
31,
For the Period November 1,
through December 31,
For the Period October 1,
through October 31,
2022
2021
2021
Malls
$
86,129
$
62,824
$
25,180
Outlet centers
5,030
3,120
1,433
Lifestyle centers
10,161
7,053
3,091
Open-air centers
13,423
8,868
4,236
Outparcels and other
5,683
3,953
1,739
Total same-center NOI (1)
$
120,426
$
85,818
$
35,679
Successor
Predecessor
Year Ended December
31,
For the Period November 1,
through December 31,
For the Period January 1,
through October 31,
2022
2021
2021
Malls
$
313,098
$
62,824
$
250,983
Outlet centers
18,480
3,120
13,613
Lifestyle centers
36,685
7,053
28,350
Open-air centers
53,215
8,868
42,166
Outparcels and other
21,881
3,953
17,928
Total same-center NOI (1)
$
443,359
$
85,818
$
353,040
(1)
CBL 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). NOI excludes lease termination
income, straight-line rent adjustments, amortization of above and
below market lease intangibles and write-offs of landlord
inducement assets. We include a property in our same-center pool
when we own all or a portion of the property as of December 31,
2022, and we owned it and it was in operation for both the entire
preceding calendar year and the current year-to-date reporting
period ending December 31, 2022. New properties are excluded from
same-center NOI, until they meet these criteria. Properties
excluded from the same-center pool that would otherwise meet these
criteria are properties which are under major redevelopment or
being considered for repositioning, where we intend to renegotiate
the terms of the debt secured by the related property or return the
property to the lender.
Company's Share of Consolidated and
Unconsolidated Debt
(Dollars in thousands)
As of December 31,
2022
Fixed Rate
Variable Rate
Total per Debt
Schedule
Unamortized Deferred Financing
Costs
Unamortized Debt Discounts
(1)
Total
Consolidated debt
$
1,023,634
$
1,065,942
$
2,089,576
$
(17,101
)
$
(72,289
)
$
2,000,186
Noncontrolling interests' share of
consolidated debt
(25,420
)
(13,387
)
(38,807
)
317
7,448
(31,042
)
Company's share of unconsolidated
affiliates' debt
621,642
71,584
693,226
(2,142
)
—
691,084
Company's share of consolidated and
unconsolidated debt
$
1,619,856
$
1,124,139
$
2,743,995
$
(18,926
)
$
(64,841
)
$
2,660,228
Weighted-average interest rate
4.83
%
7.10
%
5.76
%
As of December 31,
2021
Fixed Rate
Variable Rate
Total per Debt
Schedule
Unamortized Deferred Financing
Costs
Unamortized Debt Discounts
(1)
Total
Consolidated debt
$
1,461,927
$
947,002
$
2,408,929
$
(1,567
)
$
(199,153
)
$
2,208,209
Noncontrolling interests' share of
consolidated debt
(29,381
)
—
(29,381
)
—
13,519
(15,862
)
Company's share of unconsolidated
affiliates' debt
612,322
90,691
703,013
(1,971
)
—
701,042
Other debt (2)
92,072
—
92,072
—
—
92,072
Company's share of consolidated,
unconsolidated and other debt
$
2,136,940
$
1,037,693
$
3,174,633
$
(3,538
)
$
(185,634
)
$
2,985,461
Weighted-average interest rate
5.84
%
3.63
%
5.12
%
(1)
In conjunction with fresh start
accounting, the Company estimated the fair value of its mortgage
notes with the assistance of a third-party valuation advisor. This
resulted in recognizing debt discounts upon emergence from
bankruptcy. The debt discounts are accreted over the term of the
respective debt using the effective interest method.
(2)
Represents the outstanding loan balance
for properties that were deconsolidated due to a loss of control
when the properties were placed into receivership in connection
with the foreclosure process.
Consolidated Balance Sheets
(Unaudited; in thousands, except share
data)
December 31,
2022
2021
ASSETS
Real estate assets:
Land
$
596,715
$
599,283
Buildings and improvements
1,198,597
1,173,106
1,795,312
1,772,389
Accumulated depreciation
(136,901
)
(19,939
)
1,658,411
1,752,450
Developments in progress
5,576
16,665
Net investment in real estate assets
1,663,987
1,769,115
Cash and cash equivalents
44,718
169,554
Available-for-sale securities - at fair
value (amortized cost of $293,476 and $149,999 as of December 31,
2022 and 2021, respectively)
292,422
149,996
Receivables:
Tenant
40,620
25,190
Other
3,876
4,793
Investments in unconsolidated
affiliates
77,295
103,655
In-place leases, net
247,497
384,705
Above market leases, net
171,265
234,286
Intangible lease assets and other
assets
136,563
104,685
$
2,678,243
$
2,945,979
LIABILITIES AND EQUITY
Mortgage and other indebtedness, net
$
2,000,186
$
1,813,209
10% senior secured notes - at fair value
(carrying amount of $395,000 as of December 31, 2021)
—
395,395
Below market leases, net
110,616
151,871
Accounts payable and accrued
liabilities
200,312
184,404
Total liabilities
2,311,114
2,544,879
Shareholders' equity:
Common stock, $.001 par value, 200,000,000
shares authorized, 31,780,109 and 20,774,716 issued and outstanding
in 2022 and 2021, respectively
32
21
Additional paid-in capital
710,497
547,726
Accumulated other comprehensive loss
(1,054
)
(3
)
Accumulated deficit
(338,934
)
(151,545
)
Total shareholders' equity
370,541
396,199
Noncontrolling interests
(3,412
)
4,901
Total equity
367,129
401,100
$
2,678,243
$
2,945,979
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230221005337/en/
Katie Reinsmidt, Executive Vice President - Chief Investment
Officer, 423.490.8301, katie.reinsmidt@cblproperties.com
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