CBL & ASSOCIATES PROPERTIES INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
“Mortgage Loans Outstanding at December 31, 2023”
Mortgage Loans Outstanding at December 31, 2023 (in thousands):
| Property · OurOwnershipInterest · StatedInterestRate · PrincipalBalance asof12/31/23 (1) · 2024AnnualDebtService (1)(2) · MaturityDate · OptionalExtendedMaturityDate · BalloonPaymentDueonMaturity (1)(2) · Footnote | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Debt | ||||||||||||
| Malls: | ||||||||||||
| Arbor Place | 100% | 5.10% | $93,452 | $7,942 | May-26 | — | $85,754 | |||||
| Cross Creek Mall | 100% | 8.19% | 92,363 | 12,000 | Jun-25 | — | 85,315 | |||||
| Fayette Mall | 100% | 4.25% | 119,303 | 4,922 | May-24 | May-26 | 116,470 | (3) | ||||
| Hamilton Place | 90% | 4.36% | 91,649 | 6,400 | Jun-26 | — | 85,535 | |||||
| Jefferson Mall | 100% | 4.75% | 53,526 | 4,456 | Jun-26 | — | 48,722 | |||||
| Northwoods Mall | 100% | 5.08% | 54,086 | 4,743 | Apr-26 | — | 49,421 | |||||
| Parkdale Mall & Crossing | 100% | 5.85% | 58,216 | 7,241 | Mar-26 | — | 49,380 | |||||
| Southpark Mall | 100% | 4.85% | 51,719 | 4,240 | Jun-26 | — | 47,368 | |||||
| Volusia Mall | 100% | 4.56% | 36,613 | 2,249 | May-26 | — | 35,190 | |||||
| 650,927 | 54,193 | 603,155 | ||||||||||
| Outlet Centers: | ||||||||||||
| The Outlet Shoppes at Gettysburg | 50% | 4.80% | 20,646 | 1,323 | Oct-25 | — | 20,044 | |||||
| The Outlet Shoppes at Laredo | 65% | 8.84% | 33,780 | 4,001 | Jun-25 | — | 31,980 | |||||
| 54,426 | 5,324 | 52,024 | ||||||||||
| Open-Air Centers, Outparcels and Other: | ||||||||||||
| Brookfield Square Anchor Redevelopment | 100% | 8.24% | 15,339 | 1,299 | Dec-24 | — | 15,339 | (4)(5) | ||||
| Hamilton Place open-air centers loan | 90% - 92% | 5.85% | 65,000 | 3,803 | Jun-32 | — | 58,208 | |||||
| Open-air centers and outparcels loan | 100% | 8.20% | 358,360 | 31,939 | Jun-27 | Jun-29 | 358,360 | (6) | ||||
| 438,699 | 37,041 | 431,907 | ||||||||||
| Corporate Debt: | ||||||||||||
| Secured term loan | 100% | 8.21% | 799,914 | 85,530 | Nov-25 | Nov-26/Nov-27 | 749,621 | |||||
| Total Consolidated Debt | $1,943,966 | $182,088 | $1,836,707 | |||||||||
| Unconsolidated Debt | ||||||||||||
| Malls: | ||||||||||||
| Coastal Grand Mall | 50% | 4.09% | $97,014 | $4,383 | Aug-24 | — | $95,249 | |||||
| CoolSprings Galleria | 50% | 4.84% | 140,276 | 9,803 | May-28 | — | 125,774 | |||||
| Oak Park Mall | 50% | 3.97% | 257,098 | 15,755 | Oct-25 | — | 247,061 | |||||
| West County Center | 50% | 3.40% | 152,383 | 9,441 | Dec-24 | Dec-26 | 148,136 | |||||
| 646,771 | 39,382 | 616,220 | ||||||||||
| Outlet Centers: | ||||||||||||
| The Outlet Shoppes at Atlanta | 50% | 7.85% | 79,330 | 6,331 | Oct-33 | — | 79,330 | |||||
| The Outlet Shoppes at El Paso | 50% | 5.10% | 68,743 | 4,888 | Oct-28 | — | 61,342 | |||||
| The Outlet Shoppes of the Bluegrass | 65% | 4.05% | 63,098 | 4,299 | Dec-24 | — | 61,316 | |||||
| 211,171 | 15,518 | 201,988 | ||||||||||
| Lifestyle Centers: | ||||||||||||
| Friendly Center | 50% | 6.44% | 146,747 | 11,577 | May-28 | — | 137,038 | |||||
| Open-Air Centers, Outparcels and Other: | ||||||||||||
| Ambassador Town Center | 65% | 4.35% | 41,047 | 2,809 | Jun-29 | — | 34,953 | |||||
| Ambassador Town Center Infrastructure Improvements | 65% | 3.00% | 5,749 | 1,485 | Mar-25 | — | 2,859 | (4) | ||||
| Coastal Grand Mall - Dick's Sporting Goods | 50% | 5.05% | 6,749 | 424 | Nov-24 | — | 6,652 | |||||
| Coastal Grand Mall Outparcel | 50% | 4.09% | 4,681 | 212 | Aug-24 | — | 4,596 | |||||
| Fremaux Town Center | 65% | 3.70% | 57,954 | 4,480 | Jun-26 | — | 52,130 | |||||
| Friendly Center Medical Office | 25% | 6.11% | 83 | 5 | Jun-30 | — | 83 | (4) | ||||
| Hamilton Place Aloft Hotel | 50% | 7.90% | 16,170 | 1,401 | Nov-24 | — | 15,871 | |||||
| Hammock Landing - Phase I | 50% | 8.09% | 35,337 | 4,525 | Feb-25 | Feb-26 | 33,215 | (7) | ||||
| Hammock Landing - Phase II | 50% | 8.09% | 11,106 | 1,222 | Feb-25 | Feb-26 | 10,686 | (7) | ||||
| Northgate Mall Developments | 50% | 8.25% | 4,787 | 372 | Nov-25 | — | 4,787 | |||||
| The Pavilion at Port Orange | 50% | 8.09% | 47,148 | 6,387 | Feb-25 | Feb-26 | 44,048 | (7) | ||||
| The Shoppes at Eagle Point | 50% | 5.40% | 39,117 | 2,695 | May-32 | — | 32,998 | |||||
| Property · OurOwnershipInterest · StatedInterestRate · PrincipalBalance asof12/31/23 (1) · 2024AnnualDebtService (1)(2) · MaturityDate · OptionalExtendedMaturityDate · BalloonPaymentDueonMaturity (1)(2) · Footnote | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| York Town Center | 50% | 4.75% | 29,809 | 2,190 | Mar-25 | — | 28,900 | |||
| 299,737 | 28,207 | 271,778 | ||||||||
| Excluded Malls: | ||||||||||
| Alamance Crossing | 100% | 5.83% | 41,122 | — | Jul-21 | — | 41,122 | (8) | ||
| WestGate Mall | 100% | 4.99% | 28,661 | — | Jul-22 | — | 28,661 | (8) | ||
| 69,783 | — | 69,783 | ||||||||
| Total Unconsolidated Debt | $1,374,209 | $94,684 | $1,296,807 | |||||||
| Total Consolidated and Unconsolidated Debt | $3,318,175 | $276,772 | $3,133,514 | |||||||
| Company's Pro-Rata Share of Total Debt | $2,656,348 | $228,363 | (9) | |||||||
(1)
The amount listed includes 100% of the loan or payment amount even though the Operating Partnership may have less than a 100% ownership interest in the property.
(2)
Amounts are based on interest rates in effect at December 31, 2023 and do not reflect any future principal paydowns in excess of scheduled principal amortization.
(3)
The loan has two one-year extension options for a fully extended maturity date of May 1, 2026.
(4)
The Operating Partnership guarantees 100% of the loan.
(5)
Subsequent to December 31, 2023, the loan was paid off.
(6)
The interest rate is a fixed 6.95% for half of the outstanding loan balance, with the other half of the loan bearing a variable interest rate based on the 30-day SOFR plus 4.10%. 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%.
(7)
The Operating Partnership guarantees 50% of the loan.
(8)
We are in discussions with the lender regarding foreclosure actions.
(9)
Represents the Company's pro rata share of debt, including our share of unconsolidated affiliates' debt and excluding noncontrolling interests' share of consolidated debt on shopping center properties.
The following is a reconciliation of consolidated debt to our pro rata share of total debt, including debt discounts and unamortized deferred financing costs (in thousands):
| Total consolidated debt | $1,943,966 |
|---|---|
| Noncontrolling interests' share of consolidated debt | (36,844) |
| Company's share of unconsolidated debt | 679,443 |
| Other debt (1) | 69,783 |
| Unamortized deferred financing costs | (16,169) |
| Unamortized debt discounts | (38,236) |
| Company's pro rata share of total debt | $2,601,943 |
(1)
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.
See Note 7 and Note 8 to the consolidated financial statements for additional information regarding property-specific indebtedness.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.