CBL & ASSOCIATES PROPERTIES INC

Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations included in Item 7 for additional information pertaining to our properties’ performance.

Malls, Lifestyle Centers and Outlet Centers

We owned a controlling interest in 40 malls, 4 lifestyle centers and 2 outlet centers as of December 31, 2023. We owned a non-controlling interest in 7 malls, 1 lifestyle center and 3 outlet centers as of December 31, 2023. Our malls, lifestyle centers and outlet centers generally have strong competitive positions because they are the only, or the dominant, regional property in their respective trade areas. The malls, lifestyle centers and outlet centers are generally anchored by two or more anchors or junior anchors and a wide variety of smaller stores. Anchor and junior anchor tenants own or lease their stores and non-anchor stores lease their locations.

We own the land underlying each property in fee simple interest, except for Brookfield Square, Dakota Square Mall, Meridian Mall, St. Clair Square, Stroud Mall and WestGate Mall. We lease all or a portion of the land at each of these properties subject to long-term ground leases.

The following table summarizes certain information for our portfolio of malls, lifestyle centers and outlet centers as of December 31, 2023 (dollars in thousands, except for sales per square foot amounts):

The following table sets forth certain information for each of the malls, lifestyle centers and outlet centers as of December 31, 2023 (dollars in thousands, except for sales per square foot amounts):

(1)

Total center square footage includes square footage of attached shops, immediately adjacent Anchor and Junior Anchor locations and leased freestanding locations of the property.

(2)

Excludes tenants 20,000 square feet and over.

(3)

Totals represent weighted averages for reporting tenants of 10,000 square feet or less.

(4)

Includes tenants under 20,000 square feet with leases in effect as of December 31, 2023.

(5)

Anchors and Junior Anchors listed are immediately adjacent to the property or are in freestanding locations immediately adjacent to the property.

(6)

Owned by a third party.

(7)

Brookfield Square - The annual ground rent for 2023 was $104.

(8)

This property is owned in an unconsolidated joint venture.

(9)

Coastal Grand Mall - There is an executed lease with Crunch Fitness. They are expected to open in 2024.

(10)

The property is managed by a property manager that is affiliated with the third-party partner, which receives a fee for its services. The third-party partner controls the cash flow distributions, although our approval is required for certain major decisions.

(11)

Hanes Mall – The former Sears was purchased by Novant Health, which has indicated plans to redevelop this space for future medical offices with the construction start and opening to be determined.

(12)

Harford Mall - The former Sears was sold and is under construction for a future grocer.

(13)

Meridian Mall - We are the lessee under several ground leases in effect through March 2067, with extension options. Fixed rent is $19 per year plus 3% to 4% of all rent.

(14)

Meridian Mall - There is an executed lease with Schuler Books & Music. They are expected to open in 2024.

(15)

St. Clair Square - We are the lessee under a ground lease for 20 acres. Assuming the exercise of available renewal options, at our election, the ground lease expires January 31, 2073. The rental amount is $41 per year. In addition to base rent, the landlord receives 0.25% of Dillard's sales in excess of $16,200.

(16)

Stroud Mall - We are the lessee under a ground lease, which extends through July 2089. The current rental amount is $70 per year, increasing by $10 every ten years through 2045. An additional $100 is paid every ten years.

(17)

Pearland Town Center is a mixed-use center which combines retail, office and residential components. For segment reporting purposes, the retail portion of the center is classified in Malls and the office portion is classified as All Other.

(18)

We exclude properties for which we are working or intend to work with the lender on a restructure of the terms of the loan secured by the property or convey the secured property to the lender (“Excluded Properties”). Operational metrics are not reported for Excluded Properties.

(19)

WestGate Mall - We are the lessee under several ground leases for approximately 53% of the underlying land. Assuming the exercise of renewal options available, at our election, the ground lease expires October 2044. The rental amount is $130 per year. In addition to base rent, the landlord receives 20% of the percentage rents collected. We have a right of first refusal to purchase the fee interest.

Inline and Adjacent Freestanding Stores

The Malls have approximately 4,665 inline and adjacent freestanding stores. National and regional retail chains (excluding local franchises) lease approximately 69.8% of the occupied inline and adjacent freestanding store GLA. Although inline and adjacent freestanding stores occupy only 35.1% of the total Malls GLA (the remaining 64.9% is occupied by Anchors and Junior Anchors and a small percentage is vacant), the Malls received 83.4% of their total revenues from inline and adjacent freestanding stores for the year ended December 31, 2023.